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4月前
Aviat Networks Announces Fiscal 2026 Second Quarter and Six Month Financial ResultsFebruary 3, 2026 4:05 PM
PR Newswire (US)
Total Q2 Revenues of $111.5 millionQ2 Operating Income of $7.3 million; Q2 Non-GAAP Operating Income of $9.6 millionQ2 Net Income of $5.7 million; Q2 Adjusted EBITDA of $11.3 millionQ2 Diluted Earnings per Share of $0.44; Q2 Non-GAAP Diluted Earnings per Share of $0.54AUSTIN, Texas, Feb. 3, 2026 /PRNewswire/ -- Aviat Networks, Inc. ("Aviat Networks," "Aviat," or the "Company"), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2026 second quarter ended December 26, 2025.
Second Quarter HighlightsAchieved highest level of second quarter bookings in over a decadeGenerated cash from operating activities in the second quarter of $23.9 millionRealized total quarterly revenues of $111.5 million and fiscal 2026 year-to-date revenues of $218.8 million, up 5.9% versus the first half of fiscal 2025Grew GAAP net income by $1.2 million or 27.2% compared to the year-ago quarter and increased GAAP net income by $13.3 million in the first half of fiscal 2026 compared to the first half of fiscal 2025Expanded Adjusted EBITDA by $13.2 million in the first half of fiscal 2026 compared to the first half of fiscal 2025, driven by improved gross margins and ongoing operating expense managementSecured initial purchase order from U.S. tier one operator for Aviat's multi-dwelling unit solution providing multi-gigabit 5G-based services over high-capacity millimeter-wave spectrumSecond Quarter Financial HighlightsTotal Revenues: $111.5 millionGAAP Results: Gross Margin 32.4%; Operating Expenses $28.8 million; Operating Income $7.3 million; Net Income $5.7 million; Net Income per diluted share ("Net Income per share") $0.44Non-GAAP Results: Adjusted EBITDA $11.3 million; Gross Margin 32.9%; Operating Expenses $27.1 million; Operating Income $9.6 million; Net Income $7.0 million; Net Income per share $0.54Cash and cash equivalents: $86.5 millionNet debt: $18.9 millionFiscal 2026 Second Quarter and Six Months Ended December 26, 2025 RevenuesThe Company reported total revenues of $111.5 million for its fiscal 2026 second quarter, compared to $118.2 million in the fiscal 2025 second quarter, a decrease of $(6.7) million or (5.7)%. North America revenue of $52.9 million decreased by $(5.1) million or (8.7)%, compared to $58.0 million in the prior year due to timing of certain private and mobile network projects. International revenue of $58.6 million decreased by $(1.7) million or (2.8)%, compared to $60.2 million in the prior year, primarily due to timing of capital expenditure plans of mobile network operators.For the six months ended December 26, 2025, revenue increased 5.9% to $218.8 million, compared to $206.6 million in the same period of fiscal 2025. North America revenue of $105.5 million increased by $5.4 million or 5.4%, compared to $100.2 million in the same period of fiscal 2025. International revenue of $113.2 million increased by $6.8 million or 6.4% as compared to $106.4 million in the same period of fiscal 2025.Gross MarginsIn the fiscal 2026 second quarter, the Company reported GAAP gross margin of 32.4% and non-GAAP gross margin of 32.9%. This compares to GAAP gross margin of 34.6% and non-GAAP gross margin of 35.3% in the fiscal 2025 second quarter, a decrease of (220) and (240) basis points, respectively. The decrease was driven by regional and product mix in the quarter.For the six months ended December 26, 2025, the Company reported GAAP gross margin of 32.8% and non-GAAP gross margin of 33.4%. This compares to GAAP gross margin of 29.4% and non-GAAP gross margin of 30.1% in the same period of fiscal 2025, an increase of 340 and 330 basis points, respectively.Operating ExpensesThe Company reported GAAP total operating expenses of $28.8 million for the fiscal 2026 second quarter, compared to $32.9 million in the fiscal 2025 second quarter. