EXTREME NETWORKS INC
For the period ended Sep 30, 2026. Filed Oct 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Oct 29, 2026
EXTR$24.03+14.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0001193125-26-197200
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-29.
0001193125-26-437803
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 155 current paragraphs.
67 unchanged; 61 reworded; 27 added; 31 removed; 3 previous and 0 current paragraphs rearranged.
Tables are not compared: 5 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (27)
Current report
Enterprises across every industry are navigating significant technology transformation driven by cloud adoption, application modernization, cybersecurity demands, and the rapid emergence of generative, multimodal, and agentic AI. AI technologies are increasingly being used to automate workflows, accelerate decision-making, and assist in the management of information technology (“IT”) environments. To support these workloads, organizations are rearchitecting their networks from the edge to the data center, requiring infrastructure that is intelligent, secure, and highly automated.
Current report
As networks become more distributed and complex, traditional management approaches may be less effective in addressing operational requirements. IT teams increasingly seek automation, visibility, and integrated security capabilities to operate dynamic environments while reducing operational complexity. Enterprise networking serves as a foundational platform supporting digital experiences for customers, employees, students, patients, and connected devices.
Current report
We believe the industry is entering a new era of enterprise networking, where AI-powered platforms leverage AI agents to move beyond monitoring and recommendations toward autonomous operations. AI agents represent the next major inflection point, enabling networks to proactively identify issues, automate routine tasks, optimize performance, and augment IT teams at scale. Organizations that embrace AI-native networking platforms will be better positioned to improve resilience, accelerate innovation, and reduce operating costs.
Current report
The network has become the foundation for AI-powered enterprises. Organizations are modernizing infrastructure to support distributed users, connected devices, cloud applications, internet of things (“IoT”), and increasingly AI-driven workloads, while addressing growing operational complexity, cybersecurity threats, and IT talent shortages.
Current report
We believe these trends are driving a multi-year infrastructure refresh cycle. Enterprises are accelerating adoption of Wi-Fi 7 to support higher device density, lower latency, AI-enabled applications, and richer digital experiences. As customers upgrade campus infrastructure, they are increasingly seeking integrated platforms that combine networking, security, and AI-driven automation.
Current report
Extreme Platform ONE unifies network management, security, analytics, and AI agents into a single platform. Leveraging generative, multimodal, and agentic AI, it automates network design, deployment, operations, and troubleshooting, helping IT teams improve productivity, accelerate issue resolution, and reduce operational costs. In May 2026, we introduced Extreme Agent ONE, a unified AI experience designed to operate across Coworker and Operator modes, with the Coworker mode made generally available in the third quarter of calendar 2026 and the Operator mode expected to be introduced in early calendar 2027.
Current report
Extreme also differentiates itself through its enterprise campus fabric architecture, which is designed to simplify network segmentation, provisioning, and policy management while improving resilience and security. By automating traditionally manual operations and virtualizing the campus network, fabric is intended to help customers deploy services more efficiently, reduce complexity, minimize downtime, and improve operational performance.
Current report
As organizations modernize their infrastructure, cloud choice and deployment flexibility have become increasingly important. Extreme is uniquely positioned to give customers deployment choice through public, private, hybrid, and sovereign cloud management, all delivered through Extreme Platform ONE. This enables customers to meet regulatory, security, and operational requirements while centrally managing wired, wireless, fabric, SD-WAN, and network access control across distributed environments from a single platform.
Current report
We believe the convergence of AI, Wi-Fi 7, campus modernization, cloud flexibility, and autonomous network operations represents one of the most significant networking technology transitions in over a decade. Extreme's integrated portfolio positions the Company to help customers modernize their infrastructure, simplify operations, strengthen security, and reduce both capital and operating costs.
Current report
Extreme is executing a platform-led strategy focused on simplifying enterprise networking through AI. Extreme Platform ONE is designed to unify networking, security, and AI into a single enterprise platform that enables IT teams to design, deploy, manage, and secure networks using AI-enabled capabilities. By automating routine operations and accelerating complex tasks, Extreme Platform ONE is designed to improve productivity while reducing operational complexity.
Current report
We believe this approach positions us to compete more effectively in the large enterprise market, expand strategic customer relationships, and increase participation in larger opportunities. The platform is supported by simplified licensing and flexible deployment options across public, private, hybrid, and sovereign cloud environments.
Current report
Redefine enterprise networking through autonomous operations. With the introduction of Extreme Agent ONE into our cloud management platform, the Company is moving beyond traditional AI assistants to purpose-built AI agents that can proactively monitor, reason, recommend, and autonomously execute tasks within customer-defined governance frameworks. We expect these innovations to strengthen Extreme Platform ONE by helping customers reduce operational complexity, improve network resilience, and increase IT productivity through continuous, AI-driven automation.
Current report
SaaS ARR is an operating metric used by management to measure the annualized value of customer arrangements for our software solutions, which are delivered via cloud-based subscription (such as Extreme Platform ONE, generally available July 2025, and ExtremeCloud IQ) or term-based software deployed on-premises by the customer. We include term-based license arrangements in SaaS ARR because they provide time-bound access to our software solutions and are operationally and economically similar to our cloud-based subscriptions, even though they are accounted for differently under U.S. GAAP.
Current report
SaaS ARR is calculated using the annualized value of quarterly subscription revenue plus the trailing twelve months of the software license portion of term-based license arrangements, which includes revenue recognized during the applicable period with respect to multi-year term-based license arrangements. The Company has not adjusted SaaS ARR to allocate revenue from these multi-year term-based license arrangements over their contractual term because they have historically been immaterial to SaaS ARR and doing so would not be expected to materially affect reported SaaS ARR or related growth rates. For those software solutions that include embedded support as part of a bundled offering, including Extreme Platform ONE and term-based license arrangements, the quarterly revenue recognized in the period with respect to the support portion of the offering is annualized and included in SaaS ARR.
Current report
SaaS ARR excludes perpetual licenses, professional services revenue, support revenue associated with hardware or standalone maintenance contracts, and other non-recurring or non-subscription revenue streams. Management evaluates and manages support revenues from maintenance contracts primarily through analysis of the related GAAP revenue trends, renewal activity, and customer support operations, together with broader business performance indicators, rather than through a single standalone metric, in part due to the Company’s go-to-market model in which many customers transact through distributors and resellers, limiting consistent visibility into end-customer usage and renewals.
