The sharp revenue decline, gross margin compression, and guidance cut signal deteriorating operational performance. Expect negative price action at the open. Watch for analyst downgrades and potential liquidity concerns given the net debt position relative to market cap. The next catalyst will be the Q4 report and any restructuring announcements.
Price Chart
Executive Summary
Aviat Networks reported a steep Q3 FY2026 miss: revenue fell 11.2% YoY to $100.0M (vs consensus $106.4M), GAAP diluted EPS of -$0.16 missed the $0.32 consensus by 150%, and the company cut full-year guidance on both revenue (to $428-440M) and Adjusted EBITDA (to $35-40M). The quarter swung to a GAAP net loss of $2.1M versus a $3.5M profit a year ago, driven by a 560bp gross margin contraction and declining international revenue.
Key Financial Metrics
Key Facts
- Q3 FY2026 revenue of $100.0M, down 11.2% YoY from $112.6M
- GAAP diluted loss per share of $0.16 vs consensus $0.32 (strong miss)
- Non-GAAP diluted EPS of $0.06, down from $0.88 a year ago
- GAAP operating income fell to $0.9M from $9.3M YoY, a drop of 90%
- Gross margin contracted 560bps to 29.3% (GAAP) due to unfavorable mix
- Guidance lowered: FY2026 revenue now $428-440M (vs prior $440-460M)
- Adjusted EBITDA guidance cut to $35-40M (from $45-55M)
- Cash balance $78.1M; total debt $104.3M, net debt position $26.1M
Financial Impact
Revenue miss of ~$6.4M vs consensus; guidance cut implies a $12-32M reduction in revenue and $10-15M reduction in Adjusted EBITDA
Risk Factors
- Further revenue deceleration as capex delays from mobile operators persist
- Additional margin compression if mix shift to lower-margin products continues
- Cash burn risk given negative net income and debt service requirements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-029801 |
| Document: avnw-20260504.htm | 0001628280-26-029801 |
| Document: 0001628280-26-029801-index-headers.html | 0001628280-26-029801 |
| Document: 0001628280-26-029801-index.html | 0001628280-26-029801 |
| Document: 0001628280-26-029801.txt | 0001628280-26-029801 |
| 8-K Data (Synthetic) | 0001628280-26-029801 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 14d ago | SC 13G/A | $20.40 $19.38 | ▲ +5.00% | ▲ +3.85% | $20.72 (−1.57%) |
Oct 8, 2026 18d ago | 3 | $20.77 $18.94 | ▼ −8.81% | ▼ −6.84% | $20.72 (−0.24%) |
Oct 6, 2026 20d ago | 8-K | $20.84 $19.44 | ▼ −6.72% | ▼ −5.74% | $20.72 (−0.58%) |
Oct 5, 2026 21d ago | 8-K | $21.10 $20.40 | ▼ −3.32% | ▼ −3.18% | $20.72 (−1.80%) |
Sep 1, 2026 7w ago | Insider Cluster | $19.25 $19.82 | ▲ +2.96% | ▲ +3.92% | $20.72 (+7.64%) |
Sep 1, 2026 7w ago | Insider Cluster | $19.25 $19.82 | ▼ −2.96% | ▼ −3.92% | $20.72 (−7.64%) |
Aug 27, 2026 8w ago | 8-K | $21.44 $19.32 | ▼ −9.89% | ▼ −10.16% | $20.72 (−3.36%) |
Aug 14, 2026 10w ago | Institutional Cluster | $22.04 $20.66 | ▼ −6.26% | ▼ −5.07% | $20.72 (−5.99%) |
May 4, 2026 25w ago | 8-K | $15.09 $15.86 | ▼ −5.10% | ▼ −3.12% | $20.72 (−37.31%) |
US Market Status
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