What changed in this filing

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Item 1. Financial Statements

2026-05-04 compared with 2026-02-03 · 155 added, 163 removed, 541 unchanged (37% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Six Months Ended

(In thousands, except per share amounts) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Three Months Ended Nine Months Ended

(In thousands, except per share amounts) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

Product sales $ 68,405 $ 76,824 $ 224,699 $ 220,252

5 unchanged sentences

Total cost of revenues 70,720 73,344 217,748 219,296

Gross margin 36,101 40,886 71,764 60,674

Gross profit 29,283 39,296 101,047 99,970

Operating expenses:

3 unchanged sentences

Total operating expenses 28,344 30,002 87,632 98,274

Operating income (loss) 7,287 7,970 12,476 ( 7,598 )

Operating income 939 9,294 13,415 1,696

Interest expense, net 1,848 1,557 5,468 4,252

Other (income) expense, net ( 2,744 ) 269 ( 1,771 ) 979

Income (loss) before income taxes 8,123 6,121 10,627 ( 11,272 )

Provision for (benefit from) income taxes 2,405 1,626 4,747 ( 3,888 )

Net income (loss) $ 5,718 $ 4,495 $ 5,880 $ ( 7,384 )

Net income (loss) per share of common stock outstanding:

Other expense (income), net 1,400 3,068 ( 371 ) 4,047

(Loss) income before income taxes ( 2,309 ) 4,669 8,318 ( 6,603 )

(Benefit from) provision for income taxes ( 244 ) 1,141 4,503 ( 2,747 )

Net (loss) income $ ( 2,065 ) $ 3,528 $ 3,815 $ ( 3,856 )

Net (loss) income per share of common stock outstanding:

Basic $ ( 0.16 ) $ 0.28 $ 0.30 $ ( 0.30 )

5 unchanged sentences

AVIAT NETWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended Six Months Ended

(In thousands) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Net income (loss) $ 5,718 $ 4,495 $ 5,880 $ ( 7,384 )

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

Net (loss) income $ ( 2,065 ) $ 3,528 $ 3,815 $ ( 3,856 )

Other comprehensive income (loss):

2 unchanged sentences

Other comprehensive income (loss) 813 1,108 1,055 ( 155 )

Comprehensive income (loss) $ 6,869 $ 1,079 $ 6,122 $ ( 8,647 )

Comprehensive (loss) income $ ( 1,252 ) $ 4,636 $ 4,870 $ ( 4,011 )

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

1 unchanged sentence

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and par value amounts) December 26,

(In thousands, except share and par value amounts) March 27,

2026 June 27,

34 unchanged sentences

Preferred stock, $ 0.01 par value, 50.0 million shares authorized, none issued

Common stock, $ 0.01 par value, 300.0 million shares authorized, 12.9 million and 12.7 million shares issued and outstanding as of December 26, 2025 and June 27, 2025, respectively

Treasury stock 0.2 million and 0.2 million shares as of December 26, 2025 and June 27, 2025, respectively

Common stock, $ 0.01 par value, 300.0 million shares authorized, 12.9 million and 12.7 million shares issued and outstanding as of March 27, 2026 and June 27, 2025, respectively

Treasury stock 0.3 million and 0.2 million shares as of March 27, 2026 and June 27, 2025, respectively

( 7,576 ) ( 7,076 )

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended

(In thousands) December 26,

2025 December 27,

Nine Months Ended

(In thousands) March 27,

2026 March 28,

Operating Activities

8 unchanged sentences

Non-cash lease expense 993 1,138

Loss on extinguishment of debt — 485

Net loss (gain) on marketable securities — ( 133 )

Other non-cash operating activities, net 336 243

11 unchanged sentences

Purchase of property, plant and equipment ( 6,853 ) ( 10,703 )

Purchase of marketable securities ( 974 ) —

Proceeds from sale of asset held for sale — 2,589

19 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Three Months Ended December 26, 2025

Three Months Ended March 27, 2026

Common Stock Treasury Stock Additional Paid-in Capital

1 unchanged sentence

(In thousands) Shares $

Balance as of September 26, 2025 12,802 $ 128 $ ( 7,076 ) $ 867,318 $ ( 577,010 ) $ ( 19,724 ) $ 263,636

