Aviat Networks Inc (AVNW) 2026 Q1 法說會逐字稿

Good afternoon. Welcome to Aviat Networks first quarter fiscal 2026 earnings call. (Operator Instructions) Please note, this conference is being recorded.

午安.歡迎參加 Aviat Networks 2026 財年第一季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Mr. Andrew Fredrickson, Interim Chief Financial Officer. Thank you. You may begin.

現在我將把會議交給主持人，臨時財務長安德魯·弗雷德里克森先生。謝謝。你可以開始了。

Thank you, and welcome to Aviat Networks First Quarter Fiscal 2026 Results Conference Call and Webcast. You can find our press release and updated investor presentation in the IR section of our website at www.aviatnetworks.com, along with a replay of today's call.

謝謝，歡迎參加 Aviat Networks 2026 財年第一季業績電話會議和網路直播。您可以在我們網站 www.aviatnetworks.com 的投資者關係部分找到我們的新聞稿和更新後的投資者簡報，以及今天電話會議的錄音。

With me today are Pete Smith, Aviat's President and CEO, who will begin with opening remarks on the company's fiscal quarter, followed by myself to review the financial results for the quarter. Pete will then provide closing remarks on Aviat's strategy and outlook, followed by Q&A.

今天和我一起出席的是 Aviat 的總裁兼執行長 Pete Smith，他將首先就公司的財政季度發表開幕致辭，然後由我來回顧該季度的財務業績。隨後，Pete 將就 Aviat 的策略和前景發表總結性講話，並進行問答環節。

As a reminder, during today's call and webcast, management may make forward-looking statements regarding Aviat's business, including, but not limited to, statements relating to fiscal guidance, financial projections, business drivers, new products and expansions and economic activity in different regions.

提醒各位，在今天的電話會議和網路直播中，管理層可能會就 Aviat 的業務發表前瞻性聲明，包括但不限於與財政指導、財務預測、業務驅動因素、新產品和擴張以及不同地區的經濟活動相關的聲明。

These and other forward-looking statements reflect the company's opinions only as 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.

這些以及其他前瞻性陳述僅反映公司截至本次電話會議和網路直播之日的觀點，並涉及假設、風險和不確定性，這些因素可能導致實際結果與這些陳述有重大差異。

Additional information on factors that could cause actual results to differ materially from the statements expressed or implied on this call can be found in our most annual report on Form 10-K filed with the SEC. The company undertakes no obligation to revise or make public any revision of these forward-looking statements in light of new information or future events.

有關可能導致實際結果與本次電話會議中明示或暗示的聲明存在重大差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的最新年度報告（表格 10-K）。本公司不承擔因新資訊或未來事件而修改或公開任何前瞻性聲明的義務。

Additionally, during today's call and webcast, management will reference both GAAP and non-GAAP financial measures. Please refer to our press release, which is available in the IR section of our website at www.aviatnetworks.com and financial tables therein, which include a GAAP to non-GAAP reconciliation and other supplemental financial information.

此外，在現今的電話會議和網路直播中，管理階層將同時提及GAAP和非GAAP財務指標。請參閱我們的新聞稿，該新聞稿可在我們網站 www.aviatnetworks.com 的投資者關係部分找到，以及其中的財務表格，其中包括 GAAP 與非 GAAP 的調節表和其他補充財務資訊。

At this time, I would now like to turn the call over to Aviat's President and CEO, Pete Smith. Pete?

現在，我想把電話交給 Aviat 的總裁兼執行長 Pete Smith。皮特？

Thanks, Andrew, and good afternoon. Let's review the highlights from the first quarter. Total revenues of $107.3 million, up 21.4% versus the year ago period. Non-GAAP gross margin of 33.8%, adjusted EBITDA of $9.1 million, non-GAAP EPS of $0.43. These quarterly results represent a good start for Aviat in achieving our goals for fiscal 2026 and are a good return to performance versus our year ago Q1.

謝謝你，安德魯，下午好。讓我們回顧一下第一季的亮點。總營收達 1.073 億美元，比去年同期成長 21.4%。非GAAP毛利率為33.8%，調整後EBITDA為910萬美元，非GAAP每股盈餘為0.43美元。這些季度業績標誌著Aviat在實現2026財年目標方面取得了良好的開端，並且與去年同期相比，業績有了顯著回升。

I'd like to thank all of Aviat's employees, partners and customers for playing a part in this quarter. Let's discuss our end markets and key developments. Private networks remain a core area of focus for Aviat Networks.

我要感謝 Aviat 的所有員工、合作夥伴和客戶在本季所做的貢獻。讓我們來討論一下我們的終端市場和關鍵發展動態。私有網路仍然是 Aviat Networks 的核心關注領域。

In the first quarter, we secured a number of meaningful project bookings across public safety and utility networks. The strong state and local government budgets continue to set the stage for a good fiscal 2026 environment for our private network opportunities.

