Here are 1-3 brief analogies to describe Extreme Networks:

• An HPE Aruba for enterprise wired and wireless networking.
• The Juniper Networks of cloud-managed enterprise networks.

• ExtremeSwitching™: A range of high-performance Ethernet switches designed for campus, data center, and edge networking environments.
• ExtremeWireless™ Access Points: Wi-Fi access points supporting the latest standards (e.g., Wi-Fi 6, 6E, 7) for robust and secure wireless connectivity.
• ExtremeCloud™ IQ: A cloud-managed networking platform that simplifies the deployment, management, and optimization of wired and wireless networks.
• ExtremeFabric™ Connect: An automated, resilient, and secure network fabric technology simplifying network operations and improving security.
• ExtremeAnalytics™: Provides real-time network visibility and actionable insights into user, application, and device performance across the network.
• ExtremeSD-WAN™: Software-defined wide area networking solutions designed to optimize application performance and network traffic across distributed enterprises.

Extreme Networks (symbol: EXTR) primarily sells its networking hardware and software solutions to other companies and large organizations (B2B).

Its major customers and strategic partnerships, which Extreme Networks highlights in its communications and case studies, include:

• The Toro Company (NYSE: TTC)
• National Grid plc (NYSE: NGG), for its U.S. operations

Additionally, Extreme Networks holds significant strategic partnerships that position it as a major technology provider across entire ecosystems, despite the partners themselves not being single publicly traded companies:

• National Football League (NFL): Extreme is the official Wi-Fi solutions provider for many NFL stadiums, enabling high-density Wi-Fi and analytics for fan engagement and operational insights. (The NFL is an association, not a single publicly traded company.)
• National Hockey League (NHL): Extreme is the official Wi-Fi solutions provider for many NHL arenas, providing similar high-performance networking solutions. (The NHL is an association, not a single publicly traded company.)

• Foxconn (Hon Hai Precision Industry Co., Ltd.) (TWSE: 2317)
• Sanmina Corporation (NASDAQ: SANM)

Ed Meyercord, President and CEO

Ed Meyercord has served as President and Chief Executive Officer of Extreme Networks since April 2015. He initially joined Extreme Networks' Board of Directors as an independent director in October 2009 and served as Chairman from March 2011 through August 2015. Prior to his operational role at Extreme, Mr. Meyercord co-founded and was the Chief Executive Officer and Director of Critical Alert Systems, LLC, a software-driven healthcare information technology company. He previously held CEO, President, and Director positions at Cavalier Telephone & TV, a privately held voice, video, and data services company, and Talk America, Inc., a publicly traded provider of phone and internet services. Earlier in his career, Mr. Meyercord was a Vice President in the investment banking division of Salomon Brothers (now Citigroup). Under his leadership, Extreme Networks has undergone significant transformation, including integrating multiple acquisitions such as Zebra Technologies' wireless LAN business (2016), Brocade's networking business (2017), and Aerohive Networks (2019) into a cloud-based management system.

Kevin Rhodes, Executive Vice President and Chief Financial Officer

Kevin Rhodes joined Extreme Networks as Executive Vice President and Chief Financial Officer in May 2023. Before joining Extreme, Mr. Rhodes served as EVP and CFO at Duck Creek Technologies, a global vertical SaaS provider. In this role, he was instrumental in leading the company to a successful acquisition by Vista Equity Partners for $2.6 billion, demonstrating experience with private equity-backed company transactions. His previous experience includes CFO roles at Finvi, Markforged, and Brightcove.

Nabil Bukhari, President of AI Platforms and EVP, Chief Technology Officer

Nabil Bukhari serves as the President of AI Platforms and EVP, Chief Technology Officer at Extreme Networks. In this capacity, he is responsible for leading the vision, strategy, execution, and development of the company's product portfolio. He also holds the role of General Manager for Extreme's subscription business. Mr. Bukhari's career includes entrepreneurial growth opportunities and leadership positions at recognized technology companies such as Cisco and Dell.

Norman J. Rice, III, Chief Commercial Officer

Norman J. Rice, III, is the Chief Commercial Officer at Extreme Networks, a role he was elevated to in January 2024. His responsibilities include driving revenue growth and overseeing the company's sales, partner, services, and supply chain organizations. Mr. Rice joined Extreme Networks in 2015 and previously served as Chief Operating Officer.

Katy Motiey, Chief Legal, Administrative & Sustainability Officer

Katy Motiey holds the position of Chief Legal, Administrative & Sustainability Officer at Extreme Networks. She possesses over 22 years of global legal and employment experience.

The key risks to Extreme Networks (EXTR) include intense market competition, vulnerabilities in its supply chain, and geopolitical and economic uncertainties.

