# Aviat Networks (AVNW) Q4 2025 Financial Results Summary
Aviat Networks, Inc. (“Aviat”) released their financial results for the fiscal 2025 fourth quarter and twelve months ended June 27, 2025, on September 10, 2025.
## Fourth Quarter Highlights
– **Revenue Growth**: Completed the fifth consecutive fiscal year of revenue growth.
– **Net Income**:
– GAAP Net Income rose to **$5.2 million**, an increase of **$3.6 million** or **236%** compared to Q4 2024.
– **Adjusted EBITDA**: Achieved a record **$15.1 million** (13.0% margin), marking the third consecutive quarter of record EBITDA.
## Fourth Quarter Financial Highlights
– **Total Revenue**:
– **$115.3 million**, slightly down from **$116.7 million** in Q4 2024, a decrease of **$1.3 million** or **1.1%**.
– North America revenue of **$58.0 million**, up by **$1.8 million** or **3.2%** from the prior year’s **$56.2 million**.
– International revenue was **$57.3 million**, down by **$3.1 million** or **5.2%** compared to **$60.5 million** last year.
– **GAAP Results**:
– **Gross Margin**: **34.2%** (down from **35.3%** in Q4 2024).
– **Operating Expenses**: Totaled **$30.6 million**, a reduction of **$5.1 million** or **14.3%** compared to **$35.7 million** in the same quarter last year.
– **Operating Income**: **$8.9 million**, up by **$3.4 million** or **62.8%** from **$5.5 million** in Q4 2024.
– **Net Income per diluted share**: **$0.40** vs **$0.12** in Q4 2024.
– **Non-GAAP Results**:
– **Adjusted EBITDA**: **$15.1 million**, up by **$3.2 million** or **26.9%** from **$11.9 million** in Q4 2024.
– **Non-GAAP Operating Income**: **$12.9 million**, an increase of **$2.3 million** or **21.9%** from **$10.6 million** in the prior year.
– **Net Income**: **$10.7 million** compared to **$9.2 million**, increasing by **16.3%**.
– **Cash and Cash Equivalents**: **$59.7 million** as of June 27, 2025.
## Full Year Financial Highlights
– **Total Revenue**:
– **$434.6 million**, up **6.5%** from **$408.1 million** in fiscal 2024.
– North America revenue of **$207.6 million**, a marginal increase of **$1.5 million** or **0.7%** from **$206.1 million** last year.
– International revenue surged to **$227.0 million**, up **$25.0 million** or **12.4%** compared to **$202.0 million** in the same period of fiscal 2024.
– **GAAP Results**:
– **Gross Margin**: **32.1%**, down from **35.5%** in fiscal 2024.
– **Operating Expenses**: **$128.9 million**, an increase of **$3.5 million** or **2.8%** from the prior year.
– **Operating Income**: **$10.6 million**, a decrease of **$8.8 million** or **45.5%** from **$19.4 million** in fiscal 2024.
– **Net Income**: **$1.3 million** compared to **$10.8 million** last year.
– **Non-GAAP Results**:
– **Adjusted EBITDA**: **$37.1 million**, down **22.9%** from **$48.1 million** in fiscal 2024.
– **Non-GAAP Operating Income**: **$29.0 million**, a decrease of **32.7%** compared to **$43.1 million** in fiscal 2024.
– **Net Income per diluted share**: **$1.67**, down from **$3.15** in the previous fiscal year.
## Balance Sheet Highlights
– **Cash and Cash Equivalents**: Increased from **$49.4 million** at the end of Q3 2025 to **$59.7 million**.
– **Total Debt**: **$87.6 million** as of June 27, 2025.
## Dividend and Share Repurchase
– The report did not mention any declaration of a quarterly dividend or any share repurchase activities during this fiscal quarter.
## Conclusion
Aviat has demonstrated continued revenue growth year-over-year, although slight revenue declines were noted in the fourth quarter. The company’s focus on operational efficiency is reflected in reductions in operating expenses. However, both GAAP and Non-GAAP net income for the full fiscal year show notable decreases compared to fiscal 2024, primarily due to certain one-time expenses. Overall, while the fourth quarter results show strong performance in net income growth, ongoing challenges are evident in sustained operational profitability.
