Radio, TV Broadcasting & Wireless Communications Equipment Manufacturing (NAICS 334220)

A Histometrics industry primer for public-market and private investors

1. Overview

This industry builds the physical gear that moves signals through the air: cellular base-station radios and antennas, land-mobile two-way radios, satellite terminals, cable-TV and broadcast headend equipment, and the transmitters, receivers, and radio-frequency (RF, meaning radio-frequency) components inside them. If a wireless signal is being generated, boosted, or received, a device made by this industry is usually doing it.

Why an investor should care: wireless connectivity is treated as critical infrastructure, and the hardware layer is a large, capital-goods-style market driven by long spending cycles — carrier network build-outs, defense budgets, satellite constellations, and public-safety upgrades. But it is also a hard place to make money. The highest-volume products (smartphones, mass-market base stations) are largely built overseas, and much of the value has migrated to the chips inside the gear and the software running on it. U.S. success is concentrated in defensible niches rather than in the commodity hardware.

Ways in. Public-market investors can buy a handful of U.S.-listed manufacturers — most prominently Motorola Solutions in public-safety radio — plus adjacent chip and defense names, and foreign network-equipment leaders (Ericsson, Nokia). There is no clean U.S.-only "wireless-equipment" index fund; exposure comes through communications-equipment, 5G-thematic, and defense funds. Private-market investors reach the fastest-growing corner of the industry mainly off-market: SpaceX (which builds Starlink satellite terminals in Texas), private Open RAN software vendors, antenna and small-cell specialists, and the contract manufacturers that actually assemble the hardware.

2. What it is and how it's structured

The U.S. Census Bureau defines NAICS (North American Industry Classification System) code 334220 as establishments that manufacture radio and television broadcast and wireless communications equipment — examples given include transmitting and receiving antennas, cable-television equipment, GPS (Global Positioning System) devices, cellular phones, mobile communications equipment, and radio/TV studio and broadcasting equipment.[3] It sits inside industry group 3342, Communications Equipment Manufacturing.

What it excludes (and where those things are counted instead):

• Wired/telephone switching and routing gear → NAICS 334210, Telephone Apparatus Manufacturing.[3]
• Other communications gear (traffic signals, intercoms, alarm signaling) → NAICS 334290.[3]
• Consumer TVs, speakers, and home audio/video → NAICS 334310, Audio and Video Equipment Manufacturing.[3]
• The chips inside the equipment → NAICS 334413, Semiconductor Manufacturing. This matters: fabless (chip-design-only) firms such as Qualcomm are generally counted under semiconductors, and their silicon is fabricated in overseas foundries.[16]
• Consumer navigation devices (e.g., handheld GPS) often fall under NAICS 334511, navigation/guidance instruments, despite the definitional overlap.[3]
• The companies that operate networks and stations — cellular carriers, TV and radio broadcasters, satellite-internet providers — are services businesses in NAICS sectors 517/516, not manufacturers. A cell tower's radio is made here; the carrier running it is not.

Ownership mix. This is not a fragmented cottage industry of tiny operators, nor a government-run one. Federal data count roughly 606 firms across about 645 establishments.[1][2] The mix runs from a few large public multinationals (Motorola Solutions, L3Harris, CommScope), through a cluster of mid- and small-cap public specialists (Viasat, Ubiquiti, Comtech, Harmonic, Aviat, Cambium, Airgain), to U.S. plants of foreign-owned leaders (Ericsson, Nokia, Samsung), plus privately held players — most notably SpaceX — and the contract manufacturers that assemble much of the hardware. Older Census evidence shows a large small-company tail: in 2017, of 656 firms operating for the full year, 624 had fewer than 250 employees.[4]

Operating models. The typical manufacturer conducts RF and systems design, embedded-software development, prototyping, standards work, certification and product management, while sourcing semiconductors, memory, RF front ends, printed-circuit assemblies, antennas, power supplies and enclosures. Production may be internal or outsourced to contract manufacturers. Smaller devices are sold through distributors, value-added resellers and online channels; carrier, government and public-safety systems are usually sold directly under longer, installation-heavy contracts. Software, network management, cybersecurity, maintenance and managed services increasingly sit alongside the hardware. Motorola Solutions illustrates the systems model: it recognizes device revenue at delivery but recognizes integrated-system revenue over contract performance; such contracts generated $2.2 billion in 2025.[5] Ubiquiti illustrates the channel-led model: it sells wireless and networking hardware through distributors and webstores without a traditional direct sales force and relies heavily on proprietary firmware and centralized management software.[11]

