Added to YB: 2026-04-06
Pitch date: 2026-04-01
AVNW [bearish]
Aviat Networks, Inc.
Author Info
Glasshouse Research is a team of forensic accountants/analysts on the look out for fraudulent companies. Visit the website.
Company Info
Aviat Networks, Inc. provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific.
Market Cap
$291.7M
Pitch Price
N/A
Price Target
8.75
Dividend
N/A
EV/EBITDA
6.41
P/E
20.29
EV/Sales
0.70
Sector
Communications Equipment
Category
value
Our Best Short Idea for 2026 - Aviat Networks (AVNW
AVNW (short): Earnings overstated by $40.8M; sustainable op income est. $(7.9)M vs $32.9M reported. Unbilled AR +200% since 2020 (vs rev +90%), DSO 231d, DPO 172d vs 88d avg. $44.1M rev pulled forward (10% of TTM). NEC arbitration for $54M unpaid balances. Pasolink acquisition declining post-deal. Cash flow inflated by delayed supplier payments. Material ICFR weaknesses in rev recognition. 5 CFOs in 5y, 3 auditors in 4y. Africa/MTN FX risk. Target $8.75 (60% downside).
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