---
schema_version: "secwatch.filing_event.v1"
accession: "0001101680-23-000123"
form_type: "8-K"
ticker: null
cik: "0001101680"
company_name: "DZS INC."
filed_at: "2023-11-09T23:59:59+00:00"
generated_at: "2026-06-08T06:04:18.236336+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# DZS restates 2022 and Q1 2023 financials due to revenue recognition errors; delays Q2 and Q3 filings

## Summary
- Audit committee determined 2022 annual and interim financials plus Q1 2023 should no longer be relied upon.
- Restatements stem from revenue recognition errors on certain customer projects; review ongoing.
- Company will not file Q2 or Q3 2023 10-Qs on time; filing delayed until review completes.
- Anticipates one or more additional material weaknesses in internal controls over financial reporting.
- Approximately $30M in annualized cost savings expected fully realized in 2024 from prior actions.

## SEC filing metadata
- accession: 0001101680-23-000123
- form_type: 8-K
- cik: 0001101680
- company_name: DZS INC.
- filed_at: 2023-11-09T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.02, 7.01, 4.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1101680/000110168023000123/0001101680-23-000123-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1101680/000110168023000123/dzsi-20231107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001101680-23-000123
- JSON: https://secwatch.observer/filing/0001101680-23-000123.json
- Plain text: https://secwatch.observer/filing/0001101680-23-000123.txt

## Key facts
- Auditor Changes
  DZS INC. reported that prior financial statements should not be relied upon.
  - Action: non reliance
  - Auditor: Ernst & Young LLP
  source text: In addition, the report of Ernst & Young LLP included in the previously issued 2022 Annual Financial Statements should no longer be relied upon.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1101680/000110168023000123/0001101680-23-000123-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.