0001377789-24-000058 | 10-Q | XBRL Viewer

Stockholders’ Equity

3 Months Ended

Sep. 27, 2024

Share-Based Payment Arrangement [Abstract]

Stock Repurchase Program

In November 2021, the Company’s Board of Directors approved a stock repurchase program to purchase up to $10.0 million of the Company’s common stock. As of September 27, 2024, $6.9 million remains available and Aviat may choose to suspend or discontinue the repurchase program at any time. Repurchased shares are recorded as treasury stock. During the first quarter of fiscal 2025, the Company did not repurchase any shares of its common stock.

Stock Incentive Programs

As of September 27, 2024, the Company had one stock incentive plan for its employees and non-employee directors, the 2018 Incentive Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of share-based awards in the form of stock options, stock appreciation rights, restricted stock awards and units, and performance share awards and units.

Under the 2018 Plan, option exercise prices are equal to the fair market value of Aviat common stock on the date the options are granted using the closing stock price. After vesting, options generally may be exercised within seven years after the date of grant.

Restricted stock units are not transferable until vested and the restrictions lapse upon the achievement of continued employment or service over a specified time period. Restricted stock units issued to employees generally vest three years from the date of grant (three-year cliff or annually over three years). Restricted stock units issued annually to non-executive board members generally vest on the day before the annual stockholders’ meeting.

Vesting of performance share awards and units is subject to the achievement of predetermined financial performance and share price criteria, and continued employment through the end of the applicable period.

During the three months ended September 27, 2024, the Company granted 9,140 restricted stock units.

The Company recognizes compensation cost for share-based payment awards on a straight-line basis over the requisite service period. For awards with a performance condition vesting feature, share-based compensation costs are recognized when achievement of the performance conditions is considered probable. Forfeitures are recognized as they occur.

Total compensation expense for share-based awards included in the unaudited condensed consolidated statements of operations was as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
By Expense Category:
Cost of revenues	$	104	$	183
Research and development	143		146
Selling and administrative	1,417		1,505
Total share-based compensation expense	$	1,664	$	1,834
By Type of Award:
Options	$	327	$	346
Restricted stock and performance share awards and units	1,337		1,488
Total share-based compensation expense	$	1,664	$	1,834

As of September 27, 2024, there was approximately $1.8 million of total unrecognized compensation expense related to non-vested stock options granted which is expected to be recognized over a weighted-average period of 1.7 years. As of September 27, 2024, there was $5.9 million of total unrecognized compensation expense related to non-vested stock awards which is expected to be recognized over a weighted-average period of 1.5 years.

- Definition

The entire disclosure for equity.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 27, 2024	Sep. 29, 2023
Pay vs Performance Disclosure
Net (loss) income	$ (11,879)	$ 3,557

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Fair Value Measurements of Assets and Liabilities (Schedule of Fair Value, by Balance Sheet Grouping) (Details) - Recurring - 45562 - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Level 1 \| Money market funds
Assets:
Cash and cash equivalents:	$ 2,858	$ 6,602
Level 2 \| Bank certificates of deposit
Assets:
Cash and cash equivalents:	$ 3,574	$ 3,706

Restructuring (Narrative) (Details) $ in Millions	Sep. 27, 2024 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring liabilities	$ 1.6

Subsequent Events (Details) - Revolving Credit Facility - Credit Facility - USD ($)	Oct. 18, 2024	May 09, 2023
Subsequent Event [Line Items]
Credit facility, maximum borrowing capacity		$ 40,000,000.0
Subsequent Event
Subsequent Event [Line Items]
Debt instrument, face amount	$ 75,000,000.0
Credit facility, maximum borrowing capacity	$ 75,000,000.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Operating Activities
Net (loss) income	$ (11,879)	$ 3,557
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation of property, plant and equipment	1,317	1,168
Amortization of intangible assets	513	176
Provision for uncollectible receivables	350	14
Share-based compensation	1,664	1,834
Deferred taxes	(6,826)	(170)
Inventory write-downs	501	547
Non-cash lease expense	325	177
Other non-cash operating activities, net	(37)	17
Changes in operating assets and liabilities:
Accounts receivable	(15,498)	7,043
Unbilled receivables	(2,821)	(1,738)
Inventories	(13,197)	1,955
Accounts payable	8,594	1,787
Accrued expenses	(6,807)	(3,947)
Advance payments and unearned revenue	20,015	1,998
Income taxes payable	1,773	331
Other assets and liabilities	(5,152)	(769)
Net cash (used in) provided by operating activities	(27,165)	13,980
Investing Activities
Purchase of property, plant and equipment	(5,421)	(717)
Acquisition, net of cash acquired	(18,150)	0
Net cash used in investing activities	(21,175)	(717)
Financing Activities
Proceeds from revolver	35,000	25,200
Repayments of revolver	0	(25,200)
Payments for taxes related to net settlement of equity awards	(711)	(105)
Proceeds from issuance of common stock under employee stock plans	0	285
Net cash provided by financing activities	34,289	180
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,293	(223)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(12,758)	13,220
Cash, cash equivalents, and restricted cash, beginning of period	64,934	22,521
Cash, cash equivalents, and restricted cash, end of period	52,176	35,741
Proceeds from Sale of Productive Assets	$ 2,396	$ 0

Related Party Transactions

3 Months Ended

Sep. 27, 2024

Related Party Transactions

NEC Corporation

On November 30, 2023 (the “Closing Date”), the Company completed the NEC Transaction. See Note 11. Acquisitions for further information. A portion of the total consideration in the NEC Transaction included the issuance of 736,750 shares in Company common stock to NEC. The Company and NEC entered into a Registration Rights and Lock-Up Agreement, restricting NEC’s ability to transfer shares (the “Lock-Up”), except for certain limited exceptions as provided in the Registration Rights and Lock-Up Agreement, until one day after the one-year anniversary of the Closing Date (the “Initial Lock-Up Expiration Date”). Starting one day after the Initial Lock-Up Expiration Date, one-twelfth of the issued shares shall be released from the Lock-Up each month, such that all issued shares shall be released from Lock-Up by the two-year anniversary of the Closing Date. Pursuant to the Purchase Agreement, NEC will have the right to nominate a director to the Company’s Board of Directors from the Closing Date and for a period of two years thereafter. As of September 27, 2024, NEC held approximately 5.8% of the Company’s outstanding common stock.

In connection with the closing of the NEC Transaction and as of the Closing Date, the Company and NEC entered into agreements covering the performance of certain post-closing services and licensing arrangements. The agreements include arrangements covering manufacturing services and product supply, transition services, distribution services, research and development services, and licensing of trademark and intellectual property (“IP”).

The Manufacturing and Supply Agreement includes arrangements for NEC to manufacture and supply Pasolink products on behalf of and to the Company and its customers. The transition services agreements include arrangements for the Company and NEC to provide and receive certain transition services, primarily associated with administrative functions. The distribution services agreements includes arrangements where NEC will provide distribution services on behalf of and to the Company and its customers in certain international markets and territories. The Research and Development Cooperating Agreement for Existing Products includes arrangements for NEC to provide the Company certain services relating to development work to maintain existing products of the NEC business. The licensing agreements include arrangements where the Company will grant NEC a non-exclusive license to certain Pasolink trademarks in Japan, and NEC will grant the Company a non-exclusive, worldwide (excluding Japan) license to certain NEC IP, including mobile backhaul-related patents. The licensing agreements are royalty-free and perpetual.

A summary of the related party activity between the Company and NEC during the three months ended September 27, 2024 is as follows:


(In thousands)
Transition services received	$	745
Research and development services received	3,013
Purchase of inventories	8,293

As of September 27, 2024, the Company’s outstanding related party balances with NEC included in the unaudited condensed consolidated balance sheets are as follows:


(In thousands)
Accounts receivable, net	$	4,822

Accounts payable	11,878
Other current liabilities	19,596

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value Measurements of Assets and Liabilities (Narrative) (Details) - $ / shares	Sep. 27, 2024	Jun. 28, 2024
Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money market, net asset value (in dollars per share)	$ 1.00	$ 1.00

Segment and Geographic Information (Tables)

3 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Region

Revenue by region for the three months ended September 27, 2024 and September 29, 2023 was as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
North America	$	42,225	$	54,853
Africa and the Middle East	10,450		9,954
Europe	5,600		5,252
Latin America and Asia Pacific	30,154		16,850
Total revenue	$	88,429	$	86,909

Goodwill and Intangible Assets (Schedule of Intangible Assets and Goodwill) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 15,153	$ 8,217

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Acquisitions (Narrative) (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands	Jul. 02, 2024	Nov. 30, 2023	Nov. 30, 2023	Sep. 27, 2024	Sep. 29, 2023	Jun. 28, 2024
Business Acquisition [Line Items]
Goodwill				$ 15,153		$ 8,217
Total revenues				88,429	$ 86,909
Operating income (loss)				(15,568)	$ 4,890
4RF Limited
Business Acquisition [Line Items]
Payments to acquire businesses, net of cash acquired	$ 18,200
Cash acquired	1,200
Working capital	5,600
Other assets and liabilities	1,600
Intangible assets and other than goodwill	8,500
Goodwill	$ 2,500
NEC Corporation
Business Acquisition [Line Items]
Goodwill		$ 8,015	$ 8,015	4,900
Payments to acquire businesses			32,200	19,600
Consideration transferred, equity interest issued and issuable, number of shares (in shares)		736,750
Consideration transferred, equity interest issued and issuable		$ 22,300	22,300
Total net consideration			54,500
Decrease in accounts receivables				6,800
Inventories		$ 29,279	$ 29,279	4,900
Identifiable finite-lived intangible assets				6,800
Total revenues				25,000
Operating income (loss)				$ 1,000

Acquisitions

3 Months Ended

Sep. 27, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

4RF Limited

On July 2, 2024, the Company acquired 4RF Limited (“4RF”), a New Zealand company. Aviat purchased all of the issued and outstanding shares of 4RF in an all-cash transaction for $18.2 million, net of $1.2 million cash acquired. 4RF is a leading provider of industrial wireless access solutions, including narrowband point-to-point/multi-point radios and Private LTE and 5G routers. The acquisition of 4RF allows Aviat to expand its product offering for the global industrial wireless access markets including Private LTE/5G.

