Core Insights - Aviat Networks reported total revenue of $115.3 million for the fiscal 2025 fourth quarter, a decrease of 1.1% compared to the previous year [2] - The company achieved a net income of $5.2 million for the fourth quarter, significantly up from $1.5 million in the same period last year, marking a 236% increase [11] - For the full fiscal year 2025, total revenue increased by 6.5% to $434.6 million compared to $408.1 million in fiscal 2024 [3] Financial Performance - **Fourth Quarter Revenue**: Total revenues were $115.3 million, down from $116.7 million in Q4 fiscal 2024, with North America revenue increasing by 3.2% to $58.0 million, while international revenue decreased by 5.2% to $57.3 million [2] - **Full Year Revenue**: Total revenue for the twelve months ended June 27, 2025, was $434.6 million, with North America revenue slightly up by 0.7% to $207.6 million and international revenue up by 12.4% to $227.0 million [3] Profitability Metrics - **Gross Margins**: The GAAP gross margin for Q4 was 34.2%, down from 35.3% in Q4 fiscal 2024, while the non-GAAP gross margin was 34.7% compared to 35.9% [4] - **Operating Income**: GAAP operating income for Q4 was $8.9 million, a 62.8% increase from $5.5 million in the prior year, while non-GAAP operating income rose by 21.9% to $12.9 million [8] - **Adjusted EBITDA**: Adjusted EBITDA for Q4 was $15.1 million, up from $11.9 million in Q4 fiscal 2024, achieving a margin of 13.0% [13] Expenses Overview - **Operating Expenses**: Total GAAP operating expenses for Q4 were $30.6 million, down 14.3% from $35.7 million in the previous year, while non-GAAP operating expenses decreased by 13.2% to $27.1 million [6] - **Full Year Operating Expenses**: For the twelve months ended June 27, 2025, total operating expenses were $128.9 million, an increase of 2.8% from $125.3 million in fiscal 2024 [7] Income Tax and Net Income - **Income Tax Expense**: GAAP income tax expense for Q4 was $5.0 million, compared to $3.1 million in Q4 fiscal 2024 [10] - **Net Income**: The company reported GAAP net income of $5.2 million for Q4, with a diluted earnings per share of $0.40, compared to $1.5 million and $0.12 per share in the prior year [11] Balance Sheet Highlights - **Cash and Cash Equivalents**: As of June 27, 2025, the company had $59.7 million in cash and cash equivalents, up from $49.4 million as of March 28, 2025 [14] - **Total Debt**: Total debt stood at $87.6 million as of June 27, 2025 [14] Guidance for Fiscal 2026 - The company provided guidance for fiscal 2026, projecting full year revenue between $440 million and $460 million and Adjusted EBITDA between $45.0 million and $55.0 million [22]