第一季度，我們在公共安全和公用事業網路領域獲得了一系列重要的項目訂單。強勁的州和地方政府預算繼續為我們的私人網路機會創造良好的 2026 財年環境。

In the utility vertical, we continue to grow our funnel by pursuing the cross-selling opportunities from the 4RF Aprisa acquisition. These efforts and our end-to-end portfolio and turnkey solutions have resulted in a number of meaningful bookings with utilities, including one large multistate and multiphase network modernization project worth approximately $8 million.

在公用事業垂直領域，我們透過尋求從 4RF Aprisa 收購中獲得的交叉銷售機會，繼續擴大我們的銷售管道。這些努力以及我們的端到端產品組合和交鑰匙解決方案，已經促成了與公用事業公司的一些重要訂單，其中包括一個價值約 800 萬美元的大型跨州多階段網路現代化項目。

We expect to have more large wins in this segment, thanks to our unique product offering, which includes our access and router solutions, our backhaul radios such as our IRU 600 ultra-high power microwave radio and our ProVision Plus and frequency and health assurance software, all combined to offer utilities and other private network operators leading performance and lowest total cost of ownership. I am also pleased to announce the launch of our Aprisa LTE 5G router solution for police, fire and emergency vehicles.

我們預計在這個領域會取得更多重大勝利，這得益於我們獨特的產品組合，其中包括我們的接入和路由器解決方案、我們的回程無線電（例如我們的 IRU 600 超高功率微波無線電）以及我們的 ProVision Plus 和頻率及健康保證軟體，所有這些都結合起來，為公用事業公司和其他專用網路營運商提供領先的性能和最低的總擁有成本。我很高興地宣布，我們向警車、消防車和緊急車輛推出了 Aprisa LTE 5G 路由器解決方案。

Public safety has long been our leading segment within private networks, and this is a major step in expanding our solutions offering for these customers. This solution addresses a critical segment of this market that is entirely new to Aviat.

公共安全一直是我們在專用網路中的主要細分市場，而這是我們為這些客戶擴展解決方案的重要一步。此解決方案針對的是Aviat公司全新且至關重要的市場區隔領域。

The global cellular router and gateway market is expected to grow at a 12% annual rate and reach $2.8 billion in annual revenues by 2028. This growth is driven by the increasing demand in applications like real-time data sharing and video streaming and GPS tracking across a wide range of connected devices, including mobile data terminals, body-worn cameras, sensors and surveillance systems and vehicles of all kinds.

全球蜂窩路由器和網關市場預計將以每年 12% 的速度成長，到 2028 年年收入將達到 28 億美元。這種增長是由對即時數據共享、視訊串流和 GPS 追蹤等應用的需求不斷增長所驅動的，這些應用涵蓋了各種聯網設備，包括行動數據終端、執法記錄儀、感測器和監控系統以及各種車輛。

This solution is made in the USA, is available now and supports all major frequency bands, including FirstNet and is certified by all the major carriers in the US and many international carriers. Please reference slide 9 in our investor deck for more information on this opportunity for Aviat.

該解決方案在美國製造，現已上市，支援所有主要頻段，包括 FirstNet，並已獲得美國所有主要營運商和許多國際營運商的認證。有關 Aviat 此次投資機會的更多信息，請參閱我們投資者簡報中的第 9 頁。

As part of this product rollout, we have also enabled our ProVision Plus software to help simplify the complexity inherent with 5G networking for public safety mobility applications that also provide carrier coverage visibility and vehicle tracking to increase productivity, reduce downtime and minimize security risks, all while lowering operating costs.

作為該產品推廣的一部分，我們還啟用了 ProVision Plus 軟體，以幫助簡化 5G 網路在公共安全移動應用方面固有的複雜性，該軟體還提供運營商覆蓋範圍可見性和車輛跟踪，從而提高生產力、減少停機時間並最大限度地降低安全風險，同時降低運營成本。

The introduction of this offering is also significant as it builds on the technology acquired in the 4RF acquisition and validates our ability to not only identify and acquire the right technology, but to successfully integrate it, build upon it and leverage it to create new high-value solutions for our target markets. We're excited to see where this offering goes.

此次推出的產品意義重大，因為它建立在收購 4RF 時獲得的技術之上，並驗證了我們不僅能夠識別和獲取正確的技術，而且能夠成功地整合、發展和利用這些技術，為我們的目標市場創造新的高價值解決方案。我們很期待看到這項產品未來的發展方向。

Before moving on to our mobile service provider business, let's briefly address the US federal government shutdown and its impact on Aviat. Roughly 5% of our business is with the federal government. So from that perspective, we do not anticipate a large impact. We saw some small opportunities where the timing was accelerated to beat the shutdown in Q1, and we also anticipate that some opportunities will be pushed out until after the shutdown is over.

在深入探討我們的行動服務供應商業務之前，讓我們先簡要談談美國聯邦政府停擺及其對 Aviat 的影響。我們約有 5% 的業務來自聯邦政府。因此從這個角度來看，我們預計不會產生太大影響。我們看到一些小機會，為了趕在1季停工之前完成，時間安排被加快了；我們也預計一些機會將被推遲到停工結束後。

Most likely, this will mean some revenues are pushed out of our fiscal second quarter, but that they will come back in the third quarter. If the shutdown extends a significant amount of time, its impact to our business will become harder to predict.

