Ciena Corporation (CIEN): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the mechanics behind the company powering today's massive data flows, so let's break down Ciena Corporation's Business Model Canvas. Honestly, their game is all about owning the high-speed, adaptive network infrastructure that feeds the AI and cloud beast, which is why their Q2 customer mix shows $\mathbf{38\%}$ of revenue coming straight from those big Cloud Providers. This focus demands serious investment; they poured about $\mathbf{\$0.815}$ billion into R&D over the last twelve months to keep their WaveLogic optical tech ahead of the curve, all while pulling in $\mathbf{\$1.22}$ billion in total revenue in Q3 fiscal 2025 from platforms and services. Dive into the nine blocks below to see exactly how Ciena Corporation turns proprietary tech and deep service relationships into a dominant market position.

Ciena Corporation (CIEN) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Ciena Corporation relies on to power the AI and cloud buildout, which is definitely driving their top-line growth right now. The partnerships are where the rubber meets the road for their optical technology.

Strategic alliances with major hyperscalers for AI infrastructure builds

Ciena Corporation reports increasingly strong partnerships with all of the major hyperscalers, which is fueling demand for their technology in AI infrastructure builds. For instance, in Q3 2025, another major hyperscaler placed its first large order for 400ZR+ pluggables, making Ciena the lead supplier for that specific customer. The company is on track to at least double revenue year-over-year for its Interconnect portfolio in 2025. This segment is clearly a major driver. Direct revenue from cloud providers hit $400 million in Q2 2025, making up 38% of total revenue for that quarter. By Q3 2025, non-telco customers, which includes these cloud giants, accounted for 53% of total revenue. Ciena co-developed a solution, shorthanded as DCOM, with one hyperscaler for out-of-band network management, expecting this to ramp to hundreds of millions of dollars over the next several quarters. The total addressable market for Ciena's coherent pluggable optics is projected to reach $13 billion by 2028.

Semiconductor companies like Marvell and Broadcom for coherent optical engine development

While specific semiconductor partners aren't always named in public filings, Ciena's innovation relies on deep component-level work. Ciena showcased industry-first technologies at OFC 2025, including the 1.6T Coherent-Lite feature, which uses Ciena's 224G SerDes. Furthermore, Ciena has 448Gb/s PAM4 working in silicon today, powered by its ultra-high-bandwidth DAC (digital-to-analog) and ADC (analog-to-digital) converters implemented in low-power 3nm CMOS. The WaveLogic 6 Extreme (WL6e) transceiver is powered by this innovative 3nm silicon. For example, Constl, deploying WL6e, is doubling its fibre wavelength capacity from 800 Gb/s to 1.6 Tb/s compared to the prior WaveLogic 5 Extreme deployment.

Global Tier 1 Service Providers for network transformation contracts (e.g., AT&T, Verizon)

Demand remains durable across Service Provider segments. In Q3 2025, Ciena reported having two customers that each represented 10% of revenue, one of which was a Tier 1 service provider. Ciena also secured a recent win with a Tier 1 service provider in India. This is critical because only 16% of communications service providers (CSPs) currently believe their optical networks are 'very ready' for AI traffic, indicating a large, long-term opportunity for Ciena's photonics. Lumen Technologies is a key partner, enhancing its network with Ciena's WaveLogic 6 technology, with Ciena positioned as Lumen's preferred optical vendor.

Technology alliances with telecom equipment manufacturers (e.g., Corning, Juniper Networks)

Ciena engages in technology collaboration to define network architecture. A notable example is the white paper developed in collaboration with Microsoft exploring how zero-trust optical design can deliver resilient metro connectivity. Ciena provides the foundational transport technologies for this, including the 6500 Packet-Optical Platform and the Waveserver® family. Other ecosystem demonstrations, like the one at OFC 2025, involved partners like McGill University, Hyperlight, and Keysight to demonstrate 448G PAM4 transmission.

Ecosystem partners for Blue Planet software integration and automation

Ciena's software division, Blue Planet, cultivates the Blue Orbit Ecosystem to create open, interoperable software solutions. The Blue Planet segment itself achieved a record $30 million in revenue in Q2 2025. A significant recent addition is the alliance with Ernst & Young LLP (EY US), announced in June 2025, to help clients with cloud and AI-native automation covering inventory, orchestration, and assurance. Lumen Technologies is a client under this EY-Blue Planet Alliance, modernizing its network inventory management ecosystem.

