Airspan Networks and Atika Form Alliance to Advance Resilient Multi-Domain 5G Connectivity for Defense Together, the companies will develop secure, resilient communications solutions designed to support mission- critical operations across land and air environments. The collaboration will integrate deployable 5G networks, multi-domain MANET connectivity, intelligent network orchestration, and airborne-to-ground communications, enabling high-performance connectivity for military units operating in dynamic ope ...

Core Insights - Airspan Networks Holdings LLC has launched its MobileAccess Digital DAS platform in Europe and the United Kingdom, which is part of the company's strategy for international growth [1] - The MobileAccess portfolio is already widely deployed in the US and has received approval from major mobile network operators (MNOs) [1] - The platform is utilized by leading third-party operators (3POs) and Fortune 1000 enterprises across various sectors, including healthcare [1]

Core Insights - Airspan Networks Holdings LLC reported strong financial results for Q4 and full year 2025, with significant growth in revenue, profitability, and backlog as it enters 2026 with strong momentum [1][5]. Financial Performance - Q4 revenue reached $45 million, while full year revenue exceeded $115 million, indicating a growth of over 20% year over year [5]. - The company achieved full year operating profitability, with earnings accelerating each quarter [5]. - Airspan entered 2026 with a robust backlog of $70 million and anticipates revenue growth of 25% to 30% in 2026 based on the backlog and current revenue run-rate [5]. Business Segments - Airspan operates across three main business areas: In-Building Networks, Open RAN Networks, and Air-to-Ground (ATG) [2][3]. - The company has made significant progress in targeting mobile network operators, private networks, and critical communications, including public safety and defense technology [2]. Strategic Acquisitions and Partnerships - In 2025, Airspan completed two major acquisitions: Corning's Wireless business and Jabil's radio portfolio, enhancing its capabilities and market access [6]. - The integration of Corning's business included its Digital DAS portfolio and in-building RAN solutions, leading to over 20% growth in bookings year over year in the in-building segment [6]. - Airspan secured a $42.7 million NTIA Grant to accelerate 5G Open RAN technology development in the US and won a strategic Open RAN radio deal with Rakuten Mobile for deployment starting in 2026 [6]. Product Launches and Innovations - The company successfully launched the world's first 5G air-to-ground network in collaboration with Gogo [6]. - A partnership with Space Compass in Japan was announced to deploy a 5G air-to-ground system for high-altitude platforms (HAPs) aimed at maritime surveillance [6].

Core Insights - The deployment of Ericsson's AIR 3255 Massive MIMO antenna-integrated radios in NTT DOCOMO's 5G network began in December 2025 to address high traffic demands in congested areas [1][2]. Group 1: Technology and Performance - The AIR 3255 radios operate in the 4.5 GHz band and are designed to enhance network quality and customer experience amid increasing traffic demand [3]. - The new radios provide a 25% reduction in energy use and a 20% decrease in embodied CO2 footprint compared to previous generations, contributing to environmental sustainability [3][6]. - The AIR 3255 unit is 20% lighter than its predecessor at just 13 kg, facilitating easier deployment in high-traffic locations [4]. Group 2: Network Efficiency - The integration of AIR 3255 with existing 3.7 GHz band Massive MIMO radios will improve spectrum efficiency and enhance network flexibility and reliability as data traffic grows [5][6]. - Advanced features such as multi-user MIMO will ensure consistent throughput regardless of network congestion, further improving customer connectivity experiences [4]. Group 3: Partnership and Future Plans - NTT DOCOMO aims to strengthen its partnership with Ericsson to leverage the latest network capabilities and enhance user experience [3]. - Ericsson expresses pride in its collaboration with DOCOMO, emphasizing the provision of advanced, secure, and efficient Massive MIMO technology [3].

Core Insights - Airspan Networks Holdings LLC has opened a new corporate headquarters in Plano, Texas, which is a strategic investment aimed at long-term growth [1] - The new facility will employ up to 150 people across various functions and will serve as a center for global collaboration and solution development [2] - The company is focusing on three solution pillars: in-building wireless networks, Open RAN solutions, and air-to-ground connectivity, with plans to showcase innovations at MWC Barcelona in 2026 [3] Company Overview - Airspan Networks is a US-based provider of wireless network solutions, specializing in carrier-grade 5G and advanced wireless connectivity [4] - The company's product portfolio includes solutions for in-building, outdoor, and air-to-ground applications, catering to mobile network operators, enterprises, and public-sector organizations [4] - Airspan aims to enhance coverage and capacity while enabling fast and efficient deployment of wireless networks [4]

