Technology
Madame Rachida Dati, French Minister of Culture, has granted official recognition to thierry Ehrmann’s Abode of Chaos as a ‘total work of art’, the global headquarters of Artprice by Artmarket.
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1 year agoon
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PARIS, March 24, 2025 /PRNewswire/ — La Demeure du Chaos (“The Abode of Chaos” – dixit the New York Times) was conceived in 1999 as “a mirror of our world” by thierry Ehrmann. Besides his many business accomplishments, his certified biography in Who’s Who In France describes Ehrmann as a ‘visual artist since 1980’. https://imgpublic.artprice.com/img/wp/sites/11/2025/02/2025-Biographie_de_Thierry_Ehrmann-Who-s-Who-In-France.pdf
The Abode of Chaos is managed by a contemporary art museum baptised “Organe” and located in the village of Saint-Romain-Au-Mont-d’Or just outside Lyon, France.
This unique open-air museum spans 7,555m² and features a one-of-a-kind museum trail set in the heart of nature. Open to the public free of charge, it was conceived as a total work of art, ensuring accessibility and inclusion for all audiences, in line with the vision of its founder and creator, thierry Ehrmann. It is classified by the Prefecture as an ERP open-air museum. Since its opening in 2006, the Contemporary Art Museum has received 2.5 million visitors free of charge, 25% of whom are from outside France.
In 25 years, the Abode of Chaos has been the subject of nearly 3,600 written and audiovisual press reports from 72 countries. Its activities are followed around the world by more than 10.9 million subscribers on its social media accounts and it counts 720,000 signatories to the petition for its preservation and recognition by France’s public authorities.
The Abode of Chaos has three imposing buildings dating back to 1630 that have been completely re-sculpted in an alchemical transmutation that gave birth to nearly 7,200 distinct works of art created by thierry Ehrmann. Each work has its original name, its original medium and its original shape. There are 4,500 laser-sculpted steel artworks, some weighing several hundred tons. There are also portraits, paintings, street artworks, mural engravings, installations, digital artworks created with AI, works of land art and an all-encompassing electronic system, which together constitute a ‘total work of art’:
https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
“Dear Sir,
For several years you have been practicing a proteiform artistic activity alongside your energetic development of Artprice, the company you founded.
Not long ago, you drew the attention of one of my predecessors and my ministerial services (DRAC and DGCA) to the complex situation surrounding the product of your artistic activity: the Abode of Chaos.
Originally an old farm in the Monts du Lyonnais, you made the property your personal residence as well as the headquarters of your company Artprice. At the same time, you developed a multi-faceted and abundant artistic project on the entire site, part of which has National Historical Monument protection, called “La Demeure du Chaos” (Abode of Chaos). This project, which integrates the architecture of the existing building as well as its surroundings, while preserving and respecting the remains of an old Protestant cemetery, is a total work of art, in perpetual evolution. It’s primary artistic objective is to reflect the historical and societal convulsions at the end of the 20th century and the promises and uncertainties of our 21st century. The work is both indoors and outdoors, integrating public and private spaces, notably those dedicated to the daily activities of your company.
Its integrated contemporary art museum offers a hallucinatory and fascinating promenade through the recesses of human memory via portraits of the prominent personalities of our modern era, as well as key quotes, sculptures and architectural extensions that modify the existing buildings. Repurposed car and plane wrecks also play a key role, alongside contemporary ‘factories’ installed in the park.
I would like to inform you that my ministerial department officially recognizes the value of this unique work, which I understand is in perpetual motion and will only stop evolving when you are no longer.”
According to Madame Dati, thierry Ehrmann’s work, “is in line with great ‘total works of art’ like Postman Cheval’s Ideal Palace and the Cyclops in Milly la Forêt…
By this letter I wish to inform you that the Ministry of Culture recognizes the artistic value of the work already created and encourages you to continue it.”
Recognition by public authorities constitutes the highest point in the process of protecting the artworks of the Abode of Chaos and, with regard to the law, it is the principal factor that triggers the work’s inclusion in the History of Art and its preservation for posterity. The different protection measures constitute a subsidiary factor, while the Minister offers a range of legal solutions to allow the transmission of the Abode of Chaos to future generations:
“I also hope that a dialogue can be initiated with State Services and in particular with the Regional Prefecture and the Regional Office of Cultural Affairs (DRAC), in both directions.
The first concerns allowing greater access to the Abode by extending the openings hours that you already practise.
The second concerns implementing the right conditions to ensure the sustainability, conservation and accessibility of the Abode to future generations. I will also ask my services, both central and decentralized, to collaborate with your teams to examine the various legal frameworks that could be used to allow the perennity and transmission of the Abode to future generations: endowment fund, a protected foundation, or a foundation recognized as being of public utility, or any other suitable device.”
With great emotion, upon reading this letter, thierry Ehrmann – founder of Artprice, historian and visual sculptor – cannot help but reflect on the extensive study he dedicated to the sculptor Constantin Brancusi:
“Exactly a century ago, the U.S. High Court (Brancusi/USA) redefined the cognitive value of a work of art through a landmark trial involving Constantin Brancusi’s The Bird in Space. Today, after 25 years of legal struggle, France, through its Minister of Culture, Madame Rachida Dati, has officially recognized the value of my work, defining it as unique through my artistic creation embodied in The Abode of Chaos and its total work of art. Furthermore, it acknowledges that my work is in constant evolution and encourages me to continue, while supporting its dissemination, conservation, and sustainability. This moment forms a true ‘mise en abîme’, linking Brancusi’s The Bird and his portrait painted in my studio at the heart of The Abode of Chaos. It represents both my Great Alchemical Work and my 45 years of artistic creation. I receive this recognition with deep gratitude towards the Minister of Culture, her team, and all my long-standing supporters, as we mark the 25th anniversary of the Abode of Chaos. Today, France, through the voice of its Minister of Culture, is writing a new chapter in the history of art.”
The process of recognition and legal protection of the Abode of Chaos relies on in part, on the creation of an in-depth bilingual architectural study titled “The Abode of Chaos: Gesamtkunstwerk & Singular Architecture”. This study is now freely accessible to the public at:
https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
The brief description provided in this press release is not exhaustive. The reader is encouraged to consult the typescript for a comprehensive reading of the referenced works.
The study examines the Abode of Chaos from a historical, archaeological, sociological, artistic, architectural and scientific points of view, with the help of international experts, distinguished professors, and multidisciplinary researchers.
This Study constituted the core requests led by Sandra Béchiche – Director of thierry Ehrmann’s office, in charge of international relations and heritage conservation, for legal protection addressed to the French Ministry of Culture, and more specifically to the General Director of the General Department of Artistic Creation (DGCA) in the person of Christopher Miles, as well as to Marc Drouet, Regional Director of Cultural Affairs Auvergne-Rhône-Alpes (DRAC AURA).
These initiatives began in December 2019 in order to obtain recognition from the public authorities of thierry Ehrmann’s total work of art, and to ensure its sustainability and a peaceful resolution to the 25-year legal dispute initiated by the Commune of Saint-Romain-Au-Mont-d’Or, based on town planning law in the face of artistic creation. This dispute was initially protected by the Malraux laws and later by the law of July 7, 2016, concerning freedom of creation, architecture, and heritage. thierry Ehrmann contributed to this through the legal debate he initiated on the status of the artist in France and the freedom of artistic creation.
The surveys, plans, sections, illustrations, orthophotographs for the complete digitization of the 7200 artworks connected to the buildings, outbuildings and surrounding walls over 7,555 m² (generating a digital heritage of 1.2 Terra-Bytes [1 pixel IPTC/GPS DMS = 1mm]) was carried out in 18 months by Philippe Barthélémy, founder of ICONEM (which has done extensive work of the Bamiyan cliffs, Palmyra site etc.) as well as TT Géomètres Experts Group and its 3D Lab. This work was based on the European Commission’s standards for the digitization and online accessibility of cultural material and digital preservation (2011/711/EU).