Here's a quick look at some of the hard numbers tied to these relationships as of late 2025:

The company's success is defintely tied to these external forces. You can see the direct impact on their financials:

• Q3 2025 Adjusted EPS: $0.67, up 91% year-over-year.
• Q3 2025 Cash and Investments: Approximately $1.4 billion.
• Year-to-date Share Repurchases (as of Q3 2025): $245 million.
• Expected Q4 2025 Adjusted Gross Margin: Between 42% and 43%.

Finance: draft 13-week cash view by Friday.

Ciena Corporation (CIEN) - Canvas Business Model: Key Activities

You're looking at the core engine of Ciena Corporation, the things they absolutely must do well to keep the revenue flowing and the technology leading. These aren't just tasks; they are where the capital and the best engineers are deployed. Honestly, the numbers show a clear pivot happening right now.

Key Activities

• - Intensive Research and Development (R&D) in coherent optics and routing
• - Manufacturing and supply chain management of complex networking hardware
• - Strategic shift of R&D to Coherent Optical Systems and Interconnects
• - Developing and deploying Blue Planet network automation software
• - Global sales, installation, and maintenance of networking platforms

The investment in R&D is substantial, showing a commitment to maintaining technology leadership, especially in high-speed optical components. For the twelve months ending July 31, 2025, Ciena Corporation reported Research and Development Expenses of $0.815B, which was a 7.15% increase year-over-year from the prior period. This activity is directly tied to developing next-generation products like the WaveLogic 6 Nano coherent pluggable transceivers, which saw their first revenue quarter in Q3 FY2025.

The manufacturing and supply chain management activity is complex, dealing with global sourcing risks and inventory levels. Ciena Corporation expects the total cost of tariffs to be approximately $10 million per quarter, assuming the current tariff structure remains in place. As of the end of Q3 FY2025, the net inventory balance stood at $860,403k. The company relies on third-party manufacturers in regions like Mexico, Canada, India, and Thailand.

The strategic shift in R&D is a major operational decision made in late 2025. Ciena Corporation is redirecting investment away from older technologies, specifically ceasing further development of its 25-gig PON broadband activities. This refocus is quantified by the expected $90 million non-cash charge against in-process R&D in Q4 FY25, directly funding the pivot toward Coherent Optical Systems, Interconnects, and Coherent Routing.

Developing and deploying Blue Planet network automation software is a growing area of focus, moving Ciena Corporation beyond pure hardware sales. The Blue Planet Automation Software and Services segment doubled its revenue in Q2 FY2025 to $28.0 million from $14.4 million the prior year. In Q1 2025, Blue Planet sales alone surged +87% year-over-year. Combined, Platform Software and Blue Planet generated $117.8 million in revenue in Q3 FY2025.

Global sales, installation, and maintenance are the final delivery mechanism, with strong results in Q3 FY2025 showing where the market demand is concentrated. The Optical Networking segment was the largest contributor, bringing in $815.5 million, or 66.9% of total Q3 revenue. Routing and Switching revenue hit an all-time high of $125.9 million in that same quarter. The Global Services revenue component was $160.2 million. The total revenue for Q3 FY2025 was $1.22 billion.

Here's a quick look at how the key revenue-driving activities translated financially in the third quarter of fiscal 2025:

The sales activity is heavily skewed toward cloud providers; direct cloud provider revenue grew 94% year-over-year in Q3 FY2025, making up 40% of the total revenue. Non-telco customers accounted for 53% of total revenue in that quarter. Finance: draft 13-week cash view by Friday.

Ciena Corporation (CIEN) - Canvas Business Model: Key Resources

You're looking at the core assets Ciena Corporation uses to power its business, the things it owns or controls that are essential for delivering its value proposition. These aren't just line items on a balance sheet; they are the engines of future revenue, especially in the AI-driven networking space.

The most visible of these resources is the proprietary silicon driving the network capacity.

• - Proprietary WaveLogic 6 Extreme (WL6e) coherent optical technology.
• - WL6e delivers ultimate wavelength capacity of up to 1.6 Tb/s per wavelength.
• - It supports ubiquitous 800G connectivity across virtually all network links.
• - This technology offers a 50% reduction in space and power per bit compared to the prior 800G tech.
• - WL6e deployments were rapidly ramping, adding 11 new customers in Q3 FY2025, bringing the total customer count to 60.

