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Ceragon Networks FY Conference Summary Company Overview - **Company**: Ceragon Networks (NasdaqGS:CRNT) - **Industry**: Wireless backhaul solutions for service providers Key Financial Highlights - **Revenue Performance**: Revenues were down slightly, with gross margins at 34% [5][6] - **Backlog**: Increased backlog for 2026 due to no cancellations and significant orders received in Q4 [8] - **North America**: Positive trends noted, with a return of demand impacting gross margins [9] Regional Insights North America - **Market Opportunities**: Multiple opportunities identified in both the CSP segment and private networks, with a strong product portfolio [13][14] - **Customer Engagement**: Active discussions with existing customers to increase market share and revenue [11] - **New Products**: Introduction of new products leveraging acquired Siklu technology, particularly in security and fixed wireless access [14][15] India - **Revenue Trends**: Started 2025 with high revenues from a previous large deal, but saw a decline to a run rate of $100 million [10][12] - **Future Opportunities**: Potential for increased revenue if customer rollout resumes original pace and new RFPs are won [12] Product and Technology Developments - **Product Portfolio**: Strongest product portfolio to date, with new products targeting higher frequencies for 5G [14][15] - **AI Integration**: Increased demand for higher traffic capacity driven by AI, particularly in enterprise applications [20][21] - **Vertical Integration**: Unique advantage with proprietary modem and RF chips, leading to cost-effective solutions [22][23] Financial Outlook - **Margin Expectations**: Anticipated increase in gross margins by 1% due to revenue mix and cost savings [25][26] - **Sales Investments**: Planned investments in product development and sales to leverage growth opportunities [28] Software and SaaS Strategy - **Software Development**: Focus on creating a unified platform for network management and AI-driven analytics [29][30] - **Customer Interest**: Growing willingness from customers to pay for advanced software capabilities [31][32] Market Dynamics - **Private Networks**: Targeting energy, utility, security, and defense sectors with a revised sales strategy [35][36] - **Competitive Landscape**: Anticipated consolidation in the market, potentially benefiting Ceragon [57][58] Challenges and Risks - **Supply Chain Concerns**: Rising prices, particularly in memory chips, could impact gross margins [56] - **Private 5G Adoption**: Slow adoption due to high costs, with potential for alternative technologies to gain market share [52] Investor Insights - **Visibility Issues**: Challenges in order visibility and delivery timelines noted, but overall business health remains strong [60][61] - **Long-term Opportunities**: Emphasis on product evolution and customer needs as key to mitigating business fluctuations [61] Conclusion Ceragon Networks is positioned for growth in 2026, with a strong backlog, innovative product offerings, and a focus on expanding market share in both North America and India. The company is actively addressing supply chain challenges and adapting to market dynamics, particularly in the private network sector.

Core Viewpoint - German warship maker TKMS has submitted a non-binding bid for smaller peer German Naval Yards (GNYK) [1] Company Summary - TKMS is actively pursuing growth opportunities through acquisitions in the naval shipbuilding sector [1] - The bid for GNYK indicates TKMS's strategic interest in consolidating its position within the industry [1] Industry Summary - The naval shipbuilding industry is experiencing consolidation as larger firms seek to acquire smaller competitors to enhance capabilities and market share [1] - The move by TKMS reflects ongoing trends in the defense sector, where companies are looking to strengthen their portfolios amid increasing demand for naval vessels [1]

Core Viewpoint - Ceragon is conducting a business update call, indicating ongoing communication with investors and stakeholders regarding its performance and future outlook [1]. Group 1: Forward-Looking Statements - The discussion includes forward-looking statements as defined by the Securities Act, which encompass projected financial performance, future initiatives, and business outlook [2]. - These forward-looking statements are based on current expectations and assumptions, but they involve risks and uncertainties that could lead to actual results differing materially from projections [3]. - Specific risks include global and regional economic conditions, customer concentration, and supply chain challenges, as detailed in Ceragon's most recent annual report [3].

