Core Insights - Aviat Networks reported total revenues of $112.6 million for the fiscal 2025 third quarter, reflecting a year-over-year increase of 1.6% from $110.8 million in the same quarter of fiscal 2024 [2] - The company achieved a GAAP operating income of $9.3 million for the third quarter, up from $5.7 million in the prior year, driven by higher gross margin dollars and stable operating expenses [8] - Non-GAAP net income for the third quarter was $11.3 million, or $0.88 per diluted share, compared to $10.0 million, or $0.78 per diluted share, in the same quarter of the previous year [11] Revenue Performance - Total revenues for the nine months ended March 28, 2025, increased by 9.6% to $319.3 million, compared to $291.4 million in the same period of fiscal 2024 [3] - North America revenue rose by 11.3% to $49.4 million, attributed to strong performance in private networks projects, while international revenue decreased by 4.8% to $63.2 million due to timing issues with capital expenditures from mobile network operators [2] Gross Margins - The GAAP gross margin for the fiscal 2025 third quarter was reported at 34.9%, an increase from 32.5% in the same quarter of fiscal 2024, while the non-GAAP gross margin improved to 35.8% from 35.1% [4] - For the nine months ended March 28, 2025, GAAP gross margin decreased to 31.3% from 35.5% in the same period of fiscal 2024 [5] Operating Expenses - GAAP total operating expenses for the third quarter were $30.0 million, a slight decrease from $30.4 million in the prior year, while non-GAAP operating expenses were $27.2 million, down from $27.4 million [6] - For the nine months ended March 28, 2025, GAAP total operating expenses increased to $98.3 million from $89.6 million in the same period of fiscal 2024, reflecting a 9.6% rise [7] Income and Earnings - The company reported a GAAP net income of $3.5 million for the third quarter, down from $3.9 million in the same quarter of fiscal 2024 [11] - For the nine months ended March 28, 2025, the company experienced a GAAP net loss of $(3.9) million, compared to a net income of $9.2 million in the same period of fiscal 2024 [13] Adjusted EBITDA - Adjusted EBITDA for the fiscal 2025 third quarter was $14.9 million, an increase from $12.7 million in the same quarter of fiscal 2024 [14] Balance Sheet Highlights - As of March 28, 2025, the company reported cash and cash equivalents of $49.4 million, down from $64.6 million as of June 28, 2024, with total debt increasing to $73.9 million [15] Full Year Outlook - The company maintained its fiscal 2025 full-year guidance, projecting revenues between $430 million and $470 million and Adjusted EBITDA between $30 million and $40 million [22]