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- **Revenue Growth**: Q1 FY26 revenue up 21.4% YoY to $107.3M, driven by private networks and mobile operators.
- **New Product Success**: Aprisa LTE 5G router targets $2.8B global market, with 10+ state police department pipeline.
- **Gross Margin Expansion**: Non-GAAP gross margin 33.8% (vs. 23.2% YoY), targeting mid-30s% by FY26 end.
- **Strategic Opportunities**: BEAD program non-fiber allocation (40%+ in key states) and fixed wireless access expansion via MDU partnerships.
- **Risk Management**: U.S. government shutdown could delay $0.4-0.5M in Q2 revenue, recoverable in Q3 if resolved.

**【Management Opening Remarks】**
- Interim CFO Andrew Fredrickson welcomed participants and outlined the call structure, emphasizing forward-looking statements and financial measure reconciliations.

**【CEO Summary Section】**
- Q1 FY26 total revenue: $107.3M (+21.4% YoY), driven by private networks and mobile operators.
- Non-GAAP EPS: $0.43, up $0.13 YoY.
- Key achievements:
  - $8M utility network modernization project win.
  - Launch of Aprisa LTE 5G router for public safety vehicles, targeting a $2.8B global market growing at 12% annually.
  - Cross-selling success with 4RF Aprisa acquisition (11% customer overlap).
- Public safety remains core, with U.S. federal government shutdown impacting <5% of business.
- Mobile network operator (MNO) growth in North America and BEAD program potential for fixed wireless access.

**【CFO Financial Commentary】**
- GAAP revenue: $107.3M (+21.4% YoY), with North America (+24.7%) and International (+18.3%) both strong.
- Gross margin: 33.8% non-GAAP (vs. 23.2% YoY), driven by product mix and volume.
- Operating expenses: $28.4M non-GAAP (-5.8% YoY), reflecting cost discipline.
- Adjusted EBITDA: $9.1M (8.5% of revenue), up $16.8M YoY.
- Cash: $64.8M; net debt: $41.7M.

**【Q&A Key Highlights】**
1. **Public Safety Growth**: U.S. public safety bookings expected to drive Q2 sequential growth, with Aprisa LTE router pipeline of 10+ state police departments.
2. **BEAD Program**: 40%+ of BEAD funding in Utah, Arizona, and New Mexico allocated to non-fiber solutions, aligning with Aviat's microwave expertise.
3. **Gross Margin Outlook**: Targeting mid-30s% gross margin by FY26 end, supported by scale and product mix.
4. **India Market**: FY26 contribution ~mid-single digits, with potential upgrade cycle in FY27.
5. **Government Shutdown Risk**: Q2 revenue delay of $0.4-0.5M, with recovery in Q3 if shutdown resolves.
6. **MDU Expansion**: Carrier-grade 28/39 GHz performance validated, targeting Tier 1 MNOs for fixed wireless access.
7. **Competitive Position**: Aprisa router offers lower OpEx and superior software (ProVision Plus) vs. incumbents like Ericsson/Cradlepoint.

Aviat Networks, Inc. (AVNW) Q1 2026 Earnings Call Transcript

Revenue

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AVNW

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