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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and iQSTEL Inc (IQST). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $84.2M, roughly 1.3× iQSTEL Inc). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -3.2%, a 8.3% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -14.9%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-1.2M). Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% 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.
iQSTEL Inc is a technology holding company operating three core segments: telecommunications, Internet of Things (IoT), and fintech. It offers connectivity services, smart IoT monitoring solutions, and digital financial tools, mainly serving small and medium-sized enterprises and retail customers in North and South American markets.
AVNW vs IQST — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $84.2M |
| Net Profit | $5.7M | $-2.7M |
| Gross Margin | 32.4% | 3.5% |
| Operating Margin | 6.5% | -2.9% |
| Net Margin | 5.1% | -3.2% |
| Revenue YoY | -5.7% | -14.9% |
| Net Profit YoY | 27.2% | -44.5% |
| EPS (diluted) | $0.44 | $-0.92 |
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 | $84.2M | ||
| Q3 25 | $107.3M | $102.9M | ||
| Q2 25 | $115.3M | $72.2M | ||
| Q1 25 | $112.6M | $57.6M | ||
| Q4 24 | $118.2M | $98.9M | ||
| Q3 24 | $88.4M | $54.2M | ||
| Q2 24 | $116.7M | $78.6M | ||
| Q1 24 | $110.8M | $51.4M |
| Q4 25 | $5.7M | $-2.7M | ||
| Q3 25 | $162.0K | $-2.3M | ||
| Q2 25 | $5.2M | $-2.3M | ||
| Q1 25 | $3.5M | $-1.1M | ||
| Q4 24 | $4.5M | $-1.9M | ||
| Q3 24 | $-11.9M | $-773.0K | ||
| Q2 24 | $1.5M | $-2.0M | ||
| Q1 24 | $3.9M | $-580.2K |
| Q4 25 | 32.4% | 3.5% | ||
| Q3 25 | 33.2% | 2.7% | ||
| Q2 25 | 34.2% | 2.6% | ||
| Q1 25 | 34.9% | 3.4% | ||
| Q4 24 | 34.6% | 2.7% | ||
| Q3 24 | 22.4% | 3.7% | ||
| Q2 24 | 35.3% | 2.8% | ||
| Q1 24 | 32.5% | 2.7% |
| Q4 25 | 6.5% | -2.9% | ||
| Q3 25 | 4.8% | -0.5% | ||
| Q2 25 | 7.7% | -0.9% | ||
| Q1 25 | 8.3% | -1.0% | ||
| Q4 24 | 6.7% | -0.3% | ||
| Q3 24 | -17.6% | -0.1% | ||
| Q2 24 | 4.7% | -0.4% | ||
| Q1 24 | 5.1% | -0.4% |
| Q4 25 | 5.1% | -3.2% | ||
| Q3 25 | 0.2% | -2.3% | ||
| Q2 25 | 4.5% | -3.3% | ||
| Q1 25 | 3.1% | -2.0% | ||
| Q4 24 | 3.8% | -1.9% | ||
| Q3 24 | -13.4% | -1.4% | ||
| Q2 24 | 1.3% | -2.5% | ||
| Q1 24 | 3.5% | -1.1% |
| Q4 25 | $0.44 | $-0.92 | ||
| Q3 25 | $0.01 | $-0.68 | ||
| Q2 25 | $0.42 | $-0.82 | ||
| Q1 25 | $0.27 | $-0.44 | ||
| Q4 24 | $0.35 | $-1.19 | ||
| Q3 24 | $-0.94 | $-0.40 | ||
| Q2 24 | $0.11 | $-0.90 | ||
| Q1 24 | $0.30 | $-0.37 |
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 | $2.2M |
| Total DebtLower is stronger | $105.4M | $4.1M |
