Ceragon Networks(US:CRNT)2024-11-13 12:00Financial Performance - Q3 2024 revenues were $102.7 million, representing a 17.7% increase from $87.3 million in Q3 2023 and a 6.9% increase from $96.1 million in Q2 2024[5] - GAAP net income for Q3 2024 was $12.2 million, or $0.14 per diluted share, compared to $3.4 million, or $0.04 per diluted share in Q3 2023[6] - Non-GAAP operating profit increased approximately 35% year-over-year, with a non-GAAP operating margin exceeding 10%[4] - Net income for Q3 2024 reached $12,217,000, a significant increase of 263% compared to $3,367,000 in Q3 2023[31] - GAAP gross profit for Q3 2024 was $34,940,000, representing a 15% increase from $30,274,000 in Q3 2023[33] - Non-GAAP net income for Q3 2024 was $14.1 million, or $0.16 per diluted share[7] - GAAP basic net income per share for Q3 2024 was $0.14, compared to $0.04 in Q3 2023, indicating a 250% increase[35] Revenue Sources - India accounted for 49% of total revenues in Q3 2024, with record quarterly revenues and an expanding pipeline of customer opportunities[11] - North America generated over $20 million in revenue for seven consecutive quarters, with high customer satisfaction from completed projects[8] Cash Flow and Balance Sheet - The company generated more than $10 million in free cash flow in Q3 2024, strengthening its balance sheet[4] - Cash and cash equivalents increased to $34.0 million as of September 30, 2024, up from $26.3 million on June 30, 2024[9] - Cash and cash equivalents at the end of Q3 2024 totaled $34,014,000, slightly up from $33,966,000 at the end of Q3 2023[31] - Operating cash flow for the nine months ended September 30, 2024, was $25,069,000, up from $19,927,000 in the same period last year, reflecting a growth of 26%[31] Expenses and Investments - Research and development expenses for Q3 2024 were $8,750,000, an increase of 17% from $7,454,000 in Q3 2023[35] - Stock-based compensation expenses for the nine months ended September 30, 2024, were $3,377,000, up from $3,025,000 in the same period last year[31] - The company experienced a net cash used in investing activities of $12,092,000 for the nine months ended September 30, 2024, compared to $9,690,000 in the same period of 2023[31] Future Outlook - Management reiterated its 2024 revenue guidance of $390 million to $400 million, indicating growth of 12% to 15% compared to 2023 revenue[19] - The company is focusing on revenue diversification and expanding its presence in private networks, particularly in North America and India[4]