AVNW · Aviat Networks, Inc.

Aviat Networks reported a challenging fiscal third quarter, with total revenues declining 11.2% year-over-year to $100.0 million. The revenue decrease was split between North America, which fell 6.6% due to the timing of private and mobile network projects, and International markets, which dropped 14.9% citing capital expenditure timing and delays related to the conflict in the Middle East. Profitability metrics faced significant pressure; GAAP gross margin compressed 560 basis points to 29.3%, which the company attributed to regional and product mix shifts during the quarter. Consequently, GAAP operating income fell to $0.9 million from $9.3 million in the prior year period, resulting in a GAAP net loss of $2.1 million, or $0.16 per share. On a non-GAAP basis, operating income was $3.0 million and Adjusted EBITDA was $4.4 million, down sharply from $13.0 million and $14.9 million, respectively, in the same quarter last year. Despite the quarterly softness, the nine-month year-to-date performance showed improvement, with GAAP operating income rising to $13.4 million from $1.7 million in the comparable prior year period. The company maintained a trailing-twelve-month book-to-bill ratio greater than 1.0. Looking forward, management updated its fiscal 2026 full-year guidance, projecting revenue between $428 million and $440 million and Adjusted EBITDA between $35 million and $40 million. The balance sheet reflects an increase in cash to $78.1 million and total debt of $104.3 million as of March 27, 2026.