Aviat Networks, Inc. · NASDAQ:AVNW
Aviat Networks — Q1 2026 Earnings Presentation
23 slides from Aviat Networks's earnings presentation, November 2025
Slide 1: Aviat Networks Investor Presentation Fiscal Q1 2026
Aviat Networks Investor Presentation Fiscal Q1 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements The information contained in this presentation includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat’s outlook, business conditions, new product solutions, customer
Slide 3: Company Overview
Company Overview Aviat Networks is the leading wireless Revenue Summary transport and access solutions provider End-to-End Portfolio LTM Revenue: $453 Million Revenue by Region Revenue by Market AviatCloud LTE Mobile Private LATAM & Networks Networks APAC North America Wireless 41% 59% 33% 48% Acces
Slide 4: Over 75 Years of Expertise
Over 75 Years of Expertise 1944 2010 2022 2024 Aviat Networks can Harris Stratex rebrands Aviat Networks completes Aviat Networks completes trace its wireless as Aviat Networks the acquisition of Redline the acquisition of 4RF, beginnings back to Communications, adding adding industrial SCADA Lenkur
Slide 5: Investment Opportunity
Investment Opportunity Attractive Global $11 billion TAM serving private networks, mobile service providers, and rural Markets broadband network operators around the world Unique Product End-to-end portfolio including mission-critical access products and Offering routers, best-in-class microwave rad
Slide 6: Why Aviat Wins
Why Aviat Wins Aviat’s vs. vs. Competitive Advantage Microwave Specialists Wireless Generalists • Highly leveraged in chipsets ✓ Modular radio platform • Microwave not focus • Difficult to create new product ✓ End-to-end offering of radios, multi- • Less responsive and agile to Products band, router
Slide 7: Wireless Transport and Access Markets Overview
Wireless Transport and Access Markets Overview WIRELESS TRANSPORT INDUSTRIAL WIRELESS ACCESS STATE & Core Markets Growth Markets Aviat LOCAL GOV’T INDUSTRIAL LICENSED/ UNLICENSED PTP/PTMP Differentiation UTILITY WISP Best in Class Wireless Transport PUBLIC Products SAFETY INDUSTRIAL Unique Software
Slide 8: Aviat Product Portfolio
Aviat Product Portfolio Aviat Design Aviat Store myOrders Aviat Care myNetwork Aviat Educate Health Assurance (HAS) ProVision Plus Network/Element Management Frequency Assurance (FAS) Detailed reports on network issues Simplifies network management Monitors and reports Interference Reduces downtime
Slide 9: Aviat's Compelling Cellular Router Solution for Public Safety, Industrial Vehicles
Aviat’s Compelling Cellular Router Solution for Public Safety, Industrial Vehicles • LTE 5G Cellular Routers represent a market of $1.6B, growing at 12% CAGR – The largest portion of this market is the mobility (vehicle) segment – This is a new segment for Aviat which was not previously addressable
Slide 10: How Aviat Lowers Total Cost of Ownership
How Aviat Lowers Total Cost of Ownership 4. Spectrum Fee Savings What: Reduced recurring spectrum fees How: Moving capacity from Microwave to E-Band and 1. Reduced Tower Footprint Multi-Band What: Lower power consumption, faster installation, smaller antennas, reduced tower loading, lower lease cost
Slide 11: Microwave is a Crucial Backhaul Technology
Microwave is a Crucial Backhaul Technology Wireless transport accounts for 60% Microwave Fiber of cellular transport links Speed to Deploy Satellite Copper High Reliability Low Latency Microwave / Fiber Millimeter Terrain Flexibility Wave Capacity Source: Dell ‘Oro; Excludes North East Asi
Slide 12: Aviat's Market Opportunities
Aviat’s Market Opportunities Private Networks Mobile Networks & 5G Rural Broadband • Upgrade cycle in public safety, • Early stages of global 5G • Over $70 billion in U.S. utilities and other private upgrade cycle; mobile network government funding programs networks driven by increasing data traffic
Slide 13: Private Network Summary
Private Network Summary Growth Drivers Segments Addressed Aviat’s Leadership • Growth in Private LTE and Public Safety and Security • Mission critical product Industrial IoT driven by video and differentiation modern applications – Highest powered radios • States and municipalities – Ruggedized acce
Slide 14: Mobile Networks & 5G Market Summary
Mobile Networks & 5G Market Summary • Mobile service provider market driven by increasing bandwidth demand in 4G and 5G networks Global 5G Wireless Transport Market – Data from global networks is anticipated to grow rapidly (26% CAGR) through 2028, driven by 5G adoption and expanding 4G networks $2.
Slide 15: Rural Broadband Summary
Rural Broadband Summary Aviat E-Commerce Platform Wireless Transport is Over $70B in Leads Rural Broadband the Solution Available Funding Aviat is uniquely suited to serve WISPs Wireless transport is ideal for rural $1.5 Billion CAF II through its Aviat Store and AviatCloud communities and is lower
Slide 16: Aviat Operating Model Framework
Aviat Operating Model Framework Excellence in Customer Focus Innovation Talent Supply Chain Our Actions We listen during the commercial We deliver innovative, high-quality We drive a performance culture and We achieve a competitive and sales process to understand our solutions that meet key customer
Slide 17: First Quarter Fiscal 2026 Financial Highlights and Historical Performance
First Quarter Fiscal 2026 Financial Highlights and Historical Performance
Slide 18: First Quarter Fiscal 2026 Highlights
First Quarter Fiscal 2026 Highlights $ in millions 50.0% • Revenue of $107.3 million, up 21.4% compared to the $130.0 45.0% same period last year Revenue $110.0 $107.3 40.0% – TTM revenue of $453.5M, up 10.7% versus year-ago period & $90.0 $88.4 35.0% • GAAP gross margin of 33.2%; Non-GAAP gross Non
Slide 19: First Quarter Fiscal 2026 Balance Sheet Highlights
First Quarter Fiscal 2026 Balance Sheet Highlights Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 ($’s in millions, except for DSO, DPO and Turns) Actual Actual Actual Actual Actual Actual • Cash and marketable securities of Cash Equivalents and $64.8 million $64.6 $51.0 $52.6 $49.4 $59.7 $64.8 Mar
Slide 20: Rolling Trailing Twelve Months Historical Performance
Rolling Trailing Twelve Months Historical Performance $ in millions $453 Rolling TTM Revenue $434 $436 $435 $408 $410 $383 $351 $354 $344 $323 $331 $303 $311 $289 $297 $275 $282 $243 $266 Avg $242 $246 $251 $233 $240 $239 $ in millions $54 Rolling TTM Adj. EBITDA $49 $48 $45 $46 $46 $41 $42 $38 $39
Slide 21: Cash Benefit of Historical Net Operating Losses (NOLs)
Cash Benefit of Historical Net Operating Losses (NOLs) Total NOLs (M) Deferred Tax Asset on AVNW Balance Sheet $94 $92 $91 Intl., $205 $88 $88 US, $257 • Over $460 million of gross NOLs • Improved financial performance and outlook for Aviat • NOL’s reduce Aviat’s statutory federal and state resulted
Slide 22: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Fiscal Year 2026 First Quarter Summary RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1) Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended Three Months Ended % of % of % of % of 26-S ep-25 27-Sep-24 26-S ep-25 27-Sep-24 Revenue Revenue Re
Slide 23: Aviat Networks
Aviat NETWORKS ink fey) WWW.AVIATNETWORKS.COM