Financial Data and Key Metrics Changes - Adjusted EBITDA more than doubled in Q1 2021, reaching $8.4 million, up $4.2 million or 103% year-over-year, and up over 52% from Q4 2020 [6][17] - Total revenue for Q1 2021 was $66.3 million, an increase of $7.7 million or 13.1% compared to $58.6 million in Q1 2020 [15] - Non-GAAP net income for Q1 2021 was $6.9 million, up nearly 138% from $2.9 million in the same period last year [17] Business Line Data and Key Metrics Changes - North American revenue increased over 14% year-over-year to $45.5 million, driven primarily by the private network business [7][15] - International revenue returned to growth, reaching $20.8 million in Q1 2021, compared to $18.8 million in Q1 2020, marking a 10% increase [15][13] Market Data and Key Metrics Changes - The company reported a backlog of over $200 million at the end of Q1 2021 [15] - The North American team is focusing on expanding sales for 5G applications, addressing the growing data demand and network complexity [10] Company Strategy and Development Direction - The company is focused on four key areas: increasing revenue, capturing differentiation, driving down costs, and enhancing shareholder value [7] - The introduction of the Frequency Assurance Software (FAS) aims to improve network reliability and uptime, particularly in the context of emerging technologies like WiFi 6e [8] - The company is well-positioned to capitalize on rural broadband growth opportunities, supported by over $30 billion in FCC funding [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business outlook, anticipating revenue growth for fiscal 2021 in the range of $245 million to $255 million and adjusted EBITDA between $18 million and $22 million [20] - The management acknowledged potential challenges due to COVID-19 but noted a significant uptick in field service activities as lockdowns were lifted [20] Other Important Information - The company achieved a gross margin of 36.6% in Q1 2021, slightly down from 38.5% in Q1 2020 [15] - Operating expenses decreased approximately 16% year-over-year, attributed to cost-saving initiatives and restructuring plans [16] Q&A Session Summary Question: Congratulations on an incredible quarter - Management acknowledged the compliment [21] Question: What are the highlights making year-over-year reduction in operating expenses plausible? - Management highlighted restructuring plans aimed at cutting operating costs, targeting annualized savings of about $3.5 million [22][23] Question: What are the key drivers for customers regarding the multi-band solution for 5G? - Management explained that the multi-band solution allows operators to switch between bands at a low cost, reducing total cost of ownership and providing flexibility [25]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 2, 2020 __________________________ or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-33278 AVIAT NETWORKS, INC. (Exact name of registran ...

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended July 3, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33278 _________ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended April 3, 2020 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-33278 AVIAT NETWORKS, INC. (Exact name of registrant as specified in its charter ...

Company Overview - Aviat Networks is a global supplier of wireless networking solutions, focusing on wireless backhaul products and services for CSPs and private network operators[5] - The company has approximately 700 employees and a global presence across North America, Asia Pacific, Africa, Europe, Latin America, and the Middle East[6] - Aviat Networks' market capitalization is approximately $75 million, with around 54 million shares outstanding as of February 4, 2020[6] Financial Performance (FY20) - In Q2 FY20, Aviat Networks reported revenue of $56 million, compared to $65.1 million in Q2 FY19[42] - Gross margin for Q2 FY20 was 32.8%, down from 34.6% in Q2 FY19[42] - Adjusted EBITDA for Q2 FY20 was $0.4 million, a decrease from $4.5 million in Q2 FY19[42] - For the first six months of FY20 (1H FY20), revenue was $114.6 million, compared to $125.6 million in 1H FY19[42] - Gross margin for 1H FY20 was 35.7%, an increase from 32.2% in 1H FY19[42] - Adjusted EBITDA for 1H FY20 was $4.5 million, compared to $5.4 million in 1H FY19[42] Market and Growth Opportunities - Aviat Networks is targeting the Industrial IoT market, which is projected to reach $500 billion by 2020[25] - The company is also focusing on the Private LTE market, estimated to reach $16 billion by 2025[27] - Aviat Networks anticipates FY20 Adjusted EBITDA of $11-$12 million, compared to $8.8 million in FY19[49]

