Aviat Networks delays FY2024 10-K; preliminary revenue $400-409M, material weaknesses

AVIAT NETWORKS, INC.

Preliminary FY2024 revenue $400-409M (up from $347M); operating income $15-20M (down from $26M); net income $8-12M (down from $12M).
Cash $65M, debt $48M (vs zero debt prior year).
Material weaknesses identified in internal controls; remediation underway with external advisors.
Errors found in FY2024 and FY2023 financials; evaluating whether restatement is required.
Expects to file 10-K within 15-day extension period.

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