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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 reported its fiscal 2023 Q1 results, showing total revenues of $81.3 million, a year-over-year increase of 11.1%. The company achieved a GAAP gross margin of 36.3%, up from 35.7% last year, and reported Adjusted EBITDA of $10.7 million. However, GAAP net loss was $(2.7) million compared to a profit of $4.7 million in Q1 2022. The acquisition of Redline Communications was completed and has integrated as planned, contributing positively to revenues. Despite the revenue increase, North American sales declined by 4.1%.
Bharti Airtel has contracted Aviat Networks (AVNW) for its wireless multiband radio solutions to enhance its microwave backhaul network. This partnership aims to support Airtel's 5G service expansion across India, utilizing Aviat's E-Band and Multi-Band solutions. The deployment includes maintenance and the introduction of dual channel E-Band radios to improve network capacity and customer speeds. Both companies expressed satisfaction with the collaboration, emphasizing the significance of 5G growth in India.
Aviat Networks, Inc. (NASDAQ: AVNW) will release its first quarter fiscal 2023 financial results on November 2, 2022, after market close. The earnings conference call will commence at 5:00 p.m. ET on the same day, featuring CEO Pete Smith and CFO David Gray. Investors can participate via webcast or telephone by registering online. Aviat Networks, a leader in wireless transport solutions, has sold over one million systems across 170 countries, focusing on dependable products and customer support.
Aviat Networks (NASDAQ: AVNW) has launched the Vendor Agnostic Multi-Band solution, allowing operators to upgrade existing microwave links up to 10 Gbps. This innovation addresses the limitations of legacy microwave systems, enabling cost-effective capacity expansion without the need for costly fiber replacements. Key features include a patented L1 Link Aggregation algorithm, support for extended distance Multi-Band links, and the ability to incorporate multiple channels in a single unit. The solution will ship in October and is currently available for order.
Ceragon Networks Ltd. (NASDAQ: CRNT) announced that shareholders overwhelmingly rejected all proposals from Aviat Networks, Inc. (NASDAQ: AVNW) during the 2022 Extraordinary General Meeting (EGM). Approximately 80% of shares voted against all of Aviat's proposals, with support for Aviat's director nominees falling below 15% of total shares outstanding. Ceragon's Board expressed confidence in its strategy and business momentum, indicating that Aviat's offers significantly undervalued the company. Ceragon remains open to transactions that provide fair value to its shareholders.
Aviat Networks (NASDAQ: AVNW) reported Q4 2022 revenues of $77.4 million, up 8.0% year-over-year, with significant growth in international markets. The company achieved a GAAP operating income of $5.2 million, a 40.4% increase year-over-year. Adjusted EBITDA rose to $9.1 million, reflecting a 31.1% increase. Full-year revenues stood at $303.0 million, marking a 10.2% growth. Notably, quarterly bookings are the highest in over a decade, underscoring a strong strategic execution. Cash reserves reached $47.8 million, with no outstanding loans.
Aviat Networks (NASDAQ: AVNW) has launched software enabling integrated IP/MPLS and Segment Routing on its WTM 4000 all-outdoor wireless platform. This update allows operators to eliminate separate Cell Site Routers, potentially reducing total cost of ownership (TCO) by up to $15,000 per site over five years. The new system offers 10 Gbps connectivity and improved network management, enhancing the efficiency of access networks. This innovation aligns with Aviat's commitment to simplify network operations while lowering costs for customers.
Aviat Networks urges Ceragon Networks shareholders to vote FOR the removal of three directors and the election of five independent nominees at the upcoming Extraordinary General Meeting on August 23, 2022. Aviat's proposal, offering $3.08 per share, represents a 47% premium over Ceragon's recent stock price. The current board's failure to negotiate has led to operational challenges and declining stock prices. Aviat emphasizes the need for board change to enhance shareholder value and address ongoing operational setbacks.
Aviat Networks (NASDAQ: AVNW) urges Ceragon Networks shareholders to support its proposal by voting for all five nominees on the GOLD proxy card. In an open letter dated August 11, 2022, Aviat rebuts claims made by Ceragon's Board, emphasizing that its acquisition proposal of $3.08/share offers a 47% premium over Ceragon’s recent stock price and could deliver greater shareholder value. Aviat cites Ceragon's operational challenges, declining guidance, and significant free cash flow burn as reasons for its proposal, while denouncing the current Board's lack of engagement and alleged conflicts of interest.
Ceragon Networks (NASDAQ: CRNT) has rejected Aviat Networks' (NASDAQ: AVNW) revised offer of $3.08 per share, deeming it significantly undervaluing the company. Ceragon's Board, supported by independent advisors, insists the offer fails to reflect their strong business momentum, which includes a 30.3% gross margin and $179 million in bookings for H1 2022. The company urges shareholders to vote against Aviat's proxy card to prevent control of the Board by unqualified nominees, emphasizing they remain open to fair transaction proposals while prioritizing shareholder value.
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