Core Insights - VIAVI Solutions Inc. has expanded its VALOR Lab with a new RF-shielded anechoic chamber and two additional customer labs to enhance its Automated Lab-as-a-Service for Open RAN testing [1][4] Group 1: Facility Expansion - The expansion includes the industry's first test-as-a-service offering for Massive MIMO and beamforming over-the-air (OTA) validation, allowing system-level performance testing for up to 16 parallel spatial layers [2] - The project is funded by the U.S. National Telecommunications and Information Administration (NTIA) Public Wireless Supply Chain Innovation Fund [1] Group 2: Testing Capabilities - Customers can access over 500 test cases compliant with O-RAN WG4, WG5, WG11, TIFG, and 3GPP specifications [3] - The RF chamber is provided by ETS-Lindgren, a leader in wireless OTA performance testing [4][5] Group 3: Industry Impact - The expansion addresses the growing demand for Open RAN testing, providing a comprehensive, on-demand test suite throughout the product lifecycle [4] - VALOR serves as a hub for the AI-RAN Alliance, fostering innovation in AI-powered telecommunications [6] Group 4: Certification and Collaboration - VALOR is the first test service authorized by the Telecom Infra Project (TIP) for its system performance certification program [7] - The lab collaborates with AT&T and Verizon to accelerate Open RAN testing, with a full suite of O-RAN tests available to referred customers [6]

Bankruptcy and Financial Restructuring - The company filed for Chapter 11 bankruptcy on March 31, 2024, and the Bankruptcy Court confirmed its Prepackaged Plan on June 28, 2024[23]. - The company secured a debtor-in-possession financing facility totaling $53.8 million, which includes $16.5 million in new money loans and $37.3 million rolled up from prepetition bridge facilities[24]. - On the effective date of the Restructuring Transactions, the company plans to raise up to $95 million in new equity capital, with $90 million allocated for senior secured claims and $5 million for subordinated claims[25]. - The company will issue 94.375% of new common equity to Senior Secured Creditors and 5.625% to Subordinated Term Loan Lenders on the Plan Effective Date[25]. - The company has expressed concerns about its ability to secure additional liquidity and may need to raise more capital to execute its business plan[18]. - The company acknowledges the potential for volatility in financial results due to its Chapter 11 status, which may not reflect historical trends[12]. - The company entered into a Senior Secured Superpriority Debtor-in-Possession Term Loan Credit Agreement with DIP Lenders for an original principal amount of $53,848,837, plus a new money delayed draw term loan facility of up to $16,500,000[31]. - The DIP Credit Agreement includes a Roll Up of $37,348,837 of outstanding indebtedness, converting it into debtor-in-possession term loans on a cashless dollar-for-dollar basis[32]. - The DIP Facility bears interest at either the Base Rate plus 10.00% per annum or the Adjusted Term SOFR plus 11.00% per annum, with interest payable in-kind[33]. - The company has a stated maturity date for the DIP Credit Agreement of October 8, 2024, with obligations becoming due upon certain events, including the consummation of a plan of reorganization[36]. - The company confirmed a Prepackaged Plan with all creditors entitled to vote accepting the plan, which includes a new revolving line of credit of $20.0 million from Gogo Inc.[38]. Market Position and Competition - The company is dependent on a few key customers for a significant percentage of its sales, which poses a risk to revenue stability[13]. - The company faces risks related to competition from larger, better-capitalized firms, which could negatively impact its market position[13]. - The company competes in the mobile RAN equipment and services market against major players like Ericsson, Huawei, and Nokia[51]. - The company focuses on software-centric small cell solutions to address capacity restrictions in 4G networks, particularly for customers like Sprint and Reliance[52]. Product and Technology Development - The company is a technical leader in the 4G and 5G Radio Access Network market, offering a range of software-defined radios and broadband access products[40]. - The company aims to disrupt network total cost of ownership models, focusing on lowering costs throughout the product lifecycle[40]. - The wireless communications industry is evolving towards 5G networks, which are expected to require substantial investment and will enable new applications such as autonomous vehicles and telemedicine[43]. - The company offers a complete range of 4G and 5G network build products, including outdoor and indoor base stations, to help operators monetize 4G and 5G technologies[44]. - The company has developed a significant patent portfolio with 210 patents granted and 53 pending as of December 31, 2023[66]. - The company offers a range of broadband access technologies, including DSL, fiber, cable, and satellite, with a competitive edge in rural and developing markets[53]. - The company provides a variety of implementation and support services to facilitate system deployment, including spectrum planning and optimization[63]. Workforce and Operational Structure - The company employs 428 full-time equivalent employees as of December 31, 2023, primarily located in the UK, India, Israel, and the US[72]. - The company relies on third-party subcontractors for manufacturing, with most 4G and 5G products produced in Vietnam and Malaysia[70]. - The company has a non-exclusive contract structure with customers, allowing for flexibility in agreements and potential termination without significant penalties[61]. - The company emphasizes diversity and inclusion in its workforce, aiming to attract and retain diverse teams[74]. Financial Performance and Trends - The company anticipates continued substantial losses and does not expect to achieve profitability in the near term[12]. - The company generally experiences lower sales in the first quarter compared to the final quarter of the preceding year, indicating seasonality in its sales[47]. - The company's top three customers accounted for 68% and 61% of revenue in 2023 and 2022, respectively[62]. - The company is subject to various regulatory risks, including compliance with telecommunications regulations and data protection laws[19].

