Ceragon Reports Fourth Quarter and Full-Year 2025 Financial Results

Core Insights - Ceragon reported its financial results for Q4 and full-year 2025, which were consistent with preliminary results shared in January 2026, indicating a stable performance despite challenges in revenue growth [1][2]. Financial Highlights Q4 2025 - GAAP net income was $0.1 million, or $0.00 per diluted share; non-GAAP net income was $1.4 million, or $0.02 per diluted share [1]. - Revenues totaled $82.3 million, reflecting a 23.0% decrease from $106.9 million in Q4 2024 [1][3]. - GAAP operating income was $2.4 million, down from $9.5 million in Q4 2024 [1][3]. Full-Year 2025 - GAAP net loss was $(2.1) million, or $(0.02) per diluted share; non-GAAP net income was $8.2 million, or $0.09 per diluted share [1]. - Revenues were $338.7 million, a 14.1% decline from $394.2 million in 2024 [1][3]. - GAAP operating income was $7.2 million, compared to $38.7 million in 2024 [1][3]. Business Highlights - The company ended 2025 with $38.4 million in cash and cash equivalents, improving its net cash position to $19.4 million from $10.1 million at the end of 2024 [1]. - Revenue from India remained stable sequentially from Q3 2025, meeting expectations [1]. - North American revenue momentum continued, with Q4 revenue slightly below the record level achieved in Q3 2025, and backlog entering 2026 nearly double that of 2025 [1]. Outlook - For 2026, Ceragon expects revenue between $355 million and $385 million, indicating near double-digit growth at the midpoint based on current market conditions [1][2]. - Non-GAAP operating margin is projected to be between 6.5% to 7.5% at the midpoint of the revenue range [1]. Geographic Revenue Breakdown (Q4 2025) - North America: 39% - India: 30% - EMEA: 15% - Latin America: 10% - APAC: 6% [1].