Aviat Networks (AVNW) investor relations material

Executive summary

• Q4 revenue was $115.3M, a 1.1% decrease year-over-year, but full-year revenue rose 6.5% to $434.6M, marking the fifth consecutive year of growth.

• Adjusted EBITDA for Q4 was $15.1M, up 26.7% year-over-year, a record for the third consecutive quarter at a 13.0% margin.

• Non-GAAP EPS for Q4 was $0.83, a 15% increase year-over-year; GAAP EPS was $0.40.

• Backlog grew to $323M, up 11% from the prior year, with a trailing twelve-month book-to-bill ratio above 1, indicating strong demand.

• The company leads in public safety and private network markets, with expanding opportunities in federal and state-funded projects.

Financial highlights

• GAAP gross margin for Q4 was 34.2%; non-GAAP gross margin was 34.7%, both slightly down year-over-year.

• GAAP operating income for Q4 was $8.9M (up 62.8% year-over-year); non-GAAP operating income was $12.9M.

• GAAP net income for Q4 was $5.2M, up 236% year-over-year; non-GAAP net income was $10.7M.

• North America Q4 revenue grew 3.2% to $58M, while international Q4 revenue declined 5.2% to $57.3M due to project timing.

• Cash and cash equivalents at quarter-end were $59.7M; net debt was $27.9M; total debt was $87.6M.

Outlook and guidance

• Fiscal 2026 revenue guidance is $440M–$460M; adjusted EBITDA guidance is $45M–$55M.

• Revenue is expected to build through the year, with Q1 as the lowest and Q4 as the highest.

• No BEAD program revenue included in guidance until greater visibility is achieved.