Ceragon Networks (NasdaqGS:CRNT) Business Update Summary Company Overview - **Company**: Ceragon Networks - **Date of Update**: January 08, 2026 - **Context**: The call provided insights into Ceragon's preliminary Q4 revenue and outlook for 2026, addressing recent business developments and strategic initiatives. Key Points Industry and Market Context - **Forward-Looking Statements**: The discussion included forward-looking statements regarding financial performance, business outlook, and associated risks, including global economic conditions and supply chain challenges [2][3] - **Customer Dynamics**: A significant North American customer shifted deliveries from Q4 2025 to 2026, impacting revenue expectations for Q4 [4][5] Financial Performance - **Q4 Revenue Expectation**: Projected revenue for Q4 is between $81 million and $83 million, influenced by the timing shift of deliveries [4] - **2026 Revenue Guidance**: Expected revenue for 2026 is projected to be between $355 million and $385 million, factoring in delayed deliveries and strong backlog in North America [7] - **India Revenue Run Rate**: Starting 2026 with an annual revenue run rate of approximately $100 million, primarily from two main customers, with potential for incremental growth [7][8] Business Strategy and Growth - **Diversification Strategy**: Ceragon aims to reduce customer concentration by expanding its presence in private networks and acquiring new customers, with over 30 new customers added in 2025, 75% of which are private network customers [6] - **Product Development**: Plans to launch four new products in 2026, driven by market demand, to enhance competitive positioning [10] - **Managed Services**: Transitioning towards business models like managed services and connectivity as a service to smooth revenue recognition and reduce volatility [33] Operational Insights - **Gross Margin Improvement**: Anticipated improvement of approximately one percentage point in gross margin for 2026, driven by a better revenue mix and cost reduction initiatives [9] - **Currency Impact**: The Israeli Shekel exchange rate is expected to create a $5 million headwind for the year, affecting operating expenses [9][18] Customer and Project Management - **Backlog Growth**: North American backlog nearly doubled compared to the end of 2024, indicating strong demand and optimism for 2026 [5][26] - **Project Execution**: The shift in delivery timing was attributed to internal decisions by the customer rather than Ceragon's performance, indicating a stable relationship with key clients [30] Competitive Landscape - **Market Position**: Initial signs of positive developments in the competitive landscape, although specific details were not disclosed [35] Additional Considerations - **Investment in R&D**: Continued investment in research and development and sales and marketing to capitalize on market momentum [11] - **Capital Allocation Strategy**: Ongoing evaluation of capital allocation to balance investments in growth and returns to shareholders [12] This summary encapsulates the critical insights from Ceragon Networks' business update, highlighting the company's financial outlook, strategic initiatives, and market positioning.

Core Insights - Ceragon expects fourth quarter revenue to be between $81 million and $83 million, impacted by a deferral of deliveries from a large North American customer into 2026 [1][2] - For 2026, Ceragon projects annual revenue between $355 million and $385 million, driven by growth opportunities in North America and India, as well as new product introductions [1][2] Financial Outlook - Fourth quarter revenue guidance is set at $81 to $83 million due to deferred deliveries [1] - 2026 revenue forecast is between $355 million and $385 million, indicating a strategic focus on growth and consistency [1][2] Customer and Market Dynamics - A large North American customer deferred scheduled deliveries, but no order cancellations are expected, leading to an increase in backlog [2] - Bookings in North America remained strong, with backlog nearly doubling compared to the end of 2024 [2] Strategic Initiatives - The company aims to build a more resilient and diversified growth profile through product development and geographic focus [2] - Ceragon is focusing on expanding opportunities in private networks and aligning new products with customer needs [2]

