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CRNT

Ceragon Networks Ltd.

CRNT

Ceragon Networks Ltd. • NASDAQ
$2.04 ▲ 0.49% (+0.01)
Market Cap $181.44 M
52w High $5.73
52w Low $1.82
Dividend Yield 0%
P/E 102
Volume 262.69K
Outstanding Shares 88.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $85.484M ▲ $25.597M ▼ $28K ▲ 0.033% ▲ $0 ▲ $4.213M ▼
Q2-2025 $82.262M ▼ $25.719M ▼ $-1.267M ▼ -1.54% ▼ $-0.014 ▼ $5.849M ▼
Q1-2025 $88.652M ▼ $30.189M ▲ $-980K ▼ -1.105% ▼ $-0.01 ▼ $6.449M ▼
Q4-2024 $106.932M ▲ $26.863M ▲ $3.61M ▼ 3.376% ▼ $0.04 ▼ $13.053M ▼
Q3-2024 $102.672M $20.309M $12.217M 11.899% $0.14 $17.612M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $42.987M ▲ $326.921M ▼ $154.807M ▼ $172.114M ▲
Q2-2025 $29.216M ▲ $328.385M ▼ $156.608M ▼ $171.777M ▲
Q1-2025 $27.688M ▼ $346.179M ▲ $179.172M ▲ $167.007M ▲
Q4-2024 $35.311M ▲ $344.996M ▲ $178.671M ▲ $166.325M ▲
Q3-2024 $34.014M $317.274M $160.102M $157.172M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $28K ▲ $8.034M ▼ $-4.943M ▲ $10.818M ▲ $13.771M ▲ $4.437M ▼
Q2-2025 $-1.267M ▼ $10.762M ▲ $-5.13M ▲ $-4.557M ▼ $1.528M ▲ $5.632M ▲
Q1-2025 $-980K ▼ $2.61M ▲ $-10.577M ▼ $508K ▼ $-7.623M ▼ $-1.397M ▲
Q4-2024 $3.61M ▼ $1.129M ▼ $-4.372M ▼ $5.071M ▲ $1.297M ▼ $-3.243M ▼
Q3-2024 $12.217M $13.72M $-3.148M $-2.985M $7.711M $10.572M

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past several years, which suggests the company is winning more business and benefiting from demand tied to data growth and 5G-related projects. At the same time, profit quality has improved: gross margins have strengthened and the business has moved from consistent losses to modest but real profitability. Operating income and EBITDA have shifted from break-even or slightly negative to clearly positive, showing better cost control, scale benefits, or improved pricing power. Net income and earnings per share have followed the same pattern, swinging from red to black and then improving again most recently. The key risk is that this progress still rests on a relatively narrow profit base, so any slowdown in orders, pricing pressure, or project delays could quickly affect earnings.

Balance Sheet

Balance Sheet The balance sheet looks gradually stronger, not transformed but clearly healthier than a few years ago. Total assets have inched up, with cash balances improving, which gives the company a bit more financial flexibility than it had earlier in the decade. Equity has grown, reflecting accumulated profits and a stronger capital base. Debt exists but appears manageable relative to the size of the business and its equity. This mix suggests a cautious but not overly stretched financial structure. The main watchpoint is that cash reserves are still not large in absolute terms for a tech hardware player, so the company likely has less room for major missteps, supply shocks, or lengthy downturns in customer spending.

Cash Flow

Cash Flow Cash generation has improved meaningfully. Operating cash flow has turned solidly positive in recent years, showing that reported profits are increasingly backed by real cash coming in the door, not just accounting gains. This is a key sign of a maturing business model. Free cash flow has also moved from patchy or negative to consistently positive, even after funding ongoing investments in equipment and development infrastructure. Capital spending remains relatively modest, which helps. The upside is more financial self-sufficiency; the downside is that any reversal in working capital (for example, slower collections or higher inventory) could quickly squeeze cash, so ongoing discipline remains important.

Competitive Edge

Competitive Edge Ceragon operates in a tough neighborhood: wireless transport and backhaul, where it competes with giants but focuses on a clear niche. Its main edge is deep specialization in high-capacity wireless links and its own proprietary chip technology, which can deliver higher capacity, better power efficiency, and smaller equipment footprints. This allows the company to position itself as a performance- and cost-efficient alternative, particularly for operators looking for focused wireless backhaul expertise. The company has also built a broader offering than just hardware, including network management software, AI-driven optimization, and professional services. Recent acquisitions have expanded its reach in millimeter-wave, fixed wireless access, and private networks. Still, Ceragon faces significant risks: it sells into a cyclical capex market, competes against much larger vendors with strong relationships, and relies on continued technology leadership to defend its niche.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of the strategy. Ceragon designs its own multicore wireless chipsets, which is unusual for a company of its size and can be a real differentiator. Its current product families leverage this to provide high capacity, efficient spectrum use, and compact, low-power equipment, especially for 5G backhaul and dense urban deployments. The roadmap is ambitious: the upcoming “Neptune” chipset and related products aim to deliver a step change in capacity and energy efficiency, targeting future 5G Advanced and eventually 6G needs, including higher frequency bands. In parallel, the company is investing in software, AI-based management tools, and open, disaggregated network architectures, as well as integrating acquisitions in millimeter-wave and private networks. The opportunity is to stay ahead of the curve; the risk is execution—delays, integration issues, or misalignment with operator standards could dilute the payoff from this heavy R&D focus.

Summary

Overall, Ceragon looks like a focused telecom technology specialist that has quietly shifted from survival mode to a more stable, profitable footing. Revenue has grown at a steady pace, margins have improved, and cash generation now consistently supports the business and its development plans. The balance sheet has strengthened, though it still requires ongoing prudence. Strategically, the company’s edge lies in its proprietary wireless transport chipsets, strong engineering focus, and increasing emphasis on software, AI, and services—positioning it as a specialist partner for 5G and private network deployments. At the same time, it operates in a highly competitive, capital-intensive, and cyclical industry, and its progress depends on continued technology execution, successful integration of acquisitions, and sustained telecom and enterprise spending. The story is one of gradual improvement with meaningful upside potential if the roadmap delivers, but also real sensitivity to market cycles and competitive pressure.

NEWS

November 11, 2025 · 7:00 AM UTC

Ceragon Reports 2025 Third Quarter Financial Results

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November 10, 2025 · 6:00 AM UTC

Ceragon Wins $2.7M Managed Services Contract with Colombian Mobile Operator, Leveraging Network Digital Twin

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October 30, 2025 · 7:00 AM UTC

Ceragon to Announce Third Quarter 2025 Financial Results on November 11, 2025

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October 27, 2025 · 7:00 AM UTC

Ceragon to Participate in Upcoming Investor Conferences

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October 22, 2025 · 6:00 AM UTC

Ceragon Demonstrates E-Band Innovations in Tier-1 and ISP Deployments Across North America and Europe

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