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Here are 1-2 brief analogies for Aviat Networks (AVNW):

• Like a Cisco for wireless microwave and millimeter wave networks.
• Like an Ericsson or Nokia for wireless microwave and millimeter wave transport.

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• Microwave Wireless Transport Solutions: Provides high-capacity, reliable point-to-point microwave radio systems primarily used for mobile backhaul, enterprise connectivity, and government networks.
• Millimeter Wave (MMW) Solutions: Offers E-band radios for ultra-high capacity, short-range wireless links, often used in dense urban areas for 5G connectivity.
• IP/MPLS Routing & Switching: Delivers integrated routing and switching platforms designed to optimize data transport across their wireless and wired networks.
• Network Management Software: Provides software tools for comprehensive monitoring, configuration, and optimization of wireless transport networks.
• Professional & Support Services: Offers a range of services including network design, installation, deployment, optimization, and ongoing technical support for their solutions.

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Aviat Networks (AVNW) primarily sells its microwave networking solutions and related services to other companies and organizations, rather than to individuals.

According to Aviat Networks' Annual Report on Form 10-K for the fiscal year ended July 1, 2023, the company did not have any single customer that accounted for 10% or more of its net revenues during that period. This indicates a diverse customer base without dependency on a few individually "major" customers in terms of revenue contribution.

Therefore, its "major customers" can best be described by the following categories of organizations it serves globally:

• Telecommunications Service Providers: This category includes mobile operators, wireline operators, and Internet Service Providers (ISPs) that utilize Aviat's solutions for backhaul and access networks.
• Government Agencies: Aviat provides solutions for various government entities, including public safety networks, state and local government communications, and defense organizations.
• Utilities and Enterprises: This segment includes critical infrastructure providers such as power and water utilities, as well as large private enterprises that require robust and reliable private communication networks.

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Peter Smith, President & Chief Executive Officer

Mr. Smith joined Aviat Networks as President and Chief Executive Officer on January 2, 2020, bringing over 25 years of leadership experience. He previously served as Senior Vice President, US Windows and Canada for Jeld-Wen, where he managed a business exceeding $1 billion in revenue. Prior to that, he was President of Polypore International's Transportation and Industrial segment, helping prepare the company for sale to the Asahi Kasei Group. He also served as CEO and a director of Voltaix Inc. until its acquisition by Air Liquide. Earlier in his career, Mr. Smith held executive leadership positions at Fortune 100 and Fortune 500 companies, including Cooper Industries, Dover Knowles Electronics, and Honeywell Specialty Materials, with responsibilities spanning operations, sales and marketing, business development, and mergers and acquisitions.

Andrew Fredrickson, Interim Chief Financial Officer

Mr. Fredrickson will assume the role of Interim CFO after the company files its Form 10-K for fiscal year 2025, following Michael Connaway's resignation. He joined Aviat Networks in 2022 and has served as Director of Corporate Development and Investor Relations. In this role, he has led the company's mergers and acquisitions and investor relations initiatives. Before joining Aviat Networks, Mr. Fredrickson held various strategic positions at JELD-WEN, including Strategy Director and Strategy Manager, and began his career in investment banking at William Blair, advising growth companies on public equity offerings and M&A.

Gary Croke, Senior Vice President, Product and Innovation

Effective July 1, 2025, Mr. Croke was promoted to Senior Vice President, Product and Innovation. He previously served as Vice President of Marketing and Product Line Management at Aviat Networks. With over 25 years of leadership experience in the data and mobile communications sectors, Mr. Croke is responsible for Aviat's global product and marketing strategy, focusing on achieving business growth through new solutions. His background includes building high-performing teams and managing product portfolios, including overseeing acquisitions, with prior roles at companies such as Nortel Networks and Symmetricom.

Erin Boase, General Counsel, Vice President Legal Affairs

Ms. Boase oversees all aspects of the legal function at Aviat Networks. She brings extensive experience in privacy, employment, compliance, real estate, and mergers and acquisitions. Before joining Aviat, Ms. Boase served as Head of Legal and Corporate Secretary at Lifesize, Inc., and was Senior Corporate Counsel at Cisco (formerly Duo Security, Inc.), where she managed GDPR privacy compliance and developed company policies. Her earlier career also includes legal positions with Dell's Computer and Security business and Thomson Reuters.

Spencer Stoakley, Chief Human Resources Officer

Ms. Stoakley is responsible for all human resources operations, employee engagement, and recruitment at Aviat Networks. Prior to Aviat Networks, she worked as a Senior HR Solutions consultant through Enspira, an HR Consulting Firm, assisting high-growth clients with HR program development and implementation, including organizational leveling and career pathing. She also served as Vice President of Human Resources for the North American Windows and Finance Divisions at JELD-WEN, where she led HR strategy execution for a $1 billion business. Earlier in her career, Ms. Stoakley was with United Technologies Aerospace Systems.

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Aviat Networks (AVNW) faces several key risks to its business operations and financial performance:

1. Internal Control and Financial Reporting Issues: Aviat Networks has experienced delays in filing its annual reports (Form 10-K) and has identified material weaknesses in its internal control over financial reporting. These issues include errors impacting previously reported financial information due to underestimated contract costs and premature revenue recognition. Such deficiencies can harm investor confidence, lead to potential legal and regulatory consequences, and raise concerns about the company's overall financial integrity.
2. Competitive Threats and Market Demand Fluctuations: The company operates in a highly competitive industry characterized by advancements in fiber-optics, ongoing industry consolidation, and rapid technological changes. These factors pose challenges to Aviat's revenue and pricing power. Furthermore, the business is affected by soft demand in critical U.S. market segments and exposure to politically sensitive international regions, which can negatively impact revenue growth and profit margins, despite growth opportunities in 5G and IoT.
3. Supply Chain and Macroeconomic Risks: Aviat Networks is vulnerable to various supply chain disruptions, including potential component shortages and the impacts of geopolitical instability. Rising interest rates and inflationary pressures present additional macroeconomic headwinds that could reduce capital expenditures by clients, thereby affecting Aviat's revenue streams. Margin volatility is also a concern, particularly if issues related to supply chain management or acquisition integration persist.