Current report
Net revenues of $341.1 million compared to $310.2 million in the corresponding period in fiscal 2026.
Current report
Product revenues of $218.3 million compared to $194.0 million in the corresponding period in fiscal 2026.
Current report
Subscription and support revenues of $122.8 million compared to $116.2 million in the corresponding period in fiscal 2026.
Current report
Operating income of $23.1 million compared to $11.3 million in the corresponding period in fiscal 2026.
Current report
Net income of $16.0 million compared to $5.6 million in the corresponding period in fiscal 2026.
Current report
Product revenues increased $24.2 million or 12.5% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in product revenues was driven by improved average selling price as a result of price increases implemented during fiscal 2026 and favorable product mix caused by increased global demand for our products. We have also seen increased adoption of Wi-Fi 7 and our latest-generation universal switches, reflecting product cycle momentum.
Current report
Subscription and support gross profit increased $6.0 million or 7.5% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in subscription and support gross profit was due to higher subscription revenues driven by increased adoption of Extreme Platform ONE subscriptions.
Current report
Restructuring and Related Charges
Current report
During the three months ended September 30, 2026, we repurchased a total of 844,131 shares of our common stock on the open market at a total cost of $25.0 million, with an average price of $29.62 per share. As of September 30, 2026, we had approximately $88.0 million remaining available under the 2025 Repurchase Program.
Current report
On July 29, 2026, we entered into a Credit Agreement (the “2026 Credit Agreement”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. The 2026 Credit Agreement provided us with more favorable interest rates and covenant terms and further extended the maturity date of our debt obligation. The 2026 Credit Agreement provides for a five-year revolving loan facility in an aggregate principal amount of $500.0 million (the “2026 Revolving Facility”). The 2026 Revolving Facility includes an uncommitted accordion feature, pursuant to which we may request incremental revolving loan commitments and/or incremental term loans in an aggregate amount not to exceed the sum of (A) the greater of (i) $175.0 million and (ii) 100.0% of Consolidated EBITDA, plus (B) an amount equal to any voluntary prepayments (in the case of voluntary prepayments of revolving indebtedness, accompanied by a permanent reduction to the related revolving commitments) of indebtedness under the 2026 Revolving Facility and other first lien indebtedness, plus (C) an unlimited amount subject to pro forma compliance with our consolidated total net leverage ratio and consolidated interest charge coverage ratio financial covenants.
Current report
Borrowings under the 2026 Credit Agreement bear interest, and at our election, borrowings may be made at either the alternate base rate or Adjusted Term SOFR, plus an applicable margin that is calculated based on our Consolidated Total Net Leverage Ratio from time to time and ranges from 1.25% to 2.00% in the case of loans accruing interest based on the Adjusted Term SOFR Rate and from 0.25% to 1.00% in the case of loans accruing interest based on the Alternate Base Rate (it being understood that the Adjusted Term SOFR Rate as defined can be no lower than 0.00% and the Alternate Base Rate as defined can be no lower than 1.00%). In addition, we have agreed to pay to the lenders under the 2026 Credit Agreement certain customary fees, including a commitment fee on the average daily unused portion of the revolving commitments under the 2026 Credit Agreement, which ranges from 0.20% to 0.25% based on our consolidated total net leverage ratio from time to time. The commitments under the 2026 Credit Agreement will terminate, and all outstanding amounts thereunder will be due and payable, on the earliest of (i) July 29, 2031, (ii) the date of termination of the commitments by us, and (iii) in connection with an exercise of remedies after the occurrence of an event of default.
Current report
On the closing date of the 2026 Credit Agreement, we terminated the 2023 Amended Credit Agreement and repaid all outstanding indebtedness under the 2023 Amended Credit Agreement, together with all accrued and unpaid interest and fees. At closing, we borrowed $200.0 million of revolving loans under the 2026 Credit Agreement and used the proceeds to repay the outstanding indebtedness under the 2023 Amended Credit Agreement and to pay for fees and expenses related to the 2026 Credit Agreement. As of September 30, 2026, the $200.0 million of revolving loans were outstanding under the 2026 Credit Agreement, which were recorded as “Long-term debt” in the condensed consolidated balance sheets.
Removed paragraphs (31)
Previous report
Enterprises across every industry are going through unprecedented changes, such as digital transformation initiatives, migrating their workloads to cloud-based environments, modernizing applications, finding new ways to leverage generative, multimodal and agentic AI technology, and adapting to a distributed workforce. To accomplish this, they are adopting new Information Technology (“IT”) delivery models and applications that require fundamental network alterations and enhancements spanning from the access edge to the data center. As networks become more complex and more distributed in nature, we believe IT teams in every industry will need more control and better insights than ever before to deliver secure, distributed connectivity and comprehensive centralized visibility. Networking is mission critical and touches all elements of how services are delivered to customers, employees, students, and patients. Managing networks from a single platform that integrates AI networking and security is critical to help reduce complexity and minimize the time it takes to complete tasks. A new category has emerged in the industry to address challenges related to managing the breadth and depth of complexities related to network administration, deployment and ongoing management termed AI for networking. This new category is defined by innovation in generative, multimodal and agentic AI technology.
Previous report
As the edge of the network continues to expand, our customers are managing more endpoints which comes with a host of challenges. This continued expansion creates issues such as a higher risk of cyberattacks and a need for more bandwidth due to an increase in applications running across the network.
Previous report
Network complexity manifests itself in the form of more endpoints to manage, more applications to monitor, and more services that rely on the network for service delivery and enablement. When performance suffers, and the tug on internal systems and IT staff becomes more intense, technology is often being overworked. Resolving network problems expeditiously and identifying their root cause can improve organizational productivity and result in higher performance of operations. AI for networking is needed to improve an IT team’s agility and responsiveness to address these challenges.
