Extreme Networks delivered a strong QQ1 2026 showing sustained top-line momentum and early-stage execution of several strategic initiatives designed to lift longer-term revenue quality and margins. Revenue rose 15% YoY to $310.25 million, marking the sixth straight quarter of growth and the third consecutive quarter with double-digit YoY gains. Product revenue grew 20% YoY to $194 million, while recurring revenue reached $116 million (up 9% YoY), reflecting a diversified mix with SaaS ARR up 24% YoY to $216 million. Management highlighted the rapid adoption and market reception of Platform ONE, now GA, including an AI-enabled service agent and cloud-native capabilities that are expected to drive higher attach rates and recurring revenue. Management guided for the second quarter of FY26 to generate $309–$315 million in revenue with gross margin of approximately 61.4–62%, and operating margin of 13.4–14.6%, implying a continued path to margin recovery alongside price actions and mix shift toward higher-margin software and services. The full-year revenue guide was revised to a midpoint around $1.255 billion (roughly 10% YoY growth) with SaaS ARR growth targeted in the low-20% range and recurring revenue at about 35% of total revenue. Balance sheet remains cash-generative with a net cash position, cash of $209 million and clean back-half cash flow expectations as the company scales Platform ONE, MSPs, and government deployments. These dynamics, together with large enterprise wins and a robust bookings trajectory (21% YoY in QQ1), position Extreme to meaningfully accelerate growth into fiscal 2026 and beyond, though margins face near-term headwinds from higher component costs that the company intends to offset via price increases and supply-chain actions.