Aviat Networks reported fiscal 2027 first-quarter revenue of $102.0 million, alongside a small GAAP operating profit and a net loss. The wireless networking company also reported record bookings of more than $150 million, a sign that orders received substantially exceeded revenue recognized during the quarter.
The results cover the three months ended October 2, 2026. Aviat said cost controls helped reduce operating expenses on a non-GAAP basis, while bookings for its Aprisa products grew sharply, supported by demand from North American utilities.
Key details
- Bookings topped $150 million, up 75% from a year earlier. The book-to-bill ratio was greater than 1.5, meaning bookings exceeded recognized revenue by more than 50% during the quarter. Bookings are not the same as revenue and do not indicate when orders will be delivered or recognized as sales.
- Aprisa bookings rose 61% year over year. Aviat said the growth reflected increasing momentum with North American utility companies.
- Revenue was $102.0 million. Gross margin was 29.6%.
- GAAP operating income was $0.9 million, on operating expenses of $29.3 million. Aviat reported a GAAP net loss of $2.8 million, or $0.22 per diluted share.
- On a non-GAAP basis, operating expenses were $26.2 million and operating income was $3.9 million. The company reported adjusted EBITDA of $6.0 million and net income of $1.5 million, or $0.12 per share.
- Cash and cash equivalents totaled $55.4 million, and net debt was $30.5 million.
- Aviat also posted an investor presentation with its quarterly results. Its earnings materials include reconciliations of non-GAAP measures to comparable GAAP measures.
Plain-English implications
The high book-to-bill ratio means Aviat booked considerably more business than it converted into revenue in the quarter; it does not, by itself, establish when that business will become sales. The gap between GAAP and non-GAAP operating expenses and income also shows that the adjusted measures present a more profitable picture than the company’s GAAP results.