Ceragon Networks (NASDAQ: CRNT) posts 2025 loss but guides for 2026 growth

Rhea-AI Filing Summary

Ceragon Networks reported softer results for Q4 and full-year 2025, but stayed profitable on a non-GAAP basis and issued growth guidance for 2026. Q4 2025 revenue was $82.3 million, down 23.0% from Q4 2024, with GAAP net income of $0.1 million and non-GAAP net income of $1.4 million, or $0.02 per diluted share. For 2025, revenue was $338.7 million, down 14.1% from 2024, with GAAP net loss of $2.1 million compared to $24.1 million profit in 2024, while non-GAAP net income was $8.2 million, or $0.09 per diluted share. Cash and cash equivalents increased to $38.4 million as of December 31, 2025, from $35.3 million a year earlier. Management reiterated 2026 revenue guidance of $355 million to $385 million and targets a non-GAAP operating margin between 6.5% and 7.5% at the midpoint of the revenue range.

Positive

• Non-GAAP profitability and cash generation: Ceragon reported 2025 non-GAAP net income of $8.2 million with non-GAAP operating income of $18.0 million and generated $31.6 million in operating cash flow, increasing cash and cash equivalents to $38.4 million at year-end.
• Reiterated 2026 growth and margin guidance: Management reaffirmed 2026 revenue guidance of $355–$385 million and a targeted non-GAAP operating margin of 6.5%–7.5% at the midpoint, indicating expectations for growth and improved profitability versus 2025.

Negative

• Double-digit revenue and GAAP earnings deterioration: 2025 revenue fell 14.1% to $338.7 million and Q4 revenue dropped 23.0% year over year, while GAAP results moved from $24.1 million net income in 2024 to a $2.1 million net loss in 2025.
• Compressed quarterly profitability: Q4 2025 GAAP operating income declined to $2.4 million from $9.5 million in Q4 2024, and GAAP net income fell to $0.1 million from $3.6 million, highlighting weaker short-term profitability.

Insights

Equity research analyst

Revenue fell and GAAP earnings weakened, but non-GAAP profit, cash flow and 2026 growth guidance offer some support.

Ceragon Networks saw clear top- and bottom-line pressure in 2025. Revenue declined to $338.7 million, down 14.1% from 2024, and GAAP results swung to a net loss of $2.1 million versus $24.1 million profit in 2024. Q4 revenue of $82.3 million was also down 23.0% year over year.

Despite weaker GAAP metrics, operations remained profitable on a non-GAAP basis. Non-GAAP net income reached $8.2 million in 2025, or $0.09 per diluted share, and Q4 non-GAAP net income was $1.4 million. Cash and cash equivalents increased to $38.4 million, supported by full-year operating cash flow of $31.6 million.

Management reiterated 2026 revenue guidance of $355 million to $385 million, implying growth from 2025, and projected non-GAAP operating margin of 6.5% to 7.5% at the midpoint. Actual performance will depend on demand across North America, India and other regions, currency effects, and execution relative to the stated outlook.

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 February 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: February 17, 2026	By:  /s/ Ronen Stein
	Name: Ronen Stein Title: Chief Financial Officer

2

Exhibit Description

Exhibit A – Ceragon Reports Fourth Quarter and Full-Year 2025 Financial Results

3

Exhibit A

Ceragon Reports Fourth Quarter and Full-Year 2025 Financial Results

Results in-line with January update; Guidance reiterated and balance sheet strengthened

Rosh Ha'ain, Israel, February 17, 2026 -- Ceragon (NASDAQ: CRNT), a leading solutions provider of end-to-end wireless connectivity, today reported its financial results for the fourth quarter and full-year ended December 31, 2025. The results are in-line with the preliminary results disclosed on January 8, 2026.

Q4 2025 Financial Highlights:

• Revenues of $82.3 million, in-line with January update

• GAAP operating income of $2.4 million, non-GAAP operating income of $3.4 million

• GAAP net income of $0.1 million, or $0.00 per diluted share; non-GAAP net income of $1.4 million, or $0.02 per diluted share

FY 2025 Financial Highlights:

• Revenue of $338.7 million

• GAAP operating income of $7.2 million; non-GAAP operating income of $18.0 million

• GAAP net loss of $(2.1) million, or $(0.02) per diluted share; non-GAAP net income of $8.2 million, or $0.09 per diluted share

Q4 2025 Business Highlights:

• North American Momentum Continued: Revenue in the fourth quarter was slightly less than the record level achieved in Q3 2025, and backlog entering 2026 is nearly double what it was entering 2025.

• India Progress: Revenue was stable sequentially from Q3 2025 and tracked expectations.

• Balance Sheet Progress: Ceragon ended 2025 with $38.4 million in cash and cash equivalents and a net cash position of $19.4 million, up from a net cash position of $10.1 million at the end of 2024, reflecting improved cash generation and disciplined execution, inclusive of the acquisition of E2E.