這很可能意味著部分收入將從我們的第二財季推遲到第三財季，但會在第三財季恢復。如果停工時間延長，對我們業務的影響將更難預測。

At this time, though, we do not believe that the shutdown will have a significant impact on Aviat's FY26 business. In regards to our mobile service provider market, we continue to gain traction both in North America and globally. The operating environment continues to strengthen for Aviat versus a year ago, and we remain positive on the setup for fiscal 2026.

不過，目前我們認為此次停工不會對 Aviat 2026 財年的業務產生重大影響。就我們的行動服務供應商市場而言，我們在北美和全球範圍內都持續獲得發展動力。與一年前相比，Aviat 的經營環境持續改善，我們對 2026 財年的前景依然保持樂觀。

In North America, we continue to make good strides with our Tier 1s. In regards to BEAD, we continue to see fixed wireless access and other wireless solutions as growing beneficiaries of the program. We believe wireless makes the most sense for the performance per dollar and the speed to deploy. We still anticipate that Aviat will not see any benefit from BEAD until calendar 2026, likely in the back half of the year.

在北美，我們的一級供應商繼續取得良好進展。就 BEAD 而言，我們繼續看到固定無線存取和其他無線解決方案成為該計劃日益增長的受益者。我們認為，就性價比和部署速度而言，無線方案是最合理的選擇。我們仍然預計 Aviat 要到 2026 年才能從 BEAD 中受益，很可能是在下半年。

I would now like to turn the call over to Andrew to review the financial results of the quarter before coming back for closing remarks.

現在我想把電話交給安德魯，讓他回顧本季的財務業績，然後再回來做總結發言。

Thanks, Pete. I'll review some of the key fiscal 2026 first quarter results. Please note that our detailed financials can be found in our press release and all comparisons discussed are between the first quarter of fiscal year 2026 and the first quarter of fiscal year 2025, unless otherwise noted.

謝謝你，皮特。我將回顧2026財年第一季的一些關鍵業績。請注意，我們的詳細財務數據可在新聞稿中找到，除非另有說明，所有討論的比較均指 2026 財年第一季與 2025 財年第一季之間的比較。

For the first quarter, we reported total revenues of $107.3 million as compared with $88.4 million for the same period last year, an increase of $18.9 million or 21.4% year over year. North America, which comprised 49.1% of our total revenues for the quarter was $52.6 million, an increase of $10.4 million or 24.7% from the same period last year due to growth both in private networks and mobile network operators.

第一季度，我們的總營收為 1.073 億美元，而去年同期為 8,840 萬美元，年增 1,890 萬美元，增幅達 21.4%。北美地區占我們本季總營收的 49.1%，營收為 5,260 萬美元，比去年同期成長 1,040 萬美元，增幅達 24.7%，這主要得益於專用網路和行動網路營運商的成長。

International revenues were $54.7 million for the quarter, an increase of $8.5 million or 18.3% from the same period last year. This was driven by increased mobile network operator business versus a year ago and growing private network demand.

本季國際營收為 5,470 萬美元，比去年同期成長 850 萬美元，增幅達 18.3%。這主要是由於行動網路營運商業務較一年前有所成長，以及專用網路需求不斷增長所致。

Gross margins in the first quarter were 33.2% on a GAAP basis and 33.8% on a non-GAAP basis. This compares to 22.4% GAAP and 23.2% non-GAAP in the prior year. The change in gross margin is primarily due to regional and product mix in the quarter in addition to higher volumes in this quarter as compared to a year ago.

第一季毛利率以美國通用會計準則 (GAAP) 計算為 33.2%，以非美國通用會計準則 (non-GAAP) 計算為 33.8%。相較之下，前一年以 GAAP 計算的比例為 22.4%，以非 GAAP 計算的比例為 23.2%。毛利率的變化主要是由於本季區域和產品組合的變化，以及本季銷售量較去年同期有所成長。

First quarter GAAP operating expenses were $30.5 million, down versus $35.4 million in the year ago period. Non-GAAP operating expenses, which exclude the impact of restructuring charges, share-based compensation and deal costs were $28.4 million, a decrease of $1.7 million versus the prior year.

第一季 GAAP 營運費用為 3,050 萬美元，低於去年同期的 3,540 萬美元。不包括重組費用、股份支付和交易成本影響的非GAAP營運費用為2840萬美元，比上年減少了170萬美元。

This decrease is due to disciplined cost management and increased efficiencies at Aviat. First quarter operating income was $5.2 million on a GAAP basis and $7.9 million on a non-GAAP basis. This compares to a $15.6 million GAAP loss and a $9.5 million non-GAAP loss in the year ago period.