| Stockholders' EquityBook value | $271.6M | $16.3M |
| Total Assets | $659.4M | $51.1M |
| Debt / EquityLower = less leverage | 0.39× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $2.2M | ||
| Q3 25 | $64.8M | $2.3M | ||
| Q2 25 | $59.7M | $2.0M | ||
| Q1 25 | $49.4M | $1.1M | ||
| Q4 24 | $52.6M | $2.5M | ||
| Q3 24 | $51.0M | $2.1M | ||
| Q2 24 | $64.6M | $797.2K | ||
| Q1 24 | $59.2M | $2.7M |
| Q4 25 | $105.4M | $4.1M | ||
| Q3 25 | $106.5M | $2.7M | ||
| Q2 25 | $87.6M | $4.5M | ||
| Q1 25 | $73.9M | $3.5M | ||
| Q4 24 | $74.9M | $2.5M | ||
| Q3 24 | $83.4M | $3.2M | ||
| Q2 24 | $48.4M | $2.5M | ||
| Q1 24 | $48.9M | $194.0K |
| Q4 25 | $271.6M | $16.3M | ||
| Q3 25 | $263.6M | $17.9M | ||
| Q2 25 | $263.2M | $14.3M | ||
| Q1 25 | $256.1M | $11.6M | ||
| Q4 24 | $249.6M | $11.9M | ||
| Q3 24 | $247.1M | $8.1M | ||
| Q2 24 | $255.9M | $7.6M | ||
| Q1 24 | $256.0M | $8.4M |
| Q4 25 | $659.4M | $51.1M | ||
| Q3 25 | $643.3M | $46.9M | ||
| Q2 25 | $633.3M | $51.4M | ||
| Q1 25 | $628.3M | $42.0M | ||
| Q4 24 | $594.1M | $79.0M | ||
| Q3 24 | $590.9M | $32.4M | ||
| Q2 24 | $535.2M | $30.0M | ||
| Q1 24 | $490.3M | $22.1M |
| Q4 25 | 0.39× | 0.25× | ||
| Q3 25 | 0.40× | 0.15× | ||
| Q2 25 | 0.33× | 0.31× | ||
| Q1 25 | 0.29× | 0.31× | ||
| Q4 24 | 0.30× | 0.21× | ||
| Q3 24 | 0.34× | 0.40× | ||
| Q2 24 | 0.19× | 0.34× | ||
| Q1 24 | 0.19× | 0.02× |
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 | $-1.2M |
| Free Cash FlowOCF − Capex | $22.5M | $-1.2M |
| FCF MarginFCF / Revenue | 20.2% | -1.5% |
| Capex IntensityCapex / Revenue | 1.3% | 0.0% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-1.2M | ||
| Q3 25 | $-11.7M | $-953.0K | ||
| Q2 25 | $10.5M | $257.7K | ||
| Q1 25 | $1.6M | $-1.9M | ||
| Q4 24 | $20.8M | $-403.7K | ||
| Q3 24 | $-27.2M | $625.0K | ||
| Q2 24 | $8.3M | $-2.6M | ||
| Q1 24 | $15.3M | $-536.9K |
| Q4 25 | $22.5M | $-1.2M | ||
| Q3 25 | $-13.5M | $-969.2K | ||
| Q2 25 | $8.2M | $211.7K | ||
| Q1 25 | $-1.2M | $-2.0M | ||
| Q4 24 | $18.3M | $-421.3K | ||
| Q3 24 | $-32.6M | $594.5K | ||
| Q2 24 | $7.5M | $-2.6M | ||
| Q1 24 | $14.8M | $-608.5K |
| Q4 25 | 20.2% | -1.5% | ||
| Q3 25 | -12.6% | -0.9% | ||
| Q2 25 | 7.1% | 0.3% | ||
| Q1 25 | -1.0% | -3.4% | ||
| Q4 24 | 15.5% | -0.4% | ||
| Q3 24 | -36.8% | 1.1% | ||
| Q2 24 | 6.4% | -3.4% | ||
| Q1 24 | 13.4% | -1.2% |
| Q4 25 | 1.3% | 0.0% | ||
| Q3 25 | 1.6% | 0.0% | ||
| Q2 25 | 2.0% | 0.1% | ||
| Q1 25 | 2.5% | 0.1% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 6.1% | 0.1% | ||
| Q2 24 | 0.7% | 0.0% | ||
| Q1 24 | 0.4% | 0.1% |
| 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% |
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
