Ceragon (NASDAQ: CRNT) Q1 2026 posts $85.0M revenue, stronger margin

Rhea-AI Filing Summary

Ceragon Networks reported Q1 2026 revenue of $85.0 million, down from $88.7 million a year earlier, while GAAP gross margin improved to 35.4% from 32.8%. GAAP operating income was $2.1 million, turning around from a loss, but GAAP net loss was $1.3 million, similar to last year.

On a non-GAAP basis, Ceragon earned $0.7 million, or $0.01 per diluted share, versus $2.6 million in Q1 2025. Operating cash flow strengthened to $6.5 million, lifting cash to $39.2 million. Revenue was led by North America at 37% and India at 35%. Management highlighted strong E-band demand, progress with its FR2 solution, macro cost and FX headwinds, and reiterated its 2026 outlook.

Insights

Telecom equipment equity analyst

Mixed quarter: better margins and cash flow, weaker adjusted earnings.

Ceragon delivered Q1 2026 revenue of $85.0M, a modest 4.1% decline year over year, but expanded GAAP gross margin to 35.4% from 32.8%. That lifted GAAP operating income to $2.1M versus a loss previously.

However, non-GAAP net income fell to $0.7M from $2.6M, mainly because financial and other expenses swung to $2.9M from income last year. This shows that below-the-operating-line items had a larger impact despite operational improvement.

Cash generation was a relative bright spot: operating cash flow rose to $6.5M, helping cash reach $39.2M as of March 31, 2026. Management emphasized strong demand in India and for E-band and FR2 solutions, acknowledged cost and FX pressures on margins, and reiterated its 2026 outlook.

Key Figures

Revenue: $85.0 million GAAP gross margin: 35.4% GAAP net loss: $1.3 million +5 more

8 metrics

Revenue $85.0 million Q1 2026; down from $88.7 million in Q1 2025

GAAP gross margin 35.4% Q1 2026; up from 32.8% in Q1 2025

GAAP net loss $1.3 million Q1 2026; versus $1.0 million net loss in Q1 2025

Non-GAAP net income $0.7 million Q1 2026; versus $2.6 million in Q1 2025

Operating cash flow $6.5 million Net cash provided by operating activities in Q1 2026

Cash and cash equivalents $39.2 million As of March 31, 2026; up from $38.4 million at December 31, 2025

Revenue by geography North America 37%, India 35% Share of total revenue for Q1 2026

GAAP operating income $2.1 million Q1 2026; versus $1.1 million operating loss in Q1 2025

Key Terms

free cash flow, Non-GAAP, restructuring and related charges, operating lease right-of-use assets, +2 more

6 terms

free cash flow financial

"improved balance sheet with positive free cash flow"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

Non-GAAP financial

"Non-GAAP results were as follows: Gross margin was 36.0%, operating profit was $4.2 million"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

restructuring and related charges financial

"GAAP Restructuring and related charges 540"

Restructuring and related charges are one-time costs a company records when it reorganizes operations—such as laying off staff, closing facilities, ending leases, or writing down assets—to become more efficient. Investors watch these charges because they reduce reported profit now but can signal future savings or ongoing risks; like paying for a house remodel, the short-term hit may lead to lower long-term expenses, so distinguishing one-off costs from recurring problems is key.

operating lease right-of-use assets financial

"Operating lease right-of-use assets 15,715"

An operating lease right-of-use (ROU) asset is an accounting entry that shows the value of a leased item you have the legal right to use—like a building, vehicle, or equipment—recorded on a company’s balance sheet along with the corresponding lease obligation. Investors care because it adds to reported assets and liabilities, changing measures like leverage and return on assets much like bringing a long-term rental onto the company’s financial snapshot, which can affect credit terms and valuation.

forward-looking statements regulatory

"This press release contains statements that constitute “forward-looking statements”"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Private Securities Litigation Reform Act of 1995 regulatory

"within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995"

Form 6-K: How Foreign Companies Report to the SEC →

SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 6-K

REPORT OF  FOREIGN  PRIVATE  ISSUER  PURSUANT  TO RULE 13a-16  OR

15d-16  UNDER THE  SECURITIES  EXCHANGE  ACT  OF  1934

For the month of May 2026

Commission File Number: 0-30862

 CERAGON NETWORKS LTD.