The Company is in the process of determining the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed. The preliminary estimated fair value of the assets acquired and liabilities assumed consisted of working capital of $5.6 million, other assets and liabilities of $1.6 million, intangible assets of $8.5 million, and goodwill of $2.5 million. The goodwill from this acquisition is non-deductible for tax purposes.

NEC’s Wireless Transport Business

On May 9, 2023, the Company entered into a Master Sale of Business Agreement (as amended on November 30, 2023, the “Purchase Agreement”) with NEC Corporation (“NEC”), to acquire NEC’s wireless transport business (the “NEC Transaction”). The Company completed the NEC Transaction on November 30, 2023 (the “Closing Date”).

Prior to the Closing Date, NEC was a leader in wireless backhaul networks with an extensive installed base of their Pasolink series products. The completion of the NEC Transaction increases the scale of Aviat, enhances the Company’s product portfolio with a greater capability to innovate, and creates a more diversified business. The results of operations of the NEC Transaction have been included in the consolidated financial statements since the Closing Date.

The fair value of the consideration transferred at the closing of the NEC Transaction was comprised of (i) cash of $32.2 million, and (ii) the issuance of 736,750 shares or $22.3 million of common stock of the Company. The fair value of the shares issued was determined based on the closing market price of the Company’s common stock on the Closing Date. Aggregate consideration transferred at closing was approximately $54.5 million, which is subject to certain post-closing adjustments. As of September 27, 2024, the Company recorded accruals of approximately $19.6 million in estimated additional cash consideration, which is included in other current liabilities on the unaudited condensed consolidated balance sheets. The additional consideration is primarily related to the settlement of the post-closing working capital adjustment, and is expected to be transferred to NEC in the second quarter of fiscal 2025. The Company funded the cash portion of the consideration with Term Loan borrowings under its Credit Facility. See Note 6. Credit Facility and Debt for further information.

The NEC Transaction was accounted for as a business combination using the acquisition method of accounting. The Company is in the process of obtaining final independent third-party valuations of certain intangible and tangible assets acquired. The fair values of the acquired intangible assets are based on estimates and assumptions that are considered reasonable by the Company. As of the acquisition date, the Company has recorded the assets acquired and the liabilities assumed at their respective estimated fair values. The recognized goodwill is attributable to the workforce of the acquired business and expected synergies. The goodwill from this acquisition is expected to be fully deductible for tax purposes.

A summary of the preliminary purchase price allocation is as follows:


(In thousands)
Accounts receivable, net	$	42,487
Inventories	29,279
Property, plant and equipment, net	539
Identifiable finite-lived intangible assets:
Customer relationships	9,200
Technology	3,200
Other assets	243
Accounts payable	(13,182)
Advance payments and unearned revenue	(3,192)
Other liabilities	(2,501)
Goodwill	8,015
Net assets acquired	$	74,088

The preliminary purchase price allocation has been updated for certain measurement period adjustments based on revised estimates of fair value, which primarily resulted in a $6.8 million decrease in accounts receivables, a $4.9 million decrease in inventories, a $6.8 million increase in identifiable finite-lived intangible assets acquired and a $4.9 million increase to goodwill. The preliminary purchase price allocation is subject to adjustment based on the Company obtaining final independent third-party valuations, determining fair value and final allocations of purchase price to the identifiable assets acquired and liabilities assumed, and determining the final consideration, including adjustments related to settlement of the final post-closing working capital adjustment.

Revenue and operating income associated with the NEC Transaction included in the consolidated statements of operations for the three months ended September 27, 2024 were $25.0 million and $1.0 million, respectively.

Net (Loss) Income Per Share of Common Stock (Schedule of Common Stock Excluded Because they were Antidilutive) (Details) - shares shares in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock excluded (in shares)	550	317
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock excluded (in shares)	396	259
Restricted stock units and performance stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares of common stock excluded (in shares)	154	58

Acquisitions (Schedule of Preliminary Purchase Consideration) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024	Nov. 30, 2023
Business Acquisition [Line Items]
Goodwill	$ 15,153	$ 8,217
NEC Corporation
Business Acquisition [Line Items]
Accounts receivable, net			$ 42,487
Inventories	4,900		29,279
Property, plant and equipment, net			539
Identifiable finite-lived intangible assets	6,800
Other assets			243
Accounts payable			(13,182)
Advance payments and unearned revenue			(3,192)
Other liabilities			(2,501)
Goodwill	$ 4,900		8,015
Net assets acquired			74,088
Customer relationships \| NEC Corporation
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets			9,200
Technology-Based Intangible Assets \| NEC Corporation
Business Acquisition [Line Items]
Identifiable finite-lived intangible assets			$ 3,200

Restructuring

3 Months Ended

Sep. 27, 2024

Restructuring and Related Activities [Abstract]

Restructuring

The following table summarizes restructuring related activities during the three months ended September 27, 2024:



(In thousands)	Employee Severance and Benefits		Facilities and Other		Total
Balance as of June, 28, 2024	$	1,718	$	—	$	1,718

Cash payments	(80)		—		(80)

Balance as of September, 27, 2024	$	1,638	$	—	$	1,638

As of September 27, 2024, the accrued restructuring balance of $1.6 million was included in other current liabilities on the unaudited condensed consolidated balance sheets. Included in the above were positions identified for termination that have not been executed from a restructuring perspective.

Prior Years’ Plans

During fiscal 2024, the Company’s Board of Directors approved restructuring plans, primarily associated with the NEC Transaction (as defined below) and reductions in workforce in certain of the Company’s operations to optimize skill sets and align cost structure. The fiscal 2024 plans are expected to be completed through the end of fiscal 2025.

Balance Sheet Components (Schedule of Advance Payments and Unearned Revenue) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Balance Sheet Related Disclosures [Abstract]
Advance payments	$ 18,989	$ 8,517
Unearned revenue	60,391	50,322
Total advance payments and unearned revenue	79,380	58,839
Unearned revenue, long-term	$ 7,522	$ 7,413

Fair Value Measurements of Assets and Liabilities (Tables)

3 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The estimated fair values and valuation input levels of assets and liabilities that are measured at fair value on a recurring basis as of September 27, 2024 and June 28, 2024 were as follows:


(In thousands)	September 27, 2024		June 28, 2024		Valuation Inputs
Assets:
Cash and cash equivalents:
Money market funds	$	2,858	$	6,602	Level 1
Bank certificates of deposit	$	3,574	$	3,706	Level 2

Net (Loss) Income Per Share of Common Stock (Tables)

3 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Income per Share

The following table presents the computation of basic and diluted net (loss) income per share:


	Three Months Ended
(In thousands, except per share amounts)	September 27, 2024		September 29, 2023
Numerator:
Net (loss) income	$	(11,879)	$	3,557

Denominator:
Weighted-average shares outstanding, basic	12,646		11,574
Effect of potentially dilutive equivalent shares	—		369
Weighted-average shares outstanding, diluted	12,646		11,943

Net (loss) income per share of common stock outstanding:
Basic	$	(0.94)	$	0.31
Diluted	$	(0.94)	$	0.30

Schedule of Antidilutive Securities Excluded from Computation of Net Income Per Share

The following table summarizes the weighted-average equity awards that were excluded from the diluted net (loss) income per share calculations since they were anti-dilutive:


	Three Months Ended
(In thousands)	September 27, 2024	September 29, 2023
Stock options	396	259
Restricted stock units and performance stock units	154	58
Total shares of common stock excluded	550	317

Net (Loss) Income Per Share of Common Stock

3 Months Ended

Sep. 27, 2024

Earnings Per Share [Abstract]

Net (Loss) Income Per Share of Common Stock

The following table presents the computation of basic and diluted net (loss) income per share:


	Three Months Ended
(In thousands, except per share amounts)	September 27, 2024		September 29, 2023
Numerator:
Net (loss) income	$	(11,879)	$	3,557

Denominator:
Weighted-average shares outstanding, basic	12,646		11,574
Effect of potentially dilutive equivalent shares	—		369
Weighted-average shares outstanding, diluted	12,646		11,943

Net (loss) income per share of common stock outstanding:
Basic	$	(0.94)	$	0.31
Diluted	$	(0.94)	$	0.30

The following table summarizes the weighted-average equity awards that were excluded from the diluted net (loss) income per share calculations since they were anti-dilutive:


	Three Months Ended
(In thousands)	September 27, 2024	September 29, 2023
Stock options	396	259
Restricted stock units and performance stock units	154	58
Total shares of common stock excluded	550	317

Revenue Recognition (Remaining Performance Obligations) (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-28 $ in Millions	Sep. 27, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 144.8
Remaining performance obligation, percentage	50.00%
Expected timing of satisfaction, period	12 months

Stockholders’ Equity (Narrative) (Details)	3 Months Ended
Stockholders’ Equity (Narrative) (Details)	Sep. 27, 2024 USD ($) plan shares	Nov. 30, 2021 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized repurchase amount		$ 10,000,000.0
Remaining value available under stock repurchase program	$ 6,900,000
Unrecognized compensation expense for non-vested stock options	1,800,000
Unrecognized compensation expense for non-vested stock awards	$ 5,900,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, expense expected to be recognized, weighted average period	1 year 8 months 12 days
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted (in shares) \| shares	9,140
Restricted stock units and performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested awards, expense expected to be recognized, weighted average period	1 year 6 months
2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock incentive plans \| plan	1
2018 Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option expiration period	7 years
2018 Plan \| Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Acquisitions (Tables)

