AVNW

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How AVNW rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026

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172

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words, now 23,438

New in FY2026

Aviat’s principal executive offices are located at 200C Parker Dr., Suite 100A, Austin, Texas 78728, and its telephone number is (512) 265-3680.
As of July 3, 2026, the Company had 900 employees.
Revenue from our North America and international regions represented approximately 50% and 50% of our revenue in fiscal 2026, 48% and 52% of our revenue in fiscal 2025, and 50% and 50% of our revenue in fiscal 2024, respectively.
Aviat transport equipment is used to support backhaul connectivity to rural broadband networks serving remote communities as an alternative to costly fiber.
There are significant investments, including the $42.45 billion American federal grant program managed by the National Telecommunications and Information Administration (“NTIA”) to expand high-speed internet access to unserved and underserved communities, and a share of this investment will target middle mile infrastructure builds. • Expansion of Offered Services .
Private Networks In addition to mobile backhaul, we see demand for microwave technology in other vertical markets, including utility, public safety, energy and mining, government, financial institutions and broadcast. • Many utility companies around the world are actively investing in “Smart Grid” solutions and energy demand management, which drive the need for network modernization and increased capacity of networks.
Utilities are also preparing for the overwhelming demand presented by expanding data centers (associated with, among, other things, increasing demand for AI) and the need to transform traditional grids into highly automated, intelligent ecosystems. • The investments in network modernization in the public safety market can significantly enhance the capabilities of security agencies.
Improving border patrol effectiveness, enabling inter-operable emergency communications services for local or state police, providing secure fixed and mobile vehicular access to timely information from centralized databases, or utilizing video and imaging devices at the scene of an incident requires a high bandwidth and reliable network.
Our products offer integrated IP transport and routing functionality, as well as support for legacy services to increase the value they bring in the backhaul network and provide a smooth migration path with minimal network disruption or downtime. • The enhancement of border security and surveillance networks to counter terrorism and insurgency is aided by the use of wireless technologies including microwave backhaul. • The expected growth of remote and industrial SCADA and broadband wireless access applications to support the evolution of smart networks for cities, oilfields, utilities, mines, emergency service vehicles and remote rural broadband connectivity using fixed, nomadic and mobile wireless technologies, particularly where a high degree of environmental resilience, security and ruggedness is required.
Our IRU 600 EHP/UHP is an ultra-high power indoor microwave radio that enables relocation of mission critical links from 6 GHz to the 11 GHz band to minimize potential interference and deliver longer links with more capacity, while also minimizing tower related costs.
Aviat Pasolink is a market-leading range of split-mount microwave with an extensive global installed base and market leading reliability, which now includes the Pasolink LH (Long Haul) solution designed for all-indoor, multi-channel long haul applications.
Aviat’s ProVision Plus Management Software Suite enables operators to manage and control their network, improve performance and lower operating expenses, and includes expert Assurance software to monitor and optimize network health and minimize potential interference from WiFi 6E and other potential sources.
Aviat plans to evolve our management software solutions to incorporate AI and ML technologies to increase automation, reduce time to repair and network downtime.
Our customers also benefit from access to AviatCloud, which is a platform of secure hosted software and services to automate our customers’ networks and simplify operational complexity, seek technical assistance, design microwave links with our free-to-use expert Aviat Design, and obtain immediate answers to product related queries using our AI-enabled Aviat Intelligence. • Low TCO.
Our highest concentrations of sales and service resources are in the United States, Asia Pacific, Western and Southern Africa, and the European Union.
We maintain a presence in a number of other countries, some of which are based in customer locations and include, but not limited to, Canada, Mexico, Kenya, and Saudi Arabia.
Backlog Our backlog was approximately $367 million as of July 3, 2026, and $323 million as of June 27, 2025, consisting primarily of contracts or purchase orders for both product and service deliveries and extended service warranties.
