Optimum Communications flags prior financial statements as unreliable, plans restatement over deferred tax errors
OPTU•Audit committee flags deferred tax accounting errors
Optimum Communications’ audit committee flagged errors in deferred tax accounting, triggering non-reliance on prior financial statements.
Restatements are planned for the year ended Dec. 31, 2025, plus interim periods through June 30, 2026.
Net losses are expected to drop by about $430 million for 2025 periods and about $720 million for early 2026 periods.
Cash balances, revenue, capex, cash flow, EBITDA, and loss before income taxes are expected to remain unchanged.
A material weakness is expected in income tax controls, and prior internal control over financial reporting assessments by management and KPMG are no longer reliable.