3 Months Ended

Sep. 27, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Preliminary Purchase Consideration

A summary of the preliminary purchase price allocation is as follows:


(In thousands)
Accounts receivable, net	$	42,487
Inventories	29,279
Property, plant and equipment, net	539
Identifiable finite-lived intangible assets:
Customer relationships	9,200
Technology	3,200
Other assets	243
Accounts payable	(13,182)
Advance payments and unearned revenue	(3,192)
Other liabilities	(2,501)
Goodwill	8,015
Net assets acquired	$	74,088

Revenue Recognition (Schedule of Contracted Balances) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Contract assets
Accounts receivable, net	$ 169,002	$ 158,013
Unbilled receivables	94,725	90,525
Capitalized commissions	3,531	3,269
Contract liabilities
Advance payments and unearned revenue	79,380	58,839
Unearned revenue, long-term	$ 7,522	$ 7,413

Revenue Recognition (Tables)

3 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract with Customer, Asset and Liability


(In thousands)	September 27, 2024		June 28, 2024
Contract assets
Accounts receivable, net	$	169,002	$	158,013
Unbilled receivables	94,725		90,525
Capitalized commissions	3,531		3,269
Contract liabilities
Advance payments and unearned revenue	$	79,380	$	58,839
Unearned revenue, long-term	7,522		7,413

Fair Value Measurements of Assets and Liabilities

3 Months Ended

Sep. 27, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements of Assets and Liabilities

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal market (or most advantageous market in the absence of a principal market) for the asset or liability in an orderly transaction between market participants as of the measurement date. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs in measuring fair value and established a three-level fair value hierarchy that prioritizes the observable inputs used to measure fair value. The three levels of inputs used to measure fair value are as follows:

•Level 1 — Observable inputs such as quoted prices in active markets for identical assets or liabilities;

•Level 2 — Observable market-based inputs or observable inputs that are corroborated by market data; and

•Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The estimated fair values and valuation input levels of assets and liabilities that are measured at fair value on a recurring basis as of September 27, 2024 and June 28, 2024 were as follows:


(In thousands)	September 27, 2024		June 28, 2024		Valuation Inputs
Assets:
Cash and cash equivalents:
Money market funds	$	2,858	$	6,602	Level 1
Bank certificates of deposit	$	3,574	$	3,706	Level 2

Items are classified within Level 1 if quoted prices are available in active markets. The Company’s Level 1 items are primarily money market funds and marketable securities. As of September 27, 2024 and June 28, 2024, the money market funds were valued at $1.00 net asset value per share.

Items are classified within Level 2 if the observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources are available with reasonable levels of price transparency. The Company’s bank certificates of deposit are classified within Level 2. The carrying value of bank certificates of deposit approximates their fair value. The Company did not have any recurring assets or liabilities that were valued using significant unobservable inputs.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
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+ Details

Credit Facility and Debt (Tables)

3 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following summarizes the Company’s outstanding long-term debt as of September 27, 2024:


(In thousands)
Revolver	$	35,000
Term loan	48,750
Less: unamortized deferred financing costs	(375)
Total debt	83,375
Less: current portion of long-term debt	(2,395)
Total long-term debt	$	80,980

Schedule of Maturities of Long-Term Debt

As of September 27, 2024, scheduled maturities of outstanding long-term debt are as follows:


(In thousands)
Remainder of 2025	$	2,500
2026	3,750
2027	6,250
2028	71,250

Total	$	83,750

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Balance Sheet Components (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Balance Sheet Related Disclosures [Abstract]
Prepaid and other current assets	$ 15,076	$ 13,559
Taxes	11,256	8,623
Contract manufacturing assets	6,610	4,894
Other current assets	$ 32,942	$ 27,076

Restructuring (Schedule of Restructuring Related Activities) (Details) $ in Thousands	3 Months Ended
	Sep. 27, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Accrual balance, beginning of period	$ 1,718
Cash payments	(80)
Accrued balance, end of period	1,638
Employee Severance and Benefits
Restructuring Reserve [Roll Forward]
Accrual balance, beginning of period	1,718
Cash payments	(80)
Accrued balance, end of period	1,638
Facilities and Other
Restructuring Reserve [Roll Forward]
Accrual balance, beginning of period	0
Cash payments	0
Accrued balance, end of period	$ 0

Revisions to Prior Period Consolidated Financial Statements

3 Months Ended

Sep. 27, 2024

Accounting Changes and Error Corrections [Abstract]

Revisions to Prior Period Consolidated Financial Statements

As described in Note 1. The Company and Basis of Presentation, subsequent to the third quarter of fiscal 2024, the Company identified certain errors in the quarterly financial statements for fiscal 2024 related to estimated total contract costs and progress to completion for an over-time arrangement. The Company identified additional errors impacting the quarterly financial statements for fiscal 2024 related to the recognition of revenue prior to performance obligations being met and related to journal entries recorded in error. In accordance with ASC 250, Accounting Changes and Error Corrections and Staff Accounting Bulletins (“SAB”) No. 99, Materiality and No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the materiality of the errors and determined that the impacts were not material, individually or in the aggregate, to the Company’s previously issued consolidated financial statements. The Company has revised the prior period financial statements and related disclosures for the first quarter of fiscal 2024 to correct the errors. A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Consolidated Statements of Operations, Comprehensive Income, Equity and Cash Flows for the three months ended September 29, 2023 is provided below.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)


	Three Months Ended September 29, 2023
(In thousands, except per share amounts)	As Previously Reported		Adjustments		As Revised
Revenues:

Services	$	28,021	$	(657)	$	27,364
Total revenues	87,566		(657)		86,909




Gross margin	31,852		(657)		31,195





Operating income	5,547		(657)		4,890



Income before income taxes	4,646		(657)		3,989
Provision for income taxes	641		(209)		432
Net income	$	4,005	$	(448)	$	3,557



Net income per share of common stock outstanding:
Basic	$	0.35	$	(0.04)	$	0.31
Diluted	$	0.34	$	(0.04)	$	0.30

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Three Months Ended September 29, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Net income	$	4,005	$	(448)	$	3,557



Comprehensive income	$	4,038	$	(448)	$	3,590

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	Three Months Ended September 29, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Operating Activities
Net income	$	4,005	$	(448)	$	3,557





Deferred taxes	39		(209)		(170)






Unbilled receivables	(2,395)		657		(1,738)






Net cash provided by operating activities	13,980		—		13,980

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited)


			Three Months Ended September 29, 2023
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of June 30, 2023			$	(587,914)	$	220,098
Net income			4,005		4,005






Balance as of September 29, 2023			$	(583,909)	$	226,150

Adjustments
Balance as of June 30, 2023			$	(1,359)	$	(1,359)
Net income			(448)		(448)






Balance as of September 29, 2023			$	(1,807)	$	(1,807)

As Revised
Balance as of June 30, 2023			$	(589,273)	$	218,739
Net income			3,557		3,557






Balance as of September 29, 2023			$	(585,716)	$	224,343

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (11,879)	$ 3,557
Other comprehensive income:
Net change in cumulative translation adjustments	2,153	33
Other comprehensive income	2,153	33
Comprehensive (loss) income	$ (9,726)	$ 3,590

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Balance Sheet Components (Schedule of Accrued Expenses) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Balance Sheet Related Disclosures [Abstract]
Taxes	$ 11,718	$ 8,827
Compensation and benefits	8,240	9,689
Project costs	7,007	14,305
Other	5,816	3,507
Warranties	3,510	2,996
Commissions	1,533	1,538
Professional fees	1,313	1,286
Total accrued expenses	$ 39,137	$ 42,148

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Current Assets:
Cash and cash equivalents	$ 51,034	$ 64,622
Accounts receivable, net of allowances of $2,190 and $1,854	169,002	158,013
Unbilled receivables	94,725	90,525
Inventories	79,559	62,267
Assets held for sale	0	2,720
Other current assets	32,942	27,076
Total current assets	427,262	405,223
Property, plant and equipment, net	11,883	9,480
Goodwill	15,153	8,217
Intangible assets, net	28,754	13,644
Deferred income taxes	91,317	83,112
Right-of-use assets	3,665	3,710
Other assets	12,823	11,837
Total assets	590,857	535,223
Current Liabilities:
Accounts payable	104,926	92,854
Accrued expenses	39,137	42,148
Operating lease liabilities	1,125	1,006
Advance payments and unearned revenue	79,380	58,839
Other current liabilities	21,234	21,614
Current portion of long-term debt	2,395	2,396
Total current liabilities	248,197	218,857
Long-term debt	80,980	45,954
Unearned revenue	7,522	7,413
Long-term operating lease liabilities	2,782	2,823
Other long-term liabilities	407	394
Reserve for uncertain tax positions	3,445	3,485
Deferred income taxes	412	412
Total liabilities	343,745	279,338
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value, 50.0 million shares authorized, none issued	0	0
Common stock, $0.01 par value, 300.0 million shares authorized, 12.7 million and 12.6 million shares issued and outstanding as of September 27, 2024 and June 28, 2024, respectively.	127	126
Treasury stock 0.2 million and 0.2 million shares as of September 27, 2024 and June 28, 2024, respectively	(6,479)	(6,479)
Additional paid-in-capital	861,023	860,071
Accumulated deficit	(590,392)	(578,513)
Accumulated other comprehensive loss	(17,167)	(19,320)
Total stockholders’ equity	247,112	255,885
Total liabilities and stockholders’ equity	$ 590,857	$ 535,223