Net income — — — — 5,718 — 5,718

Balance as of December 26, 2025 12,893 $ 129 $ ( 7,076 ) $ 868,423 $ ( 571,292 ) $ ( 18,573 ) $ 271,611

Net loss — — — — ( 2,065 ) — ( 2,065 )

Other comprehensive income — — — — — 813 813

1 unchanged sentence

Shares withheld for taxes related to vesting of equity awards — — — ( 3 ) — — ( 3 )

Stock repurchase ( 20 ) — ( 500 ) — — — ( 500 )

Share-based compensation — — — 1,580 — — 1,580

Balance as of December 26, 2025 12,893 $ 129 $ ( 7,076 ) $ 868,423 $ ( 571,292 ) $ ( 18,573 ) $ 271,611

Three Months Ended December 27, 2024

Balance as of March 27, 2026 12,919 $ 129 $ ( 7,576 ) $ 870,340 $ ( 573,357 ) $ ( 17,760 ) $ 271,776

Three Months Ended March 28, 2025

Common Stock Treasury Stock Additional

1 unchanged sentence

(In thousands) Shares $

Balance as of September 27, 2024 12,676 $ 127 $ ( 6,479 ) $ 861,023 $ ( 590,392 ) $ ( 17,167 ) $ 247,112

Balance as of December 27, 2024 12,684 $ 127 $ ( 6,978 ) $ 862,918 $ ( 585,897 ) $ ( 20,583 ) $ 249,587

Net income — — — — 3,528 — 3,528

Other comprehensive loss — — — — — ( 3,416 ) ( 3,416 )

Other comprehensive income — — — — — 1,108 1,108

Issuance of common stock under employee stock plans 16 — — 60 — — 60

Shares withheld for taxes related to vesting of equity awards ( 3 ) — — ( 56 ) — — ( 56 )

Stock repurchase ( 5 ) — ( 99 ) — — — ( 99 )

Share-based compensation — — — 1,988 — — 1,988

Balance as of December 27, 2024 12,684 $ 127 $ ( 6,978 ) $ 862,918 $ ( 585,897 ) $ ( 20,583 ) $ 249,587

Balance as of March 28, 2025 12,692 $ 127 $ ( 7,077 ) $ 864,910 $ ( 582,369 ) $ ( 19,475 ) $ 256,116

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Six Months Ended December 26, 2025

Nine Months Ended March 27, 2026

Common Stock Treasury Stock Additional

6 unchanged sentences

Shares withheld for taxes related to vesting of equity awards ( 36 ) — — ( 810 ) — — ( 810 )

Stock repurchase ( 20 ) — ( 500 ) — — — ( 500 )

Share-based compensation — — — 4,483 — — 4,483

Balance as of December 26, 2025 12,893 $ 129 $ ( 7,076 ) $ 868,423 $ ( 571,292 ) $ ( 18,573 ) $ 271,611

Six Months Ended December 27, 2024

Balance as of March 27, 2026 12,919 $ 129 $ ( 7,576 ) $ 870,340 $ ( 573,357 ) $ ( 17,760 ) $ 271,776

Nine Months Ended March 28, 2025

Common Stock Treasury Stock Additional

8 unchanged sentences

Share-based compensation — — — 5,626 — — 5,626

Balance as of December 27, 2024 12,684 $ 127 $ ( 6,978 ) $ 862,918 $ ( 585,897 ) $ ( 20,583 ) $ 249,587

Balance as of March 28, 2025 12,692 $ 127 $ ( 7,077 ) $ 864,910 $ ( 582,369 ) $ ( 19,475 ) $ 256,116

AVIAT NETWORKS, INC.

10 unchanged sentences

In the opinion of the Company’s management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of its financial position, results of operations and cash flows for such periods.

The results for the six months ended December 26, 2025 are not necessarily indicative of the results that may be expected for the full fiscal year or future operating periods.

The results for the nine months ended March 27, 2026 are not necessarily indicative of the results that may be expected for the full fiscal year or future operating periods.

The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in Aviat’s Annual Report on Form 10-K for the fiscal year ended June 27, 2025.