Core Insights - VIAVI Solutions has selected ETS-Lindgren to provide an RF-shielded anechoic chamber for Massive MIMO over-the-air (OTA) performance testing of Open Radio Units (O-RUs) at the VALOR Automated Lab-as-a-Service [4] - The VALOR initiative, supported by a $21.7 million grant, aims to enhance testing and certification for Open RAN, providing a pathway for new entrants and startups [5] - The OTA testing facility will enable system-level Massive MIMO performance testing for up to 16 parallel spatial layers, addressing the needs of radio manufacturers [8] Company and Industry Developments - ETS-Lindgren is recognized as a leader in wireless OTA performance testing and has developed significant intellectual property in this area [1] - The OTA testing method represents a significant advancement over traditional lab testing, allowing for a more realistic emulation of real-world scenarios [2] - Dr. Sameh Yamany, CTO of VIAVI, emphasized the importance of OTA testing in accelerating O-RU commercialization and innovation, highlighting the collaborative nature of the VALOR initiative [3] - The lab will include a comprehensive test suite for O-RU conformance, performance, security, and interoperability, supported by a set of compliant O-RUs, O-DUs, and O-CUs from various partners [8] - Andy Warner, President of ETS-Lindgren, expressed pride in supporting the OTA testing facility, noting the rapid evolution in base station technology and testing [9]

