Aviat Networks(AVNW) - 2026 Q1 - Quarterly Results

Revenue Performance - Total revenue for fiscal 2026 first quarter was $107.3 million, up 21.4% year-over-year from $88.4 million[4] - North America revenue increased by 24.7% to $52.6 million, while international revenue rose by 18.3% to $54.7 million[4] - Total revenue for the first quarter of fiscal year 2026 was $107.32 million, a 21.4% increase from $88.43 million in the same period last year[34] - Full year revenue guidance is projected between $440 million and $460 million[18] Profitability Metrics - GAAP gross margin improved to 33.2%, up from 22.4% in the prior year, representing an increase of 1,080 basis points[5] - Non-GAAP gross margin also increased to $36.29 million (33.8% of revenue) from $20.50 million (23.2% of revenue) year-over-year[31] - GAAP net income for the quarter was $162, a significant recovery from a net loss of $11.88 million in the same quarter last year[31] - Non-GAAP net income was $5.52 million (5.1% of revenue), compared to a net loss of $11.13 million (12.6% of revenue) in the previous year[31] - Non-GAAP operating income for the quarter was $7.9 million, compared to a non-GAAP operating loss of $(9.5) million in the prior year, an increase of $17.4 million[9] - Adjusted EBITDA for the quarter was $9.1 million, a significant increase of $16.8 million from $(7.7) million in the prior year[12] - Adjusted EBITDA for the quarter was $9.11 million (8.5% of revenue), a turnaround from an adjusted loss of $7.69 million (8.7% of revenue) in the prior year[31] Expenses Management - Total operating expenses decreased by 5.5% to $30.5 million from $35.4 million in the prior year[6] - Research and development expenses decreased to $7.10 million (6.6% of revenue) from $10.41 million (11.8% of revenue) year-over-year[31] - Selling and administrative expenses decreased to $23.38 million (21.8% of revenue) from $24.95 million (28.2% of revenue) in the same quarter last year[31] Cash and Assets - Cash and cash equivalents as of September 26, 2025, were $64.8 million, up from $59.7 million as of June 27, 2025[13] - Total current assets increased to $474.54 million from $463.58 million in the previous quarter[26] Liabilities - Total liabilities rose to $379.68 million from $370.11 million in the previous quarter, with long-term debt increasing to $102.04 million from $68.97 million[26] Product Development - The company launched the Aprisa LTE 5G router solution, expanding its product offerings in the Private Networks segment[8]