Previous report
We believe that the network has never been more vital than it is today. As administrators grapple with more data, coming from more places, more connected devices, and more Software-as-a-Service (“SaaS”) based applications, the cloud is fundamental to managing and maintaining a modern network. Traditional network offerings are not well-suited to fulfill enterprise expectations for rapid delivery of new services, more flexible business models, real-time response, and massive scalability. We expect Extreme Platform ONE to deliver significant productivity gains for IT teams by streamlining network design, deployment, management, and commercial operations through its generative, multimodal, and agentic AI capabilities.
Previous report
As enterprises continue to migrate increasing numbers of applications and services to either private clouds or public clouds offered by third parties and to adopt new IT delivery models and applications, they are required to make fundamental network alterations and enhancements spanning from wireless access points (“APs”) to the network core. In either case, the network infrastructure must adapt to this new dynamic environment. AI and automation are key if enterprises are to derive maximum benefit from their cloud deployments. With automation applications becoming increasingly critical in manufacturing, warehousing, logistics, healthcare and other key industries, we believe this will continue to create demand for networking technology to serve as a foundation to run these services.
Previous report
Service providers are investing in network enhancements with platforms and applications that deliver data insights, provide flexibility, and can quickly respond to new user demands and 5G use cases. The scale of issues and challenges seen within service provider networks is even greater than the enterprise network—thus they too can greatly benefit from operational gains from Extreme Platform ONE.
Previous report
We believe Extreme will continue to benefit from the use of its technology to manage distributed campus network architecture centrally from the cloud. Extreme has blended a dynamic network fabric architecture that delivers simplicity for moves and changes at the edge of the network together with corporate-wide role-based policy. This enables customers to migrate to new cloud-managed switching, Wi-Fi, and SD-WAN, agnostic of the existing switching or wireless equipment they already have installed. In the end, we expect these customers to see lower operating and capital expenditures, lower subscription costs, lower overall cost of ownership and more flexibility along with a more resilient network, powered by Extreme Platform ONE.
Previous report
Extreme is committed to empowering organizations with new ways to simply and securely connect with Extreme’s intelligent technology platform that help move their organizations forward.
Previous report
Extreme Platform ONE is designed to reduce complexity for enterprises by seamlessly integrating networking, security and AI solutions. The platform’s AI-powered automation includes conversational, interactive and autonomous AI agents, to assist, advise and accelerate the productivity of networking, security and business teams—reducing the time to complete complex tasks. Extreme Platform ONE is also designed to offer the industry’s simplest licensing.
Previous report
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Previous report
Net revenues of $316.9 million compared to $284.5 million in the third quarter of fiscal 2025.
Previous report
Product revenues of $199.3 million compared to $178.1 million in the third quarter of fiscal 2025.
Previous report
Subscription and support revenues of $117.5 million compared to $106.4 million in the third quarter of fiscal 2025.
Previous report
Operating income of $17.3 million compared to $10.4 million in the third quarter of fiscal 2025.
Previous report
Net income of $10.6 million compared to $3.5 million in the third quarter of fiscal 2025.
Previous report
Product revenues increased $21.3 million or 12.0% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in product revenues was attributed to average selling price improvements as a result of price increases implemented during fiscal 2026. Product revenues increased $78.5 million or 15.3% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in product revenues was due to higher shipments and increases in average selling price.
Previous report
Product gross profit increased $37.3 million or 12.7% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in product gross profit was primarily due to the increase in product revenues of $78.6 million, partially offset by a corresponding increase in direct product costs and increased distribution costs of $7.9 million driven by higher shipments and an increase in purchase price variances of $7.5 million driven by higher memory component costs.
Previous report
Subscription and support gross profit increased $9.0 million or 12.3% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in subscription and support gross profit was primarily due to higher subscription revenues of $11.1 million related to increased adoption of the Company’s Platform ONE subscription, partially offset by $2.6 million of higher subscription hosting costs.
Previous report
Subscription and support gross profit increased $21.3 million or 9.5% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in subscription and support gross profit was primarily due to higher subscription revenues of $33.4 million related to increased adoption of the Company’s Platform ONE subscription, partially offset by $8.4 million of higher subscription hosting costs and $3.1 of personnel costs related to the fulfillment of support contracts.
Previous report
Research and development expenses increased by $9.5 million or 5.7% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in research and development expenses was primarily due to a $4.9 million increase in personnel costs due to higher compensation and benefits costs, a $2.6 million increase in engineering project costs, and a $2.0 million increase in information technology and equipment costs.
Previous report
Sales and marketing expenses increased by $26.2 million or 10.9% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in sales and marketing expenses was primarily due to a $13.1 million increase in personnel costs due to higher compensation and benefits costs, a $7.3 million increase in sales commissions, a $3.3 million increase in information technology and equipment costs, a $1.7 million increase in professional fees, and a $0.8 million increase in travel expenses.
Previous report
General and administrative expenses remained relatively flat year over year with an increase of less than $0.1 million or 0.3% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025.
Previous report
Restructuring and Related Charges (Benefits)
Previous report
During the nine months ended March 31, 2026 and 2025, we recorded $3.3 million and $2.7 million, respectively, in interest income. The increase in interest income was primarily related to the higher interest earned on our cash accounts due to interest rates as well as higher cash and cash equivalents balances held during fiscal 2026.
Previous report
During the nine months ended March 31, 2026 and 2025, we recorded $10.3 million and $12.4 million, respectively, in interest expense related to the debt obligations held under our Amended Credit Agreement. The decrease in interest expense was primarily due to lower average interest rates under the Amended Credit Agreement.
Previous report
For the nine months ended March 31, 2026 and 2025, we recorded an income tax provision of $9.5 million and $7.8 million, respectively.
Previous report
On January 30, 2026, the Company entered into an accelerated share repurchase agreement (the “2026 ASR”) to repurchase shares of the Company’s common stock as part of the 2025 Repurchase Program. Pursuant to the 2026 ASR and during the three months ended March 31, 2026, the Company paid $50 million for an initial delivery of 2,957,550 shares valued at $43.1 million with an average price of $14.58 per share. The remaining balance of $6.9 million was recorded in “Additional paid-in capital” as a forward contract in the Company’s common stock. The forward contract was settled on April 24, 2026 and the Company received an additional 342,257 shares of its common stock.