Financial Performance - Total revenues for Q3 2023 were $14.259 million, a decrease of 65.3% compared to $41.094 million in Q3 2022[16] - Gross profit for Q3 2023 was $5.231 million, down from $16.336 million in the same quarter last year, reflecting a gross margin of approximately 36.7%[16] - The company reported a net income of $9.888 million for Q3 2023, compared to a net loss of $23.314 million in Q3 2022[16] - For the nine months ended September 30, 2023, Airspan Networks reported a net loss of $44.6 million, compared to a net loss of $74.1 million for the same period in 2022, indicating a 39.8% improvement in losses year-over-year[19] - Net income for the three months ended September 30, 2023, was $9.888 million, compared to a net loss of $23.314 million for the same period in 2022[113] - Basic net income per share for Q3 2023 was $0.13, a significant improvement from a loss of $0.32 per share in Q3 2022[113] - The company’s diluted net income per share for Q3 2023 was $0.12, compared to a loss of $0.32 per share in Q3 2022[113] Expenses and Costs - Research and development expenses for the nine months ended September 30, 2023, totaled $36.901 million, a decrease from $48.244 million in the same period of 2022[16] - The company experienced a significant increase in interest expense, which rose to $9.944 million in Q3 2023 from $4.296 million in Q3 2022[16] - The company incurred $6.2 million in cash paid for interest during the nine months ended September 30, 2023, compared to $4.4 million in the same period of 2022[20] - The Company implemented a restructuring program in Q2 2023, incurring total restructuring costs of $944,000 for the three months ended September 30, 2023[50] - Total share-based compensation for the three months ended September 30, 2023 was $2.1 million, compared to $5.9 million for the same period in 2022[107] Assets and Liabilities - Total current assets decreased to $47.792 million as of September 30, 2023, from $89.697 million at the end of 2022, primarily due to a reduction in accounts receivable and inventory[15] - Total liabilities decreased to $176.745 million as of September 30, 2023, from $205.894 million at the end of 2022, indicating improved financial management[15] - Airspan's current assets were $47.8 million, while current liabilities stood at $172.3 million as of September 30, 2023, indicating a significant liquidity challenge[33] - The Company had accrued expenses totaling $29,406,000 as of September 30, 2023, down from $32,243,000 as of December 31, 2022[54] Business Operations - The company achieved a gain of $28.631 million from the sale of its Mimosa business, contributing positively to the net income for the quarter[16] - The company generated a cash inflow of $55.2 million from the sale of Mimosa Networks, contributing to a net cash provided by investing activities of $54.1 million for the nine months ended September 30, 2023[19] - The company plans to focus on increasing sales in additional geographic markets as part of its strategy to improve operating and financial results[34] - The Company is focusing on developing 5G product offerings and improving days sales outstanding to enhance liquidity[39] Debt and Financing - The company is seeking waivers for current covenant breaches but may not be able to comply with prospective financial covenants in the next twelve months without additional financing[36] - The Company has classified its senior term loan, convertible debt, subordinated term loan, and subordinated debt as current as of September 30, 2023, due to potential defaults[37] - The Fortress Credit Agreement's total loan commitment is $34,000,000, with an additional term loan commitment of $10,000,000 funded on December 30, 2020[69] - The company borrowed $20,000,000 from the Fortress Credit Agreement facility in the second quarter of 2023, and as of September 30, 2023, there was no remaining borrowing capacity[66] - The interest rates under the Fortress Credit Agreement were increased to 5.5% plus SOFR, with a maximum of 8.5% for paid-in-kind interest[67] - The Company was not in compliance with the minimum last twelve-month EBITDA and revenue covenants under the Fortress Credit Agreement as of December 31, 2022, and March 31, 2023, leading to events of default[72] - The Company did not make principal and interest payments due under the Fortress Credit Agreement on October 31, 2023, resulting in another event of default[75] - The Company is pursuing alternative sources of capital to meet its prospective minimum liquidity obligations under the Fortress Credit Agreement[76] - The Company may face bankruptcy or liquidation if lenders declare all borrowed funds due due to covenant breaches[77] Related Party Transactions - The company reported no revenue from sales to a related party for Q3 2023, but generated approximately $41 thousand for the nine months ended September 30, 2023[116] - Revenue from sales to a separate related party was approximately $7.0 million for Q3 2023, compared to $9.6 million for Q3 2022[118] - Accounts receivable from a related party amounted to $2.1 million as of September 30, 2023, down from $4.5 million as of December 31, 2022[118] - The company had outstanding payables to a related party totaling $1.6 million as of September 30, 2023[117] Stock and Equity - The weighted average shares outstanding for basic earnings per share increased to 74,605,474 in Q3 2023 from 72,572,138 in Q3 2022[16] - Airspan issued 55,901 restricted shares during the third quarter of 2023, contributing to share-based compensation expenses of $2.1 million for the period[19] - The Company recorded a $1.7 million reduction in convertible debt and an increase in additional paid-in capital due to the issuance of 5,912,040 Fortress Warrants[105] - As of September 30, 2023, there were 12,045,000 Common Stock Warrants outstanding, including 11,500,000 Public Warrants and 545,000 Private Placement Warrants[100] - The Company had stock options outstanding of 7,335,035 as of September 30, 2023, compared to 7,931,652 in the same period of 2022[114]

