Reported Q: Q2 2025 Rev YoY: +24.4% EPS YoY: +45.8% Move: +0.58%
Aviat Networks Inc
AVNW
$22.61 0.58%
Exchange NASDAQ Sector Technology Industry Communication Equipment
Q2 2025
Published: Feb 4, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for AVNW

Reported

Report Date

Feb 4, 2025

Quarter Q2 2025

Revenue

118.20M

YoY: +24.4%

EPS

0.35

YoY: +45.8%

Market Move

+0.58%

Previous quarter: Q1 2025

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Earnings Highlights

  • Revenue of $118.20M up 24.4% year-over-year
  • EPS of $0.35 increased by 45.8% from previous year
  • Gross margin of 34.6%
  • Net income of 4.50M
  • "We almost hit the ramp rate on revenues that we committed to on the year and then bookings was in excess of the revenues that we recorded in the quarter. So Pasolink bookings was upwards of $40 million and then we had a really nice quarter from the recently acquired 4F business as well." - Michael Connaway (CFO)
AVNW
Company AVNW

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Executive Summary

Aviat Networks reported a strong Q2 FY2025, delivering total revenue of $118.2 million, up 26.2% year over year and producing both GAAP and non-GAAP profitability improvements despite a mixed margin backdrop. Management attributed the top-line strength to the Pasolink platform and the contribution from recent acquisitions, complemented by ongoing private network activity and improving conditions in select regions. The company posted a non-GAAP gross margin of 35.3% and adjusted EBITDA of $14.8 million (12.6% of revenue), with non-GAAP EPS of $0.82. The quarter marked the highest quarterly revenue in over a decade and a record quarterly EBITDA, underscoring operating leverage as volumes grew and the company managed Opex effectively.

Key internal dynamics included: (1) Pasolink revenue approaching a $35 million level for the quarter, supporting the expectation of a $140 million run-rate by the end of FY2025; (2) a manufacturing transition of Pasolink radio production to Thailand, aimed at reducing lead times and lifting margins over time; (3) a continued acceleration in international sales driven by Pasolink and 4RF acquisitions, with North American private networks also contributing meaningfully; (4) better cash generation from operations ($20.8 million) and a modest net debt improvement to roughly $22 million. Management reaffirmed guidance and highlighted the strategic value of adding capabilities in RF/microwave backhaul, cybersecurity, and multi-band microwave solutions (MB Max).

Key Performance Indicators

Revenue
Increasing
118.20M
QoQ: 33.66% | YoY: 24.37%
Gross Profit
Increasing
40.89M
34.59% margin
QoQ: 106.62% | YoY: 11.01%
Operating Income
Increasing
7.97M
QoQ: 151.19% | YoY: 59.59%
Net Income
Increasing
4.50M
QoQ: 137.84% | YoY: 55.54%
EPS
Increasing
0.35
QoQ: 137.23% | YoY: 45.83%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q3 2025 112.64 0.27 +0.9% View
Q2 2025 118.20 0.35 +24.4% View
Q1 2025 88.43 -0.94 +1.0% View
Q4 2024 113.87 0.03 +24.9% View
Q3 2024 111.61 0.27 +33.7% View