Core Insights - Ceragon reported solid financial results for Q3 2025, with improved visibility in key markets, particularly in North America and India [3][5] - The company anticipates growth opportunities driven by trends in network utilization and the increasing demand for wireless transport solutions [4][5] Financial Highlights - Revenues for Q3 2025 were $85.5 million, a decrease of 16.7% from $102.7 million in Q3 2024 [6] - Gross profit was $29.4 million, resulting in a gross margin of 34.3%, slightly up from 34.0% in Q3 2024 [6] - GAAP operating income was $3.8 million, down from $14.6 million in Q3 2024, while GAAP net income was $0.0 million compared to $12.2 million in Q3 2024 [6][9] - Non-GAAP results showed a gross margin of 35.0%, operating profit of $5.3 million, and net income of $1.7 million, or $0.02 per diluted share [7] Business Highlights - North America achieved record quarterly revenue, with improved visibility into Q4 [9] - India showed renewed purchasing activity from a major carrier, enhancing market confidence [9] - Ceragon initiated a large smart city project in Latin America, expected to generate multi-year recurring revenue [9] - The company completed multiple proof-of-concept E-band deployments with Tier-1 operators, demonstrating extended reach and lower total cost of ownership [9] Outlook - Management expects full-year 2025 revenue to be approximately $340 million, anticipating non-GAAP profit and positive cash flow [18] - Current momentum in customer activity and market trends support expectations for year-over-year growth in 2026 [18]