Extreme Networks, Inc. reported financial results for the first quarter ended September 30, 2026, showing a 10% year-over-year increase in total net revenue to $341.1 million. The company also reported a 22% year-over-year increase in its SaaS annual recurring revenue (ARR) to $264.7 million. This marks the seventh consecutive quarter of double-digit growth for the company.
GAAP diluted earnings per share (EPS) for the quarter were $0.12, a 200% increase compared to the prior year. Non-GAAP diluted EPS was $0.33, representing a 50% year-over-year increase. The company reported GAAP gross margin of 62.1% and non-GAAP gross margin of 62.6%. Adjusted EBITDA for the quarter was $65.6 million, up 47% year-over-year.
On the balance sheet, the company reported a cash and cash equivalent balance of $244.5 million at the end of the quarter, an increase of $32.7 million from the end of the previous quarter. The company repurchased $25.0 million of its common stock during the quarter, representing 844,131 shares at an average price of $29.62 per share.
Management highlighted several recent wins, including a deployment at a large U.S. health network with 21 hospitals and 600 care locations, a new agreement with regio iT GmbH in Germany for 1,500 Wi-Fi 7 access points, and a win-back at one of Austria's largest banks. The company also announced the general availability of Extreme Agent ONE Coworker, an ambient AI platform, which saw early customer engagement roughly 10x higher than its first-generation conversational AI platform.
