olivLaw · US equity research
UTStarcom Holdings Corp. UTSI
Communications Equipment, NEC · SIC 3669 · Vertical: Communications Equipment, NEC (SIC 3669)
UTStarcom Holdings Corp. is a telecom and networking infrastructure provider offering optical, packet transport and broadband access products, and it is now shifting its main innovation effort toward networks for AI data centers. The business contracted in fiscal 2025, with net sales falling 17.5%, and the company reported a net loss of $8.0 million, which makes the strategic shift toward AI worth watching closely.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, UTStarcom Holdings Corp. (UTSI) stock was 2.10 USD (−2.10% on the day), with market capitalisation 19.2 m USD, beta 0.21, 52-week range 2.00–3.29 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.6
- weak (30–45)
- Bollinger (20, 2)
- 2.09 – 2.44
- in the lower half of the band · %B 0.01 · band width 15.5%
- SMA 50 / 200
- 2.28 / 2.45
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.04 / -0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −10.5% | −1.1% | −9.4 pp | — |
| 3 months | −15.5% | −0.5% | −15.1 pp | — |
| 6 months | −14.1% | +4.4% | −18.5 pp | — |
| Year to date | −17.5% | +12.3% | −29.8 pp | — |
| 1 year | −15.2% | +13.5% | −28.7 pp | −42.9% |
| 3 years | −39.3% | +76.4% | −115.7 pp | +27.9% |
| 5 years | −57.1% | +63.7% | −120.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 115.9 m | 65.6 m | 24.3 m | 15.9 m | 14.1 m | 15.8 m | 10.9 m | 9.0 m |
| Revenue YoY | +18.0% | −43.4% | −63.0% | −34.5% | −11.7% | +12.1% | −30.9% | −17.5% |
| Net income | 4.8 m | -3.9 m | -23.7 m | -5.8 m | -5.0 m | -3.9 m | -4.4 m | -8.0 m |
| Net income YoY | −31.0% | −181.2% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.13 | -0.11 | -2.64 | -0.65 | -0.55 | -0.42 | -0.48 | -0.87 |
| Diluted EPS YoY | −31.6% | −184.6% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 4.2% | -6.0% | -97.4% | -36.6% | -35.6% | -24.4% | -40.2% | -88.5% |
| Free cash flow | -26.3 m | -24.7 m | -3.5 m | 19.5 m | 7.0 m | -4.7 m | -4.6 m | -9.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 33.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 36.5 m USD
- Total assets
- 55.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.86x
- ROE
- -19.5%
- ROA
- -12.8%
- FCF margin
- -103.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 24.3 m | 15.9 m | 14.1 m | 15.8 m | 10.9 m | 9.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Cost of revenue | 20.8 m | 17.0 m | 11.4 m | 11.4 m | 8.0 m | 7.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Gross profit | 3.5 m | -1.1 m | 2.7 m | 4.4 m | 2.9 m | 1.1 m | SEC (XBRL)· 24 Apr 2026verified |
| Research & development | 8.1 m | 6.9 m | 4.8 m | 5.9 m | 5.1 m | 4.6 m | SEC (XBRL)· 24 Apr 2026verified |
| SG&A | 18.7 m | — | — | — | — | — | SEC (XBRL)· 21 Apr 2021verified |
| Operating income | -23.2 m | -5.3 m | -4.4 m | -6.8 m | -7.3 m | -8.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Interest expense | 10.0 k | — | — | — | — | — | SEC (XBRL)· 21 Apr 2021verified |
| Pre-tax income | -25.5 m | -2.5 m | -2.9 m | -2.6 m | -3.7 m | -6.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Income tax | -1.8 m | 3.3 m | 2.1 m | 1.3 m | 683.0 k | 1.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Net income | -23.7 m | -5.8 m | -5.0 m | -3.9 m | -4.4 m | -8.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Diluted EPS | -2.64 | -0.65 | -0.55 | -0.42 | -0.48 | -0.87 | SEC (XBRL)· 24 Apr 2026verified |