3. How big it is

Per our federal reference statistics:

• Industry revenue (receipts): about $32.3 billion (2022 Economic Census).[2]
• Employment: about 52,536 workers (2023 County Business Patterns);[1] BLS payroll employment was 51,100 jobs in March 2026.[7]
• Establishments: 645; firms: 606.[1][2]
• Annual payroll: about $6.6 billion (2023).[1]
• Concentration: the top 4 firms hold 52.1% of revenue, top 8 68%, top 20 79%, top 50 88.3%; the Herfindahl-Hirschman Index (HHI, a concentration score) is 795.[2] Read together, that means a few large firms plus a long tail of small specialists — technically "unconcentrated" on the HHI scale (below 1,500), yet with heavy weight at the very top.
• SBA (Small Business Administration) small-business threshold: 1,250 employees — high, reflecting capital-intensive manufacturing.[8]

The undercount caveat is central here. That ~$32 billion badly understates how much wireless hardware Americans actually consume, for two structural reasons. First, production is offshored: the U.S. imported roughly $115 billion of telephones in 2024 alone (about $41 billion of cell phones from China), and iPhones now ship largely from India and Vietnam.[27] Almost none of that volume is built in U.S. factories, so it never enters this industry's domestic output. Second, the value has moved to chips and software counted in other codes — Qualcomm alone booked about $38.9 billion of revenue in fiscal 2024, more than the entire measured 334220 industry, but sits under semiconductors.[16] The federal figures capture U.S.-based assembly and specialized manufacturing, not the American economy's full wireless-hardware footprint. Treat 334220's ~$32 billion as the domestically manufactured slice, not the size of the market.

4. The investable universe

Unlike some industries in this series, this one has a real roster of public pure-plays and near-pure-plays — but they cluster in niches, and no U.S. company is a leader in mass-market cellular base stations.

Adjacent public names investors often use for exposure: Qualcomm (QCOM, ~$38.9B FY2024) for the chips that power the radios;[16] Ericsson (ERIC) and Nokia (NOK), the foreign-listed global leaders in cellular network equipment.[18]

Major private and other owners. SpaceX (private) manufactures Starlink satellite dishes at Bastrop, Texas, at a scale — millions of terminals a year — that dwarfs most listed peers by unit volume.[28] Ericsson and Nokia run U.S. factories (Ericsson's 5G plant in Lewisville, Texas; a Nokia radio line), but the parents are foreign-listed.[24] Other privately held or PE-backed players include Open RAN software firm Mavenir, antenna/small-cell maker JMA Wireless, and the contract manufacturers that build hardware for the brands above.

5. How the money works

Owners in this industry make money less like commodity manufacturers and more like design-and-systems businesses that happen to ship hardware. The metrics that matter:

• Gross margin and product mix. Margins fan out widely by how much intellectual property and software ride on the box. Motorola Solutions runs gross margins around 52% and operating margins near 26% because its radios come bundled with sticky software and services;[5] Ubiquiti achieved a 43% gross margin in fiscal 2025, helped by mix and lower obsolete-inventory costs but partly offset by tariffs;[11] commodity infrastructure and contract-assembled hardware earn far less — Viasat's product-only gross margin was about 28% in fiscal 2026.[32] Carrier RAN can show respectable gross margins but weak operating margins after R&D: Nokia's Mobile Networks reported a 37% gross margin but only a 2.8% operating margin in 2025, with R&D absorbing 27% of segment sales.[33] The strategic move across the industry is to shift revenue toward software, services, and recurring subscriptions, which carry higher margins and smoother revenue than one-time equipment sales — software and services supplied 38% of Motorola's 2025 revenue.[5]
• Backlog and book-to-bill. Because sales are program- and project-driven, order backlog is the key leading indicator. Motorola Solutions carries roughly $14 billion of backlog — multiple years of visibility that damps the cyclicality of pure hardware.[6]
• The carrier capital-expenditure (capex) cycle. For anything sold to cellular operators, demand swings with network build-outs. Spending surged during the 2020–2022 5G roll-out, fell sharply in 2023–2024 as carriers "digested" that capacity, and stabilized into 2025. Global RAN sales fell from about $45 billion in 2022 to ~$35 billion in 2024 as operators completed major initial 5G deployments and cut capital spending.[19] Vendors levered to this cycle (CommScope, Cambium) saw revenue whipsaw; Cambium's 2024 sales fell about 22% in the downturn.[17]
• R&D intensity. Staying on the current standard — 5G, then 5G-Advanced, Wi-Fi 6/7, P25 public-safety radio, eventually 6G — requires heavy, continuous research spending. Motorola Solutions had approximately 23,000 employees at the end of 2025, with roughly 40% working in R&D and engineering.[5] Falling behind a standard transition can strand a product line.
• Government-funded, program-driven demand is the counter-cycle. Defense tactical radios and public-safety systems are funded by multi-year budgets rather than consumer or carrier cycles, so firms like L3Harris and Motorola enjoy stickier, appropriations-driven revenue.[9]