Core Insights - Ceragon Networks, a leader in end-to-end wireless connectivity solutions, will participate in the 28th Annual Needham Growth Conference on January 13-14, 2026, with a fireside chat scheduled for January 14 at 10:15am ET [1] Company Overview - Ceragon specializes in transport, access, and AI-powered managed and professional services, aiming to enhance operational efficiency and user experience [3] - The company serves a diverse clientele, including service providers, utilities, public safety organizations, government agencies, and energy companies, relying on its expertise for 5G and 4G broadband wireless connectivity [4] - Ceragon's solutions are utilized by over 600 service providers and more than 1,600 private network owners across 130 countries, focusing on high-capacity, reliable wireless solutions that optimize total cost of ownership [4]

Core Insights - The article discusses the current market trends and potential investment opportunities within specific sectors, highlighting the importance of thorough analysis before making investment decisions [2]. Group 1: Market Trends - Recent market fluctuations have shown a significant impact on investor sentiment, with a notable increase in volatility observed in the tech sector [2]. - Analysts are focusing on the performance of companies that have demonstrated resilience during economic downturns, particularly those with strong balance sheets [2]. Group 2: Investment Opportunities - There is a growing interest in renewable energy companies, driven by government incentives and a shift towards sustainable practices [2]. - The healthcare sector is also highlighted as a potential area for investment, especially companies involved in innovative treatments and technologies [2]. Group 3: Risks and Considerations - Investors are advised to remain cautious due to potential regulatory changes that could affect various industries, particularly in technology and healthcare [2]. - The importance of diversifying investment portfolios to mitigate risks associated with market volatility is emphasized [2].

Financial Performance - Q3 2025 revenues were $85.5 million, down 16.7% from $102.7 million in Q3 2024[8] - GAAP operating income was $3.8 million, compared to $14.6 million in Q3 2024[8] - Non-GAAP net income was $1.7 million, or $0.02 per diluted share, compared to $12.2 million, or $0.14 per diluted share in Q3 2024[9] - Net income for Q3 2025 was $28,000, a significant decrease from $12,217,000 in Q3 2024, while the net loss for the first nine months of 2025 was $(2,219,000) compared to a profit of $20,453,000 in the same period last year[31] - Operating cash flow for Q3 2025 was $7,161,000, down from $13,720,000 in Q3 2024, and $20,533,000 for the first nine months of 2025, compared to $25,069,000 in the same period last year[31] - GAAP gross profit for Q3 2025 was $29,350,000, a decrease of 16% from $34,940,000 in Q3 2024, while the gross profit for the first nine months of 2025 was $86,889,000, down from $100,469,000 in 2024[33] - Non-GAAP operating income for Q3 2025 was $5,332,000, compared to $15,844,000 in Q3 2024, and $14,547,000 for the first nine months of 2025, down from $36,574,000 in the same period last year[35] Cash and Liquidity - Cash and cash equivalents increased to $43.0 million from $35.3 million at the end of 2024[11] - Cash and cash equivalents at the end of Q3 2025 were $42,987,000, an increase from $34,014,000 at the end of Q3 2024[31] - The company incurred $10,500,000 in net cash provided by financing activities in Q3 2025, contrasting with a net cash outflow of $(2,985,000) in Q3 2024[31] Revenue Sources and Projections - North America accounted for 41% of total revenue, while India contributed 29%[12] - Full-year 2025 revenue is projected to be approximately $340 million, with expectations for non-GAAP profit and positive cash flow[15] - The company initiated a large Latin American smart city project expected to generate multi-year recurring revenue[6] Technology and Development - E-band technology has been validated through multiple proof-of-concept deployments with Tier-1 operators[6] - Research and development expenses for Q3 2025 were $6,955,000, down from $8,750,000 in Q3 2024, indicating a focus on cost management[33] - The company capitalized $964,000 in software development costs in Q3 2025, compared to $249,000 in Q3 2024, reflecting ongoing investment in technology[31] Market Outlook - Management anticipates year-over-year growth in 2026 based on current momentum and market trends[15] - Total revenues for Q3 2025 were not explicitly stated but can be inferred to have decreased based on the decline in gross profit and net income[33] - The company reported a significant decrease in trade receivables, with a net decrease of $12,130,000 in Q3 2025 compared to an increase of $(8,540,000) in Q3 2024[31]

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