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition and other expenses for the fiscal 2026 second quarter were $27.1 million, compared to $29.1 million in the prior year, a decrease of $(2.0) million or (7.0)%.For the six months ended December 26, 2025, the Company reported total operating expenses of $59.3 million, compared to $68.3 million in the same period of fiscal 2025, a decrease of $(9.0) million or (13.2)%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses and other expenses for the six months ended December 26, 2025 were $55.4 million, compared to $59.1 million in the same period of fiscal 2025, a decrease of $(3.7) million or (6.2)%.Operating IncomeThe Company reported GAAP operating income of $7.3 million for the fiscal 2026 second quarter, compared to GAAP operating income of $8.0 million in the fiscal 2025 second quarter, a decrease of $(0.7) million. Operating income decreased primarily due to lower gross margin dollars. On a non-GAAP basis, the Company reported operating income of $9.6 million for the fiscal 2026 second quarter, compared to non-GAAP operating income of $12.6 million in the prior year, a decrease of $(2.9) million.For the six months ended December 26, 2025, the Company reported a GAAP operating income of $12.5 million, compared to operating loss of $(7.6) million in the same period of fiscal 2025, an increase of $20.1 million. On a non-GAAP basis, the Company reported operating income of $17.6 million, compared to an operating income of $3.1 million in the same period of fiscal 2025, an increase of $14.5 million.Net Income / Net Income Per ShareThe Company reported GAAP net income of $5.7 million in the fiscal 2026 second quarter or GAAP net income per share of $0.44. This compared to GAAP net income of $4.5 million or GAAP net income per share of $0.35 in the fiscal 2025 second quarter. On a non-GAAP basis, the Company reported non-GAAP net income of $7.0 million or non-GAAP net income per share of $0.54, compared to non-GAAP net income of $10.5 million or $0.82 per share in the prior year.The Company reported GAAP net income of $5.9 million for the six months ended December 26, 2025, or GAAP net income per diluted share of $0.45. This compared to GAAP net loss of $(7.4) million or $(0.58) per share in the comparable fiscal 2025 period. On a non-GAAP basis, the Company reported net income of $12.5 million or net income per share of $0.97 for the six months ended December 26, 2025, as compared to non-GAAP net loss of $(0.6) million or $(0.05) per share in the comparable fiscal 2025 period.Adjusted EBITDAAdjusted earnings before interest, tax, depreciation and amortization ("Adjusted EBITDA") for the fiscal 2026 second quarter was $11.3 million, compared to $14.8 million in the fiscal 2025 second quarter, a decrease of $(3.6) million.For the six months ended December 26, 2025, the Company reported Adjusted EBITDA of $20.4 million, as compared to $7.2 million in the comparable fiscal 2025 period, an increase of $13.2 million.Balance Sheet HighlightsThe Company reported $86.5 million in cash and cash equivalents as of December 26, 2025, compared to $59.7 million as of June 27, 2025, an increase of $26.8 million. As of December 26, 2025, total debt was $105.4 million, an increase of $17.8 million from June 27, 2025.Fiscal 2026 Full Year OutlookThe Company is leaving its fiscal 2026 full year guidance as previously stated:Full year Revenue between $440 and $460 millionFull year Adjusted EBITDA between $45.0 and $55.0 millionConference Call Details
Aviat Networks will host a conference call at 5:00 p.m. Eastern Time (ET) today, February 3, 2026, to discuss its financial and operational results for the fiscal 2026 second quarter ended December 26, 2025. Participating on the call will be Peter Smith, President and Chief Executive Officer; Andy Schmidt, Senior Vice President and Chief Financial Officer; and Andrew Fredrickson, Vice President, Corporate Finance. Following management's remarks, there will be a question and answer period.Interested parties may access the conference call live via the webcast through Aviat Network's Investor Relations website at investors.aviatnetworks.com/events-and-presentations/events, or may participate via telephone by registering using this online form. Once registered, telephone participants will receive the dial-in number along with a unique PIN number that must be used to access the call. A replay of the conference call webcast will be available after the call on the Company's investor relations website.About Aviat Networks
Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.Forward-Looking Statements
The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat's beliefs and expectations regarding outlook, business conditions, new product solutions, customer positioning, future orders, bookings, new contracts, cost structure, profitability in fiscal 2026, its recent acquisitions and acquisition strategy, process improvements, measures designed to improve internal controls, its ability to maintain effective internal control over financial reporting and management systems and remediate material weaknesses, plans and objectives of management, realignment plans and review of strategic alternatives and expectations regarding future revenue, gross margin, Adjusted EBITDA, operating income or earnings or loss per share. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including "anticipate," "believe," "plan," "estimate," "expect," "goal," "will," "see," "continue," "delivering," "view," and "intend," or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements.Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following: the disruption the 4RF and NEC transactions may cause to customers, vendors, business partners and our ongoing business; our ability to integrate the operations of the acquired 4RF and NEC businesses with our existing operations and fully realize the expected synergies of the 4RF and NEC transactions on the expected timeline; disruptions relating to the ongoing conflict between Russia and Ukraine and the conflict in Israel and surrounding areas; continued price and margin erosion in the microwave transmission industry; the impact of the volume, timing, and customer, product, and geographic mix of our product orders; our ability to meet financial covenant requirements; the timing of our receipt of payment; our ability to meet product development dates or anticipated cost reductions of products; our suppliers' inability to perform and deliver on time, component shortages, or other supply chain constraints; the effects of inflation; customer acceptance of new products; the ability of our subcontractors to timely perform; weakness in the global economy affecting customer spending; retention of our key personnel; our ability to manage and maintain key customer relationships; uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation; our failure to protect our intellectual property rights or defend against intellectual property infringement claims; the results of our restructuring efforts; the effects of currency and interest rate risks; the ability to preserve and use our net operating loss carryforwards; the effects of current and future government regulations; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business; the conduct of unethical business practices in developing countries; the impact of political turmoil in countries where we have significant business; our ability to realize the anticipated benefits of any proposed or recent acquisitions; the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; our ability to implement our stock repurchase program or that it will enhance long-term stockholder value; and the impact of adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions.For more information regarding the risks and uncertainties for Aviat's business, see "Risk Factors" in Aviat's Form 10-K for the fiscal year ended June 27, 2025 filed with the U.S. Securities and Exchange Commission ("SEC") on September 10, 2025, as well as other reports filed by Aviat with the SEC from time to time. Aviat undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.Investor Relations:
Andrew Fredrickson
Email: investorinfo@aviatnet.com Table 1AVIAT NETWORKS, INC.Fiscal Year 2026 Second Quarter SummaryCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)
Three Months Ended
Six Months Ended(In thousands, except per share amounts)December 26,
2025
December 27,
2024
December 26,
2025
December 27,
2024Revenues:
Product sales$ 81,210
$ 82,312
$ 156,294
$ 143,428Services30,262
35,885
62,498
63,198Total revenues111,472
118,197
218,792
206,626Cost of revenues:
Product sales54,459
54,969
107,146
107,170Services20,912
22,342
39,882
38,782Total cost of revenues75,371
77,311
147,028
145,952Gross margin36,101
40,886
71,764
60,674Operating expenses:
Research and development6,409
10,222
13,507
20,630Selling and administrative22,384
21,279
45,760
46,227Total operating expenses28,814
32,916
59,288
68,272Operating income (loss)7,287
7,970
12,476
(7,598)Interest expense, net1,908
1,580
3,620
2,695Other (income) expense, net(2,744)
269
(1,771)
979Income (loss) before income taxes8,123
6,121
10,627
(11,272)Provision for (benefit from) income taxes2,405
1,626
4,747
(3,888)Net income (loss)$ 5,718
$ 4,495
$ 5,880
$ (7,384)
Net income (loss) per share of common stock outstanding:
Basic$ 0.44
$ 0.35
$ 0.46
$ (0.58)Diluted$ 0.44
$ 0.35
$ 0.45
$ (0.58)Weighted-average shares outstanding:
Basic12,856
12,689
12,808
12,667Diluted13,005
12,784
12,995
12,667 Table 2AVIAT NETWORKS, INC.Fiscal Year 2026 Second Quarter SummaryCONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)December 26,
2025
June 27,
2025
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents$ 86,466
$ 59,690Accounts receivable, net203,123
180,321Unbilled receivables90,612
105,870Inventories76,637
83,979Other current assets37,016
33,715Total current assets493,854
463,575Property, plant and equipment, net19,074
17,453Goodwill19,544
19,655Intangible assets, net25,173
26,897Deferred income taxes84,591
88,149Right-of-use assets2,805
3,113Other assets14,314
14,454Total long-term assets165,501
169,721Total assets$ 659,355
$ 633,296LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$ 145,412
$ 148,093Accrued expenses31,560
38,897Short-term lease liabilities787
1,090Advance payments and unearned revenue84,452
73,735Other current liabilities444
1,757Current portion of long-term debt4,443
18,624Total current liabilities267,098
282,196Long-term debt100,931
68,966Unearned revenue8,579
8,063Long-term operating lease liabilities2,199
2,241Other long-term liabilities450
430Reserve for uncertain tax positions3,570
3,242Deferred income taxes4,917
4,975Total liabilities387,744
370,113Commitments and contingencies
Stockholder's equity:
Preferred stock—
—Common stock129
127Treasury stock(7,076)
(7,076)Additional paid-in-capital868,423
866,119Accumulated deficit(571,292)
(577,172)Accumulated other comprehensive loss(18,573)
(18,815)Total stockholders' equity271,611
263,183Total liabilities and stockholders' equity$ 659,355
$ 633,296 AVIAT NETWORKS, INC.Fiscal Year 2026 Second Quarter SummaryRECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE
To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating expenses, operating income, provision for or benefit from income taxes, net income, net income per share, and adjusted income before interest, tax, depreciation and amortization (Adjusted EBITDA), in each case, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.1We have not reconciled Adjusted EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to merger and acquisition costs and share-based compensation. In particular, share-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA are not available without unreasonable effort. Table 3AVIAT NETWORKS, INC.Fiscal Year 2026 Second Quarter SummaryRECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)Condensed Consolidated Statements of Operations(Unaudited)
Three Months Ended
Six Months Ended
December 26,
2025
% ofRevenue
December 27,
2024
% ofRevenue
December 26,
2025
% ofRevenue
December 27,
2024
% ofRevenue
(In thousands, except percentages and per share amounts)GAAP gross margin$ 36,101
32.4 %
