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Ceragon Reports 17.7% Increase in Quarterly Revenue, GAAP EPS of $0.14 Per Share in the Third Quarter

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Ceragon (NASDAQ: CRNT) reported strong Q3 2024 financial results with revenues of $102.7 million, up 17.7% year-over-year. The company achieved GAAP operating income of $14.6 million and net income of $12.2 million, resulting in EPS of $0.14 per share. India contributed 49% of revenue, hitting all-time record quarterly revenues, while North America maintained strong performance with seven consecutive quarters above $20 million. The company reiterated its 2024 outlook, expecting revenue between $390-400 million and non-GAAP operating margins of at least 10% at the midpoint.

Ceragon (NASDAQ: CRNT) ha riportato solidi risultati finanziari per il terzo trimestre del 2024, con ricavi di 102,7 milioni di dollari, in aumento del 17,7% rispetto all'anno precedente. L'azienda ha registrato un utile operativo GAAP di 14,6 milioni di dollari e un utile netto di 12,2 milioni di dollari, risultando in un utile per azione di $0,14 per azione. L'India ha contribuito al 49% dei ricavi, segnando ricavi trimestrali record, mentre il Nord America ha mantenuto una forte performance con sette trimestri consecutivi sopra i 20 milioni di dollari. L'azienda ha ribadito le proprie previsioni per il 2024, prevedendo ricavi tra i 390 e i 400 milioni di dollari e margini operativi non GAAP di almeno il 10% a metà percorso.

Ceragon (NASDAQ: CRNT) reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos de 102,7 millones de dólares, un aumento del 17,7% interanual. La compañía alcanzó un ingreso operativo GAAP de 14,6 millones de dólares y un ingreso neto de 12,2 millones de dólares, lo que resulta en una ganancia por acción de $0,14 por acción. India contribuyó con el 49% de los ingresos, alcanzando ingresos trimestrales récord, mientras que América del Norte mantuvo un fuerte desempeño con siete trimestres consecutivos por encima de los 20 millones de dólares. La compañía reiteró su perspectiva para 2024, esperando ingresos entre 390 y 400 millones de dólares y márgenes operativos no GAAP de al menos el 10% en el punto medio.

세라곤 (NASDAQ: CRNT)은 2024년 3분기 강력한 재무 결과를 보고했으며, 매출은 1억 270만 달러로 지난해 대비 17.7% 증가했습니다. 이 회사는 GAAP 기준 운영 소득 1천460만 달러와 순이익 1천220만 달러를 달성하여, 주당 순이익은 $0.14에 이릅니다. 인도는 매출의 49%를 기여하며 역대 최대 분기 매출을 기록했으며, 북미는 7분기 연속 2천만 달러 이상의 강력한 실적을 유지했습니다. 이 회사는 2024년 전망을 재확인하며, 매출은 3억 9천만에서 4억 달러 사이를 예상하고, 중간 목표에서 비 GAAP 운영 마진은 최소 10%에 이를 것으로 보입니다.

Ceragon (NASDAQ: CRNT) a annoncé des résultats financiers solides pour le troisième trimestre 2024, avec des revenus de 102,7 millions de dollars, en hausse de 17,7 % par rapport à l'année précédente. L'entreprise a réalisé un bénéfice d'exploitation GAAP de 14,6 millions de dollars et un bénéfice net de 12,2 millions de dollars, ce qui donne un BPA de 0,14 $ par action. L'Inde a contribué à hauteur de 49 % des revenus, atteignant des revenus trimestriels records, tandis que l'Amérique du Nord a maintenu une forte performance avec sept trimestres consécutifs au-dessus de 20 millions de dollars. L'entreprise a réaffirmé ses prévisions pour 2024, s'attendant à des revenus entre 390 et 400 millions de dollars et des marges opérationnelles non GAAP d'au moins 10 % au point médian.