這一下降是由於 Aviat 公司嚴格的成本管理和效率的提高。第一季營業收入以美國通用會計準則 (GAAP) 計算為 520 萬美元，以非美國通用會計準則 (non-GAAP) 計算為 790 萬美元。相比之下，去年同期以 GAAP 計算的虧損為 1,560 萬美元，以非 GAAP 計算的虧損為 950 萬美元。

The first quarter tax provision was $2.3 million. As a reminder, the company has over $450 million of net operating losses or NOLs that will continue to generate shareholder value via minimal cash tax payments for the foreseeable future.

第一季稅務準備金為230萬美元。提醒大家，該公司擁有超過 4.5 億美元的淨營業虧損（NOL），在可預見的未來，這些虧損將繼續透過極少的現金稅款支付為股東創造價值。

First quarter GAAP net income was $0.2 million and non-GAAP net income, which excludes restructuring charges, share-based compensation, M&A-related and other nonrecurring expenses and the noncash tax provision was $5.5 million. First quarter non-GAAP EPS came in at $0.43 on a fully diluted basis, up by $1.30 versus the year ago period. Adjusted EBITDA for the first quarter was $9.1 million or 8.5% of revenues, an increase of $16.8 million versus last year.

第一季 GAAP 淨收入為 20 萬美元，非 GAAP 淨收入（不含重組費用、股份支付、併購相關及其他非經常性支出和非現金稅項準備金）為 550 萬美元。第一季非GAAP每股收益（完全稀釋後）為0.43美元，比去年同期成長1.30美元。第一季調整後 EBITDA 為 910 萬美元，佔營收的 8.5%，比去年同期成長 1,680 萬美元。

Moving on to the balance sheet. Our cash and marketable securities at the end of the first quarter were $64.8 million. Our outstanding debt was $106.5 million, bringing our net debt position to $41.7 million.

接下來來看資產負債表。第一季末，我們的現金和有價證券為 6,480 萬美元。我們未償債務為 1.065 億美元，使我們的淨債務達到 4,170 萬美元。

With that, I'll turn it back to Pete for some final comments. Pete?

接下來，我將把麥克風交還給皮特，讓他做一些最後的總結。皮特？

Thanks, Andrew. We are pleased with the start of fiscal 2026 and look forward to continuing to execute our strategy to capture additional share of wallet in private networks and win more share of demand within mobile networks. We are maintaining our annual fiscal 2026 guidance unchanged at full year revenues to be in the range of $440 million to $460 million, full year adjusted EBITDA to be in the range of $45 million to $55 million.

謝謝你，安德魯。我們對 2026 財年的開局感到滿意，並期待繼續執行我們的策略，以在私人網路中獲得更多市場份額，並在行動網路中贏得更多需求份額。我們維持 2026 財年全年業績預期不變，全年營收預計在 4.4 億美元至 4.6 億美元之間，全年調整後 EBITDA 預計在 4,500 萬美元至 5,500 萬美元之間。

With that, operator, let's open up for questions.

操作員，那麼，我們開始接受提問吧。

(Operator Instructions) Scott Searle, ROTH Capital Partners.

（操作說明）Scott Searle，ROTH Capital Partners。

Nice job on the quarter, Pete, Andrew. Just real quickly, I know you're not updating or expanding guidance in terms of the fiscal year given the current macro environment, and we're only in the first fiscal quarter. But I'm wondering if you can comment on the sequential outlook as we're going into December. I would assume there's some seasonal uptick there.

皮特和安德魯，這季幹得漂亮！我只想簡單提一下，鑑於目前的宏觀環境，我知道你們不會更新或擴大本財年的業績指引，而我們現在才剛進入第一財季。但我很想知道您能否就12月的市場前景發表一下看法。我估計那裡存在一些季節性增長。

And along those lines, where are you expecting the strength to come from? Is it from Tier 1 North American providers? Is it private networks? Or are you seeing something going on from an international standpoint?

那麼，你認為力量將從何而來？是北美一級供應商的產品嗎？這是私有網路嗎？或者，您是從國際角度觀察到哪些情況？

Yes. I think US public safety is perhaps the strongest, and that's going to give us a quarter-over-quarter lift. So we feel -- Scott, we feel good about that. We also want to be cautious that it is early in the year and the government shutdown, while it's a small part of our business, we just want to be conservative, and that's why in our remarks, we feel increasingly confident about FY26.

是的。我認為美國公共安全情勢可能是最嚴峻的，這將使我們的季度環比成長。所以斯科特，我們對此感到很滿意。我們也想謹慎一些，因為現在還處於年初，而且政府停擺，雖然這在我們業務中只佔很小一部分，但我們還是想保持保守，這就是為什麼我們在發言中對 2026 財年越來越有信心。

We just don't want to get over our skis on the December quarter. That's -- I mean, so we could start the dialogue about Pete and Andrew are conservative. We will take that criticism. But we see significant strength right now in US private networks, principally driven by public safety.

