Ceragon Networks Stock Earnings Reports

Q1 2026 highlights: Revenue $85.0M; non-GAAP EPS $0.01; non-GAAP gross margin 36%. Regional mix: North America 37% of revenue, India 35%. Strong execution in India with ~ $86M of bookings (largely for IP-50EXA / E-Band solutions) and continued momentum in private networks (~$10M in contracts). North America remains healthy but a supplier/component issue (semiconductor + export licensing delays tied to geopolitical dynamics) will shift some expected Q2 revenue into Q3. Management reiterates full-year 2026 revenue guidance of $355M–$385M and targets a 1 percentage point improvement in non-GAAP gross margin and 6.5%–7.5% non-GAAP operating margin at the midpoint of the revenue range. Q1 cash: $39.2M; net positive cash $22.1M; positive free cash flow $2.8M. Headwinds: elevated memory, metals and freight costs, and adverse FX (strong Israeli shekel; weak Indian rupee impacting receivables/financial expenses). Management expects Q2 margin pressure due to heavier India mix and FX/cost headwinds, with recovery in Q3 as North America supply normalizes and cost actions take effect. New product progress: FR2/28 GHz POC completed with a Tier-1 North American carrier (potential meaningful orders starting Q3 and revenue into 2027); continued traction in EMEA following Nokia divestiture news. Overall tone: demand strong and strategic positioning improving, but near-term margin volatility driven by mix, supply timing and macro/FX pressures.