Ceragon (NASDAQ: CRNT) hat starke Finanzzahlen für das dritte Quartal 2024 berichtet, mit Einnahmen von 102,7 Millionen US-Dollar, was einem Anstieg von 17,7 % im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte ein GAAP-Betriebsergebnis von 14,6 Millionen US-Dollar und einen Nettogewinn von 12,2 Millionen US-Dollar, was zu einem Gewinn je Aktie von $0,14 führte. Indien trug 49 % zu den Einnahmen bei und erreichte Rekordeinnahmen in einem Quartal, während Nordamerika mit sieben aufeinander folgenden Quartalen über 20 Millionen US-Dollar eine starke Leistung zeigte. Das Unternehmen bekräftigte seinen Ausblick für 2024 und erwartet einen Umsatz zwischen 390 und 400 Millionen US-Dollar sowie Nicht-GAAP-Betriebsrenditen von mindestens 10 % im Mittel.

Positive
  • Revenue increased 17.7% YoY to $102.7 million
  • GAAP operating income grew to $14.6 million from $6.7 million in Q3 2023
  • GAAP Net income increased to $12.2 million from $3.4 million in Q3 2023
  • Generated over $10 million in free cash flow
  • Cash position improved to $34.0 million from $26.3 million in Q2 2024
  • Non-GAAP operating profit increased 35% year-over-year
Negative
  • None.

Insights

The Q3 results demonstrate robust financial performance with several key positives. Revenue grew 17.7% year-over-year to $102.7 million, while GAAP operating income more than doubled to $14.6 million. The 34.3% non-GAAP gross margin and 10%+ operating margin show strong operational efficiency.

Geographic diversification is healthy, with India contributing 49% and North America 24% of revenue. The $34 million cash position and $10 million quarterly free cash flow generation indicate improved financial health. The narrowed full-year guidance of $390-400 million revenue implies continued momentum.

The Siklu acquisition integration appears to be progressing well, contributing to the expanded product portfolio and market reach. The consistent profitability and strong order pipeline, particularly in private networks and Indian market, suggest sustainable growth trajectory.

The wireless connectivity market dynamics are clearly favoring Ceragon's positioning. The company's seven consecutive quarters of $20+ million revenue in North America shows growing market penetration in a key region. The record revenues in India, despite being a price-sensitive market, indicate strong competitive advantages.

The successful Cincinnati project completion demonstrates Ceragon's ability to execute large-scale deployments, which should help win similar municipal contracts. The IP-50CX product ramp-up suggests successful innovation in meeting evolving market needs. The debt settlement with the South American customer ($5.1 million benefit) also shows improving regional risk management.

Revenue Diversification, Expense Management, Enable Consistent Profitability;

Management Reiterates Midpoint of Full-Year 2024 Outlook 

ROSH HA'AIN, Israel, Nov. 13, 2024 /PRNewswire/ -- Ceragon (NASDAQ: CRNT), a leading solutions provider of end-to-end wireless connectivity, today reported its financial results for the third quarter period ended September 30, 2024.

Ceragon Networks Ltd. Logo

Q3 2024 Financial Highlights:

  • Revenues of $102.7 million
  • Operating income of $14.6 million on a GAAP basis, or $15.8 million on a non-GAAP basis
  • Net Income of $12.2 million on a GAAP basis, and net income of $14.1 million on a non-GAAP basis
  • EPS of $0.14 per diluted share on a GAAP basis, or $0.16 per diluted share on a non-GAAP basis

Q3 2024 Business Highlights:

  • India:
    -  All-time record quarterly revenues.
    -  Expanding pipeline of customer opportunities
    -  Increasing revenue diversification
    -  Continued ramp up in deliveries for new IP-50CX product
  • North America:
    -  Seven consecutive quarters of revenue above $20 million
    -  Completed City of Cincinnati extended project with high customer satisfaction, creating more opportunities through proactive references

Doron Arazi, CEO, commented: "Ceragon delivered double-digit year-over-year revenue growth, driven by strong results from India and North America. We are reiterating our full-year outlook based on our year-to-date results and current visibility into the fourth quarter, narrowing the range and preserving the midpoint. We continue to see a healthy funnel of opportunities in the private networks' domain, primarily in North America, and demand in India has remained strong, as we grow our presence in multiple accounts, driving revenue diversification and giving us continued confidence in expected future business."

