Aviat Networks AVNW 2026 Q4财报及2027财年展望电话会议

一、AI总结内容 一、核心要点 1. 2026财年第四季度及全年业绩：Q4营收1.21亿美元，同比增4.8%；全年营收4.4亿美元，同比增1.2%，实现连续6年营收增长，为微波业务公司中唯一达成此成绩的企业；全年非GAAP净利润64美分，调整后EBITDA1190万美元。2. 2027财年指引：全年营收4.55-4.70亿美元，调整后EBITDA5000-5500万美元，Q1为业绩基础，下半年营收高于上半年。3. 业务拓展与结构调整：非微波核心的关键任务接入业务2026财年大幅增长；多住户单元（MDU）业务获2500万-3000万美元订单，预计2027财年确认全部收入，2027年Q2开始ramp 出货；北美业务占比56.5%，EMEA地区Q4营收同比增53%，全年增33%。二、风险与挑战 1. 供应链压力：存在元器件短缺与成本通胀问题，正采用新冠时期的供应链策略应对，Q1毛利率受冲击，预计2027年下半年毛利率改善，Q4毛利率约32%。 2. 竞争影响：欧洲竞争对手退出微波业务，虽已开展布局，但预计2027年中才会产生实际业务增量。 3. 毛利率下行：Q4 GAAP与非GAAP毛利率分别为30.8%、30.9%，同比下滑，受收入规模、区域与产品结构及供应链成本影响。 三、投资线索与关注点 1. 低轨道卫星（LEO）：与核心业务互补，可提供偏远地区备份链路，与微波、LTE路由器集成的解决方案获客户试用。2. 私有网络：公共安全、能源、电力AI基建配套的私有网络需求增长，公司微波与LTE路由器方案适配该场景。3. 非微波业务：通过关键任务接入业务实现多元化，扩大在高增长细分领域的布局。 二、音频原文（转写） Welcome to Aviat Networks fourth quarter fiscal2026 earnings conference call. At this time, allparticipants are on the listen only mode. A question and answer session will follow the formalpresentation. Please note this conference is being recorded. I will now attend the conference ofwhat's your host, Mr. Andrew Pedersen, Vice President Corporate Finance. You may begin. Thank you and welcome to Aviat Networks' fourth quarterfiscal 2026 results conference call and webcast. You can find our press release and updated investor presentation in the IR section of our webs ite at www.waviatnetworks.com along with a replay of today's call. With me today are Pete Smith,Aviat's president and CEO, who will begin withopening remarks on the company's fiscal quarter,followed by Andy Schmidt, cfo to review financial results for the quarter. Pete will then provide closing remarks on Aviat's strategy and outlook. As a reminder, during today's call and webcast, Management may make forward-looking statements regarding APX business. including, but not limited to, statements relating to fiscal guidanceFinancial projections business drivers new products and Mansions. the economic activities in different regions. These and other forward-lookingstatements reflect the company's opinions onlyas of the date of this call and webcast. and involve assumptions risks and uncertainties that could cause actual results to differ materially from those statements. Additional information on factors that could cause actual results to differmaterially from the statements expressed. or implied on this call can be found in our most recent filings with the SEC. the company undertakesno obligation to revise or make public any revision of these forward-looking statements in lightof new information or future events. Additionally. During today's call and webcast. Managementwill reference both GAAP and non-GAAP financialmeasures. Please refer to our press release. which is available in the IR section of our websiteat www.aviatenetworks.com. and financial tableduring which included GAAP to non-GAAP reconciliation and other supplemental financial information. At this time, I would like to turn the callover to Aviak's president and CEO, Pete Smith. 一Thank you. Let's review the highlights from thefourth quarter. quarterly revenues of $121 million up 4.8% versus a year ago period. adjusted ebitda of eleven point nine million dollars. nongaap eps of sixty four cents. Do you run that log of 367 million? of 14% versus the end of fiscal year twenty twenty five This marks a strong end of the fiscal 2026. full year revenue was 440 million dollars of1.2% versus the prior fiscal year. This represents our sixth consecutive year of revenue growth. Apyat is the only microwave company to achievethis growth during the last 6 years. I would also like to note that this was the first time inover a decade that Aviat has had all four quarters in the fiscal year with at least $100 millionin revenue. This is a tremendous achievement, and I would like to thank all of our customers supplier partners and employees in making this possible. 嗯。 Since FY 23, we have been expanding outside of our core microwave business. with a focus on mission critical access. In FY 26, Sales of non microwave, i.e., mission critical access products grew significantly versus FY '25 and as the resultof Aviat's strategic decisions and execution years prior. allowing us to diversify our businessand gain access to larger, faster growing segments. We are glad to see the strategy coming to fruition. Now I'd like to talk more about recentdevelopments in our end markets. In the U.S. strong quarterly sales and bookings set this age for an exciting year ahead. We see several growthvectors aligning for Avia. first we believe ourmulti-dwelling unit MDU opportunity will delivermeaningful revenues to Aviat this year. We announced an order received from an existing customer in the range of 25 to 30 million dollars. We expect all of this revenue in fiscal 2027. The Avia team continues to work to win additional markets and adjacent opportunities to increase our capture rate in fiscal 2027 and beyond Secondly.We see private networks continuing to be a corefoundation for obvious growth. In state and local publi