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Aviat Networks Announces Fiscal 2025 First Quarter and Three Month Financial Results

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Total Revenue of $88.4 million; Up 1.7% Year-Over-Year

Adjusted EBITDA of $(7.7) million

Non-GAAP Diluted Earnings per Share of $(0.87)

AUSTIN, Texas, Nov. 5, 2024 /PRNewswire/ — Aviat Networks, Inc. (“Aviat Networks,” “Aviat,” or the “Company”), (Nasdaq: AVNW), the leading expert in wireless transport and access solutions, today reported financial results for its fiscal 2025 first quarter ended September 27, 2024.

First Quarter Highlights

Continued to gain share of demand in North America based on FCC filing dataClosed acquisition of 4RF and secured first order for new Aprisa 5G cellular router to a North American utility companyBegan shipping product to recently won state-wide private network customer on the East Coast

First Quarter Financial Highlights

Total Revenues: $88.4 million, up 1.7% from the same quarter last yearGAAP Results: Gross Margin 22.4%; Operating Expenses $35.4 million; Operating Loss $(15.6) million; Net Loss $(11.9) million; Net Loss per diluted share (“Net Loss per share”) $(0.94)Non-GAAP Results: Adjusted EBITDA $(7.7) million; Gross Margin 23.2%; Operating Expenses $30.0 million; Operating Loss $(9.5) million; Net Loss $(11.1) million; Net Loss per share $(0.87)Net cash and cash equivalents: $51.0 million; cash net of debt: $(32.3) million

Fiscal 2025 First Quarter and Three Months Ended September 27, 2024

Revenues

The Company reported total revenues of $88.4 million for its fiscal 2025 first quarter, compared to $86.9 million in the fiscal 2024 first quarter, an increase of $1.5 million or 1.7%. North America revenue of $42.2 million decreased by $(12.6) million or (23.0)%, compared to $54.9 million in the prior year due lower tier 1 demand and timing of certain private network projects. International revenue of $46.2 million increased by $14.1 million or 44.1%, compared to $32.1 million in the prior year. This growth was due to the addition from the Pasolink acquisition.

Gross Margins

In the fiscal 2025 first quarter, the Company reported GAAP gross margin of 22.4% and non-GAAP gross margin of 23.2%. This compares to GAAP gross margin of 35.9% and non-GAAP gross margin of 36.2% in the fiscal 2024 first quarter, a decrease of (1,350) and (1,300) basis points, respectively. The decrease was driven by mix shift away from higher margin projects and regions in the quarter.

Operating Expenses

The Company reported GAAP total operating expenses of $35.4 million for the fiscal 2025 first quarter, compared to $26.3 million in the fiscal 2024 first quarter, an increase of $9.1 million or 34.4%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses for the fiscal 2025 first quarter were $30.0 million, compared to $23.9 million in the prior year, an increase of $6.2 million or 25.8%.

Operating Income

The Company reported GAAP operating loss of $(15.6) million for the fiscal 2025 first quarter, compared to a GAAP operating income of $4.9 million in the fiscal 2024 first quarter, a decrease of $(20.5) million. Operating income decreased primarily due to lower gross margin and higher operating expenses as a result of the Pasolink and 4RF transactions. On a non-GAAP basis, the Company reported operating loss of $(9.5) million for the fiscal 2025 first quarter, compared to a non-GAAP operating income of $7.6 million in the prior year, a decrease of $(17.1) million.

Income Taxes

The Company reported GAAP income tax benefit of $(5.5) million in the fiscal 2025 first quarter, compared to a GAAP income tax expense of $0.4 million in the fiscal 2024 first quarter.

Net Income / Net Income Per Share

The Company reported GAAP net loss of $(11.9) million in the fiscal 2025 first quarter or GAAP net loss per share of $(0.94). This compared to GAAP net income of $3.6 million or GAAP net income per share of $0.30 in the fiscal 2024 first quarter. On a non-GAAP basis, the Company reported net loss of $(11.1) million or non-GAAP net income per share of $(0.87), compared to non-GAAP net income of $7.2 million or $0.60 per share in the prior year.

Adjusted EBITDA

Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the fiscal 2025 first quarter was $(7.7) million, compared to $8.9 million in the fiscal 2024 first quarter, a decrease of $(16.6) million.