"Simultaneously, we are converting incremental revenue into expanded profitability," continued Mr. Arazi. "Our non-GAAP operating profit, excluding the benefit of the collection of prior bad debt, increased approximately 35% year-over-year. Accordingly, our non-GAAP operating margin, again excluding this benefit, improved by approximately 130 basis points year-over-year, exceeding 10% and demonstrating the growing leverage we have built into our business model. Additionally, we generated more than $10 million in free cash flow in the third quarter, enabling us to bolster our balance sheet."

Primary Third Quarter 2024 Financial Results:

Revenues were $102.7 million, up 17.7% from $87.3 million in Q3 2023 and up 6.9% from $96.1 million in Q2 2024.

GAAP Operating income was $14.6 million compared with $6.7 million for Q3 2023 and $10.4 million for Q2 2024.

GAAP Net income was $12.2 million, or $0.14 per diluted share, compared with $3.4 million, or $0.04 per diluted share for Q3 2023 and $7.8 million, or $0.09 per diluted share for Q2 2024.

Non-GAAP results were as follows: Gross margin was 34.3%, operating income was $15.8 million, and net income of $14.1 million, or $0.16 per diluted share. The third quarter included approximately $5.1 million benefit related to collection from a debt settlement agreement reached with a South American customer.

Balance Sheet

Cash and cash equivalents were $34.0 million on September 30, 2024, compared to $26.3 million on June 30, 2024.

For a reconciliation of GAAP to non-GAAP results, see the attached tables.

Revenue Breakout by Geography:


Q3 2024

India

49 %

North America

24 %

EMEA

14 %

Latin America

7 %

APAC

6 %

 

Outlook

Management reiterated its 2024 outlook, narrowing the expected range while maintaining the midpoint of the outlook:

  • Revenue of $390 million to $400 million, representing growth of 12% to 15% compared to 2023 revenue. This guidance includes the contribution from Siklu, which was acquired in December 2023.
  • Non-GAAP operating margins are targeted to be at least 10% at the mid-point of the revenue guidance.
  • As a result, management expects increased non-GAAP profit and positive free cash flow for the full year of 2024.

Conference Call

The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Recent geopolitical events could impact the live question and answer session. In this unlikely event, management's prepared remarks will be pre-recorded, and the question and answer session would be rescheduled.

Investors are invited to register by clicking here. All relevant information will be sent upon registration.

If you are unable to join the live call, a replay will be available on our website at www.ceragon.com within 24 hours after the call. 

About Ceragon

Ceragon (NASDAQ: CRNT) is the global innovator and leading solutions provider of end-to-end wireless connectivity, specializing in transport, access, and AI-powered managed & professional services. Through our commitment to excellence, we empower customers to elevate operational efficiency and enrich the quality of experience for their end users.

Our customers include service providers, utilities, public safety organizations, government agencies, energy companies, and more, who rely on our wireless expertise and cutting-edge solutions for 5G & 4G broadband wireless connectivity, mission-critical services, and an array of applications that harness our ultra-high reliability and speed. Ceragon solutions are deployed by more than 600 service providers, as well as more than 1,600 private network owners, in more than 130 countries.

Through our innovative, end-to-end solutions, covering hardware, software, and managed & professional services, we enable our customers to embrace the future of wireless technology with confidence, shaping the next generation of connectivity and service delivery. Ceragon delivers extremely reliable, fast to deploy, high-capacity wireless solutions for a wide range of communication network use cases, optimized to lower TCO through minimal use of spectrum, power, real estate, and labor resources - driving simple, quick, and cost-effective network modernization and positioning Ceragon as a leading solutions provider for the "connectivity everywhere" era.

For more information please visit: www.ceragon.com

Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.

Safe Harbor

This press release contains statements that constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon's management about Ceragon's business, financial condition, results of operations, micro and macro market trends and other issues addressed or reflected therein. Examples of forward-looking statements include, but are not limited to, statements regarding: projections of demand, revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, order timing, supply chain and shipping, components availability, growth prospects, product development, financial resources, cost savings and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as "may", "plans", "anticipates", "believes", "estimates", "targets", "expects", "intends", "potential" or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words.