$ 40,886
34.6 %
$ 71,764
32.8 %
$ 60,674
29.4 %Share-based compensation35
111
68
215
Merger and acquisition and other expenses588
693
1,178
1,300
Non-GAAP gross margin36,724
32.9 %
41,690
35.3 %
73,010
33.4 %
62,189
30.1 %
GAAP research and development expenses$ 6,409
5.7 %
$ 10,222
8.6 %
$ 13,507
6.2 %
$ 20,630
10.0 %Share-based compensation8
(164)
(63)
(307)
Non-GAAP research and development expenses6,417
5.8 %
10,058
8.5 %
13,444
6.1 %
20,323
9.8 %
GAAP selling and administrative expenses$ 22,384
20.1 %
$ 21,279
18.0 %
$ 45,760
20.9 %
$ 46,227
22.4 %Share-based compensation(1,321)
(1,699)
(2,772)
(3,116)
Merger and acquisition and other expenses(391)
(514)
(987)
(4,295)
Non-GAAP selling and administrative expenses20,672
18.5 %
19,066
16.1 %
42,001
19.2 %
38,816
18.8 %
GAAP operating expense$ 28,814
25.8 %
$ 32,916
27.8 %
$ 59,288
27.1 %
$ 68,272
33.0 %Share-based compensation(1,313)
(1,863)
(2,835)
(3,423)
Merger and acquisition and other expenses(391)
(514)
(987)
(4,295)
Restructuring charges(21)
(1,415)
(21)
(1,415)
Non-GAAP operating expense27,089
24.3 %
29,124
24.6 %
55,445
25.3 %
59,139
28.6 %
GAAP operating income (loss)$ 7,287
6.5 %
$ 7,970
6.7 %
$ 12,476
5.7 %
$ (7,598)
(3.7) %Share-based compensation1,348
1,974
2,903
3,638
Merger and acquisition and other expenses979
1,207
2,165
5,595
Restructuring charges21
1,415
21
1,415
Non-GAAP operating income9,635
8.6 %
12,566
10.6 %
17,565
8.0 %
3,050
1.5 %
GAAP income tax provision (benefit)$ 2,405
2.2 %
$ 1,626
1.4 %
$ 4,747
2.2 %
$ (3,888)
(1.9) %Adjustment to reflect pro forma tax rate(1,705)
(1,126)
(3,347)
4,888
Non-GAAP income tax provision700
0.6 %
500
0.4 %
1,400
0.6 %
1,000
0.5 %
GAAP net income (loss)$ 5,718
5.1 %
$ 4,495
3.8 %
$ 5,880
2.7 %
$ (7,384)
(3.6) %Share-based compensation1,348
1,974
2,903
3,638
Merger and acquisition and other expenses979
1,207
2,165
5,595
Restructuring charges21
1,415
21
1,415
Other (income) expense, net(2,744)
269
(1,771)
979
Adjustment to reflect pro forma tax rate1,705
1,126
3,347
(4,888)
Non-GAAP net income (loss)$ 7,027
6.3 %
$ 10,486
8.9 %
$ 12,545
5.7 %
$ (645)
(0.3) %
Diluted net income (loss) per share:GAAP$ 0.44
$ 0.35
$ 0.45
$ (0.58)
Non-GAAP$ 0.54
$ 0.82
$ 0.97
$ (0.05)
Shares used in computing diluted net income (loss) per share
GAAP13,005
12,784
12,995
12,667
Non-GAAP13,005
12,784
12,995
12,802
Adjusted EBITDA:
GAAP net income (loss)$ 5,718
5.1 %
$ 4,495
3.8 %
$ 5,880
2.7 %
$ (7,384)
(3.6) %Depreciation and amortization of property, plant and equipment and intangible assets1,640
2,275
2,822
4,105
Interest expense, net1,908
1,580
3,620
2,695
Other (income) expense, net(2,744)
269
(1,771)
979
Share-based compensation1,348
1,974
2,903
3,638
Merger and acquisition and other expenses979
1,207
2,165
5,595
Restructuring charges21
1,415
21
1,415
Provision for (benefit from) for income taxes2,405
1,626
4,747
(3,888)
Adjusted EBITDA$ 11,275
10.1 %
$ 14,841
12.6 %
$ 20,387
9.3 %
$ 7,155
3.5 %
(1)The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP net income excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from GAAP net income. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures. Table 4AVIAT NETWORKS, INC. Fiscal Year 2026 Second Quarter SummarySUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA(Unaudited)
Three Months Ended
Six Months Ended
December 26,
2025
December 27,
2024
December 26,
2025
December 27,
2024(In thousands)
North America$ 52,901
$ 57,962
$ 105,548
$ 100,187International:
Africa and the Middle East14,626
12,674
27,422
23,124Europe11,425
8,347
18,985
13,947Latin America and Asia Pacific32,520
39,214
66,837
69,368Total international58,571
60,235
113,244
106,439Total revenue$ 111,472
$ 118,197
$ 218,792
$ 206,626
View original content to download multimedia:https://www.prnewswire.com/news-releases/aviat-networks-announces-fiscal-2026-second-quarter-and-six-month-financial-results-302678063.htmlSOURCE Aviat Networks, Inc.
Original: Aviat Networks Announces Fiscal 2026 Second Quarter and Six Month Financial Results
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