我們只是不想在12月季度之前就放棄滑雪。我的意思是，這樣我們就可以開始討論皮特和安德魯是保守派的問題了。我們會接受這些批評。但我們目前看到美國私人網路實力雄厚，主要得益於公共安全的推動。

Okay. Fair enough. And then just in terms of some of the specific growth categories, 4RF is something you guys have started to talk about more recently have seen some strength there. You've identified public safety. I'm wondering how big this opportunity could be as you start to think about where we could be if you look out several quarters from a 4RF standpoint.

好的。很公平。然後，就一些具體的成長類別而言，你們最近開始更多地談論 4RF，並且已經看到它展現出一些優勢。您已確定公共安全問題。我想知道，如果你從 4RF 的角度展望未來幾個季度，思考我們未來可能的發展方向，那麼這個機會究竟有多大。

And I'm not sure if I heard any update on MDUs in your opening remarks. I'm wondering if you could give us some updated thoughts in terms of what you're seeing there and if that opportunity is expanding beyond the Tier 1 that you were dealing with.

我不確定在您的開場白中是否聽到了關於多單元住宅（MDU）的任何最新進展。我想知道您能否就您目前所看到的情況，以及這種機會是否正在擴展到您之前接觸的第一梯隊之外，向我們提供一些最新的想法。

You're asking all the questions, Scott. So with respect to the MDU, we've demonstrated all that you could ask with respect to our 28 gigahertz and 39 gigahertz performance. We've demonstrated carrier-grade serviceability. We've demonstrated the MU MIMO. We've had customer links going for almost two years, right?

史考特，你問的問題真多。因此，就 MDU 而言，我們已經展示了您在 28 吉赫茲和 39 吉赫茲性能方面所能要求的一切。我們已證明具備營運商等級的服務能力。我們已經演示了MU MIMO技術。我們的客戶連結已經運行了將近兩年了，對吧？

We are focused on Tier 1s with this. We're not prepared to give an update on news. But with respect to -- we're not ready to go the next step on the news, but we are making great progress with our customer base, and we feel very confident about our prospects for the future.

我們目前主要針對一級供應商。我們暫不準備發布最新消息。但就目前而言——我們還沒有準備好公佈下一步的消息，但我們在客戶群方面取得了巨大進展，我們對未來的前景充滿信心。

So that's what I would say about the MDU. I would -- this wasn't a question, but I would also say that in learning about the MDU market, it's aligned with fixed wireless access, which is the fastest-growing segment in all of wireless.

這就是我對MDU的看法。——這不是一個問題——但我還想說，在了解 MDU 市場時，我發現它與固定無線接入一致，而固定無線接入是整個無線領域中成長最快的細分市場。

And we've started to unlock additional technology sets that will serve us for a couple of years as we explore opportunities outside of our core microwave business into adjacencies. So there's learning that has occurred that will benefit us say it's not in a model, but a couple of years from now, we think that this is a good development for the medium- to long-term future.

我們已經開始解鎖其他技術組合，這些技術組合將在未來幾年內為我們服務，因為我們將探索核心微波業務以外的鄰近領域的機會。因此，我們已經獲得了一些經驗，這些經驗將對我們有益。雖然它還沒有被納入模型，但我們認為，從中長期來看，幾年後這將是一個好的發展。

And then you started to ask about 4RF. And we see good traction in -- I'll go back a couple -- I mean, maybe a year ago. When we looked at their small customer base versus our customer base, -- we're both strong in utilities.

然後你開始問起 4RF。我們看到了一些良好的進展——我回顧一下幾年前——我的意思是，大概一年前。當我們比較他們的小客戶群和我們的客戶群時，我們發現——我們在公用事業領域實力都很強。

And then there was only 11% overlap between their customer base and our customer base. So in terms of an acquisition, the customer or channel synergy is tremendous, and we've owned it for a year and five months.

而且，他們的客戶群和我們的客戶群只有 11% 的重疊。因此，就收購而言，客戶或通路協同效應非常顯著，而且我們已經擁有它一年又五個月了。

And we're starting to see the traction in selling microwave to the historical 4RF customers and vice versa, the 4RF solution into the Aviat utility base, which I would say, if you think about Aviat, our best customers are public safety, our second best customers and channel strength is in utilities. So we're excited about that.

我們開始看到向傳統的 4RF 客戶銷售微波產品取得了進展，反之亦然，4RF 解決方案也開始進入 Aviat 公用事業客戶群。我想說的是，如果你想想 Aviat，我們最好的客戶是公共安全部門，我們第二好的客戶和通路優勢在於公用事業部門。我們對此感到很興奮。

Jaeson Schmidt, Lake Street.

傑森‧施密特，湖街。

Just curious if you could discuss what you're seeing in India and what you're baking in from that region into this fiscal '26 outlook?

我很好奇您能否談談您在印度的觀察，以及您將該地區的哪些因素納入2026財年的展望中？

Sure, Jaeson. So I'll take a first answer on that one. So this quarter, we did have a good mix of revenue from India in the quarter, and the margins were relatively favorable there as well. So from that standpoint, this quarter, it was a good mix and result for us. I'd say in terms of the overall fiscal year, last year, India was, call it, a mid-single-digit contributor as a country overall on a percentage basis to our revenues.

