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 prior guidance.

• Full-year 2025 revenue reached $338.7 million, down 14.1% from 2024.

• Non-GAAP net income for Q4 2025 was $1.4 million ($0.02 per share), down from $7.7 million ($0.09) in Q4 2024.

• Net cash position improved to $19.4 million at year-end, up from $10.1 million in 2024.

• North American backlog entering 2026 nearly doubled compared to the prior year.

Financial highlights

• Q4 non-GAAP gross profit was $28.2 million, with a gross margin of 34.3%.

• Q4 non-GAAP operating income was $3.4 million (4.2% margin), down from $12.2 million (11.4%) in Q4 2024.

• Full-year non-GAAP net income was $8.2 million ($0.09 per share), down from $36.4 million ($0.41) in 2024.

• Cash and cash equivalents at year-end 2025 were $38.4 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 operating margin for 2026 projected between 6.5% and 7.5%.

• Non-GAAP gross margin expected to improve by about 1 percentage point at the midpoint of the revenue range.

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

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