Aviat Networks Inc (AVNW) 2026 Q4 法說會逐字稿

Welcome to Aviat Network's fourth quarter fiscal 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.

歡迎參加 Aviat Network 2026 財政年度第四季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to your host, Mr. Andrew Fredrickson, Vice President, Corporate Finance. You may begin.

現在我將把會議交給您的主持人，企業財務副總裁 Andrew Fredrickson 先生。您可以開始了。

Thank you and welcome to Aviat Networks fourth 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.aviotnetworks.com along with the replay of today's call.

謝謝，歡迎參加 Aviat Networks 2026 財政年度第四季業績電話會議與網路直播。您可在我們網站 www.aviotnetworks.com 的投資人關係（IR）專區找到新聞稿與更新後的投資人簡報，以及今日電話會議的重播。

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 Andy Schmidt, CFO, to review financial results for the quarter. Pete will then provide closing remarks on Aviat's strategy and outlook.

今天與我一同出席的有 Aviat 總裁兼執行長 Pete Smith，他將先就本公司本財季發表開場談話；接著由財務長 Andy Schmidt 回顧本季財務結果。之後 Pete 將就 Aviat 的策略與展望作結語。

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, the economic activity in different regions.

提醒各位，在今天的電話會議與網路直播中，管理層可能會就 Aviat 的業務發表前瞻性陳述，包括但不限於與財測指引、財務預測、業務驅動因素、新產品與擴張、以及不同地區的經濟活動相關的陳述。

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.

這些及其他前瞻性陳述僅反映公司截至本次電話會議與網路直播日期的觀點，並涉及可能導致實際結果與該等陳述存在重大差異的假設、風險與不確定性。

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 recent filings 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之陳述存在重大差異的因素之更多資訊，請參閱我們最近向美國證券交易委員會（SEC）提交的文件。公司不承擔因新資訊或未來事件而修訂或公開任何對這些前瞻性陳述之修訂的義務。

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 table therein, which include a GAAP to non-GAAP reconciliation and other supplemental financial information.

此外，在今天的電話會議與網路直播中，管理層將同時引用 GAAP 與非 GAAP 財務衡量指標。請參閱我們的新聞稿（可於 www.aviatnetworks.com 的投資人關係（IR）專區取得）及其中的財務表格，該等內容包含 GAAP 與非 GAAP 的調節表以及其他補充財務資訊。

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

此刻，我想把電話會議交給 Aviat 總裁兼執行長 Pete Smith。Pete？

Thanks, Andrew. Let's review the highlights from the fourth quarter. Quarterly revenues of $121 million, up 4.8% versus the year-ago period. Adjusted EBITDA of $11.9 million. Non-GAAP EPS of $0.64. Year-end backlog of $367 million, up 14% versus the end of fiscal year 2025. This marks a strong end to Aviat's fiscal 2026.

謝謝，Andrew。我們來回顧第四季的重點。單季營收 1.21 億美元，較去年同期成長 4.8%。調整後 EBITDA 為 1,190 萬美元。非 GAAP 每股盈餘（EPS）為 0.64 美元。年末在手訂單（backlog）為 3.67 億美元，較 2025 財政年度年末成長 14%。這為 Aviat 的 2026 財政年度畫下強勁句點。

Full year revenue was $440 million, up 1.2% versus the prior fiscal year. This represents our sixth consecutive year of revenue growth. Aviat is the only microwave company to achieve this growth during the last six years.

全年營收為 4.40 億美元，較上一財政年度成長 1.2%。這代表我們連續第六年營收成長。Aviat 是過去六年中唯一達成此成長的微波公司。

I would also like to note that this was the first time in over a decade that Aviat has had all four quarters in the fiscal year with at least $100 million in revenue. This is a tremendous achievement, and I would like to thank all of our customers, supplier partners, and employees in making this possible.

我也想指出，這是十多年來 Aviat 首次在同一財政年度的四個季度中，每一季營收都至少達到 1 億美元。這是一項了不起的成就，我要感謝所有客戶、供應商夥伴與員工，讓這一切成為可能。

Since FY23, we have been expanding outside of our core microwave business with a focus on mission-critical access. In FY26, sales of non-microwave, i.e. mission-critical access, products grew significantly versus FY25 and is the result of Aviat's strategic decisions and execution years prior. Allowing us to diversify our business and gain access to larger, faster-growing segments. We are glad to see this strategy coming to fruition.

自 FY23 起，我們在核心微波業務之外持續擴張，重點聚焦於任務關鍵接入（mission-critical access）。在 FY26，非微波（亦即任務關鍵接入）產品的銷售相較 FY25 大幅成長，這是 Aviat 多年前所做策略決策與執行的成果。使我們得以分散業務並切入更大、成長更快的市場區隔。我們很高興看到這項策略開始開花結果。

Now, I'd like to talk more about recent developments in our end markets. In the US, strong quarterly sales and bookings set the stage for an exciting year ahead. We see several growth vectors aligning for Aviat.

接下來，我想更進一步談談我們終端市場近期的發展。在美國，強勁的單季銷售與接單為未來令人振奮的一年奠定基礎。我們看到多個成長動能正與 Aviat 匯聚。

First, we believe our multi-dwelling unit, MDU, opportunity will deliver meaningful revenues to Aviat this year. We announced an order received from an existing customer in the range of $25 million to $30 million. We expect all of this revenue in fiscal 2027. The Aviat team continues to work to win additional markets and adjacent opportunities to increase our capture rate in fiscal 2027 and beyond.

第一，我們相信多住戶單元（MDU）的機會將在今年為 Aviat 帶來具意義的營收。我們宣布已自既有客戶取得一筆約 2,500 萬至 3,000 萬美元的訂單。我們預期這些營收將全數在 2027 財政年度認列。Aviat 團隊持續努力爭取更多市場與相鄰機會，以提升我們在 2027 財政年度及之後的掌握率。

Secondly, we see private networks continuing to be a core foundation for Aviat's growth. In state and local public safety networks, Aviat remains the leader and continues to pursue opportunities for more share of demand. According to industry research, city and state government budgets are expected to grow 6.4% and 4.2%, respectively.