The study and the complete digitization of the Abode of Chaos was overseen by martyr heritage specialists led by Dr. Nicolas Detry, a specialized Heritage Architect. N. Detry wrote the main corpus of the section on “Formativity of the Abode of Chaos” with reference to the work of Luigi Pareyson. Raphaëlle Rivière, historian of art & architecture and archaeologist, studied the Total Work of Art (Gesamtkunstwerk) and the Singular Architecture that is the Abode of Chaos / Demeure du Chaos with Nicolas Detry. They were both also the curators of the exhibition “The Abode of Chaos: History of a Sustainable Heritage from the 17th Century to the Present Day” in 2022.
Finally, from a purely pedagogical perspective, the notion ‘total work of art’ (from the German Gesamtkunstwerk) that Madame Rachida Dati, Minister of Culture, has officially recognized in the Abode of Chaos, is an aesthetic concept originating from German romanticism and appearing in the 19th century in Europe. A ‘total work of art’ is characterized by the simultaneous use of numerous artistic mediums and disciplines, and by the symbolic, philosophical or metaphysical significance it holds. Such projects are born from a desire to reflect the interconnectedness of all elements of existence.
thierry Ehrmann opens the doors of the total artwork La Demeure du Chaos to Loïc Ballet & Sébastien Chabal for the TV program En vadrouille on March 9, 2025 (France 3 Auvergne-Rhône-Alpes, France Télévisions group, LB Production):
https://www.youtube.com/watch?v=nF_W2e4NeCc
thierry Ehrmann’s Abode of Chaos is regularly cited by art historians as the artistic continuity of the Merzbau, a monumental spatial assemblage, the culmination of the ‘total work of art’ that the artist Kurt Schwitters worked on in his studio and home in Hanover as of 1923.
At the same time, a number of other studies were conducted, notably on the conservation and restoration of the corpus of works at La Demeure du Chaos. The eminent specialist, Simona Sajeva, a civil engineer and international specialist in the conservation-restoration of historic buildings, and President of the International Scientific Committee on Mural Paintings of ICOMOS (International Council of Monuments and Sites) played a key role in these studies.
La Demeure du Chaos is regularly included in international nominations for selections such as the Watch List of the World Monument Fund proposed by the DIVA (Documentation Interpretation and VAlorization of Heritage) research laboratory of Liège University in Belgium. The DIVA specializes in conservation sciences for art and architecture under the direction of Claudine Houbart, professor, architect, art historian, and specialist in the conservation of monuments and sites. She is also a Doctor in engineering sciences, and President of the Doctoral School at the FNRS (Scientific Research Fund) dedicated to building arts and urban planning, and a member of the ICOMOS International Scientific Committee on the theory and philosophy of conservation.
This nomination benefited from prestigious sponsorships including the support of Giovanni Carbonara (1942-2023) – professor, architect and Director Emeritus of the School of Specialization of Architectural Heritage and Landscape at the University of Rome, “La Sapienza”, and Special Advisor to UNESCO – and Pierre Hallot – Doctor of Philosophy and Geospatial Information Sciences, professor at Liège University, member of ICOMOS, expert and Belgian Representative of the CIPA (International Committee of Architectural Photogrammetry – Heritage Documentation).
In addition, La Demeure du Chaos has been subject to restoration after thierry Ehrmann reluctantly agreed to the destruction of part of his works to comply with requests from the public authorities. This work was conducted by specialists in listed monuments, including the company Comte (Vinci Group), which, among other projects, has restored the Primatiale Saint Jean in Lyon on several occasions, a UNESCO World Heritage site.
The memory of this artistic loss will remain in the martyred heritage thanks to the “Catalogue Raisonné of an Artistic Loss Necessary for Republican Peace” created in 2023, which lists the 450 destroyed works.
Lastly, the dimentions of the “total work of art” of the Abode of Chaos include the global headquarters of Artprice by Artmarket, World Leader in Art Market Information since 1987, listed on the Paris Euronext’s regulated market, as well as Groupe Serveur (Artprice’s principal shareholder) and its legal, scientific, and press agency subsidiaries (since 1985).
The Abode of Chaos is also home to the world’s largest collection of manuscripts, codices and art market sales catalogs kept under exceptionally high security standards. These documents represent the history of the art market from 1700 to the present day, a modern-day ‘Library of Alexandria‘. All the archives belong to Artprice by Artmarket and they have all been scanned annotated and studied by the company’s historians and experts. The company’s underground area also hosts its various data centers, hosting more than 180 data banks of art market information which constitute the global reference for art market professionals all over the world, and for more than 9 million Artprice by Artmarket subscribers. Artprice’s press agency, ArtMarketInsight, distributes Art Market news with its long-standing partner of 27 years, Cision PR Newswire, to 122 countries and in 11 languages.
Of the many descriptions of the Abode of Chaos proposed over the last 25 years, many art historians have used the term ‘total work of art’, while others have described it as a “Black Work of hermetic tradition feeding on the Alchemical Chaos of our tragic and sumptuous 21st century, whose embers were ignited on September 11, 2001“.
Various studies from different parts of the world suggest that the genesis of the Abode of Chaos can be traced back to first Masonic trestle boards by thierry Ehrmann at the National Grand Lodge of France in 1985, referring to the remarkable alchemical work “The Philosophers’ Mansions” by Fulcanelli.
In addition, over the last twenty-five years, thierry Ehrmann’s Abode of Chaos has regularly been compared to the famous ‘total work of art’ created by “Postman Cheval” with his “Ideal Palace”. Indeed, the reference work on Postman Cheval’s work (published by Postman Cheval’s Ideal Palace in conjunction with the École Nationale Supérieure des Beaux Arts and the Musée de la Poste in 2008) described thierry Ehrmann as The Postman Cheval of the 21st century (section titled “Cheval and his artistic lineage”, page 18). The Postman Cheval lineage is clear and unambiguous, and there exists a cultural tour incorporating visits to the two sites for more than 15 years now.
The Abode of Chaos is also home to more than 1,800 geopolitical, literary, scientific, philosophical, artistic, and historical portraits. The portraits reference personalities involved in 90% of the global news regularly covered by written and audiovisual media around the world, as well as thousands of alchemical engravings.
The international press sees the Abode of Chaos as a “body of distinct works” and as an “essential and unique ‘Factory'” that has a key place in the History of Art as the most significant major work of the beginning of the 21st century (see press review, notably the special issue of the The New York Times and Artpress).
It also exists within the realm of ideas. It has sparked exhibitions, debates, numerous books, short and feature films by renowned directors, theses, research, and reverberations across different continents.
In 2024, the 36th Congress of the International Committee of Art History (CIHA) convened in Lyon. On a global scale, the CIHA Congresses have constituted the most unifying events for the entire community of researchers and professionals in the world of art and heritage since 1873.
thierry Ehrmann, CEO and Founder of Artprice declared: “Considering our strategic mission, it is natural for Artprice and the Organe Museum of Contemporary Art that manages the Abode of Chaos, to sponsor the 36th CIHA Congress as one of its principal patrons, with contributions from all of Artprice’s historians and researchers. We were delighted to welcome delegates to the global headquarters of Artprice by Artmarket in the heart of the Organe Contemporary Art Museum and its Abode of Chaos.”
