OPTU · Restatement: tax error corrected

Optimum Communications filed an amended 10-Q for Q1 2026 and an amended 10-K for FY2025 to correct a deferred tax accounting error. The restatement increases previously reported net losses by recognizing non-cash deferred tax benefits of approximately $1.15 billion for Q1 2026 and $432 million for FY2025, with no impact on revenue, EBITDA, or cash flow. The filing also discloses a material weakness in internal controls over income tax accounting and reiterates substantial doubt about the company's ability to continue as a going concern due to $6.3 billion in debt maturing in 2027.

• Restatement corrects failure to recognize deferred tax benefits from cable franchise impairment charges, increasing net loss by $722.9M for Q1 2026 and $431.8M for FY2025
• No impact on revenue, operating loss, Adjusted EBITDA, cash flow, or debt covenant compliance
• Material weakness identified in internal control over financial reporting related to income tax accounting
• Q1 2026 revenue declined 4.1% YoY to $2.07B; net loss attributable to stockholders was $2.16B vs $75.7M in Q1 2025