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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and BRC Group Holdings, Inc. (RILY). Click either name above to swap in a different company.
BRC Group Holdings, Inc. is the larger business by last-quarter revenue ($188.3M vs $111.5M, roughly 1.7× AVIAT NETWORKS, INC.). BRC Group Holdings, Inc. runs the higher net margin — 47.9% vs 5.1%, a 42.8% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -21.9%). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -15.4%).
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.
AVNW vs RILY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $188.3M |
| Net Profit | $5.7M | $90.3M |
| Gross Margin | 32.4% | 79.5% |
| Operating Margin | 6.5% | 32.3% |
| Net Margin | 5.1% | 47.9% |
| Revenue YoY | -5.7% | -21.9% |
| Net Profit YoY | 27.2% | 1710.8% |
| EPS (diluted) | $0.44 | $2.78 |
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 | $188.3M | ||
| Q3 25 | $107.3M | $215.3M | ||
| Q2 25 | $115.3M | $188.2M | ||
| Q1 25 | $112.6M | $197.2M | ||
| Q4 24 | $118.2M | $241.0M | ||
| Q3 24 | $88.4M | $225.5M | ||
| Q2 24 | $116.7M | $256.0M | ||
| Q1 24 | $110.8M | $263.4M |
| Q4 25 | $5.7M | $90.3M | ||
| Q3 25 | $162.0K | $91.1M | ||
| Q2 25 | $5.2M | $139.5M | ||
| Q1 25 | $3.5M | $-10.0M | ||
| Q4 24 | $4.5M | $-5.6M | ||
| Q3 24 | $-11.9M | $-284.4M | ||
| Q2 24 | $1.5M | $-433.6M | ||
| Q1 24 | $3.9M | $-49.2M |
| Q4 25 | 32.4% | 79.5% | ||
| Q3 25 | 33.2% | 83.7% | ||
| Q2 25 | 34.2% | 81.3% | ||
| Q1 25 | 34.9% | 81.4% | ||
| Q4 24 | 34.6% | 79.8% | ||
| Q3 24 | 22.4% | 82.1% | ||
| Q2 24 | 35.3% | 84.5% | ||
| Q1 24 | 32.5% | 85.3% |
| Q4 25 | 6.5% | 32.3% | ||
| Q3 25 | 4.8% | 30.4% | ||
| Q2 25 | 7.7% | 5.7% | ||
| Q1 25 | 8.3% | -31.2% | ||
| Q4 24 | 6.7% | -69.2% | ||
| Q3 24 | -17.6% | -36.4% | ||
| Q2 24 | 4.7% | -90.8% | ||
| Q1 24 | 5.1% | -6.1% |
| Q4 25 | 5.1% | 47.9% | ||
| Q3 25 | 0.2% | 42.3% | ||
| Q2 25 | 4.5% | 74.1% | ||
| Q1 25 | 3.1% | -5.1% | ||
| Q4 24 | 3.8% | -2.3% | ||
| Q3 24 | -13.4% | -126.1% | ||
| Q2 24 | 1.3% | -169.4% | ||
| Q1 24 | 3.5% | -18.7% |
| Q4 25 | $0.44 | $2.78 | ||
| Q3 25 | $0.01 | $2.91 | ||
| Q2 25 | $0.42 | $4.50 | ||
| Q1 25 | $0.27 | $-0.39 | ||
| Q4 24 | $0.35 | $-0.01 | ||
| Q3 24 | $-0.94 | $-9.39 | ||
| Q2 24 | $0.11 | $-14.35 | ||
| Q1 24 | $0.30 | $-1.71 |
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 | $226.6M |
| Total DebtLower is stronger | $105.4M | $1.4B |
| Stockholders' EquityBook value | $271.6M | $-171.5M |
| Total Assets | $659.4M | $1.7B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $226.6M | ||
| Q3 25 | $64.8M | $184.2M | ||
| Q2 25 | $59.7M | $267.4M | ||
| Q1 25 | $49.4M | $138.3M | ||
| Q4 24 | $52.6M | $146.9M | ||
| Q3 24 | $51.0M | $159.2M | ||
| Q2 24 | $64.6M | $236.9M | ||
| Q1 24 | $59.2M | $190.7M |
| Q4 25 | $105.4M | $1.4B | ||
| Q3 25 | $106.5M | $1.3B | ||
| Q2 25 | $87.6M | $1.3B | ||
| Q1 25 | $73.9M | $1.4B | ||
| Q4 24 | $74.9M | $1.5B | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $-171.5M | ||
| Q3 25 | $263.6M | $-260.5M | ||
| Q2 25 | $263.2M | $-351.7M | ||
| Q1 25 | $256.1M | $-496.8M | ||
| Q4 24 | $249.6M | $-488.2M | ||
| Q3 24 | $247.1M | $-497.6M | ||
| Q2 24 | $255.9M | $-218.3M | ||
| Q1 24 | $256.0M | $228.4M |
| Q4 25 | $659.4M | $1.7B | ||
| Q3 25 | $643.3M | $1.7B | ||
| Q2 25 | $633.3M | $1.5B | ||
| Q1 25 | $628.3M | $1.5B | ||
| Q4 24 | $594.1M | $1.8B | ||
| Q3 24 | $590.9M | $2.2B | ||
| Q2 24 | $535.2M | $3.2B | ||
| Q1 24 | $490.3M | $5.0B |
| 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 | $26.2M |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | 0.29× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $26.2M | ||
| Q3 25 | $-11.7M | $-60.6M | ||
| Q2 25 | $10.5M | $-25.6M | ||
| Q1 25 | $1.6M | $184.0K | ||
| Q4 24 | $20.8M | $-2.7M | ||
| Q3 24 | $-27.2M | $19.5M | ||
| Q2 24 | $8.3M | $111.5M | ||
| Q1 24 | $15.3M | $135.4M |
| 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× | 0.29× | ||
| Q3 25 | -72.48× | -0.66× | ||
| Q2 25 | 2.02× | -0.18× | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