This extraordinary event for Art History, held every four years, contributed to re-emergence of France, which – according to Artprice’s 30th Annual Art Market Report – is now positioned as the second largest public art market in the world in terms of transaction volumes, just behind the United States. In 2024, Paris generated the 4th largest art auction turnover in the world, surpassing both Beijing & Shanghai.
https://www.artprice.com/artprice-reports/the-art-market-in-2024
Copyright 1987-2025 thierry Ehrmann www.artprice.com – www.artmarket.com
Artprice’s econometrics department can answer all your questions relating to personalized statistics and analyses: econometrics@artprice.com
Find out more about our services with the artist in a free demonstration: https://artprice.com/demo
Our services: https://artprice.com/subscription
About Artmarket.com:
Artmarket.com is listed on Eurolist by Euronext Paris. The latest TPI analysis includes more than 18,000 individual shareholders excluding foreign shareholders, companies, banks, FCPs, UCITS: Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Watch a video about Artmarket.com and its Artprice department: https://artprice.com/video
Artmarket and its Artprice department were founded in 1997 by thierry Ehrmann, the company’s CEO. They are controlled by Groupe Serveur (created in 1987). cf. the certified biography from Who’s Who In France©:
Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information (the original documentary archives, codex manuscripts, annotated books and auction catalogs acquired over the years) in databanks containing over 30 million indices and auction results, covering more than 865,100 artists.
Artprice Images® allows unlimited access to the largest art market image bank in the world with no less than 181 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket, with its Artprice department, constantly enriches its databases from 7,200 auction houses and continuously publishes art market trends for the main agencies and press titles in the world in 119 countries and 9 languages.
Artmarket.com makes available to its 9.3 million members (members log in) the advertisements posted by its Members, who now constitute the first global Standardized Marketplace® for buying and selling artworks at fixed prices.
There is now a future for the Art Market with Artprice’s Intuitive Artmarket® AI.
Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the French Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.
See our 2024 Global Art Market Annual Report, published in March 2025 by Artprice by Artmarket: https://www.artprice.com/artprice-reports/the-art-market-in-2024
Artprice by Artmarket publishes its 2024 Contemporary Art Market Report: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2024
Summary of Artmarket press releases with its Artprice department: https://serveur.serveur.com/artmarket/press-release/en/
Follow all the Art Market news in real-time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (more than 6.5 million subscribers)
Discover the alchemy and the universe of Artmarket and its Artprice department: https://www.artprice.com/video
whose head office is the famous Museum of Contemporary Art Abode of Chaos dixit The New York Times / La Demeure of Chaos:
https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
La Demeure du Chaos/Abode of Chaos – Total Work of Art and Singular Architecture.
Confidential bilingual work, now made public: https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-ohttps://www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (more than 4.1 million subscribers)https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department – Contact: Thierry Ehrmann, ir@artmarket.com
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Technology
Cryoport Reports First Quarter 2026 Financial Results
Published
1 hour agoon
May 4, 2026By
First quarter revenue grew 16% year-over-year to $47.8 millionCommercial cell and gene therapy (CGT) revenue grew 26% year-over-year to $9.1 million, reflecting continued expansion in approved CGT programsLife Sciences Services revenue increased 18% year-over-year, led by 21% growth in BioStorage/BioServices Life Sciences Products revenue increased 15% year-over-year, driven by strong demand for cryogenic systems Supporting a record 766 global clinical trials and 21 commercially approved CGTs as of March 31, 2026Company raises full-year revenue guidance to $192 million – $196 million
NASHVILLE, Tenn., May 4, 2026 /PRNewswire/ — Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport” or the “Company”), a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, today announced financial results for its first quarter (Q1) of 2026.
Jerrell Shelton, CEO of Cryoport, commented, “Cryoport delivered a strong start to 2026 with first-quarter revenue of $47.8 million, up 16% year-over-year, reflecting a continuation of our momentum over the past several quarters across our integrated services and products platform. Revenue in support of commercial Cell and Gene Therapies (CGT) grew 26% to $9.1 million, while clinical trial support revenue grew 18% to $12.9 million. We continue to support one of the industry’s broadest CGT pipelines, and our leadership across both clinical and commercial programs positions us well for sustainable growth.
“Our Life Sciences Services segment delivered another strong quarter, with revenue increasing 18% year-over-year, including 21% growth in BioStorage/BioServices. This performance reflects the increasing scope and complexity of the Cell & Gene Therapy programs we support and underscores the critical role we play in supporting our clients with our integrated, temperature-controlled supply chain services.
“Our Life Sciences Products segment also performed very well, generating 15% revenue growth, driven by global demand for MVE Biological Solutions’ cryogenic systems. MVE continues to innovate and further solidify its position as the global leader in high-quality cryogenic systems.
“This growth across both our reporting segments, combined with solid gross margins and continued operational discipline, drove a $2.2 million year-over-year improvement in adjusted EBITDA from continuing operations, advancing us meaningfully along our “pathway to profitability.”
“Looking ahead, we see multiple growth catalysts extending beyond 2026, including the planned launch of BioServices operations at our Global Supply Chain Center in Paris, France in the third quarter, and the planned opening of our new Global Supply Chain Center in Santa Ana, California in the fourth quarter. These strategic investments expand our global footprint in key geographies and further strengthen our ability to support the advancement and commercialization of life-saving therapies globally. Reflecting on our strong performance in the first quarter and increased visibility into the remainder of the year, we are raising our full-year revenue guidance to $192 million to $196 million,” concluded Mr. Shelton.
The following table presents Q1 2026 revenue compared with Q1 2025:
Cryoport, Inc. and Subsidiaries
Revenue
Three Months Ended
March 31,
(unaudited)
(in thousands)
2026
2025
% Change
Life Sciences Services
$ 26,898
$ 22,865
18 %
BioLogistics Solutions
21,668
18,531
17 %
BioStorage/BioServices
5,230
4,334
21 %
Life Sciences Products
$ 20,900
$ 18,175
15 %
Total Revenue
$ 47,798
$ 41,040
16 %
BioLogistics Solutions revenue increased 17% year-over-year in Q1 2026, driven by increasing customer activity, continued commercial product maturation, and clinical advancement within the CGT market. BioStorage/BioServices revenue grew 21% year-over-year, reflecting strong demand for our expanded, integrated services offering, which provides seamless, secure handling of temperature-sensitive materials across our global network.
Revenue from the support of commercial CGTs increased 26% year-over-year to $9.1 million and as of March 31, 2026, the number of commercial therapies we support increased to 21.
As of March 31, 2026, Cryoport supported a total of 766 global clinical trials, a net increase of 55 clinical trials over March 31, 2025, with 91 of these clinical trials in Phase 3. The number of trials by phase and region are as follows:
Cryoport Supported Clinical Trials by Phase
Clinical Trials
March 31,
2024
2025
2026
Phase 1
286
304
318
Phase 2
312
328
357
Phase 3
77
79
91
Total
675
711
766
Cryoport Supported Clinical Trials by Region
Clinical Trials
March 31,
2024
2025
2026
Americas
518
544
569
EMEA
112
118
143
APAC
45
49
54
Total
675
711
766
In Q1 2026, four Biologics License Applications (BLA) / Marketing Authorization Applications (MAA) filings occurred. During the first quarter, Cryoport’s customer, Rocket Pharmaceuticals, received U.S. Food and Drug Administration (FDA) accelerated approval for their gene therapy KRESLADI™ for the treatment of pediatric patients with severe leukocyte adhesion deficiency-I (LAD-I). Severe LAD-I is an ultra-rare, life-threatening pediatric genetic immunodeficiency characterized by recurrent infections and high early-childhood mortality without treatment. For the balance of 2026, we anticipate another 10 possible BLA/MAA application filings and 8 additional new therapy approvals.
Operational milestones
Life Sciences Services
BioServices launch at our Global Supply Chain Center in Paris, France, expected in Q3, 2026.Continued progress toward the launch of our state-of-the-art Global Supply Chain Center in Santa Ana, California, expected in Q4, 2026.First cryopreserved clinical trial patient materials shipped in Q1 for two of our clients at our IntegriCell® facilities in Belgium and the U.S.Cryoport Systems named Best Logistics & Supply Chain Management Supplier – Digital Technology & Software at the 2026 Asia Pacific Biopharma Excellence Awards in Singapore.