Ceragon’s CEO, Doron Arazi, commented: “Our fourth quarter and full-year results are consistent with the preliminary results we shared in January. We remained profitable on a non-GAAP basis for both the fourth quarter and full-year 2025 and had strong free cash flow in the fourth quarter. We delivered on what we communicated, strengthened our balance sheet, and exited the year with a significantly higher backlog in North America. Our outlook for 2026 remains unchanged, and we are reiterating our revenue guidance of $355 million to $385 million, which at the midpoint implies near double-digit growth based on the current environment.”

Primary Fourth Quarter 2025 Financial Results:

Revenues were $82.3 million, down 23.0% from $106.9 million in Q4 2024.

GAAP Gross profit was $27.7 million, with gross margin of 33.6%, compared to a gross margin of 34.0% in Q4 2024.

GAAP Operating income was $2.4 million compared with $9.5 million in Q4 2024.

GAAP Net income was $0.1 million, or $0.00 per diluted share, compared with $3.6 million, or $0.04 per diluted share in Q4 2024.

Non-GAAP results were as follows: Gross margin was 34.3%, operating income was $3.4 million, and net income of $1.4 million, or $0.02 per diluted share.

Primary Full-Year 2025 Financial Results:

Revenues were $338.7 million, down 14.1% from $394.2 million in 2024.

GAAP Gross profit was $114.6 million, with gross margin of 33.8%, compared to a gross margin of 34.7% in 2024.

GAAP Operating income was a record $7.2 million compared to $38.7 million for 2024.

GAAP Net income (loss) was ($2.1) million, or ($0.02) per diluted share, compared to $24.1 million, or $0.27 per diluted share for 2024.

Non-GAAP results were as follows: Gross margin was 34.5%, operating profit was $18.0 million, and net income was $8.2 million, or $0.09 per diluted share.

Balance Sheet

Cash and cash equivalents were $38.4 million on December 31, 2025, compared to $35.3 on December 31, 2024.

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

Revenue Breakout by Geography:

	Q4 2025
North America	39%
India	30%
EMEA	15%
Latin America	10%
APAC	6%

Outlook

For 2026, management expects revenue between $355 million and $385 million and non-GAAP operating margin to be between 6.5% to 7.5% at the midpoint of the provided revenue range. This margin outlook reflects the currency assumptions established in January, and management will closely monitor and evaluate currency fluctuations as the year progresses.

Conference Call

The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the financial results, followed by a question-and-answer session for the investment community.

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

For those 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; 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 escalation 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 March 25, 2025, 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 of 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.

Ceragon Investor & Media Contact:

Rob Fink

FNK IR

Tel. 1+646-809-4048

crnt@fnkir.com

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

		Three months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
Revenues			82,330				106,932				338,728				394,190
Cost of revenues			54,667				70,550				224,176				257,339
Gross profit			27,663				36,382				114,552				136,851
Operating expenses:
Research and development, net			7,891				8,969				30,427				34,951
Sales and Marketing			12,053				11,077				48,681				44,717
General and administrative			6,005				5,374				24,394				14,220
Restructuring and related charges			-				-				3,732				1,416
Acquisition- and integration-related charges			(652	)			283				72				1,660
Other operating expenses			-				1,160				-				1,160
Total operating expenses			25,297				26,863				107,306				98,124
Operating income			2,366				9,519				7,246				38,727
Financial expenses and others, net			1,656				4,863				6,538				11,474
Income before taxes			710				4,656				708				27,253
Taxes on income			581				1,046				2,798				3,190
Net income (loss)			129				3,610				(2,090	)			24,063
Basic net income (loss) per share			0.00				0.04				(0.02	)			0.28
Diluted net income (loss) per share			0.00				0.04				(0.02	)			0.27
Weighted average number of shares used in computing basic net income (loss) per share			90,612,915				87,207,634				89,787,286				86,191,178
Weighted average number of shares used in computing diluted net income (loss) per share			92,432,382				89,987,560				89,787,286				88,460,001

