Aviat Networks, Inc.

Good afternoon. Welcome to Aviate Network's second quarter fiscal 2026 earnings call. At this time, all participants are in a listen-only mode. A question-answer session will follow the formal presentation. Please note this conference is being recorded. I will now turn the conference over to your host, Mr. Andrew Fredrickson, Vice President, Corporate Finance. Thank you. You may begin.

Thank you and welcome to Aviat Network's second 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. 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 the financial results for the quarter. Deet will then provide closing remarks on Aviat's strategy and outlook, followed by Q&A. 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. 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. 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 annual report on Form 10-K filed with the SEC. The company undertakes no obligation to revise or make public any revisions of these forward-looking statements in light of new information or future events. 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 gap to non-gap reconciliation and other supplemental financial information. At this time, I would like to turn the call over to Aviat's President and CEO, Pete Smith. Pete?

Thanks, Andrew, and good afternoon. Let's review the highlights from the quarter. Highest second quarter bookings in the last 10 years. Total revenues of $111.5 million. Adjusted EBITDA of $11.3 million. Non-GAAP EPS of 54 cents. Positive cash generation from operations of $23.9 million. For the first half of fiscal 2026, Aviad has increased total revenues by 5.9%. reduced our non-GAAP operating expenses by $3.7 million, increased both our GAAP and non-GAAP earnings per share by over a dollar, and increased adjusted EBITDA by $13.2 million. This significant improvement is in line with our expectations for the fiscal year and sets the company up well to execute the back half of fiscal 2026. I would like to thank the entire AVIAD team for the focus and execution to date. Let's discuss our end markets and key developments. In private networks, Aviat remains a leader in the U.S. and globally in providing mission-critical wireless networks. The need for reliable networks to serve public safety agencies, utilities, and other critical infrastructure providers continues to grow. Last quarter, we discussed the launch of our Prisa LTE 5G router for police, fire, and emergency vehicles. This offering opens an entirely new segment for Aviat worth approximately $1.6 billion today. Here, we pursue customers with whom Aviat already has an extremely strong relationship through our private network backhaul expertise and leadership. I am pleased to announce that we have received our first initial order, and we remain engaged in several critical trials to further validate our offering. We're excited to see what opportunities this solution opens for the company. In mobile networks, Aviat remains engaged globally to expand its share of demand through new and existing customers. The 5G upgrade cycle remains ongoing in global markets and changes in the competitive landscape are creating openings for Aviat that we hope to have future updates on in the coming quarters. In the second quarter, we also announced our initial purchase order for Aviat's multi-dwelling unit solution, providing fixed wireless access internet for paying subscribers via a US Tier 1 provider. This is a significant step in capturing and monetizing a new market segment that Aviat has been pursuing for several years. This order covers multiple market deployments, and we are hopeful that this will be the first of many orders related to the MDU offering. We're still working with the Tier 1 provider to determine the exact timing of the ramp related to this order, as well as what the impact and timing of any future orders will look like. But Aviata is glad to be in a position to provide leading performance, service, and support to our customers. We think this is just the beginning of an exciting growth opportunity in the coming years and look forward to keeping the investor community updated once we will know more about the benefit to Aviat. Let's discuss Aviat's broadband business and the Broadband Equity Access and Deployment Fund, or BEAD. Our policy is to keep any impact from the program out of the company's fiscal guidance until we have clarity on the timing of the program. We do still believe that this will be a calendar 2026 event, likely in the back half. The NTIA has approved over 40 state plans, which enables the states to begin funding the award winners. On this basis, fixed wireless access internet, which tends to use wireless backhaul at a higher rate in favor of the home offerings is capturing on average between 10 and 15% of locations served by B. These numbers will continue to change as all the final approvals come in, but this is a reasonable range to expect for the program as a whole. We will not yet quantify the opportunity size for Aviat, but we are encouraged that this program will have a positive impact in our fiscal 2027 based on the current plans and our estimation of timing. Before turning the call over to Andy Schmidt, Aviat's new Chief Financial Officer, I would like to provide an introduction. Andy brings to the company over 20 years of public company CFO experience. Notably, he improved the finance function in several companies and has experience in the public safety space. His background and accomplishments aligned directly with Aviat's strategic goal of driving growth in public safety and increasing its mix of software sales. We're excited to have Andy on board. With that, I will turn it over to Andy to go through the financial results.