Extreme Networks reported QQ3 2025 revenue of USD 284.5 million, up 34.8% year-over-year and 1.8% quarter-over-quarter, supported by continued demand for software-driven networking and cloud-managed solutions. While gross margin stood at a robust 61.65%, operating margin remained modest at 3.65%, reflecting ongoing investments in software platforms and go-to-market expansion. Net income of USD 3.46 million and earnings per share of USD 0.0029 underscore a path to profitability that is improving, albeit slowly, as the company scales its software and services mix. Free cash flow (FCF) reached USD 24.23 million, aided by solid operating cash flow of USD 29.97 million and disciplined capital expenditure of USD 5.74 million. The balance sheet shows a strong cash position (USD 185.48 million) with manageable leverage (net debt USD 41.84 million), although current liabilities exceed current assets slightly (current ratio 0.93). Deferred revenue remains a meaningful component (current USD 311.84 million; non-current USD 276.87 million), indicating a substantial backlog of software and services to be recognized as revenue over time. Management commentary from the QQ3 call is not available in the provided data; thus, the analysis integrates reported results with the company’s cloud strategy and market dynamics to form the investment view.