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

		December 31,				December 31,
		2025				2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents			38,368				35,311
Trade receivables, net			99,673				149,619
Inventories			61,587				59,693
Other accounts receivable and prepaid expenses			25,576				16,415
Total current assets			225,204				261,038
NON-CURRENT ASSETS:
Severance pay and pension fund			362				4,915
Property and equipment, net			39,952				36,764
Operating lease right-of-use assets			16,554				16,702
Intangible assets, net			23,182				16,791
Goodwill			11,007				7,749
Other non-current assets			781				1,037
Total non-current assets			91,838				83,958
Total assets			317,042				344,996
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Trade payables			70,784				91,157
Deferred revenues			2,371				2,573
Short-term loans			19,000				25,200
Operating lease liabilities			4,001				2,971
Other accounts payable and accrued expenses			24,071				29,547
Total current liabilities			120,227				151,448
LONG-TERM LIABILITIES:
Accrued severance pay and pension			2,537				8,359
Operating lease liabilities			13,331				12,936
Other long-term payables			8,195				5,928
Total long-term liabilities			24,063				27,223
SHAREHOLDERS' EQUITY:
Share capital			234				232
Additional paid-in capital			454,640				447,369
Treasury shares at cost			(20,091	)			(20,091	)
Other comprehensive loss			(8,816	)			(10,060	)
Accumulated deficit			(253,215	)			(251,125	)
Total shareholders' equity			172,752				166,325
Total liabilities and shareholders' equity			317,042				344,996

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(U.S. dollars, in thousands)

		Three months ended								Year ended
		December 31,								December 31,
		2025				2024				2025				2024
Cash flow from operating activities:
Net income (loss)			129				3,610				(2,090	)			24,063
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			3,927				3,251				14,327				12,112
Loss from sale of property and equipment, net			19				38				44				207
Stock-based compensation expense			1,030				921				4,091				4,298
Decrease (increase) in accrued severance pay and pensions, net			47				(239	)			(599	)			(970	)
Decrease (increase) in trade receivables, net			12,275				(28,437	)			52,567				(46,224	)
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)			(4,596	)			3,656				(8,819	)			1,344
Decrease (increase) in inventory			(3,531	)			(309	)			(2,128	)			7,606
Decrease in operating lease right-of-use assets			1,610				939				4,626				4,632
Increase (decrease) in trade payables			1,175				15,291				(22,103	)			23,032
Increase (decrease) in other accounts payable and accrued expenses (including other long-term payables)			(199	)			3,549				(5,088	)			3,898
Decrease in operating lease liability			(1,328	)			(689	)			(3,053	)			(4,196	)
Increase (decrease) in deferred revenues			465				(452	)			(219	)			(3,604	)
Net cash provided by operating activities			11,023				1,129				31,556				26,198
Cash flow from investing activities:
Purchases of property and equipment, net			(3,033	)			(3,727	)			(13,609	)			(14,581	)
Software development costs capitalized			(1,143	)			(645	)			(3,818	)			(1,883	)
Payments made in connection with business acquisitions, net of acquired cash			-				-				(6,570	)			-
Net cash used in investing activities			(4,176	)			(4,372	)			(23,997	)			(16,464	)
Cash flow from financing activities:
Proceeds from exercise of stock options			35				5,071				690				5,878
Repayments of bank credits and loans, net			(12,000	)			-				(6,200	)			(7,400	)
Net cash provided by (used in) financing activities			(11,965	)			5,071				(5,510	)			(1,522	)
Effect of exchange rate changes on cash and cash equivalents			499				(531	)			1,008				(1,138	)
Increase (decrease) in cash and cash equivalents			(4,619	)			1,297				3,057				7,074
Cash and cash equivalents at the beginning of the period			42,987				34,014				35,311				28,237
Cash and cash equivalents at the end of the period			38,368				35,311				38,368				35,311

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

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

		Three months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
GAAP Cost of revenues			54,667				70,550				224,176				257,339
Stock-based compensation expenses			(148	)			(121	)			(471	)			(495	)
Amortization of acquired intangible assets			(421	)			(189	)			(1,799	)			(756	)
Excess cost on acquired inventory in business combination (*)			-				-				-				(124	)
Non-GAAP Cost of revenues			54,098				70,240				221,906				255,964
GAAP Gross profit			27,663				36,382				114,552				136,851
Stock-based compensation expenses			148				121				471				495
Amortization of acquired intangible assets			421				189				1,799				756
Excess cost on acquired inventory in business combination (*)			-				-				-				124
Non-GAAP Gross profit			28,232				36,692				116,822				138,226
GAAP Research and development expenses			7,891				8,969				30,427				34,951
Stock-based compensation expenses			(211	)			(192	)			(679	)			(701	)
Loss from termination of joint development agreement			-				-				-				-
Non-GAAP Research and development expenses			7,680				8,777				29,748				34,250
GAAP Sales and marketing expenses			12,053				11,077				48,681				44,717
Stock-based compensation expenses			(417	)			(332	)			(1,361	)			(1,356	)
Amortization of acquired intangible assets			(258	)			(117	)			(1,030	)			(622	)
Non-GAAP Sales and marketing expenses			11,378				10,628				46,290				42,739
GAAP General and administrative expenses			6,005				5,374				24,394				14,220
Stock-based compensation expenses			(254	)			(276	)			(1,580	)			(1,746	)
Non-GAAP General and administrative expenses			5,751				5,098				22,814				12,474
GAAP Restructuring and related charges			-				-				3,732				1,416
Restructuring and related charges			-				-				(3,732	)			(1,416	)
Non-GAAP Restructuring and related charges			-				-				-				-
GAAP Acquisition- and integration-related charges			(652	)			283				72				1,660
Acquisition- and integration-related charges			652				(283	)			(72	)			(1,660	)
Non-GAAP Acquisition- and integration-related charges			-				-				-				-
GAAP Other operating expenses			-				1,160				-				1,160
Other operating expenses			-				(1,160	)			-				(1,160	)
Non-GAAP Other operating expenses			-				-				-				-

