Aviat Networks Announces Fiscal 2026 Fourth Quarter and Twelve Months Financial Results

Fourth Quarter Total Revenue of $120.9 million
Q4 Operating Income of $5.8 million; Q4 Non-GAAP Operating Income of $10.0 million
Q4 Net Loss of $1.3 million; Q4 Adjusted EBITDA of $11.9 million
Q4 Diluted Loss per Share of $(0.10); Q4 Non-GAAP Diluted Earnings per Share of $0.64

AUSTIN, Texas, August 27, 2026 -- Aviat Networks, Inc. (“Aviat Networks,” “Aviat,” or the “Company”), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2026 fourth quarter and twelve months ended July 3, 2026.

Fourth Quarter Highlights
•Completed sixth consecutive fiscal year of revenue growth; FY26 revenue of $439.7 million, up 1.2% versus the prior year
•Increased Q4 total revenue to $120.9 million, up 4.8% versus the year ago period; Q4 North America revenue of $68.3 million, up 17.8% versus the year ago period
•Finished the fiscal year with backlog of $367 million, up 14% year-over-year; maintained a trailing-twelve month book-to-bill ratio greater than 1 in the quarter
•Secured significant order in the U.S. from an existing customer for $25.0 million to $30.0 million
•Repurchased $2.2 million of shares in Q4 at an average price of $16.55 per share
Fourth Quarter Financial Highlights

