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Aviat Networks, Inc. (NASDAQ: AVNW) is a leading global provider of microwave networking solutions, adept at transforming communications networks to accommodate the surging growth of IP-centric, multi-gigabit data services. With over 750,000 systems installed globally, Aviat Networks offers robust LTE-compatible microwave networking solutions to mobile operators, including some of the world's most advanced 4G/LTE networks. Public safety organizations, utility companies, government agencies, and defense organizations trust Aviat Networks for their mission-critical applications where reliability is non-negotiable.
The company's product portfolio includes point-to-point microwave and millimeter wave radios that operate in licensed, lightly licensed, and license-exempt frequencies. Additionally, Aviat provides advanced element and network management software, ensuring seamless network operations. Its comprehensive suite of localized professional and support services aids customers in effectively migrating to next-generation carrier Ethernet/IP networks.
In recent news, Aviat Networks secured orders exceeding $50 million from two U.S. state governments for statewide public safety networks, utilizing high-power microwave radios, high availability routers, and management software. These projects underscore Aviat's commitment to providing high-reliability solutions for critical infrastructure. Furthermore, the company reported significant financial growth, with total revenues for the fiscal 2024 first quarter reaching $87.6 million, a 7.8% increase from the previous year.
As of January 2024, Aviat announced a strategic collaboration with PT Smartfren Telecom Tbk to provide high-speed wireless connectivity and private networks across Indonesia, capitalizing on the anticipated $7.4 billion market for private LTE and 5G networks by 2027.
Founded over 70 years ago, Aviat Networks has sold more than one million systems in 170 countries, continuously delivering high-performance products and simplified operations. The company is headquartered in Austin, Texas, and remains at the forefront of microwave networking innovation, providing exceptional customer service and support.
Aviat Networks, the leading expert in wireless transport and access solutions, has acquired 4RF, a top provider of industrial wireless access solutions. The acquisition broadens Aviat's reach into the $200M narrowband connectivity segment and the $1.4B Cellular (LTE/5G) Router market, expected to grow to $2.5B by 2027.
4RF's products, designed for critical infrastructure like utilities, oil, gas, public safety, and military, will augment Aviat's portfolio, opening new cross-selling opportunities with over 300 critical infrastructure customers in 160 countries. This deal is predicted to positively impact Aviat's gross margin, adjusted EBITDA, and non-GAAP EPS within the first year. Financial terms of the acquisition remain undisclosed.
Aviat Networks has appointed Michael C. Connaway as Senior Vice President and Chief Financial Officer, effective May 28, 2024. Connaway brings over 20 years of financial leadership experience, including significant roles at Honeywell and General Electric. He has successfully managed profit and loss statements ranging from $2.5 to $7 billion. Peter A. Smith, CEO of Aviat Networks, highlighted Connaway's diverse experience across multiple industries and his ability to drive value for stakeholders. Connaway replaces David Gray, who has contributed to Aviat's growth over the past three years. Aviat Networks aims to leverage Connaway's expertise to scale its growth and enhance its competitive position.
Aviat Networks, a leader in wireless transport and access solutions, will participate in key investor conferences in May and June 2024. Investors can schedule meetings with the company representatives at the events. Presentations and materials will be accessible on the Investor Relations section of Aviat's website.
Aviat Networks reported strong financial results for the fiscal 2024 third quarter and nine months, with total revenue of $111.6 million, up 33.7% YoY. Adjusted EBITDA reached $12.0 million, up 11.1% YoY, and cash from operations was $15.3 million for the quarter and $22.2 million year-to-date. The company achieved growth in core revenue, secured new orders, and saw positive cash flow. Despite challenges in North America, international revenue surged by 79.6% due to acquisitions and strong performance in Latin America and Asia Pacific. Gross margins and operating expenses saw fluctuations, impacting operating income and net income. Aviat Networks remains optimistic about exceeding planned returns and providing wireless transport solutions.
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