Financial Performance - Total revenues for Q2 2023 were $32.123 million, a decrease of 31.6% compared to $46.945 million in Q2 2022[15] - Gross profit for Q2 2023 was $6.733 million, down 64.3% from $18.828 million in Q2 2022[15] - Net loss for Q2 2023 was $33.607 million, compared to a net loss of $21.017 million in Q2 2022, representing a 59.9% increase in losses[15] - For the six months ended June 30, 2023, the company reported a net loss of $54.5 million, compared to a net loss of $50.8 million for the same period in 2022, reflecting an increase in losses of approximately 3.7%[19] - The company reported a net loss of $33.6 million for the three months ended, compared to a net loss of $21.0 million for the same period in 2022, representing a 60.5% increase in losses year-over-year[113] - The net loss per share for the three months ended June 30, 2023, was $(0.45), compared to $(0.29) for the same period in 2022, reflecting a 55.2% increase in losses per share[113] Expenses - Research and development expenses for Q2 2023 were $13.416 million, a decrease of 19.8% from $16.720 million in Q2 2022[15] - Operating expenses for Q2 2023 totaled $27.495 million, down 26.0% from $37.103 million in Q2 2022[15] - The company incurred a share-based compensation expense of $3.9 million for the six months ended June 30, 2023, compared to $13.5 million for the same period in 2022, indicating a decrease of approximately 71.1%[19] - The company recorded a $1.7 million reduction in convertible debt and an increase in additional paid-in capital due to the issuance of 5,912,040 warrants under the Fortress Credit Agreement[103] Assets and Liabilities - Total current assets decreased to $75.030 million as of June 30, 2023, from $89.697 million as of December 31, 2022, a decline of 16.5%[14] - Total liabilities increased to $238.174 million as of June 30, 2023, compared to $205.894 million as of December 31, 2022, an increase of 15.6%[14] - The company reported a total accumulated deficit of $905.7 million as of June 30, 2023, compared to $872.1 million as of March 31, 2023, reflecting an increase of approximately 3.8%[19] - As of June 30, 2023, the company had $75.0 million in current assets and $78.0 million in current liabilities, resulting in a current ratio of approximately 0.96[33] Cash Flow - The company had total cash, cash equivalents, and restricted cash of $10.1 million as of June 30, 2023, down from $36.4 million at the end of June 2022, indicating a decrease of approximately 72.2% year-over-year[20] - Cash used in operating activities for the six months ended June 30, 2023, was $12.2 million, an improvement from $22.5 million used in the same period in 2022, representing a reduction of approximately 45.5%[19] - The company experienced a net cash increase of $2.9 million in cash, cash equivalents, and restricted cash during the six months ended June 30, 2023, compared to a decrease of $26.8 million in the same period in 2022[19] Business Operations - The company is heavily investing in 5G research and development and expects to continue using cash from operations throughout the remainder of 2023 and into the first half of 2024[33] - The company sold its Mimosa business for approximately $60.0 million as part of its strategy to improve financial results[34] - The company is focusing on expanding sales in additional geographic markets and developing 5G product offerings to enhance market reach[34] - The company implemented a restructuring program in Q2 2023, incurring total restructuring costs of $3.0 million for the three months ended June 30, 2023[46] Inventory and Receivables - The company reported a significant reduction in accounts receivable, which fell to $22.790 million from $46.565 million, a decrease of 51.1%[14] - An inventory impairment charge of $7.2 million was recorded in the three months ended June 30, 2023, due to product initiatives being eliminated or reduced[46] Debt and Financing - The company had subordinated debt outstanding of $9,000,000 and accrued interest of $2,400,000 as of June 30, 2023, compared to $2,100,000 as of December 31, 2022[59] - The subordinated term loan outstanding was $30,000,000 with accrued interest of $13,400,000 as of June 30, 2023, up from $11,500,000 as of December 31, 2022[62] - The Fortress Credit Agreement includes a total loan commitment of $34,000,000, with a maturity date of December 30, 2024[65] - The interest rates under the Fortress Credit Agreement were increased to 5.5% plus SOFR, with a maximum of 8.5% for paid-in-kind interest[64] - The company recorded a loss on debt extinguishment of $5,100,000 related to the senior term loan as part of the May 2023 Credit Agreement Amendment[64] Compliance and Covenants - As of June 30, 2023, the Company was in compliance with all applicable covenants under the Fortress Credit Agreement after previous breaches were waived[71] - The Company was not in compliance with the minimum last twelve-month EBITDA and revenue covenants as of March 31, 2023, leading to events of default[68] - The minimum liquidity requirement under the Fortress Credit Agreement was decreased to $2.0 million, increasing to $4.0 million after the closing date[69] Stock and Warrants - The weighted average shares outstanding for basic and diluted earnings per share was 74,582,992 for Q2 2023, compared to 72,335,952 for Q2 2022[15] - The company had 7,766,234 Common Stock options outstanding as of June 30, 2023, with a weighted average exercise price of $3.70[107] - The company reported a total of 27,057,040 warrants outstanding as of June 30, 2023, compared to 21,145,000 in 2022, indicating an increase in potential dilution[114] - As of June 30, 2023, there were 12,045,000 Common Stock Warrants outstanding, including 11,500,000 Public Warrants and 545,000 Private Placement Warrants[96] Related Party Transactions - The company derived approximately $41,000 in revenue from a related party for the six months ended June 30, 2023, compared to $0 for the three months ended[116] - The company had an outstanding accounts receivable from a related party amounting to $11.7 million as of June 30, 2023, up from $4.5 million as of December 31, 2022[118]