| Weighted average diluted shares | 9.0 m | 9.0 m | 9.1 m | 9.1 m | 9.2 m | 9.2 m | SEC (XBRL)· 24 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 34.2 m | 53.8 m | 54.5 m | 50.0 m | 43.9 m | 33.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Receivables | 49.6 m | 27.4 m | 11.9 m | 8.4 m | 4.8 m | — | SEC (XBRL)· 25 Apr 2025verified |
| Inventories | 6.7 m | 1.5 m | 1.3 m | 795.0 k | 1.9 m | 1.3 m | SEC (XBRL)· 24 Apr 2026verified |
| Current assets | 109.9 m | 97.8 m | 81.8 m | 70.6 m | 63.1 m | 51.6 m | SEC (XBRL)· 24 Apr 2026verified |
| Property, plant & equipment, net | 620.0 k | 602.0 k | 604.0 k | 610.0 k | 476.0 k | 709.0 k | SEC (XBRL)· 24 Apr 2026verified |
| Total assets | 118.7 m | 108.3 m | 89.2 m | 77.5 m | 68.2 m | 55.9 m | SEC (XBRL)· 24 Apr 2026verified |
| Accounts payable | 25.1 m | 19.0 m | 13.0 m | 8.0 m | 7.0 m | 4.2 m | SEC (XBRL)· 24 Apr 2026verified |
| Current liabilities | 40.0 m | 35.4 m | 28.9 m | 23.4 m | 21.5 m | 18.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Total liabilities | 41.3 m | 39.9 m | 31.8 m | 26.1 m | 23.0 m | 19.4 m | SEC (XBRL)· 24 Apr 2026verified |
| Equity | 77.4 m | 68.4 m | 57.5 m | 51.4 m | 45.2 m | 36.5 m | SEC (XBRL)· 24 Apr 2026verified |
| Shares outstanding at year end | 35.9 m | 36.1 m | 9.1 m | 9.1 m | 9.2 m | 9.2 m | SEC (XBRL)· 24 Apr 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.4 m | 19.8 m | 7.3 m | -4.5 m | -4.5 m | -8.8 m | SEC (XBRL)· 24 Apr 2026verified |
| Capex | 115.0 k | 348.0 k | 250.0 k | 255.0 k | 158.0 k | 423.0 k | SEC (XBRL)· 24 Apr 2026verified |
| Free cash flow | -3.5 m ≈ | 19.5 m ≈ | 7.0 m ≈ | -4.7 m ≈ | -4.6 m ≈ | -9.2 m ≈ | SEC (XBRL)· 24 Apr 2026derived |
| Investing cash flow | 2.0 m | 1.8 m | -250.0 k | -255.0 k | -158.0 k | -1.0 m | SEC (XBRL)· 24 Apr 2026verified |
| Financing cash flow | -374.0 k | — | 7.0 k | 4.0 k | 0 | 0 | SEC (XBRL)· 24 Apr 2026verified |
| Share repurchases | 374.0 k | — | 13.0 k | — | — | — | SEC (XBRL)· 27 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 19.2 m USD
Key indicators
Coverage and freshness
Score by group
72% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 11.7% | 0 (on a fixed band) | 15% |
| EBIT margin · Quality | -95.3% | 18 (vs peers) | 12% |
| FCF margin · Quality | -103.0% | 0 (on a fixed band) | 12% |
| Revenue CAGR 3Y · Growth | -13.9% | 0 (on a fixed band) | 24% |
| Revenue growth (YoY) · Growth | -17.5% | 9 (vs peers) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.9x | 100 (on a fixed band) | 9% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -48.0% | 0 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth3/100 · 2/2 factors with a value
- Quality6/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partial0/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
UTStarcom Holdings Corp. (UTSI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 9.0 m USD in 2025; YoY growth -17.5%; net margin -88.5%; ROE -19.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.9x
What contradicts it
- Gross margin: 11.7%
- EBIT margin: -95.3%
- FCF margin: -103.0%
- Revenue CAGR 3Y: -13.9%
- Revenue growth (YoY): -17.5%
- FCF yield: -48.0%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, Shareholder yield (distributions).