Life Sciences Products
MVE Biological Solutions (MVE) introduced its new Fusion® 800 Series, the next evolution of MVE’s patented, award-winning Fusion technology, a self-sustaining cryogenic freezer that eliminates the need for a continuous liquid nitrogen (LN₂) supply feed, delivering exceptional reliability, safety, and sustainability in a compact footprint designed for space-constrained environments.Release of MVE HE (High Efficiency) cryogenic storage systems series integrated with the new MVE CryoVerse™ Connect Controller platform.
Financial Highlights
On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group as part of a strategic partnership. The results of CRYOPDP, a former business within Cryoport’s Life Sciences Services segment, are presented as discontinued operations for all periods and are excluded from the non-GAAP financial measures in this release.
Revenue
Total revenue for Q1 2026 was $47.8 million, compared to $41.0 million for Q1 2025, a year-over-year increase of 16%, or $6.8 million. Life Sciences Services revenue for Q1 2026 (representing 56% of our total revenue) was $26.9 million, compared to $22.9 million for Q1 2025, up 18% year-over-year, including BioStorage/BioServices revenue of $5.2 million, up 21% year-over-year. Life Sciences Products revenue for Q1 2026 (representing 44% of our total revenue) was $20.9 million, compared to $18.2 million for Q1 2025, up 15% year-over-year.
Gross Margin
Total gross margin was 45.8% for Q1 2026, compared to 45.4% for Q1 2025. Gross margin for Life Sciences Services was 48.9% for Q1 2026, compared to 47.9% for Q1 2025. Gross margin for Life Sciences Products was 41.9% for Q1 2026, compared to 42.3% for Q1 2025.
Operating Costs and Expenses
Operating costs and expenses were $31.5 million for Q1 2026, compared to $25.8 million for Q1 2025.
Loss from Continuing Operations
Loss from continuing operations was $9.4 million for Q1 2026, compared to a loss of $6.7 million for Q1 2025.
Net Loss – including Discontinued Operations
Net loss was $10.5 million for Q1 2026, compared to net loss of $12.0 million for Q1 2025.Net loss attributable to common stockholders for Q1 2026 was $12.5 million, or $0.25 per share, compared to net loss attributable to common stockholders of $14.0 million, or $0.28 per share for Q1 2025.
Adjusted EBITDA from Continuing Operations
Adjusted EBITDA from continuing operations was a negative $0.6 million for Q1 2026, compared to a negative $2.8 million for Q1 2025.
Cash, Cash equivalents, and Short-Term Investments
Cryoport held $403.6 million in cash, cash equivalents, and short-term investments as of March 31, 2026.
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
Additional Information
Further information on Cryoport’s financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport’s financial performance are provided in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is expected to be filed with the SEC on May 4, 2026. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport’s website at www.cryoportinc.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings release, a document titled “Cryoport First Quarter 2026 in Review”, providing a review of Cryoport’s business update, will be issued at 4:05 p.m. ET on Monday, May 4, 2026. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
Cryoport management will host a conference call at 5:00 p.m. ET on May 4, 2026. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company’s reported results. A slide deck will accompany the call.
Conference Call Information
Date:
Monday, May 4, 2026
Time:
5:00 p.m. ET
Dial-in numbers:
1-800-717-1738 (U.S.), 1-646-307-1865 (International)
Confirmation code:
Request the “Cryoport Call” or Conference ID: 1191652
Live webcast:
‘Investor Relations’ section at www.cryoportinc.com or click here.
Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software.
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company’s website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until May 11, 2026. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1191652#.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the life sciences. Our integrated supply chain platform includes the Cryoportal® Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized biologistics, biostorage, bioservices, cryopreservation services, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are “Enabling the Future of Medicine™.”
Headquartered in Nashville, Tennessee, our company maintains a strong global presence with operations across the Americas, EMEA, and APAC.
For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company’s industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company’s outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company’s plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company’s expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company’s clients. Forward-looking statements also include those related to the Company’s expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with DHL (collectively, the “DHL Transaction”), the Company’s plans regarding its Global Supply Chain Centers, including expected timing of future openings, the Company’s plans and expectations relating to its strategic pivot to expand its global partnerships, and the Company’s expectation of revenue contribution from IntegriCell’s cryopreservation service centers throughout 2026. It is important to note that the Company’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, supply chain constraints, inflationary pressures, tariffs and other trade restrictions, foreign currency fluctuations, trends in the products markets, any U.S federal government shutdown, variations in the Company’s cash flow, market acceptance risks, and technical development risks. Additional risks and uncertainties relating to the DHL Transaction include, but are not limited to, the risk that any disruption resulting from the DHL Transaction may adversely affect our businesses and business relationships, including with employees and suppliers. The Company’s business could be affected by other factors discussed in the Company’s SEC reports, including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release.
Cryoport, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Three Months Ended
March 31,
(unaudited)
(in thousands, except share and per share data)
2026
2025
Revenue
Life Sciences Services revenue
$ 26,898
$ 22,865
Life Sciences Products revenue
20,900
18,175
Total revenue
47,798
41,040
Cost of revenue:
Cost of services revenue
13,747
11,920
Cost of products revenue
12,138
10,479
Total cost of revenue
25,885
22,399
Gross margin
21,913
18,641
Operating costs and expenses:
Selling, general and administrative
27,620
21,901
Engineering and development
3,907
3,934
Total operating costs and expenses:
31,527
25,835
Loss from operations
(9,614)
(7,194)
Other income (expense):
Investment income
3,090
1,573
Interest expense
(432)
(583)
Other expense, net
(2,368)
(300)
Loss before provision for income taxes
(9,324)
(6,504)
Provision for income taxes
(108)
(234)
Loss from continuing operations
$ (9,432)
$ (6,738)
Loss from discontinued operations, net
(1,112)
(5,243)
Net loss
$ (10,544)
$ (11,981)
Paid-in-kind dividend on Series C convertible preferred stock
(2,000)
(2,000)
Net loss attributable to common stockholders
$ (12,544)
$ (13,981)
Net loss per share attributable to common stockholders – basic and diluted
$ (0.25)
$ (0.28)
Weighted average common shares issued and outstanding – basic and diluted
49,897,817
49,947,012
Cryoport, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
March 31,
December 31,
2026
2025
(in thousands)
(unaudited)
Current assets
Cash and cash equivalents
$ 272,912
$ 250,494
Short-term investments
130,722
160,714
Accounts receivable, net
39,004
33,359
Inventories
21,750
23,188
Prepaid expenses and other current assets
6,147
8,419
Total current assets
470,535
476,174
Property and equipment, net
89,805
85,448
Operating lease right-of-use assets
39,299
39,720
Intangible assets, net
138,721
138,082
Goodwill
22,137
22,400
Deposits
2,046
2,092
Deferred tax assets
1,066
1,073
Total assets
$ 763,609
$ 764,989
Current liabilities
Accounts payable and other accrued expenses
$ 15,937
$ 15,283
Accrued compensation and related expenses
17,007
12,980
Deferred revenue
2,314
943
Current portion of operating lease liabilities
3,641
4,133
Current portion of finance lease liabilities
419
422
Current portion of convertible senior notes, net
185,390
185,094
Current portion of notes payable
159
163
Total current liabilities
224,867
219,018
Notes payable, net
1,027
1,087
Operating lease liabilities, net
39,173
39,078
Finance lease liabilities, net
680
741
Deferred tax liabilities
1,580
1,354
Other long-term liabilities
663
444
Contingent consideration
630
629
Total liabilities
268,620
262,351
Total stockholders’ equity
494,989
502,638
Total liabilities and stockholders’ equity
$ 763,609
$ 764,989
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measure of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 is included in this release: adjusted EBITDA from continuing operations. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized loss on investments, foreign currency loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.
