Ceragon Networks Ltd. Q4 FY2025 earnings call

• Doron mentioned Q4 2025 revenue and full year 2025 results aligned with preliminary results shared in January. • Execution in North America solid with CSP activity and private network opportunities. • India activity tracking at run rate with early bookings. • Plan to launch 4 new products in 2026 with some expected to generate initial revenue. • Mobile World Congress in March important for showcasing products and generating demand. • Reiterated 2026 revenue guidance of $355 million to $385 million. • Booked multimillion dollar private network order in APAC with electricity transmission utility

Q4 2025 revenue was $82.3 million, down 23% from Q4 2024. Strong regions were North America ($32.3 million) and India ($24.7 million). Full year 2025 revenue was $338.7 million. Non-GAAP gross margin in Q4 2025 was 34.3%, same as Q4 2024. Full year 2025 non-GAAP gross margin was 34.5%. Q4 2025 non-GAAP EPS was $0.02, full year 2025 non-GAAP EPS was $0.09

• Reiterated full year 2026 revenue guidance of $355 million to $385 million. • Expect non-GAAP gross margin to improve by approximately 1 percentage point at midpoint of revenue range, driven by improved revenue mix and cost reduction initiatives. • Expect non-GAAP operating margin for 2026 to be between 6.5% to 7.5% at midpoint of revenue range

• Global and regional economic conditions. • Conditions in Israel and the region. • Fluctuations in exchange rate. • Customer concentration. • Ordering patterns. • Supply chain challenges

Q: What would be needed to hit the high end of 2026 guidance?

A: Doron said various scenarios possible, including North America and India being relatively stronger and recovery in other regions Q: Talk about dollar to shekel issues and handling?

A: Ronen said they are monitoring, have a hedging policy, and a 1% change in exchange rate would take 0.1% on annualized operating margin Q: First half vs second half outlook and first quarter seasonality?

A: Doron said Q1 will have regular seasonality and some delayed orders, second half expected stronger, encouraged by India business Q: Comment on private network activity in APAC and point-to-multipoint solutions?

A: Doron said multiple private network opportunities globally, APAC has many, point-to-multipoint solution in 60 gigahertz has traction in security/safety and small cell backhaul/fixed wireless access, and interest in FR2 Q: North America larger opportunities, major Tier 1?

A: Doron said customer continuing to invest, new use case around network resiliency/fiber backup could augment volume Q: Progress with second North American Tier 1?

A: Doron said moving forward, high level of engagement with weekly/biweekly discussions Q: Supply chain and memory costs?

A: Doron said memory is price issue, plan to build second/third source and adjust products, takes quarter or so Q: How improve accounts receivable by 30% year-on-year?

A: Ronen said a lot of work with customers in India, focus and follow-ups to reduce DSO in new and older projects Q: Impact of memory costs financially?

A: Ronen said not material enough and not disclosing exact numbers due to competitive implications