Viavi Solutions reported a solid QQ2 2025 showing a rebound in Network Enablement (NSE) activity and continued strength in growth drivers outside traditional telecom end markets. Net revenue of $270.8 million represented a 6.4% year-over-year increase and 13.7% sequential growth, with EBITDA margin around 14.8% and GAAP operating margin of approximately 8.2% (non-GAAP guidance framed around 14% operating margin). The quarter was highlighted by a strong NSE performance (recovery across multiple product lines, including lab/production and field instruments) and a modest, but improving, OSP backdrop led by 3D sensing softness. The company closed the Inertial Labs acquisition, expanding VIAVI’s PNT footprint and enabling entry into aerospace/defense end-markets, with management positioning M&A as a continued strategic tool and capital allocation priority. Management signaled continued momentum into Q3 2025, with revenue guidance of $276–$288 million and non-GAAP EPS of $0.10–$0.13, underpinned by NSE strength and steady OSP normalization. Cash generation remained robust, supported by a large cash balance (~$496M end of period) and moderate debt, though net debt remained ~$199.6M post-transaction, reflecting ongoing M&A activity and the Inertial Labs deal.