Previous report
During the nine months ended March 31, 2026, we repurchased a total of 3,534,831 shares of its common stock, including the 2,957,550 shares purchased as part of the 2026 ASR, at a total cost of $55.1 million, excluding the $6.9 million included in additional paid-in capital in the condensed consolidated balance sheet as of March 31, 2026 for the unsettled portion, with an average price of $15.59 per share. As of March 31, 2026, the Company had $138.0 million available under the 2025 Repurchase Program.
Previous report
On June 22, 2023, we entered into the Second Amended and Restated Credit Agreement (the “2023 Credit Agreement”) by and among Extreme, as borrower, BMO Harris Bank, N.A., as an issuing lender and swingline lender, Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as issuing lenders, the financial institutions or entities party thereto as lenders, and Bank of Montreal, as an administrative agent and collateral agent, which amended and restated the 2019 Credit Agreement. The 2023 Credit Agreement provides for i) a $200.0 million first lien term loan facility in an aggregate principal amount (the “Term Facility”), ii) a $150.0 million five-year revolving credit facility (the “2023 Revolving Facility”) and iii) an uncommitted additional incremental loan facility in the principal amount of up to $100.0 million plus an unlimited amount that is subject to pro forma compliance with a specified Consolidated Leverage Ratio tests. We may use the proceeds of the loans for working capital and general corporate purposes.
Previous report
At our election, the initial term loan under the 2023 Credit Agreement may be made as either a base rate loan or a Secured Overnight Financing Rate loan (“SOFR loan”). The applicable margin for base rate loans ranges from 1.00% to 1.75% per annum, and the applicable margin for SOFR loans ranges from 2.00% to 2.75%, in each case based on the Company’s Consolidated Leverage Ratio. All SOFR loans are subject to a floor of 0.00% per annum and spread adjustment of 0.10% per annum. We also agreed to pay other closing fees, arrangement fees, and administration fees.
Previous report
On August 14, 2024, we entered into an Amendment Number One to the 2023 Credit Agreement (the 2023 Credit Agreement as amended by that certain Amendment Number One, “Amended Credit Agreement”). Under the Amended Credit Agreement, we modified the definition of the consolidated EBITDA for the purposes of evaluating compliance with financial covenants under the Amended Credit Agreement. The amended definition of consolidated EBITDA modifies the amount and type of add-backs that are allowable to better align with our operations and activities.
Reworded paragraphs (61)
Previous wording
This Quarterly Report on Form 10-Q for the third quarter ended March 31, 2026 (this “Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including in particular, our expectations regarding market demands, customer requirements and the general economic environment, future results of operations, and other statements that include words such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar expressions. These forward-looking statements involve risks and uncertainties. We caution investors that actual results may differ materially from those projected in the forward-looking statements as a result of certain risk factors identified in the section entitled “Risk Factors” in this Report, our Annual Report on Form 10-K for the fiscal year ended June 30, 2025, and other filings we have made with the Securities and Exchange Commission. These risk factors include, but are not limited to: adverse general economic conditions; fluctuations in demand for our products and services; a highly competitive business environment for network switching equipment; our effectiveness in controlling expenses; the possibility that we might experience delays in the development or introduction of new technology and products; customer response to our new technology and products; fluctuations in the global economy, including as a result of political, social, economic, and regulatory factors, currency fluctuations, and tariff and trade policies; geopolitical tensions and conflicts; risks related to pending or future litigation and dependency on third parties for certain components and for the manufacturing of our products.
Current wording
This Quarterly Report on Form 10-Q for the first quarter ended September 30, 2026 (this “Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including in particular, our expectations regarding market demands, customer requirements and the general economic environment, future results of operations, and other statements that include words such as “may,” “will,” “should,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar expressions. These forward-looking statements involve risks and uncertainties. We caution investors that actual results may differ materially from those projected in the forward-looking statements as a result of certain risk factors identified in the section entitled “Risk Factors” in this Report, our Annual Report on Form 10-K for the fiscal year ended June 30, 2026, and other filings we have made with the Securities and Exchange Commission. These risk factors include, but are not limited to: adverse general economic conditions; fluctuations in demand for our products and services; a highly competitive business environment for network switching equipment; our effectiveness in controlling expenses; the possibility that we might experience delays in the development or introduction of new technology and products; customer response to our new technology and products; fluctuations in the global economy, including as a result of political, social, economic, and regulatory factors, currency fluctuations, and tariff and trade policies; geopolitical tensions and conflicts; risks related to pending or future litigation and dependency on third parties for certain components and for the manufacturing of our products.
Previous wording
Extreme Networks, Inc. (“Extreme,” “Company,” “we,” “us” and “our”) is a leader in AI-powered cloud networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence (“AI”), analytics, and automation and have industry-leading support services. Tens of thousands of customers globally trust Extreme to drive value, foster innovation, and overcome extreme challenges. Extreme also designs, develops, and manufactures wired, wireless, and software-defined wide area network (“SD-WAN”) infrastructure equipment. Our Extreme Platform ONETM solution, announced in December 2024 and made generally available in July 2025, is a technology platform that is designed to reduce the complexity for enterprises by seamlessly integrating networking, security and AI solutions into a single platform. AI-powered automation includes conversational, interactive and autonomous AI agents—to assist, advise and accelerate the productivity of networking, security and business teams—reducing the time to complete complex tasks.
Current wording
Extreme Networks, Inc. (“Extreme,” “Company,” “we,” “us” and “our”) is a leader in AI-powered cloud-based networking, focused on delivering simple and secure solutions that help businesses address challenges and enable connections among devices, applications, and users. We push the boundaries of technology, leveraging the powers of artificial intelligence (“AI”), analytics, and automation in our industry-leading products and services. Tens of thousands of customers globally trust Extreme to drive value, foster innovation, and overcome extreme challenges. Extreme also designs, develops, and manufactures wired, wireless, and software-defined wide area network (“SD-WAN”) infrastructure equipment. Our Extreme Platform ONETM solution, made generally available in July 2025, is a technology platform that is designed to reduce the complexity for enterprises by integrating networking, security and AI solutions into a single platform. In May 2026, we introduced Extreme Agent ONE™, a unified AI experience within Extreme Platform ONE that is expected to operate across Coworker and Operator modes. The Coworker mode, which became generally available in the third quarter of calendar 2026, provides proactive, context-aware assistance, and the Operator mode which is expected to be introduced in early calendar 2027, is expected to support autonomous execution of certain operator-defined tasks, in each case subject to customer-defined rules, schedules, and governance.