Balance Sheet Highlights

The Company reported $51.0 million in cash and cash equivalents as of September 27, 2024, compared to $64.6 million as of June 28, 2024. As of September 27, 2024, total debt was $83.4 million, an increase of $35.0 million from June 28, 2024.

Fiscal 2025 Full Year Outlook

The Company is updating its fiscal 2025 full year guidance as follows:

Full year Revenue between $430 and $470 millionFull year Adjusted EBITDA between $30.0 and $40.0 million

Conference Call Details

Aviat Networks will host a conference call at 4:30 p.m. Eastern Time (ET) today, November 5, 2024, to discuss its financial and operational results for the fiscal 2025 first quarter ended September 27, 2024. Participating on the call will be Peter Smith, President and Chief Executive Officer; Michael Connaway, Sr. Vice President and Chief Financial Officer; and Andrew Fredrickson, Director of Corporate Development and Investor Relations. Following management’s remarks, there will be a question and answer period.

Interested parties may access the conference call live via the webcast through Aviat Network’s Investor Relations website at investors.aviatnetworks.com/events-and-presentations/events, or may participate via telephone by registering using this online form. Once registered, telephone participants will receive the dial-in number along with a unique PIN number that must be used to access the call. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

About Aviat Networks

Aviat Networks, Inc. is the leading expert in wireless transport and access solutions and works to provide dependable products, services and support to its customers. With more than one million systems sold into 170 countries worldwide, communications service providers and private network operators including state/local government, utility, federal government and defense organizations trust Aviat with their critical applications. Coupled with a long history of microwave innovations, Aviat provides a comprehensive suite of localized professional and support services enabling customers to drastically simplify both their networks and their lives. For more than 70 years, the experts at Aviat have delivered high performance products, simplified operations, and the best overall customer experience. Aviat is headquartered in Austin, Texas. For more information, visit www.aviatnetworks.com or connect with Aviat Networks on Facebook and LinkedIn.

Forward-Looking Statements

The information contained in this Current Report on Form 8-K includes forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, including Aviat’s beliefs and expectations regarding outlook, business conditions, new product solutions, customer positioning, future orders, bookings, new contracts, cost structure, profitability in fiscal 2025, its recent acquisitions and acquisition strategy, process improvements, measures designed to improve internal controls, its ability to maintain effective internal control over financial reporting and management systems and remediate material weaknesses, plans and objectives of management, realignment plans and review of strategic alternatives and expectations regarding future revenue, gross margin, Adjusted EBITDA, operating income or earnings or loss per share. All statements, trend analyses and other information contained herein regarding the foregoing beliefs and expectations, as well as about the markets for the services and products of Aviat and trends in revenue, and other statements identified by the use of forward-looking terminology, including “anticipate,” “believe,” “plan,” “estimate,” “expect,” “goal,” “will,” “see,” “continue,” “delivering,” “view,” and “intend,” or the negative of these terms or other similar expressions, constitute forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, forward-looking statements are based on estimates reflecting the current beliefs, expectations and assumptions of the senior management of Aviat regarding the future of its business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Forward-looking statements should therefore be considered in light of various important factors, including those set forth in this document. Therefore, you should not rely on any of these forward-looking statements.

Important factors that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include the following: the disruption the 4RF and NEC transactions may cause to customers, vendors, business partners and our ongoing business; our ability to integrate the operations of the acquired 4RF and NEC businesses with our existing operations and fully realize the expected synergies of the 4RF and NEC transactions on the expected timeline; disruptions relating to the ongoing conflict between Russia and Ukraine and the conflict in Israel and surrounding areas; continued price and margin erosion in the microwave transmission industry; the impact of the volume, timing, and customer, product, and geographic mix of our product orders; our ability to meet financial covenant requirements; the timing of our receipt of payment; our ability to meet product development dates or anticipated cost reductions of products; our suppliers’ inability to perform and deliver on time, component shortages, or other supply chain constraints; the effects of inflation; customer acceptance of new products; the ability of our subcontractors to timely perform; weakness in the global economy affecting customer spending; retention of our key personnel; our ability to manage and maintain key customer relationships; uncertain economic conditions in the telecommunications sector combined with operator and supplier consolidation; our failure to protect our intellectual property rights or defend against intellectual property infringement claims; the results of our restructuring efforts; the effects of currency and interest rate risks; the ability to preserve and use our net operating loss carryforwards; the effects of current and future government regulations; general economic conditions, including uncertainty regarding the timing, pace and extent of an economic recovery in the United States and other countries where we conduct business; the conduct of unethical business practices in developing countries; the impact of political turmoil in countries where we have significant business; our ability to realize the anticipated benefits of any proposed or recent acquisitions; the impact of tariffs, the adoption of trade restrictions affecting our products or suppliers, a United States withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships; our ability to implement our stock repurchase program or that it will enhance long-term stockholder value; and the impact of adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions.

