Extreme Networks reported a solid sequential upturn in QQ2 2025, underscored by a broad-based recovery in the enterprise networking market. Revenue reached $279.36 million, up 4% quarter-over-quarter, while gross margin held around the low-to-mid 63% range and operating margin approached 14.7%, delivering GAAP earnings per share (diluted) of approximately $0.21. The quarter featured the strongest product bookings in five quarters and a meaningful upswing in large deals, evidenced by 36 customers spending over $1 million and MSP bookings doubling QoQ to 37 partners. The company also highlighted robust recurring revenues, with subscription and support revenue totaling $107.1 million (37% of total revenue) and subscription deferred revenue up 18% YoY to $290 million. Cash flow remained constructive with $21.5 million of net operating cash flow and free cash flow of about $16.1 million, while the balance sheet reflected a net cash position of roughly $109.6 million and improved working capital dynamics. Management reiterated Platform ONE as a strategic platform to unify Extreme’s portfolio, with GA planned for fiscal Q1 and a multi-year migration of customers onto the platform. Management also signaled continued growth in Europe (EMEA) and Asia-Pacific with mixed results in the Americas due to K-12 seasonality, and highlighted ongoing government spending headwinds in Germany. Looking ahead, the company nudged full-year guidance higher, with Q3 revenue guidance of $276–$284 million and FY2025 revenue target of $1.12–$1.138 billion, underscoring an improving but still uncertain macro backdrop and execution risk around Platform ONE adoption and large service-provider deals.