Previous wording
We estimate the total addressable market (“TAM”) for our networking solutions, consisting of cloud networking, wireless local area networks (“WLAN”), campus local area networks (“LAN”), Ethernet switching, data center networking, SD-WAN solutions, and elements of the Secure Access Service Edge (“SASE”), exceeded $42 billion in calendar year 2024. Based on data from 650 Group, Gartner, IDC, and Dell’Oro Group, demand is projected to grow at a five-year compound annual growth rate (“CAGR”) of approximately 7%, reaching $59 billion by 2029. Within this market, cloud-managed networking solutions are expected to grow at a CAGR of approximately 15% through 2029. And with Extreme Platform ONE, we are addressing AI Networking for the Campus, a high-growth segment forecasted to grow at a 72% CAGR over the next five years.
Current wording
We estimate the total addressable market (“TAM”) for our networking solutions, consisting of cloud-managed networking, wireless local area networks (“WLAN”), campus Ethernet switching, data center switching, SD-WAN solutions, and elements of the Secure Access Service Edge (“SASE”), exceeded $46 billion in calendar year 2025. Based on data from 650 Group, demand is projected to grow at a five-year compound annual growth rate (“CAGR”) of approximately 11%, reaching $77 billion by 2030. Within this market, cloud-managed networking solutions are expected to grow at a CAGR of approximately 13%, reaching $19 billion by 2030. And with Extreme Platform ONE, we are addressing AI Networking for the Campus, where spending is forecasted to grow at a 60% CAGR over the next five years.
Previous wording
Deliver AI that is fully integrated into the networking experience. As IT environments grow in complexity, enterprises need simpler, smarter ways to manage their networks. Extreme Platform ONE delivers significant benefits including:
Current wording
Deliver AI that is fully integrated into the networking experience. As IT environments grow in complexity, enterprises need simpler, smarter ways to manage their networks. Extreme Platform ONE is designed to deliver the following benefits:
Previous wording
AI-Driven Insight and Automation: Customers gain instant insights while the network adapts in real time to bandwidth spikes and security threats. Network administrators can set guardrails for policy, risk, and approvals, while AI agents act autonomously to optimize performance and reliability in real time.
Current wording
AI-Powered Insight and Automation: Customers gain instant insights while the network adapts in real time to bandwidth spikes and security threats. Network administrators can set guardrails for policy, risk, and approvals, while AI agents act autonomously to optimize performance and reliability.
Previous wording
End-to-End Network Visibility: With real-time network topology and lifecycle data, customers can improve compliance, simplify onboarding, and enable proactive planning for refreshes, expansions, or support alignment. Extreme Platform ONE eliminates fragmented screenshots of the network and delivers a complete view in one place.
Current wording
End-to-End Network Visibility: With real-time visualization of the network topology and lifecycle data, customers can improve compliance, simplify onboarding, and enable proactive planning for refreshes, expansions, or support alignment. Extreme Platform ONE eliminates fragmented snapshots of the network and delivers a complete view in one place.
Previous wording
Integrated Experience: One integrated experience for everyone in an organization, including Network Operations (“NetOps”), Security Operations (“SecOps”), and business teams, to access just what they need to do high quality work from a fully customizable workspace.
Current wording
Integrated Experience: One integrated experience for everyone in an organization, including Network Operations, Security Operations, and related business teams, to access the tools and information they need from a fully customizable workspace.
Previous wording
Simplified licensing: Extreme Platform ONE is backwards compatible to ExtremeCloud IQ and is now bundled with support services to facilitate license to asset tracking.
Current wording
Simplified licensing: Extreme Platform ONE is backwards compatible with ExtremeCloud IQ and is now bundled with support services to facilitate license to asset tracking.
Previous wording
Provide a differentiated end-to-end cloud networking architecture. Cloud networking is estimated to be a $15 billion segment of the networking market comprising cloud-managed services and cloud-managed products, which are largely WLAN access points and ethernet switches, growing at 15% annually over the next five years, according to data from the 650 Group, Gartner, IDC and Dell’Oro. Cloud management technology has evolved significantly over the past decade. Extreme offers:
Current wording
Provide a differentiated end-to-end cloud networking architecture. Cloud-managed networking includes cloud-managed services and cloud-managed products, which are largely WLAN access points and Ethernet switches. Cloud management technology has evolved significantly over the past decade. Extreme offers:
Previous wording
Cloud Platform: A robust cloud management platform that delivers visibility, intelligence, and assurance from the network edge to the core.
Current wording
Cloud Platform: A robust cloud management platform that delivers visibility, intelligence, and assurance from the network edge to the core, underpinned by AI infrastructure for reasoning, contextual intelligence, and agentic execution.
Previous wording
Cloud Choice for Customers: Our cloud networking solution is available on all major cloud providers (Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure).
Current wording
Cloud Choice: We provide hosting flexibility across a range of options including public, private, and on-premises edge cloud options. Our cloud networking solution is available on all major cloud providers (Amazon Web Services (“AWS”), Google Cloud Platform (“GCP”) and Microsoft Azure).
Previous wording
ExtremeCloud IQ: Our ExtremeCloud IQ offering conforms to ISO/IEC 27001, ISO/IEC 27017 and ISO/IEC 27701 standards for data privacy and protection as set forth by the International Standards Organization (“ISO”), and is CSA STAR certified.
Current wording
ExtremeCloud IQ: Our ExtremeCloud IQ offering conforms to ISO/IEC 27001, ISO/IEC 27017 and ISO/IEC 27701 standards for data privacy and protection as set forth by the International Organization for Standardization (“ISO”), and is CSA STAR certified.