For more information regarding the risks and uncertainties for Aviat’s business, see “Risk Factors” in Aviat’s Form 10-K for the fiscal year ended June 28, 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on October 4, 2024, as well as other reports filed by Aviat with the SEC from time to time. Aviat undertakes no obligation to update publicly any forward-looking statement, whether written or oral, for any reason, except as required by law, even as new information becomes available or other events occur in the future.

Investor Relations:
Andrew Fredrickson
Director, Corporate Development & Investor Relations
Phone: (512) 582-4626
Email: andrew.fredrickson@aviatnet.com

 

Table 1

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

Three Months Ended

(In thousands, except per share amounts)

September 27,
2024

September 29,
2023

Revenues:

Product sales

$               61,116

$               59,545

Services

27,313

27,364

Total revenues

88,429

86,909

Cost of revenues:

Product sales

52,201

36,313

Services

16,440

19,401

Total cost of revenues

68,641

55,714

Gross margin

19,788

31,195

Operating expenses:

Research and development

10,408

6,424

Selling and administrative

24,948

19,237

Restructuring charges

644

Total operating expenses

35,356

26,305

Operating (loss) income

(15,568)

4,890

Interest expense, net

1,115

99

Other expense, net

710

802

(Loss) income before income taxes

(17,393)

3,989

(Benefit from) provision for income taxes

(5,514)

432

Net (loss) income

$             (11,879)

$                 3,557

Net (loss) income per share of common stock outstanding:

Basic

$                 (0.94)

$                   0.31

Diluted

$                 (0.94)

$                   0.30

Weighted-average shares outstanding:

Basic

12,646

11,574

Diluted

12,646

11,943

 

Table 2

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In thousands)

September 27,
2024

June 28,
2024

ASSETS

Current Assets:

Cash and cash equivalents

$                    51,034

$                    64,622

Accounts receivable, net

169,002

158,013

Unbilled receivables

94,725

90,525

Inventories

79,559

62,267

Assets held for sale

2,720

Other current assets

32,942

27,076

Total current assets

427,262

405,223

Property, plant and equipment, net

11,883

9,480

Goodwill

15,153

8,217

Intangible assets, net

28,754

13,644

Deferred income taxes

91,317

83,112

Right-of-use assets

3,665

3,710

Other assets

12,823

11,837

Total long-term assets

163,595

130,000

Total assets

$                  590,857

$                  535,223

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable

$                  104,926

$                    92,854

Accrued expenses

39,137

42,148

Short-term lease liabilities

1,125

1,006

Advance payments and unearned revenue

79,380

58,839

Other current liabilities

21,234

21,614

Current portion of long-term debt

2,395

2,396

Total current liabilities

248,197

218,857

Long-term debt

80,980

45,954

Unearned revenue

7,522

7,413

Long-term operating lease liabilities

2,782

2,823

Other long-term liabilities

407

394

Reserve for uncertain tax positions

3,445

3,485

Deferred income taxes

412

412

Total liabilities

343,745

279,338

Commitments and contingencies

Stockholder’s equity:

Preferred stock

Common stock

127

126

Treasury stock

(6,479)

(6,479)

Additional paid-in-capital

861,023

860,071

Accumulated deficit

(590,392)

(578,513)

Accumulated other comprehensive loss

(17,167)

(19,320)

Total stockholders’ equity

247,112

255,885

Total liabilities and stockholders’ equity

$                  590,857

$                  535,223

 

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE

 