Management believes that adjusted EBITDA from continuing operations provides a useful measure of Cryoport’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport’s ongoing operating performance. Further, management and the Company’s board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of Cryoport’s comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with Cryoport’s GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport’s ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport’s underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport’s underlying business.
Cryoport, Inc. and Subsidiaries
Reconciliation of GAAP loss from continuing operations to adjusted EBITDA
(unaudited)
Three Months Ended
March 31,
2026
2025
(in thousands)
GAAP loss from continuing operations
$ (9,432)
$ (6,738)
Non-GAAP adjustments to loss:
Depreciation and amortization expense
6,402
6,134
Acquisition and integration costs
—
1
Cost reduction initiatives
—
216
Investment income
(3,090)
(1,573)
Unrealized loss on investments
2,105
193
Foreign currency loss
454
245
Interest expense, net
432
583
Stock-based compensation expense
2,395
3,064
Change in fair value of contingent consideration
15
(5,178)
Income taxes
108
234
Adjusted EBITDA from continuing operations
$ (611)
$ (2,819)
View original content to download multimedia:https://www.prnewswire.com/news-releases/cryoport-reports-first-quarter-2026-financial-results-302761639.html
SOURCE Cryoport, Inc.
Technology
Aviat Networks Announces Fiscal 2026 Third Quarter and Nine Month Financial Results
Published
1 hour agoon
May 4, 2026By
Total Q3 QTD Revenues of $100.0 million
Q3 QTD Operating Income of $0.9 million; Q3 QTD Non-GAAP Operating Income of $3.0 million
Q3 QTD Net Earnings of $(2.1) million; Q3 QTD Adjusted EBITDA of $4.4 million
Q3 QTD Diluted Earnings per Share of $(0.16); Q3 QTD Non-GAAP Diluted Earnings per Share of $0.06
AUSTIN, Texas, May 4, 2026 /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 2026 third quarter ended March 27, 2026.
Third Quarter Highlights
Recorded fiscal 2026 year-to-date revenue growth for the first nine months in North America of $2.1 million or 1.4% compared to the same nine-month period of fiscal 2025Increased year-to-date GAAP operating income to $13.4 million compared to $1.7 million in the comparable year-to-date period last yearReduced quarterly GAAP operating expenses by $1.7 million and Non-GAAP operating expenses by $0.8 million versus the year-ago periodMaintained a trailing-twelve month book-to-bill ratio greater than 1.0
Third Quarter QTD Financial Highlights
Total Revenues: $100.0 millionGAAP Results: Gross Margin 29.3%; Operating Expenses $28.3 million; Operating Income $0.9 million; Net Loss $2.1 million; Net Loss per diluted share (“Net Loss per share”) $0.16Non-GAAP Results: Adjusted EBITDA $4.4 million; Gross Margin 29.4%; Operating Expenses $26.4 million; Operating Income $3.0 million; Net Income $0.7 million; Net Income per share $0.06Cash and cash equivalents: $78.1 millionNet debt: $26.1 million
Fiscal 2026 Third Quarter and Nine Months Ended March 27, 2026
Revenues
The Company reported total revenues of $100.0 million for its fiscal 2026 third quarter, compared to $112.6 million in the fiscal 2025 third quarter, a decrease of $12.6 million or 11.2%. North America revenue of $46.2 million decreased by $3.2 million or 6.6%, compared to $49.4 million in the prior year due to timing of certain private and mobile network projects. International revenue of $53.8 million decreased by $9.4 million or 14.9%, compared to $63.2 million in the prior year, due to timing of capital expenditure plans of mobile network operators and revenue delays related to the conflict in the Middle East.
For the nine months ended March 27, 2026, revenue decreased by 0.1% to $318.8 million, compared to $319.3 million in the same period of fiscal 2025. North America revenue of $151.7 million increased by $2.1 million or 1.4%, compared to $149.6 million in the same period of fiscal 2025. International revenue of $167.1 million decreased by $2.6 million or 1.5% as compared to $169.7 million in the same period of fiscal 2025.
Gross Margins
In the fiscal 2026 third quarter, the Company reported GAAP gross margin of 29.3% and non-GAAP gross margin of 29.4%. This compares to GAAP gross margin of 34.9% and non-GAAP gross margin of 35.8% in the fiscal 2025 third quarter, a decrease of 560 and 640 basis points, respectively. The decrease was driven by regional and product mix in the quarter.
For the nine months ended March 27, 2026, the Company reported GAAP gross margin of 31.7% and non-GAAP gross margin of 32.1%. This compares to GAAP gross margin of 31.3% and non-GAAP gross margin of 32.1% in the same period of fiscal 2025, an increase of 40 and 0 basis points, respectively.
Operating Expenses
The Company reported GAAP total operating expenses of $28.3 million for the fiscal 2026 third quarter, compared to $30.0 million in the fiscal 2025 third quarter. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition and other expenses for the fiscal 2026 third quarter were $26.4 million, compared to $27.2 million in the prior year, a decrease of $0.8 million or 3.1%.
For the nine months ended March 27, 2026, the Company reported total operating expenses of $87.6 million, compared to $98.3 million in the same period of fiscal 2025, a decrease of $10.6 million or 10.8%. Non-GAAP total operating expenses, excluding the impact of restructuring charges, share-based compensation, and merger and acquisition expenses and other expenses for the nine months ended March 27, 2026 were $81.9 million, compared to $86.4 million in the same period of fiscal 2025, a decrease of $4.5 million or 5.2%.
Operating Income
The Company reported GAAP operating income of $0.9 million for the fiscal 2026 third quarter, compared to GAAP operating income of $9.3 million in the fiscal 2025 third quarter, a decrease of $8.4 million. Operating income decreased primarily due to lower gross margin dollars. On a non-GAAP basis, the Company reported operating income of $3.0 million for the fiscal 2026 third quarter, compared to non-GAAP operating income of $13.0 million in the prior year, a decrease of $10.1 million.
For the nine months ended March 27, 2026, the Company reported a GAAP operating income of $13.4 million, compared to a GAAP operating income of $1.7 million in the same period of fiscal 2025, an increase of $11.7 million. On a non-GAAP basis, the Company reported operating income of $20.5 million, compared to an operating income of $16.1 million in the same period of fiscal 2025, an increase of $4.4 million.
Net Income / Net Income Per Share
The Company reported GAAP net loss of $2.1 million in the fiscal 2026 third quarter or GAAP net loss per share of $0.16. This compared to GAAP net income of $3.5 million or GAAP net income per share of $0.27 in the fiscal 2025 third quarter. On a non-GAAP basis, the Company reported non-GAAP net income of $0.7 million or non-GAAP net income per share of $0.06, compared to non-GAAP net income of $11.3 million or $0.88 per share in the prior year.
The Company reported GAAP net income of $3.8 million for the nine months ended March 27, 2026, or GAAP net income per diluted share of $0.29. This compared to GAAP net loss of $3.9 million or $0.30 per share in the comparable fiscal 2025 period. On a non-GAAP basis, the Company reported net income of $13.3 million or net income per share of $1.02 for the nine months ended March 27, 2026, as compared to non-GAAP net income of $10.6 million or $0.83 per share in the comparable fiscal 2025 period.
Adjusted EBITDA
Adjusted earnings before interest, tax, depreciation and amortization (“Adjusted EBITDA”) for the fiscal 2026 third quarter was $4.4 million, compared to $14.9 million in the fiscal 2025 third quarter.
For the nine months ended March 27, 2026, the Company reported Adjusted EBITDA of $24.8 million, as compared to $22.0 million in the comparable fiscal 2025 period, an increase of $2.8 million.