Previous wording
Consumption Flexibility: We offer a range of financing and network purchase options. Our value-based subscription tiers provide customers with flexibility to grow, as well as offer pool-able and portable licenses that can be transferred between products (e. g., access points and switches) at one fixed price.
Current wording
Consumption Model and Commercial Flexibility: We offer a range of financing and purchasing options for network related infrastructure. Our value-based subscription tiers provide customers with flexibility to grow, as well as offer poolable and portable licenses that can be transferred between products (e. g., access points and switches) at one fixed price.
Previous wording
Offer customers choice: public or private cloud, or on-premises. We leverage the cloud where it makes sense for our customers and provide on-premises solutions where customers need it and also have a solution for those who want to harness the power of both. Our hybrid approach gives our customers options to adapt the technology to their business. At the same time, all of our solutions have visibility, control and strategic information built in, all tightly integrated with a single view across all of the installed products. Our customers can understand what is going on across their network and applications in real time – who, when, and what is connected to the network, which is critical for bring your own device (“BYOD”) and Internet of Things (“IoT”) usage.
Current wording
Offer customers flexibility in how and where they choose to deploy their networks. We leverage the cloud where it makes sense for our customers and provide on-premises solutions where customers need it and we also have a solution for those who want to harness the power of both. Our hybrid approach gives our customers options to adapt the technology to their business. At the same time, all of our solutions have visibility, control and strategic information built in, all tightly integrated with a single view across all of the installed products. Our customers can understand what is going on across their network and applications in real time – who, when, and what is connected to the network, which is critical for bring your own device (“BYOD”) and IoT usage.
Previous wording
Offers universal platforms for enterprise class switching and wireless infrastructure. We offer universal platforms which support multiple deployment use cases, providing flexibility and investment protection.
Current wording
Offer universal platforms for enterprise class switching and wireless infrastructure. We offer universal platforms which support multiple deployment use cases, providing flexibility and investment protection.
Previous wording
Universal Wi-Fi 6 / 6E / 7 APs (300 / 400, 4000 and 5000 series)support campus or distributed deployments with a choice of cloud or on-premises (air-gapped or cloud connected) management.
Current wording
Universal Wi-Fi 6/6E/7 APs (300/400 Series / 3000 Series / 4000 Series / 5000 series) support campus or distributed deployments with a choice of cloud or on-premises (air-gapped or cloud-connected) management.
Previous wording
Universal licensing with one portable management license for any device and for any type of management. For switches, operating system feature licenses are portable, and bulk activated through ExtremeCloud IQ.
Current wording
Universal licensing with one portable management license for any device and for any type of management. For switches, operating system feature licenses are portable, and bulk activated through our platform.
Previous wording
ExtremeCloud Universal ZTNAis the first network security offering to integrate network, application, and device security within a single solution. By combining Cloud Network Access Control (“NAC”) and Zero Trust Network Access (“ZTNA”) into a single, easy-to-use SaaS offering, we help customers ensure unified observability, frictionless user experiences and a consistent security policy for applications and devices as well as support secure hybrid work use cases for customers. As the virtual private network (“VPN”) market transitions to ZTNA, the proliferation of individual applications, each with their own policy and dashboard, is adding complexity and expense for enterprise customers. We expect the broadening of our security offering to drive significant traction for our business with growth opportunities.
Current wording
Extreme Platform ONE Security (Universal ZTNA)integrates network, application, and device security within a single solution. By combining Cloud Network Access Control (“NAC”) and Zero Trust Network Access (“ZTNA”) into a single, easy-to-use SaaS offering, we help customers ensure unified observability, frictionless user experiences and a consistent security policy for applications and devices as well as support secure hybrid work use cases for customers. As the virtual private network (“VPN”) market transitions to ZTNA, the proliferation of individual applications, each with their own policy and dashboard, is adding complexity and expense for enterprise customers. We expect the broadening of our security offering to drive significant traction for our business with growth opportunities.
Previous wording
Extreme’s unique and highly differentiated network fabric makes it simple to orchestrate applications and policy across the entire campus, from the core to the wireless edge, and across the wide area network. We bring enhanced security, the ability to segment networks and zero touch provisioning, thus reducing confusion, complexity and the need for additional IT staff. This is in stark contrast to our competitors’ fabric solutions, which were designed for service providers and data center networks and not meant for the campus.
Current wording
Extreme’s unique and highly differentiated network fabric makes it simple to orchestrate applications and policy across the entire campus, from the core to the wireless edge, and across the wide area network. We bring enhanced security, the ability to segment networks and zero touch, automated provisioning, thus reducing confusion, complexity and the need for additional IT staff.
Previous wording
End-to-End Portfolio. Our cloud-driven solutions provide visibility, control and strategic intelligence from the edge to the data center, across networks and applications. Our solutions include wired switching, wireless switching, wireless access points, WLAN controllers, routers, and an extensive portfolio of software applications that deliver AI-enhanced access control, network and application analytics, as well as network management. All can be managed, assessed, and controlled from a single pane of glass on premises or from the cloud.
Current wording
End-to-End Portfolio. Our cloud-based solutions provide visibility, control and strategic intelligence from the edge to the data center, across networks and applications. Our solutions include wired switching, wireless access points, WLAN controllers, routers, SD-WAN, and an extensive portfolio of software applications that deliver AI-enhanced access control, network and application analytics, as well as network management. All can be managed, assessed, and controlled from a single pane of glass on premises or from the cloud.
Previous wording
Expand Wi-Fi technology leadership. Wireless is today’s network access method of choice and every business must deal with scale, density and BYOD challenges. The network edge landscape is changing as the explosion of mobile and IoT devices increases the demand for high-performance, transparent, and always-on wired to wireless edge services. The unified access layer requires distributed intelligent components to ensure that access control and resiliency of business services are available across the entire infrastructure and manageable from a single console. We are at a technology inflection point with the pending migration from Wi-Fi 6 solutions to 6 GHz Wi-Fi (Wi-Fi 6E and Wi-Fi 7), focused on providing more efficient access to the broad array of connected devices. We believe we have the industry’s broadest 6 GHz indoor and outdoor wireless portfolio.
