Business
Aviat Networks Announces Fiscal 2023 First Quarter Financial Results
Total Revenue of $81.3 million; Up 11.1% Year-Over-Year GAAP Gross Margin of 36.3%; Compared to 35.7% in Prior Year; Adjusted EBITDA of $10.7 million; Up
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $81.3 million; Up 11.1% Year-Over-Year\nGAAP Gross Margin of 36.3%; Compared to 35.7% in Prior Year;\nAdjusted EBITDA of $10.7 million; Up 11.3% Compared to Prior Year\nAUSTIN, Texas, Nov. 2, 2022 /PRNewswire/ -- Aviat Networks, Inc. (\"Aviat Networks,\" \"Aviat,\" or the \"Company\"), (Nasdaq: AVNW), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2023 first quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights\nCompany executed on key long-term strategic objectives resulting in continued year-over-year increase in quarterly revenues, gross margins, and Adjusted EBITDA.Closed first acquisition in over a decade (Redline Communications) and integration has progressed as planned.Bharti Airtel win proves the Company's differentiation in products and services for 5G, supply chain, and operating system.Company launched its Vendor Agnostic Multi-Band solution which allows customers to cost-effectively add significant capacity to their network.Released new software that enables integrated IP/MPLS and Segment Routing to be deployed out to the network edge using Aviat's WTM 4000 all-outdoor microwave, millimeter-wave and multi-band radio platform for lower total cost of ownership for 5G and private LTE deployments.First Quarter Financial Highlights\nTotal Revenues: $81.3 million, +11.1% from same quarter last yearGAAP Results: Gross Margin 36.3%; Operating Expenses $25.5 million; Operating Income $3.9 million; Net Income before tax $1.1 millionNon-GAAP Results: Adjusted EBITDA $10.7 million; Gross Margin 36.5%; Operating Expenses $20.4 million; Operating Income $9.2 million; Net Income $8.8 million; Net Income per share $0.75Net Cash and Marketable Securities: $22.9 million; no loans outstanding at quarter-endFiscal 2023 First Quarter\nRevenues\nThe Company reported total revenues of $81.3 million for its fiscal 2023 first quarter, compared to $73.2 million in the comparable fiscal 2022 period, an increase of $8.1 million or 11.1%. North America revenue of $48.8 million decreased by $(2.1) million or (4.1)%, compared to $50.9 million in the comparable fiscal 2022 period. International revenue was $32.4 million compared to $22.2 million in the comparable fiscal 2022 period, an increase of $10.2 million or 45.8%.\nGross Margins\nIn the fisca...