Balance Sheet Components (Schedule of Inventory Adjustments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Balance Sheet Related Disclosures [Abstract]
Excess and obsolete inventory	$ 310	$ 294
Customer service inventory write-downs	191	253
Total charges	$ 501	$ 547

Restructuring (Tables)

3 Months Ended

Sep. 27, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring-Related Activities

The following table summarizes restructuring related activities during the three months ended September 27, 2024:



(In thousands)	Employee Severance and Benefits		Facilities and Other		Total
Balance as of June, 28, 2024	$	1,718	$	—	$	1,718

Cash payments	(80)		—		(80)

Balance as of September, 27, 2024	$	1,638	$	—	$	1,638

Segment and Geographic Information (Details) $ in Thousands	3 Months Ended
Segment and Geographic Information (Details) $ in Thousands	Sep. 27, 2024 USD ($) segment	Sep. 29, 2023 USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of reportable segments \| segment	1
Total revenue	$ 88,429	$ 86,909
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	42,225	54,853
Africa and the Middle East
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	10,450	9,954
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	5,600	5,252
Latin America and Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 30,154	$ 16,850

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

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+ Details

Goodwill and Intangible Assets (Tables)

3 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The following presents details of goodwill and intangible assets:


(In thousands)	September 27, 2024		June 28, 2024
Goodwill	$	15,153	$	8,217

Schedule of Goodwill Impairment


(In thousands except useful life)	Useful life in Years	September 27, 2024		June 28, 2024
Intangible assets:
Technology	7	$	6,835	$	1,800
Patents	10	690		690
Customer relationships	14 — 15	22,123		11,530
Trade names	16	1,330		1,330
Total gross intangible assets		$	30,978	$	15,350
Accumulated amortization		(2,224)		(1,706)
Total net intangible assets		$	28,754	$	13,644

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of September 27, 2024, the estimated future amortization expense of finite-lived intangible assets is as follows (in thousands):


Remainder of 2025	$	2,449
2026	2,640
2027	2,640
2028	2,640
2029	2,640
Thereafter	15,745
Total	$	28,754

Goodwill and Intangible Assets (Schedule of Goodwill Impairment) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	$ 30,978	$ 15,350
Accumulated amortization	(2,224)	(1,706)
Total	$ 28,754	13,644
Technology
Finite-Lived Intangible Assets [Line Items]
Useful life in Years	7 years
Total gross intangible assets	$ 6,835	1,800
Patents
Finite-Lived Intangible Assets [Line Items]
Useful life in Years	10 years
Total gross intangible assets	$ 690	690
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Total gross intangible assets	$ 22,123	11,530
Customer relationships \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life in Years	14 years
Customer relationships \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life in Years	15 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Useful life in Years	16 years
Total gross intangible assets	$ 1,330	$ 1,330

Related Party Transactions (Schedule of Related Party Transactions Balance Sheets) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Related Party Transaction [Line Items]
Accounts receivable, net	$ 169,002	$ 158,013
Accounts payable	104,926	92,854
Other current liabilities	21,234	$ 21,614
NEC Corporation \| Related Party
Related Party Transaction [Line Items]
Accounts receivable, net	4,822
Accounts payable	11,878
Other current liabilities	$ 19,596

Balance Sheet Components (Narrative) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 74,758	$ 71,200
Asset under construction
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 4,200	$ 4,100

Cover - shares	3 Months Ended
Cover - shares	Sep. 27, 2024	Nov. 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 27, 2024
Document Transition Report	false
Entity File Number	001-33278
Entity Registrant Name	AVIAT NETWORKS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5961564
Entity Address, Address Line One	200 Parker Drive, Suite C100A,
Entity Address, City or Town	Austin,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78728
City Area Code	408
Local Phone Number	941-7100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,690,353
Entity Central Index Key	0001377789
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	AVNW
Security Exchange Name	NASDAQ
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Share Purchase Rights
Security Exchange Name	NASDAQ
No Trading Symbol Flag	true

Goodwill and Intangible Assets

3 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The following presents details of goodwill and intangible assets:


(In thousands)	September 27, 2024		June 28, 2024
Goodwill	$	15,153	$	8,217

The $6.9 million increase for the three months ended September 27, 2024 is associated with the preliminary purchase price allocations for the 4RF acquisition and the NEC Transaction. Refer to Note 11. Acquisitions for further information.

The Company performs its annual goodwill impairment test on the first day of its fourth fiscal quarter. No indicators of impairment were identified during the current period that required the Company to perform an interim assessment or recoverability test.


(In thousands except useful life)	Useful life in Years	September 27, 2024		June 28, 2024
Intangible assets:
Technology	7	$	6,835	$	1,800
Patents	10	690		690
Customer relationships	14 — 15	22,123		11,530
Trade names	16	1,330		1,330
Total gross intangible assets		$	30,978	$	15,350
Accumulated amortization		(2,224)		(1,706)
Total net intangible assets		$	28,754	$	13,644

Amortization of finite-lived intangibles for the three months ended September 27, 2024 was $0.5 million and is included in selling and administrative expenses. There were no impairment charges recorded for the three months ended September 27, 2024.

As of September 27, 2024, the estimated future amortization expense of finite-lived intangible assets is as follows (in thousands):


Remainder of 2025	$	2,449
2026	2,640
2027	2,640
2028	2,640
2029	2,640
Thereafter	15,745
Total	$	28,754

Goodwill and Intangible Assets (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 2,449
2026	2,640
2027	2,640
2028	2,640
2029	2,640
Thereafter	15,745
Total	$ 28,754	$ 13,644

Segment and Geographic Information

3 Months Ended

Sep. 27, 2024

Segment Reporting [Abstract]

Segment and Geographic Information

Aviat operates in one reportable business segment: the design, manufacturing, and sale of wireless networking products, solutions, and services. The Company’s financial performance is regularly reviewed by its chief operating decision maker who is its Chief Executive Officer (“CEO”).

The Company reports revenue by region and country based on the location where its customers accept delivery of products and services. Revenue by region for the three months ended September 27, 2024 and September 29, 2023 was as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
North America	$	42,225	$	54,853
Africa and the Middle East	10,450		9,954
Europe	5,600		5,252
Latin America and Asia Pacific	30,154		16,850
Total revenue	$	88,429	$	86,909

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 27, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Credit Facility Amendment On October 18, 2024, the Company entered into a Second Amendment to Credit Agreement (the “Credit Facility Amendment”), with Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender and Wells Fargo Securities LLC, Citigroup Global Markets Inc., and Regions Capital Markets as lenders. The Credit Facility Amendment amends and modifies that certain Credit Facility dated May 9, 2023. The Credit Facility Amendment provided for changes and modifications to the Credit Facility, which include, among other things, (i) changes to certain payment term mechanics, (ii) a commitment to make term loans in the aggregate principal amount of $75.0 million for the purpose of refinancing the Term Loan currently outstanding under the Credit Facility, and (iii) an increase in the Revolver to $75.0 million in the aggregate. Refer to Note 6. Credit Facility and Debt for further information.

Revisions to Prior Period Consolidated Financial Statements (Consolidated Statements of Equity) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance	$ 255,885	$ 218,739
Net (loss) income	(11,879)	3,557
Ending balance	247,112	224,343
Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance	(578,513)	(589,273)
Net (loss) income	(11,879)	3,557
Ending balance	$ (590,392)	(585,716)
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance		220,098
Net (loss) income		4,005
Ending balance		226,150
As Previously Reported \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance		(587,914)
Net (loss) income		4,005
Ending balance		(583,909)
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance		(1,359)
Net (loss) income		(448)
Ending balance		(1,807)
Adjustments \| Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Beginning balance		(1,359)
Net (loss) income		(448)
Ending balance		$ (1,807)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Credit Facility and Debt (Narrative) (Details)	1 Months Ended	3 Months Ended
Credit Facility and Debt (Narrative) (Details)	Nov. 30, 2023 USD ($)	Sep. 27, 2024 USD ($) quarter	May 09, 2023 USD ($)
Line of Credit Facility [Line Items]
Letters of credit		$ 4,292,000
Leverage Ratio 2.75
Line of Credit Facility [Line Items]
Term in quarters \| quarter		4
Leverage Ratio 2.50
Line of Credit Facility [Line Items]
Term in quarters \| quarter		8
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity			$ 40,000,000.0
Revolver		$ 35,000,000
Debt instrument, interest, effective percentage		7.60%
Revolving Credit Facility \| Credit Facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%
Revolving Credit Facility \| Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.50%
Delayed Draw Term Loan Facility \| Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity			50,000,000.0
Letter of Credit \| Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity			10,000,000.0
Letters of credit		$ 4,300,000
Swing Line Loan \| Credit Facility
Line of Credit Facility [Line Items]
Credit facility, maximum borrowing capacity			$ 10,000,000.0
Line of Credit \| Credit Facility
Line of Credit Facility [Line Items]
Proceeds from lines of credit		35,000,000.0
Available credit under credit facility		700,000
Line of credit facility, current borrowing capacity		$ 5,000,000.0
Fixed charge coverage ratio		1.25
Line of Credit \| Credit Facility \| Measurement Input, EBITDA Multiple
Line of Credit Facility [Line Items]
Maximum leverage ratio, period 1		3.00
Maximum leverage ratio, period 2		2.75
Maximum leverage ratio, period 3		2.50
Line of Credit \| Delayed Draw Term Loan Facility
Line of Credit Facility [Line Items]
Proceeds from lines of credit	$ 50,000,000
Revolver		$ 48,800,000
Debt instrument, interest, effective percentage		7.40%