Current wording
Expand Wi-Fi technology leadership. Wireless is today’s network access method of choice and every business must deal with scale, density and BYOD challenges. The network edge landscape is changing as the explosion of mobile, IoT devices and now AI agents increase the demand for high-performance, transparent, and always-on wired to wireless edge services. The unified access layer requires distributed intelligent components to ensure that access control and resiliency of business services are available across the entire infrastructure and manageable from a single console. We are at a technology inflection point with the migration of Wi-Fi 6 and 6E solutions to Wi-Fi 7, focused on providing more efficient access to the broad array of connected devices. For stadiums and large venues, our Extreme Multi-Beam Wireless™ solution uses an overhead antenna system with Wi-Fi 7 access points to deliver targeted, high-capacity coverage across large seating areas. We believe we have the industry’s broadest 6 GHz indoor and outdoor wireless portfolio.
Previous wording
Expand market penetration by targeting high-growth market segments. Within the campus, we focus on the mobile user, leveraging our automation capabilities and tracking WLAN growth. Our data center approach leverages our product portfolio to address the needs of public and private cloud data center providers. We believe that the cloud networking compound annual growth rate will continue to outpace the compound annual growth rate for on-premises managed networking. Our focus is on expanding our technology foothold in the critical cloud networking segment to accelerate not only cloud management adoption, but also subscription-based licensing consumption.
Current wording
Expand market penetration by targeting high-growth markets. Within the campus, we focus on the mobile user, leveraging our automation capabilities and tracking WLAN growth. Our data center approach leverages our product portfolio to address the needs of public and private cloud data center providers. We believe that the cloud networking compound annual growth rate will continue to outpace the compound annual growth rate for on-premises managed networking. Our focus is on expanding our technology foothold in cloud networking to accelerate cloud-based management adoption and subscription-based licensing consumption.
Previous wording
Leverage and expand multiple distribution channels. We distribute our products through select distributors, a large number of resellers and system-integrators worldwide, as well as several large strategic partners. We maintain a field sales force to support our channel partners and to sell directly to certain strategic accounts. As an independent networking vendor, we seek to provide products that, when combined with the offerings of our channel partners, create compelling solutions for end-user customers.
Current wording
Leverage and expand multiple distribution channels. We distribute our products through select distributors, a large number of resellers and system-integrators worldwide, as well as several large strategic partners. We maintain a field sales force to support our channel partners and to sell directly to certain strategic accounts. As an independent networking vendor, we seek to provide products that, when combined with the offerings of our channel partners, create compelling solutions for end users.
Previous wording
SaaS ARR represents the annualized value of our subscription offerings and the renewable, term-based license portion of software license arrangements. SaaS ARR excludes perpetual licenses, upfront license fees, variable or non-recurring revenue, professional services revenue, support revenue from maintenance contracts, and other non-subscription revenue. SaaS ARR reflects the annual recurring revenue associated with Extreme Platform ONE (which includes embedded support), ExtremeCloud IQ, and other subscription revenue, based on the annualized value of quarterly subscription revenue and the trailing twelve months of term-based license revenue. Management uses SaaS ARR to evaluate the scale and trajectory of the Company’s subscription-based offerings and progress against customer adoption initiatives. We believe this metric is useful to investors for the same reasons, as it provides insight into our ability to acquire new customers and to maintain and expand our existing customer relationships. SaaS ARR is an operating metric and should be considered independently of revenue or deferred revenue determined in accordance with U.S. GAAP. SaaS ARR does not have a standardized meaning and therefore may not be comparable to similarly titled measures presented by other companies. SaaS ARR is not intended to be a replacement for, or a forecast of, revenue.
Current wording
Management uses SaaS ARR to evaluate the scale and trajectory of the Company’s subscription-based offerings and progress against customer adoption initiatives. We believe this metric is useful to investors for the same reasons, as it provides insight into our ability to acquire new customers and to maintain and expand our existing customer relationships. SaaS ARR should be considered independently of revenue or deferred revenue under U.S. GAAP, does not have a standardized meaning, and is not a substitute for, or a forecast of, revenue.
Previous wording
As of March 31, 2026, our SaaS ARR was $236.4 million, which was 28.6% higher than SaaS ARR of $184.0 million as of March 31, 2025. The increase in SaaS ARR was primarily due to increased adoption of our cloud network management solutions and continued growth in our subscription business.
Current wording
As of September 30, 2026, our SaaS ARR was $264.7 million, which was 22.4% higher than SaaS ARR of $216.2 million as of September 30, 2025. The increase in SaaS ARR was primarily due to continued growth in our subscription business as a result of increased adoption of our cloud network management solutions, including Extreme Platform ONE. Support revenues from maintenance contracts included in Subscription and support revenues but excluded from SaaS ARR were $55.9 million and $59.5 million, representing 45.5% and 51.2% of total Subscription and support revenues, respectively, for the three months ended September 30, 2026 and 2025.
Previous wording
During the third quarter of fiscal 2026, we achieved the following results:
Current wording
During the three months ended September 30, 2026, we achieved the following results:
Previous wording
Total gross margin of 61.7% of net revenues compared to 61.7% of net revenues in the third quarter of fiscal 2025.
Current wording
Total gross margin of 62.1% of net revenues compared to 60.6% of net revenues in the corresponding period in fiscal 2026.
Previous wording
During the first nine months of fiscal 2026, we reported the following results:
Current wording
During the three months ended September 30, 2026, we reported the following results:
Previous wording
Cash flows provided by operating activities of $50.3 million compared to $70.1 million in the nine months ended March 31, 2025.
Current wording
Cash flows provided by operating activities of $45.4 million compared to cash flows used in operating activities of $14.0 million in the corresponding period in fiscal 2026.
Previous wording
Cash and cash equivalents of $210.1 million as of March 31, 2026 compared to $231.7 million as of June 30, 2025.
Current wording
Cash and cash equivalents of $244.5 million as of September 30, 2026 compared to $211.8 million as of June 30, 2026.
Previous wording
Subscription and support revenues increased $11.1 million or 10.4% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. Subscription and support revenues increased $33.4 million or 10.4% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in subscription and support revenues was driven by increased adoption of our cloud network management solutions, including Platform ONE.