3 unchanged sentences

Aviat’s fiscal year includes 52 or 53 weeks and ends on the Friday nearest to June 30.

The three months ended December 26, 2025 and December 27, 2024 both consisted of 13 weeks.

The three months ended March 27, 2026 and March 28, 2025 both consisted of 13 weeks.

Fiscal year 2026 contains 53 weeks and will end on July 3, 2026.

9 unchanged sentences

Summary of Significant Accounting Policies

There have been no material changes in the Company’s significant accounting policies as of and for the six months ended December 26, 2025, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2025.

There have been no material changes in the Company’s significant accounting policies as of and for the nine months ended March 27, 2026, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2025.

Recently Adopted Accounting Pronouncements

24 unchanged sentences

The Company determined at this time that all other ASUs issued but not yet adopted are either not applicable or are expected to have a minimal impact on its financial position and results of operations.

Net Income (Loss) Per Share of Common Stock

The following table presents the computation of basic and diluted net income (loss) per share:

Three Months Ended Six Months Ended

(In thousands, except per share amounts) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Net income (loss) $ 5,718 $ 4,495 $ 5,880 $ ( 7,384 )

Net (Loss) Income Per Share of Common Stock

The following table presents the computation of basic and diluted net (loss) income per share:

Three Months Ended Nine Months Ended

(In thousands, except per share amounts) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

Net (loss) income $ ( 2,065 ) $ 3,528 $ 3,815 $ ( 3,856 )

Weighted-average shares outstanding, basic

3 unchanged sentences

12,918 12,838 13,030 12,672

Net income (loss) per share of common stock outstanding:

Net (loss) income per share of common stock outstanding:

$ ( 0.16 ) $ 0.28 $ 0.30 $ ( 0.30 )

$ ( 0.16 ) $ 0.27 $ 0.29 $ ( 0.30 )

The following table summarizes the weighted-average equity awards that were excluded from the diluted net income (loss) per share calculations since they were anti-dilutive:

Three Months Ended Six Months Ended

(In thousands) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

The following table summarizes the weighted-average equity awards that were excluded from the diluted net (loss) income per share calculations since they were anti-dilutive:

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

Stock options 288 308 270 374

18 unchanged sentences

however, this will have no impact on the Company’s future obligation to bill and collect.

As of December 26, 2025, the Company reported $ 93.0 million in advance payments and unearned revenue and long-term unearned revenue, of which approximately 90 % is expected to be recognized as revenue in the next twelve months and the remainder thereafter.

Approximately $ 25.1 million and $ 47.1 million of revenue was recognized during the three and six months ended December 26, 2025, respectively, which was included in advance payments and unearned revenue at June 27, 2025.

As of March 27, 2026, the Company reported $ 77.6 million in advance payments and unearned revenue and long-term unearned revenue, of which approximately 85 % is expected to be recognized as revenue in the next twelve months and the remainder thereafter.

Approximately $ 9.6 million and $ 56.8 million of revenue was recognized during the three and nine months ended March 27, 2026, respectively, which was included in advance payments and unearned revenue at June 27, 2025.

Remaining Performance Obligations

The aggregate amount of transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $ 135.3 million at December 26, 2025 relating to long-term field service projects.

The aggregate amount of transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $ 136.1 million at March 27, 2026 relating to long-term field service projects.

Of this amount, approximately 50 % is expected to be recognized as revenue during the next 12 months, with the remaining amount to be recognized thereafter.

2 unchanged sentences

The following provides a summary of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that reconciles to the corresponding amount in the unaudited condensed consolidated statement of cash flows:

(In thousands) December 26,

(In thousands) March 27,

2026 June 27,

2 unchanged sentences

Total cash, cash equivalents, and restricted cash $ 80,246 $ 62,013

(In thousands) December 26,

(In thousands) March 27,

2026 June 27,

6 unchanged sentences

The Company records charges to adjust inventories due to excess and obsolete inventory resulting from lower sales forecasts, product transitioning or discontinuance.