Part I. Financial Information [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Aviat Networks reported a net loss for the six months ended December 27, 2019, with assets increasing due to new lease accounting and positive operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$179.8 million** as of December 27, 2019, primarily due to new Right-of-Use assets, while total equity decreased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 27, 2019 | June 28, 2019 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $38,067 | $31,946 | | Accounts receivable, net | $44,387 | $51,937 | | Inventories | $13,300 | $8,573 | | Right of use assets | $5,592 | $— | | **Total Assets** | **$179,819** | **$169,193** | | **Liabilities & Equity** | | | | Short-term debt | $9,000 | $9,000 | | Short-term lease liabilities | $3,310 | $— | | Long-term lease liabilities | $2,590 | $— | | **Total Liabilities** | **$111,352** | **$97,677** | | **Total Equity** | **$68,467** | **$71,516** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported a net loss of **($1.6) million** for the six months ended December 27, 2019, on revenues of **$114.6 million**, a decline from the prior year Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 FY2020 | Q2 FY2019 | Six Months FY2020 | Six Months FY2019 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $55,997 | $65,088 | $114,611 | $125,592 | | Gross Margin | $18,319 | $22,490 | $40,875 | $40,415 | | Operating (Loss) Income | ($1,497) | $2,883 | $22 | $1,369 | | Net (Loss) Income | ($1,671) | $2,310 | ($1,617) | $1,560 | | Diluted EPS | ($0.31) | $0.41 | ($0.30) | $0.28 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$10.8 million** for the six months ended December 27, 2019, leading to a **$6.1 million** increase in cash Six-Month Cash Flow Summary (in thousands) | Activity | Six Months Ended Dec 27, 2019 | Six Months Ended Dec 28, 2018 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $10,805 | ($566) | | Net cash used in investing activities | ($2,417) | ($3,236) | | Net cash used in financing activities | ($2,137) | ($1,972) | | **Net increase (decrease) in cash** | **$6,122** | **($5,938)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes include the adoption of ASC 842, **$73.8 million** in remaining performance obligations, a **$25.0 million** credit facility, ongoing restructuring, and legal proceedings - The company adopted the new lease accounting standard ASC 842, recording Right-of-Use (ROU) assets of $7.9 million and corresponding liabilities of $8.3 million upon adoption[66](index=66&type=chunk)[27](index=27&type=chunk) - As of December 27, 2019, the company had approximately $73.8 million in remaining performance obligations, with about 70% expected to be recognized as revenue in the next 12 months[57](index=57&type=chunk) - The company has a $25.0 million accounts receivable-based revolving credit facility with Silicon Valley Bank, expiring June 29, 2020 As of December 27, 2019, $9.0 million was outstanding[86](index=86&type=chunk)[88](index=88&type=chunk) - A restructuring plan ('Fiscal 2020 Plan') was approved to consolidate product development and right-size resources, with restructuring charges of $1.6 million recorded in the first six months of fiscal 2020[93](index=93&type=chunk)[141](index=141&type=chunk) - The company is subject to a legal claim for approximately $1.0 million in Austria and an enforcement action by the Indian Department of Revenue regarding intercompany transactions[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management anticipates higher North American revenue offset by international declines, with total revenue down **8.7%** to **$114.6 million** for the six months, while gross margin improved and liquidity remains solid - The company anticipates higher revenue in North America for fiscal 2020, offset by lower revenue from international regions due to capital spending declines and increased competitive intensity[125](index=125&type=chunk) - Product revenue in Q2 was adversely impacted by a cyberattack at a contract manufacturing vendor, which constrained capacity for approximately three weeks[134](index=134&type=chunk) - Liquidity remains solid with $38.1 million in cash and cash equivalents and $14.5 million available under the SVB Credit Facility as of December 27, 2019[154](index=154&type=chunk) [Results of Operations](index=27&type=section&id=Results%20of%20Operations) Total revenue decreased **8.7%** to **$114.6 million** for the first