第二，我們看到私有網路仍將是 Aviat 成長的核心基礎。在州與地方公共安全網路方面，Aviat 仍是領導者，並持續追求取得更多需求份額的機會。根據產業研究，市政府與州政府預算預計將分別成長 6.4% 與 4.2%。

Video-intensive applications like drones and body cameras as well as other data-intensive tools drive increased bandwidth demand within private networks, which necessitates more or upgraded microwave links. As highlighted in our last earnings call, utility private networks are poised for growth. Power infrastructure and grid connectivity are emerging as key bottlenecks to AI infrastructure deployment. This buildout requires secure, highly reliable communication networks to connect and manage grid assets.

如無人機與隨身攝影機等高影像應用，以及其他高資料量工具，正推動私有網路內部的頻寬需求增加，進而需要更多或升級的微波鏈路。如我們在上次財報電話會議所強調，公用事業私有網路正蓄勢成長。電力基礎設施與電網連接性正成為 AI 基礎設施部署的關鍵瓶頸。此一建置需要安全且高度可靠的通訊網路，以連接並管理電網資產。

Aviat participates here thanks to our portfolio of industry-leading solutions, geared toward utilities. Our microwave radio portfolio, Aprisa, SCADA radios, and LTE/5G routers, combined with our network management software and our health assurance and frequency assurance offerings, provides utilities a one-stop shop for its network connectivity build-out and management needs.

Aviat 能在此領域參與，得益於我們面向公用事業、具產業領先地位的解決方案組合。我們的微波無線電產品組合、Aprisa、SCADA 無線電與 LTE/5G 路由器，結合我們的網路管理軟體，以及健康保障（health assurance）與頻率保障（frequency assurance）方案，為公用事業提供一站式服務，以滿足其網路連接建置與管理需求。

With the SpaceX IPO and the announcement of a potential fourth cellular network in the US, there is a significant amount of investor interest in low Earth orbit, or LEO, networks.

隨著 SpaceX IPO 以及美國可能出現第四家行動網路的消息公布，投資人對低地球軌道（LEO）網路的興趣顯著升溫。

We believe that there is a valuable niche to fill in the communication space, specifically around nomadic or very remote locations. Therefore, we see the technology as being complementary and not necessarily competitive with Aviat. We see the following for Leo and Aviat.

我們相信通訊領域存在一個有價值的利基可被填補，特別是在游牧式或極偏遠地點的應用。因此，我們認為該技術是互補的，而不一定會與 Aviat 競爭。我們對 LEO 與 Aviat 的看法如下。

One, Aviat's core business is largely unthreatened; two, there is an idea of SpaceX building out a terrestrial network. While the architecture of that conceptual network is not fully formed, should this materialize, Aviat is well positioned if and when the architecture requires terrestrial backhaul; three, most exciting is the new functionality that LEO brings. LEO offers redundant communications. This is most valued by private network customers, and we are seeing opportunities for Aviat through integration with microwave and cellular router solutions.

第一，Aviat 的核心業務大致不受威脅；第二，市場上有 SpaceX 建置地面網路的想法。雖然該概念性網路的架構尚未完全成形，但若此事成真，當其架構需要地面回傳（terrestrial backhaul）時，Aviat 具備良好布局；第三，最令人振奮的是 LEO 帶來的新功能。LEO 提供備援通訊。這對私有網路客戶最具價值，而我們也正透過與微波及行動路由器解決方案的整合，看到 Aviat 的機會。

For microwave networks, satellite provides a low-cost, easy-to-deploy backup path for critical remote sites. For cellular routers and public safety and fleet applications, satellite fills LTE and 5G coverage gaps with automatic failover.

對微波網路而言，衛星可為關鍵的偏遠站點提供低成本、易部署的備援路徑。對行動路由器以及公共安全與車隊應用而言，衛星可透過自動故障切換（failover）填補 LTE 與 5G 覆蓋缺口。

In both cases, Aviat's opportunity is to deliver an integrated solution that improves resilience while simplifying deployment, management and operations for our customers. Aviat's customers are engaged in trials to demonstrate the value proposition of this redundancy. Please see slide 11 in our investor presentation to get a picture of the ongoing trials and connectivity solution we bring.

在這兩種情況下，Aviat 的機會在於提供一套整合式解決方案，在提升韌性的同時，為客戶簡化部署、管理與營運。Aviat 的客戶正進行試驗，以證明此備援機制的價值主張。請參閱我們投資人簡報的第 11 頁，以了解正在進行的試驗以及我們所提供的連線解決方案。

Moving on to international. Aviat's business has seen particular traction in the EMEA region where revenues were up 53% in the fourth quarter and up 33% for all of fiscal 2026. This growth has been driven in part by recent international private network wins, including with defense customers, including BlackNet, as well as energy firms. As we pursue more such private network business, we see this segment is growing, a growing portion of our international business in the future.

接著談國際市場。Aviat 的業務在 EMEA 地區展現出特別強勁的動能，第四季營收年增 53%，2026 會計年度全年年增 33%。此成長部分來自近期國際私有網路的得標案，包括國防客戶（包括 BlackNet）以及能源公司。隨著我們持續爭取更多此類私有網路業務，我們預期該區隔將成長，並在未來成為我們國際業務中占比日益提高的一部分。

Moving on to supply chain, like others in the technology hardware space, Aviat has not been immune from component shortages and cost inflation. Specifically, we are most focused on securing supply for memory, printed circuit boards or PCBs, capacitors and FPGAs.