Versus the vertical median
Communications Equipment, NEC (SIC 3669) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LITELumentum Holdings Inc. | 56.8 bn | — | -245.8% | -175.8% | +83.2% | +93% / +1,364% |
| ESEEsco Technologies Inc. | 6.2 bn | 19.8 | 21.4% | 24.4% | +19.2% | +13% / +128% |
| NSSCNapco Security Technologies, Inc | 1.1 bn | 25.9 | 23.4% | 21.6% | +11.4% | −21% / +4% |
| AIOTPowerfleet, Inc. | 381.2 m | — | -4.0% | -4.2% | +22.4% | −43% / +22% |
| TBCHTurtle Beach Corporation | 303.7 m | — | -3.2% | -1.1% | −14.2% | +22% / +50% |
| INSGInseego Corp. | 79.3 m | 25.3 | — | -6.4% | −13.1% | −56% / +120% |
| AMPGAmplitech Group, Inc. | 74.5 m | — | -19.4% | -33.4% | +165.0% | −25% / +56% |
| REKRRekor Systems, Inc. | 49.3 m | — | -62.8% | -43.8% | +5.3% | −80% / −87% |
| KSCPKnightscope, Inc. | 34.7 m | — | -201.3% | -217.3% | +4.9% | −91% / −98% |
| SNTSenstar Technologies Corporation | 33.7 m | 10.3 | 8.0% | 8.8% | +1.7% | −63% / +28% |
| UTSIUTStarcom Holdings Corp. | 19.2 m | — | -19.5% | -88.5% | −17.5% | −15% / −39% |
| MTEKMaris-Tech Ltd. | 2.1 m | — | -168.6% | -403.3% | −77.9% | −81% / −75% |
1- and 3-year price returns: for UTSI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (14 Aug 2026), 6-K (13 Aug 2026).
In brief
UTStarcom Holdings Corp. is a telecom and networking infrastructure provider offering optical, packet transport and broadband access products, and it is now shifting its main innovation effort toward networks for AI data centers. The business contracted in fiscal 2025, with net sales falling 17.5% 1, and the company reported a net loss of $8.0 million 1, which makes the strategic shift toward AI worth watching closely.
SWOT
Strengths
- The company has a technology base in optical and transport networking, with in-house R&D and manufacturing certified for quality.
- Relationships with operators in Japan and India and expertise in complex network solutions are valuable assets.
- Platforms developed for 5G and synchronization have long-running deployments at major customers.
Weaknesses
- Sales are declining, and the company reports repeated net losses and a shrinking gross margin.
- Reliance on a few large customers makes revenue vulnerable to delays or the loss of a single relationship.
- Its smaller size limits financial resources and the ability to compete with large global companies.
Opportunities
- AI data center infrastructure could open a new revenue source if the OCS prototype proves viable.
- Mobile network modernization and hardware-software disaggregation could generate orders for the UAR platform.
- Expansion into global markets beyond Asia could reduce dependence on current customers.
Threats
- Price-driven competition from regional and global players can compress margins.
- Geopolitical tensions between China and India can affect supply to the company's largest sales market.
- Late payments from large customers can weigh on the company's liquidity.
Risks
- Liquidity and financinghigh
The company reports repeated losses and states it may need additional funding or share issuances, which could dilute existing shareholders.
- Dependence on large customershigh
Relationships with a Japanese and an Indian customer account for a significant part of sales, and any deterioration could seriously affect results.
- Payment delaysmedium
The Indian customer BSNL has delayed large payments in the past, and partial receipts could keep weighing on cash flow.