To supplement the consolidated financial statements presented in accordance with accounting principles generally accepted in the United States (GAAP), we provide additional measures of gross margin, research and development expenses, selling and administrative expenses, operating income, provision for or benefit from income taxes, net income, net income per share, and adjusted income before interest, tax, depreciation and amortization (Adjusted EBITDA), in each case, adjusted to exclude certain costs, charges, gains and losses, as set forth below. We believe that these non-GAAP financial measures, when considered together with the GAAP financial measures provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionate positive or negative impact on results in any particular period. We also believe these non-GAAP measures enhance the ability of investors to analyze trends in our business and to understand our performance. In addition, we may utilize non-GAAP financial measures as a guide in our forecasting, budgeting and long-term planning process and to measure operating performance for some management compensation purposes. Any analysis of non-GAAP financial measures should be used only in conjunction with results presented in accordance with GAAP. Reconciliations of these non-GAAP financial measures with the most directly comparable financial measures calculated in accordance with GAAP follow.

1We have not reconciled Adjusted EBITDA guidance to its corresponding GAAP measure due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to merger and acquisition costs and share-based compensation. In particular, share-based compensation expense is affected by future hiring, turnover, and retention needs, as well as the future fair market value of our common stock, all of which are difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA are not available without unreasonable effort.

 

Table 3

AVIAT NETWORKS, INC.

Fiscal Year 2025 First Quarter Summary

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)

Condensed Consolidated Statements of Operations

(Unaudited)

 

Three Months Ended

September 27,
2024

% of

Revenue

September 29,
2023

% of

Revenue

(In thousands, except percentages and per share amounts)

GAAP gross margin

$           19,788

22.4 %

$           31,195

35.9 %

Share-based compensation

104

183

Merger and acquisition and other expenses

608

43

Non-GAAP gross margin

20,500

23.2 %

31,421

36.2 %

GAAP research and development expenses

$           10,408

11.8 %

$             6,424

7.4 %

Share-based compensation

(143)

(146)

Non-GAAP research and development expenses

10,265

11.6 %

6,278

7.2 %

GAAP selling and administrative expenses

$           24,948

28.2 %

$           19,237

22.1 %

Share-based compensation

(1,417)

(1,505)

Merger and acquisition and other expenses

(3,781)

(146)

Non-GAAP selling and administrative expenses

19,750

22.3 %

17,586

20.2 %

GAAP operating (loss) income

$         (15,568)

(17.6) %

$             4,890

5.6 %

Share-based compensation

1,664

1,834

Merger and acquisition and other expenses

4,389

189

Restructuring charges

644

Non-GAAP operating (loss) income

(9,515)

(10.8) %

7,557

8.7 %

GAAP income tax (benefit) provision

$           (5,514)

(6.2) %

$                432

0.5 %

Adjustment to reflect pro forma tax rate

6,014

(132)

Non-GAAP income tax provision

500

0.6 %

300

0.3 %

GAAP net (loss) income

$         (11,879)

(13.4) %

$             3,557

4.1 %

Share-based compensation

1,664

1,834

Merger and acquisition and other expenses

4,389

189

Restructuring charges

644

Other expense, net

710

802

Adjustment to reflect pro forma tax rate

(6,014)

132

Non-GAAP net (loss) income

$         (11,130)

(12.6) %

$             7,158

8.2 %

Diluted net (loss) income per share:

GAAP

$             (0.94)

$               0.30

Non-GAAP

$             (0.87)

$               0.60

Shares used in computing diluted net (loss) income per share

GAAP

12,646

11,943

Non-GAAP

12,804

11,943

Adjusted EBITDA:

GAAP net (loss) income

$         (11,879)

(13.4) %

$             3,557

4.1 %

Depreciation and amortization of property, plant and equipment and intangible assets

1,830

1,344

Interest expense, net

1,115

99

Other expense, net

710

802

Share-based compensation

1,664

1,834

Merger and acquisition and other expenses

4,389

189

Restructuring charges

644

(Benefit from) provision for income taxes

(5,514)

432

Adjusted EBITDA

$           (7,685)

(8.7) %

$             8,901

10.2 %

(1)

The adjustments above reconcile our GAAP financial results to the non-GAAP financial measures used by us. Our non-GAAP net income excluded share-based compensation, and other non-recurring charges (recovery). Adjusted EBITDA was determined by excluding depreciation and amortization on property, plant and equipment, interest, provision for or benefit from income taxes, and non-GAAP pre-tax adjustments, as set forth above, from GAAP net income. We believe that the presentation of these non-GAAP items provides meaningful supplemental information to investors, when viewed in conjunction with, and not in lieu of, our GAAP results. However, the non-GAAP financial measures have not been prepared under a comprehensive set of accounting rules or principles. Non-GAAP information should not be considered in isolation from, or as a substitute for, information prepared in accordance with GAAP. Moreover, there are material limitations associated with the use of non-GAAP financial measures.

