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Financial report summary
?Management Discussion
- Revenue. Revenue for the years ended December 31, 2023 and 2022 was as follows (in thousands, except percentages):
- The increase in our product revenue in 2023 compared to 2022 was primarily the result of $33 million of higher sales of our IP Optical Networks products, offset by $31 million of lower sales of our Cloud and Edge products. The increase in revenue from the sale of IP Optical Networks products was primarily attributable to higher sales in India and the U.S. markets following the introduction of new products and capabilities, including support for Long Haul Optical Transport, 5G Cell Site Routers, and a new series of IP Routers. The decrease in revenue from the sale of Cloud and Edge products was primarily attributable to lower sales to U.S. Tier One service providers, partially offset by increased sales to Enterprise customers, including U.S. Federal agencies to support voice network modernization.
- Revenue from sales to enterprise customers was 32% and 28% of our product revenue in 2023 and 2022, respectively. These sales were made through both our direct sales team and indirect sales channel partners.