Commitments and Contingencies (Narrative) (Details) $ in Thousands	3 Months Ended
	Sep. 27, 2024 USD ($)
Other Commitments [Line Items]
Commercial commitments outstanding	$ 19,675
Maximum
Other Commitments [Line Items]
Guarantee term	2 years
Purchase Obligations with Suppliers of Contract Manufacturers
Other Commitments [Line Items]
Purchase obligation	$ 72,000
Contractual Obligations Associated with Software as Service and Software
Other Commitments [Line Items]
Purchase obligation	$ 5,300

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Jun. 30, 2023		11,518
Beginning balance at Jun. 30, 2023	$ 218,739	$ 115	$ (6,147)	$ 830,048	$ (589,273)	$ (16,004)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	3,557				3,557
Other comprehensive income	33					33
Issuance of common stock under employee stock plans (in shares)		204
Issuance of common stock under employee stock plans	285	$ 2		283
Shares withheld for taxes related to vesting of equity awards (in shares)		(3)
Shares withheld for taxes related to vesting of equity awards	(105)			(105)
Share-based compensation	1,834			1,834
Ending balance (in shares) at Sep. 29, 2023		11,719
Ending balance at Sep. 29, 2023	$ 224,343	$ 117	(6,147)	832,060	(585,716)	(15,971)
Beginning balance (in shares) at Jun. 28, 2024	12,600	12,622
Beginning balance at Jun. 28, 2024	$ 255,885	$ 126	(6,479)	860,071	(578,513)	(19,320)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(11,879)				(11,879)
Other comprehensive income	2,153					2,153
Issuance of common stock under employee stock plans (in shares)		80
Issuance of common stock under employee stock plans	0	$ 1		(1)
Shares withheld for taxes related to vesting of equity awards (in shares)		(26)
Shares withheld for taxes related to vesting of equity awards	(711)			(711)
Share-based compensation	$ 1,664			1,664
Ending balance (in shares) at Sep. 27, 2024	12,700	12,676
Ending balance at Sep. 27, 2024	$ 247,112	$ 127	$ (6,479)	$ 861,023	$ (590,392)	$ (17,167)

Revisions to Prior Period Consolidated Financial Statements (Consolidated Statements of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income	$ (11,879)	$ 3,557
Comprehensive income
Comprehensive (loss) income	$ (9,726)	3,590
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income		4,005
Comprehensive income
Comprehensive (loss) income		4,038
Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income		(448)
Comprehensive income
Comprehensive (loss) income		$ (448)

- Definition

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Components (Schedule of Property, Plant and Equipment) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023	Jun. 28, 2024
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 74,758		$ 71,200
Less: accumulated depreciation	(62,875)		(61,720)
Total property, plant and equipment, net	11,883		9,480
Depreciation	1,317	$ 1,168
Buildings and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	1,302		1,302
Software and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 73,456		$ 69,898

Credit Facility and Debt - (Schedule of Long-Term Debt) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Debt Instrument [Line Items]
Long-term debt, gross	$ 83,750
Less: unamortized deferred financing costs	(375)
Total	83,375
Less: current portion of long-term debt	(2,395)	$ (2,396)
Total long-term debt	80,980	$ 45,954
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	35,000
Line of Credit \| Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 48,750

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Balance Sheet Components (Schedule of Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024	Sep. 29, 2023	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 51,034	$ 64,622
Restricted cash included in long-term other assets	1,142	312
Total cash, cash equivalents, and restricted cash	$ 52,176	$ 64,934	$ 35,741	$ 22,521

Commitment and Contingencies (Tables)

3 Months Ended

Sep. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commercial Commitments

The following table presents details of the Company’s commercial commitments:


(In thousands)	September 27, 2024
Letters of credit	$	4,292
Bonds	15,383
	$	19,675

Stockholders’ Equity (Tables)

3 Months Ended

Sep. 27, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense for Share-based Compensation Awards

Total compensation expense for share-based awards included in the unaudited condensed consolidated statements of operations was as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
By Expense Category:
Cost of revenues	$	104	$	183
Research and development	143		146
Selling and administrative	1,417		1,505
Total share-based compensation expense	$	1,664	$	1,834
By Type of Award:
Options	$	327	$	346
Restricted stock and performance share awards and units	1,337		1,488
Total share-based compensation expense	$	1,664	$	1,834

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Revenues:
Total revenues	$ 88,429	$ 86,909
Cost of revenues:
Total cost of revenues	68,641	55,714
Gross margin	19,788	31,195
Operating expenses:
Research and development	10,408	6,424
Selling and administrative	24,948	19,237
Restructuring charges	0	644
Total operating expenses	35,356	26,305
Operating (loss) income	(15,568)	4,890
Interest expense, net	1,115	99
Other expense, net	710	802
(Loss) income before income taxes	(17,393)	3,989
(Benefit from) provision for income taxes	(5,514)	432
Net income, basic	(11,879)	3,557
Net income, diluted	$ (11,879)	$ 3,557
Net (loss) income per share of common stock outstanding:
Basic (in dollars per share)	$ (0.94)	$ 0.31
Diluted (in dollars per share)	$ (0.94)	$ 0.30
Weighted-average shares outstanding:
Basic (in shares)	12,646	11,574
Diluted (in shares)	12,646	11,943
Product sales
Revenues:
Total revenues	$ 61,116	$ 59,545
Cost of revenues:
Total cost of revenues	52,201	36,313
Services
Revenues:
Total revenues	27,313	27,364
Cost of revenues:
Total cost of revenues	$ 16,440	$ 19,401

Revenue Recognition (Narrative) (Details) $ in Millions	3 Months Ended
Revenue Recognition (Narrative) (Details) $ in Millions	Sep. 27, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Advance payments and unearned income	$ 86.9
Revenue to be recognized, percentage	80.00%
Services
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 16.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Related Party Transactions (Tables)

3 Months Ended

Sep. 27, 2024

Schedule of Related Party Transactions

A summary of the related party activity between the Company and NEC during the three months ended September 27, 2024 is as follows:


(In thousands)
Transition services received	$	745
Research and development services received	3,013
Purchase of inventories	8,293

As of September 27, 2024, the Company’s outstanding related party balances with NEC included in the unaudited condensed consolidated balance sheets are as follows:


(In thousands)
Accounts receivable, net	$	4,822

Accounts payable	11,878
Other current liabilities	19,596

Commitments and Contingencies (Schedule of Commercial Commitments) (Details) $ in Thousands	Sep. 27, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of credit	$ 4,292
Bonds	15,383
Total	$ 19,675

Balance Sheet Components (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Balance Sheet Related Disclosures [Abstract]
Finished products	$ 55,788	$ 44,890
Raw materials and supplies	21,712	15,433
Customer service inventories	2,059	1,944
Total inventories	79,559	62,267
Consigned inventories included within raw materials and supplies	$ 12,105	$ 11,456

Credit Facility and Debt

3 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Credit Facility and Debt

The Company entered into a Secured Credit Facility Agreement (the “Credit Facility”), dated May 9, 2023, amended as of November 22, 2023 and October 18, 2024, with Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender and Wells Fargo Securities LLC, Citigroup Global Markets Inc., and Regions Capital Markets as lenders. The Credit Facility provides for a $40.0 million revolving credit facility (the “Revolver”) and a $50.0 million Delayed Draw Term Loan Facility (the “Term Loan”) with a maturity date of May 8, 2028. The $40.0 million Revolver can be borrowed with a $10.0 million sub-limit for letters of credit, and a $10.0 million swingline loan sub-limit. Refer to Note 16. Subsequent Events for further information.

In November 2023, the Company borrowed $50.0 million against the Term Loan to primarily settle the cash portion of the consideration associated with the NEC Transaction (as defined below). See Note 11. Acquisitions for further information.

As of September 27, 2024, the available credit under the Revolver was $0.7 million, reflecting the available limit of $5.0 million less outstanding letters of credit of $4.3 million. The Company borrowed $35.0 million against the Revolver during the three months ended September 27, 2024. As of September 27, 2024, the Company had $48.8 million outstanding under its Term Loan and $35.0 million outstanding under its Revolver.

The following summarizes the Company’s outstanding long-term debt as of September 27, 2024:


(In thousands)
Revolver	$	35,000
Term loan	48,750
Less: unamortized deferred financing costs	(375)
Total debt	83,375
Less: current portion of long-term debt	(2,395)
Total long-term debt	$	80,980

Outstanding borrowings under the Credit Facility bear interest at either: (a) Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus the applicable margin; or (b) the Base Rate plus the applicable margin. The pricing levels for interest rate margins are determined based on the Consolidated Total Leverage Ratio as determined and adjusted quarterly. As of September 27, 2024, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.50% and 1.50%, respectively. The effective rate of interest on the outstanding Term Loan and Revolver borrowings as of September 27, 2024 was 7.4% and 7.6%, respectively.

The Credit Facility requires the Company and its subsidiaries to maintain a fixed charge coverage ratio to be greater than 1.25 to 1.00 as of the last day of any fiscal quarter of the Company. The Credit Facility also requires that the Company maintain a maximum leverage ratio of 3.00 times EBITDA, with a step-down to 2.75 times EBITDA after four full quarters, and 2.50 times EBITDA after eight full quarters. The Credit Facility contains customary affirmative and negative covenants, including, among others, covenants limiting the ability of the Company and its subsidiaries to dispose of assets, permit a change in control, merge or consolidate, make acquisitions, incur indebtedness, grant liens, make investments, make certain restricted payments, and enter into transactions with affiliates, in each case subject to customary exceptions. As of September 27, 2024, the Company was in compliance with all financial covenants contained in the Credit Facility.