Current wording
Subscription and support revenues increased $6.6 million or 5.7% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in subscription and support revenues was driven by increased adoption of our cloud network management solutions, including Extreme Platform ONE.
Previous wording
Product gross profit increased $11.1 million or 10.9% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in product gross profit was primarily due to the increase in product revenues of $21.3 million, partially offset by a corresponding increase in direct product costs and increased distribution costs of $1.4 million driven by higher shipments and an increase in purchase price variances of $4.2 million driven by higher memory component costs.
Current wording
Product gross profit increased $17.9 million or 16.6% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in product gross profit was due to the increase in product revenues.
Previous wording
Research and development expenses increased by $3.5 million or 6.3% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in research and development expenses was primarily due to a $1.5 million increase in personnel costs due to higher compensation and benefits costs, a $1.0 million increase in information technology and equipment costs, and a $1.0 million increase in other expenses primarily consisting of engineering project costs and depreciation costs.
Current wording
Research and development expenses increased by less than $0.1 million or 0.1% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in research and development expenses was due to a $3.3 million increase in technology-related costs, mainly, amortization of software and software maintenance costs, partially offset by a $2.6 million decrease in personnel costs due to lower headcount and a $0.6 million decrease in other expenses primarily related to engineering project costs.
Previous wording
Sales and marketing expenses increased by $9.2 million or 11.5% for the three months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in sales and marketing expenses was primarily due to a $4.9 million increase in personnel costs due to higher compensation and benefits costs, a $2.0 million increase in sales commissions, a $1.5 million increase in information technology and equipment costs, and a $0.8 million increase in other expenses primarily related to professional fees and travel costs.
Current wording
Sales and marketing expenses increased by $3.1 million or 3.5% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in sales and marketing expenses was due to a $1.5 million increase in information technology and facilities costs, a $0.4 million increase in personnel costs due to higher compensation and benefits costs, a $0.6 million increase in sales and marketing costs and travel, and a $0.6 million increase in other expenses primarily professional fees.
Previous wording
General and administrative expenses increased by $1.2 million or 1.3% for the nine months ended March 31, 2026 as compared to the corresponding period in fiscal 2025. The increase in general and administrative expenses was primarily due to a $5.9 million increase in personnel costs due to higher salaries and benefits costs, a $2.9 million increase in amortization expense related to cloud computing implementation costs, and a $2.0 million increase in system transition costs, partially offset by a $9.6 million decrease in legal costs related to litigation matters, net of insurance recoveries.
Current wording
General and administrative expenses increased by $2.3 million or 7.9% for the three months ended September 30, 2026 as compared to the corresponding period in fiscal 2026. The increase in general and administrative expenses was due to a $2.9 million increase in personnel costs due to higher compensation and benefits costs and a $3.7 million increase in one-time non-recurring costs, partially offset by a $2.5 million decrease in system transition costs and a $1.8 million decrease in other costs primarily professional fees and information technology costs.
Previous wording
For the nine months ended March 31, 2026, we recorded restructuring charges of $0.5 million, which primarily consisted of severance and benefit costs and asset disposal costs related to the restructuring plans executed in prior years, as described in Note 13, Restructuring and Related Charges (Benefits), in the Notes to Condensed Consolidated Financial Statements included elsewhere in this Report.
Current wording
For the three months ended September 30, 2026, we recorded restructuring charges of $7.4 million, which primarily consisted of severance and benefit costs related to the Q1 2027 Plan, as described in Note 13, Restructuring and Related Charges, in the Notes to Condensed Consolidated Financial Statements included elsewhere in this Report.
Previous wording
For the three and nine months ended March 31, 2025, we recorded a restructuring benefit of $0.4 million and restructuring charges of $1.9 million, respectively, which primarily consisted of additions to severance and benefits costs and professional services fees as well as reversals of previously established accruals related to unused severance benefits associated with the reduction-in-force actions related to the “Q2 2024 Plan,” and “Q3 2024 Plan,” each as described in Note 13, Restructuring and Related Charges (Benefits), in Notes to Condensed Consolidated Financial Statements included elsewhere in this Report.
Current wording
For the three months ended September 30, 2025, we recorded restructuring charges of $0.4 million which primarily consisted of additions to severance and benefits costs and professional services fees for restructuring plans executed in prior periods.
Previous wording
During the three months ended March 31, 2026 and 2025, we recorded $0.4 million and $0.5 million of operating expenses, respectively, related to the amortization of intangible assets.
Current wording
During the three months ended September 30, 2026 and 2025, we recorded $0.1 million and $0.5 million of operating expenses, respectively, related to the amortization of intangible assets.
Previous wording
During each of the three months ended March 31, 2026 and 2025, we recorded $1.0 million in interest income.
Current wording
During each of the three-month periods ended September 30, 2026 and 2025, we recorded $1.2 million in interest income.
Previous wording
During the three months ended March 31, 2026 and 2025, we recorded $3.2 million and $3.8 million, respectively, in interest expense related to the debt obligations held under our Amended Credit Agreement. The decrease in interest expense was primarily due to lower average interest rates under the Amended Credit Agreement.
Current wording
During the three months ended September 30, 2026 and 2025, we recorded $5.2 million and $3.7 million, respectively, in interest expense related to the debt obligations held under our 2026 Credit Agreement and 2023 Amended Credit Agreement. The increase in interest expense was primarily due to the write-off of $2.1 million in unamortized debt issuance costs related to the 2023 Amended Credit Agreement, offset by a $0.6 million decrease in loan interest expense and loan amortization expense.
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Previous report — wording carried elsewhere
Cloud Continuum: We provide hosting flexibility across a range of options including public, private, and on-premises edge cloud options.
Previous report — wording carried elsewhere
During the nine months ended March 31, 2026 and 2025, we recorded $1.3 million and $1.5 million of operating expenses, respectively, related to the amortization of intangible assets.
Previous report — wording carried elsewhere
During the nine months ended March 31, 2026 and 2025, we recorded other expense, net of $1.1 million and $0.4 million, respectively. The other expense, net for each period primarily related to the foreign exchange impact from the revaluation of certain assets and liabilities denominated in foreign currencies into U.S. Dollars.