We expect to substantially deliver against the backlog as of July 3, 2026, during fiscal 2027, but we cannot be assured that this will occur.
During fiscal 2026, 2025 and 2024, no customers accounted for more than 10% of total revenue.
Our principal competitors include business units of large mobile and IP network infrastructure manufacturers such as Ericsson, Huawei, ZTE, Nokia Corporation and GE Vernova, as well as a number of smaller transport and access specialist companies such as Ceragon Networks Ltd. and Cambium Networks Corporation.
We also compete with fiber optic cable for networking connections.
In addition to advancing our microwave transport portfolio, we are making strategic investments in our access product portfolio to expand market opportunities, address evolving customer connectivity requirements, and strengthen our end-to-end networking solutions.
The majority of such research and development resources will be focused on technologies in microwave and millimeter wave RF, digital signal processing, networking protocols, software applications and access networking technologies.
Our research and development expenditures totaled $28.4 million, or 6.5% of revenue, in fiscal 2026, $35.8 million, or 8.2% of revenue, in fiscal 2025, and $36.4 million, or 8.9% of revenue, in fiscal 2024.
Our product development teams totaled 223 employees as of July 3, 2026, and were located primarily in Slovenia and New Zealand.
During fiscal year 2026, we increased our research and development capabilities through the establishment and expansion of a new development center in Chennai, India.
As of July 3, 2026, we (collectively with our subsidiaries) own approximately 226 U.S. patents and 147 international patents and had 12 U.S. patent applications pending and 8 international patent applications pending.
Further, changes in patent laws or their interpretation in the United States and other countries, including through legislative action by Congress or foreign legislative bodies, judicial decisions such as recent United States Supreme Court rulings narrowing the scope of patent protection or weakening the rights of patent owners, or actions by the USPTO or similar foreign authorities, may diminish the value of our intellectual property, increase the uncertainties and costs surrounding the prosecution and enforcement or defense of our patents, and weaken our ability to obtain new patents or to enforce our existing patents and any patents we might obtain or license in the future.
As a result, from time to time, we might engage in litigation to enforce our patents or other intellectual property rights or defend against claims of alleged infringement or misappropriation asserted by third parties.
Although our ability to compete may be affected by our ability to protect our intellectual property rights and proprietary information, we believe that, because of the rapid pace of technological change in the wireless telecommunications industry, our innovative skills, technical expertise and ability to introduce new products on a timely basis are just as important in maintaining our competitive position as protecting our intellectual property.
For example, the European Union’s Restriction of Hazardous Substances Directive (“RoHS”), which restricts the use of certain hazardous materials in the manufacture of certain electrical and electronic products, including some of our products, and the Waste Electrical and Electronic Equipment Directive (“WEEE”), which requires producers of electrical and electronic equipment to be responsible for the collection, reuse, recycling, and treatment of their products.
We have procedures and a comprehensive policy in effect concerning conflict minerals compliance.
Human Capital Management As of July 3, 2026, we had 900 employees, of whom 898 were full-time employees and 248 were located in the U.S.
In the highly competitive technology market, we remain focused on attracting, developing, and retaining highly-qualified talent across all functions.
We leverage structured recruiting and onboarding processes, provide hiring managers with selection and interviewing guidance, and gather feedback from new employees during their first months of employment to monitor engagement, inform continuous improvement efforts, and support successful integration into the organization.
In fiscal year 2026, we acted on the insights gained from our prior year global engagement survey by implementing function-specific action plans and company-wide initiatives designed to improve employee engagement, strengthen our culture, and enhance organizational effectiveness.
Information about our Executive Officers The executive officers of Aviat as of August 27, 2026, are as follows: Name and Age Position Currently Held and Past Business Experience Peter A.
Schmidt was appointed Senior Vice President and Chief Financial Officer (“CFO”) in December 2025.
Schmidt brings more than 25 years of senior financial leadership, including over 20 years as a public company CFO.
Most recently, he served as CFO of Sientra, Inc., a Nasdaq-listed medical aesthetics company from 2021 to 2024.

