Extreme Networks reported Q4 2025 revenue of $307.0 million, up 19.6% year over year and 7.9% quarter over quarter, supported by higher demand for software-driven networking solutions and a cloud-centric product mix. Gross profit rose 65.7% YoY to $189.1 million, yielding a gross margin of 61.6%. Despite this growth, operating income remained modestly negative at $(1.38) million and net income deteriorated to $(7.80) million, translating to an EPS of $(0.0588). The disparity between top-line strength and bottom-line profitability reflects ongoing investments in R&D and sales/marketing, plus non-cash or unusual items that are not fully captured in EBITDA. Cash flow remained robust, with net cash from operating activities of $92.99 million and free cash flow of $86.35 million, supporting a cash balance of $231.75 million and a net cash position near zero after liabilities. The balance sheet shows a substantial deferred revenue balance (current $325.1 million; non-current $292.4 million), indicative of a growing software/subscription component and long-duration bookings. Management commentary in the available data is limited, with no transcript provided, but the results point to continued emphasis on ExtremeCloud IQ and software-enabled networking as a growth vector, while profitability improvements require ongoing operating discipline and scale benefits.