The charges incurred during the three and six months ended December 26, 2025 and December 27, 2024 were included in cost of product sales as follows:

Three Months Ended Six Months Ended

The charges incurred during the three and nine months ended March 27, 2026 and March 28, 2025 were included in cost of product sales as follows:

Three Months Ended Nine Months Ended

(In thousands)

2025 December 27,

2024 December 26,

2025 December 27,

2026 March 28,

2025 March 27,

2026 March 28,

Excess and obsolete inventory $ 428 $ 565 $ 913 $ 1,178

2 unchanged sentences

$ 539 $ 780 $ 1,114 $ 1,856

Other Current Assets

(In thousands) December 26,

2025 June 27,

Prepaid and other current assets $ 13,822 $ 14,423

Taxes 10,289 10,128

Contract manufacturing assets 12,905 9,164

Total other current assets $ 37,016 $ 33,715

Property, Plant and Equipment, net

(In thousands) December 26,

(In thousands) March 27,

2026 June 27,

5 unchanged sentences

Total property, plant and equipment, net $ 18,990 $ 17,453

I ncluded in the total property, plant and equipment, gross were $ 12.3 million and $ 10.3 million of assets in progress which have not been placed in service as of December 26, 2025 and June 27, 2025, respectively.

Depreciation expense related to property, plant and equipment, was $ 0.9 million and 1.5 million for the three months ended December 26, 2025 and December 27, 2024, respectively.

Depreciation expense related to property, plant and equipment, was $ 1.4 million and $ 2.8 million for the six months ended December 26, 2025 and December 27, 2024, respectively.

Included in the total property, plant and equipment, gross were $ 12.5 million and $ 10.3 million of assets in progress which have not been placed in service as of March 27, 2026 and June 27, 2025, respectively.

Depreciation expense related to property, plant and equipment was $ 0.7 million and $ 1.2 million for the three months ended March 27, 2026 and March 28, 2025, respectively.

Depreciation expense related to property, plant and equipment was $ 2.1 million and $ 4.0 million for the nine months ended March 27, 2026 and March 28, 2025, respectively.

Accrued Expenses

(In thousands) December 26,

(In thousands) March 27,

2026 June 27,

9 unchanged sentences

Changes in the warranty liability were as follows:

Three Months Ended Six Months Ended

(In thousands) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

Balance as of the beginning of the period $ 3,283 $ 3,926 $ 3,352 $ 2,996

4 unchanged sentences

Advance Payments and Unearned Revenue

(In thousands) December 26,

(In thousands) March 27,

2026 June 27,

2 unchanged sentences

Total advance payments and unearned revenue $ 67,845 $ 73,735

Excluded from the balances above are $ 8.6 million and $ 8.1 million in long-term unearned revenue as of December 26, 2025 and June 27, 2025, respectively.

Excluded from the balances above are $ 9.7 million and $ 8.1 million in long-term unearned revenue as of March 27, 2026 and June 27, 2025, respectively.

Fair Value Measurements of Assets and Liabilities

5 unchanged sentences

• Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The estimated fair values and valuation input levels of assets and liabilities that are measured at fair value on a recurring basis as of December 26, 2025 and June 27, 2025 were as follows:

(In thousands) December 26, 2025 June 27, 2025 Valuation Inputs

The estimated fair values and valuation input levels of assets and liabilities that are measured at fair value on a recurring basis as of March 27, 2026 and June 27, 2025 were as follows:

(In thousands) March 27, 2026 June 27, 2025 Valuation Inputs

Cash and cash equivalents:

5 unchanged sentences

The Company’s Level 1 items are primarily money market funds and marketable securities.

As of December 26, 2025 and June 27, 2025, the money market funds were valued at $ 1.00 net asset value per share.

As of March 27, 2026 and June 27, 2025, the money market funds were valued at $ 1.00 net asset value per share.

Items are classified within Level 2 if the observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources are available with reasonable levels of price transparency.

9 unchanged sentences

Acquisitions for further information.

As of December 26, 2025, the available credit under the Revolver was $ 70.4 million, reflecting the available limit of $ 95 million less outstanding borrowings of $ 15 million and outstanding letters of credit of $ 9.6 million.

The Company borrowed and repaid $ 50.0 million against the Revolver during the six months ended December 26, 2025.

The Company borrowed $ 20.0 million and repaid $ 2.1 million against the Term Loan during the six months ended December 26, 2025.

