Ceragon Networks (CRNT) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $82.3 million, reflecting a 23% year-over-year decline and aligning with guidance; non-GAAP net income was $1.4 million.

• Full-year 2025 revenue reached $338.7 million, with non-GAAP net income of $8.2 million ($0.09 per share); cash generation and net cash position improved to $19.4 million.

• North America and India remained strong contributors, with North America accounting for 39% and India 30% of Q4 revenue; North American backlog nearly doubled entering 2026.

• Four new products are planned for launch in 2026, with some expected to generate initial revenue this year.

• Private network opportunities are expanding globally, highlighted by a multi-million-dollar APAC order.

Financial highlights

• Q4 2025 revenue declined 23% year-over-year to $82.3 million; North America and India contributed $32.3 million and $24.7 million, respectively.

• Q4 non-GAAP gross profit was $28.2 million (gross margin 34.3%); Q4 non-GAAP operating income was $3.4 million (4.2% margin).

• Full-year 2025 revenue was $338.7 million, down 14.1% year-over-year; non-GAAP net income was $8.2 million ($0.09 per share), down from $36.4 million ($0.41 per share) in 2024.

• Cash and cash equivalents at year-end 2025 were $38.4 million; net cash position improved to $19.4 million.

• Operating cash flow for FY 2025 was $31.6 million, up from $26.2 million in 2024.

Outlook and guidance

• 2026 revenue guidance reiterated at $355–$385 million, implying near double-digit growth at midpoint.

• Non-GAAP gross margin expected to improve by about 1 percentage point at the midpoint; operating margin projected between 6.5% and 7.5%.

• Stronger performance in North America and India, plus recovery in other regions, could drive results to the high end of guidance.

• Second half of 2026 expected to be stronger than the first half, with Q1 reflecting typical seasonality.

• Management highlighted ongoing macroeconomic and geopolitical risks, including supply chain volatility and regional conflicts.