Exhibit 99.2

IKANOS COMMUNICATIONS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

(in thousands, except per share data)

Introduction to Unaudited Pro Forma Condensed Combined Financial Statements

On August 24, 2009, Ikanos Communications, Inc. (“Ikanos” or the “Company”) acquired the Broadband Access product line (“BBA”) of Conexant Systems, Inc. (“Conexant”), which includes the product-related intellectual property, patents, fixed assets and inventory of the product line for a total purchase price of $53.1 million in cash and the assumption of approximately $6.4 million in employee and lease related liabilities.

Securities Purchase Agreement

In order to complete the BBA acquisition, the Company negotiated a $42.0 million cash investment by Tallwood III, L.P. Tallwood III Annex, L.P. and certain of their affiliates (collectively, the “Tallwood Investors”) pursuant to which the Company sold to the Tallwood Investors (i) 24 million shares of Ikanos common stock, par value $0.001 per share (the “Common Stock”), and (ii) warrants to purchase up to 7.8 million shares of Common Stock (the “Warrants”). The transaction was completed on August 24, 2009, and the purchase price of each share of Common Stock and the exercise price of each warrant to purchase a share of Common Stock under the securities purchase agreement was $1.75. In addition, the Company issued to the Tallwood Investors one share (the “Voting Share”) of Series A Preferred Stock, which provides the Tallwood Investors certain voting rights solely with respect to election of a minority of the members of the Board of Directors but does not share in the economics of Ikanos. The 24 million shares of Common Stock, Warrants and the Voting Share collectively are referred to as the Tallwood Investment.

The net proceeds for the Tallwood Investment were $38.8 million after capitalizing transaction-related costs of $3.2 million. The $3.2 million in transaction related costs consisted of investment banker, legal and accounting fees.

The value attributed to the Warrants was $7.6 million and was estimated as of August 24, 2009 using the Black-Scholes option-pricing model with the assumptions of an expected volatility of 62.5%, expected term of five years, no expected dividends and a risk free interest rate of 2.5%. The expected volatility is based on a blend of the volatility of the Company’s peer group in the industry in which it does business and the Company’s historical volatility. The expected term is five years which is equal to the life of the Warrants. The risk free interest rate is the yield on zero-coupon U.S. treasury securities for a period that is commensurate with the expected term assumption.

The following unaudited pro forma condensed combined financial statements are based on the historical consolidated financial statements of Ikanos and BBA after giving effect to the acquisition of BBA by Ikanos using the purchase method of accounting in accordance with authoritative guidance issued by the Financial Accounting Standards Board (“FASB”), and applying the assumptions and adjustments described in the accompanying notes.

The unaudited pro forma condensed combined statements of operations for the nine months ended September 27, 2009 and the twelve months ended December 28, 2008 are presented as if the acquisition had occurred on December 31, 2007 (the first day of the Company’s fiscal year 2008). The BBA acquisition and Tallwood investment are reflected in the most recent consolidated balance sheet reported by the Company in its Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on November 5, 2009 and is therefore omitted from these pro forma condensed combined financial statements.

You should read this information in conjunction with the:

1

IKANOS COMMUNICATIONS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

(in thousands, except per share data)

2

IKANOS COMMUNICATIONS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

(in thousands, except per share data)

See accompanying notes to unaudited pro forma combined financial information.

3

IKANOS COMMUNICATIONS, INC.

UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

(in thousands, except per share data)

See accompanying notes to unaudited pro forma combined financial information.

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IKANOS COMMUNICATIONS, INC.

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The unaudited pro forma condensed combined financial statements were prepared in accordance with SEC Regulation S-X Article 11, using the purchase method of accounting in accordance with authoritative guidance issued by the FASB and are based on the historical financial statements of Ikanos and BBA after giving effect to certain pro forma adjustments. The unaudited pro forma condensed combined statements of operations give effect to the BBA acquisition as if it had occurred on December 31, 2007 and presents the results of operations of Ikanos for the year ended December 28, 2008 combined with the results of operations of BBA for the year ended October 3, 2008, as well as the results of operations of Ikanos for the nine months ended September 27, 2009 combined with the results of operations of the BBA for the nine months ended October 2, 2009. Ikanos results for the nine months ended September 27, 2009 include BBA results from August 25, 2009 to September 27, 2009. The BBA acquisition and Tallwood investment are reflected in the most recent consolidated balance sheet reported by the Company in its Quarterly Report on Form 10-Q filed with the SEC on November 5, 2009 and is therefore omitted from these pro forma statements.

For ease of reference, the unaudited pro forma condensed combined financial statements use Ikanos’ period-end date and no adjustments were made to BBA reported information for the different quarter-end date. The pro forma condensed combined financial statements are presented for illustrative purposes only and are not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the dates indicated, nor is it indicative of future operating results or financial position. The pro forma adjustments are based upon available information and certain assumptions that Ikanos believes are reasonable.

The unaudited pro forma condensed combined financial statements do not reflect any cost savings, operating synergies or revenue enhancements that the combined company may achieve as a result of the acquisition or the costs to integrate the operations of Ikanos and BBA or the costs necessary to achieve these cost savings, operating synergies and revenue enhancements.

This note should be read in conjunction with “Note 2 – Acquisition of Broadband Access Product Line of Conexant” of the Company’s Quarterly Report on Form 10-Q as filed with the SEC on November 5, 2009. Adjustments included in the column under the heading “Pro Forma Adjustments” represent the following:

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Reconciliation of reported weighted average basic and diluted outstanding shares to pro forma weighted average basic and diluted outstanding shares:

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