接著談供應鏈。與其他科技硬體業者一樣，Aviat 也未能免於零組件短缺與成本通膨的影響。具體而言，我們最關注的是確保記憶體、印刷電路板（PCB）、電容以及 FPGA 的供應。

We will be opening the playbook we used during COVID supply chain crisis to secure favorable placement and allocations among our suppliers. Although Aviat has been able to manage through these current allocations and shortages with our inventory and safety stock, we have also had some headwinds to our gross margins from component cost inflation. We plan to pass along these price increases to our customers to help offset these rising costs.

我們將啟用在 COVID 供應鏈危機期間所採用的策略手冊，以在供應商之間爭取有利的排程與配額。雖然 Aviat 目前已透過庫存與安全庫存因應這些配額限制與短缺，但零組件成本通膨也對我們的毛利率造成了一些逆風。我們計畫將這些漲價轉嫁給客戶，以協助抵銷成本上升。

With that, I will now turn the call over to Andy to go through the financial results.

接下來，我將把電話會議交給 Andy，請他說明財務結果。

I'll review some of the key fiscal year 2026 and fourth quarter results. Please note that our detailed financials can be found in our press release and all comparisons discussed are between fourth quarter fiscal year '26 and fourth quarter fiscal year '25 unless otherwise noted.

我將回顧 2026 會計年度及第四季的一些關鍵結果。請注意，我們的詳細財務資料可在新聞稿中查閱，且除非另有說明，所有比較皆為 2026 會計年度第四季與 2025 會計年度第四季之間的比較。

For the fourth quarter, we reported total revenue of $120.9 million as compared to $115.3 million for the same period last year, an increase of 4.8%. Revenues for the 12-month period were $439.7 million versus $434.6 million the year ago 12-month period.

第四季我們的總營收為 1.209 億美元，相較去年同期的 1.153 億美元，成長 4.8%。12 個月期間的營收為 4.397 億美元，對比前一年度 12 個月期間的 4.346 億美元。

North America, which comprised 56.5% of our total revenues for the quarter, was $68.3 million. This was up $10.3 million or 17.8% versus the year-ago period. These results were complemented by a limited set of deployments for a North American-based MDU project in the quarter.

北美地區占本季總營收的 56.5%，營收為 6,830 萬美元。較去年同期增加 1,030 萬美元或 17.8%。本季亦有一小部分北美 MDU 專案的部署，對上述結果有所助益。

International revenues, which made-up 43.5% of total revenues, were $52.6 million for the quarter. For fiscal 2026, North American revenues were $220 million, up 6% versus fiscal year '25. International revenues were $219.6 million in fiscal '26, compared to $227 million in fiscal '25.

國際營收占總營收的 43.5%，本季為 5,260 萬美元。2026 會計年度北美營收為 2.20 億美元，較 2025 會計年度成長 6%。2026 會計年度國際營收為 2.196 億美元，相較 2025 會計年度的 2.27 億美元。

EMEA showed solid results for fiscal '26, while APAC stabilized. We feel our international business overall is poised for growth in fiscal '27.

EMEA 在 2026 會計年度表現穩健，而 APAC 則趨於穩定。我們認為整體國際業務在 2027 會計年度具備成長動能。

Gross margins in the fourth quarter were 30.8% on a GAAP basis and 30.9% on a non-GAAP basis. This compares to 34.2% GAAP and 34.7% non-GAAP in the prior year. The year-over-year change in gross margin is typically due to volumes, regional and product mix, so on.

第四季毛利率按 GAAP 基礎為 30.8%，按非 GAAP 基礎為 30.9%。相較之下，前一年度為 GAAP 34.2% 與非 GAAP 34.7%。毛利率的年對年變動通常與出貨量、區域與產品組合等因素有關。

That said, as Pete noted earlier, our current period gross margin was negatively affected by component shortages and associated price inflation. For fiscal 2026, gross margins were 31.5% on a GAAP basis and 31.8% on a non-GAAP basis. This compares to 32.1% GAAP and 32.8% non-GAAP in fiscal '25.

不過，如 Pete 先前所提，本期毛利率受到零組件短缺及相關價格通膨的負面影響。2026 會計年度毛利率按 GAAP 基礎為 31.5%，按非 GAAP 基礎為 31.8%。相較 2025 會計年度的 GAAP 32.1% 與非 GAAP 32.8%。

Fourth quarter GAAP operating expenses were $31.4 million. Non-GAAP operating expenses, which exclude the impact of restructuring charges, share-based compensation, and other costs, were $27.3 million. For fiscal '26, GAAP operating expenses were $119.1 million and non-GAAP operating expenses were $109.2 million. This is versus $128.9 million GAAP and $113.5 million non-GAAP in fiscal '25, a decrease of $9.8 million and $4.3 million, respectively.

第四季 GAAP 營業費用為 3,140 萬美元。非 GAAP營業費用（排除重整費用、股份基礎給付及其他成本的影響）為 2,730 萬美元。2026 會計年度 GAAP 營業費用為 1.191 億美元，非 GAAP 營業費用為 1.092 億美元。相較 2025 會計年度的 GAAP 1.289 億美元與非 GAAP 1.135 億美元，分別減少 980 萬美元與 430 萬美元。

This is the result of the entire management team diligently managing costs, continuously reviewing corporate needs, and driving process efficiency efforts.

這是整個管理團隊嚴謹控管成本、持續檢視公司需求並推動流程效率提升所帶來的成果。

Fourth quarter operating income was $5.8 million on a GAAP basis and $10 million on a non-GAAP basis. This compares to $8.9 million GAAP and $12.9 million non-GAAP in the year ago period. For fiscal '26, GAAP operating income was $19.2 million, up $8.7 million versus the last fiscal year. Fiscal 2026 non-GAAP operating income was $30.6 million, up $1.5 million or 5.2% versus the last fiscal year. The fourth quarter non-GAAP tax benefit was $0.5 million.