The following summarizes the Company’s outstanding long-term debt as of December 26, 2025:

As of March 27, 2026, the available credit under the Revolver was $ 71.3 million, reflecting the available limit of $ 95 million less outstanding borrowings of $ 15 million and outstanding letters of credit of $ 8.7 million.

The Company borrowed and repaid $ 75.0 million against the Revolver during the nine months ended March 27, 2026.

The Company borrowed $ 20.0 million and repaid $ 3.2 million against the Term Loan during the nine months ended March 27, 2026.

The following summarizes the Company’s outstanding long-term debt as of March 27, 2026:

(In thousands)

9 unchanged sentences

The pricing levels for interest rate margins are determined based on the Consolidated Total Leverage Ratio as determined and adjusted quarterly.

As of December 26, 2025, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.75 % and 1.75 %, respectively.

The effective rate of interest on the outstanding Term Loan borrowings as of December 26, 2025 was 6.6 %.

As of March 27, 2026, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.75 % and 1.75 %, respectively.

The effective rate of interest on the outstanding Term Loan borrowings as of March 27, 2026 was 6.5 %.

The Credit Facility requires the Company and its subsidiaries to maintain a fixed charge coverage ratio to be greater than 1.25 to 1.00 as of the last day of any fiscal quarter of the Company.

The Credit Facility also requires that the Company maintain a maximum leverage ratio of 3.00 times EBITDA, with a step-down to 2.75 times EBITDA after four full quarters, and 2.50 times EBITDA after eight full quarters.

The current maximum leverage ratio requirement is 2.75 times EBITDA.

The Credit Facility contains customary affirmative and negative covenants, including, among others, covenants limiting the ability of the Company and its subsidiaries to dispose of assets, permit a change in control, merge or consolidate, make acquisitions, incur indebtedness, grant liens, make investments, make certain restricted payments, and enter into transactions with affiliates, in each case subject to customary exceptions.

As of December 26, 2025, the Company was in compliance with all financial covenants contained in the Credit Facility.

As of December 26, 2025, scheduled maturities of outstanding long-term debt by fiscal year are as follows:

As of March 27, 2026, the Company was in compliance with all financial covenants contained in the Credit Facility.

As of March 27, 2026, scheduled maturities of outstanding long-term debt by fiscal year are as follows:

(In thousands)

2 unchanged sentences

Restructuring

The following table summarizes restructuring related activities during the six months ended December 26, 2025:

The following table summarizes restructuring related activities during the nine months ended March 27, 2026:

(In thousands) Employee Severance and Benefits Facilities and Other Total

Balance as of June 27, 2025 $ 1,757 $ — $ 1,757

Charges, net — — —

Cash payments ( 687 ) — ( 687 )

3 unchanged sentences

Balance as of December 26, 2025 $ 444 $ — $ 444

As of December 26, 2025, the accrued restructuring balance of $ 0.4 million was included in other current liabilities on the unaudited condensed consolidated balance sheets.

Charges, net — 323 323

Cash payments ( 284 ) ( 323 ) ( 607 )

Balance as of March 27, 2026 $ 160 $ — $ 160

As of March 27, 2026, the accrued restructuring balance of $ 0.2 million was included in other current liabilities on the unaudited condensed consolidated balance sheets.

Included in the above were positions identified for termination that have not been executed from a restructuring perspective.

5 unchanged sentences

In November 2021, the Company’s Board of Directors approved a stock repurchase program to purchase up to $ 10.0 million of the Company’s common stock.

As of December 26, 2025, $ 6.3 million remains available and Aviat may choose to suspend or discontinue the repurchase program at any time.

As of March 27, 2026, $ 5.8 million remains available and Aviat may choose to suspend or discontinue the repurchase program at any time.

Repurchased shares are recorded as treasury stock.

During the second quarter of fiscal 2026, the Company did no t repurchase any shares of its common stock.

During the third quarter of fiscal 2026, the Company repurchased 20,180 shares of its common stock in the open market for an aggregate purchase price, including commissions, of $ 0.5 million.

Stock Incentive Programs

As of December 26, 2025, the Company had one stock incentive plan for its employees and non-employee directors, the 2018 Incentive Plan (the “2018 Plan”).

