Aviat Networks (HSD1) Q4 2026 Earnings Report

The call presented multiple operational and financial positives: modest revenue growth, record backlog, strong regional gains (notably EMEA and North America), strategic diversification into mission-critical access, a notable MDU order, improved balance sheet metrics, remediation of material weaknesses, and aggressive FY2027 revenue and EBITDA guidance. Offsetting these are margin pressure from component shortages and cost inflation, a small GAAP loss in the quarter, some international revenue softness year-over-year, and timing/seasonality risks around MDU, BEAD and quarter-to-quarter performance. On balance the positive operational momentum, record backlog, and upward guidance outweigh the current margin and supply-headwind concerns, though margins and timing remain key execution risks to monitor.

Management guided full‑year fiscal 2027 revenue of $455–$470 million and adjusted EBITDA of $50–$55 million (roughly a 11.0–11.7% adjusted EBITDA margin on that revenue range), noting the guide is for the full fiscal year with Q1 expected to be the low “foundation” quarter, Q2 and Q4 as peaks, Q3 higher than Q1, and overall the second half of FY27 expected to be heavier than the first (management suggested something closer to a 45/55 H1/H2 split versus historical seasonality shown on Slide 23). The guide explicitly excludes any LEO contribution, includes only a small, conservative amount of BEAD, assumes recognition of the announced U.S. MDU order ($25–30 million) in FY27, and will be revisited if BEAD or additional private‑network wins materialize.