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The clear emerging threat for Aviat Networks (AVNW) is the increasing capability and deployment of Low Earth Orbit (LEO) satellite constellations, such as Starlink, OneWeb, and Project Kuiper. These LEO networks are rapidly expanding their capacity and geographic coverage, offering high-bandwidth, low-latency connectivity that could serve as an alternative to terrestrial microwave and millimeter wave solutions for cellular backhaul, private networks, and government applications, particularly in remote, rural, or challenging-to-reach locations. As these satellite services mature and scale, they present a competitive alternative for customers seeking to connect sites where traditional fiber is uneconomical or impractical to deploy, and where Aviat Networks currently provides its core solutions.

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Aviat Networks (AVNW) operates in several key addressable markets for its wireless transport and access solutions:

• The company's total addressable market, serving private networks, mobile service providers, and rural broadband network operators, is estimated to be $11 billion globally.
• For Private Networks, the Private LTE/5G market is projected to reach $8 billion by 2027.
• In the Mobile Networks & 5G segment, the global microwave radio market for 5G transport is expected to grow at a 16% compound annual growth rate (CAGR) through 2028, and another source indicates a 39% CAGR through calendar year 2025.
• For Rural Broadband, Aviat Networks is targeting over $70 billion in U.S. government funding programs.
• The broader global microwave transmission equipment market is anticipated to reach a valuation of US$7,436.0 million by the end of 2032, growing at a CAGR of 3.4% from 2025 to 2032. In 2025, this market was valued at US$5,884.3 million. The microwave transmission equipment industry specifically in the United States is expected to grow at a CAGR of 3.6% from 2025 to 2032.

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1. Expansion in Private Networks: Aviat Networks is strategically focused on the growing private networks market, particularly in public safety, utilities, oil & gas, mining, and government sectors. The company has secured significant project bookings in public safety and utility networks, including a major multi-state network modernization project. Acquisitions like Redline Communications (2022) and 4RF (recently) have expanded Aviat's product portfolio into mission-critical industrial private LTE/5G networks, broadening its addressable market and enhancing offerings for these industries.

2. Growth in 5G Solutions and Mobile Network Operators: Aviat is capitalizing on the global 5G upgrade cycle, with mobile network data traffic expected to grow at a 26% CAGR through 2028. The microwave radio market for global 5G transport is projected to grow at a 16% CAGR through 2028, offering substantial growth opportunities for Aviat's 5G solutions. The company continues to gain traction with mobile service providers in North America and globally.

3. New Product Launches, particularly the Aprisa LTE 5G Router: The introduction of new products, such as the Aprisa LTE 5G router solution designed for public safety vehicles, marks Aviat's entry into a rapidly expanding market. This market is projected to grow at a 12% annual rate, and the Aprisa LTE 5G router is expected to be a key driver for future growth in public safety and industrial enterprise applications.

4. Strategic Acquisitions and Cross-Selling Opportunities: Aviat's acquisitive growth strategy, notably the Redline Communications acquisition in 2022 and the more recent 4RF acquisition, is diversifying its addressable market. The 4RF acquisition specifically opens new segments in narrowband connectivity and the cellular (LTE/5G) router market. With approximately 90% of 4RF and Aviat Networks' utility customers being distinct, there is significant potential for future cross-selling opportunities.

5. Participation in Rural Broadband Initiatives: Aviat is actively targeting opportunities arising from rural broadband deployment, aligning with significant government funding programs such as the U.S. BEAD program, which allocates over $70 billion. The company's microwave solutions offer a lower total cost of ownership compared to fiber deployments, positioning it well to benefit from these initiatives.

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Share Repurchases

• Aviat Networks authorized a new stock repurchase program of up to $10 million in November 2021, following an earlier exhausted $7.5 million program.
• As of June 30, 2023, approximately $7.3 million remained available under the $10 million stock repurchase program.
• In the second quarter of fiscal year 2025, the company repurchased 34,600 shares.

Share Issuance

• In fiscal year 2025, Aviat Networks issued 736,750 shares of common stock, valued at $22.3 million, as part of the consideration for the acquisition of NEC's wireless transport business.
• The 2025 Annual Meeting of Stockholders approved an increase of 800,000 shares of Class A common stock available under the Third Amended and Restated 2018 Incentive Plan (LTIP) for various awards to eligible personnel.

Outbound Investments

• Aviat Networks completed the acquisition of 4RF in July 2024 for $18.2 million in an all-cash transaction, net of $1.2 million cash acquired.
• In December 2023, the company acquired NEC's wireless transport business for an aggregate consideration of approximately $54.5 million, which included $32.2 million in cash and the issuance of 736,750 shares of common stock (valued at $22.3 million).
• Aviat Networks acquired Redline Communications in April 2022.

Capital Expenditures

• Aviat Networks' research and development expenditures, which contribute to technological capability, totaled $35.8 million in fiscal 2025, $36.4 million in fiscal 2024, and $24.9 million in fiscal 2023.
• The company anticipates having sufficient cash flow from operations and capital resources to meet its capital expenditures for the next 12 months and the foreseeable future.