Mavenir CEO Pardeep Kohli (pictured) sought to tackle speculation over the company’s finances and future, highlighting its performance in fiscal 2024 (the period to end-January 2025) as one of its best-ever.

In late 2024, ratings agency S&P Global cast doubt on Mavenir’s ability to cover a $133 million long-term loan obligation due to mature last month, as reports swirled over a potential investment by Aramco Digital.

Apparently aware of Mavenir’s position as a bellwether for the open RAN industry and the questions over its finances, Kohli this week noted its bookings in the recent fiscal year are expected to hit at least $650 million, its second-best of all time.

“The year before we did about $430 million. We’ll definitely do higher than that,” he told Mobile World Live (MWL).

Kohli said Mavenir “approached” $750 million in 2021, but it “was a one-off”.

Mavenir’s packet core business is expected to account for $90 million to $100 million of its fiscal 2024 revenue, with open RAN on less than 25 per cent.

Its MDE billing and charging unit approached $25 million.

Kohli said Mavenir added more than 20 new customers, taking its total to more than 325.

He credits the company’s move to a disaggregated model as a factor in the figures, explaining this enabled it to integrate its software with other companies’ hardware.

Kohli noted some layoffs in the openRAN sector, but said Mavenir still has around 4,000 employees.

Mavenir’s SVP of business development John Baker left in December 2024.

“We brought our investment in the RAN space down to match what market requirements are.”

“In packet core we’ve grown quite a bit.”

Revenue diversity
Omdia analyst James Crawshaw told MWL there is a misperception Mavenir needs open RAN to survive.  

“Mavenir has a cash cow in messaging and a good position in IMS, but these are not sexy.”

“If the financiers are ever going to see an exit like an IPO or acquisition, Mavenir will need to win big in other areas.”

“It could be open RAN, or it could be packet core, security or anti-fraud, or even BSS. They have several irons in the fire.”

The CEO sees growth opportunities across AI and cloud, and the direct-to-device satellite sector, citing a deal struck with Canada-based Terrestar Solutions in 2024.

Kohli also believes there is opportunity in private networks for the mining industry.

Open RAN prospects
Dell’Oro Group forecast last month short term RAN revenue would be flat due to regional 5G coverage imbalances, slower data traffic growth and monetisation challenges weighing on the market.

Kohli agrees for open RAN, but noted there are still many 5G networks being built in Europe and India.

He also sees opportunities in smaller countries as MVNOs look to become MNOs.

“We have not announced the deal, but we got a good size business from another operator outside of US just to buy our radios to work with other people’s baseband” radios.

He expects the open RAN market to pick up in late 2026 or early 2027, as some operators phase out 4G networks.

EchoStar’s Dish Networks remains Mavenir’s biggest open RAN customer, but AT&T is adding the vendor to its ecosystem of network infrastructure providers and suppliers.

Open interfaces enables Mavenir to pair its baseband with radios from other vendors and vice-versa, though Kohli said it is seeking opportunities to sell “only the radios”.

“I think it’s getting to a point where standards are well defined. There are examples of mixing and matching, and that makes it easier for selling only the radios or only the baseband.”

Debt
Kohli stated Mavenir worked with its customers and existing investors to raise the amount needed to pay-off the debt balance due last month.

“We are comfortable and we can move forward. We have raised money every year as needed.”

The company raised a total of $250 million across two funding rounds in 2022 and another $100 million in 2023.

In May 2024, it announced a $75 million investment from an unnamed existing investor.

As for the rumour Aramco Digital may invest around $1 billion to take a minority stake in Mavenir, Kohli said an NDA prevents him commenting.

Tariffs
With US President Donald Trump levying a 10 per cent tariff on all Chinese products, Kohli said operators’ choice of vendors is limited going forward.  

“I’d say it’s only Nokia, Ericsson and us. There’s not that many options out there and people haven’t been investing in this space.”