ubnt-20250331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-35300

UBIQUITI INC.

(Exact name of registrant as specified in its charter)


Delaware						32-0097377
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

685 Third Avenue, 27th Floor, New York, NY 10017

(Address of principal executive offices, Zip Code)

(646) 780-7958

(Registrant’s telephone number, including area code)

N/A

(Former name , former address and former fiscal year , if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	UI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

(Do not check if a smaller reporting company)

Smaller reporting company

☐

Emerging growth company

☐

Table of Contents

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of May 8, 2025, 60,491,245 shares of Common Stock, par value $0.001, were issued and outstanding.

Table of Contents

UBIQUITI INC.

INDEX TO

QUARTERLY REPORT ON FORM 10-Q

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2025


PART I: FINANCIAL INFORMATION			4
Item 1. Financial Statements (Unaudited)			4
Consolidated Balance Sheets			4
Consolidated Statements of Operations and Comprehensive Income			5
Consolidated Statements of Stockholders’ Equity (Deficit)			6
Consolidated Statements of Cash Flows			7
Notes to Consolidated Financial Statements			8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			19
Item 3. Quantitative and Qualitative Disclosures about Market Risk			29
Item 4. Controls and Procedures			29
PART II: OTHER INFORMATION			31
Item 1. Legal Proceedings			31
Item 1A. Risk Factors			31
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			54
Item 3. Defaults upon Senior Securities			54
Item 4. Mine Safety Disclosures			54
Item 5. Other Information			54
Item 6. Exhibits			55
Signatures			56

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

UBIQUITI INC.

Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)


	March 31, 2025		June 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	150,967	$	126,342

Accounts receivable, net of allowance for doubtful accounts of $6,061 and $498 at March 31, 2025 and June 30, 2024, respectively	222,223		169,147
Inventories	590,477		462,032
Vendor deposits	63,659		123,461


Prepaid expenses and other current assets	54,971		35,031
Total current assets	1,082,297		916,013
Property and equipment, net	71,307		81,126
Operating lease right-of-use assets, net	41,290		47,768
Deferred tax assets	35,876		35,934

Other long-term assets	67,498		73,571
Total assets	$	1,298,268	$	1,154,412
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	129,621	$	51,095
Income taxes payable	23,739		23,475
Debt — short-term	339,410		36,508
Other current liabilities	285,752		173,713
Total current liabilities	778,522		284,791
Income taxes payable — long-term	29,987		53,599
Operating lease liabilities — long-term	31,497		37,176
Debt — long-term	—		669,878
Deferred tax liability — long-term	—		492
Other long-term liabilities	22,149		13,416
Total liabilities	862,155		1,059,352
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock—$0.001 par value; 50,000,000 shares authorized; none issued	—		—
Common stock—$0.001 par value; 500,000,000 shares authorized:
60,490,469 and 60,462,539 issued and outstanding as of March 31, 2025 and June 30, 2024, respectively	61		60
Additional paid–in capital	15,338		10,645

Retained earnings	420,714		84,355
Total stockholders’ equity	436,113		95,060
Total liabilities and stockholders’ equity	$	1,298,268	$	1,154,412

See accompanying notes to consolidated financial statements (unaudited).

Table of Contents

UBIQUITI INC.

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except per share amounts)

(Unaudited)


	Three Months Ended March 31,				Nine Months Ended March 31,
	2025		2024		2025		2024
Revenues	$	664,170	$	492,997	$	1,814,393	$	1,421,029
Cost of revenues	368,296		318,897		1,039,672		885,407
Gross profit	295,874		174,100		774,721		535,622
Operating expenses:
Research and development	44,262		42,498		122,217		115,692
Sales, general and administrative	24,751		20,379		77,626		59,302

Total operating expenses	69,013		62,877		199,843		174,994
Income from operations	226,861		111,223		574,878		360,628
Interest expense and other, net	5,420		18,870		27,437		58,356
Income before income taxes	221,441		92,353		547,441		302,272
Provision for income taxes	41,006		16,063		102,224		56,116
Net income	$	180,435	$	76,290	$	445,217	$	246,156
Net income per share of common stock:
Basic	$	2.98	$	1.26	$	7.36	$

SEC Form 10-Q filed by Ubiquiti Inc.