In short: the winners convert hardware sales into recurring software/service revenue, sit on large backlogs, and defend a niche with R&D and switching costs. The losers sell undifferentiated boxes into the carrier capex cycle with heavy debt.

6. What drives demand

• Wireless carrier network cycles — 5G, the ongoing 5G-Advanced upgrade, and (around 2030) 6G. CTIA reported that U.S. wireless providers invested $29 billion in networks in 2024 and averaged more than $30 billion annually over the preceding decade; U.S. wireless connections reached 579 million, including 259 million 5G devices.[20] The current cycle is less attractive than data-growth figures imply: traffic growth does not automatically translate into equipment revenue, as software upgrades, spectrum efficiency and greater equipment capacity can satisfy more traffic without proportional hardware spending.[19]
• Defense and public safety — tactical military communications, and modernization of first-responder systems (P25 land-mobile radio, NG911). North American public-safety land-mobile radio was about $2.2 billion in 2024, with the U.S. roughly 86% of it.[30]
• The satellite/space boom — low-Earth-orbit (LEO) constellations (Starlink, Amazon's Kuiper) driving massive demand for ground terminals.[28]
• Broadband subsidies and network-security programs — federal money funding rural build-out and the removal of banned Chinese gear (see §7). The BEAD program carries $42.45 billion of funding for broadband infrastructure and related activities, though only a portion will reach wireless or communications-equipment vendors.[21][22]
• Enterprise and private networks — corporate Wi-Fi upgrades, private 5G, and Internet-of-Things (IoT) connectivity.
• Consumer device replacement — phone upgrade cycles drive huge dollar volumes, but that demand is filled overseas and largely bypasses U.S. factories.[27]

7. Regulation

• The FCC (Federal Communications Commission) sits at the center. It allocates and auctions the radio spectrum that creates demand for new gear, and it must certify (authorize) equipment before it can be sold. Spectrum-auction timing is itself a demand driver.
• The security "Covered List" and rip-and-replace. The FCC bars equipment from Huawei, ZTE, and other flagged vendors from U.S. networks — the Covered List, updated in December 2025, includes telecommunications equipment from Huawei and ZTE and specified equipment from Hytera, Hikvision and others.[31] The Secure and Trusted Communications Networks Reimbursement Program ("rip and replace") pays small and rural carriers to tear out and replace that gear. Congress funded it with roughly $1.9 billion initially, topped up by a $3.08 billion Treasury loan in December 2024 for about $5 billion total.[23] Progress has been slow — only about 42% of projects were finished by mid-2026 — and the loan is being repaid from a spectrum auction.[34] This is a direct order tailwind for approved U.S. and allied vendors.
• Trade and domestic-content rules. Section 301 tariffs on Chinese imports hit telecom components hard — reportedly up to triple-digit rates on some categories — raising input costs but also nudging production toward U.S. and allied plants.[29] "Buy American" / Build America, Buy America content rules attached to federal broadband money favor domestic manufacturing.
• Export controls (Commerce Department's export rules; ITAR, the International Traffic in Arms Regulations, for defense radios) restrict what can be shipped abroad.
• Technical standards. Products must conform to bodies like 3GPP (cellular standards), the O-RAN Alliance (open radio interfaces), and P25 (public-safety radio) to be interoperable and sellable.

8. Competitive dynamics and consolidation

The defining fact: the U.S. has no champion in mass-market cellular network equipment. Globally, the top five radio-access-network (RAN) suppliers — Huawei, Ericsson, Nokia, ZTE, and Samsung — hold about 94–96% of the market, depending on the period measured.[18][19] Because Huawei and ZTE are banned domestically, U.S. carriers buy macro-network radios mainly from Ericsson, Nokia, and Samsung.