Balance Sheet Highlights
The Company reported $78.1 million in cash and cash equivalents as of March 27, 2026, compared to $59.7 million as of June 27, 2025, an increase of $18.4 million. As of March 27, 2026, total debt was $104.3 million, an increase of $16.7 million from June 27, 2025.
Fiscal 2026 Full Year Outlook
The Company is updating its fiscal 2026 full year guidance to:
Full year Revenue between $428 and $440 millionFull year Adjusted EBITDA between $35.0 and $40.0 million
Conference Call Details
Aviat Networks will host a conference call at 5:00 p.m. Eastern Time (ET) today, May 4, 2026, to discuss its financial and operational results for the fiscal 2026 third quarter ended March 27, 2026. Participating on the call will be Peter Smith, President and Chief Executive Officer; Andy Schmidt, Senior Vice President and Chief Financial Officer; Jonanna Mikulenka, Vice President and Chief Accounting Officer; and Andrew Fredrickson, Vice President, Corporate Finance. 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 2026, 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 27, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”) on September 10, 2025, 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
Email: investorinfo@aviatnet.com
Table 1
AVIAT NETWORKS, INC.
Fiscal Year 2026 Third Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Nine Months Ended
(In thousands, except per share amounts)
March 27,
2026
March 28,
2025
March 27,
2026
March 28,
2025
Revenues:
Product sales
$ 68,405
$ 76,824
$ 224,699
$ 220,252
Services
31,598
35,816
94,096
99,014
Total revenues
100,003
112,640
318,795
319,266
Cost of revenues:
Product sales
51,009
51,370
158,155
158,540
Services
19,711
21,974
59,593
60,756
Total cost of revenues
70,720
73,344
217,748
219,296
Gross profit
29,283
39,296
101,047
99,970
Operating expenses:
Research and development
7,656
7,704
21,163
28,334
Selling and administrative
20,365
22,121
66,125
68,348
Restructuring charges
323
177
344
1,592
Total operating expenses
28,344
30,002
87,632
98,274
Operating income
939
9,294
13,415
1,696
Interest expense, net
1,848
1,557
5,468
4,252
Other expense (income), net
1,400
3,068
(371)
4,047
(Loss) income before income taxes
(2,309)
4,669
8,318
(6,603)
(Benefit from) provision for income taxes
(244)
1,141
4,503
(2,747)
Net (loss) income
$ (2,065)
$ 3,528
$ 3,815
$ (3,856)
Net (loss) income per share of common stock outstanding:
Basic
$ (0.16)
$ 0.28
$ 0.30
$ (0.30)
Diluted
$ (0.16)
$ 0.27
$ 0.29
$ (0.30)
Weighted-average shares outstanding:
Basic
12,918
12,689
12,844
12,672
Diluted
12,918
12,838
13,030
12,672
Table 2
AVIAT NETWORKS, INC.
Fiscal Year 2026 Third Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 27,
2026
June 27,
2025
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents
$ 78,129
$ 59,690
Accounts receivable, net
187,624
180,321
Unbilled receivables
85,260
105,870
Inventories
72,609
83,979
Other current assets
26,740
33,715
Total current assets
450,362
463,575
Property, plant and equipment, net
18,990
17,453
Goodwill
19,473
19,655
Intangible assets, net
24,395
26,897
Deferred income taxes
86,977
88,149
Right-of-use assets
2,214
3,113
Other assets
14,134
14,454
Total long-term assets
166,183
169,721
Total assets
$ 616,545
$ 633,296
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$ 112,063
$ 148,093
Accrued expenses
40,082
38,897
Short-term lease liabilities
547
1,090
Advance payments and unearned revenue
67,845
73,735
Other current liabilities
160
1,757
Current portion of long-term debt
5,595
18,624
Total current liabilities
226,292
282,196
Long-term debt
98,668
68,966
Unearned revenue
9,724
8,063
Long-term operating lease liabilities
1,858
2,241
Other long-term liabilities
328
430
Reserve for uncertain tax positions
3,724
3,242
Deferred income taxes
4,175
4,975
Total liabilities
344,769
370,113
Commitments and contingencies
Stockholder’s equity:
Preferred stock
—
—
Common stock
129
127
Treasury stock
(7,576)
(7,076)
Additional paid-in-capital
870,340
866,119
Accumulated deficit
(573,357)
(577,172)
Accumulated other comprehensive loss
(17,760)
(18,815)
Total stockholders’ equity
271,776
263,183
Total liabilities and stockholders’ equity
$ 616,545
$ 633,296
AVIAT NETWORKS, INC.
Fiscal Year 2026 Third 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 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 2026 Third Quarter Summary
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES (1)
Condensed Consolidated Statements of Operations
(Unaudited)
Three Months Ended
Nine Months Ended
March 27,
2026
% of
Revenue
March 28,
2025
% of
Revenue
March 27,
2026
% of
Revenue
March 28,
2025
% of
Revenue
(In thousands, except percentages and per share amounts)
GAAP gross margin
$ 29,283
29.3 %
$ 39,296
34.9 %
$ 101,047
31.7 %
$ 99,970
31.3 %
Share-based compensation
37
(1)
105
214
Merger and acquisition and other expenses
69
995
1,247
2,295
Non-GAAP gross margin
29,389
29.4 %
40,290
35.8 %
102,399
32.1 %
102,479
32.1 %
GAAP research and development expenses
$ 7,656
7.7 %
$ 7,704
6.8 %
$ 21,163
6.6 %
$ 28,334
8.9 %
Share-based compensation
(35)
(149)
(98)
(456)
Non-GAAP research and development expenses
7,621
7.6 %
7,555
6.7 %
21,065
6.6 %
27,878
8.7 %
GAAP selling and administrative expenses
$ 20,365
20.4 %
$ 22,121
19.6 %
$ 66,125
20.7 %
$ 68,348
21.4 %
Share-based compensation
(1,508)
(1,840)
(4,280)
(4,956)
Merger and acquisition and other expenses
(70)
(595)
(1,057)
(4,890)
Non-GAAP selling and administrative expenses
18,787
18.8 %
19,686
17.5 %
60,788
19.1 %
58,502
18.3 %
GAAP operating expense
$ 28,344
28.3 %
$ 30,002
26.6 %
$ 87,632
27.5 %
$ 98,274
30.8 %
Share-based compensation
(1,543)
(1,989)
(4,378)
(5,412)
Merger and acquisition and other expenses
(70)
(595)
(1,057)
(4,890)
Restructuring charges
(323)
(177)
(344)
(1,592)
Non-GAAP operating expense
26,408
26.4 %
27,241
24.2 %
81,853
25.7 %
86,380
27.1 %
GAAP operating income
$ 939
0.9 %
$ 9,294
8.3 %
$ 13,415
4.2 %
$ 1,696
0.5 %
Share-based compensation
1,580
1,988
4,483
5,626
Merger and acquisition and other expenses
139
1,590
2,304
7,185
Restructuring charges
323
177
344
1,592
Non-GAAP operating income
2,981
3.0 %
13,049
11.6 %
20,546
6.4 %
16,099
5.0 %
GAAP income tax (benefit) provision
$ (244)
(0.2) %
$ 1,141
1.0 %
$ 4,503
1.4 %
$ (2,747)
(0.9) %
Adjustment to reflect pro forma tax rate
644
(941)
(2,703)
3,947
Non-GAAP income tax provision
400
0.4 %
200
0.2 %
1,800
0.6 %
1,200
0.4 %
GAAP net (loss) income
$ (2,065)
(2.1) %
$ 3,528
3.1 %
$ 3,815
1.2 %
$ (3,856)
(1.2) %
Share-based compensation
1,580
1,988
4,483
5,626
Merger and acquisition and other expenses
139
1,590
2,304
7,185
Restructuring charges
323
177
344
1,592
Other expense (income), net
1,400
3,068
(371)
4,047
Adjustment to reflect pro forma tax rate
(644)
941
2,703
(3,947)
Non-GAAP net income
$ 733
0.7 %
$ 11,292
10.0 %
$ 13,278
4.2 %
$ 10,647
3.3 %
Diluted net (loss) income per share:
GAAP
$ (0.16)
$ 0.27
$ 0.29
$ (0.30)
Non-GAAP
$ 0.06
$ 0.88
$ 1.02
$ 0.83
Shares used in computing diluted net (loss)
income per share
GAAP
12,918
12,838
13,030
12,672
Non-GAAP
13,074
12,838
13,030
12,818
Adjusted EBITDA:
GAAP net (loss) income
$ (2,065)
(2.1) %
$ 3,528
3.1 %
$ 3,815
1.2 %
$ (3,856)
(1.2) %
Depreciation and amortization of property,
plant and equipment and intangible assets
1,426
1,830
4,247
5,935
Interest expense, net
1,848
1,557
5,468
4,252
Other expense (income), net
1,400
3,068
(371)
4,047
Share-based compensation
1,580
1,988
4,483
5,626
Merger and acquisition and other expenses
139
1,590
2,304
7,185
Restructuring charges
323
177
344
1,592
(Benefit from) provision for income taxes
(244)
1,141
4,503
(2,747)
Adjusted EBITDA
$ 4,407
4.4 %
$ 14,879
13.2 %
$ 24,793
7.8 %
$ 22,034
6.9 %
(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 2026 Third Quarter Summary
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)
Three Months Ended
Nine Months Ended
March 27,
2026
March 28,
2025
March 27,
2026
March 28,
2025
(In thousands)
North America
$ 46,165
$ 49,402
$ 151,713
$ 149,589
International:
Africa and the Middle East
16,446
15,086
43,868
38,210
Europe
10,333
9,429
29,318
23,376
Latin America and Asia Pacific
27,059
38,723
93,896
108,091
Total international
53,838
63,238
167,082
169,677
Total revenue
$ 100,003
$ 112,640
$ 318,795
$ 319,266
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SOURCE Aviat Networks, Inc.
