Aviat Networks (AVNW) Q2 2026 earnings summary

Executive summary

• Achieved highest Q2 bookings in over a decade, with Q2 revenue of $111.5 million and adjusted EBITDA of $11.3 million.

• Six-month revenue rose 5.9% year-over-year to $218.8 million.

• Q2 GAAP net income was $5.7 million, with non-GAAP net income at $7.0 million.

• Non-GAAP EPS reached $0.54, and GAAP EPS was $0.44.

• Strong performance in private and mobile networks, with initial orders for new LTE 5G router and MDU solutions.

Financial highlights

• Q2 revenue: $111.5 million; six-month revenue: $218.8 million, up 5.9% year-over-year.

• Q2 GAAP gross margin: 32.4%; non-GAAP gross margin: 32.9%.

• Q2 GAAP operating income: $7.3 million; non-GAAP operating income: $9.6 million.

• Q2 GAAP net income: $5.7 million; non-GAAP net income: $7.0 million; adjusted EBITDA: $11.3 million.

• Cash and equivalents at quarter-end: $86.5 million; net debt: $18.9 million.

Outlook and guidance

• Fiscal 2026 guidance unchanged: full-year revenue expected between $440 million and $460 million, adjusted EBITDA between $45 million and $55 million.

• BEAD program impact not included in guidance; expected to benefit fiscal 2027.

• Management expects existing cash, credit, and collections to cover requirements for at least 12 months.