Extreme Networks delivered a solid Q3 FY2025, with revenue of $284.5 million, up 35% year over year and 2% sequentially, reflecting continued upmarket penetration and geographic strength. The quarter featured a favorable product mix shift toward higher-margin offerings, notably in wireless and product revenue, supported by robust recurring revenue growth and a rapidly expanding SaaS ARR. Management highlighted Platform ONE and the Fabric-based Campus Fabric as key differentiators driving larger deals and faster deployment, while maintaining disciplined cost controls that yielded a non-GAAP operating margin of 14.1% and non-GAAP EPS of $0.21. The company also signaled ongoing tariff-related headwinds are manageable through pricing and supply-chain actions, guiding investors to expect continued profitability expansion into Q4 and a modest full-year revenue target of $1.128–$1.138 billion. Siting “best bookings in six quarters” and over 40 customers with >$1 million in bookings, Extreme is advancing upmarket with diversified vertical exposure (government, education, manufacturing, healthcare, entertainment). The balance sheet remains healthy with a net cash position (~$3 million) and a strong cash conversion cycle improvement of 29 days, underpinning operational flexibility as the company scales Platform ONE and AI-enabled networking offerings.