First Quarter Financial Highlights
Revenue of $1.25 billion, up 23% year-over-yearNet income of $18.9 million; Adjusted net income1 of $48.1 million, up 53% year-over-yearAdjusted EBITDA1 of $85.6 million; Adjusted EBITDA1 margin of 6.8%Diluted EPS of $0.60; Adjusted diluted EPS1 of $1.53, up 55% year-over-yearRecord backlog1 of $13.8 billion, driven by 3.2x book-to-bill1 in the quarter
Increasing 2026 Guidance
Increasing full-year 2026 guidance with 9% revenue and adjusted EBITDA1 growth at the midpoint
RESTON, Va., May 4, 2026 /PRNewswire/ — V2X, Inc. (NYSE:VVX) today announced first quarter 2026 financial results, and increased guidance for full-year 2026.
“V2X delivered a strong start to 2026, with double-digit growth on both the top and bottom lines, underscoring our team’s disciplined execution and our organization’s alignment to national security priorities,” said Jeremy C. Wensinger, President and Chief Executive Officer. “We secured approximately 50 awards in the quarter totaling approximately $4.1 billion, driving total backlog1 to a record $13.8 billion and reinforcing our position as a leading provider of mission capabilities. We are increasing our full-year outlook given the momentum underway. Supported by our strong balance sheet, we will continue to prioritize investments that accelerate innovation across the enterprise and enhance global operations, to deliver differentiated outcomes for customers and greater value for shareholders.”
First Quarter 2026 Results
In the first quarter, V2X reported revenue of $1.25 billion, representing year-over-year growth of 23%. The Company reported solid topline growth and strong operating performance, yielding double-digit growth in adjusted net income1 and adjusted EPS1. Net income for the quarter was $18.9 million. Adjusted net income1 was $48.1 million, an increase of 53%, year-over-year. First quarter GAAP diluted EPS was $0.60. Adjusted diluted EPS1 for the quarter increased 55% year-over-year to $1.53.
V2X delivered adjusted EBITDA1 of $85.6 million, with a margin1 of 6.8%, representing an increase of 28%, from the prior year.
First quarter net cash used by operating activities was $129.9 million. Adjusted net cash used by operating activities1 was $22.1 million.
At the end of the first quarter, net debt for V2X was $895.4 million, representing an improvement of $77 million year-over-year and a 2.5x net leverage ratio1. The Company expects to achieve a net leverage ratio1 less than 2.0x by the end of 2026.
As of April 3, 2026, total backlog1 was $13.8 billion and funded backlog1 was $2.3 billion. Book-to-bill1 in the first quarter was approximately 3.2x. Trailing twelve-month book-to-bill1 was approximately 1.5x.
Increasing 2026 Guidance
The Company is increasing its 2026 guidance ranges as follows:
$ millions, except for per share amounts
Prior 2026 Guidance
Updated 2026 Guidance
Revenue
$4,675
$4,825
$4,825
$4,975
Adjusted EBITDA1
$335
$350
$345
$360
Adjusted Diluted Earnings Per Share1
$5.50
$5.90
$5.75
$6.15
Adjusted Net Cash Provided by Operating Activities1
$150
$170
$160
$180
The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below.
First Quarter Conference Call
Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, May 4, 2026. U.S.-based participants may dial in to the conference call at 877-300-8521, while international participants may dial 412-317-6026. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/Q291YZzYJpN
A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through May 18, 2026, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10208314.
Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.
__________________________________
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.
About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,200 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact
Media Contact
Mike Smith, CFA
Angelica Spanos Deoudes
719-637-5773
571-338-5195
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act.
Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our future performance and capabilities; all of the statements and items listed under “Increasing 2026 Guidance” above and other assumptions contained therein for purposes of such guidance; our belief that prior performance provides substantial visibility for future performance; market trends; product development; capital deployment; future net leverage ratio; and our belief that our innovation strategy, visibility, and targeted growth opportunities provide substantial opportunities for value creation.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.