當然可以，傑森。那我就先聽聽大家對這個問題的第一個回答吧。所以本季度，我們在印度的營收組成比較合理，而且印度的利潤率也相對較高。所以從這個角度來看，本季對我們來說是一個不錯的組合和結果。就整個財政年度而言，去年印度作為國家對我們的收入貢獻百分比，只能算是一個中等個位數的貢獻者。

I would expect them to be relatively the same this year. That being said, we have good customer diversification, both from a geographic and individual customer standpoint. And so we're not thinking about India as being a single driver within our overall business.

我預計今年情況會與今年大致相同。也就是說，無論從地理分佈或客戶群來看，我們的客戶群都十分多元化。因此，我們並不認為印度是我們整體業務中的唯一驅動力。

And Jaeson, I would add that I think that there is an upgrade cycle to come in India. I don't think it will be this in our -- the Aviat fiscal year, but I think it could be a growth driver for -- from July through June and our fiscal year '27. So I agree 100% with what Andrew said. And if you want to look out further, I could see India being -- the India upgrade or replacement cycle having an impact, say, a year from now and beyond.

傑森，我還要補充一點，我認為印度即將迎來一個升級換代的周期。我不認為這會在我們——Aviat 的財政年度——實現，但我認為它可能會成為從 7 月到 6 月以及我們 2027 財年的成長動力。所以我百分之百同意安德魯的說法。如果展望更遠的未來，我認為印度的升級或更換週期可能會產生影響，比如說，一年後甚至更久。

Okay. That's really helpful. And then just as a follow-up, when we look at gross margin for fiscal '26, is it fair to expect you guys to be able to grow gross margin sequentially throughout the year?

好的。這真的很有幫助。那麼，作為後續問題，當我們展望 2026 財年的毛利率時，是否可以預期貴公司能夠在這一年中實現毛利率的環比增長？

Yes. So this quarter, gross margins were up, especially versus the year ago period, mainly due to overall volumes globally. In terms of looking out for all of fiscal '26, I would say there's some opportunity to grow margins by a percentage point or two, I'd say, is the most likely outcome. I don't know that it would be sequential. But by the end of the year, I think you could expect us to be at that mid-30s percent.

是的。因此，本季毛利率有所上升，尤其是與去年同期相比，這主要是由於全球整體銷售的成長。展望整個 2026 財年，我認為利潤率有提升一、兩個百分點的機會，這應該是最有可能的結果。我不知道這是否會是按順序發生的。但到今年年底，我認為我們可以達到 30% 左右的水平。

Rustam Kanga, Citizens.

魯斯塔姆·坎加，市民。

Nice print here. Just one question on the Aprisa Router. Could you just speak to the opportunity there from a competitive displacement standpoint versus your number one competitor and some of the smaller players there and how you're thinking about that opportunity?

印刷效果不錯。關於Aprisa路由器，我有一個問題。能否從競爭取代的角度談談貴公司與頭號競爭對手以及一些規模較小的競爭對手相比，您如何看待這個機會？

Yes. So just to go back to the -- what we call the mobile cellular router opportunity, it's a $2.8 billion market growing at 12%. And we would say the incumbent is principally what Ericsson owns via their Cradlepoint acquisition. Telefonica can be there. You can also think about Semtech.

是的。所以，讓我們回到我們所謂的行動蜂窩路由器市場機遇，這是一個價值 28 億美元的市場，正以 12% 的速度成長。我們認為，目前的主要競爭對手是愛立信透過收購 Cradlepoint 而擁有的公司。西班牙電信公司也可能參與其中。你也可以考慮Semtech。

Out of that $2.8 billion, we think we're ready to engage $800 million of that opportunity. We have $0 today. And why -- so why are we talking about this when we haven't done $1 of revenue? It's because this offering is the combination of 4RF, our Aviat's hardware and software platform and our number one market channel in public safety. And we basically engaged approximately 10 state police or large municipal government police departments.

在這 28 億美元中，我們認為我們已經準備好抓住其中的 8 億美元機會。我們今天有0美元。為什麼——在我們還沒有實現 1 美元收入的情況下，為什麼要討論這個問題？這是因為該產品結合了 4RF、我們的 Aviat 硬體和軟體平台以及我們在公共安全領域的第一大市場管道。我們基本上與大約 10 個州警察或大型市政府警察部門進行了合作。

There's no friction. There's a lot of interest in our solution. It will take probably another six months, but we think that this is going to be a big growth driver towards the end of this fiscal year going into next fiscal year. And we think we're super excited about it.

沒有摩擦。我們的解決方案引起了許多人的興趣。可能還需要六個月的時間，但我們認為這將是本財年末到下一財年期間的一大成長動力。我們對此感到非常興奮。

Awesome. Great to hear. And then just wanted to touch on federal. I appreciate the 5% of the business metric there. Just curious if you could just help us quantify or maybe ring-fence the magnitude of the accelerated pull-ins and then how much is baked into the guide for Q2 that you said might push into Q3, just how to think of that as a relative mix perspective?