•Total Revenues: $120.9 million; North America revenues of $68.3 million, up $10.3 million from the year ago period
•GAAP Results: Gross Margin 30.8%; Operating Expenses $31.4 million; Operating Income $5.8 million; Net Loss $1.3 million; Net Loss per diluted share (“Net Loss per share”) $(0.10)
•Non-GAAP Results: Adjusted EBITDA $11.9 million; Gross Margin 30.9%; Operating Expenses $27.3 million; Operating Income $10.0 million; Net Income $8.3 million; Net Income per share $0.64
•Cash and Cash Equivalents: $72.8 million
•Net Debt: $24.2 million
Full Year Financial Highlights
•Total Revenues: $439.7 million, up 1.2% from last year
•GAAP Results: Gross Margin 31.5%; Operating Expenses $119.1 million; Operating Income $19.2 million; Net Income $2.5 million, Net Income per diluted share $0.19
•Non-GAAP Results: Adjusted EBITDA $36.7 million; Gross Margin 31.8%; Operating Expenses $109.2 million; Operating Income $30.6 million; Net Income per diluted share $1.66
Fiscal 2026 Fourth Quarter and Twelve Months Ended July 3, 2026
Revenues
The Company reported total revenues of $120.9 million for its fiscal 2026 fourth quarter, compared to $115.3 million in the fiscal 2025 fourth quarter, an increase of $5.5 million or 4.8%. North America revenue of $68.3 million increased by $10.3 million or 17.8%, compared to $58.0 million in the prior year due to growth with mobile service providers and private network customers. International revenue of $52.6 million decreased by $4.8 million or 8.3%, compared to $57.3 million in the prior year due to timing of certain mobile network projects.
For the twelve months ended July 3, 2026, total revenue increased by 1.2% to $439.7 million, compared to $434.6 million in the same period of fiscal 2025. North America revenue of $220.0 million increased by $12.4 million or 6.0%, compared to $207.6 million in the same period of fiscal 2025. International revenue of $219.7 million decreased by $7.4 million or 3.2% as compared to $227.0 million in the same period of fiscal 2025.
Gross Margins
In the fiscal 2026 fourth quarter, the Company reported GAAP gross margin of 30.8% and non-GAAP gross margin of 30.9%. This compares to GAAP gross margin of 34.2% and non-GAAP gross margin of 34.7% in the fiscal 2025 fourth quarter, a decrease of 340 and 380 basis points, respectively. The fluctuations were driven by product and customer mix.
For the twelve months ended July 3, 2026, the Company reported GAAP gross margin of 31.5% and non-GAAP gross margin of 31.8%. This compares to GAAP gross margin of 32.1% and non-GAAP gross margin of 32.8% in the same period of fiscal 2025.
Operating Expenses
The Company reported GAAP total operating expenses of $31.4 million for the fiscal 2026 fourth quarter, compared to $30.6 million in the fiscal 2025 fourth quarter, an increase of $0.8 million or 2.7%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and litigation and other expenses for the fiscal 2026 fourth quarter were $27.3 million, compared to $27.1 million in the prior year, an increase of $0.2 million or 0.8%.
For the twelve months ended July 3, 2026, the Company reported total operating expenses of $119.1 million, compared to $128.9 million in the same period of fiscal 2025, a decrease of $9.8 million or 7.6%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and litigation and other expenses for the twelve months ended July 3, 2026 were $109.2 million, as compared to $113.5 million in the same period of fiscal 2025, a decrease of $4.3 million or 3.8%.
Operating Income
The Company reported GAAP operating income of $5.8 million for the fiscal 2026 fourth quarter, compared to $8.9 million in the fiscal 2025 fourth quarter, a decrease of $3.1 million or 34.4%. On a non-GAAP basis, the Company reported operating income of $10.0 million for the fiscal 2026 fourth quarter, compared to $12.9 million in the prior year, a decrease of $2.9 million or 22.7%.
For the twelve months ended July 3, 2026, the Company reported GAAP operating income of $19.2 million, as compared to $10.6 million in the same period of fiscal 2025, an increase of $8.7 million or 81.9%. On a non-GAAP basis, the Company reported operating income of $30.6 million, compared to $29.0 million in the same period of fiscal 2025, an increase of $1.5 million or 5.2%.
Income Taxes
The Company reported GAAP income tax expense of $6.2 million in the fiscal 2026 fourth quarter, compared to $5.0 million in the fiscal 2025 fourth quarter.
For the twelve months ended July 3, 2026, the Company reported GAAP income tax expense of $10.7 million compared to $2.2 million in the same period of fiscal 2025.
Net Income / Net Income Per Share
The Company reported GAAP net loss of $1.3 million in the fiscal 2026 fourth quarter and GAAP net loss per share of $0.10. This compared to GAAP net income of $5.2 million or GAAP net income per share of $0.40 in the fiscal 2025 fourth quarter. On a non-GAAP basis, the Company reported net income of $8.3 million or non-GAAP net income per share of $0.64, compared to non-GAAP net income of $10.7 million or $0.83 per share in the prior year.
The Company reported GAAP net income of $2.5 million for the twelve months ended July 3, 2026, or GAAP net income per fully diluted share of $0.19. This compared to GAAP net income of $1.3 million or $0.10 per share in the comparable fiscal 2025 period. On a non-GAAP basis, the Company reported net income of $21.6 million or net income per share of $1.66 for the twelve months ended July 3, 2026, as compared to non-GAAP net income of $21.4 million or $1.67 per share in the comparable fiscal 2025 period.
Adjusted EBITDA
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the fiscal 2026 fourth quarter was $11.9 million, compared to $15.1 million in the fiscal 2025 fourth quarter.
For the twelve months ended July 3, 2026, the Company reported Adjusted EBITDA of $36.7 million, as compared to $37.1 million in the comparable fiscal 2025 period.
Balance Sheet Highlights
The Company reported $72.8 million in cash and cash equivalents as of July 3, 2026, compared to $78.1 million as of March 27, 2026. As of July 3, 2026, total debt was $97.0 million.

Fiscal 2027 Full Year Guidance
The Company established its fiscal 2027 full year revenue and Adjusted EBITDA guidance as follows:
•Full year Revenue between $455 and $470 million
•Full year Adjusted EBITDA between $50 and $55 million
Conference Call Details
Aviat Networks will host a conference call at 8:30 a.m. Eastern Time (ET) on August 27, 2026, to discuss its financial and operational results for the fiscal 2026 fourth quarter ended July 3, 2026. Participating on the call will be Peter Smith, President and Chief Executive Officer; Andy Schmidt, Senior Vice President and Chief Financial Officer; Jonanna Mikulenka, Vice President and Chief Accounting Officer; and Andrew Fredrickson, Vice President, Corporate Finance. Following management's remarks, there will be a question and answer period.

