Financial Data and Key Metrics Changes - The first quarter revenue was $88.7 million, a slight increase of 0.2% from $88.5 million in Q1 2024 [16] - Non-GAAP gross profit was $29.7 million, down 8.6% from $32.5 million in Q1 2024, with a non-GAAP gross margin of 33.5% compared to 36.7% in the prior year [16][20] - Non-GAAP net income for Q1 2025 was $2.6 million or $0.03 per diluted share, down from $4.7 million or $0.05 per diluted share in Q1 2024 [20] Business Line Data and Key Metrics Changes - Revenue from India was $42.9 million, an increase of 65% year over year, with bookings at the highest level since Q1 2024 [9][10] - North America revenue was $17.6 million, rebounding from $13.4 million in Q4 2024, with contributions from E2E Technologies included [10][16] - Managed services are a strategic priority, with strong interest observed at Mobile World Congress, indicating a shift towards software-driven services [8] Market Data and Key Metrics Changes - The company noted strong demand for microwave and millimeter wave products, particularly in North America and Europe [7] - E2E Technologies' bookings in Q1 outperformed expectations, contributing to revenue in line with forecasts [9] - The tariff dynamics are creating instability for certain customers, particularly in private networks, but overall customer activity remains steady [11] Company Strategy and Development Direction - The company is focused on expanding its presence in private networks and millimeter wave markets, with ongoing evaluations of strategic M&A opportunities [12][13] - The acquisition of E2E Technologies is expected to enhance capabilities in private networks, particularly in the energy and utilities sector [9] - The shift to software-driven services is anticipated to increase annual recurring revenue and improve margins compared to traditional hardware business [8] Management's Comments on Operating Environment and Future Outlook - Management reiterated the 2025 revenue guidance of $390 million to $430 million, expecting a significant uptick in the second half of the year, primarily driven by India [23][37] - The company remains vigilant regarding tariff impacts but believes the net effect on profitability will be minimal [12] - Positive demand signals were observed during the Mobile World Congress, reinforcing the company's strategic alignment for long-term success [6] Other Important Information - The cash position at the end of Q1 2025 was $27.7 million, down from $35.3 million at the end of 2024, primarily due to acquisition-related cash payments [21] - Inventory increased slightly to $62.3 million as preparations for new E band products are underway [21] Q&A Session Summary Question: Strength in bookings in India - Management indicated that bookings are not concentrated on a single customer but distributed among two main customers, with potential for a third significant project [24][25] Question: Potential significant opportunity in North America - Management described opportunities in North America as potentially meaningful, with estimates of over $10 million annually for a few years [27] Question: Gross margin expansion opportunities - Management noted that gross margin expansion could come from improved revenue mix, economies of scale, and increased sales of software and private network solutions [28][29] Question: Growth in India and its importance - Management confirmed that the main growth uptick is expected in the second half of the year, driven by significant deployments in India [37] Question: Impact of tariffs on customer decision timelines - Management reported no significant changes in buying patterns from CSPs, although there were some hesitations in closing deals on private networks [40] Question: Demand for private networks and geographic performance - Management highlighted increased interest in point-to-multipoint solutions and noted successful POCs in both North America and Europe [41][42] Question: Competitive environment in North America and Europe - Management observed no major changes in competition but noted increased interest in replacing Chinese vendors in Europe [50][51]