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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $86.8M, roughly 1.3× IOVANCE BIOTHERAPEUTICS, INC.). On growth, IOVANCE BIOTHERAPEUTICS, INC. posted the faster year-over-year revenue change (17.7% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-61.9M). Over the past eight quarters, IOVANCE BIOTHERAPEUTICS, INC.'s revenue compounded faster (1001.6% 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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
AVNW vs IOVA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $86.8M |
| Net Profit | $5.7M | — |
| Gross Margin | 32.4% | 67.4% |
| Operating Margin | 6.5% | -84.7% |
| Net Margin | 5.1% | — |
| Revenue YoY | -5.7% | 17.7% |
| Net Profit YoY | 27.2% | — |
| EPS (diluted) | $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 | $111.5M | $86.8M | ||
| Q3 25 | $107.3M | $67.5M | ||
| Q2 25 | $115.3M | $60.0M | ||
| Q1 25 | $112.6M | $49.3M | ||
| Q4 24 | $118.2M | $73.7M | ||
| Q3 24 | $88.4M | $58.6M | ||
| Q2 24 | $116.7M | $31.1M | ||
| Q1 24 | $110.8M | $715.0K |
| Q4 25 | $5.7M | — | ||
| Q3 25 | $162.0K | $-91.3M | ||
| Q2 25 | $5.2M | $-111.7M | ||
| Q1 25 | $3.5M | $-116.2M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-11.9M | $-83.5M | ||
| Q2 24 | $1.5M | $-97.1M | ||
| Q1 24 | $3.9M | $-113.0M |
| Q4 25 | 32.4% | 67.4% | ||
| Q3 25 | 33.2% | 43.0% | ||
| Q2 25 | 34.2% | 5.5% | ||
| Q1 25 | 34.9% | -0.8% | ||
| Q4 24 | 34.6% | 68.7% | ||
| Q3 24 | 22.4% | 46.2% | ||
| Q2 24 | 35.3% | -0.8% | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | -84.7% | ||
| Q3 25 | 4.8% | -140.7% | ||
| Q2 25 | 7.7% | -189.8% | ||
| Q1 25 | 8.3% | -245.8% | ||
| Q4 24 | 6.7% | -117.5% | ||
| Q3 24 | -17.6% | -152.1% | ||
| Q2 24 | 4.7% | -327.6% | ||
| Q1 24 | 5.1% | -16464.6% |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.2% | -135.3% | ||
| Q2 25 | 4.5% | -186.2% | ||
| Q1 25 | 3.1% | -235.5% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -13.4% | -142.7% | ||
| Q2 24 | 1.3% | -312.2% | ||
| Q1 24 | 3.5% | -15800.8% |
| Q4 25 | $0.44 | — | ||
| Q3 25 | $0.01 | — | ||
| Q2 25 | $0.42 | $-0.33 | ||
| Q1 25 | $0.27 | $-0.36 | ||
| Q4 24 | $0.35 | $-0.24 | ||
| Q3 24 | $-0.94 | $-0.28 | ||
| Q2 24 | $0.11 | $-0.34 | ||
| Q1 24 | $0.30 | $-0.42 |
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 | $297.0M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $698.6M |
| Total Assets | $659.4M | $913.2M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $297.0M | ||
| Q3 25 | $64.8M | $300.8M | ||
| Q2 25 | $59.7M | $301.2M | ||
| Q1 25 | $49.4M | $359.7M | ||
| Q4 24 | $52.6M | $323.8M | ||
| Q3 24 | $51.0M | $397.5M | ||
| Q2 24 | $64.6M | $412.5M | ||
| Q1 24 | $59.2M | $356.2M |
| 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 | $271.6M | $698.6M | ||
| Q3 25 | $263.6M | $702.3M | ||
| Q2 25 | $263.2M | $698.5M | ||
| Q1 25 | $256.1M | $767.9M | ||
| Q4 24 | $249.6M | $710.4M | ||
| Q3 24 | $247.1M | $773.5M | ||
| Q2 24 | $255.9M | $768.5M | ||
| Q1 24 | $256.0M | $680.0M |
| Q4 25 | $659.4M | $913.2M | ||
| Q3 25 | $643.3M | $904.9M | ||
| Q2 25 | $633.3M | $907.4M | ||
| Q1 25 | $628.3M | $966.7M | ||
| Q4 24 | $594.1M | $910.4M | ||
| Q3 24 | $590.9M | $991.1M | ||
| Q2 24 | $535.2M | $964.3M | ||
| Q1 24 | $490.3M | $869.8M |
| 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 | $-52.6M |
| Free Cash FlowOCF − Capex | $22.5M | $-61.9M |
| FCF MarginFCF / Revenue | 20.2% | -71.3% |
| Capex IntensityCapex / Revenue | 1.3% | 10.7% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-52.6M | ||
| Q3 25 | $-11.7M | $-78.7M | ||
| Q2 25 | $10.5M | $-67.4M | ||
| Q1 25 | $1.6M | $-103.7M | ||
| Q4 24 | $20.8M | $-73.3M | ||
| Q3 24 | $-27.2M | $-59.0M | ||
| Q2 24 | $8.3M | $-98.4M | ||
| Q1 24 | $15.3M | $-122.3M |
| Q4 25 | $22.5M | $-61.9M | ||
| Q3 25 | $-13.5M | $-89.5M | ||
| Q2 25 | $8.2M | $-74.9M | ||
| Q1 25 | $-1.2M | $-109.9M | ||
| Q4 24 | $18.3M | $-77.5M | ||
| Q3 24 | $-32.6M | $-61.3M | ||
| Q2 24 | $7.5M | $-98.9M | ||
| Q1 24 | $14.8M | $-126.5M |
| Q4 25 | 20.2% | -71.3% | ||
| Q3 25 | -12.6% | -132.7% | ||
| Q2 25 | 7.1% | -124.9% | ||
| Q1 25 | -1.0% | -222.8% | ||
| Q4 24 | 15.5% | -105.1% | ||
| Q3 24 | -36.8% | -104.6% | ||
| Q2 24 | 6.4% | -317.9% | ||
| Q1 24 | 13.4% | -17685.3% |
| Q4 25 | 1.3% | 10.7% | ||
| Q3 25 | 1.6% | 16.1% | ||
| Q2 25 | 2.0% | 12.4% | ||
| Q1 25 | 2.5% | 12.6% | ||
| Q4 24 | 2.1% | 5.7% | ||
| Q3 24 | 6.1% | 3.9% | ||
| Q2 24 | 0.7% | 1.4% | ||
| Q1 24 | 0.4% | 583.4% |
| 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
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