第四季營業利益按 GAAP 基礎為 580 萬美元，按非 GAAP 基礎為 1,000 萬美元。相較去年同期的 GAAP 890 萬美元與非 GAAP 1,290 萬美元。2026 會計年度 GAAP 營業利益為 1,920 萬美元，較上一會計年度增加 870 萬美元。2026 會計年度非 GAAP 營業利益為 3,060 萬美元，較上一會計年度增加 150 萬美元或 5.2%。第四季非 GAAP 稅務利益為 50 萬美元。

As a reminder, as of fiscal 2026 year end, the company has over $420 million of net operating losses, or NOLs, that will continue to generate shareholder value via minimal cash tax payments for the foreseeable future.

提醒一下，截至 2026 會計年度年末，公司擁有超過 4.20 億美元的淨營業虧損（NOL），在可預見的未來將透過極低的現金所得稅支付持續為股東創造價值。

Fourth quarter GAAP net loss was $1.3 million, and non-GAAP net income was a positive $8.3 million which excludes restructuring charges, depreciation and amortization, share-based compensation, interest and other income, other non-recurring expenses, and the non-cash tax provision.

第四季 GAAP 淨損為 130 萬美元；非 GAAP 淨利為正的 830 萬美元，該數字排除了重整費用、折舊與攤銷、股份基礎給付、利息及其他收入、其他一次性費用，以及非現金稅務提列。

Fourth quarter GAAP loss per share was $0.10 on a fully diluted basis, and non-GAAP earnings per share came in at a positive $0.64 on a fully diluted basis. Adjusted EBITDA for the fourth quarter was $11.9 million, or 9.8% of revenues. For the fiscal year, adjusted EBITDA was $36.7 million.

第四季 GAAP 每股虧損（完全稀釋）為 0.10 美元；非 GAAP 每股盈餘（完全稀釋）為正的 0.64 美元。第四季調整後 EBITDA 為 1,190 萬美元，占營收 9.8%。就全年而言，調整後 EBITDA 為 3,670 萬美元。

Moving on to the balance sheet. Our cash and marketable securities at the end of the fourth quarter were $72.8 million. Our outstanding debt was $97 million. Bringing the net debt position to $24.2 million.

接著看資產負債表。第四季末我們的現金及有價證券為 7,280 萬美元。未償還債務為 9,700 萬美元。因此淨負債為 2,420 萬美元。

Aviat made continued improvements in its balance sheet. Unbilled receivables were lower for the third consecutive quarter. The fourth quarter balance was $3.1 million lower compared to the fiscal 2026 third quarter ending balance. This brings our total unbilled receivables balance to $82.1 million.

Aviat 持續改善其資產負債表。未開立帳單的應收款已連續第三季下降。第四季餘額較 2026 會計年度第三季期末餘額減少 310 萬美元。使我們未開立帳單的應收款總餘額降至 8,210 萬美元。

Inventories were also lower sequentially by $3.6 million, bringing our inventory balance to $69 million. For the full fiscal year, Aviat generated cash from operations of $13.6 million. Combined with the other balance sheet improvements, this is good progress for shareholders.

存貨亦較前一季減少3.6百萬美元，使我們的存貨餘額降至6,900萬美元。就整個會計年度而言，Aviat 由營運活動產生的現金為1,360萬美元。結合資產負債表的其他改善，這對股東而言是良好的進展。

Other points to make. Aviat used $2.2 million to repurchase approximately 131,000 shares in the quarter and an average price of [$16.55] per share. Finally, we are pleased to share that in the context of our control environment, we have fully remediated our past five material weaknesses.

另外幾點說明。Aviat 在本季動用220萬美元回購約131,000股，平均每股價格為[16.55美元]。最後，我們很高興分享，在我們的控制環境脈絡下，我們已完全補救過去五項重大缺失。

Rest assured, Aviat's core value of continuous improvement is still in play, and we will continue to work to further strengthen our foundation.

請放心，Aviat「持續改善」的核心價值仍在發揮作用，我們將持續努力，進一步強化我們的基礎。

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

接下來，我把時間交回給 Pete 做一些最後的評論。

Thanks, Andy. Regarding our fiscal 2027 guidance, we are establishing our outlook as follows. Full-year revenues to be in the range of $455 million to $470 million. Full year adjusted EBITDA to be in the range of $50 million to $55 million. Note that our guidance is full fiscal year.

謝謝，Andy。關於我們2027會計年度的指引，我們的展望如下。全年營收預計介於4.55億至4.70億美元。全年調整後 EBITDA 預計介於5,000萬至5,500萬美元。請注意，我們的指引是針對整個會計年度。

Some additional color on seasonality. Based on our backlog and current outlook, the first quarter will be the foundation on which Aviat's revenue builds throughout fiscal 2027. Additionally, we expect the second half of fiscal 2027 to have higher overall revenues versus the first half of fiscal 2027.

再補充一些關於季節性的說明。根據我們的在手訂單與目前展望，第一季將是 Aviat 在2027會計年度營收逐步建立的基礎。此外，我們預期2027會計年度下半年整體營收將高於上半年。

See slide 23 in the investor presentation for a view of the seasonality Aviat has typically experienced and for use in your models.

請參閱投資人簡報第23頁，以了解 Aviat 過往通常呈現的季節性，並供各位建模使用。

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

那麼，接線員，讓我們開放提問。謝謝。

(Operator Instructions)

(接線員指示)

Scott Searle, Roth Capital.

Scott Searle，Roth Capital。

Good morning. Thanks for taking the questions. Nice job on the quarter. Also nice to see the balance sheet improvements and the cleanup of the material weaknesses. Hey, maybe just to dive in, I wonder if you could give us an idea of the breakdown in North America between carrier contribution and private networks and then specifically looking into the September quarter and how we ramp up from an MDU contribution standpoint. Pete, how is that shaping up just in terms of the context of how we should think about the flow of that into the course of fiscal '27?

