How did AVNW's revenue and expenses shift in Q2 2025?

In Q2 2025, Aviat Networks (AVNW) experienced notable shifts in both revenue and expenses, with revenue surpassing expectations and expenses showing a notable decrease.

1. **Revenue Shift**:
- AVNW's revenue for Q2 2025 was $112.6 million, which marked a 1.6% year-over-year increase. This growth was primarily driven by strong performance in North America, where revenue increased by 11.3% to $49.4 million. However, international revenue declined by 4.8% to $63.2 million.
- The company's revenue exceeded expectations, with the consensus estimate for Q2 2025 revenue being $104.83 million. This positive performance was due to the successful launch of new products and advancements in fixed wireless access technology.

|code|Ticker|Name|Date|Total Revenue YoY|Total Revenue|market_code|
|---|---|---|---|---|---|---|
|AVNW|AVNW.O|Aviat Networks|2024 Q3|32.752755150934355|1.10822E8|185|
|AVNW|AVNW.O|Aviat Networks|2024 Q4|27.914265493883327|1.13868E8|185|
|AVNW|AVNW.O|Aviat Networks|2025 Q1|1.7489558043470756|8.8429E7|185|
|AVNW|AVNW.O|Aviat Networks|2025 Q2|26.154847799171755|1.18197E8|185|

2. **Expense Shift**:
- AVNW's expenses for Q2 2025 were not available. However, the company reported a decrease in GAAP operating expenses year-over-year to $30 million. Non-GAAP operating expenses also declined.
- The adjusted EBITDA margin reached 13.2% of revenues, indicating efficient management of expenses relative to revenue growth.
3. **Financial Performance**:
- AVNW achieved its 19th consecutive quarter of trailing twelve-month revenue growth and set a new record for quarterly Adjusted EBITDA at $14.9 million.
- The company's non-GAAP EPS rose to $0.88, representing a 13% increase year-over-year. This reflects strong operational efficiency and financial management.
4. **Cash Flow and Debt**:
- AVNW maintained a strong cash position with $49.4 million in cash and marketable securities. However, net debt was reported at $24.5 million.
- The company's focus on cost management and revenue growth is evident in its financial performance metrics, with a gross margin of 34.9% (GAAP) and 35.8% (non-GAAP).

In conclusion, AVNW's revenue showed robust growth, driven by strategic market positioning and innovative product offerings. The company's expenses were well-managed, as evidenced by the decrease in operating expenses and the increase in adjusted EBITDA. This financial performance positions AVNW well for continued growth and profitability.