Aviat Networks Inc (AVNW) Q4 2024 Earnings Report

Revenue and profitability
- Q4 2024 revenue: approximately $116.7 million (GAAP), up 28% YoY against $91.1 million in Q4 2023; full-year 2024 revenue: $408 million, up 19% YoY.
- Q4 backlog: $292 million (end of fiscal year), modestly higher than prior year end ($289 million).
- Gross margins: Q4 GAAP gross margin 35.3%; non-GAAP gross margin 35.9%; core gross margin (Ex Pasolink) 38.7%; Pasolink gross margins (non-GAAP) 26% for the quarter. Full-year core gross margin was 38.0% vs 36.1% in 2023.
- Operating performance: Q4 GAAP operating expenses $35.7 million; non-GAAP operating expenses $31.3 million (excluding restructuring, share-based comp, and deal costs). Q4 adjusted EBITDA $11.9 million (10.2% of revenue).
- Earnings and cash flow: Q4 GAAP net income $1.5 million; non-GAAP net income $9.2 million; non-GAAP EPS $0.72 per fully diluted share. Full-year 2024 adjusted EBITDA: $48.1 million (vs $45.0 million in 2023).
- Balance sheet and liquidity: cash and marketable securities $64.6 million; net cash position $16.3 million; full-year operating cash flow $30.5 million; free cash flow about $7.5 million. Total assets $535.2 million; total liabilities $279.3 million; total stockholders’ equity $255.9 million.
- Valuation and leverage signals: multiple ratios imply a growth-oriented, high-visibility revenue model with strong backlog; cash generation supports optionality for R&D investment and buybacks (subject to regulatory quiet periods and restatement considerations).