早安。謝謝讓我提問。本季表現做得很好。也很高興看到資產負債表的改善以及重大缺失的清理完成。我想先深入問一下，能否提供北美地區中，電信營運商貢獻與專用網路（private networks）的占比拆分？另外，特別針對9月季度，從 MDU 貢獻的角度來看，我們的拉升節奏會是如何？Pete，就2027會計年度的進程而言，這部分的流入節奏你建議我們怎麼思考？

So we ended the year with record backlog up 14%. A lot of that was work throughout the year that landed in the May, June timeframe. There's this pervasive component availability. So when we said in the script that the Q1 is going to be a foundation, we think given the timing of our wins and given the supply chain ramp-up, we think if you put a revenue profile together Q1 will be the lowest. Q2 and Q4 will be peaks, and Q3 should be higher than Q1.

我們以創紀錄的在手訂單結束年度，年增14%。其中很大一部分是全年進行的工作，落在5月、6月的時間點。目前仍普遍存在零組件供應可得性的因素。因此我們在講稿中提到第一季會是基礎，我們認為以得標時點與供應鏈爬坡的節奏來看，如果把營收曲線排出來，第一季會是最低點。第二季與第四季會是高峰，而第三季應該會高於第一季。

And then with respect to the -- overall, I don't have the US breakdown in front of me, but we're about 45% private networks, 55% service providers or mobile network operators. And I think that I'll give a qualitative statement. I would say the US has more private networks than the overall lobby. So I think that gives you a vector on that, Scott.

至於——整體而言，我手邊沒有美國的拆分數字，但我們大約是45%來自專用網路、55%來自服務供應商或行動網路營運商。我再補充一個定性的說法。我會說美國的專用網路占比高於整體組合。所以我想這能給你一個方向，Scott。

Okay, thank you. Pete, just to clarify though, on the MDU front, do you expect contribution in the September quarter or is there a lot of pre-deployment activity ongoing more engineering and otherwise, and we should expect to ramp up into the second half of the year or second quarter?

好的，謝謝。Pete，我再確認一下，關於 MDU 方面，你預期在9月季度就會有貢獻嗎？還是目前仍有大量部署前活動在進行，例如工程等，因此我們應該預期在下半年或第二季才開始拉升？

Yeah, so we think the ramp-up is going to occur in second quarter. There's a chance that we get some in the September quarter. And let me just give a little more color on this. We completed more proof of concepts in a variety of markets, and we believe that the customer has moved us ahead in the supplier pecking order where we think we're established as the preferred vendor.

是的，我們認為拉升會發生在第二季。也有機會在9月季度就有一些貢獻。我再補充一點背景。我們在多個市場完成了更多概念驗證（POC），我們相信客戶已把我們在供應商排序中往前移，讓我們有望被確立為首選供應商。

So what we really need to do is get that site readiness over the hump in the September quarter, get all of our components on order and enjoy the win in the December quarter.

所以我們真正需要做的是在9月季度把站點就緒（site readiness）跨過門檻，把所有零組件下單到位，並在12月季度享受這次得標的成果。

Great. Thank you. And two other quick ones if I could. Just on the satellite LEO opportunity, I'm wondering if you're actually starting to see interest in contribution today. It seems like there's a lot of activity, but I'm wondering what you're factoring into that fiscal '27 guidance at this point in time.

很好。謝謝。如果可以的話，我還有兩個簡短問題。關於衛星 LEO 的機會，我想了解你們今天是否已開始看到實際的貢獻或需求。看起來活動很多，但我想知道你們目前在2027會計年度指引中，對此納入了哪些假設。

And then second, gross margins, some component headwinds on that front. I'm wondering how you're thinking about that in terms of fiscal '27, broadly speaking is there some expansion in gross margin opportunities given some scale and product mix, or are you still seeing some headwinds on the component front?

第二個，關於毛利率，這方面有一些零組件逆風。我想了解你們對2027會計年度毛利率的看法：整體而言，是否因規模與產品組合而有毛利率擴張的機會？還是你們仍看到零組件端的逆風？

Sure, Scott. This is Andy. Great to hear from you. In terms of gross margins, as Pete commented on revenue, Q1 is going to be our building block when we go up from there. So let's call it the foundation or lowest part of the year. It's going to be affected by lower volume, of course.

當然，Scott。我是 Andy。很高興聽到你的聲音。就毛利率而言，如同 Pete 對營收的評論，第一季會是我們往上建立的起點。可以把它稱為基礎或全年最低點。當然會受到較低出貨量的影響。

Pete did talk to in his prepared remarks strategies that we're deploying to offset the component inflation, if you will. Those are going to be more realized in Q2 and going forward, not in Q1. But again, we do have plans, and we expect Q2, Q3, and Q4 to have more upward pressure on gross margin.

Pete 在事先準備的發言中也談到我們正在採取的策略，用以抵消零組件通膨（如果你願意這麼稱呼）。這些策略的效果會在第二季及之後更能體現，而不是在第一季。但再次強調，我們確實有計畫，且我們預期第二季、第三季與第四季的毛利率會有較多上行動能。

And there's no LEO in the guide.

而指引中沒有納入 LEO。

Christian Schwab, Craig-Hallum.

Christian Schwab，Craig-Hallum。

Great. Congrats on the solid quarter. I'm wondering if you could give us an update on your large European competitor who is exiting their microwave business. We believe by the end of this calendar year. Are you seeing any business benefits from that currently and would you anticipate or see an increased dialogue that you think will benefit you in your next fiscal year?

很好。恭喜本季表現穩健。我想請你們更新一下：你們那家大型歐洲競爭對手正在退出其微波業務。我們認為會在今年曆年年底前完成。你們目前是否已看到因此帶來的業務效益？以及你們是否預期或已看到更多對話增加，並認為這將在你們下一個會計年度帶來助益？

A competitor of our European competitor has communicated that their pipeline of opportunities is improving, and I would suggest that the same thing is transpiring with us. To convert a microwave network, it's a 6 to 18-month proposition, and the good news for us was the announcement was made November of 2025, and immediately after that, I think Aviat and all of our non-for-sale competitors created a pipeline and are pursuing that, and I would say we've had kind of normal course of business wins, and I would say that our competitors have probably had that as well, where networks get exchanged at a low level.