- Geopolitical and trade riskmedium
Tensions between China and India and trade policies could limit demand or raise equipment costs.
- Unproven AI strategymedium
AI data center products are still in development, and their commercial success is not assured by the company.
Investment thesis
What would need to be true (bull case)
- If the new optical circuit switching platform for AI data centers proves viable, the company could access a high-demand infrastructure market.
- Long-standing relationships with operators in Japan and India, plus maintenance contracts, could provide recurring revenue.
- If cost control and inventory management continue, margins could gradually recover toward healthier levels.
What would break the thesis
- If sales keep declining, losses could persist and limit the company's ability to fund R&D.
- Dependence on a few large customers means a single lost relationship or payment delay could have an outsized impact.
- Competition from larger global and regional vendors could press prices and margins lower.
What to watch
- Progress of the OCS prototype for AI data centers2026
- Sales trend in India and BSNL payment collectionsQ1 2027
- Gross margin trend in the equipment segment2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 24 Apr 2026; since then the company filed 6-K (14 Aug 2026), 6-K (13 Aug 2026).
The business
UTStarcom provides telecommunications and networking products and services, focusing on optical networking, packet optical transport, network synchronization and broadband products, together with an SDN platform 1. In 2025 the company made its primary innovation effort focus on infrastructure for AI data centers, developing an Optical Circuit Switching (OCS) solution with a functional prototype expected in the second half of 2026 1. It runs in-house R&D and manufacturing, producing in Hangzhou, China 1.
The company describes its strategy as a shift toward AI networking, with emphasis on cost reduction and margin improvement, but acknowledges that these goals may not be achieved 1.
Market context
The target markets are India, Japan and China, where demand for broadband services and telecom infrastructure upgrades is, according to the company, a significant opportunity 1. The company notes, however, that geopolitical tensions between China and India could require it to explore options to keep supplying India 1.
The market for AI data center networking is the company's new direction, and it is exploring global markets for its OCS solution beyond its current Asian customer base 1.
Trends
- Shift toward AI networkingmixed
The company has moved its innovation toward network infrastructure for AI data centers, where demand for low-latency connectivity is high, but the functional prototype is only expected in the second half of 2026 1.
- 5G network modernizationtailwind
5G and 5G-Advanced networks require higher-performance transport and synchronization, and the company's mobile transport products are positioned for this segment 1.
- Price pressure from regional competitorsheadwind
Price-driven competition from regional players in Asia is a trend the company anticipates will continue 1.
- Network disaggregationtailwind
Separating hardware and software in telecom networks can reduce capital and operating costs, which could favor the company's UAR platform 1.
Competitive position
The company operates in a highly competitive telecom and networking equipment market with numerous regional and international vendors 1. Its strengths are the ability to introduce new technologies and a customer-centric reputation, but its disadvantages include smaller size, limited financial resources and few sales to the largest carriers 1.
Competitors include large global players that use aggressive pricing and favorable payment terms, as well as Asian manufacturers that can compete on price 1.
- CiscoCSCO
Large global networking company named by the company among its principal competitors.
- JuniperJNPR
Networking vendor named among competitors in network infrastructure.
- Nokia
European telecom equipment vendor named among competitors.
- CienaCIEN
Optical networking specialist and direct competitor in optical transport.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)13 Aug 2026
- Annual report (foreign issuer)24 Apr 2026
- Current report (foreign issuer)24 Mar 2026
- Current report (foreign issuer)29 Aug 2025
- Annual report (foreign issuer)25 Apr 2025
- Current report (foreign issuer)24 Mar 2025
- Current report (foreign issuer)05 Sept 2024
- Annual report (foreign issuer)29 Apr 2024
- Current report (foreign issuer)26 Mar 2024
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / UTStarcom Holdings Corp. · 24 Apr 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / UTStarcom Holdings Corp. · 06 May 2011
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.