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

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

		Three months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
GAAP Operating income			2,366				9,519				7,246				38,727
Stock-based compensation expenses			1,030				921				4,091				4,298
Amortization of acquired intangible assets			679				306				2,829				1,378
Excess cost on acquired inventory in business combination (*)			-				-				-				124
Restructuring and other charges			-				-				3,732				1,416
Acquisition- and integration-related charges			(652	)			283				72				1,660
Other operating expenses			-				1,160				-				1,160
Non-GAAP Operating income			3,423				12,189				17,970				48,763
GAAP Financial expenses and others, net			1,656				4,863				6,538				11,474
Leases – financial income (expenses)			(283	)			15				(1,573	)			(167	)
Non-cash revaluation expenses associated with business combination			23				(1,385	)			1,995				(1,703	)
Non-GAAP Financial expenses and others, net			1,396				3,493				6,960				9,604
GAAP Tax expenses			581				1,046				2,798				3,190
Non-cash tax adjustments			-				-				-				(413	)
Non-GAAP Tax expenses			581				1,046				2,798				2,777
GAAP Net income (loss)			129				3,610				(2,090	)			24,063
Stock-based compensation expenses			1,030				921				4,091				4,298
Amortization of acquired intangible assets			679				306				2,829				1,378
Excess cost on acquired inventory in business combination (*)			-				-				-				124
Restructuring and other charges			-				-				3,732				1,416
Acquisition- and integration-related charges			(652	)			283				72				1,660
Other operating expenses			-				1,160				-				1,160
Leases – financial expenses (income)			283				(15	)			1,573				167
Non-cash revaluation expenses associated with business combination			(23	)			1,385				(1,995	)			1,703
Non-cash tax adjustments			-				-				-				413
Non-GAAP Net income			1,446				7,650				8,212				36,382
GAAP Basic net income (loss)per share			0.00				0.04				(0.02	)			0.28
GAAP Diluted net income (loss)per share			0.00				0.04				(0.02	)			0.27
Non-GAAP Diluted net income per share (**)			0.02				0.09				0.09				0.41

(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business combination, which was recorded at fair value, and the actual cost of this inventory, which impacts the Company’s gross profit.

(**) Weighted average number of shares used in computing diluted net income per share is the same as in GAAP

FAQ

How did Ceragon Networks (CRNT) perform financially in Q4 2025?

Ceragon reported Q4 2025 revenue of $82.3 million, down 23.0% from $106.9 million in Q4 2024. GAAP net income was $0.1 million, while non-GAAP net income reached $1.4 million, or $0.02 per diluted share, reflecting modest profitability despite lower sales.

What were Ceragon Networks’ full-year 2025 results compared to 2024?

For 2025, Ceragon generated $338.7 million in revenue, down 14.1% from $394.2 million in 2024. GAAP results shifted to a $2.1 million net loss from $24.1 million net income, while non-GAAP net income was $8.2 million, or $0.09 per diluted share.

What guidance did Ceragon Networks (CRNT) provide for 2026?

Management expects 2026 revenue between $355 million and $385 million, above 2025 levels. They also target a non-GAAP operating margin of 6.5%–7.5% at the midpoint of that revenue range, based on current currency assumptions and market conditions described in the outlook.

How strong is Ceragon Networks’ balance sheet at year-end 2025?

As of December 31, 2025, Ceragon held $38.4 million in cash and cash equivalents, up from $35.3 million a year earlier. Total assets were $317.0 million, with shareholders’ equity of $172.8 million, indicating a positive equity base and improved liquidity.

Did Ceragon Networks remain profitable on a non-GAAP basis in 2025?

Yes. While GAAP results showed a $2.1 million net loss for 2025, Ceragon reported non-GAAP net income of $8.2 million. Non-GAAP operating income reached $18.0 million, reflecting adjustments such as stock-based compensation, amortization of acquired intangibles, and certain one-time charges.

What was Ceragon Networks’ cash flow performance in 2025?

Ceragon generated $31.6 million in net cash from operating activities during 2025, up from $26.2 million in 2024. This strong operating cash flow funded $24.0 million of investing cash outflows and helped increase year-end cash and cash equivalents to $38.4 million.

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