驚人的。聽到這個消息真是太好了。然後我還想簡單談談聯邦方面的問題。我很欣賞這5%的業務指標。我只是好奇您能否幫我們量化或限定一下加速增長的幅度，以及您所說的第二季度指導方針中有多少可能會延續到第三季度，從相對組合的角度來看，應該如何理解這一點？

I mean worst case for this quarter, maybe 1% pull in. It's really hard to judge. Worst-case push out, and I don't think it will be this bad would be 4% to 5%.

我的意思是，最糟的情況是，本季可能只有 1% 的收入。這真的很難判斷。最糟糕的情況是，產品被擠出市場，但我認為不會這麼糟糕，擠出市場的比例應該在 4% 到 5% 之間。

And look, I don't want to get trapped in this guidance because if the government opens tomorrow, then we'll have a mad dash to get stuff out because the customer base is going to really want this done. So to be conservative, let's say, the government shutdown doesn't get restored until January, then we have to be a little more conservative.

你看，我不想被這些指導意見束縛住，因為如果政府明天開放，我們就得爭分奪秒地把東西發出去，因為客戶群真的希望這件事能盡快完成。所以保守一點來說，假設政府停擺要到一月才能恢復，那我們就必須更保守。

If it opens up tomorrow, then it's not as bad. I know that, that doesn't -- this is one of the reasons we guide on an annual basis. And I know when you put your forecast out, this doesn't help, but I want to be -- say where we're at. Sorry, I couldn't be more definitive.

如果明天就開放，那情況就沒那麼糟了。我知道，那樣做是不行的──這也是我們每年進行指導的原因之一。我知道當你發布預測時，這樣做並沒有什麼幫助，但我還是想說說我們目前的處境。抱歉，我無法給出更明確的答案。

Theodore O'Neill, Litchfield Hills Research.

西奧多·奧尼爾，利奇菲爾德山研究。

Congratulations on the good quarter. Pete, on the slide 9 here about the cellular routing solution for public safety. I'm just wondering what's the driver here? Do they -- do these vehicles not have routers? Or do they need some -- an updated router?

恭喜你本季業績出色。Pete，這裡第 9 張幻燈片是關於公共安全領域的蜂窩路由解決方案的。我只是想知道這裡的驅動因素是什麼？這些車輛沒有路由器嗎？還是他們需要一台升級版的路由器？

I'm wondering if you could just fill me in on that.

我想請你詳細告訴我一下狀況。

All right. So a lot of the vehicles, actually, I think most, if not all, the vehicles have routers in them. And what has transpired is there's some dissatisfaction with the incumbents on their price point and their OpEx business model. And then further, we have deep customer intimacy from our public safety microwave networks. We're a trusted provider.

好的。所以實際上，我認為很多車輛，如果不是全部的話，大部分車輛都裝有路由器。而現在的結果是，人們對現有企業的定價和營運支出商業模式感到不滿。此外，我們也透過公共安全微波網路與客戶建立了深厚的聯繫。我們是值得信賴的供應商。

We hypothesized that this was going to be interesting for Aviat's growth. And based on the -- our 10 chosen customers' engagement, we see dissatisfaction with some of the functionality, some of the business model with the incumbent, and we have the hardware, the software and perhaps most importantly, the channel and the customer relationships. So that's what I would say.

我們推測，這將有利於 Aviat 的發展。根據我們選定的 10 位客戶的參與情況，我們發現他們對現有供應商的某些功能和商業模式感到不滿，而我們擁有硬體、軟體，或許最重要的是，我們擁有通路和客戶關係。這就是我想說的話。

That makes sense. So you're already the incumbent provider for other parts of the network. So it just -- it makes it an easy sell.

這很有道理。所以你已經是該網路其他部分的現有供應商了。所以，這使得它很容易賣出去。

Yes. And to be maybe overly specific, the procurement person for the microwave public safety network typically is a couple of doors down from the person that's responsible for the technology that goes into the emergency vehicle or the --

是的。更確切地說，微波公共安全網路的採購人員通常與負責緊急車輛或相關技術的員工僅隔幾間辦公室。--

Yes. Okay. And my other question is about the multi-dwelling unit fixed wireless broadband. So Verizon acquired Starry Group Holdings, so they could go after that market. And I was wondering what that acquisition means for Aviat, if anything?

是的。好的。我的另一個問題是關於多戶住宅固定無線寬頻的。因此，Verizon 收購了 Starry Group Holdings，以便進軍該市場。我想知道，如果收購Aviat公司，會對它產生什麼影響？

Two, I think, first, it validates our effort in the multi-dwelling unit space. If a company like Verizon is going to spend on what we believe to be channel access, we think that, that bodes well for the growth of hardware and software in the MDU space. Also, we did look at the Starry assets. We didn't look at it from a channel perspective, but we looked at it from a hardware perspective. And what I could say is we're a couple of generations ahead of where Starry left off.