six months of fiscal 2020, driven by international declines despite North American growth, while gross margin improved to **35.7%** Revenue by Region - Six Months Ended (in thousands) | Region | Dec 27, 2019 | Dec 28, 2018 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | North America | $76,239 | $65,079 | $11,160 | 17.1% | | Africa and the Middle East | $19,449 | $27,979 | ($8,530) | (30.5)% | | Europe and Russia | $5,825 | $6,945 | ($1,120) | (16.1)% | | Latin America and Asia Pacific | $13,098 | $25,589 | ($12,491) | (48.8)% | | **Total Revenue** | **$114,611** | **$125,592** | **($10,981)** | **(8.7)%** | Gross Margin Analysis - Six Months Ended | Metric | Six Months FY2020 | Six Months FY2019 | | :--- | :--- | :--- | | Gross Margin ($ thousands) | $40,875 | $40,415 | | Gross Margin % | 35.7% | 32.2% | | Product Margin % | 38.1% | 34.7% | | Service Margin % | 31.7% | 27.6% | - Selling and administrative expenses increased by $1.1 million (3.9%) in the first six months of fiscal 2020, primarily due to higher variable compensation and legal-related costs[140](index=140&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$38.1 million** in cash and **$10.8 million** in operating cash flow for the six months, ensuring sufficient resources for future operations - As of December 27, 2019, total cash and cash equivalents were $38.1 million, with $18.7 million (49.1%) held in the U.S. and $19.4 million (50.9%) held by foreign entities[148](index=148&type=chunk) - Net cash provided by operating activities was $10.8 million for the first six months of fiscal 2020, compared to cash used of $0.6 million in the prior-year period[149](index=149&type=chunk) - The company was in compliance with the quarterly financial covenants of its SVB Credit Facility as of December 27, 2019 The facility expires on June 29, 2020[155](index=155&type=chunk)[156](index=156&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from foreign currency and interest rates, but management believes a 10% interest rate change would not materially impact its financial position - The company is exposed to foreign currency risks from conducting business globally but had no outstanding foreign currency forward contracts as of December 27, 2019[164](index=164&type=chunk)[167](index=167&type=chunk) - Interest rate risk is primarily related to cash equivalents ($22.7 million) and borrowings under the SVB Credit Facility A 10% change in interest rates is not expected to have a material impact[168](index=168&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 27, 2019, with no material changes to internal controls over financial reporting - Management, including the CEO and PFO, concluded that as of December 27, 2019, the company's disclosure controls and procedures were effective[172](index=172&type=chunk) - No changes occurred during the quarter ended December 27, 2019, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[173](index=173&type=chunk) Part II. Other Information [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ongoing legal proceedings, including a **$1.0 million** claim in Austria and an enforcement action in India, as detailed in Note 12 - The company is subject to ongoing legal proceedings, as detailed in Note 12 of the financial statements[176](index=176&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material additions or changes to the risk factors previously disclosed in the fiscal 2019 Annual Report on Form 10-K have occurred - There have been no material additions or changes to the risk factors disclosed in the fiscal 2019 Annual Report on Form 10-K[178](index=178&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased **46,087 shares** for **$0.7 million** during Q2 FY2020, with **$3.8 million** remaining for future repurchases Stock Repurchases (Q2 FY2020) | Metric | Value | | :--- | :--- | | Total Shares Repurchased | 46,087 | | Aggregate Purchase Price | $0.7 million | | Remaining Authorization | $3.8 million | [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications and XBRL data files

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 27, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Commission File Number 001-33278 AVIAT NETWORKS, INC. (Exact name of registrant as specified in its ch ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________ Form 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended June 28, 2019 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-33278 ______________________________ AVIAT NETWORKS, INC. (Exact name of registrant as specified in its charter) _________________________ ...