Although we believe that the projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. Such forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon's future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the effects of the evolving nature of the war situation in Israel and the related evolving regional conflicts; the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; risks associated with delays in the transition to 5G technologies and in the 5G rollout; risks relating to the concentration of our business on a limited number of large mobile operators and the fact that the significant weight of their ordering, compared to the overall ordering by other customers, coupled with inconsistent ordering patterns, could negatively affect us; risks resulting from the volatility in our revenues, margins and working capital needs; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities; the high volatility in the supply needs of our customers, which from time to time lead to delivery issues and may lead to us being unable to timely fulfil our customer commitments; and such other risks, uncertainties and other factors that could affect our results of operation, as further detailed in Ceragon's most recent Annual Report on Form 20-F, as published on March 21, 2024, as well as other documents that may be subsequently filed by Ceragon from time to time with the Securities and Exchange Commission.

We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon's views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Ceragon does not assume any obligation to update any forward-looking statements unless required by law.

The results reported in this press-release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.

Ceragon's public filings are available on the Securities and Exchange Commission's website at www.sec.gov and may also be obtained from Ceragon's website at www.ceragon.com.

Ceragon Investor & Media Contact:

Rob Fink
FNK IR
Tel. 1+646-809-4048
crnt@fnkir.com

 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


(U.S. dollars in thousands, except share and per share data)


(Unaudited)





Three months ended

September 30,


Nine months ended

September 30,



2024


2023


2024


2023











Revenues

102,672


87,260


287,258


256,820


Cost of revenues

67,732


56,986


186,789


168,014











Gross profit

34,940


30,274


100,469


88,806











Operating expenses:









   Research and development, net

8,750


7,454


25,982


23,204


Sales and Marketing

10,871


10,059


33,640


30,033


General and administrative

688


5,806


8,846


17,348


Restructuring and related charges

-


-


1,416


897


Acquisition- and integration-related charges

-


283


1,377


283











Total operating expenses

20,309


23,602


71,261


71,765











Operating income

14,631


6,672


29,208


17,041











Financial expenses and others, net

1,834


1,722


6,611


5,066











Income before taxes

12,797


4,950


22,597


11,975











Taxes on income

580


1,583


2,144


4,552











Net income

12,217


3,367


20,453


7,423











Basic net income per share

 

0.14


 

0.04


 

0.24


 

0.09


Diluted net income per share

 

0.14


 

0.04


 

0.23


 

0.09


Weighted average number of shares used in

computing basic net income per share

 

 

86,280,444


 

 

84,688,985


 

 

85,849,886


 

 

84,470,709


Weighted average number of shares used in

computing diluted net income per share

 

 

88,333,970


 

 

85,488,113


 

 

87,948,342


 

 

85,265,666













 

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)



September 30,


December 31,


2024


2023


Unaudited


Audited

ASSETS








CURRENT ASSETS:




Cash and cash equivalents

34,014


28,237

Trade receivables, net

121,550


104,321

Inventories

59,800


68,811

Other accounts receivable and prepaid expenses

18,568


16,571





Total current assets

233,932


217,940





NON-CURRENT ASSETS:




Severance pay and pension fund

4,687


4,985

Property and equipment, net

35,065


30,659

Operating lease right-of-use assets

17,174


18,837

Intangible assets, net

16,600


16,401

Goodwill

7,749


7,749

Other non-current assets

2,067


1,954





Total non-current assets

83,342


80,585





Total assets

317,274


298,525





LIABILITIES AND SHAREHOLDERS' EQUITY








CURRENT LIABILITIES:




Trade payables

75,433


67,032

Deferred revenues

2,355


5,507

Short-term loans

25,200


32,600

Operating lease liabilities

2,872


3,889

Other accounts payable and accrued expenses

26,210


23,925





Total current liabilities

132,070


132,953





LONG-TERM LIABILITIES:




Accrued severance pay and pension

8,370


9,399

Deferred revenues

670


670

Operating lease liabilities

13,280


13,716

Other long-term payables

5,712


7,768





Total long-term liabilities

28,032


31,553





SHAREHOLDERS' EQUITY:




Share capital

224


224

Additional paid-in capital

441,345


437,161

Treasury shares at cost

(20,091)


(20,091)

Other comprehensive loss

(9,571)


(8,087)

Accumulated deficit

(254,735)


(275,188)





Total shareholders' equity

157,172


134,019





Total liabilities and shareholders' equity

317,274


298,525

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(U.S. dollars, in thousands)

(Unaudited)



Three months ended

September 30,


Nine months ended

September 30,


2024


2023


2024


2023









Cash flow from operating activities:








Net income

12,217


3,367


20,453


7,423

Adjustments to reconcile net income to net cash provided
by operating activities:








Depreciation and amortization

2,981


2,366


8,861


7,501

Loss from sale of property and equipment, net

-


31


169


61

Stock-based compensation expense

907


1,048


3,377


3,025

Decrease in accrued severance pay and

 pensions, net

(167)


(11)


(731)


(355)

Decrease (increase) in trade receivables, net

(8,540)


2,684


(17,787)


(4,226)

Decrease (increase) in other assets (including other
accounts receivable, prepaid expenses, other non-current
assets, and the effect of exchange rate changes on cash
and cash equivalents)

(929)


1,360


(2,312)


1,911

Decrease (increase) in inventory

(640)


(2,437)


7,915


1,622

Decrease in operating lease right-of-use assets

1,067


1,090


3,693


2,987

Increase (decrease) in trade payables

7,152


3,229


7,741


(726)

Increase in other accounts payable and accrued expenses
(including other long-term payables)

443


2,071


349


4,397

Decrease in operating lease liability

(565)


(1,443)


(3,507)


(3,961)

Increase (decrease) in deferred revenues

(206)


(118)


(3,152)


268

Net cash provided by operating activities

13,720


13,237


25,069


19,927

Cash flow from investing activities:








Purchases of property and equipment, net

(2,899)


(1,935)


(10,854)


(7,407)

Software development costs capitalized

(249)


(446)


(1,238)


(2,283)

Net cash used in investing activities

(3,148)


(2,381)


(12,092)


(9,690)









Cash flow from financing activities:








Proceeds from exercise of stock options

265


-


807


30

Proceeds from (repayments of) bank credits and loans, net

 

(3,250)


 

(1,350)


 

(7,400)


 

700

Net cash provided by (used in) financing activities

(2,985)


(1,350)


(6,593)


730









Effect of exchange rate changes on cash and cash equivalents

124


(69)


(607)


51

Increase in cash and cash equivalents

7,711


9,437


5,777


11,018

Cash and cash equivalents at the beginning of the period

26,303


24,529


28,237


22,948

Cash and cash equivalents at the end of the period

34,014


33,966


34,014


33,966

 

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data)

(Unaudited)



Three months ended

September 30,


Nine months ended

September 30,


2024


2023


2024


2023









GAAP Cost of revenues

67,732


56,986


186,789


168,014

Stock-based compensation expenses

(109)


(142)


(374)


(370)

Amortization of acquired intangible assets

(189)


-


(567)


-

Excess cost on acquired inventory in business combination (*)

-


-


(124)


-

Non-GAAP Cost of revenues

67,434


56,844


185,724


167,644









GAAP Gross profit

34,940


30,274


100,469


88,806

Stock-based compensation expenses

109


142


374


370

Amortization of acquired intangible assets

189


-


567


-

Excess cost on acquired inventory in business combination (*)

-


-


124


-

Non-GAAP Gross profit

35,238


30,416


101,534


89,176









GAAP Research and development expenses

8,750


7,454


25,982


23,204

Stock-based compensation expenses

(173)


(194)


(509)


(672)

Non-GAAP Research and development expenses

8,577


7,260


25,473


22,532









GAAP Sales and marketing expenses

10,871


10,059


33,640


30,033

Stock-based compensation expenses

(341)