As of March 27, 2026, the Company had one active stock incentive plan for its employees and non-employee directors, the 2018 Incentive Plan (the “2018 Plan”).

The 2018 Plan provides for the issuance of share-based awards in the form of stock options, stock appreciation rights, restricted stock awards and units, and performance share awards and units.

5 unchanged sentences

Vesting of performance share awards and units is subject to the achievement of predetermined financial performance and share price criteria, and continued employment through the end of the applicable period.

During the six months ended December 26, 2025, the Company granted 223,092 restricted stock units and 128,629 performance share awards.

During the nine months ended March 27, 2026, the Company granted 234,225 restricted stock units and 128,629 performance share awards.

The Company recognizes compensation cost for share-based payment awards on a straight-line basis over the requisite service period.

2 unchanged sentences

Total compensation expense for share-based awards included in the unaudited condensed consolidated statements of operations was as follows:

Three Months Ended Six Months Ended

(In thousands) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

By Expense Category:

8 unchanged sentences

Total share-based compensation expense $ 1,580 $ 1,988 $ 4,483 $ 5,626

As of December 26, 2025, there was approximately $ 0.4 million of total unrecognized compensation expense related to non-vested stock options granted which is expected to be recognized over a weighted-average period of 0.67 years.

As of December 26, 2025, there was $ 11.0 million of total unrecognized compensation expense related to non-vested stock awards which is expected to be recognized over a weighted-average period of 2.00 years.

As of March 27, 2026, there was approximately $ 0.2 million of total unrecognized compensation expense related to non-vested stock options granted which is expected to be recognized over a weighted-average period of 0.42 years.

As of March 27, 2026, there was $ 9.5 million of total unrecognized compensation expense related to non-vested stock awards which is expected to be recognized over a weighted-average period of 1.82 years.

Segment and Geographic Information

8 unchanged sentences

The Company reports revenue by region and country based on the location where its customers accept delivery of products and services.

Revenue by region for the three and six months ended December 26, 2025 and December 27, 2024 was as follows:

Three Months Ended Six Months Ended

(In thousands) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Revenue by region for the three and nine months ended March 27, 2026 and March 28, 2025 was as follows:

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

North America

5 unchanged sentences

$ 100,003 $ 112,640 $ 318,795 $ 319,266

Revenue by country comprising more than 10% of total revenue for the three and six months ended December 26, 2025 and December 27, 2024 was as follows:

(In thousands) Revenue % of

Total Revenue

Three Months Ended December 26, 2025

United States

$ 50,954 45.7 %

Six Months Ended December 26, 2025

United States

$ 102,289 46.8 %

India 23,772 10.9

Three Months Ended December 27, 2024

United States

$ 51,535 43.6 %

Six Months Ended December 27, 2024

Revenue by country comprising more than 10% of total revenue for the three and nine months ended March 27, 2026 and March 28, 2025 was as follows:

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

United States $ 45,613 $ 46,161 $ 147,902 $ 136,201

$ 90,040 43.6 %

During the three and six months ended December 26, 2025 revenues from one customer represented 8.8 % and 10.7 % of total revenue, respectively, and during the three and six months ended December 27, 2024 revenues from one customer represented 5.3 % and 10.6 % of total revenue, respectively.

Long-lived assets, consisting primarily of net property, plant and equipment and operating lease right-of-use assets, by geographic areas based on physical location as of December 26, 2025 and June 27, 2025 were as follows:

(In thousands) December 26,

Other international 54,390 66,479 170,893 183,065

Total revenue $ 100,003 $ 112,640 $ 318,795 $ 319,266

Long-lived assets, consisting primarily of net property, plant and equipment and operating lease right-of-use assets, by geographic areas based on physical location as of March 27, 2026 and June 27, 2025 were as follows:

(In thousands) March 27,

2026 June 27,

8 unchanged sentences

During interim periods, tax expense or benefit are accrued for jurisdictions that are anticipated to be profitable for fiscal 2026.

The determination of income taxes for the six months ended December 26, 2025 and December 27, 2024 was based on the Company’s estimated annual effective tax rate adjusted for losses in certain jurisdictions for which no tax benefit can be recognized.

The tax expense for the six months ended December 26, 2025 was primarily related to U.S.