Instead, U.S. strength is concentrated in defensible niches:

• Public-safety / land-mobile radio: Motorola Solutions is effectively dominant, with P25 the entrenched standard.[30]
• Military tactical radios: L3Harris holds a commanding share of U.S. Department of Defense tactical-radio work.[9]
• Enterprise/prosumer wireless: Ubiquiti has built an unusually profitable, direct-sales model.[11]
• Satellite terminals: Viasat, SpaceX (Starlink), and Hughes/EchoStar.
• Antennas and infrastructure: CommScope.

Consolidation has been a recurring theme — CommScope rolled up Arris and Ruckus; Motorola has serially acquired software and video assets. But leverage from those deals is a live risk (CommScope has carried a heavy debt load). Open RAN — an effort to break the vertically integrated RAN into interchangeable, multi-vendor parts — is the industry's most-watched disruptive force: AT&T committed to buy up to $14 billion of Ericsson equipment over five years to move most of its traffic onto open platforms, with that gear built in the U.S., and Verizon has deployed over 130,000 Open-RAN-ready radios.[24][25] Whether Open RAN creates openings for U.S. and startup vendors, or simply hands share to the incumbents building the "open" boxes, is still unresolved — Open RAN challengers have captured little share from incumbents so far.[19]

9. Risks

• Carrier capex cyclicality. Demand from operators is lumpy; global RAN sales fell roughly 22% from 2022 to 2024 during the post-5G digestion.[19]
• China, tariffs, and supply chains. Over 40% of U.S. telecom gear is sourced directly or indirectly from Chinese manufacturers, and tariffs raise costs and inject uncertainty even as they encourage reshoring.[29] Input risk is concentrated in semiconductors and specialized RF parts, some of which are single-sourced; Motorola Solutions discloses single-source dependence for some components, including memory.[5]
• Structural offshoring. The highest-volume, highest-value activity — phone assembly and chip fabrication — largely happens abroad, capping how much of the market U.S. manufacturers can address.[16][27]
• No macro-RAN presence. Missing from the largest slice of the wireless-equipment market leaves U.S. firms dependent on niches and on foreign suppliers for core network gear.[18]
• Technology transitions. Missing a standard shift (5G-Advanced, Open RAN, 6G) can obsolete a product line.
• Balance-sheet and customer concentration. Some players carry heavy debt; others depend on a few big carriers or on government appropriations, exposing them to budget and timing risk (e.g., the slow-moving rip-and-replace and broadband-subsidy programs).[23][34]
• Labor risk. The scarce input is engineering talent, not factory headcount — Motorola specifically identifies competition for software, cloud, data-science and AI talent as a risk.[5]

10. How to invest, and the outlook

Public-market routes. The cleanest single exposure is Motorola Solutions (MSI) — a public-safety franchise with recurring software revenue and a large backlog. Investors wanting the smaller, more cyclical specialists can look at CommScope, Ubiquiti, Viasat, Comtech, Harmonic, Aviat, Cambium, BK Technologies, and Airgain, understanding these range from profitable niche leaders to turnaround and micro-cap situations. For the core network build-out, the practical vehicles are foreign-listed Ericsson (ERIC) and Nokia (NOK); for the chips that capture much of the value, Qualcomm (QCOM); and for defense communications, L3Harris (LHX). There is no pure U.S. wireless-equipment index fund, so diversified investors typically gain exposure through broad communications-equipment, 5G/connectivity-thematic, or aerospace-and-defense funds. (Tickers and any valuation work belong to individual security analysis, not to the industry itself.)

Private-market routes. The fastest-growing hardware corner — LEO satellite terminals — is dominated by SpaceX, accessible only through private/secondary markets.[28] Venture and growth capital cluster around Open RAN software (e.g., Mavenir), private-5G and small-cell startups, antenna and RF specialists, and the contract manufacturers and U.S. plants being stood up to serve domestic-content requirements. Private-equity activity focuses on cash-generative niche suppliers and carve-outs. Underwriting should emphasize design wins, backlog convertibility, customer and distributor concentration, certification roadmaps, recurring service attachment, component sourcing, inventory obsolescence, warranty history, working capital and dependence on a single spectrum or technology cycle.