Interested parties may access the conference call live via the webcast through Aviat Network's Investor Relations website at investors.aviatnetworks.com/events-and-presentations/events, or may participate via telephone by registering using this online form. Once registered, telephone participants will receive the dial-in number along with a unique PIN number that must be used to access the call. A replay of the conference call webcast will be available after the call on the Company's investor relations website.

About Aviat Networks
Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Forward-Looking Statements
The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat's beliefs and expectations regarding outlook, business conditions, new product solutions, customer positioning, future orders, bookings, new contracts, cost structure, profitability in fiscal 2027, its recent acquisitions and acquisition strategy, process improvements, measures designed to improve internal controls, its ability to maintain effective internal control over financial reporting and management systems and remediate material weaknesses, plans and objectives of management, realignment plans and review of strategic alternatives and expectations regarding future revenue, gross margin, Adjusted EBITDA, operating income or earnings or loss per share. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including "anticipate," "believe," "plan," "estimate," "expect," "goal," "will," "see," "continue," "delivering," "view," and "intend," or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following: the disruption that the 4RF and NEC transactions may cause to customers, vendors, business partners and our ongoing business; our ability to integrate the operations of the acquired 4RF and NEC businesses with our existing operations and fully realize the expected synergies of the 4RF and NEC transactions on the expected timeline; disruptions relating to the ongoing conflict between Russia and Ukraine and the conflict in Israel and surrounding areas; continued price and margin erosion in the microwave transmission industry; the impact of the volume, timing, and customer, product, and geographic mix of our product orders; our ability to meet financial covenant requirements; the timing of our receipt of payment; our ability to meet product development dates or anticipated cost reductions of products; our suppliers' inability to perform and deliver on time, component shortages, or other supply chain constraints; the effects of inflation; customer acceptance of new products; the ability of our subcontractors to timely perform; weakness in the global economy affecting customer spending; retention of our key personnel; our ability to manage and maintain key customer relationships; uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation; our failure to protect our intellectual property rights or defend against intellectual property infringement claims; the results of our restructuring efforts; the effects of currency and interest rate risks; the ability to preserve and use our net operating loss carryforwards; the effects of current and future government regulations; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business; the conduct of unethical business practices in developing countries; the impact of political turmoil in countries where we have significant business; our ability to realize the anticipated benefits of any proposed or recent acquisitions; the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; our
ability to implement our stock repurchase program or that it will enhance long-term stockholder value; and the impact of adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions.

For more information regarding the risks and uncertainties for Aviat's business, see “Risk Factors” in Aviat's Form 10-K for the fiscal year ended July 3, 2026 filed with the SEC on August 27, 2026, as well as other reports filed by Aviat with the SEC from time to time. Aviat undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:
Andrew Fredrickson
Email: investorinfo@aviatnet.com