The determination of income taxes for the nine months ended March 27, 2026 and March 28, 2025 was based on the Company’s estimated annual effective tax rate adjusted for losses in certain jurisdictions for which no tax benefit can be recognized.

The tax expense for the nine months ended March 27, 2026 was primarily related to U.S.

and profitable foreign subsidiaries.

The tax benefit for the six months ended December 27, 2024 was primarily resulting from year-to-date losses.

The tax benefit for the nine months ended March 28, 2025 was primarily resulting from year-to-date losses.

The Company files income tax returns in the U.S., Singapore, and various state and foreign jurisdictions.

8 unchanged sentences

Interest and penalties related to unrecognized tax benefits are accounted for as part of the provision for federal, foreign, and state income taxes.

Such interest expense was not material for the six months ended December 26, 2025 and December 27, 2024.

Such interest expense was not material for the nine months ended March 27, 2026 and March 28, 2025.

On March 11, 2021, the U.S.

45 unchanged sentences

Because these agreements do not specify fixed or minimum quantities, do not specify minimum or variable price provisions, and do not specify the approximate timing of the transaction, and the Company has no present intention to cancel or terminate any of these agreements, the Company currently does not believe that it has any future liability under these agreements.

As of December 26, 2025, the Company had outstanding purchase obligations with its suppliers or contract manufacturers of $ 40.7 million.

As of March 27, 2026, the Company had outstanding purchase obligations with its suppliers or contract manufacturers of $ 43.3 million.

In addition, the Company had purchase obligations of approximately $ 5.9 million associated with software as a service and software maintenance support.

2 unchanged sentences

The terms of the guarantees are generally equal to the remaining term of the related debt or other obligations and are generally limited to two years or less.

As of December 26, 2025, the Company had no guarantees applicable to its debt arrangements.

As of March 27, 2026, the Company had no guarantees applicable to its debt arrangements.

The Company has entered into commercial commitments in the normal course of business including surety bonds, standby letters of credit agreements, and other arrangements with financial institutions primarily relating to the guarantee of future performance on certain contracts to provide products and services to customers.

As of December 26, 2025, the Company had commercial commitments outstanding of $ 40.3 million, that were not recorded on the unaudited condensed consolidated balance sheets.

As of March 27, 2026, the Company had commercial commitments outstanding of $ 36.0 million, that were not recorded on the unaudited condensed consolidated balance sheets.

The Company does not believe, based on historical experience and information currently available, that it is probable that any significant amounts will be required to be paid on these performance guarantees in the future.

4 unchanged sentences

Under the terms of substantially all of the Company’s license agreements, it has agreed to defend and pay any final judgment against its customers arising from claims against such customers that the Company’s products infringe the intellectual property rights of a third party.

As of December 26, 2025, the Company has not received any notice that any customer is subject to an infringement claim arising from the use of its products;

As of March 27, 2026, the Company has not received any notice that any customer is subject to an infringement claim arising from the use of its products;

the Company has not received any request to defend any customers from infringement claims arising from the use of its products;

1 unchanged sentence

Because the outcome of infringement disputes is related to the specific facts of each case and given the lack of previous or current indemnification claims, the Company cannot estimate the maximum amount of potential future payments, if any, related to its indemnification provisions.

As of December 26, 2025, the Company had not recorded any liabilities related to these indemnifications.

As of March 27, 2026, the Company had not recorded any liabilities related to these indemnifications.

Legal Proceedings

7 unchanged sentences

On August 13, 2025 and October 21, 2025, NEC issued letters of arbitration to the Company originally demanding $ 19 million of additional component purchases, which the Company believes is unfounded and not required under the Manufacturing Supply Agreement (“MSA”).

NEC further demanded the escrow under the Purchase Agreement.

NEC further demanded the escrow under the Purchase Agreement which Aviat counter-claimed for the same escrow funds.

The NEC arbitration letters also included a demand for payment of the outstanding accounts payable balances which are reflected in Accounts payable of the Company’s consolidated balance sheets and disclosed in Note 14.

Related Party Transactions.

As of December 26, 2025, the Company cannot predict the outcome of these matters and is asserting certain counterclaims and continues to work through the arbitration process.