我認為，首先，這證明了我們在多戶住宅領域的努力是正確的。如果像 Verizon 這樣的公司願意在我們認為是頻道接入方面投入資金，我們認為，這對 MDU 領域的硬體和軟體發展來說是一個好兆頭。此外，我們也考察了 Starry 的資產。我們不是從通路的角度來考慮這個問題，而是從硬體的角度來考慮。我可以說的是，我們比 Starry 時代領先了好幾代。

Egor Tolmachev, Freedom Bank Broker.

Egor Tolmachev，自由銀行經紀人。

Could you please share a quick update on BEAD program progress you see among your clients and maybe how it will impact your business?

能否請您簡要介紹一下您客戶中 BEAD 專案的進展情況，以及它將如何影響您的業務？

BEAD. Okay. So on BEAD, we've been super conservative all along with respect to BEAD. And last earnings call, I was a bit more bullish. And the reason we are bullish is now our customers are talking to us specifically about BEAD funding and BEAD deployments.

珠子。好的。所以，在 BEAD 問題上，我們一直都非常保守。上次財報電話會議上，我的態度稍微樂觀一點。我們看好BEAD的原因是，現在我們的客戶正在專門與我們討論BEAD的融資和部署。

So we are getting significantly more encouraged about BEAD. We see some specifics that there's growing non-fiber support. So Utah and Arizona have quantified the maximum they're willing to pay for a fiber connection, which means that -- so their number in Utah and Arizona, they limited to, I think, less than 15,000. That could swing 40% of the connections to be non-fiber-based. New Mexico is proposing 40% for fixed wireless, which will drive microwave backhaul.

因此，我們對BEAD計畫越來越充滿信心。我們看到一些具體跡象表明，非光纖網路的支援正在成長。因此，猶他州和亞利桑那州已經量化了他們願意為光纖連接支付的最高金額，這意味著——所以猶他州和亞利桑那州的光纖連接數量，我認為，限制在了不到 15,000 戶。這可能會導致 40% 的連接不再基於光纖。新墨西哥州提議將 40% 的頻寬用於固定無線網絡，這將推動微波回程鏈路的發展。

Washington is at 39%. And Kansas proposed 50% of locations to be served by hybrid and fixed wireless access. So we think all of these developments and our customer engagement bode well for us capturing some of the BEAD and BEAD funding. And the question we have is, will that be in the March, June or the September quarter? We don't know.

華盛頓的支持率為 39%。堪薩斯州提議 50% 的地點採用混合和固定無線存取方式。因此，我們認為所有這些進展以及我們與客戶的互動都預示著我們將獲得一些 BEAD 和 BEAD 資金。我們現在的問題是，這會在三月、六月還是九月這個季度發生？我們不知道。

But as we get nearer to landing some of those -- or our customers get nearer to deploying some of the BEAD money, we will circle back and update you on our progress and what it might mean for revenue growth going forward.

但隨著我們越來越接近實現其中一些目標——或者我們的客戶越來越接近部署一些 BEAD 資金——我們將再次與您聯繫，向您報告我們的進展以及這可能對未來收入成長意味著什麼。

And maybe a quick follow-up on your Intercom telecom partnership. Can you maybe provide some quantitative estimates or timing of -- for this partnership?

或許還需要快速跟進一下您與 Intercom 電信公司的合作關係。您能否提供一些關於此次合作的量化估算或時間安排？

The partnership is ongoing. So it's established and it's working. And yes, I think that's about all I could say about the partnership. So thank you.

合作關係仍在繼續。所以它已經建立起來了，而且運作良好。是的，關於這次合作，我想說的也就這些了。所以，謝謝你。

This concludes the question-and-answer session. I would now like to turn it back to Pete for closing remarks.

問答環節到此結束。現在我想把時間交還給皮特，讓他做總結發言。

Thanks, everyone, for joining. I have a few things to point out. We basically lapped the year ago poor performance. Now our adjusted EBITDA is at a level of $54 million. Independent of the cellular router opportunity, we see the public safety market remaining attractive.

謝謝大家的參與。我有幾點需要指出。我們基本上已經扭轉了去年糟糕的局面。目前我們調整後的 EBITDA 為 5,400 萬美元。撇開蜂窩路由器市場機會不談，我們認為公共安全市場仍然具有吸引力。

In the Q&A session, we poked at the MDU, which we see as an emerging market and gets Aviat firmly into fixed wireless access, which would be good. The mobile cellular router is an attractive segment. We see BEAD incrementally moving forward. So with all that, thanks for calling in, and we look forward to updating you on progress in 90 days.

在問答環節中，我們談到了 MDU，我們認為這是一個新興市場，讓 Aviat 穩固地進入固定無線存取領域，這將是件好事。行動蜂窩路由器是一個極具吸引力的細分市場。我們看到 BEAD 正在逐步向前發展。綜上所述，感謝您的來電，我們期待在 90 天後向您報告進度。

Thank you for your participation in today's conference. This does conclude the program, and you may now disconnect.

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。