Ceragon Networks delivered Q4 2025 results in line with expectations, achieving disciplined execution that drove a net cash position of $19.4 million. The company’s operating expenses reflected the structural inclusion of E2E, with focused collection efforts reducing trade receivables by $49.9 million to strengthen liquidity.

North American revenue growth was supported by robust communication service provider activity and an expanding private network pipeline. India operations stabilized at a consistent run rate, while a multimillion-dollar turnkey utility contract in APAC marked progress in converting private network opportunities into revenue.

Management reiterated full-year 2026 revenue guidance of $355 million to $385 million, projecting a one-percentage-point improvement in non-GAAP gross margin driven by favorable revenue mix and cost-reduction initiatives. Four new product launches are planned in 2026, with several expected to contribute revenue within the fiscal year, and second-half revenue is anticipated to outperform the first half.

The company is addressing a surge in memory component prices through secondary sourcing and product design tweaks. Currency fluctuations pose an estimated 0.1% margin impact per 1% exchange-rate change, prompting ongoing monitoring and mitigation strategies.