我們某家歐洲競爭對手的競爭者已表示，他們的機會管線正在改善，我會說同樣的情況也正在我們這裡發生。要轉換一個微波網路，通常需要6到18個月；對我們而言的好消息是，該公告是在2025年11月發布，而在那之後立刻，我認為 Aviat 以及所有未出售業務的競爭對手都建立了機會管線並積極追逐；我會說我們取得了一些屬於正常業務進程的勝利，而我也認為我們的競爭對手大概也是如此，因為網路會在較低層級逐步被替換。

I think the possibility for this to improve is probably in the March and June quarters for Aviat as well as the competitors that have been working over what will be a period of 1.5 year to convert the uncertainty to wins.

我認為，對 Aviat 以及在過去約 1.5 年期間一直努力把不確定性轉化為勝出的競爭對手而言，改善的可能性大概會落在 3 月與 6 月季度。

Thank you. And then as it relates to BEAD, is there -- there's been a lot of fluctuations of people tied to that and just wondering what your current thoughts. I think before, we thought maybe some things would start in fiscal year '27, but really had more of a multi-year outlook. I'm just wondering if there's any update on your current thoughts there.

謝謝。接著談到 BEAD，這方面相關人員變動很大，我想了解一下你們目前的看法。我記得之前我們認為可能要到 27 財年才會開始有些進展，但整體更像是多年的展望。想請問你們目前的看法是否有更新？

In front of me, we've got quotes out to our customers. We're working to turn those quotes into business. So it's becoming tactical rather than theoretical. And I would also say that we still believe it to be a three-year impact. Our estimate is in the December quarter. It should have the first real impact to our revenue.

我這邊看到的是，我們已經向客戶提出報價。我們正在努力把這些報價轉成訂單。所以它正變得更偏戰術執行，而不是理論推演。另外我也會說，我們仍然相信它會帶來為期三年的影響。我們的估計是在 12 月季度，它應該會首次對我們的營收產生實質影響。

Okay, fantastic. And then lastly, regarding your belief that you're the preferred vendor. And showing proof of concepts of different applications on the MDU ramp, appreciate the $25million to $30 million significant order in hand. Should we anticipate that there could be more significant orders as we go through fiscal year '27, or is that yet too early?

好的，太棒了。最後一題，關於你們相信自己是首選供應商，並且在 MDU 推進過程中展示不同應用的概念驗證，也感謝你們手上已有 2,500 萬到 3,000 萬美元的重大訂單。我們是否應該預期在 27 財年推進過程中還可能出現更多重大訂單，還是現在談這個仍然太早？

I don't want you to anticipate, but there could be. How about that? Kind of split it, split the middle there.But it's a fair question and we're hopeful. Let's not put it in the model, but that's what we're working towards.

我不希望你去預期，但確實有可能會有。這樣說如何？算是折衷一下。不過這是個合理的問題，我們也抱持希望。先別把它放進模型裡，但這就是我們努力的方向。

Jaeson Schmidt, Lake Street.

Jaeson Schmidt，Lake Street。

Thanks, guys, for taking my questions. Just following up on Christian's last question on the MDU opportunity and potential for more orders, can you help us size the potential of follow-on orders or how are you looking at this opportunity sort of in the intermediate term here?

謝謝各位回答我的問題。延續 Christian 最後一題關於 MDU 機會與更多訂單的可能性，你們能否協助我們衡量後續追加訂單的潛在規模？或是你們在中期是如何看待這個機會？

Yeah, so I think what's really critical to driving the size of the opportunity. The subscriber growth and we're in the early innings of the subscriber growth. And the more subscribers that come online for this Tier 1, the bigger the opportunity. I mean, for, the last time we talked, we sized this as an eight-figure opportunity, and we put that in our APK during our quiet period, we would say that it's just that we think it's going to get bigger.

好的，我認為真正關鍵、會驅動機會規模的是：用戶數成長，而我們目前仍在用戶成長的早期階段。這家 Tier 1 的上線用戶越多，機會就越大。我的意思是，上次我們談到時，我們把它估為一個八位數的機會；我們在靜默期的 APK 裡也提到過，我們會說就是這樣，但我們認為它會變得更大。

So then the next question is, does it cross the barrier for nine figures? I don't know. I think the total annual opportunity is in the $100 million neighborhood. And that's predicated on one, the customer achieving their subscriber growth metrics; and two, our share versus the competitive share. So if you want to look at this as what could it be, what could it all be, I would say we hit the $100 million figure. The precursors to that are the market opportunity hits the $100 million level.

接下來的問題是，它會不會跨過九位數的門檻？我不確定。我認為整體年度機會大約在 1 億美元左右。這取決於兩點：第一，客戶能達成其用戶成長指標；第二，我們的市占相對於競爭對手的市占。所以如果你想從「可能會是多少、全部加總可能會是多少」的角度來看，我會說我們可以觸及 1 億美元這個數字。而要達到那個數字的前提，是市場機會本身要達到 1 億美元的水準。

How that parses out between Aviat and competition is looking more favorable, but I don't see in any situation where we'd be sole source. And then what's probably more important is how many subscribers come on to those MDU units.

至於 Aviat 與競爭對手之間如何分配，目前看起來對我們更有利，但我不認為在任何情況下我們會是唯一供應來源。然後可能更重要的是，有多少用戶會接入那些 MDU 單元。

Okay, that's really helpful. And then, just as a follow-up, can you update us on the Aprisa router funnel and what you're seeing and expectations for fiscal '27?