(357)


(1,024)


(1,096)

Amortization of acquired intangible assets

(117)


-


(505)


-

Non-GAAP Sales and marketing expenses

10,413


9,702


32,111


28,937









GAAP General and administrative expenses

688


5,806


8,846


17,348

Stock-based compensation expenses

(284)


(355)


(1,470)


(890)

Non-GAAP General and administrative expenses

404


5,451


7,376


16,458









GAAP Restructuring and related charges

-


-


1,416


897

Restructuring and related charges

-


-


(1,416)


(897)

Non-GAAP Restructuring and related charges

-


-


-


-









GAAP Acquisition- and integration-related charges

-


283


1,377


283

Acquisition- and integration-related charges

-


(283)


(1,377)


(283)

Non-GAAP Acquisition- and integration-related charges

-


-


-


-

 

 

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data)

(Unaudited)





Three months ended

September 30,


 Nine months ended

September 30,





2024


2023


2024


2023















GAAP Operating income

14,631


6,672


29,208


17,041




Stock-based compensation expenses

907


1,048


3,377


3,028




Amortization of acquired intangible assets

306


-


1,072


-




Excess cost on acquired inventory in business combination (*)

-


-


124


-




Restructuring and other charges

-


-


1,416


897




Acquisition- and integration-related charges

-


283


1,377


283




Non-GAAP Operating income

15,844


8,003


36,574


21,249















GAAP Financial expenses and others, net

1,834


1,722


6,611


5,066




Leases – financial income (expenses)

(501)


364


(182)


1,007




Non-cash revaluation expenses associated with business combination

(122)


-


(318)


-




Non-GAAP Financial expenses and others, net

1,211


2,086


6,111


6,073















GAAP Tax expenses

580


1,583


2,144


4,552




Non-cash tax adjustments

-


(630)


(413)


(2,373)




Non-GAAP Tax expenses

580


953


1,731


2,179















GAAP Net income

12,217


3,367


20,453


7,423




Stock-based compensation expenses

907


1,048


3,377


3,028




Amortization of acquired intangible assets

306


-


1,072


-




Excess cost on acquired inventory in business combination (*)

-


-


124


-




Restructuring and other charges

-


-


1,416


897




Acquisition- and integration-related charges

-


283


1,377


283




Leases – financial expenses (income)

501


(364)


182


(1,007)




Non-cash revaluation expenses associated with business combination

122


-


318


-




Non-cash tax adjustments

-


630


413


2,373




Non-GAAP Net income  

14,053


4,964


28,732


12,997




GAAP Basic net income per share

0.14


0.04


0.24


0.09




GAAP Diluted net income per share

0.14


0.04


0.23


0.09




Non-GAAP Diluted net income per share (**)

0.16


0.06


0.33


0.15

















(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business combination, which was recorded at fair value,
and the actual cost of this inventory, which impacts the Company's gross profit.

(**) Weighted average number of shares used in computing diluted net income per share is the same as in GAAP




 

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Cision View original content:https://www.prnewswire.com/news-releases/ceragon-reports-17-7-increase-in-quarterly-revenue-gaap-eps-of-0-14-per-share-in-the-third-quarter-302304041.html

SOURCE Ceragon Networks Ltd.

FAQ

What was Ceragon's (CRNT) revenue growth in Q3 2024?

Ceragon's revenue grew 17.7% year-over-year to $102.7 million in Q3 2024.

What was Ceragon's (CRNT) EPS in Q3 2024?

Ceragon reported GAAP EPS of $0.14 per diluted share and non-GAAP EPS of $0.16 per diluted share in Q3 2024.

What is Ceragon's (CRNT) revenue guidance for 2024?

Ceragon expects revenue between $390-400 million for 2024, representing 12-15% growth compared to 2023.

What percentage of Ceragon's (CRNT) Q3 2024 revenue came from India?

India contributed 49% of Ceragon's total revenue in Q3 2024, achieving all-time record quarterly revenues.

Ceragon Networks Ltd

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