We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
V2X, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
April 3,
March 28,
(In thousands, except per share data)
2026
2025
Revenue
$ 1,254,128
$ 1,015,923
Cost of revenue
1,148,310
937,820
Selling, general, and administrative expenses
61,728
43,805
Operating income
44,090
34,298
Loss on extinguishment of debt
—
(2,214)
Interest expense, net
(18,125)
(19,719)
Other expense, net
(2,446)
(2,295)
Income from operations before income taxes
23,519
10,070
Income tax expense
4,594
1,963
Net income
$ 18,925
$ 8,107
Earnings per share
Basic
$ 0.61
$ 0.26
Diluted
$ 0.60
$ 0.25
Weighted average common shares outstanding – basic
31,214
31,590
Weighted average common shares outstanding – diluted
31,512
32,021
V2X, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
April 3,
December 31,
(In thousands, except per share data)
2026
2025
Assets
Current assets
Cash, cash equivalents and restricted cash
$ 208,666
$ 368,994
Receivables
828,759
738,922
Prepaid expenses and other current assets
131,981
127,102
Total current assets
1,169,406
1,235,018
Property, plant, and equipment, net
50,640
52,383
Goodwill
1,676,954
1,677,154
Intangible assets, net
217,060
239,760
Other non-current assets
75,409
76,525
Total non-current assets
2,020,063
2,045,822
Total Assets
$ 3,189,469
$ 3,280,840
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable
$ 467,420
$ 557,042
Compensation and other employee benefits
170,388
176,530
Short-term debt
14,935
14,935
Other accrued liabilities
280,561
267,039
Total current liabilities
933,304
1,015,546
Long-term debt, net
1,060,928
1,083,234
Deferred tax liabilities
30,232
28,357
Other non-current liabilities
61,462
69,067
Total non-current liabilities
1,152,622
1,180,658
Total liabilities
2,085,926
2,196,204
Commitments and contingencies (Note 7)
Shareholders’ Equity
Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding
—
—
Common stock; $0.01 par value; 100,000,000 shares authorized; 31,873,847 shares issued and
31,310,209 shares outstanding as of April 3, 2026; 31,735,083 shares issued and 31,171,445 shares
outstanding as of December 31, 2025
318
317
Treasury stock, at cost – (563,638) shares as of both April 3, 2026 and December 31, 2025
(30,274)
(30,274)
Additional paid in capital
777,994
779,084
Retained earnings
362,342
343,417
Accumulated other comprehensive loss
(6,837)
(7,908)
Total shareholders’ equity
1,103,543
1,084,636
Total Liabilities and Shareholders’ Equity
$ 3,189,469
$ 3,280,840
V2X, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended
April 3,
March 28,
(In thousands)
2026
2025
Operating activities
Net income
$ 18,925
$ 8,107
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense
3,963
4,250
Amortization of intangible assets
22,900
22,562
Amortization of cloud computing arrangements
1,246
1,226
Loss on disposal of property, plant, and equipment
3
253
Stock-based compensation
3,609
2,452
Deferred taxes
1,557
(3,074)
Amortization of debt issuance costs
1,669
1,488
Loss on extinguishment of debt
—
2,214
Changes in assets and liabilities:
Receivables
(90,701)
6,502
Other assets
(5,348)
(6,411)
Accounts payable
(89,372)
(107,694)
Compensation and other employee benefits
(6,050)
(42,610)
Other liabilities
7,689
15,271
Net cash used in operating activities
(129,910)
(95,464)
Investing activities
Purchases of capital assets
(2,291)
(2,699)
Proceeds from the disposition of assets
—
90
Net cash used in investing activities
(2,291)
(2,609)
Financing activities
Repayments of long-term debt
(23,734)
—
Proceeds from revolver
—
141,000
Repayments of revolver
—
(141,000)
Proceeds from stock awards and stock options
60
77
Payment of debt issuance costs
—
(1,223)
Payments of employee withholding taxes on stock-based compensation
(4,758)
(2,653)
Net cash used in financing activities
(28,432)
(3,799)
Exchange rate effect on cash
305
2,613
Net change in cash, cash equivalents and restricted cash
(160,328)
(99,259)
Cash, cash equivalents and restricted cash – beginning of period
368,994
268,321
Cash, cash equivalents and restricted cash – end of period
$ 208,666
$ 169,062
Supplemental disclosure of cash flow information:
Interest paid
$ 17,426
$ 12,945
Income taxes paid
$ 2,707
$ 320
Purchase of capital assets on account
$ 1,510
$ 48
Key Performance Indicators and Non-GAAP Measures
The primary financial performance measures we use to monitor results of operations are revenue and operating income. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue. Backlog is the estimated amount of future revenues to be recognized under negotiated contracts. Funded backlog is contractually authorized and appropriated by the customer. Bookings includes approved values formally booked into V2X’s backlog for new business contract awards including unexercised options, contract modifications, recompetes, contract extensions and add-on work to existing contracts. Book-to-bill is derived by dividing bookings by revenue.
We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management’s assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.
In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.
Adjusted net income, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin, net leverage ratio, cash interest expense, net, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP. Definitions and reconciliations of these items are provided below.
Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.
Non-GAAP Tables
($K, except per share data)
Three Months Ended
April 3, 2026
March 28, 2025
Revenue
$1,254,128
$1,015,923
Net income
$18,925
$8,107
Plus:
Income tax expense
4,594
1,963
Other expense, net
2,446
2,295
Interest expense, net
18,125
19,719
Loss on extinguishment of debt
—
2,214
Operating income
$44,090
$34,298
Plus:
Amortization of intangible assets
22,900
22,562
M&A, integration and related costs
13,373
4,625
Adjusted operating income
$80,363
$61,485
Plus:
Depreciation and CCA amortization
5,209
5,476
Adjusted EBITDA
$85,571
$66,961
Adjusted EBITDA margin
6.8 %
6.6 %
Minus:
Cash interest expense, net
16,456
18,231
Income tax expense, as adjusted
13,366
9,234
Depreciation and CCA amortization
5,209
5,476
Other expense, net, as adjusted
2,446
2,545
Adjusted net income
$48,094
$31,475
($K, except per share data)
Three Months Ended
April 3, 2026
March 28, 2025
Diluted earnings per share
$0.60
$0.25
Plus:
M&A, integration and related costs
$0.33
0.11
Amortization of intangible assets
$0.56
0.54
Amortization of debt issuance costs and Loss on extinguishment of debt
$0.04
0.09
FMV land impairment
$—
$—
Gain on acquisition, net
$—
$(0.01)
Adjusted diluted earnings per share
$1.53
$0.98
Average shares outstanding:
Basic, as reported
31,214
31,590
Diluted, as reported
31,512
32,021
Adjusted diluted
31,512
32,021
Non-GAAP Tables
($K)
Three Months Ended
April 3, 2026
March 28, 2025
Net cash used by operating activities
$ (129,910)
$ (95,464)
Plus:
M&A, integration, and related payments
2,206
3,008
MARPA facility activity
105,628
(25,617)
Adjusted operating cash flow
$ (22,076)
$ (118,073)
($K)
TTM
April 3, 2026
Net income
$ 88,700
Plus:
Interest expense, net
78,316
Income tax expense
25,652
Depreciation and amortization
112,595
Additional permitted add-backs1
52,097
TTM Bank EBITDA
$ 357,360
($K, except ratio)
Period Ending
April 3, 2026
Total debt
$ 1,100,085
Cash, cash equivalents and restricted cash
$ 208,666
Less:
Restricted cash
(4,014)
Cash and cash equivalents
$ 204,652
Net debt
$ 895,433
TTM bank EBITDA
$ 357,360
Net leverage ratio
2.51x
____________________________
1 Includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs
SUPPLEMENTAL INFORMATION
Revenue by contract type, geographic region, contract relationship, and customer for the periods presented below was as follows:
Revenue by Contract Type
Three Months Ended
April 3,
March 28,
%
(In thousands)
2026
2025
Change
Cost-plus and cost-reimbursable
$ 752,405
$ 623,213
20.7 %
Firm-fixed-price
372,759
363,950
2.4 %
Time-and-materials
128,964
28,760
348.4 %
Total revenue
$ 1,254,128
$ 1,015,923
Revenue by Geographic Region
Three Months Ended
April 3,
March 28,
%
(In thousands)
2026
2025
Change
United States
$ 810,554
$ 577,458
40.4 %
Middle East
314,333
318,345
(1.3) %
Asia
76,137
75,978
0.2 %
Europe
53,104
44,142
20.3 %
Total revenue
$ 1,254,128
$ 1,015,923
Revenue by Contract Relationship
Three Months Ended
April 3,
March 28,
%
(In thousands)
2026
2025
Change
Prime contractor
$ 1,197,462
$ 962,421
24.4 %
Subcontractor
56,666
53,502
5.9 %
Total revenue
$ 1,254,128
$ 1,015,923
Revenue by Customer
Three Months Ended
April 3,
March 28,
%
(In thousands)
2026
2025
Change
Army
$ 440,114
$ 442,136
(0.5) %
Navy
382,921
346,118
10.6 %
Air Force
167,833
99,126
69.3 %
Other
263,260
128,543
104.8 %
Total revenue
$ 1,254,128
$ 1,015,923
View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-reports-first-quarter-2026-results-302761328.html
SOURCE V2X, Inc.
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