好的，這非常有幫助。另外追問一下，你們能否更新 Aprisa 路由器的商機漏斗狀況、你們看到的情況，以及對 27 財年的預期？

So we're not going to break out guidance specifically for Aprisa. The Aprisa business on the utility front, which is why we bought in continue to enjoy it is performing well. We've talked in the past about the LTE router and basically putting this router into public safety or police cars.

我們不會針對 Aprisa 單獨拆分提供指引。Aprisa 在公用事業端的業務——也就是我們收購它的原因、以及我們持續看好的部分——表現良好。我們過去也談過 LTE 路由器，基本上是把這款路由器部署到公共安全領域或警車上。

What I can say is that we have initial orders in the US, Europe and Latin America. It's still relatively small and there's a long lead site. A long kind of runway to get government agencies into the purchasing funnel, but I would also say that our performance in the mobile cellular router sector is we're going up against Cradlepoint and the reason we have those initial orders and significant engagements is because we have a compelling value proposition that customers like, and it's just going to take time, but we believe that it will happen.

我可以說的是，我們在美國、歐洲與拉丁美洲已經拿到初始訂單。目前規模仍相對小，而且要讓政府機關進入採購漏斗需要較長的前置期，但我也會說，我們在行動蜂巢式路由器領域的表現是——我們正面對 Cradlepoint 競爭，而我們之所以能拿到這些初始訂單與重要的合作洽談，是因為我們有具吸引力的價值主張，客戶喜歡；只是需要時間，但我們相信它會發生。

Gotcha. Thanks a lot, guys.

了解。非常感謝各位。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Dave Kang, B. Riley.

Dave Kang，B. Riley。

Good morning. Thank you. First question is just wondering how much are we going to get, Middle East projects that were delayed last quarter, how much of that was captured in the fourth quarter?

早安。謝謝。第一個問題是，想請問上季延後的中東專案，有多少在第四季被追回／認列？

Yeah, I think most of it was recaptured.

是的，我認為大部分都追回了。

Got it. And did that mix also play into that gross margin. I know you talked about supply chain headwind, but also the mix.

了解。那這個產品組合也有影響到毛利率嗎？我知道你們提到供應鏈逆風，但也有組合因素。

Primarily the component inflation has affected this quarter. Mix is pretty much representative. As said in prepared remarks, America's were about 56.5%, which is fairly typical.

本季主要受到零組件通膨的影響。產品組合大致上具有代表性。如同事先準備的講稿所說，美洲約占 56.5%，這相當典型。

Just to add to that, Dave, right, so the nature of the inflation in the component environment is sometimes they're spot markets, sometimes it's prices go up even after you make the order. And in the next few weeks, we're going to go out to our customers for more price.

再補充一下，Dave，對，零組件環境中的通膨性質，有時是在現貨市場，有時則是即使你下了訂單，價格之後仍會上調。接下來幾週，我們會向客戶爭取更高的價格。

So unfortunately, the nature of the inflation is -- it's a little more abrupt than typical. So we got impacted by that abruptness and we're going to work to offset that inflation. I think we should get some improvement in the December quarter and then the back half, it should be better still.

所以很不幸地，這種通膨的特性——比典型情況更為突然。我們受到這種突然性的影響，接下來會努力抵消這些通膨。我認為在 12 月季度應該會有一些改善，而下半年應該會更好。

So by second-half, can we expect like mid-30s in terms of gross margin expectations?

所以以「下半年」來看，我們可以期待毛利率大約在 30% 中段嗎？

That would be aspirational. A lot of the growth, again, is coming out of MDU, as we've talked to in these other markets, and that has pretty much what we call more of a middle of our product strategy profile. So again, we ended the year at about 32%. That's a safe harbor in terms of how we operate, just looking at historical. Again, as Pete talked to these different strategies, we expect some upward pressure, so that's good. But I wouldn't necessarily go as high as what you're suggesting as we speak today.

那會是比較理想化的目標。如同我們在其他市場談到的，成長很大一部分來自 MDU，而那基本上屬於我們所稱較偏「產品策略中段」的組合輪廓。所以我們今年結束時大約是 32%。從歷史來看，這是我們營運上的安全區間。同樣地，正如 Pete 談到的這些不同策略，我們預期會有一些向上的推力，這是好事。但以今天來說，我不一定會像你所建議的那樣高。

Got it. And my last question is regarding your fiscal '27 revenue outlook. Just wondering if they need to be factored into that outlook.

了解。我最後一個問題是關於你們 2027 財年的營收展望。想請教這些是否需要納入該展望的考量。

A small amount, relatively conservative. So if BEAD kicks in, we will revisit the guidance.

金額不大，而且相對保守。所以如果 BEAD 開始發揮作用，我們會重新檢視指引。

Got it. Thank you.

了解。謝謝。

Theodore O'Neill, Litchfield Hills Research.

Theodore O'Neill，Litchfield Hills Research。

Thank you and congratulations on a good quarter. I want to also follow-up on the MDU opportunity. Can you tell us, I'm sure you can't mention them by name, but can you tell us about the type of customers that are driving the MDU opportunity?

謝謝，恭喜本季表現不錯。我也想追問一下 MDU 的機會。你能否告訴我們——我知道你們應該不能點名——但能否談談推動 MDU 機會的客戶類型？

Well, we've disclosed in a lot of industry folks, we've disclosed that it's a US Tier 1 that has access to 39 gigahertz spectrum, so that narrows it down and, the field installers have leaked this, but it's not for us to disclose.

嗯，我們已向許多產業人士揭露過：這是一家美國 Tier 1 業者，擁有 39GHz 頻譜的使用權，所以範圍就縮小了；而且現場安裝人員也有洩漏，但這不是我們該對外揭露的。

So, and there are customers are apartment dwellers that typically the profile is they skew younger, lots of remote work from home that require bandwidth beyond what's economically delivered today.

