Stockholders’ Equity

9 Months Ended

Mar. 27, 2026

Share-Based Payment Arrangement [Abstract]

Stock Repurchase Program

In November 2021, the Company’s Board of Directors approved a stock repurchase program to purchase up to $10.0 million of the Company’s common stock. As of March 27, 2026, $5.8 million remains available and Aviat may choose to suspend or discontinue the repurchase program at any time. Repurchased shares are recorded as treasury stock. During the third quarter of fiscal 2026, the Company repurchased 20,180 shares of its common stock in the open market for an aggregate purchase price, including commissions, of $0.5 million.

Stock Incentive Programs

As of March 27, 2026, the Company had one active stock incentive plan for its employees and non-employee directors, the 2018 Incentive Plan (the “2018 Plan”). The 2018 Plan provides for the issuance of share-based awards in the form of stock options, stock appreciation rights, restricted stock awards and units, and performance share awards and units.

Under the 2018 Plan, option exercise prices are equal to the fair market value of Aviat common stock on the date the options are granted using the closing stock price. After vesting, options generally may be exercised within seven years after the date of grant.

Restricted stock units are not transferable until vested and the restrictions lapse upon the achievement of continued employment or service over a specified time period. Restricted stock units issued to employees generally vest three years from the date of grant (three-year cliff or annually over three years). Restricted stock units issued annually to non-executive board members generally vest on the day before the annual stockholders’ meeting.

Vesting of performance share awards and units is subject to the achievement of predetermined financial performance and share price criteria, and continued employment through the end of the applicable period.

During the nine months ended March 27, 2026, the Company granted 234,225 restricted stock units and 128,629 performance share awards.

The Company recognizes compensation cost for share-based payment awards on a straight-line basis over the requisite service period. For awards with a performance condition vesting feature, share-based compensation costs are recognized when achievement of the performance conditions is considered probable. Forfeitures are recognized as they occur.

Total compensation expense for share-based awards included in the unaudited condensed consolidated statements of operations was as follows:


	Three Months Ended				Nine Months Ended
(In thousands)	March 27, 2026		March 28, 2025		March 27, 2026		March 28, 2025
By Expense Category:
Cost of revenues	$	37	$	(1)	$	105	$	214
Research and development	35		149		98		456
Selling and administrative	1,508		1,840		4,280		4,956
Total share-based compensation expense	$	1,580	$	1,988	$	4,483	$	5,626
By Type of Award:
Options	$	140	$	240	$	472	$	842
Restricted stock and performance share awards and units	1,440		1,748		4,011		4,784
Total share-based compensation expense	$	1,580	$	1,988	$	4,483	$	5,626

As of March 27, 2026, there was approximately $0.2 million of total unrecognized compensation expense related to non-vested stock options granted which is expected to be recognized over a weighted-average period of 0.42 years. As of March 27, 2026, there was $9.5 million of total unrecognized compensation expense related to non-vested stock awards which is expected to be recognized over a weighted-average period of 1.82 years.

- Definition

The entire disclosure for equity.

+ References

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+ Details

AVIAT NETWORKS, INC. 10-Q