Here are the extracted tables from the provided press release, formatted in HTML:
### Table 1: CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands)
| Three Months Ended | Twelve Months Ended | |||
|---|---|---|---|---|
| (In thousands, except per share amounts) | June 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 |
| Revenues: | ||||
| Product sales | $67,405 | $78,795 | $287,657 | $274,205 |
| Services | $47,935 | $37,865 | $146,949 | $133,878 |
| Total revenues | $115,340 | $116,660 | $434,606 | $408,083 |
| Cost of revenues: | ||||
| Product sales | $49,477 | $50,794 | $208,017 | $171,783 |
| Services | $26,397 | $24,727 | $87,153 | $91,568 |
| Total cost of revenues | $75,874 | $75,521 | $295,170 | $263,351 |
| Gross margin | $39,466 | $41,139 | $139,436 | $144,732 |
| Operating expenses: | ||||
| Research and development | $7,434 | $10,985 | $35,768 | $36,426 |
| Selling and administrative | $21,134 | $23,059 | $89,482 | $85,038 |
| Restructuring charges | $2,019 | $1,640 | $3,611 | $3,867 |
| Total operating expenses | $30,587 | $35,684 | $128,861 | $125,331 |
| Operating income | $8,879 | $5,455 | $10,575 | $19,401 |
| Interest expense, net | $1,806 | $916 | $6,058 | $2,337 |
| Other (income) expense, net | -$3,106 | -$70 | $941 | $158 |
| Income before income taxes | $10,179 | $4,609 | $3,576 | $16,906 |
| Provision for income taxes | $4,982 | $3,060 | $2,235 | $6,146 |
| Net income | $5,197 | $1,549 | $1,341 | $10,760 |
| Net income per share of common stock outstanding: | ||||
| Basic | $0.41 | $0.12 | $0.11 | $0.88 |
| Diluted | $0.40 | $0.12 | $0.10 | $0.86 |
| Weighted-average shares outstanding: | ||||
| Basic | 12,709 | 12,597 | 12,681 | 12,182 |
| Diluted | 12,867 | 12,829 | 12,826 | 12,456 |
### Table 2: CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
| (In thousands) | June 27, 2025 | June 28, 2024 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $59,690 | $64,622 |
| Accounts receivable, net | $180,321 | $158,013 |
| Unbilled receivables | $105,870 | $90,525 |
| Inventories | $83,979 | $62,267 |
| Assets held for sale | — | $2,720 |
| Other current assets | $33,715 | $27,076 |
| Total current assets | $463,575 | $405,223 |
| Property, plant and equipment, net | $17,453 | $9,480 |
| Goodwill | $19,655 | $8,217 |
| Intangible assets, net | $26,897 | $13,644 |
| Deferred income taxes | $88,149 | $83,112 |
| Right of use assets | $3,113 | $3,710 |
| Other assets | $14,454 | $11,837 |
| Total long-term assets | $169,721 | $130,000 |
| Total assets | $633,296 | $535,223 |
| LIABILITIES AND EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $148,093 | $92,854 |
| Accrued expenses | $38,897 | $42,148 |
| Short-term lease liabilities | $1,090 | $1,006 |
| Advance payments and unearned revenue | $73,735 | $58,839 |
| Other current liabilities | $1,757 | $21,614 |
| Current portion of long-term debt | $18,624 | $2,396 |
| Total current liabilities | $282,196 | $218,857 |
| Long-term debt | $68,966 | $45,954 |
| Unearned revenue | $8,063 | $7,413 |
| Long-term lease liabilities | $2,241 | $2,823 |
| Other long-term liabilities | $430 | $394 |
| Reserve for uncertain tax positions | $3,242 | $3,485 |
| Deferred income taxes | $4,975 | $412 |
| Total liabilities | $370,113 | $279,338 |
| Commitments and contingencies | ||
| Stockholder’s equity: | ||
| Preferred stock | — | — |
| Common stock | $127 | $126 |
| Treasury stock | -$7,076 | -$6,479 |
| Additional paid-in-capital | $866,119 | $860,071 |
| Accumulated deficit | -$577,172 | -$578,513 |
| Accumulated other comprehensive loss | -$18,815 | -$19,320 |
| Total stockholders’ equity | $263,183 | $255,885 |
| Total liabilities and stockholders’ equity | $633,296 | $535,223 |
Note: The tables have been converted to HTML as you requested.