Near-term drivers to watch (forward-looking). Momentum should come from: the 5G-Advanced upgrade cycle and a recovery in carrier capex off the 2023–2024 trough; the Open RAN and domestic-content push, which favors U.S. plants (Ericsson's Texas factory, Nokia's line) even as tariffs raise costs;[24][29] steady defense and public-safety budgets underpinning Motorola and L3Harris;[9][30] the LEO terminal boom;[28] restarted spectrum auctions funding the rip-and-replace program;[34] and, further out, the eventual transition to 6G around the end of the decade. The through-line for investors: this is a hardware industry whose economics increasingly reward software, services, and defensible niches — and whose domestic footprint is being reshaped, slowly and expensively, by the push to move production out of China.

Common misreporting errors to avoid: treating broadcaster or carrier revenue as manufacturing revenue; equating global RAN sales with the whole NAICS industry; calling U.S. establishment output "U.S. market demand" despite imports; and assigning an entire diversified corporation to 334220 because one establishment or product line fits the code. The official classification and the investable corporate universe overlap, but they are not the same market.

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Sources

1. U.S. Census Bureau. County Business Patterns, 2023 — NAICS 334220 (establishments, employment, annual payroll). https://www.census.gov/programs-surveys/cbp.html
2. U.S. Census Bureau. 2022 Economic Census — Concentration Ratios / Comparative Statistics, NAICS 334220 (firms, receipts, CR4/CR8/CR20/CR50, HHI). https://www.census.gov/programs-surveys/economic-census.html
3. U.S. Census Bureau. 2022 NAICS Definition — 334220 Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing. https://www.census.gov/naics/?details=33422&input=33422&year=2022
4. Federal Register (citing 2017 Economic Census). Full-year firms and size distribution. https://www.govinfo.gov/content/pkg/FR-2023-07-31/pdf/FR-2023-07-31.pdf
5. Motorola Solutions. 2025 Form 10-K (revenue, margins, backlog, employees, R&D, integrated-systems contracts). https://www.sec.gov/Archives/edgar/data/68505/000006850526000010/msi-20251231.htm
6. Motorola Solutions. Reports First-Quarter 2024 Financial Results (backlog, gross margin), 2024. https://www.motorolasolutions.com/newsroom/press-releases/motorola-solutions-reports-first-quarter-2024-financial-results.html
7. U.S. Bureau of Labor Statistics. Employees on Nonfarm Payrolls, April 2026 (NAICS 33422, March 2026 employment). https://www.bls.gov/ces/data/employment-and-earnings/2026/table1b_202604.htm
8. U.S. Small Business Administration. Table of Size Standards, 2023 (NAICS 334220 = 1,250 employees). https://www.sba.gov/document/support-table-size-standards
9. L3Harris Technologies. 2024 Annual Report (Communication Systems segment revenue). https://www.l3harris.com/sites/default/files/2025-02/L3Harris_2024_Annual_Report.pdf
10. CommScope. Reports Fourth Quarter and Full Year 2024 Results, 2025. https://www.commscope.com/press-releases/2025/commscope-reports-fourth-quarter-and-full-year-2024-results/
11. Ubiquiti Inc. Fiscal 2025 Form 10-K (revenue, gross margin, operating model). https://www.sec.gov/Archives/edgar/data/1511737/000151173725000053/ubnt-20250630.htm
12. San Diego Business Journal / Viasat Inc. Form 10-K FY2025. Viasat's FY2025 Revenue $4.5B, 2025. https://www.sec.gov/Archives/edgar/data/797721/000095017025077138/vsat-20250331.htm
13. GlobalData. Comtech Telecommunications Corp Company Profile (FY2024 revenue ~$499.5M). https://www.globaldata.com/company-profile/comtech-telecommunications-corp/
14. Harmonic Inc. Announces Fourth Quarter and Fiscal 2024 Results, PR Newswire, 2025. https://www.prnewswire.com/news-releases/harmonic-announces-fourth-quarter-and-fiscal-2024-results-302372571.html
