Ceragon Networks (CRNT) Status Update summary

Q4 2025 business update

• Q4 revenue expected between $81-$83 million due to a major North American customer deferring deliveries into 2026, increasing backlog for the coming year; no order cancellations anticipated.

• The shift was a timing issue, not demand-related; backlog and new orders from the customer remain strong.

• North America bookings were robust, with year-end backlog nearly doubling versus the prior year.

Strategic progress and diversification

• Expanded presence in private networks and added over 30 new customers in 2025, with 75% in private networks.

• Strategy focuses on reducing customer concentration and building a more diversified, resilient, and scalable growth profile through product development, sales coverage, and geographic focus.

• Diversification aims to reduce quarter-to-quarter revenue variability.

2026 outlook and guidance

• 2026 revenue expected between $355-$385 million, driven by delayed Q4 deliveries and strong North America and India backlogs.

• India starts 2026 with a $100 million annual run rate, with potential upside from new RFP wins.

• Measured recovery expected in other regions, with optimism for further growth.