Table 1
AVIAT NETWORKS, INC.
Fiscal Year 2026 Fourth Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months EndedTwelve Months Ended
(In thousands, except per share amounts)July 3,
2026		June 27,
2025		July 3,
2026		June 27,
2025
Revenues:
Product sales$89,524 $67,405 $314,223 $287,657 
Services31,363 47,935 125,459 146,949 
Total revenues120,887 115,340 439,682 434,606 
Cost of revenues:
Product sales63,294 49,477 221,449 208,017 
Services20,349 26,397 79,942 87,153 
Total cost of revenues83,643 75,874 301,391 295,170 
Gross margin37,244 39,466 138,291 139,436 
Operating expenses:
Research and development7,238 7,434 28,401 35,768 
Selling and administrative22,384 21,134 88,509 89,482 
Restructuring charges1,800 2,019 2,144 3,611 
Total operating expenses31,422 30,587 119,054 128,861 
Operating income5,822 8,879 19,237 10,575 
Interest expense, net2,211 1,806 7,679 6,058 
Other (income) expense, net(1,290)(3,106)(1,661)941 
Income before income taxes4,901 10,179 13,219 3,576 
Provision for income taxes6,177 4,982 10,680 2,235 
Net (loss) income$(1,276)$5,197 $2,539 $1,341 
Net (loss) income per share of common stock outstanding:
Basic$(0.10)$0.41 $0.20 $0.11 
Diluted$(0.10)$0.40 $0.19 $0.10 
Weighted-average shares outstanding:
Basic12,920 12,709 12,847 12,681 
Diluted12,920 12,867 13,027 12,826 


Table 2
AVIAT NETWORKS, INC.
Fiscal Year 2026 Fourth Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)July 3,
2026		June 27,
2025
ASSETS
Current Assets:
Cash and cash equivalents$72,844 $59,690 
Accounts receivable, net192,245 180,321 
Unbilled receivables82,125 105,870 
Inventories69,005 83,979 
Other current assets23,026 33,715 
Total current assets439,245 463,575 
Property, plant and equipment, net18,776 17,453 
Goodwill19,411 19,655 
Intangible assets, net23,574 26,897 
Deferred income taxes82,064 88,149 
Right of use assets2,001 3,113 
Other assets13,891 14,454 
Total long-term assets159,717 169,721 
Total assets$598,962 $633,296 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$119,500 $148,093 
Accrued expenses34,125 38,897 
Short-term lease liabilities442 1,090 
Advance payments and unearned revenue59,943 73,735 
Other current liabilities1,243 1,757 
Current portion of long-term debt7,900 18,624 
Total current liabilities223,153 282,196 
Long-term debt89,100 68,966 
Unearned revenue9,017 8,063 
Long-term lease liabilities1,739 2,241 
Other long-term liabilities— 430 
Reserve for uncertain tax positions5,260 3,242 
Deferred income taxes3,305 4,975 
Total liabilities331,574 370,113 
Commitments and contingencies
Stockholder’s equity:
Common stock129 127 
Treasury stock(9,744)(7,076)
Additional paid-in-capital872,081 866,119 
Accumulated deficit(574,633)(577,172)
Accumulated other comprehensive loss(20,445)(18,815)
Total stockholders’ equity267,388 263,183 
Total liabilities and stockholders’ equity$598,962 $633,296 