This technology advantage is built on deep, specialized human capital and sustained investment.

• - Highly specialized engineering and R&D talent, evidenced by Trailing Twelve Months (TTM) R&D spend of $0.815 billion for the period ending July 31, 2025.
• - For the fiscal third quarter of 2025, R&D spend was reported at $211,898 thousand, a 12.2% increase year-over-year.
• - Ciena is actively redirecting R&D investments toward coherent optical systems, interconnects, and coherent routing.

The accumulated knowledge and market position are protected by a strong Intellectual Property (IP) foundation and significant financial backing. Here's a quick look at the technology's proven impact:

The company's balance sheet provides the necessary fuel for continued investment and operational flexibility. As of Ciena Corporation's Fiscal Third Quarter 2025, the liquidity position was solid.

• - Cash and investments totaled approximately $1.39 billion.
• - Cash and cash equivalents, specifically, stood at approximately $1,055,976 thousand as of August 2, 2025.
• - The company generated $174 million in cash from operations in Q3 FY2025.

Finally, Ciena Corporation's market access is secured by its established commercial footprint and deep relationships with major network operators. These relationships translate directly into large, recurring revenue streams.

• - Global sales force with established relationships with Tier 1 customers.
• - In Q3 FY2025, two customers alone accounted for 28.8% of total revenue.
• - Non-telco customers, driven by cloud providers, comprised 53% of total revenue in Q3 FY2025.
• - Direct Cloud Provider revenue surged 94% year-over-year in Q3 FY2025, making up 40% of the total revenue base.

Ciena Corporation (CIEN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Ciena Corporation is winning in this high-bandwidth environment, especially with AI driving everything. Honestly, the value proposition centers on delivering the necessary speed and intelligence today, while building the foundation for tomorrow's massive traffic demands.

Industry-leading high-speed connectivity for AI and cloud workloads

Ciena Corporation is proving its leadership by capturing significant growth from cloud providers, which are the primary investors in AI infrastructure. For the fiscal third quarter of 2025, Ciena Corporation reported revenue of $1.22 billion, marking a 29.4% increase compared to the same period last year. This performance reflects the ongoing accelerated customer demand as the network becomes fundamental to the growth and monetization of AI. The market is clearly demanding higher capacity, as Ciena Corporation's own survey indicated that experts predict Data Center Interconnect bandwidth will increase by six times over the next five years.

WaveLogic 6 Extreme offering an 18- to 24-month competitive lead

The WaveLogic 6 Extreme (WL6e) is a key differentiator, enabling customers to double their capacity over prior generations. For instance, a successful live trial demonstrated a 1 Tbps line rate on a single optical channel over a 1,450 km route. This technology doubles the fibre wavelength capacity from 800 Gb/s to 1.6 Tb/s compared to the earlier WaveLogic 5 Extreme deployment, while reducing the cost per bit. This puts Ciena Corporation ahead, as competitors' coherent optical platforms are noted to only provide 1.2 Tbps throughput. Customer adoption is strong; Ciena Corporation added 20 new customers for WaveLogic 6 Extreme in Q1 2025, bringing the total to 49 customers within two quarters of general availability.

Network automation and orchestration via the Blue Planet software suite

The software portfolio provides the necessary intelligence to manage these complex, high-capacity networks. Blue Planet, Ciena Corporation's intelligent automation division, achieved its highest ever quarterly revenue at just under $30 million in Q2 2025. This reflects significant momentum, as sales for the platform surged by +87% year-over-year in Q1 2025. Furthermore, orders for the Navigator Network Control Suite increased significantly by more than 30% year-over-year in the first half of fiscal 2025.

Scalable, power-efficient Data Center Interconnect (DCI) solutions

Ciena Corporation's solutions are directly addressing the distributed nature of AI training, which requires robust DCI. Data center experts surveyed by Ciena Corporation anticipate that 87% will need 800 Gb/s or more per wavelength to handle surging AI traffic. The need for this high-capacity interconnect is paramount, with 81% of respondents expecting AI model training to be increasingly distributed across multiple data centers. To be fair, the company's CTO noted that AI is set to accelerate network traffic growth significantly beyond the historical 20-30% per year rate.