所以，客戶是公寓住戶，典型輪廓是偏年輕、遠距在家工作比例高，所需頻寬超出目前在經濟上可提供的水準。

Okay. And Pete, last quarter you talked about war-induced pushouts of about $9 million, and you already said that part of that had come into Q4. Did that all make in, or are you still experiencing some kind of war-induced issues out there.

好的。另外，Pete，上季你提到因戰爭導致的延後出貨約 900 萬美元，你也說其中一部分已進到第四季。那是否已全部回補，還是你們仍在經歷某種戰爭相關的問題？

Actually, so the customer was not overdue, but that was in the Middle East, war-induced issue. And we would say that there's steady state that problem has reversed. And I would say our demand in that customer base and our supply is at steady state.

其實，那位客戶並沒有逾期，但那是在中東、屬於戰爭造成的問題。我們會說目前已回到穩態，問題已逆轉。我也會說，我們在該客戶群的需求與我們的供應都處於穩態。

Okay. And finally, on the range of revenue guidance, there's a range of $15 million. Can you talk about what sort of -- what would make it, at the high end or the low end of that, sort of the give and take in that?

好的。最後，關於營收指引區間，範圍是 1,500 萬美元。你能談談什麼因素會讓結果落在區間高端或低端，也就是其中的取捨嗎？

Yeah. I'd like to talk about how to make it to get to the higher end more MDU and how does that one, there's more subscriber growth to share gain versus the competition. Two, is our de minimis modeling of BEAD. So if BEAD kicks in the way we wished it would have kicked in over the last five years, then we will revisit guidance.

可以。我想談談如何達到高端：第一是更多 MDU，這取決於訂戶成長帶來的市占提升、相對於競爭對手的份額增加。第二是我們對 BEAD 的極小幅度（de minimis）建模。所以如果 BEAD 的推進如同我們希望它在過去五年就該推進的那樣，我們會重新檢視指引。

And then three would be private networks and Christian asked a question about the competitive dynamics in private networks, we think we're well positioned if some of those convert, or if private networks, the Aprisa LTE router opportunity is in there. If either of those two things happen, that'll pop up our private network.

第三會是私有網路。Christian 問了私有網路的競爭態勢，我們認為若其中一些案子轉換落地，我們的定位很好；或者私有網路方面，Aprisa LTE 路由器的機會也包含在內。如果這兩件事其中之一發生，將會推升我們的私有網路業務。

And then lastly, we see some, given the competitive dynamics globally. We have more tier one interest than normal new Tier 1, so that would be the fourth potential lever to move us from, let's say, the midpoint to the high end. So we have okay. So we have four possibilities there.

最後，鑑於全球競爭態勢，我們看到比平常更多的 Tier 1 興趣、也有新的 Tier 1，因此這會是第四個可能的槓桿，讓我們從例如中位數走向高端。所以我們——好的。所以我們有四種可能性。

Rustam Kanga, Citizens Bank.

Rustam Kanga，Citizens Bank。

Great. Thank you for taking my question. Hey, Andy, and Pete, nice close to the year. Regarding the historical revenue patterns at 48% to 52% for the back half of the year for your guidance for next year. Are you looking at something like more towards the range of 40%, 60% or could it be more pronounced than that?

很好。謝謝讓我提問。嗨，Andy 和 Pete，年末收官不錯。關於你們過去的營收季節性模式：下半年通常占全年 48% 到 52%，而你們對明年的指引也是如此。你們是否在看更接近 40%/60% 這樣的分布，或是可能比那更明顯？

Hey, Russ, this is Andrew Fredrickson. Yes. So we mentioned that the second half of the year would be a little bit more back half weighted. I would think you could think about it incrementally more than maybe where it's been historically. So maybe it's something closer to 45%, 55%, but we'll certainly continue to keep you updated as we advance through the year.

嗨 Russ，我是 Andrew Fredrickson。是的。我們提到今年下半年會稍微更偏向下半年後段。我認為你可以把它想成比歷史水準再多一些。所以可能更接近 45%/55%，但我們也會在年度推進過程中持續向你更新。

But if you look at the investor slide number 23 in our investor presentation, we have historical numbers over the last couple of fiscal years. I would say at a minimum, that's a good kind of guidance level from a seasonality perspective. But again, maybe you have a couple more percentage points in the back half.

不過如果你看我們投資人簡報的第 23 頁投影片，我們列了過去幾個財年的歷史數字。我會說至少從季節性角度，那是一個不錯的指引參考水準。但同樣地，下半年後段可能再多幾個百分點。

Yeah, slide 23 is the model that we're signing up to.

對，第 23 頁就是我們要採用的模型。

Sounds good. And then regarding the MDU opportunity, I understand that it's hinging on the subscriber growth there. Just curious if the number of markets that you're operating there has grown or sustained from what you've talked about in the previous quarter.

聽起來不錯。另外關於 MDU 機會，我理解它取決於那邊的訂戶成長。想請教你們在那邊營運的市場數量，和前一季提到的相比，是增加了還是維持不變？

Yes. I think we're slated or are in 25 markets. And if we roll back the clock, we were 1, 7, 11 to 13. So now I think we're approaching the 25 market level.

是的。我想我們預計或已經在 25 個市場。如果把時間往回推，我們曾經是 1、7、11 到 13 個市場。所以現在我想我們正接近 25 個市場的水準。

That's great. Thanks.

太好了。謝謝。

And I'm showing no further questions in the Q&A queue at this time. I will now turn the call back over to Mr. Pete Smith with any closing remarks.

目前我看到 Q&A 排隊中沒有其他問題。我現在把電話交回給 Pete Smith 先生，請他做結語。

It's an exciting time for Aviat. Thanks, everyone, for joining. We look forward to again updating you in November. Thanks.

對 Aviat 來說，這是一個令人振奮的時刻。謝謝各位參與。我們期待在 11 月再次向各位更新。謝謝。

This concludes today's conference call. Thank you for your participation and you may now disconnect.

今天的電話會議到此結束。感謝各位的參與，現在可以掛線。