Ceragon Networks (CRNT) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $85.5 million, with North America accounting for 41% and India 29% of the total; strong free cash flow and improved market visibility were reported.

• Non-GAAP net income for Q3 2025 was $1.7 million, with non-GAAP EPS of $0.02; cash and cash equivalents at quarter-end were $43 million.

• Strategic focus on AI-driven demand, network capacity, and resiliency, with new product deployments and managed services wins.

• North America achieved record quarterly revenue; India saw renewed purchasing from a major carrier.

• Initiated a large Latin American smart city project and secured a major e-commerce client for network modernization.

Financial highlights

• Q3 2025 revenue was $85.5 million, down 16.7% year-over-year from $102.7 million in Q3 2024.

• Non-GAAP gross margin was 35%, slightly up from prior year; non-GAAP EPS was $0.02, negatively impacted by FX loss in India.

• Non-GAAP net income was $1.7 million, down from $14.1 million in Q3 2024.

• Free cash flow for Q3 was $3.3 million; cash position at quarter-end was $43 million.

• Operating profit for Q3 2025 was $5.3 million, with an operating margin of 6.2%.

Outlook and guidance

• Confident in achieving $340 million revenue for full-year 2025, with non-GAAP profit and positive cash flow anticipated.

• Optimistic for growth in 2026, with mid-single-digit growth as a prudent planning baseline.

• Improved visibility in North America and India expected to drive near-term and 2026 growth.