Aviat Networks(US:AVNW) Prnewswire·2026-02-03 21:05Core Insights - Aviat Networks reported total revenues of $111.5 million for Q2 of fiscal 2026, a decrease of 5.7% compared to $118.2 million in Q2 of fiscal 2025 [1][2] - The company achieved a GAAP net income of $5.7 million in Q2 2026, up from $4.5 million in Q2 2025, representing a 27.2% increase [1][2] - Adjusted EBITDA for Q2 2026 was $11.3 million, down from $14.8 million in Q2 2025, while for the first half of fiscal 2026, it increased to $20.4 million from $7.2 million in the same period of fiscal 2025 [2][4] Revenue Analysis - Q2 2026 revenues of $111.5 million included $52.9 million from North America, a decrease of 8.7%, and $58.6 million from international markets, a decrease of 2.8% [1][5] - For the six months ended December 26, 2025, total revenues increased by 5.9% to $218.8 million, with North America revenue growing by 5.4% and international revenue increasing by 6.4% [1][5] Gross Margin and Operating Expenses - GAAP gross margin for Q2 2026 was 32.4%, down from 34.6% in Q2 2025, while non-GAAP gross margin was 32.9%, down from 35.3% [1][4] - Total operating expenses for Q2 2026 were $28.8 million, a decrease from $32.9 million in Q2 2025, with non-GAAP operating expenses at $27.1 million, down from $29.1 million [1][4] Operating Income - GAAP operating income for Q2 2026 was $7.3 million, compared to $8.0 million in Q2 2025, while non-GAAP operating income decreased to $9.6 million from $12.6 million [1][4] - For the six months ended December 26, 2025, GAAP operating income was $12.5 million, a significant recovery from an operating loss of $7.6 million in the same period of fiscal 2025 [1][4] Net Income and Earnings Per Share - The company reported a GAAP net income of $5.7 million for Q2 2026, translating to a net income per diluted share of $0.44, compared to $0.35 in Q2 2025 [1][2] - For the six months ended December 26, 2025, GAAP net income was $5.9 million, with a net income per diluted share of $0.45, recovering from a net loss of $(7.4) million in the comparable period of fiscal 2025 [2][4] Balance Sheet Highlights - As of December 26, 2025, the company had cash and cash equivalents of $86.5 million, an increase of $26.8 million from June 27, 2025 [2][4] - Total debt stood at $105.4 million, reflecting an increase of $17.8 million from June 27, 2025 [2][4] Fiscal 2026 Outlook - The company maintained its full-year guidance for fiscal 2026, projecting Adjusted EBITDA between $45.0 million and $55.0 million and revenue between $440 million and $460 million [2][4]