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- **Q3 2025 Results**: $85.5M revenue, 35% non-GAAP gross margin, $3.3M free cash flow. 
- **North America Growth**: Tier 1 operator deployments and fixed wireless access drive 16.7% YoY decline offset by North America strength. 
- **AI-Driven Solutions**: E-band and 60 GHz platforms address enterprise and network resiliency needs. 
- **2026 Outlook**: Mid-single-digit growth expected, supported by India recovery and private network expansion. 
- **Financial Resilience**: $43M cash position and disciplined expense management sustain operations.

**【CEO Summary Section】**
- **Q3 2025 Performance**: Revenue of $85.5 million, down 16.7% YoY, with North America leading growth. Non-GAAP gross margin of 35% and free cash flow of $3.3 million highlighted operational resilience. 
- **AI-Driven Demand**: Solutions for high-capacity, low-latency connectivity are addressing enterprise and network resiliency needs, with E-band deployments and 60 GHz point-to-multipoint platforms gaining traction. 
- **Regional Highlights**: North America saw record bookings from a major Tier 1 operator, while India showed renewed activity post-pause. 2025 guidance of $340 million remains confident, with optimism for 2026 growth. 
- **Strategic Initiatives**: Expansion into private networks (e.g., U.S. e-commerce company) and managed services (Colombian operator contract) diversify revenue streams. 

**【CFO Financial Commentary】**
- **Revenue Breakdown**: North America ($36M) and India ($24.4M) drove results. Non-GAAP EPS of $0.02 (adjusted $0.04) reflected $1.5M FX impact in India. 
- **Financial Health**: Cash position of $43M (up from $35.3M) supports operations and strategic investments. Free cash flow generation underscores model sustainability. 
- **Expense Management**: R&D ($6.8M) and sales/marketing ($12M) reflect strategic investments in growth areas. 

**【Q&A Highlights】**
- **Q4 Outlook**: CEO optimistic on sequential improvement, citing India order resumption and North America momentum. 
- **North America Drivers**: Tier 1 operator deployments for 5G, fixed wireless access, and AI-driven capacity needs. 
- **E2E Progress**: Private network opportunities delayed by U.S. strikes, but pipeline remains robust. 
- **2026 Growth**: Mid-single-digit guidance, with India, EMEA, and Latin America as key drivers. 
- **Supply Chain**: Component cost pressures managed via vendor negotiations and diversification.

Ceragon Networks Ltd. (CRNT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CRNT

CRNT fundamentals

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