(Translation of registrant’s name into English)

3 Uri Ariav st., Rosh Ha’Ayin, Israel, 4810002

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒          Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____          

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. This Form 6-K, including all exhibits hereto, is hereby incorporated by reference into all effective registration statements filed by the registrant under the Securities Act of 1933.

	CERAGON NETWORKS LTD.
Date: May 19, 2026	By:  /s/ Ronen Stein
	Name: Ronen Stein Title: Chief Financial Officer

2

Exhibit Description

Exhibit A – CERAGON NETWORKS REPORTS 2026 FIRST QUARTER FINANCIAL RESULTS

3

Exhibit A

Ceragon Networks Reports 2026 First Quarter

 Financial Results

Positive momentum across the business, led by strength in India, and improved balance sheet with positive

free cash flow

Rosh Ha'ain, Israel, May 19, 2026 -- Ceragon (NASDAQ: CRNT), a leading solutions provider of end-to-end wireless connectivity, today reported its financial results for the first quarter ended March 31, 2026.

Q1 2026 Financial Highlights:

• Revenue of $85.0 million, down 4.1% year-over-year

• GAAP Operating income of $2.1 million, non-GAAP operating income of $4.2 million

• GAAP Net income (loss) of ($1.3) million, non-GAAP net income of $0.7 million

• GAAP EPS of ($0.01) per diluted share, non-GAAP EPS of $0.01 per diluted share

Q1 2026 Business Highlights:

• India – Sequentially higher revenue and strong bookings have increased visibility for remainder of 2026; notable interest in E-band solutions

• North America – Revenue remained robust; Activity is progressing with new Tier 1 CSP with potential for initial orders starting Q3

• Private Network – Expanding business with multiple contracts across various customers and use cases

Ceragon’s CEO Doron Arazi commented: “Ceragon’s first quarter results reflected continued healthy demand across many of our key markets, highlighted by strong activity in India. Our solution offerings, predominantly in E-band frequencies, are driving strong demand in multiple regions. We are also making progress with our FR2 new solution, with a successful POC with a major tier North American carrier and increased interest from other potential customers in North America and Europe. We are also encouraged by the diverse wins we have in the private network domain.”

“We are more optimistic with respect to our strategic positioning and the underlying demand environment in our key markets and for our key product cycles, especially given the anticipated changes in the competitive landscape. Several recent macro and industry-wide cost increases and continued adverse foreign currency trends may lead to higher pressure on our margins, especially in the near term, but we are taking actions to minimize these cost challenges. We reiterate our prior 2026 guidance,” concluded Arazi.

Primary First Quarter 2026 Financial Results:

Revenues were $85.0 million, down 4.1% from $88.7 million in Q1 2025.

GAAP Gross profit was $30.1 million, with a gross margin of 35.4%, compared to gross margin of 32.8% in Q1 2025.

GAAP Operating income (loss) was $2.1 million compared to ($1.1) million in Q1 2025.

GAAP Net loss, was ($1.3) million, or ($0.01) per diluted share, compared to ($1.0) million, or ($0.01) per diluted share in Q1 2025.

Non-GAAP results were as follows: Gross margin was 36.0%, operating profit was $4.2 million, and net income was $0.7 million, or $0.01 per diluted share.

For a reconciliation of GAAP to non-GAAP results, see the attached tables.

Balance Sheet

Cash and cash equivalents were $39.2 million on March 31, 2026, compared to $38.4 million on December 31, 2025.

Revenue Breakout by Geography:

	Q1 2026
North America	37%
India	35%
EMEA	15%
Latin America	7%
APAC	6%

Outlook

Management reiterated its 2026 outlook:

• Revenue of $355 million to $385 million.

• Non-GAAP gross margin improvement of 100bps at the midpoint of the provided revenue guidance range.

• Non-GAAP operating margin 6.5% - 7.5% at the midpoint of the provided revenue guidance range.

Conference Call

The Company will hold a Zoom webcast today at 8:30 a.m. ET to review the results, followed by a Q&A session.

Investors are invited to register by clicking here. All relevant access details will be provided upon registration.

