CRNT

MKT CAP:$236M

Ceragon Networks Ltd.

Market Cap

$236M

Technology·Communication Equipment·🇮🇱 Israel·NASDAQ

Technology·Communication·🇮🇱·NASDAQ

Stock Price

$2.64+$0.45 (+20.55%)

Apr 24, 2026

Company Details

Ceragon Networks Ltd. provides wireless backhaul and fronthaul solutions that enable cellular operators and other wireless service providers. Its solutions use microwave and millimeter wave radio technology to transfer telecommunication tra...

CEO

Doron Arazi

IPO Date

Aug 4, 2000

Website

www.ceragon.com

Key Metrics TTM

Revenue

$339M

-14.1% YoY

Net Income

-$2M

EPS (Diluted)

-$0.02

Free Cash Flow

$17M

Revenue / Share

$3.66

Gross Margin

33.7%

Operating Margin

2.0%

Net Margin

-0.6%

FCF Margin

5.1%

P/S

0.7x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Dec 30, 2025

$339M-14.1%EPS -$0.02

Q4 2025

Feb 17, 2026

$82M-23.0%EPS $0.00

Q3 2025

Nov 12, 2025

$85M-16.7%EPS $0.00

Q2 2025

Aug 20, 2025

$82M-14.4%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$70M	$19M	-$1M
Q2 22	$71M	$21M	-$323.0K
Q3 22	$79M	$28M	$5M
Q4 22	$76M	$25M	-$11M
Q1 23	$83M	$28M	$5M
Q2 23	$86M	$30M	$6M
Q3 23	$87M	$30M	$7M
Q4 23	$90M	$31M	$4M
Q1 24	$88M	$32M	$4M
Q2 24	$96M	$33M	$10M
Q3 24	$103M	$35M	$15M
Q4 24	$107M	$36M	$10M
Q1 25	$89M	$29M	-$1M
Q2 25	$82M	$28M	$2M
Q3 25	$85M	$29M	$4M
Q4 25	$82M	$28M	$2M

Valuation

Quarter	P/S	P/E
Q1 22	0.8x	—
Q2 22	0.8x	—
Q3 22	0.8x	—
Q4 22	0.8x	—
Q1 23	0.8x	—
Q2 23	0.7x	—
Q3 23	0.7x	—
Q4 23	0.7x	37.9x
Q1 24	0.7x	50.6x
Q2 24	0.7x	22.6x
Q3 24	0.6x	12.2x
Q4 24	0.6x	9.8x
Q1 25	0.6x	10.4x
Q2 25	0.6x	17.3x
Q3 25	0.6x	169.3x
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$4M
Q2 22	-$3M	-$6M
Q3 22	$9M	$4M
Q4 22	-$9M	-$11M
Q1 23	$4M	-$921.0K
Q2 23	$3M	$851.0K
Q3 23	$13M	$11M
Q4 23	$11M	$8M
Q1 24	$7M	$3M
Q2 24	$5M	-$416.0K
Q3 24	$14M	$11M
Q4 24	$1M	-$3M
Q1 25	$3M	-$1M
Q2 25	$11M	$6M
Q3 25	$8M	$4M
Q4 25	$12M	$9M

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$3M
Q3 22	$4M
Q4 22	$2M
Q1 23	$4M
Q2 23	$2M
Q3 23	$2M
Q4 23	$3M
Q1 24	$4M
Q2 24	$5M
Q3 24	$3M
Q4 24	$4M
Q1 25	$4M
Q2 25	$5M
Q3 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+3.0%	+5.4%
Q2 22	+3.0%	+4.2%
Q3 22	+3.3%	+0.3%
Q4 22	-2.9%	+12.3%
Q1 23	+18.6%	+9.9%
Q2 23	+21.9%	+13.4%
Q3 23	+10.9%	+9.8%
Q4 23	+19.6%	+0.0%
Q1 24	+6.1%	+7.1%
Q2 24	+11.5%	+6.5%
Q3 24	+17.7%	+9.2%
Q4 24	+18.3%	+13.0%
Q1 25	+0.2%	+6.5%
Q2 25	-14.4%	-6.9%
Q3 25	-16.7%	-7.2%
Q4 25	-23.0%	-17.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$746.0K	1.1%
Q2 22	$689.0K	1.0%
Q3 22	$1M	1.5%
Q4 22	$958.0K	1.3%
Q1 23	$1M	1.4%
Q2 23	$808.0K	0.9%
Q3 23	$1M	1.2%
Q4 23	$939.0K	1.0%
Q1 24	$904.0K	1.0%
Q2 24	$2M	1.6%
Q3 24	$907.0K	0.9%
Q4 24	$921.0K	0.9%
Q1 25	$650.0K	0.7%
Q2 25	$2M	1.9%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$7M	$5M	$9M	—
Q2 22	$8M	$5M	$9M	—
Q3 22	$7M	$7M	$9M	—
Q4 22	$8M	$18M	$9M	—
Q1 23	$8M	$5M	$10M	—
Q2 23	$8M	$6M	$10M	—
Q3 23	$7M	$6M	$10M	—
Q4 23	$9M	$6M	$11M	—
Q1 24	$9M	$6M	$11M	—
Q2 24	$8M	$2M	$12M	—
Q3 24	$9M	$688.0K	$11M	—
Q4 24	$9M	$5M	$11M	—
Q1 25	$8M	$5M	$12M	—
Q2 25	$7M	$7M	$12M	—
Q3 25	$7M	$6M	$13M	—
Q4 25	$8M	—	—	$18M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$25M	$0	$25M
Q2 22	$24M	$0	$24M
Q3 22	$26M	$0	$26M
Q4 22	$23M	$0	$23M
Q1 23	$26M	$0	$26M
Q2 23	$25M	$0	$25M
Q3 23	$34M	$0	$34M
Q4 23	$28M	$0	$28M
Q1 24	$29M	$0	$29M
Q2 24	$26M	$0	$26M
Q3 24	$34M	$0	$34M
Q4 24	$35M	$0	$35M
Q1 25	$28M	$0	$28M
Q2 25	$29M	$0	$29M
Q3 25	$43M	$0	$43M
Q4 25	$38M	$0	$38M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	84M	+0.1%	+1.7%
Q2 22	84M	+0.3%	+0.9%
Q3 22	84M	0.0%	-0.5%
Q4 22	84M	+0.2%	+0.5%
Q1 23	85M	+0.8%	+1.2%
Q2 23	85M	+0.4%	+1.3%
Q3 23	85M	+0.2%	+1.5%
Q4 23	85M	-0.5%	+0.8%
Q1 24	88M	+3.0%	+3.1%
Q2 24	88M	+0.4%	+3.1%
Q3 24	88M	+0.5%	+3.3%
Q4 24	90M	+1.9%	+5.8%
Q1 25	89M	-1.4%	+1.3%
Q2 25	89M	+0.8%	+1.8%
Q3 25	92M	+2.5%	+3.9%
Q4 25	92M	+0.8%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$69.9K	1K
Q2 22	$70.3K	1K
Q3 22	$78.2K	1K
Q4 22	$76.4K	988
Q1 23	$84.4K	988
Q2 23	$87.2K	988
Q3 23	$88.3K	988
Q4 23	$86.4K	1K
Q1 24	$84.6K	1K
Q2 24	$91.9K	1K
Q3 24	$98.2K	1K
Q4 24	$101.3K	1K
Q1 25	$84.0K	1K
Q2 25	$77.9K	1K
Q3 25	$81.0K	1K
Q4 25	$78.0K	1K

Revenue / Employee