Coherent pluggable optics for simplified network deployment

The value here is in simplifying deployment while increasing density and efficiency, which is why pluggable optics are critical. Ciena Corporation remains on target to double its year-over-year revenue from coherent pluggable optics to at least $150 million in fiscal 2025. The smaller form-factor pluggables are seeing broad adoption:

• WaveLogic 6 Nano pluggables are now shipping to 178 customers.
• The company secured incremental opportunity for 800ZR and 800ZR coherent pluggables with a global cloud provider for connecting regional GPU clusters.

The focus on smaller, power-saving components is validated by the survey, where 98% of data center experts believe pluggable optics are important for reducing power consumption and physical footprint.

Ciena Corporation (CIEN) - Canvas Business Model: Customer Relationships

You're looking at how Ciena Corporation (CIEN) manages its relationships with its key buyers as of late 2025. It's a mix of deep partnership for the biggest players and scalable support for the rest of the ecosystem. This structure is clearly designed to lock in high-value, long-term engagements, especially with the hyperscalers driving AI traffic.

Dedicated, high-touch strategic account management for Tier 1 customers is evident in the revenue concentration. For instance, in the fiscal third quarter of 2025, two customers alone accounted for 28.8% of total revenue. This focus on top-tier relationships is consistent, as in the first quarter of 2025, two customers made up 26.1% of revenue, and in the second quarter of 2025, that figure was 23.9%. This level of reliance on a few major accounts necessitates that dedicated, high-touch management approach.

The relationship with cloud providers is particularly strategic. Revenue from cloud providers stood out as a key driver in Q2 2025, making up 38% of total revenue in that quarter, which was a growth of 85% year-over-year, surpassing $400 million in a single quarter for the first time. This segment is central to Ciena Corporation's strategy, with management noting they are on track for cloud provider orders to double in fiscal 2025 over the prior year.

Here's a quick look at how customer concentration has shifted across the first three quarters of fiscal 2025:

Long-term service contracts for maintenance and network design services are captured within the Global Services segment. For the fiscal third quarter of 2025, this segment generated revenue of $160.2 million, up from $133.8 million in the same period last year. This growth in services revenue supports the recurring nature of maintenance and support contracts.

Collaborative R&D and co-development with major cloud providers is demonstrated by specific product adoption and new wins. Ciena Corporation added 24 new WaveLogic 6 Extreme customers in Q2 2025, bringing the total to 344 customers overall, and by August 2025, the WaveLogic 6 Extreme adoption included 49 customers. Furthermore, the company secured two significant new data center-related wins in Q2 2025, one for connecting regional GPU clusters and another for out-of-band network management for a global cloud provider, both expected to ramp into 2026.

For Professional services and training for complex system deployment, the overall strength in the services business reflects this. The company also continues to see strong adoption of its pluggable optics, with WaveLogic 5 Nano pluggables shipping to 178 customers, including both cloud providers and service providers, as of Q2 2025. This indicates ongoing deployment and integration support is a key relationship activity.

Automated software updates and technical support for Blue Planet users is a growing area of relationship engagement. Blue Planet, Ciena Corporation's network automation and orchestration platform, saw its sales surge +87% year-over-year in Q1 2025. In Q2 2025, Blue Planet achieved its highest ever quarterly revenue at just under $30 million. Separately, orders for the Navigator Network Control Suite, another key software offering, increased by more than 30% year-over-year in the first half of fiscal 2025, pointing to increased use and reliance on Ciena Corporation's automated management tools.

The overall relationship health is reflected in the raised guidance; Ciena Corporation updated its fiscal 2025 revenue growth target to approximately 14%, up from a prior range of 8% to 11%, based on strong order flow. Finance: review the Q4 2025 services backlog against the $160.2 million Q3 run-rate by end of next week.

Ciena Corporation (CIEN) - Canvas Business Model: Channels

You're looking at how Ciena Corporation (CIEN) gets its gear and services into the hands of customers as of late 2025. It's a mix of direct engagement for the biggest players and leveraging a network for broader reach. Honestly, the numbers from the third quarter of fiscal year 2025 really show where the focus is right now.

The direct sales motion is clearly winning big with the hyperscalers. For the fiscal third quarter ended August 2, 2025, Ciena's direct revenue from cloud providers showed a massive year-over-year growth of 94%. This segment alone accounted for 40% of Ciena Corporation's total revenue for that quarter, which hit $1.22 billion. This tells you the direct sales force is absolutely essential for capturing the AI-driven infrastructure build-out.