For investors unable to join the live call, a replay will be available on the Company’s website at www.ceragon.com 

About Ceragon

Ceragon (NASDAQ: CRNT) is the global innovator and leading solutions provider of end-to-end wireless connectivity, specializing in transport, access, and AI-powered managed & professional services. Through our commitment to excellence, we empower customers to elevate operational efficiency and enrich the quality of experience for their end users.

Our customers include service providers, utilities, public safety organizations, government agencies, energy companies, and more who rely on our wireless expertise and cutting-edge solutions for 5G & 4G broadband wireless connectivity, mission-critical services, and an array of applications that harness our ultra-high reliability and speed. Ceragon solutions are deployed by more than 600 service providers, as well as more than 1,600 private network owners, in more than 130 countries. Through our innovative, end-to-end solutions, covering hardware, software, and managed & professional services, we enable our customers to embrace the future of wireless technology with confidence, shaping the next generation of connectivity and service delivery. Ceragon delivers extremely reliable, fast-to-deploy, high-capacity wireless solutions for a wide range of communication network use cases, optimized to lower TCO through minimal use of spectrum, power, real estate, and labor resources – driving simple, quick, and cost-effective network modernization and positioning Ceragon as a leading solutions provider for the “connectivity everywhere” era.

For more information please visit: www.ceragon.com

Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon, registered in various countries. Other names mentioned are owned by their respective holders.

Safe Harbor

This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon’s management about Ceragon’s business, financial condition, results of operations, micro and macro market trends and other issues addressed or reflected therein. Examples of forward-looking statements include, but are not limited to, statements regarding: projections of demand, revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, order timing, supply chain and shipping, components availability; growth prospects, product development, financial resources, cost savings and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as "may", "plans", "anticipates", "believes", "estimates", "targets", "expects", "intends", "potential" or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words.

Although we believe that the projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations there from will not be material. Such forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon’s future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: Company's forward-looking forecasts, with respect to which there is no assurance that such forecasts will materialize; Company's ability to future plan, business, marketing and product strategies on the forecasted evolution of the market developments, such as market and territory trends, future use cases, business concepts, technologies, future demand, and necessary inventory levels; the effects of fluctuations in currency exchange rates between the currencies in which we operate; risks relating to the conversion of the orders from customers into revenues; the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; risks related to conditions in Israel and the continuation of hostilities in the Middle East; risks associated with delays in the transition to 5G technologies and in the 5G rollout; risks relating to the concentration of our business on a limited number of large mobile operators and the fact that the significant weight of their ordering, compared to the overall ordering by other customers, coupled with inconsistent ordering patterns, could negatively affect us; risks resulting from the volatility in our revenues, margins and working capital needs; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities;  the high volatility in the supply needs of our customers, which from time to time lead to delivery issues and may lead to us being unable to timely fulfil our customer commitments;  and such other risks, uncertainties and other factors that could affect our results of operation, as further detailed in Ceragon’s most recent Annual Report on Form 20-F, as published on April 15, 2026, as well as other documents that may be subsequently filed by Ceragon from time to time with the Securities and Exchange Commission.

We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections on the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Ceragon does not assume any obligation to update any forward-looking statements unless required by law.

The results reported in this press- release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.

Ceragon’s public filings are available on the Securities and Exchange Commission’s website at www.sec.gov and may also be obtained from Ceragon’s website at www.ceragon.com.

Investor Contact:

Rob Fink

FNK IR

Tel. 1+646-809-4048

crnt@fnkir.com

Joey Delahoussaye

FNK IR

Tel. 1+312-809-1087

crnt@fnkir.com

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(U.S. dollars in thousands, except share and per share data)

		Three months ended March 31,
		2026				2025
Revenues			85,003				88,652
Cost of revenues			54,927				59,553
Gross profit			30,076				29,099
Operating expenses:
Research and development, net			7,941				8,249
Sales and marketing			13,990				12,297
General and administrative			5,520				5,436
Restructuring and related charges			540				3,732
Acquisition- and integration-related charges			-				475
Total operating expenses			27,991				30,189
Operating income (loss)			2,085				(1,090	)
Financial and other expenses (income), net			2,856				(990	)
Loss before taxes			(771	)			(100	)
Taxes on income			572				880
Net loss			(1,343	)			(980	)
Basic net loss per share			(0.01	)			(0.01	)
Diluted net loss per share			(0.01	)			(0.01	)
Weighted average number of shares used in computing basic net loss per share			90,709,210				88,742,804
Weighted average number of shares used in computing diluted net loss per share			90,709,210				88,742,804

