Aviat Networks (AVNW) Q4 2026 earnings summary

Executive summary

• Achieved sixth consecutive year of revenue growth, with FY26 revenue up 1.2% year-over-year to $439.7 million and Q4 revenue up 4.8% to $120.9 million, driven by strong North America performance.

• Adjusted EBITDA for Q4 was $11.9 million; full-year Adjusted EBITDA was $36.7 million.

• Q4 GAAP net loss was $1.3 million; non-GAAP net income was $8.3 million.

• Year-end backlog rose 14% to $367 million, and all four quarters exceeded $100 million in revenue for the first time in over a decade.

• Repurchased $2.2 million in shares during Q4 at an average price of $16.55 per share.

Financial highlights

• Q4 GAAP revenue: $120.9 million; full-year revenue: $439.7 million.

• North America contributed $68.3 million in Q4 revenue (up 17.8%); international revenue was $52.6 million.

• Q4 GAAP gross margin: 30.8%; non-GAAP gross margin: 30.9%.

• Q4 GAAP operating income: $5.8 million; non-GAAP operating income: $10.0 million.

• Cash and cash equivalents at year-end: $72.8 million; net debt: $24.2 million.

Outlook and guidance

• Fiscal 2027 revenue guidance is $455–$470 million; Adjusted EBITDA guidance is $50–$55 million.

• Revenue is expected to build through the year, with Q1 as the lowest and Q2/Q4 as peaks.

• Second half of fiscal 2027 expected to be more back-half weighted, possibly 45/55 split.

• Guidance includes a small, conservative BEAD contribution; LEO satellite is not included.