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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and CBAK Energy Technology, Inc. (CBAT). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $58.8M, roughly 1.9× CBAK Energy Technology, Inc.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -12.5%, a 17.7% gap on every dollar of revenue. On growth, CBAK Energy Technology, Inc. posted the faster year-over-year revenue change (131.8% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $16.1M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -0.0%).
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.
CBAK Energy Technology, Inc. is a global supplier of lithium-ion battery products including high-performance cells, modules and battery packs. It serves key segments such as electric vehicles, stationary energy storage systems and consumer electronics, with core operations in China and a worldwide customer base.
AVNW vs CBAT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $58.8M |
| Net Profit | $5.7M | $-7.4M |
| Gross Margin | 32.4% | 7.3% |
| Operating Margin | 6.5% | -13.6% |
| Net Margin | 5.1% | -12.5% |
| Revenue YoY | -5.7% | 131.8% |
| Net Profit YoY | 27.2% | -63.6% |
| EPS (diluted) | $0.44 | $-0.08 |
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 | $111.5M | $58.8M | ||
| Q3 25 | $107.3M | $60.9M | ||
| Q2 25 | $115.3M | $40.5M | ||
| Q1 25 | $112.6M | $34.9M | ||
| Q4 24 | $118.2M | $25.4M | ||
| Q3 24 | $88.4M | $44.6M | ||
| Q2 24 | $116.7M | $47.8M | ||
| Q1 24 | $110.8M | $58.8M |
| Q4 25 | $5.7M | $-7.4M | ||
| Q3 25 | $162.0K | $2.7M | ||
| Q2 25 | $5.2M | $-3.1M | ||
| Q1 25 | $3.5M | $-1.6M | ||
| Q4 24 | $4.5M | $-4.5M | ||
| Q3 24 | $-11.9M | $17.6K | ||
| Q2 24 | $1.5M | $6.4M | ||
| Q1 24 | $3.9M | $9.8M |
| Q4 25 | 32.4% | 7.3% | ||
| Q3 25 | 33.2% | 8.0% | ||
| Q2 25 | 34.2% | 11.0% | ||
| Q1 25 | 34.9% | 13.7% | ||
| Q4 24 | 34.6% | 13.1% | ||
| Q3 24 | 22.4% | 15.6% | ||
| Q2 24 | 35.3% | 26.6% | ||
| Q1 24 | 32.5% | 31.9% |
| Q4 25 | 6.5% | -13.6% | ||
| Q3 25 | 4.8% | -6.6% | ||
| Q2 25 | 7.7% | -8.7% | ||
| Q1 25 | 8.3% | -8.2% | ||
| Q4 24 | 6.7% | -26.0% | ||
| Q3 24 | -17.6% | -1.9% | ||
| Q2 24 | 4.7% | 12.4% | ||
| Q1 24 | 5.1% | 17.4% |
| Q4 25 | 5.1% | -12.5% | ||
| Q3 25 | 0.2% | 4.4% | ||
| Q2 25 | 4.5% | -7.6% | ||
| Q1 25 | 3.1% | -4.5% | ||
| Q4 24 | 3.8% | -17.8% | ||
| Q3 24 | -13.4% | 0.0% | ||
| Q2 24 | 1.3% | 13.5% | ||
| Q1 24 | 3.5% | 16.7% |
| Q4 25 | $0.44 | $-0.08 | ||
| Q3 25 | $0.01 | $0.03 | ||
| Q2 25 | $0.42 | $-0.03 | ||
| Q1 25 | $0.27 | $-0.02 | ||
| Q4 24 | $0.35 | $-0.05 | ||
| Q3 24 | $-0.94 | $0.00 | ||
| Q2 24 | $0.11 | $0.07 | ||
| Q1 24 | $0.30 | $0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.5M | $8.3M |
| Total DebtLower is stronger | $105.4M | $4.1M |
| Stockholders' EquityBook value | $271.6M | $112.7M |
| Total Assets | $659.4M | $426.2M |
| Debt / EquityLower = less leverage | 0.39× | 0.04× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $8.3M | ||
| Q3 25 | $64.8M | $10.5M | ||
| Q2 25 | $59.7M | $45.7M | ||
| Q1 25 | $49.4M | $9.6M | ||
| Q4 24 | $52.6M | $11.0M | ||
| Q3 24 | $51.0M | $24.2M | ||
| Q2 24 | $64.6M | $44.1M | ||
| Q1 24 | $59.2M | $23.8M |
| Q4 25 | $105.4M | $4.1M | ||
| Q3 25 | $106.5M | $4.8M | ||
| Q2 25 | $87.6M | $4.9M | ||
| Q1 25 | $73.9M | $4.1M | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $112.7M | ||
| Q3 25 | $263.6M | $121.4M | ||
| Q2 25 | $263.2M | $118.2M | ||
| Q1 25 | $256.1M | $120.8M | ||
| Q4 24 | $249.6M | $121.7M | ||
| Q3 24 | $247.1M | $131.2M | ||
| Q2 24 | $255.9M | $126.6M | ||
| Q1 24 | $256.0M | $120.9M |
| Q4 25 | $659.4M | $426.2M | ||
| Q3 25 | $643.3M | $363.9M | ||
| Q2 25 | $633.3M | $333.1M | ||
| Q1 25 | $628.3M | $311.5M | ||
| Q4 24 | $594.1M | $302.2M | ||
| Q3 24 | $590.9M | $293.5M | ||
| Q2 24 | $535.2M | $279.6M | ||
| Q1 24 | $490.3M | $286.5M |
| Q4 25 | 0.39× | 0.04× | ||
| Q3 25 | 0.40× | 0.04× | ||
| Q2 25 | 0.33× | 0.04× | ||
| Q1 25 | 0.29× | 0.03× | ||
| 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 | $23.9M | $29.8M |
| Free Cash FlowOCF − Capex | $22.5M | $16.1M |
| FCF MarginFCF / Revenue | 20.2% | 27.3% |
| Capex IntensityCapex / Revenue | 1.3% | 23.4% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $3.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $29.8M | ||
| Q3 25 | $-11.7M | $14.6M | ||
| Q2 25 | $10.5M | $13.8M | ||
| Q1 25 | $1.6M | $-9.6M | ||
| Q4 24 | $20.8M | $9.6M | ||
| Q3 24 | $-27.2M | $19.7M | ||
| Q2 24 | $8.3M | $2.9M | ||
| Q1 24 | $15.3M | $7.4M |
| Q4 25 | $22.5M | $16.1M | ||
| Q3 25 | $-13.5M | $6.0M | ||
| Q2 25 | $8.2M | $4.1M | ||
| Q1 25 | $-1.2M | $-22.3M | ||
| Q4 24 | $18.3M | $3.9M | ||
| Q3 24 | $-32.6M | $16.5M | ||
| Q2 24 | $7.5M | $2.5M | ||
| Q1 24 | $14.8M | $-454.0K |
| Q4 25 | 20.2% | 27.3% | ||
| Q3 25 | -12.6% | 9.9% | ||
| Q2 25 | 7.1% | 10.2% | ||
| Q1 25 | -1.0% | -63.9% | ||
| Q4 24 | 15.5% | 15.5% | ||
| Q3 24 | -36.8% | 37.1% | ||
| Q2 24 | 6.4% | 5.2% | ||
| Q1 24 | 13.4% | -0.8% |
| Q4 25 | 1.3% | 23.4% | ||
| Q3 25 | 1.6% | 14.1% | ||
| Q2 25 | 2.0% | 23.8% | ||
| Q1 25 | 2.5% | 36.3% | ||
| Q4 24 | 2.1% | 22.5% | ||
| Q3 24 | 6.1% | 7.0% | ||
| Q2 24 | 0.7% | 0.9% | ||
| Q1 24 | 0.4% | 13.4% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | 5.51× | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | 1115.72× | ||
| Q2 24 | 5.37× | 0.46× | ||
| Q1 24 | 3.96× | 0.76× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
CBAT
| Manufacturing Lithium Batteries | $28.0M | 48% |
| Residential Energy Supply And Uninterruptable Supplies | $17.8M | 30% |
| Light Electric Vehicles | $12.9M | 22% |
| Precursor | $108.0K | 0% |