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

		March 31,				December 31,
		2026				2025
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			39,164				38,368
Trade receivables, net			94,421				99,673
Inventories			56,456				61,587
Other accounts receivable and prepaid expenses			23,804				25,576
Total current assets			213,845				225,204
NON-CURRENT ASSETS:
Severance pay and pension fund			378				362
Property and equipment, net			41,852				39,952
Operating lease right-of-use assets			15,715				16,554
Intangible assets, net			23,867				23,182
Goodwill			11,007				11,007
Other non-current assets			690				781
Total non-current assets			93,509				91,838
Total assets			307,354				317,042
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables			65,576				70,784
Deferred revenues			2,710				2,371
Short-term loans			17,100				19,000
Operating lease liabilities			3,957				4,001
Other accounts payable and accrued expenses			23,167				24,071
Total current liabilities			112,510				120,227
LONG-TERM LIABILITIES:
Accrued severance pay and pension			2,590				2,537
Operating lease liabilities			12,510				13,331
Other long-term payables			8,248				8,195
Total long-term liabilities			23,348				24,063
SHAREHOLDERS' EQUITY:
Share capital			234				234
Additional paid-in capital			455,626				454,640
Treasury shares at cost			(20,091	)			(20,091	)
Other comprehensive loss			(9,715	)			(8,816	)
Accumulated deficit			(254,558	)			(253,215	)
Total shareholders' equity			171,496				172,752
Total liabilities and shareholders' equity			307,354				317,042

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(U.S. dollars, in thousands)

		Three months ended March 31,
		2026				2025
Cash flow from operating activities:
Net loss			(1,343	)			(980	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			3,434				3,332
Loss from sale of property and equipment, net			70				10
Stock-based compensation expenses			892				650
Decrease in accrued severance pay and pensions, net			37				47
Decrease in trade receivables, net			5,301				6,384
Decrease (increase) in other assets (including other accounts receivable, prepaid expenses, other non-current assets, and the effect of exchange rate changes on cash and cash equivalents)			1,216				(1,140	)
Decrease (increase) in inventory			3,830				(2,079	)
Decrease in operating lease right-of-use assets			953				731
Decrease in trade payables			(6,174	)			(4,084	)
Increase (decrease) in other accounts payable and accrued expenses (including other long-term payables)			(1,046	)			754
Decrease in operating lease liability			(979	)			(825	)
Increase (decrease) in deferred revenues			339				(190	)
Net cash provided by operating activities			6,530				2,610
Cash flow from investing activities:
Purchases of property and equipment, net			(2,275	)			(3,469	)
Software development costs capitalized			(1,470	)			(538	)
Payments made in connection with business acquisitions, net of acquired cash			-				(6,570	)
Net cash used in investing activities			(3,745	)			(10,577	)
Cash flow from financing activities:
Proceeds from exercise of stock options			9				508
Repayments of bank credits and loans, net			(1,900	)			-
Net cash provided by (used in) financing activities			(1,891	)			508
Effect of exchange rate changes on cash and cash equivalents			(98	)			(164	)
Increase (decrease) in cash and cash equivalents			796				(7,623	)
Cash and cash equivalents at the beginning of the period			38,368				35,311
Cash and cash equivalents at the end of the period			39,164				27,688

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data)

		Three months ended March 31,
		2026				2025
GAAP Cost of revenues			54,927				59,553
Stock-based compensation expenses			(131	)			(108	)
Amortization of acquired intangible assets			(422	)			(505	)
Non-GAAP Cost of revenues			54,374				58,940
GAAP Gross profit			30,076				29,099
Stock-based compensation expenses			131				108
Amortization of acquired intangible assets			422				505
Non-GAAP Gross profit			30,629				29,712
GAAP Research and development expenses			7,941				8,249
Stock-based compensation expenses			(191	)			(155	)
Non-GAAP Research and development expenses			7,750				8,094
GAAP Sales and marketing expenses			13,990				12,297
Stock-based compensation expenses			(340	)			(310	)
Amortization of acquired intangible assets			(220	)			(222	)
Non-GAAP Sales and marketing expenses			13,430				11,765
GAAP General and administrative expenses			5,520				5,436
Stock-based compensation expenses			(230	)			(77	)
Non-GAAP General and administrative expenses			5,290				5,359
GAAP Restructuring and related charges			540				3,732
Restructuring and related charges			(540	)			(3,732	)
Non-GAAP Restructuring and related charges			-				-
GAAP Acquisition- and integration-related charges			-				475
Acquisition- and integration-related charges			-				(475	)
Non-GAAP Acquisition- and integration-related charges			-				-