As of September 27, 2024, scheduled maturities of outstanding long-term debt are as follows:


(In thousands)
Remainder of 2025	$	2,500
2026	3,750
2027	6,250
2028	71,250

Total	$	83,750

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Balance Sheet Components (Schedule of Accrued Warranties) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Warranty Liability Roll Forward
Balance as of the beginning of the period	$ 2,996	$ 2,100
Warranty provision recorded during the period	544	375
Assumed in acquisition	406	0
Consumption during the period	(436)	(375)
Balance as of the end of the period	$ 3,510	$ 2,100

Credit Facility and Debt - (Schedule of Maturities of Long-Term Debt) (Details) $ in Thousands	Sep. 27, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2025	$ 2,500
2026	3,750
2027	6,250
2028	71,250
Total	$ 83,750

The Company and Basis of Presentation (Policies)	3 Months Ended
The Company and Basis of Presentation (Policies)	Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information, and Aviat has made estimates, assumptions and judgments affecting the amounts reported in its unaudited condensed consolidated financial statements and the accompanying notes, as discussed in greater detail below. Accordingly, the statements do not include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of the Company’s management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of its financial position, results of operations and cash flows for such periods. The results for the three months ended September 27, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year or future operating periods. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in Aviat’s Annual Report on Form 10-K for the fiscal year ended June 28, 2024. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain amounts in the financial statements have been reclassified for comparative purposes to conform to the current period financial statement presentation. Aviat’s fiscal year includes 52 or 53 weeks and ends on the Friday nearest to June 30. The three months ended September 27, 2024 and September 29, 2023 both consisted of 13 weeks. Fiscal year 2025 contains 52 weeks and will end on June 27, 2025. Fiscal year 2024 contained 52 weeks and ended on June 28, 2024.
Use of Estimates	Use of Estimates The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates, assumptions and judgments affecting the amounts reported and related disclosures. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. The Company evaluates estimates and assumptions on an ongoing basis and may employ outside experts to assist in making these evaluations. Changes in such estimates, based on more accurate information, or different assumptions or conditions, may affect amounts reported in future periods. Such estimates affect significant items, including revenue recognition, provision for uncollectible receivables, inventory valuation, goodwill and identified intangible assets in business combinations, valuation allowances for deferred tax assets, uncertainties in income taxes, contingencies and recoverability of long-lived assets. Actual results may differ materially from estimates.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances the transparency and usefulness of income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company’s annual reporting beginning in fiscal 2026. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly presented to the chief operating decision maker. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for the Company’s annual reporting beginning in fiscal 2025 and for interim periods beginning in fiscal 2026. The Company is currently evaluating the impact of the ASU on its consolidated financial statements. The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined at this time that all other ASUs issued but not yet adopted are either not applicable or are expected to have a minimal impact on its financial position and results of operations.
Fair Value Measurements	Items are classified within Level 1 if quoted prices are available in active markets. The Company’s Level 1 items are primarily money market funds and marketable securities. As of September 27, 2024 and June 28, 2024, the money market funds were valued at $1.00 net asset value per share. Items are classified within Level 2 if the observable inputs to quoted market prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources are available with reasonable levels of price transparency. The Company’s bank certificates of deposit are classified within Level 2. The carrying value of bank certificates of deposit approximates their fair value.

Revisions to Prior Period Consolidated Financial Statements (Tables)

3 Months Ended

Sep. 27, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Consolidated Statements of Operations, Comprehensive Income, Balance Sheets, Cash Flows, and Equity

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)


	Three Months Ended September 29, 2023
(In thousands, except per share amounts)	As Previously Reported		Adjustments		As Revised
Revenues:

Services	$	28,021	$	(657)	$	27,364
Total revenues	87,566		(657)		86,909




Gross margin	31,852		(657)		31,195





Operating income	5,547		(657)		4,890



Income before income taxes	4,646		(657)		3,989
Provision for income taxes	641		(209)		432
Net income	$	4,005	$	(448)	$	3,557



Net income per share of common stock outstanding:
Basic	$	0.35	$	(0.04)	$	0.31
Diluted	$	0.34	$	(0.04)	$	0.30

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited)


	Three Months Ended September 29, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Net income	$	4,005	$	(448)	$	3,557



Comprehensive income	$	4,038	$	(448)	$	3,590

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)


	Three Months Ended September 29, 2023
(In thousands)	As Previously Reported		Adjustments		As Revised
Operating Activities
Net income	$	4,005	$	(448)	$	3,557





Deferred taxes	39		(209)		(170)






Unbilled receivables	(2,395)		657		(1,738)






Net cash provided by operating activities	13,980		—		13,980

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (unaudited)


			Three Months Ended September 29, 2023
	Accumulated Deficit	Total Equity
(In thousands)
As Previously Reported
Balance as of June 30, 2023			$	(587,914)	$	220,098
Net income			4,005		4,005






Balance as of September 29, 2023			$	(583,909)	$	226,150

Adjustments
Balance as of June 30, 2023			$	(1,359)	$	(1,359)
Net income			(448)		(448)






Balance as of September 29, 2023			$	(1,807)	$	(1,807)

As Revised
Balance as of June 30, 2023			$	(589,273)	$	218,739
Net income			3,557		3,557






Balance as of September 29, 2023			$	(585,716)	$	224,343

Net (Loss) Income Per Share of Common Stock (Schedule of Basic and Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Numerator:
Net income, basic	$ (11,879)	$ 3,557
Net income, diluted	$ (11,879)	$ 3,557
Denominator:
Weighted-average shares outstanding, basic (in shares)	12,646	11,574
Effect of potentially dilutive equivalent shares (in shares)	0	369
Weighted-average shares outstanding, diluted (in shares)	12,646	11,943
Net (loss) income per share of common stock outstanding:
Basic (in dollars per share)	$ (0.94)	$ 0.31
Diluted (in dollars per share)	$ (0.94)	$ 0.30

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	Sep. 27, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation The Company Aviat Networks, Inc. (“Aviat,” the “Company,” “we,” “us,” and “our”) designs, manufactures, and sells wireless networking and access networking solutions and services to mobile and fixed telephone service providers, private network operators, government agencies, transportation and utility companies, public safety agencies and broadcast system operators across the globe. Aviat’s products include broadband wireless access base stations and customer premises equipment for fixed and mobile, point-to-point digital microwave radio systems for access, backhaul, trunking and license-exempt applications, supporting new network deployments, network expansion, and capacity upgrades. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information, and Aviat has made estimates, assumptions and judgments affecting the amounts reported in its unaudited condensed consolidated financial statements and the accompanying notes, as discussed in greater detail below. Accordingly, the statements do not include all information and footnotes required by U.S. GAAP for annual consolidated financial statements. In the opinion of the Company’s management, such interim financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair statement of its financial position, results of operations and cash flows for such periods. The results for the three months ended September 27, 2024 are not necessarily indicative of the results that may be expected for the full fiscal year or future operating periods. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and footnotes thereto included in Aviat’s Annual Report on Form 10-K for the fiscal year ended June 28, 2024. The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. Certain amounts in the financial statements have been reclassified for comparative purposes to conform to the current period financial statement presentation. Aviat’s fiscal year includes 52 or 53 weeks and ends on the Friday nearest to June 30. The three months ended September 27, 2024 and September 29, 2023 both consisted of 13 weeks. Fiscal year 2025 contains 52 weeks and will end on June 27, 2025. Fiscal year 2024 contained 52 weeks and ended on June 28, 2024. Use of Estimates The preparation of unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires the Company to make estimates, assumptions and judgments affecting the amounts reported and related disclosures. Estimates are based upon historical factors, current circumstances and the experience and judgment of the Company’s management. The Company evaluates estimates and assumptions on an ongoing basis and may employ outside experts to assist in making these evaluations. Changes in such estimates, based on more accurate information, or different assumptions or conditions, may affect amounts reported in future periods. Such estimates affect significant items, including revenue recognition, provision for uncollectible receivables, inventory valuation, goodwill and identified intangible assets in business combinations, valuation allowances for deferred tax assets, uncertainties in income taxes, contingencies and recoverability of long-lived assets. Actual results may differ materially from estimates. Revisions to Prior Period Consolidated Financial Statements Subsequent to the third quarter of fiscal 2024, the Company identified certain errors in the quarterly financial statements for fiscal 2024. In accordance with ASC 250, Accounting Changes and Error Corrections and Staff Accounting Bulletins (“SAB”) No. 99, Materiality and No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, the Company evaluated the materiality of the errors and determined that the impacts were not material, individually or in the aggregate, to the Company’s previously issued consolidated financial statements. As a result, the Company has revised the prior period financial statements and related disclosures to correct the errors for comparability across all periods presented herein. Refer to Note 15. Revisions to Prior Period Consolidated Financial Statements of the Notes to this Form 10-Q, and Note 1. The Company and Summary of Significant Accounting Policies and Part II, Item 9B. Other Information of the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2024 for further information. Summary of Significant Accounting Policies There have been no material changes in the Company’s significant accounting policies as of and for the three months ended September 27, 2024, as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 28, 2024. Accounting Standards Not Yet Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances the transparency and usefulness of income tax information through improvements to disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for the Company’s annual reporting beginning in fiscal 2026. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly presented to the chief operating decision maker. The disclosures required under ASU 2023-07 are also required for public entities with a single reportable segment. ASU 2023-07 is effective for the Company’s annual reporting beginning in fiscal 2025 and for interim periods beginning in fiscal 2026. The Company is currently evaluating the impact of the ASU on its consolidated financial statements. The Company considers the applicability and impact of all ASUs issued by the FASB. The Company determined at this time that all other ASUs issued but not yet adopted are either not applicable or are expected to have a minimal impact on its financial position and results of operations.