 
AVIAT NETWORKS, INC.
Fiscal Year 2026 Fourth Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE
To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating income, provision for or benefit from income taxes, net income, net income per share, and Adjusted EBITDA, in each case, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.
1We have not reconciled Adjusted EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to merger and acquisition costs and share-based compensation. In particular, share-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA are not available without unreasonable effort.
Table 3
AVIAT NETWORKS, INC.
Fiscal Year 2026 Fourth Quarter Summary
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months EndedTwelve Months Ended
July 3, 2026% of
Revenue		June 27, 2025% of
Revenue		July 3, 2026% of
Revenue		June 27, 2025% of
Revenue
(In thousands, except percentages and per share amounts)
GAAP gross margin$37,244 30.8 %$39,466 34.2 %$138,291 31.5 %$139,436 32.1 %
Share-based compensation41 19 146 233 
Litigation and other expenses68 595 1,315 2,890 
Non-GAAP gross margin37,353 30.9 %40,080 34.7 %139,752 31.8 %142,559 32.8 %
GAAP research and development expenses$7,238 6.0 %$7,434 6.4 %$28,401 6.5 %$35,768 8.2 %
Share-based compensation(37)(78)(135)(534)
Non-GAAP research and development expenses7,201 6.0 %7,356 6.4 %28,266 6.4 %35,234 8.1 %
GAAP selling and administrative expenses$22,384 18.5 %$21,134 18.3 %$88,509 20.1 %$89,482 20.6 %
Share-based compensation(1,641)(1,344)(5,921)(6,300)
Litigation and other expenses(598)(6)(1,656)(4,896)
Non-GAAP selling and administrative expenses20,145 16.7 %19,784 17.2 %80,932 18.4 %78,286 18.0 %
GAAP operating expense$31,422 26.0 %$30,587 26.5 %$119,054 27.1 %$128,861 29.7 %
Share-based compensation(1,678)(1,422)(6,056)(6,834)
Litigation and other expenses(598)(6)(1,656)(4,896)
Restructuring (charges) recovery(1,800)(2,019)(2,144)(3,611)
Non-GAAP operating expense27,346 22.6 %27,140 23.5 %109,198 24.8 %113,520 26.1 %
GAAP operating income$5,822 4.8 %$8,879 7.7 %$19,237 4.4 %$10,575 2.4 %
Share-based compensation1,719 1,441 6,202 7,067 
Litigation and other expenses666 601 2,971 7,786 
Restructuring charges1,800 2,019 2,144 3,611 
Non-GAAP operating income10,007 8.3 %12,940 11.2 %30,554 6.9 %29,039 6.7 %
GAAP income tax provision$6,177 5.1 %$4,982 4.3 %$10,680 2.4 %$2,235 0.5 %
Adjustment to reflect pro forma tax rate(6,677)(4,582)(9,380)(635)
Non-GAAP income tax (benefit) provision(500)(0.4)%400 0.3 %1,300 0.3 %1,600 0.4 %
GAAP net (loss) income$(1,276)(1.1)%$5,197 4.5 %$2,539 0.6 %$1,341 0.3 %
Share-based compensation1,719 1,441 6,202 7,067 
Litigation and other expenses666 601 2,971 7,786 
Restructuring charges1,800 2,019 2,144 3,611 
Other (income) expense, net(1,290)(3,106)(1,661)941 
Adjustment to reflect pro forma tax rate6,677 4,582 9,380 635 
Non-GAAP net income$8,296 6.9 %$10,734 9.3 %$21,575 4.9 %$21,381 4.9 %
Diluted net (loss) income per share:
GAAP$(0.10)$0.40 $0.19 $0.10 
Non-GAAP$0.64 $0.83 $1.66 $1.67 
Shares used in computing net income per share
GAAP12,920 12,867 13,027 12,826 
Non-GAAP13,042 12,867 13,027 12,826 
Adjusted EBITDA:
GAAP net (loss) income$(1,276)(1.1)%$5,197 4.5 %$2,539 0.6 %$1,341 0.3 %
Depreciation and amortization of property, plant and equipment and intangible assets1,871 2,110 6,118 8,045 
Interest expense, net2,211 1,806 7,679 6,058 
Other (income) expense, net(1,290)(3,106)(1,661)941 
Share-based compensation1,719 1,441 6,202 7,067 
Litigation and other expenses666 601 2,971 7,786 
Restructuring charges1,800 2,019 2,144 3,611 
Provision for income taxes6,177 4,982 10,680 2,235 
Adjusted EBITDA
$11,878 9.8 %$15,050 13.0 %$36,672 8.3 %$37,084 8.5 %


(1)
The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP net income excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment and intangible assets, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from GAAP net income. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.


Table 4
AVIAT NETWORKS, INC.
Fiscal Year 2026 Fourth Quarter Summary
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)
 
Three Months EndedTwelve Months Ended
July 3,
2026		June 27,
2025		July 3,
2026		June 27,
2025
(In thousands)
North America$68,321 $58,017 $220,034 $207,606 
International:
Africa and the Middle East14,084 11,218 57,952 49,428 
Europe12,725 8,337 42,043 31,713 
Latin America and Asia Pacific25,757 37,768 119,653 145,859 
Total international52,566 57,323 219,648 227,000 
Total revenue$120,887 $115,340 $439,682 $434,606