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data)

		Three months ended March 31,
		2026				2025
GAAP Operating income (loss)			2,085				(1,090	)
Stock-based compensation expenses			892				650
Amortization of acquired intangible assets			642				727
Restructuring and other charges			540				3,732
Acquisition- and integration-related charges			-				475
Non-GAAP Operating income			4,159				4,494
GAAP Financial and other expenses (income), net			2,856				(990	)
Leases – financial income			26				95
Non-cash revaluation charges associated with business combination			(9	)			1,932
Non-GAAP Financial and other expenses, net			2,873				1,037
GAAP Tax expenses			572				880
Non-GAAP Tax expenses			572				880
GAAP Net income (loss)			(1,343	)			(980	)
Stock-based compensation expenses			892				650
Amortization of acquired intangible assets			642				727
Restructuring and other charges			540				3,732
Acquisition- and integration-related charges			-				475
Leases – financial income			(26	)			(95	)
Non-cash revaluation charges associated with business combination			9				(1,932	)
Non-GAAP Net income			714				2,577
GAAP Basic net income (loss) per share			(0.01	)			(0.01	)
GAAP Diluted net income (loss) per share			(0.01	)			(0.01	)
Non-GAAP Diluted net income per share			0.01				0.03
Weighted average number of shares used in computing GAAP basic and diluted net income (loss) per share			90,709,210				88,742,804
Weighted average number of shares used in computing Non-GAAP diluted net income per share			92,709,739				91,514,527

FAQ

How much revenue did Ceragon Networks (CRNT) generate in Q1 2026?

Ceragon reported Q1 2026 revenue of $85.0 million, compared with $88.7 million in Q1 2025. The slight decline came alongside stronger gross margin performance and continued demand across key markets, particularly North America and India, which together accounted for over 70% of quarterly revenue.

What were Ceragon Networks' GAAP and non-GAAP profits in Q1 2026?

Ceragon posted a GAAP net loss of $1.3 million, or $0.01 per diluted share, in Q1 2026. On a non-GAAP basis it generated net income of $0.7 million, or $0.01 per diluted share, down from $2.6 million non-GAAP net income in Q1 2025.

How did Ceragon Networks' margins and operating income change in Q1 2026?

GAAP gross margin improved to 35.4% in Q1 2026 from 32.8% a year earlier, reflecting better profitability on each dollar of sales. GAAP operating income reached $2.1 million, compared with a $1.1 million operating loss in Q1 2025, indicating improved operating efficiency.

What was Ceragon Networks' cash and free cash flow position in Q1 2026?

Ceragon ended Q1 2026 with $39.2 million in cash and cash equivalents, up from $38.4 million at year-end 2025. Net cash provided by operating activities was $6.5 million, compared with $2.6 million in the prior-year quarter, supporting the company’s emphasis on positive free cash flow.

Which regions drove Ceragon Networks' Q1 2026 revenue mix?

In Q1 2026, North America contributed 37% of Ceragon’s revenue and India 35%. EMEA accounted for 15%, Latin America 7%, and APAC 6%. Management highlighted strong activity in India and growing interest for its E-band and FR2 solutions in North America and Europe.

What outlook did Ceragon Networks provide with its Q1 2026 results?

Management reiterated its prior 2026 guidance, expressing optimism about strategic positioning and demand for key product cycles. They also noted macro cost increases and adverse foreign-currency trends that may pressure margins, while stating they are taking actions to mitigate these challenges.

What business highlights did Ceragon Networks emphasize for Q1 2026?

Ceragon cited strong demand in India, robust interest in its E-band solutions, and progress with its FR2 offering, including a successful proof-of-concept with a major North American carrier. The company also noted diverse wins in private networks and an improved balance sheet with positive operating cash flow.

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