Business
Aviat Networks Announces Fiscal 2023 Third Quarter and Nine Month Financial Results; Increases Lower-End of Full Year Revenue Guidance
Total Revenue of $83.5 million; Up 12.0% Year-Over-Year Adjusted EBITDA of $10.8 million; Up 14.7% compared to Prior Year AUSTIN, Texas, May 3, 2023
About this update from Aviat Networks, Inc.
[{"type":"text","content":"Total Revenue of $83.5 million; Up 12.0% Year-Over-Year\nAdjusted EBITDA of $10.8 million; Up 14.7% compared to Prior Year\nAUSTIN, Texas, May 3, 2023 /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 third quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nThird Quarter Highlights\nCompany executed on key long-term strategic objectives resulting in continued year-over-year increase in quarterly revenues and Adjusted EBITDAAviat maintained private network leadership with first private LTE win in North America and expanding international and enterprise opportunitiesCompany received initial Rural Digital Opportunity Fund related project orders from four recipientsRecent product releases, including third-party radio support for Frequency Assurance Software, continue Aviat's innovation for customersThird Quarter Financial Highlights\nTotal Revenues: $83.5 million, +12.0% from same quarter last yearGAAP Results: Gross Margin 35.7%; Operating Expenses $22.3 million; Operating Income $7.5 million; Net Income before tax $7.1 million; Net income $4.9 million; Net income per share $0.41Non-GAAP Results: Adjusted EBITDA $10.8 million; Gross Margin 35.9%; Operating Expenses $20.7 million; Operating Income $9.3 million; Net Income $8.9 million; Net Income per share $0.75Net Cash and Marketable Securities: $22.5 million; loan of $6.2 million outstanding at quarter-end\"Our execution this quarter resulted in year-over-year 12.0% revenue growth and 14.7% adjusted EBITDA growth, two key long-term focus areas for the business.\" said Peter Smith, President and Chief Executive Officer of Aviat. \"We continue to see a strong demand environment for Aviat's leading products and services, and we remain well positioned to benefit from the growth drivers of 5G, rural broadband, and private networks.\"\nFiscal 2023 Third Quarter and Nine Months Ended March 31, 2023\nRevenuesThe Company reported total revenues of $83.5 million for its fiscal 2023 third quarter, compared to $74.5 million in the comparable fiscal 2022 period, an increase of $9.0 million or 12.0%. North America revenue of $46.1 million decreased by $(3.0) million or (6.1)%, compared to $49.0 million in the comparable fiscal 2022...