 

Table 4

AVIAT NETWORKS, INC. 

Fiscal Year 2025 First Quarter Summary

SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA

(Unaudited)

 

Three Months Ended

September 27,
2024

September 29,
2023

(In thousands)

North America

$                    42,225

$                    54,853

International:

Africa and the Middle East

10,450

9,954

Europe

5,600

5,252

Latin America and Asia Pacific

30,154

16,850

Total international

46,204

32,056

Total revenue

$                    88,429

$                    86,909

 

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SOURCE Aviat Networks, Inc.

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

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Crowell & Moring Expands Financial Services Group with Former UBS Bank USA General Counsel Cristina Diaz

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NEW YORK, July 21, 2026 /PRNewswire/ — Crowell & Moring has added Cristina Diaz, former executive director and general counsel of UBS Bank USA, and most recently head of legal for UBS’s U.S. Remediation Management Office, to the firm’s Financial Services Group as senior counsel in New York. Diaz brings more than two decades of in-house counsel and law firm experience in bank regulation, compliance, and risk management.

At Crowell, Diaz will counsel banks, fintechs, and digital assets companies on a broad range of bank regulatory matters, including charters and licensing, permissible activities, capital requirements, regulatory enforcement, M&A, and corporate governance. She will also counsel clients navigating the intersection of traditional banking and emerging financial services, including digital assets companies seeking to acquire or establish national banks, and banks exploring partnerships with fintechs and digital assets firms.

At UBS, Diaz advised on the firm’s most pressing regulatory matters, including most recently UBS Bank USA’s charter conversion from a Utah industrial bank to an OCC national bank and key compliance remediations. This work gave Diaz extensive experience navigating relationships with state and federal financial regulators. Earlier in her career, Diaz spent eight years at Davis Polk & Wardwell advising U.S. and foreign banks on bank regulatory matters, M&A, and capital markets transactions.

“Cristina is a highly experienced, solution-oriented attorney who brings deep knowledge in the bank regulatory space. She will be an enormous asset to the firm’s growing regulatory and transactional offerings to banks, digital assets businesses, and fintechs,” said Carlton Greene, Co-Chair of Crowell’s Financial Services Group.

“I am delighted to join Crowell & Moring and integrate my bank regulatory experience with the firm’s nationally-recognized digital assets practice. As traditional banking and emerging financial technologies continue to evolve, clients need actionable and sophisticated legal counsel. Crowell offers the collaborative platform to help institutions successfully execute their growth and compliance strategies,” said Diaz.

Diaz received her J.D. from New York University School of Law, where she was a member of the New York University Law Review, and received her B.A., summa cum laude, from New York University. She is fluent in Spanish.

About Crowell & Moring LLP
Crowell & Moring is an international law firm with operations in the United States, Europe, and MENA. Drawing on significant government, business, industry, and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex regulatory and policy, litigation, transactional, and intellectual property issues. The firm is consistently recognized for its commitment to pro bono service, as well as its comprehensive programs and initiatives to advance the professional and personal development of all members of the Crowell community.

Media Contact:
Email: prteam@crowell.com

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Quantinuum and SoftBank Corp. Publish Joint White Paper on Scaling Practical Quantum Computing Use Cases Toward the Fault-Tolerant Era

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The companies have published a joint white paper mapping commercially relevant quantum computing use cases in quantum chemistry and graph analytics to Quantinuum’s hardware roadmap.The paper provides a framework for assessing how advances in quantum hardware and algorithms, could affect when practical industrial applications become feasible.SoftBank Corp. and Quantinuum will use the roadmap to inform their exploration of future quantum AI data center services and related business models.

