Aug 27, 2026 earnings call — Fiscal Q4 results and fiscal 2027 guidance
Management set fiscal 2027 full year revenues of $455 million to $470 million.
Revenue $0.1B (est $0.1B) · EPS $0.64 (est $0.55) · Next-quarter revenue outlook $0.5B–$0.5B
Key quotes
"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."
"Our microwave radio portfolio of 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."
"We plan to pass along these price increases to our customers to help offset these rising costs."
Analyst Q&A 6
U.S. sales mix and MDU ramp timing
Q (Scott Searle · ROTH Capital): They asked for the North America split between carriers and private networks and whether MDUs will contribute in the September quarter or ramp later. They also asked about LEO satellite revenue and gross margin trends for fiscal '27.
A: Management said backlog finished up 14% and that Q1 will be the lowest quarter while Q2 and Q4 will be peaks and Q3 should be higher than Q1. They said the U.S. is about 45% private networks and 55% service providers and that MDU ramping is expected in Q2 with a chance of some contribution in the September quarter; site readiness and components must be in place to realize the December win. On gross margins, they said Q1 is the foundation impacted by lower volume, and strategies to offset component inflation will be realized starting in Q2; there is no LEO in the guide.
"Q2 and Q4 will be peaks and Q3 should be higher than Q1." — Peter Smith (CEO)
Competitor exit, BEAD timing, MDU follow-ons
Q (Christian Schwab · Craig-Hallum): They asked if the European competitor exit is helping Aviat now or next year and asked for an update on BEAD timing and impact. They also asked whether more large MDU orders could appear in fiscal '27.
A: Management said converting a microwave network takes a 6- to 18-month proposition and that the November 2025 announcement created pipelines for Aviat and peers, so wins may show up in the March and June quarters. On BEAD they said they have quotes out to customers, expect it to be tactical, still see it as a 3-year impact, and expect the first real impact in the December quarter. On additional MDU orders they said, 'I don't want you to anticipate, but there could be.'
"To convert a microwave network, it's a 6- to 18-month proposition." — Peter Smith (CEO)
MDU opportunity size and Aprisa router update
Q (Jaeson Schmidt · Lake Street): They asked how big the follow-on MDU orders could be and what drives that size, and they asked for an update on the Aprisa router funnel and expectations for fiscal '27.
A: Management said the opportunity size is driven by subscriber growth and market share; they previously sized it as an 8-figure opportunity and said the total annual opportunity is in the $100 million neighborhood if the customer meets subscriber growth and competitive share trends. On Aprisa, they will not break out separate guidance, said the utility business is performing well, and noted initial orders in the U.S., Europe and Latin America with a long runway for government agency purchases while competing with Cradlepoint.
"I don't know -- I think the total annual opportunity is in the $100 million neighborhood, how the -- and that's predicated on, one, the customer achieving their subscriber growth metrics." — Peter Smith (CEO)
Middle East catch-up, margins, BEAD in guidance
Q (Dave Kang · B. Riley): They asked how much of the delayed Middle East work was captured in Q4, whether mix affected gross margin, if mid-30s margin is reasonable in second half, and whether BEAD was included in fiscal '27 revenue outlook.
A: Management said most of the delayed Middle East work was recaptured. They said component inflation primarily affected the quarter, Americas were about 56.5%, and they expect some margin improvement in the December quarter and further improvement in the back half; year-end gross margin was about 32% and mid-30s would be aspirational. On BEAD they said a small amount was in the outlook, relatively conservative, and they will revisit guidance if BEAD kicks in.
"I think most of it, Dave, most of it was recaptured." — Peter Smith (CEO)
Who the MDU customer is; guidance drivers
Q (Theodore O'Neill · Litchfield Hills): They asked what type of customers drive the MDU opportunity, whether war-related pushouts have resolved, and what factors would move revenue to the high or low end of the guidance range.
A: Management said the customer is a U.S. Tier 1 with access to 39 gigahertz spectrum and that the end users are apartment dwellers who skew younger and often work from home. They said the war-induced Middle East issue has reversed and demand and supply are at steady state. For the revenue range, they listed four levers to reach the high end: more MDU (subscriber growth and share gain), BEAD coming in, private networks including Aprisa LTE router, and increased Tier 1 interest.
"Well, we've disclosed and a lot of industry folks -- we've disclosed that it's a U.S. Tier 1 that has access to 39 gigahertz spectrum." — Peter Smith (CEO)
Seasonality and MDU market count
Q (Rustam Kanga · Citizens Bank): They asked whether fiscal '27 will be more back-half weighted than historical patterns and if the number of MDU markets has grown since the prior quarter.
A: Management said the second half will be a bit more back-half weighted, maybe closer to a 45%, 55% split, and referenced Slide 23 for historical seasonality data. They also said they are slated or in about 25 markets, up from earlier counts like 1, 7, 11 to 13, so they are approaching the 25-market level.
"So maybe it's something closer to 45%, 55%, but we'll certainly continue to keep you updated as we advance through the year." — Andrew Fredrickson