Aviat Networks Announces Fiscal 2023 Fourth Quarter and Twelve Months Financial Results

Aviat Networks, Inc. ("Aviat Networks," "Aviat," or the "Company"), (NASDAQ: AVNW), the leading expert in wireless transport solutions, today reported financial results for its fiscal 2023 fourth quarter and twelve months ended June 30, 2023.

Fourth Quarter Highlights

• Executed on key long-term strategic objectives resulting in continued year-over-year increase in quarterly revenues and Adjusted EBITDA
• Introduced a new, ultra-high power indoor radio to provide more capacity, longer links and minimize interference risk for mission critical networks
• Expanded Aviat's network management software ProVision Plus to support the wireless access portfolio acquired in the Redline Communications transaction
• Announced transformational acquisition of NEC's Wireless Transport Business for $70.0 million

Fourth Quarter Financial Highlights

• Total Revenues: $91.2 million, +17.8% from the same quarter last year
• North America: $55.1 million, +13.0% from the same quarter last year
• International: $36.0 million, +25.8% from the same quarter last year
• GAAP Results: Gross Margin 35.8%; Operating Expenses $26.3 million; Operating Income $6.3 million; Net Income $3.3 million; Net Income per diluted share ('Net Income per share") $0.28
• Non-GAAP Results: Adjusted EBITDA $12.6 million; Gross Margin 36.2%; Operating Expenses $22.0 million; Operating Income $11.0 million; Net Income $10.3 million; Net Income per share $0.87
• Net Cash: $22.2 million; no loans outstanding at quarter-end

Full Year Financial Highlights

• Total Revenues: $346.6 million, +14.4% from the prior year
• GAAP Results: Gross Margin 35.8%; Operating Expenses $97.8 million; Operating Income $26.4 million; Net Income $11.5 million; Net Income per share $0.97
• Non-GAAP Results: Adjusted EBITDA $47.0 million; Gross Margin 36.1%; Operating Expenses $84.1 million; Operating Income $40.8 million; Net Income $39.1 million; Net Income per share $3.30

"This quarter's strong performance concluded an exciting fiscal 2023 for Aviat Networks" said Pete Smith, President and Chief Executive Officer of Aviat Networks. "The Aviat team executed well on our strategic goals which resulted in our third consecutive year of double-digit revenue growth."

Mr. Smith continued, "During fiscal 2023, we successfully integrated the Redline Communications acquisition, which exceeded our commitment for the year. We won significant new business internationally, including Bharti Airtel in India. Additionally, we ended the year with a backlog of $289 million, up 18% versus last year. These accomplishments create a foundation to execute our fiscal 2024 objectives."