Related Party Transactions (Narrative) (Details)	Nov. 30, 2023 shares	Sep. 27, 2024
NEC Transaction \| NEC Corporation
Related Party Transaction [Line Items]
Equity method investment, ownership percentage		5.80%
Lock-Up \| Related Party
Related Party Transaction [Line Items]
Share release, monthly release of issued shares	0.0833
Share release, period after closing date	2 years
NEC Corporation
Related Party Transaction [Line Items]
Consideration transferred, equity interest issued and issuable, number of shares (in shares)	736,750

Stockholders’ Equity (Schedule of Stock Based Compensation Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,664	$ 1,834
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	327	346
Restricted stock and performance share awards and units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1,337	1,488
Cost of revenues
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	104	183
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	143	146
Selling and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,417	$ 1,505

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revisions to Prior Period Consolidated Financial Statements (Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Revenues:
Total revenues	$ 88,429	$ 86,909
Gross margin	19,788	31,195
Operating (loss) income	(15,568)	4,890
(Loss) income before income taxes	(17,393)	3,989
Provision for income taxes	(5,514)	432
Net income, basic	(11,879)	3,557
Net income, diluted	$ (11,879)	$ 3,557
Net income per share of common stock outstanding:
Basic (in dollars per share)	$ (0.94)	$ 0.31
Diluted (in dollars per share)	$ (0.94)	$ 0.30
As Previously Reported
Revenues:
Total revenues		$ 87,566
Gross margin		31,852
Operating (loss) income		5,547
(Loss) income before income taxes		4,646
Provision for income taxes		641
Net income, basic		4,005
Net income, diluted		$ 4,005
Net income per share of common stock outstanding:
Basic (in dollars per share)		$ 0.35
Diluted (in dollars per share)		$ 0.34
Adjustments
Revenues:
Total revenues		$ (657)
Gross margin		(657)
Operating (loss) income		(657)
(Loss) income before income taxes		(657)
Provision for income taxes		(209)
Net income, basic		(448)
Net income, diluted		$ (448)
Net income per share of common stock outstanding:
Basic (in dollars per share)		$ (0.04)
Diluted (in dollars per share)		$ (0.04)
Services
Revenues:
Total revenues	$ 27,313	$ 27,364
Services \| As Previously Reported
Revenues:
Total revenues		28,021
Services \| Adjustments
Revenues:
Total revenues		$ (657)

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired	$ 6,900,000
Goodwill, impairment	0
Amortization of intangible assets	513,000	$ 176,000
Impairment charges	$ 0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 27, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Related Party Transactions (Schedule of Related Party Transactions) (Details) - NEC Corporation $ in Thousands	3 Months Ended
	Sep. 27, 2024 USD ($)
Transition services received
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 745
Research and development services received
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	3,013
Purchase of inventories
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 8,293

Revisions to Prior Period Consolidated Financial Statements (Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 27, 2024	Sep. 29, 2023
Operating Activities
Net (loss) income	$ (11,879)	$ 3,557
Deferred taxes		(170)
Unbilled receivables	(2,821)	(1,738)
Net cash (used in) provided by operating activities	$ (27,165)	13,980
As Previously Reported
Operating Activities
Net (loss) income		4,005
Deferred taxes		39
Unbilled receivables		(2,395)
Net cash (used in) provided by operating activities		13,980
Adjustments
Operating Activities
Net (loss) income		(448)
Deferred taxes		(209)
Unbilled receivables		657
Net cash (used in) provided by operating activities		$ 0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies

3 Months Ended

Sep. 27, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Orders and Other Commitments

From time to time in the normal course of business, the Company may enter into purchasing agreements with its suppliers that require the Company to accept delivery of and remit full payment for (i) finished products that it has ordered, (ii) finished products that it requested be held as safety stock, and (iii) work in process started on its behalf, in the event it cancels or terminates the purchasing agreement. Because these agreements do not specify fixed or minimum quantities, do not specify minimum or variable price provisions, and do not specify the approximate timing of the transaction, and the Company has no present intention to cancel or terminate any of these agreements, the Company currently does not believe that it has any future liability under these agreements. As of September 27, 2024, the Company had outstanding purchase obligations with its suppliers or contract manufacturers of $72.0 million. In addition, the Company had purchase obligations of approximately $5.3 million associated with software as a service and software maintenance support.

Financial Guarantees and Commercial Commitments

Guarantees issued by banks, insurance companies, or other financial institutions are contingent commitments issued to guarantee performance under borrowing arrangements, such as bank overdraft facilities, tax and customs obligations, and similar transactions, or to ensure performance under customer or vendor contracts. The terms of the guarantees are generally equal to the remaining term of the related debt or other obligations and are generally limited to two years or less. As of September 27, 2024, the Company had no guarantees applicable to its debt arrangements.

The Company has entered into commercial commitments in the normal course of business including surety bonds, standby letters of credit agreements, and other arrangements with financial institutions primarily relating to the guarantee of future performance on certain contracts to provide products and services to customers. As of September 27, 2024, the Company had commercial commitments outstanding of $19.7 million, that were not recorded on the unaudited condensed consolidated balance sheets. The Company does not believe, based on historical experience and information currently

available, that it is probable that any significant amounts will be required to be paid on these performance guarantees in the future.

The following table presents details of the Company’s commercial commitments:


(In thousands)	September 27, 2024
Letters of credit	$	4,292
Bonds	15,383
	$	19,675

Indemnifications

Under the terms of substantially all of the Company’s license agreements, it has agreed to defend and pay any final judgment against its customers arising from claims against such customers that the Company’s products infringe the intellectual property rights of a third party. As of September 27, 2024, the Company has not received any notice that any customer is subject to an infringement claim arising from the use of its products; the Company has not received any request to defend any customers from infringement claims arising from the use of its products; and the Company has not paid any final judgment on behalf of any customer related to an infringement claim arising from the use of its products. Because the outcome of infringement disputes is related to the specific facts of each case and given the lack of previous or current indemnification claims, the Company cannot estimate the maximum amount of potential future payments, if any, related to its indemnification provisions. As of September 27, 2024, the Company had not recorded any liabilities related to these indemnifications.

Legal Proceedings

The Company is subject from time to time to disputes with customers concerning its products and services. From time to time, the Company may be involved in various other legal claims and litigation that arise in the normal course of its operations. The Company is aggressively defending all current litigation matters. Although there can be no assurances and the outcome of these matters is currently not determinable, the Company currently believes that none of these claims or proceedings are likely to have a material adverse effect on its financial position. There are many uncertainties associated with any litigation and these actions or other third-party claims against the Company may cause it to incur costly litigation and/or substantial settlement charges. As a result, the Company’s business, financial condition, results of operations, and cash flows could be adversely affected. The actual liability in any such matters may be materially different from the Company’s estimates, if any.

The Company records accruals for its outstanding legal proceedings, investigations or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company evaluates, at least on a quarterly basis, developments in legal proceedings, investigations or claims that could affect the amount of any accrual, as well as any developments that would result in a loss contingency to become both probable and reasonably estimable. The Company has not recorded any significant accrual for loss contingencies associated with such legal claims or litigation discussed above.

Contingent Liabilities

The Company records a loss contingency as a charge to operations when (i) it is probable that an asset has been impaired or a liability has been incurred at the date of the financial statements; and (ii) the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for loss contingencies that do not meet both conditions if there is a reasonable possibility that a loss may have been incurred. Gain contingencies are not recorded until realized. The Company expenses all legal costs incurred to resolve regulatory, legal and tax matters as incurred.

In March 2016, an enforcement action by the Indian Department of Revenue, Ministry of Finance was brought against Aviat’s subsidiary Aviat Networks (India) Private Limited (“Aviat India”) relating to the non-realization of intercompany receivables and non-payment of intercompany payables, which originated from 1999 to 2012, within the time frames dictated by the Indian regulations under the Foreign Exchange Management Act. In November 2017, the Indian Department of Revenue, Ministry of Finance also initiated a similar action against Telsima Communications Private Limited (“Telsima India”), a subsidiary of the Company, relating to the non-realization of intercompany receivables and non-payment of intercompany payables which originated from the period prior to our acquisition of Telsima India in February 2009. In September 2019, the directors of Aviat India appeared before the Ministry of Finance Enforcement Directorate. In March 2024, the Company appeared before the Joint Director of Enforcement to review the transactions at issue. No subsequent

hearing date has been scheduled as of September 27, 2024. The Company has accrued an immaterial amount representing the estimated probable loss for which it would settle the matter. The Company currently cannot form an estimate of the range of loss in excess of its amounts already accrued. If the outcome of this matter is greater than the current immaterial amount accrued, the Company intends to dispute it vigorously.

Periodically, the Company reviews the status of each significant matter to assess the potential financial exposure. If a potential loss is considered probable and the amount can be reasonably estimated, the estimated loss is reflected in our results of operations. Significant judgment is required to determine the probability that a liability has been incurred or an asset impaired and whether such loss is reasonably estimable. Further, estimates of this nature are highly subjective, and the final outcome of these matters could vary significantly from the amounts that have been included in the consolidated financial statements.

As additional information becomes available, the Company will reassess the potential liability related to its pending claims and litigation and may revise estimates accordingly. Such revisions in the estimates of the potential liabilities could have a material impact on the Company’s results of operations and financial position.