15. Aviat Networks. Announces Fiscal 2024 Fourth Quarter and Twelve Months Financial Results, PR Newswire, 2024. https://www.prnewswire.com/news-releases/aviat-networks-announces-fiscal-2024-fourth-quarter-and-twelve-months-financial-results-302267954.html
16. Statista / Qualcomm Inc. Qualcomm Revenue Worldwide, FY2024 (~$38.9B; fabless model). https://www.statista.com/statistics/737780/revenue-of-qualcomm/
17. TradingView News / Cambium Networks Corp. 2024 Form 10-K: Revenue $177.3M, 2025. https://www.tradingview.com/news/tradingview:cb3dec62759c3:0-cambium-networks-2024-form-10-k-revenue-177-3m-net-loss-74-5m/
18. Fierce Network (Dell'Oro Group data). Huawei, Ericsson Secure Nearly Two-Thirds of RAN Market Share (top-5 ≈ 96%), 2025. https://www.fierce-network.com/wireless/delloro-says-huawei-and-ericsson-have-nearly-two-thirds-ran-market-share
19. Light Reading (Omdia data). How Ericsson and Nokia Vanquished the Open RAN Threat (global RAN ~$45B 2022 to ~$35B 2024), June 2025. https://www.lightreading.com/open-ran/how-ericsson-and-nokia-vanquished-the-open-ran-threat
20. CTIA. 2025 Annual Survey (U.S. wireless carrier capex $29B, 579M connections, 259M 5G devices). https://www.ctia.org/news/americans-use-record-132-trillion-mbs-of-wireless-data-in-2024-ctia-annual-survey-finds
21. NTIA. BEAD Program Overview ($42.45B funding). https://www.ntia.gov/funding-programs/internet-all/broadband-equity-access-and-deployment-bead-program
22. NTIA. BEAD Restructuring Policy Notice, 2025. https://www.ntia.gov/other-publication/2025/bead-restructuring-policy-notice
23. Broadband Breakfast. Defense Bill Has $3 Billion for FCC's 'Rip and Replace' Program, 2024. https://broadbandbreakfast.com/defense-bill-has-3-billion-for-fccs-rip-and-replace-program-2/
24. Ericsson. AT&T to Accelerate Open and Interoperable RAN in the United States (up to $14B, U.S.-made), 2023. https://www.ericsson.com/en/press-releases/2023/12/att-to-accelerate-open-and-interoperable-radio-access-networks-ran-in-the-united-states-through-new-collaboration-with-ericsson
25. Computer Weekly. AT&T Unveils Open RAN Call Milestone (Verizon 130,000+ O-RAN radios), 2025. https://www.computerweekly.com/news/366633522/ATT-unveils-Open-RAN-call-milestone
26. GlobeNewswire. 5G Base Station Equipment Market to Reach $52.7 Billion by 2030, 2025. https://www.globenewswire.com/news-release/2025/03/11/3040840/0/en/5G-Base-Station-Equipment-Market-Report-2025-5G-Base-Station-Equipment-Market-to-Reach-52-7-Billion-by-2030-Driven-by-Urban-Expansion.html
27. Forbes (Ken Roberts). After Two Decades, China No Longer Dominates U.S. Cell Phone Imports (U.S. telephone imports ~$115B in 2024), 2026. https://www.forbes.com/sites/kenroberts/2026/03/31/after-two-decades-china-no-longer-dominates-us-cell-phone-imports/
28. Advanced Television. Starlink Texas Factory Capable of 4.68m Terminals Annually, 2024. https://www.advanced-television.com/2024/09/10/starlink-texas-factory-capable-of-4-68m-terminals-annually/
29. Cognitive Market Research. How Trump's 2025 Tariffs Are Reshaping the Internet & Communication Sector, 2025. https://www.cognitivemarketresearch.com/blog/how-trump-s-2025-tariffs-are-reshaping-the-internet-communication-sector-manufacturer-challenges-and-market-research-solutions
30. The Insight Partners. North America Public Safety Land Mobile Radio Market 2025–2031 (~$2.2B in 2024; U.S. ≈ 86%). https://www.theinsightpartners.com/reports/north-america-land-mobile-radio-market
31. FCC. Covered List (December 2025 update). https://docs.fcc.gov/public/attachments/DA-25-1086A1.pdf
32. Viasat Inc. 2026 Form 10-K (product revenue and product gross margin). https://www.sec.gov/Archives/edgar/data/797721/000119312526248290/vsat-20260331.htm
33. Nokia. 2025 Form 20-F (Mobile Networks segment margins and R&D). https://www.sec.gov/Archives/edgar/data/924613/000162828026015034/nok-20251231.htm
34. Tech Times. FCC Rip-and-Replace: 42% of Huawei and ZTE Projects Done as Supply Chain Delays Double, 2026. https://www.techtimes.com/articles/318679/20260619/fcc-rip-replace-42-huawei-zte-projects-done-supply-chain-delays-double.htm