The Global Services segment is a key channel for deployment and ongoing support. For Q3 2025, this segment brought in $160.2 million in revenue. This revenue stream is critical for installation, consulting, and maintenance, ensuring those complex networks actually work post-sale. Here's a quick look at how the revenue streams broke down in that quarter:

When you look at the specialized products, the Coherent Pluggable Optics, often grouped under the Interconnect portfolio, are being pushed hard through direct sales channels as well. Ciena Corporation is on track to at least double revenue year-over-year for this Interconnect portfolio in 2025. That's a huge indicator of where they are prioritizing direct engagement and product placement.

For enterprise and regional markets, Ciena relies on its ecosystem. They promote collaboration through the Ciena Partner Network ecosystem (CPNe) program. These trusted partners are the ones delivering value-added services and specialized expertise where the direct sales team might not have the local footprint. Non-telco customers, which often flow through these channels or direct cloud sales, accounted for 53% of total revenue in Q3 2025, showing a successful diversification away from traditional service providers.

Digital access for licensing and documentation is handled through dedicated online resources. You'll find tools and content for partners on the Ciena Partner Portal, and general support and documentation access is available through portals like MyCiena and the Ciena Insights blog. This digital layer helps scale support without linearly increasing headcount. You've got to make sure your internal teams know how to use these portals for software licensing management and accessing the latest technical documentation; it defintely speeds up deployment.

The key channels Ciena Corporation uses to reach its market in late 2025 include:

• Direct sales force targeting major Cloud Providers and Service Providers, evidenced by 40% of Q3 2025 revenue coming from cloud providers.
• Global Services segment for installation and consulting, generating $160.2 million in Q3 2025.
• Channel partners and resellers operating under the Ciena Partner Network ecosystem (CPNe) for enterprise and regional markets.
• Online portals, like the Ciena Partner Portal and MyCiena, for software licensing and technical documentation access.
• Direct sales focus on Coherent Pluggable Optics (Interconnects), expecting to double that portfolio's revenue in 2025.

Ciena Corporation (CIEN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Ciena Corporation (CIEN) as of late 2025, and the story is clearly about the shift toward cloud-driven infrastructure. The customer segments are distinct, but the financial weight is heavily tilting toward the digital giants.

Global Cloud Providers (Hyperscalers) driving AI infrastructure are now the most significant growth engine. In Ciena Corporation's fiscal second quarter of 2025, direct cloud provider revenue hit a record, making up 38% of total revenue, which was an 85% year-over-year increase. By the third quarter of fiscal 2025, this segment accelerated further, with direct Cloud Provider revenue surging 94% year-over-year to represent 40% of the total $1.22 billion revenue. This segment is directly tied to the massive build-out for AI training and inferencing, with Ciena Corporation securing industry-first wins for dedicated AI infrastructure projects expected to ramp to hundreds of millions of dollars.

The customer base is broadening within this high-growth area; in Q3 2025, Ciena Corporation had five cloud providers among its top 10 customers. Overall, non-telco customers accounted for 54% of total revenue in Q2 2025 and 53% in Q3 2025, showing the success of Ciena Corporation's diversification strategy away from traditional carriers.

Here's a quick look at how the major revenue drivers stacked up in the most recent reported quarters:

Tier 1 and regional Telecommunications Service Providers remain a core segment, though their investment pace is different from the hyperscalers. In Q3 2025, one Tier one service provider was one of the two customers representing over 10% of revenue. While cloud investment is accelerating, the traditional service provider segment is showing steady and sustainable investment, often driven by the need to support AI at the edge and general bandwidth growth.

Neo-scalers and specialized AI compute providers represent an emerging, high-potential group within the broader cloud ecosystem. Ciena Corporation is actively winning business here, evidenced by adding 11 new customers for its WaveLogic 6 Extreme (WL6e) technology in Q3 2025, which included a major neoscaler, bringing the total WL6e customer count to 60. These entities are building out their own dedicated infrastructure to support large language models (LLMs) and AI workloads.

Large Enterprises and Government entities with complex network needs are served through the continued strength in Ciena Corporation's portfolio, including its Routing and Switching segment, which saw record shipping in Q3 2025, partly due to solutions like the Data Center Out-of-band Network Management (DCOM) solution.

Finally, Submarine cable operators and wholesale bandwidth providers are addressed through Ciena Corporation's Systems and Interconnect portfolios. Management sees demand as very durable over the midterm horizon for these areas, with the interconnects portfolio specifically projected to at least double revenue in FY2025 and again in FY2026.