As of March 27, 2026, the Company cannot predict the outcome of these matters and is asserting certain counterclaims and continues to work through the arbitration process.

As such, no loss accrual is deemed necessary.

13 unchanged sentences

The Company appeared before the Joint Director of Enforcement to review the transactions at issue in March 2024, and again on May 22, 2025 to provide additional information.

No subsequent hearing date has been scheduled as of December 26, 2025.

No subsequent hearing date has been scheduled as of March 27, 2026.

The Company has accrued an immaterial amount representing the estimated probable loss for which it would settle the matter.

15 unchanged sentences

(In thousands, except useful life)

Useful life in Years December 26,

Useful life in Years March 27,

2026 June 27,

8 unchanged sentences

Total net intangible assets $ 24,395 $ 26,897

Amortization of finite-lived intangibles for the three and six months ended December 26, 2025 was $ 0.7 million and $ 1.4 million, respectively, and is included in selling and administrative expenses.

There were no impairment charges recorded for the three and six months ended December 26, 2025.

As of December 26, 2025, the estimated future amortization expense of finite-lived intangible assets is as follows (in thousands):

Amortization of finite-lived intangibles was $ 0.7 million and $ 0.7 million for the three months ended March 27, 2026 and March 28, 2025, respectively.

Amortization of finite-lived intangibles was $ 2.1 million and $ 2.0 million for the nine months ended March 27, 2026 and March 28, 2025, respectively, and is included in selling and administrative expenses.

There were no impairment charges recorded for the three and nine months ended March 27, 2026.

As of March 27, 2026, the estimated future amortization expense of finite-lived intangible assets is as follows (in thousands):

Remainder of 2026 $ 711

8 unchanged sentences

Starting one day after the Initial Lock-Up Expiration Date, one-twelfth of the issued shares shall be released from the Lock-Up each month, such that all issued shares shall be released from Lock-Up by the two-year anniversary of the acquisition date.

Pursuant to the Purchase Agreement, NEC has the right to nominate a director to the Company’s Board of Directors from the acquisition date and for a period of two years thereafter.

The Lock-Up and NEC’s director nomination right expired on November 30, 2025.

As of December 26, 2025, NEC held approximately 5.7 % of the Company’s outstanding common stock.

The Lock-Up expired on November 30, 2025.

As of March 27, 2026, NEC held approximately 5.7 % of the Company’s outstanding common stock.

In connection with the closing of the NEC Transaction and as of the acquisition date, the Company and NEC entered into agreements covering the performance of certain post-closing services and licensing arrangements.

The agreements include arrangements covering manufacturing services and product supply, transition services, distribution services, research and development services, and licensing of trademark and intellectual property (“IP”).

The Manufacturing and Supply Agreement includes arrangements for NEC to manufacture and supply Pasolink products on behalf of and to the Company and its customers.

The transition services agreements include arrangements for the Company and NEC to provide and receive certain transition services, primarily associated with administrative functions.

The distribution services agreements includes arrangements where NEC will provide distribution services on behalf of and to the Company and its customers in certain international markets and territories.

The Research and Development Cooperating Agreement for Existing Products includes arrangements for NEC to provide the Company certain services relating to development work to maintain existing products of the NEC business.

The transition services are complete.

The Manufacturing and Supply Agreement included arrangements for NEC to manufacture and supply Pasolink products on behalf of and to the Company and its customers.

The licensing agreements include arrangements where the Company will grant NEC a non-exclusive license to certain Pasolink trademarks in Japan, and NEC will grant the Company a non-exclusive, worldwide (excluding Japan) license to certain NEC IP, including mobile backhaul-related patents.

1 unchanged sentence

A summary of the related party activity between the Company and NEC is as follows:

Three Months Ended Six Months Ended

(In thousands) December 26,

2025 December 27,

2024 December 26,

2025 December 27,

Three Months Ended Nine Months Ended

(In thousands) March 27,

2026 March 28,

2025 March 27,

2026 March 28,

Transition services received $ — $ 1,131 $ — $ 3,026

2 unchanged sentences

The Company’s outstanding related party balances with NEC included in the unaudited condensed consolidated balance sheets are as follows:

(In thousands) December 26,

(In thousands) March 27,

2026 June 27,

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements