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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and HA Sustainable Infrastructure Capital, Inc. (HASI). Click either name above to swap in a different company.
HA Sustainable Infrastructure Capital, Inc. is the larger business by last-quarter revenue ($114.8M vs $111.5M, roughly 1.0× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -46.8%, a 52.0% gap on every dollar of revenue. On growth, HA Sustainable Infrastructure Capital, Inc. posted the faster year-over-year revenue change (13.3% vs -5.7%). Over the past eight quarters, HA Sustainable Infrastructure Capital, Inc.'s revenue compounded faster (4.2% CAGR vs 0.3%).
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.
HA Sustainable Infrastructure Capital, Inc. (HASI) is a specialized investment firm focused on sustainable infrastructure assets covering renewable energy, energy efficiency, sustainable real estate and low-carbon utility segments. It primarily operates in North American markets, providing long-term capital to eligible sustainable projects and delivering stable risk-adjusted returns to investors through recurring cash flows from operational underlying assets.
AVNW vs HASI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $114.8M |
| Net Profit | $5.7M | $-53.8M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | -57.4% |
| Net Margin | 5.1% | -46.8% |
| Revenue YoY | -5.7% | 13.3% |
| Net Profit YoY | 27.2% | -176.7% |
| EPS (diluted) | $0.44 | $-0.38 |
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 | $114.8M | ||
| Q3 25 | $107.3M | $103.1M | ||
| Q2 25 | $115.3M | $85.7M | ||
| Q1 25 | $112.6M | $96.9M | ||
| Q4 24 | $118.2M | $101.3M | ||
| Q3 24 | $88.4M | $82.0M | ||
| Q2 24 | $116.7M | $94.5M | ||
| Q1 24 | $110.8M | $105.8M |
| Q4 25 | $5.7M | $-53.8M | ||
| Q3 25 | $162.0K | $83.3M | ||
| Q2 25 | $5.2M | $98.4M | ||
| Q1 25 | $3.5M | $56.6M | ||
| Q4 24 | $4.5M | $70.1M | ||
| Q3 24 | $-11.9M | $-19.6M | ||
| Q2 24 | $1.5M | $26.5M | ||
| Q1 24 | $3.9M | $123.0M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | -57.4% | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 8.3% | 84.7% | ||
| Q4 24 | 6.7% | 90.9% | ||
| Q3 24 | -17.6% | -32.1% | ||
| Q2 24 | 4.7% | 39.5% | ||
| Q1 24 | 5.1% | — |
| Q4 25 | 5.1% | -46.8% | ||
| Q3 25 | 0.2% | 80.8% | ||
| Q2 25 | 4.5% | 114.9% | ||
| Q1 25 | 3.1% | 58.4% | ||
| Q4 24 | 3.8% | 69.2% | ||
| Q3 24 | -13.4% | -23.9% | ||
| Q2 24 | 1.3% | 28.1% | ||
| Q1 24 | 3.5% | 116.3% |
| Q4 25 | $0.44 | $-0.38 | ||
| Q3 25 | $0.01 | $0.61 | ||
| Q2 25 | $0.42 | $0.74 | ||
| Q1 25 | $0.27 | $0.44 | ||
| Q4 24 | $0.35 | $0.58 | ||
| Q3 24 | $-0.94 | $-0.17 | ||
| Q2 24 | $0.11 | $0.23 | ||
| Q1 24 | $0.30 | $0.98 |
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 | $110.2M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $2.7B |
| Total Assets | $659.4M | $8.2B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $110.2M | ||
| Q3 25 | $64.8M | $301.8M | ||
| Q2 25 | $59.7M | $86.5M | ||
| Q1 25 | $49.4M | $67.4M | ||
| Q4 24 | $52.6M | $129.8M | ||
| Q3 24 | $51.0M | $44.1M | ||
| Q2 24 | $64.6M | $145.7M | ||
| Q1 24 | $59.2M | $61.4M |
| 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 | $271.6M | $2.7B | ||
| Q3 25 | $263.6M | $2.7B | ||
| Q2 25 | $263.2M | $2.6B | ||
| Q1 25 | $256.1M | $2.5B | ||
| Q4 24 | $249.6M | $2.4B | ||
| Q3 24 | $247.1M | $2.3B | ||
| Q2 24 | $255.9M | $2.3B | ||
| Q1 24 | $256.0M | $2.3B |
| Q4 25 | $659.4M | $8.2B | ||
| Q3 25 | $643.3M | $8.2B | ||
| Q2 25 | $633.3M | $7.6B | ||
| Q1 25 | $628.3M | $7.5B | ||
| Q4 24 | $594.1M | $7.1B | ||
| Q3 24 | $590.9M | $6.7B | ||
| Q2 24 | $535.2M | $6.7B | ||
| Q1 24 | $490.3M | $6.7B |
| 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 | $23.9M | $167.3M |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $167.3M | ||
| Q3 25 | $-11.7M | $-121.8M | ||
| Q2 25 | $10.5M | $79.6M | ||
| Q1 25 | $1.6M | $-37.1M | ||
| Q4 24 | $20.8M | $5.9M | ||
| Q3 24 | $-27.2M | $21.9M | ||
| Q2 24 | $8.3M | $-24.8M | ||
| Q1 24 | $15.3M | $20.9M |
| Q4 25 | $22.5M | — | ||
| Q3 25 | $-13.5M | — | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $-1.2M | — | ||
| Q4 24 | $18.3M | — | ||
| Q3 24 | $-32.6M | — | ||
| Q2 24 | $7.5M | — | ||
| Q1 24 | $14.8M | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | -12.6% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | -1.0% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -36.8% | — | ||
| Q2 24 | 6.4% | — | ||
| Q1 24 | 13.4% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.4% | — |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | -1.46× | ||
| Q2 25 | 2.02× | 0.81× | ||
| Q1 25 | 0.46× | -0.66× | ||
| Q4 24 | 4.62× | 0.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | -0.94× | ||
| Q1 24 | 3.96× | 0.17× |
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% |
HASI
Segment breakdown not available.