The company's software offerings also target these segments; orders for Navigator software increased by more than 30% year-over-year in the first half of fiscal 2025, and Blue Planet achieved its highest ever quarterly revenue at just under $30 million in Q2 2025.

Finance: draft 13-week cash view by Friday.

Ciena Corporation (CIEN) - Canvas Business Model: Cost Structure

You're looking at the core expenses Ciena Corporation racks up to keep those adaptive networks running, and honestly, the numbers show a heavy investment in the future.

The commitment to staying ahead in high-speed connectivity means a high fixed cost of Research and Development (R&D). For the twelve months ending July 31, 2025, Ciena Corporation's R&D spend hit \$0.815B, which was a 7.15% increase year-over-year. This consistent, large outlay is key to their component and system leadership, like the WaveLogic roadmap.

The Cost of Goods Sold (COGS) reflects the complexity of manufacturing their hardware. Looking at the fiscal third quarter of 2025, with revenue at \$1,219.4 million, the GAAP Gross Margin was reported at 41.3%. This implies a GAAP COGS for that quarter of approximately \$715.78 million (calculated as Revenue (1 - Gross Margin)).

Sales, General, and Administrative (SG&A) expenses are captured within the broader operating expense structure. For the fiscal third quarter of 2025, GAAP Operating Expense totaled \$429.544 million. This figure included a notable component: the Adjusted operating expense for Q3 2025 was \$380.2 million, which was higher than anticipated due entirely to incentive compensation tied to strong order performance. For the fourth quarter of fiscal 2025, Ciena guided Adjusted operating expense in the range of \$390 million to \$400 million.

Ciena Corporation also incurs one-time charges related to strategic shifts. As part of ceasing forward investment in certain 25G PON initiatives in Q4 FY25, management expected a workforce reduction of about 4-5% resulting in approximately \$20 million in cash severance expense, alongside a \$89.1 million non-cash abandonment charge tied to an in-process R&D intangible.

Financing costs are present due to the capital structure. As of the quarter ending July 31, 2025, Ciena Corporation's long-term debt stood at \$1.526B. The interest expense on this debt is a recurring cost. For the nine months ended July 27, 2024, the reported interest expense was (\$72.038 million).

Here's a quick comparison of some key expense metrics from the third quarter of fiscal 2025:

The structure shows Ciena Corporation is spending heavily on future technology, which is typical for a market leader, but they are also managing significant, albeit decreasing, debt interest payments.

Ciena Corporation (CIEN) - Canvas Business Model: Revenue Streams

You're looking at the revenue engine for Ciena Corporation as of their latest reported quarter, Q3 Fiscal Year 2025. Honestly, the numbers show a clear pivot toward AI-driven infrastructure growth, which is where the big money is moving right now.

Ciena Corporation reported a Total Q3 FY2025 Revenue of $1.22 billion, which was up 29.4% year-over-year from $942.3 million in Q3 FY2024. This top-line performance reflects strong demand across their portfolio, especially from cloud providers, who drove 40% of that total revenue.

Here's a quick look at the primary revenue streams for Ciena Corporation during the third quarter of fiscal year 2025:

The Networking Platforms sales category, which forms the bulk of the business, is detailed further below. This segment is the core hardware play, encompassing the optical gear and the routing/switching gear that powers the network backbone.

• - Optical Networking revenue was $815.5 million, representing 66.9% of total revenue.
• - Routing and Switching revenue reached $125.9 million, accounting for 10.3% of total revenue.

For the software side, Ciena bundles its automation and control offerings. You need to watch the software components closely, as these are often higher-margin and subscription-like, even if the current dollar amounts are smaller than the hardware sales.

• - Platform Software and Services revenue was $90.0 million (7.4% of total).
• - Blue Planet Automation Software and Services specifically contributed $27.8 million (2.3% of total).

Regarding the high-speed interconnects, Ciena Corporation is seeing tangible results from its latest coherent optics. While a specific doubling figure for FY2025 wasn't explicitly detailed in the Q3 release data, the product momentum is clear. The third quarter marked the first revenue from WaveLogic 6 Nano coherent pluggable transceivers. Also, the company reported a record shipping quarter for WaveLogic 5 Nano 400ZR products. That's your real-life indicator for that revenue stream's near-term trajectory.

Finance: draft 13-week cash view by Friday.