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Ceragon Networks (CRNT) investor relations material

Ceragon Networks Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary11 Nov, 2025

Executive summary

  • Q3 2025 revenue was $85.5M, with North America leading at 41% and India at 29% of the geographic split; North America achieved record revenue and bookings, while India saw renewed activity.

  • Non-GAAP net income was $1.7M ($0.02 per diluted share), with strong free cash flow of $3.3M and cash reserves rising to $43M.

  • Improved visibility in customer spending and project timing, boosting confidence for 2025 and optimism for 2026 growth.

  • Strategic focus on AI-driven demand, network capacity, and resiliency, with innovative E-band and 60 GHz solutions gaining traction.

  • Expanded managed services and digital twin offerings, with notable wins in Latin America and the U.S., including a major smart city project and e-commerce client.

Financial highlights

  • Q3 2025 revenue was $85.5M, down 16.7% year-over-year from $102.7M in Q3 2024 and down from $88.7M in Q2 2025.

  • Non-GAAP gross margin was 35%, slightly up from prior year; non-GAAP gross profit was $29.9M, down 15.1% year-over-year.

  • Non-GAAP net income was $1.7M, down from $14.1M in Q3 2024; EPS would have been $0.04 excluding FX impact.

  • Free cash flow for Q3 was $3.3M; cash position at quarter-end was $43M, up from $35.3M at end of 2024.

  • Operating income (non-GAAP) was $5.3M, down from $15.8M in Q3 2024, impacted by absence of a $5.1M credit loss recovery benefit.

Outlook and guidance

  • Confident in achieving $340M full-year revenue target for 2025, with improved visibility and momentum.

  • Optimistic for growth in 2026, with a strong funnel of opportunities across all regions and segments.

  • Mid-single-digit growth expected for 2026, with potential for upside as annual planning finalizes.

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Frequently asked questions

Ceragon Networks Ltd. designs, develops, manufactures, markets and sells wireless backhaul solutions that enable cellular operators, public safety agencies and other wireless service providers to deliver voice and data services around the world. Ceragon’s wireless backhaul solutions utilize microwave technology operating in licensed frequency bands to transfer wireless network traffic from base stations or tower sites located at the edge of networks to a central location, such as switches and routers in the core network. Ceragon Networks Ltd. was incorporated in 1996 and is headquartered in Tel Aviv, Israel.

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