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Aviat Networks vs Ondas: AVNW and ONDS compared
Aviat Networks is the larger company: $121M of revenue in its latest quarter (Q4 FY26) against $83.8M for Ondas (Q2 2026). Ondas is growing faster (13× against +5% a year earlier). Aviat Networks is more profitable, with an operating margin of 4.8% against -194.5%.
Where the money goes: AVNW and ONDS
Aviat Networks (AVNW) · Q4 FY26
Aviat Networks, Q4 FY26: revenue $121M (+5% year over year), operating margin 4.8%, net loss $1.3M, operating cash flow $3.1M. The chart follows the revenue to costs, profit and cash.
Ondas (ONDS) · Q2 2026
Ondas, Q2 2026: revenue $83.8M (13× year over year), operating margin -194.5%, net loss $89.7M, operating cash flow −$86.1M. The chart follows the revenue to costs, profit and cash.
| Aviat Networks (AVNW) | Ondas (ONDS) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q2 2026 |
| Revenue | $121M | $83.8M |
| Revenue growth, Y/Y | +5% | 13× |
| Operating margin | 4.8% | -194.5% |
| Net earnings | −$1.3M | −$89.7M |
| Net margin | -1.1% | -107.1% |
| Operating cash flow | $3.1M | −$86.1M |
| Free cash flow | $2.5M | — |
Where the revenue comes from
Aviat Networks
- Product sales: $89.5M (74%)
- Services: $31.4M (26%)
Ondas
- Product Revenue: $43.4M (52%)
- Service Revenue: $23.6M (28%)
- Development Revenue: $16.7M (20%)
Questions
Which is bigger, Aviat Networks or Ondas?
Aviat Networks is the larger company: $121M of revenue in its latest quarter (Q4 FY26) against $83.8M for Ondas (Q2 2026).
Is Aviat Networks or Ondas growing faster?
Ondas is growing faster (13× against +5% a year earlier).
Which is more profitable, Aviat Networks or Ondas?
Aviat Networks is more profitable, with an operating margin of 4.8% against -194.5%.
More: Aviat Networks earnings · how Aviat Networks makes money · Ondas earnings · how Ondas makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Aug 27, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.