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Dec 31, 2025
Ceragon Q4 2025 Earnings Report
Ceragon reported its financial results for the fourth quarter and full-year ended December 31, 2025, with results in-line with the January update, reiterated guidance, and a strengthened balance sheet.
Key Takeaways
Ceragon reported Q4 2025 revenues of $82.3 million, GAAP operating income of $2.4 million, and GAAP net income of $0.1 million. For the full year 2025, revenues were $338.7 million, GAAP operating income was $7.2 million, and GAAP net loss was $(2.1) million. The company ended 2025 with a strengthened balance sheet, including $38.4 million in cash and cash equivalents.
Q4 2025 revenues were $82.3 million, consistent with the January update.
GAAP operating income for Q4 2025 was $2.4 million, with non-GAAP operating income at $3.4 million.
Ceragon ended 2025 with $38.4 million in cash and cash equivalents, an increase from $35.3 million at the end of 2024.
North American momentum continued, with backlog entering 2026 nearly double that of entering 2025.
Revenue by Geographic Location
Forward Guidance
For 2026, Ceragon expects revenue between $355 million and $385 million, with a non-GAAP operating margin of 6.5% to 7.5% at the midpoint of the revenue range, reflecting currency assumptions established in January.
Positive Outlook
- Reiterated revenue guidance for 2026, implying near double-digit growth.
- Stronger balance sheet provides a solid foundation for future operations.
- Continued momentum in North America, with significantly higher backlog.
- Disciplined execution and improved cash generation.
- Non-GAAP operating margin expected to be between 6.5% to 7.5%.
Challenges Ahead
- Currency fluctuations could impact financial results.
- Management will closely monitor and evaluate currency fluctuations.
- The margin outlook reflects currency assumptions from January, which may change.
- Potential for discrepancies between preliminary and audited results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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