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Side-by-side financial comparison of C3.ai, Inc. (AI) and AVIAT NETWORKS, INC. (AVNW). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $75.1M, roughly 1.5× C3.ai, Inc.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -139.3%, a 144.4% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -20.3%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-46.9M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
AI vs AVNW — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $111.5M |
| Net Profit | $-104.7M | $5.7M |
| Gross Margin | 40.4% | 32.4% |
| Operating Margin | -149.2% | 6.5% |
| Net Margin | -139.3% | 5.1% |
| Revenue YoY | -20.3% | -5.7% |
| Net Profit YoY | -58.7% | 27.2% |
| EPS (diluted) | $-0.75 | $0.44 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $111.5M | ||
| Q3 25 | $70.3M | $107.3M | ||
| Q2 25 | $108.7M | $115.3M | ||
| Q1 25 | $98.8M | $112.6M | ||
| Q4 24 | $94.3M | $118.2M | ||
| Q3 24 | $87.2M | $88.4M | ||
| Q2 24 | $86.6M | $116.7M | ||
| Q1 24 | $78.4M | $110.8M |
| Q4 25 | $-104.7M | $5.7M | ||
| Q3 25 | $-116.8M | $162.0K | ||
| Q2 25 | $-79.7M | $5.2M | ||
| Q1 25 | $-80.2M | $3.5M | ||
| Q4 24 | $-66.0M | $4.5M | ||
| Q3 24 | $-62.8M | $-11.9M | ||
| Q2 24 | $-72.9M | $1.5M | ||
| Q1 24 | $-72.6M | $3.9M |
| Q4 25 | 40.4% | 32.4% | ||
| Q3 25 | 37.6% | 33.2% | ||
| Q2 25 | 62.1% | 34.2% | ||
| Q1 25 | 59.1% | 34.9% | ||
| Q4 24 | 61.3% | 34.6% | ||
| Q3 24 | 59.8% | 22.4% | ||
| Q2 24 | 59.6% | 35.3% | ||
| Q1 24 | 57.8% | 32.5% |
| Q4 25 | -149.2% | 6.5% | ||
| Q3 25 | -177.7% | 4.8% | ||
| Q2 25 | -81.8% | 7.7% | ||
| Q1 25 | -88.7% | 8.3% | ||
| Q4 24 | -79.8% | 6.7% | ||
| Q3 24 | -83.2% | -17.6% | ||
| Q2 24 | -95.1% | 4.7% | ||
| Q1 24 | -105.3% | 5.1% |
| Q4 25 | -139.3% | 5.1% | ||
| Q3 25 | -166.2% | 0.2% | ||
| Q2 25 | -73.3% | 4.5% | ||
| Q1 25 | -81.2% | 3.1% | ||
| Q4 24 | -69.9% | 3.8% | ||
| Q3 24 | -72.0% | -13.4% | ||
| Q2 24 | -84.2% | 1.3% | ||
| Q1 24 | -92.6% | 3.5% |
| Q4 25 | $-0.75 | $0.44 | ||
| Q3 25 | $-0.86 | $0.01 | ||
| Q2 25 | $-0.60 | $0.42 | ||
| Q1 25 | $-0.62 | $0.27 | ||
| Q4 24 | $-0.52 | $0.35 | ||
| Q3 24 | $-0.50 | $-0.94 | ||
| Q2 24 | $-0.59 | $0.11 | ||
| Q1 24 | $-0.60 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $86.5M |
| Total DebtLower is stronger | — | $105.4M |
| Stockholders' EquityBook value | $771.9M | $271.6M |
| Total Assets | $961.3M | $659.4M |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $86.5M | ||
| Q3 25 | $711.9M | $64.8M | ||
| Q2 25 | $742.7M | $59.7M | ||
| Q1 25 | $724.3M | $49.4M | ||
| Q4 24 | $730.4M | $52.6M | ||
| Q3 24 | $762.5M | $51.0M | ||
| Q2 24 | $750.4M | $64.6M | ||
| Q1 24 | $723.3M | $59.2M |
| Q4 25 | — | $105.4M | ||
| Q3 25 | — | $106.5M | ||
| Q2 25 | — | $87.6M | ||
| Q1 25 | — | $73.9M | ||
| Q4 24 | — | $74.9M | ||
| Q3 24 | — | $83.4M | ||
| Q2 24 | — | $48.4M | ||
| Q1 24 | — | $48.9M |
| Q4 25 | $771.9M | $271.6M | ||
| Q3 25 | $798.8M | $263.6M | ||
| Q2 25 | $838.3M | $263.2M | ||
| Q1 25 | $860.2M | $256.1M | ||
| Q4 24 | $859.0M | $249.6M | ||
| Q3 24 | $874.9M | $247.1M | ||
| Q2 24 | $873.4M | $255.9M | ||
| Q1 24 | $898.0M | $256.0M |
| Q4 25 | $961.3M | $659.4M | ||
| Q3 25 | $968.7M | $643.3M | ||
| Q2 25 | $1.0B | $633.3M | ||
| Q1 25 | $1.1B | $628.3M | ||
| Q4 24 | $1.0B | $594.1M | ||
| Q3 24 | $1.1B | $590.9M | ||
| Q2 24 | $1.0B | $535.2M | ||
| Q1 24 | $1.1B | $490.3M |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.30× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $23.9M |
| Free Cash FlowOCF − Capex | $-46.9M | $22.5M |
| FCF MarginFCF / Revenue | -62.4% | 20.2% |
| Capex IntensityCapex / Revenue | 0.5% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 4.18× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $16.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $23.9M | ||
| Q3 25 | $-33.5M | $-11.7M | ||
| Q2 25 | $11.3M | $10.5M | ||
| Q1 25 | $-22.0M | $1.6M | ||
| Q4 24 | $-38.7M | $20.8M | ||
| Q3 24 | $8.0M | $-27.2M | ||
| Q2 24 | $21.3M | $8.3M | ||
| Q1 24 | $-39.1M | $15.3M |
| Q4 25 | $-46.9M | $22.5M | ||
| Q3 25 | $-34.3M | $-13.5M | ||
| Q2 25 | $10.3M | $8.2M | ||
| Q1 25 | $-22.4M | $-1.2M | ||
| Q4 24 | $-39.5M | $18.3M | ||
| Q3 24 | $7.1M | $-32.6M | ||
| Q2 24 | $18.8M | $7.5M | ||
| Q1 24 | $-45.1M | $14.8M |
| Q4 25 | -62.4% | 20.2% | ||
| Q3 25 | -48.8% | -12.6% | ||
| Q2 25 | 9.5% | 7.1% | ||
| Q1 25 | -22.7% | -1.0% | ||
| Q4 24 | -41.9% | 15.5% | ||
| Q3 24 | 8.2% | -36.8% | ||
| Q2 24 | 21.7% | 6.4% | ||
| Q1 24 | -57.6% | 13.4% |
| Q4 25 | 0.5% | 1.3% | ||
| Q3 25 | 1.1% | 1.6% | ||
| Q2 25 | 0.9% | 2.0% | ||
| Q1 25 | 0.4% | 2.5% | ||
| Q4 24 | 0.9% | 2.1% | ||
| Q3 24 | 1.1% | 6.1% | ||
| Q2 24 | 2.9% | 0.7% | ||
| Q1 24 | 7.8% | 0.4% |
| Q4 25 | — | 4.18× | ||
| Q3 25 | — | -72.48× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 4.62× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.37× | ||
| Q1 24 | — | 3.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