TOKYO and BROOMFIELD, Colo., July 22, 2026 /PRNewswire/ — Quantinuum (NASDAQ: QNT) and SoftBank Corp. (“SoftBank”) today announced the publication of “Quantum Computing Frontiers,” a joint white paper that maps two commercially-relevant quantum computing application areas against Quantinuum’s hardware roadmap. The analysis examines how advances in quantum hardware and algorithms could affect when these applications become practical for industrial use.

The paper focuses on two representative application domains that SoftBank is actively using Quantinuum’s systems to research: quantum chemistry for new materials discovery and energy research, and topological data analysis for large-scale graph analytics, including for telecommunications fraud detection. The authors anchor their assessment of the scalability of these two application areas against Quantinuum’s published hardware roadmap, examining how projected advances in hardware capabilities and algorithms may enable the commercial readiness of future industrial applications.

Building on this use-case roadmap, the paper also examines how quantum computing, AI, and high-performance computing could be integrated into future computing infrastructure. It considers how progress across successive hardware generations could inform future quantum AI data center services and related business models, a key focus of the Quantinuum and SoftBank partnership announced last year.

“The key takeaway of this study is that organizations do not need to wait for large-scale, fault-tolerant systems to explore where quantum computing can begin creating value,” said Duncan Jones, General Manager, Applications Group at Quantinuum. “By using today’s systems to develop, benchmark and refine applications in areas such as quantum chemistry and graph analytics, enterprises can build the technical and operational readiness needed for the next era of quantum-enabled computing.”

“The question is no longer whether quantum computing may deliver value, but rather which problem classes become executable at which stage of hardware maturity,” said Ryuji Wakikawa, Senior Vice President & CTO at SoftBank Corp. “However, we believe progress in hardware must be complemented by equally strong developments in quantum algorithms and the integration of quantum systems with AI and high-performance computing.”

The white paper discusses illustrative scenarios describing how representative applications, technology maturity, and potential market opportunities may evolve over time under stated assumptions. The analysis provided in the paper is intended to provide a conceptual framework for understanding potential market evolution and does not represent financial guidance or forecasts. These analyses are intended to support discussion of future technology development and should not be interpreted as commitments regarding commercialization, infrastructure investment, products, services, or financial performance.

The full white paper is available to download on the SoftBank and Quantinuum websites.

About SoftBank Corp.

Guided by the SoftBank Group’s corporate philosophy, “Information Revolution – Happiness for everyone,” SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is aiming to activate the potential of AI across its businesses and drive implementation in line with its “Activate AI for Society” growth strategy. While further growing its telecom business, SoftBank is expanding its AI computing infrastructure and AI and Cloud service businesses with the aim of becoming a provider of Next-generation Social Infrastructure. To learn more, please visit https://www.softbank.jp/en/corp/

About Quantinuum

Quantinuum (NASDAQ: QNT) is a leading quantum computing company offering a full-stack platform designed to make quantum computing deployable in real-world environments. The company has commercially deployed multiple generations of quantum systems built on the well-established QCCD architecture, which it has implemented with novel designs and capabilities to achieve the industry’s highest accuracy levels based on average two-qubit gate fidelity.[1] Quantinuum has active engagements with market leaders across pharmaceuticals, material science, financial services, and government and industrial markets. The company has a global workforce of approximately 700 employees, including top scientists and researchers. Over 70% of its technology team holds PhDs or Master’s degrees. Quantinuum’s headquarters is in Broomfield, Colorado, with additional facilities across the United States, United Kingdom, Germany, Japan, Qatar, and Singapore.

For more information, please visit www.quantinuum.com.

Cautionary Statement Concerning Forward-Looking Statements

This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. The words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable,” the negative version of these words, or similar terms and phrases are intended to identify forward-looking statements. Such statements are based on certain assumptions and assessments made by our management in light of their experience and their perception of historical trends, current economic and industry conditions, expected future developments and other factors they believe to be appropriate. The forward-looking statements included in this release are also subject to a number of material risks and uncertainties, including but not limited to economic, competitive, governmental, and technological factors affecting our operations, markets, products, services and prices. New factors emerge from time to time, and it is not possible for Quantinuum to predict all such factors. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Quantinuum does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

[1] As of December 31, 2025.

SOURCE Quantinuum

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