1. Market Competition: Extreme Networks operates in a highly competitive market for networking equipment and software solutions. Major players, such as Cisco and Huawei, dominate the industry, and intense competition along with industry consolidation could impede Extreme Networks' revenue growth and market share.
2. Supply Chain Vulnerabilities and Disruptions: The company's reliance on a concentrated group of suppliers and manufacturing partners exposes it to supply chain risks. Past issues related to supply chain constraints have already impacted the business, leading to reduced inventory purchases by distributors and partners.
3. Geopolitical and Economic Risks: Extreme Networks faces uncertainties stemming from ongoing geopolitical tensions and shifts in U.S. economic policies, including the potential impact of tariffs. These factors could adversely affect demand for its products, increase operational costs, and disrupt the stability of its supply chain. Specifically, the prospect of "semiconductor tariffs" has been noted as a potential concern.

The rise of private 5G networks poses an emerging threat. As enterprises increasingly deploy dedicated cellular networks for critical applications, industrial IoT, and large campus environments, private 5G offers an alternative to traditional enterprise Wi-Fi, potentially reducing demand for Extreme Networks' core wireless access point and infrastructure solutions in certain high-value segments. This technology provides distinct advantages in terms of coverage, latency, and device density for specific use cases, directly competing with and potentially displacing Wi-Fi in those areas.

Extreme Networks (EXTR) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Growth in SaaS Annual Recurring Revenue (ARR) and Cloud Subscriptions: Extreme Networks is experiencing significant momentum in its subscription-based services. The company's SaaS ARR grew by 38% year-over-year in Q3 2024 and 29% year-over-year in Q4 2024. This growth is largely fueled by the strength of cloud subscription revenue. For fiscal Q1 2026, SaaS ARR reached $216 million, marking a 24% year-over-year increase, indicating that the subscription model is gaining traction due to increased customer interest and broader cloud adoption.

2. Adoption of Extreme Platform ONE and AI-driven Networking: The introduction and accelerating adoption of Extreme Platform ONE, an AI-powered networking and security management platform, is a critical growth driver. This platform, which became generally available in July, consolidates license, contract, and asset management, providing real-time visibility for users. Extreme Networks is actively investing in generative AI and developing this new networking platform, which is expected to continue to drive revenue growth.

3. Expansion into New Markets and Increased Customer Acquisition: Extreme Networks is strategically focusing on acquiring larger enterprise and government customers and expanding its geographical footprint. In Q3 2024, net new logo bookings grew double digits globally, with strong performance in the U.S. market. The company is gaining market share by attracting a higher percentage of revenue from new customers, with a notable increase in the number of customers spending over $1 million on Extreme solutions. Extreme Networks is also seeing increased customer engagement and strong performance in the EMEA and Asia-Pacific regions, positioning itself as a strategic alternative to incumbent providers, particularly in the public sector and hospitality industries.

4. Resolution of Supply Chain Constraints and Inventory Normalization: The company has been working to overcome past supply chain challenges and normalize inventory levels. This is expected to positively impact product revenue and overall financial performance. For example, product revenue grew 43% sequentially in Q4 2024, reflecting improved alignment with channel sell-through. Extreme Networks anticipates eliminating supply chain constraints in fiscal year 2025 and expects gross margins to progressively improve throughout the year.

5. Differentiated Cloud and AI Innovations: Extreme Networks emphasizes its competitive differentiation through its advanced cloud and AI innovations. The company highlights its unique enterprise campus fabric solution and its AI-driven networking capabilities as key competitive advantages. These differentiated technology solutions are fueling market share gains and positioning Extreme Networks to capitalize on shifts and disruptions within the networking market.

Share Repurchases

• Extreme Networks' Board of Directors authorized a $100 million share repurchase program over three years in February 2020.
• In May 2022, a new $200 million share repurchase authorization was approved for a three-year period, replacing the prior program.
• Approximately $100 million worth of shares were repurchased during fiscal year 2023.
• A new $200 million share repurchase authorization was announced in February 2025, effective July 1, 2025, with approximately $50 million remaining from the May 2022 authorization expiring June 30, 2025.

Share Issuance

• For the fiscal quarter ended September 30, 2025 (Q1 FY26), common stock was issued from equity incentive plans, net of tax withholdings, amounting to $1.762 million.
• Share repurchase programs aim to offset dilution from equity incentive programs, indicating ongoing share issuance related to compensation.

Capital Expenditures

• Capital expenditures for property, equipment, and capitalized software development costs were $24.713 million for the fiscal year ended June 30, 2025.
• For the first fiscal quarter ended September 30, 2025, capital expenditures for property, equipment, and capitalized software development costs totaled $6.855 million.
• These expenditures primarily focus on investing in Extreme's business, particularly in AI-powered cloud networking, analytics, automation, and the development of solutions like Extreme Platform ONE.