Balance Sheet Components (Tables)

3 Months Ended

Sep. 27, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following provides a summary of cash, cash equivalents, and restricted cash reported within the unaudited condensed consolidated balance sheets that reconciles to the corresponding amount in the unaudited condensed consolidated statement of cash flows:


(In thousands)	September 27, 2024		June 28, 2024
Cash and cash equivalents	$	51,034	$	64,622

Restricted cash included in long-term other assets	1,142		312
Total cash, cash equivalents, and restricted cash	$	52,176	$	64,934

Schedule of Cash, Cash Equivalents and Restricted Cash


(In thousands)	September 27, 2024		June 28, 2024
Cash and cash equivalents	$	51,034	$	64,622

Restricted cash included in long-term other assets	1,142		312
Total cash, cash equivalents, and restricted cash	$	52,176	$	64,934

Schedule of Inventories


(In thousands)	September 27, 2024		June 28, 2024
Finished products	$	55,788	$	44,890
Raw materials and supplies	21,712		15,433
Customer service inventories	2,059		1,944
Total inventories	$	79,559	$	62,267
Consigned inventories included within raw materials and supplies	$	12,105	$	11,456

Schedule of Adjustments to Inventory

The charges incurred during the three months ended September 27, 2024 and September 29, 2023 were included in cost of product sales as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
Excess and obsolete inventory	$	310	$	294
Customer service inventory write-downs	191		253
Total charges	$	501	$	547

Schedule of Other Current Assets

Other Current Assets


(In thousands)	September 27, 2024		June 28, 2024
Prepaid and other current assets	$	15,076	$	13,559
Taxes	11,256		8,623
Contract manufacturing assets	6,610		4,894

Total other current assets	$	32,942	$	27,076

Schedule of Property, Plant and Equipment, Net


(In thousands)	September 27, 2024		June 28, 2024

Buildings and leasehold improvements	$	1,302	$	1,302
Software and equipment	73,456		69,898
Total property, plant and equipment, gross	74,758		71,200
Less: accumulated depreciation	(62,875)		(61,720)
Total property, plant and equipment, net	$	11,883	$	9,480

Depreciation expense related to property, plant and equipment, was as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
Depreciation	$	1,317	$	1,168

Schedule of Accrued Expenses


(In thousands)	September 27, 2024		June 28, 2024
Taxes	$	11,718	$	8,827
Compensation and benefits	8,240		9,689
Project costs	7,007		14,305

Other	5,816		3,507
Warranties	3,510		2,996
Commissions	1,533		1,538
Professional fees	1,313		1,286
Total accrued expenses	$	39,137	$	42,148

Schedule of Changes in Warranty Liability

The Company accrues for the estimated cost to repair or replace products under warranty. Changes in the warranty liability were as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
Balance as of the beginning of the period	$	2,996	$	2,100
Warranty provision recorded during the period	544		375
Assumed in acquisition	406		—
Consumption during the period	(436)		(375)
Balance as of the end of the period	$	3,510	$	2,100

Schedule of Advance Payments and Unearned Income


(In thousands)	September 27, 2024		June 28, 2024
Advance payments	$	18,989	$	8,517
Unearned revenue	60,391		50,322
Total advance payments and unearned revenue	$	79,380	$	58,839

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 27, 2024	Jun. 28, 2024
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,190	$ 1,854
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	50,000,000.0	50,000,000.0
Preferred stock, shares issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	300,000,000.0	300,000,000.0
Common stock, shares issued (in shares)	12,700,000	12,600,000
Common stock, shares outstanding (in shares)	12,700,000	12,600,000
Treasury stock (in shares)	200,000	200,000

Revenue Recognition

3 Months Ended

Sep. 27, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Contract Balances, Performance Obligations, and Backlog


(In thousands)	September 27, 2024		June 28, 2024
Contract assets
Accounts receivable, net	$	169,002	$	158,013
Unbilled receivables	94,725		90,525
Capitalized commissions	3,531		3,269
Contract liabilities
Advance payments and unearned revenue	$	79,380	$	58,839
Unearned revenue, long-term	7,522		7,413

Significant changes in contract balances may arise as a result of recognition over time for services, transfer of control for equipment, and periodic payments (both in arrears and in advance).

From time to time, the Company may experience unforeseen events that could result in a change to the scope or price associated with an arrangement. When such events occur, the transaction price and measurement of progress for the performance obligation are updated and this change is recognized as a cumulative catch-up to revenue. Because of the nature and type of contracts, the timeframe to completion and satisfaction of current and future performance obligations can shift; however, this will have no impact on the Company’s future obligation to bill and collect.

As of September 27, 2024, the Company reported $86.9 million in advance payments and unearned revenue and long-term unearned revenue, of which approximately 80% is expected to be recognized as revenue in the next twelve months and the remainder thereafter. Approximately $16.6 million of revenue was recognized during the three months ended September 27, 2024, which was included in advance payments and unearned revenue at June 28, 2024.

Remaining Performance Obligations

The aggregate amount of transaction price allocated to unsatisfied (or partially unsatisfied) performance obligations was approximately $144.8 million at September 27, 2024 relating to our long-term field service projects. Of this amount, approximately 50% is expected to be recognized as revenue during the next 12 months, with the remaining amount to be recognized thereafter.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Sep. 27, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate varies from the U.S. federal statutory rate of 21% primarily due to U.S. global intangible low-taxed income inclusion (GILTI), state taxes, stock-based compensation and foreign operations that are subject to income taxes at different statutory rates. During interim periods, tax expense or benefit are accrued for jurisdictions that are anticipated to be profitable for fiscal 2025. The determination of income taxes for the three months ended September 27, 2024 and September 29, 2023 was based on the Company’s estimated annual effective tax rate adjusted for losses in certain jurisdictions for which no tax benefit can be recognized. The tax benefit for the three months ended September 27, 2024 was primarily due to tax benefit resulting from year-to-date losses. The tax expense for the three months ended September 29, 2023 was primarily due to tax expense related to U.S. and profitable foreign subsidiaries. The Company has a number of years with open tax audits which vary from jurisdiction to jurisdiction. The major tax jurisdictions that are open and subject to potential audits include the U.S., Singapore, Ghana, Kenya, Nigeria, Saudi Arabia and Tanzania. The earliest years for these jurisdictions are as follows: U.S. - 2003; Singapore - 2015; Ghana – 2016; Kenya – 2018; Nigeria – 2006; Saudi Arabia – 2019 and Tanzania - 2017. Interest and penalties related to unrecognized tax benefits are accounted for as part of the provision for federal, foreign, and state income taxes. Such interest expense was not material for the three months ended September 27, 2024 and September 29, 2023. On March 11, 2021, the US enacted the American Rescue Plan Act of 2021 (“ARPA”) which expands Section 162(m) to cover the next five most highly compensated employees for the taxable year, in addition to the “covered employees” effective for taxable years beginning after December 31, 2026. The Company will continue to examine the elements of the ARPA and the impact it may have on future business. On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”) which includes a new corporate alternative minimum tax of 15% on adjusted financial statement income of corporations with profits greater than $1 billion, effective for taxable years beginning after December 31, 2022, and a 1% excise tax on stock repurchases by public corporations after December 31, 2022. The Company will continue to evaluate the applicability and effect of the IRA as more guidance is issued.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components

3 Months Ended

Sep. 27, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Cash, Cash equivalents, and Restricted cash


(In thousands)	September 27, 2024		June 28, 2024
Cash and cash equivalents	$	51,034	$	64,622

Restricted cash included in long-term other assets	1,142		312
Total cash, cash equivalents, and restricted cash	$	52,176	$	64,934

Inventories


(In thousands)	September 27, 2024		June 28, 2024
Finished products	$	55,788	$	44,890
Raw materials and supplies	21,712		15,433
Customer service inventories	2,059		1,944
Total inventories	$	79,559	$	62,267
Consigned inventories included within raw materials and supplies	$	12,105	$	11,456

The Company records charges to adjust inventories due to excess and obsolete inventory resulting from lower sales forecasts, product transitioning or discontinuance. The charges incurred during the three months ended September 27, 2024 and September 29, 2023 were included in cost of product sales as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
Excess and obsolete inventory	$	310	$	294
Customer service inventory write-downs	191		253
Total charges	$	501	$	547

Other Current Assets


(In thousands)	September 27, 2024		June 28, 2024
Prepaid and other current assets	$	15,076	$	13,559
Taxes	11,256		8,623
Contract manufacturing assets	6,610		4,894

Total other current assets	$	32,942	$	27,076

Property, Plant and Equipment, net


(In thousands)	September 27, 2024		June 28, 2024

Buildings and leasehold improvements	$	1,302	$	1,302
Software and equipment	73,456		69,898
Total property, plant and equipment, gross	74,758		71,200
Less: accumulated depreciation	(62,875)		(61,720)
Total property, plant and equipment, net	$	11,883	$	9,480

Included in the total property, plant and equipment, gross were $4.2 million and $4.1 million of assets in progress which have not been placed in service as of September 27, 2024 and June 28, 2024, respectively.

Depreciation expense related to property, plant and equipment, was as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
Depreciation	$	1,317	$	1,168

Accrued Expenses


(In thousands)	September 27, 2024		June 28, 2024
Taxes	$	11,718	$	8,827
Compensation and benefits	8,240		9,689
Project costs	7,007		14,305

Other	5,816		3,507
Warranties	3,510		2,996
Commissions	1,533		1,538
Professional fees	1,313		1,286
Total accrued expenses	$	39,137	$	42,148

The Company accrues for the estimated cost to repair or replace products under warranty. Changes in the warranty liability were as follows:


	Three Months Ended
(In thousands)	September 27, 2024		September 29, 2023
Balance as of the beginning of the period	$	2,996	$	2,100
Warranty provision recorded during the period	544		375
Assumed in acquisition	406		—
Consumption during the period	(436)		(375)
Balance as of the end of the period	$	3,510	$	2,100

Advance Payments and Unearned Revenue


(In thousands)	September 27, 2024		June 28, 2024
Advance payments	$	18,989	$	8,517
Unearned revenue	60,391		50,322
Total advance payments and unearned revenue	$	79,380	$	58,839

Excluded from the balances above are $7.5 million and $7.4 million in long-term unearned revenue as of September 27, 2024 and June 28, 2024, respectively.