Aviat Networks, Inc. provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific. The company offers outdoor, indoor, and split-mount radios; microwave routers, and trunking; private LTE/5G, virtual fiber, and network management products; narrow band multi-point radios, designed, and optimised for SCADA and telemetry applications; and hosted software products, such as aviat design, frequency assurance, aviatcloud, and health assurance software. It also provides project services, which include design and engineering, site and path surveys, assembly and integration, project management, and install and commission; and managed services, such as network and interference monitoring, network health, onsite maintenance, and remote upgrades. The company serves communications service providers and private network operators, including transportation agencies, energy and utility companies, public safety agencies, and broadcast network operators, as well as federal, state, and local government agencies. It markets its products through a direct sales, service, and support organization; and indirect sales channels comprising dealers, resellers, and sales representatives, as well as online. The company was incorporated in 2006 and is headquartered in Austin, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $435M | $18M | $1M | $-7M | 0.5% | 6.5% | -87.5% |
| 2024 | $408M | $24M | $11M | $28M | 4.2% | 18.5% | 5.8% |
| 2023 | $344M | $28M | $10M | $-7M | 4.6% | 13.7% | -51.9% |
| 2022 | $303M | $33M | $21M | $1M | 10.5% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 302.96 | 344.43 | 408.08 | 434.61 |
| Operating Revenue | - | 302.96 | 344.43 | 408.08 | 434.61 |
| Cost Of Revenue | - | 193.72 | 222.05 | 263.35 | 295.17 |
| Gross Profit | - | 109.24 | 122.38 | 144.73 | 139.44 |
| Operating Expense | - | 80.25 | 94.75 | 121.46 | 125.25 |
| Research And Development | - | 22.60 | 24.91 | 36.43 | 35.77 |
| Selling General And Administration | - | 57.66 | 69.84 | 85.04 | 89.48 |
| Total Expenses | - | 273.98 | 316.80 | 384.82 | 420.42 |
| Operating Income | - | 28.98 | 27.63 | 23.27 | 14.19 |
| Total Operating Income As Reported | - | 28.74 | -24.62 | -19.40 | -10.58 |
| EBITDA | - | 33.45 | 28.02 | 24.24 | 17.68 |
| Normalized EBITDA | - | 33.68 | 31.04 | 28.10 | 21.29 |
| EBIT | - | 28.98 | 21.85 | 19.24 | 9.63 |
| Interest Income | 0.23 | - | - | - | - |
| Interest Expense | 0 | - | 0.53 | 2.34 | 6.06 |
| Net Interest Income | - | 0.16 | -0.53 | -2.34 | -6.06 |
| Other Non Operating Income Expenses | - | 1.53 | -2.77 | -0.16 | -0.94 |
| Other Income Expense | - | 1.30 | -5.79 | -4.03 | -4.55 |
| Interest Income Non Operating | 0.23 | - | - | - | - |
| Interest Expense Non Operating | 0 | - | 0.53 | 2.34 | 6.06 |
| Net Non Operating Interest Income Expense | - | 0.16 | -0.53 | -2.34 | -6.06 |
| Pretax Income | - | 30.44 | 21.31 | 16.91 | 3.58 |
| Tax Provision | - | 9.28 | 11.14 | 6.15 | 2.24 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.07 | -0.63 | -1.41 | -0.76 |
| Net Income Continuous Operations | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Net Income From Continuing And Discontinued Operation | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Net Income From Continuing Operation Net Minority Interest | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Net Income | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Net Income Common Stockholders | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Net Income Including Noncontrolling Interests | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Normalized Income | - | 21.33 | 12.55 | 13.22 | 4.19 |
| Diluted NI Availto Com Stockholders | - | 21.16 | 10.17 | 10.76 | 1.34 |
| Basic Average Shares | - | 11.17 | 11.36 | 12.18 | 12.68 |
| Diluted Average Shares | - | 11.82 | 11.86 | 12.46 | 12.83 |
| Reconciled Depreciation | - | 4.46 | 6.18 | 4.99 | 8.04 |
| Reconciled Cost Of Revenue | - | 193.72 | 222.05 | 263.35 | 295.17 |
| Total Unusual Items | - | -0.24 | -3.01 | -3.87 | -3.61 |
| Total Unusual Items Excluding Goodwill | - | -0.24 | -3.01 | -3.87 | -3.61 |
| Special Income Charges | - | -0.24 | -3.01 | -3.87 | -3.61 |
| Restructuring And Mergern Acquisition | - | 0.24 | 3.01 | 3.87 | 3.61 |
| Total Other Finance Cost | - | -0.16 | 0.53 | 2.34 | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Aviat Networks, Inc.this co. | AVNW | $250M | 186.71 | 0.95 | 0.5% | 15.93 |
| Asure Software, Inc. | ASUR | $261M | -19.88 | 1.32 | -6.6% | 15.09 |
| Conduent Incorporated | CNDT | $259M | -1.52 | 0.38 | -24.8% | 10.57 |
| Blaize Holdings, Inc. | BZAI | $258M | -1.24 | 6.60 | -530.5% | -2.37 |
| CS Disco, Inc. | LAW | $251M | -5.67 |
| - |
| - |
| - |
| - |
| - |
| 1.96 |
| -34.6% |
| -5.37 |
| Richardson Electronics, Ltd. | RELL | $251M | -219.31 | 1.60 | -0.7% | 32.74 |
| Turtle Beach Corporation | TBCH | $248M | 15.78 | 1.93 | 12.2% | 8.09 |
| Commerce.com, Inc. | CMRC | $235M | -12.14 | 5.97 | -49.1% | 55.05 |
| Inseego Corp. | INSG | $228M | 272.12 | -56.39 | -20.7% | 18.42 |
| Peer Median | - | -3.59 | 1.77 | -22.8% | 12.83 | |