and 132 more.

Gone since FY2025

Aviat’s principal executive offices are located at 200 Parker Dr., Suite C100A, Austin, Texas 78728, and its telephone number is (408) 941-7100.
As of June 27, 2025, the Company had 923 employees.
Revenue from our North America and international regions represented approximately 48% and 52% of our revenue in fiscal 2025, 50% and 50% of our revenue in fiscal 2024, and 58% and 42% of our revenue in fiscal 2023, respectively.
Aviat transport equipment is used to deliver broadband connectivity to rural and suburban communities as an alternative to costly fiber.
There are significant investments being made to improve rural household and enterprise connectivity and many of these investments target middle mile infrastructure builds. • Expansion of Offered Services.
Private Networks In addition to mobile backhaul, we see demand for microwave technology in other vertical markets, including utility, public safety, energy and mining, government, financial institutions and broadcast. • Many utility companies around the world are actively investing in “Smart Grid” solutions and energy demand management, which drive the need for network modernization and increased capacity of networks. • The investments in network modernization in the public safety market can significantly enhance the capabilities of security agencies.
Improving border patrol effectiveness, enabling inter-operable emergency communications services for local or state police, providing access to timely information from centralized databases, or utilizing video and imaging devices at the scene of an incident requires a high bandwidth and reliable network.
Our products offer integrated IP transport and routing functionality, increasing the value they bring in the backhaul network. • The enhancement of border security and surveillance networks to counter terrorism and insurgency is aided by the use of wireless technologies including microwave backhaul. • The expected growth of remote and industrial access applications to support the evolution of smart networks for cities, oilfields, mines and remote rural broadband connectivity using fixed, nomadic and mobile wireless technologies, particularly where a high degree of environmental resilience and ruggedness is required.
Our IRU 600 EHP/UHP is an ultra-high power indoor microwave radio that enables relocation of mission critical links from the 6 GHz band to the 11 GHz band to minimize potential interference and deliver longer links with more capacity, while also minimizing tower related costs.
Aviat Pasolink is a market-leading range of split-mount microwave with an extensive global installed base and market leading reliability.
Aviat’s ProVision Plus Management Software Suite enables operators to manage and control their network, optimize performance and lower operating expenses.
AviatCloud is a platform of secure hosted software and services to automate our customers’ networks and simplify operational complexity. • Low TCO.
Our highest concentrations of sales and service resources are in the United States, Western and Southern Africa, the Philippines, and the European Union.
We maintain a presence in a number of other countries, some of which are based in customer locations and include, but not limited to, Canada, Mexico, Kenya, India, Saudi Arabia, Indonesia, Australia, New Zealand, and Singapore.
Backlog Our backlog was approximately $323 million as of June 27, 2025, and $292 million as of June 28, 2024, consisting primarily of contracts or purchase orders for both product and service deliveries and extended service warranties.
We expect to substantially deliver against the backlog as of June 27, 2025, during fiscal 2026, but we cannot be assured that this will occur.
During fiscal 2025, 2024 and 2023, no customers accounted for more than 10% of total revenue.
Our principal competitors include business units of large mobile and IP network infrastructure manufacturers such as Ericsson, Huawei, ZTE, Nokia Corporation and GE Vernova, as well as a number of smaller transport and access specialist companies such as Ceragon Networks Ltd., Cambium Networks Corporation, RACOM and Airspan Networks.
We also compete with fiber optic cable and low earth orbit satellites for networking connections.
The majority of such research and development resources will be focused on technologies in microwave and millimeter wave RF, digital signal processing, networking protocols and software applications.
Our research and development expenditures totaled $35.8 million, or 8.2% of revenue, in fiscal 2025, $36.4 million, or 8.9% of revenue, in fiscal 2024, and $24.9 million, or 7.2% of revenue, in fiscal 2023.
Our product development teams totaled 225 employees as of June 27, 2025, and were located primarily Slovenia and New Zealand.
As of June 27, 2025, we (collectively with our subsidiaries) own approximately 244 U.S. patents and 159 international patents and had 8 U.S. patent applications pending and 8 international patent applications pending.
Further, changes in either the patent laws or in the interpretations of patent laws in the United States and other countries may diminish the value of our intellectual property and may increase the uncertainties and costs surrounding the prosecution of patent applications and the enforcement or defense of issued patents.
We cannot predict the breadth of claims that may be allowed or enforced in our patents or in third-party patents.
In addition, Congress or other foreign legislative bodies may pass patent reform legislation that is unfavorable to us.
For example, the United States Supreme Court has ruled on several patent cases in recent years, either narrowing the scope of patent protection available in certain circumstances or weakening the rights of patent owners in certain situations.
In addition to increasing uncertainty with regard to our ability to obtain patents in the future, this combination of events has created uncertainty with respect to the value of patents once obtained.
Depending on decisions by the United States Congress, the United States federal courts, the USPTO, or similar authorities in foreign jurisdictions, the laws and regulations governing patents could change in unpredictable ways that would weaken our ability to obtain new patents or to enforce our existing patents and the patents we might obtain or license in the future.
As a result, from time to time, we might engage in litigation to enforce our patents or other intellectual property rights or defend against claims of alleged infringement asserted by third parties.
Although our ability to compete may be affected by our ability to protect our intellectual property rights and proprietary information, we believe that, because of the rapid pace of technological change in the wireless telecommunications industry, our innovative skills, technical expertise and ability to introduce new products on a timely basis is just as important in maintaining our competitive position as protecting our intellectual property.
We have a comprehensive policy and procedures in effect concerning conflict minerals compliance.
Human Capital Management As of June 27, 2025, we had 923 employees, of whom 920 were full-time employees and 250 were located in the U.S.
In the highly competitive technology market, we have been able to attract and retain diverse, well-qualified talent across our functions.
Through our structured hiring process, we work to provide training for hiring managers in the selection process, detailed onboarding plans for new hires and surveys at regular intervals during the first months of employment to help measure engagement and support success.
In fiscal year 2025, we conducted a global engagement survey of our existing employee population and to help identify action items at the functional level as well as establish company-wide initiatives to continually improve our culture and processes.
Information about our Executive Officers The executive officers of Aviat as of September 10, 2025, are as follows: Name and Age Position Currently Held and Past Business Experience Peter A.
Connaway, 44 (1) As Chief Financial Officer (“CFO”), Mr.
Connaway is responsible for worldwide finance, treasury, accounting, reporting, compliance and taxation.
Connaway was Vice President and CFO of Honeywell’s Energy & Sustainability Solutions segment, and before that served in CFO capacities leading finance in its Safety & Productivity Solutions segment, and Advanced Materials business.

and 88 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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