CRNT CERAGON NETWORKS LTD

Overview and Growth

In fiscal 2025, CERAGON NETWORKS LTD recorded $338.73M of revenue, net loss of $2.09M, and an operating cash inflow of $31.56M. The $338.73M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 14.1% from $394.19M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$0.02, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 107.4% decrease from fiscal 2024 diluted EPS of $0.27. At period end, total assets were $317.04M, framing the scale of the company’s operating and financing commitments. Revenue equaled 1.07x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $114.55M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross profit represented 33.8% of revenue, showing how much of the top line remained after direct costs. Operating income was $7.25M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 2.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was a net loss of $2.09M after operating, financing, tax, and other recognized items. Measured against revenue, the bottom-line deficit represented 0.6% after all recognized items. Before income taxes, the company reported $708.00K of earnings, providing a bridge between the operating result and final net income. The pretax margin was 0.2%, relating income before taxes directly to revenue. Income tax expense totaled $2.80M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 395.2%, without assuming a statutory-rate comparison. Relative to period-end equity, the net loss represented 1.2%. Relative to total assets, the net loss represented 0.7%.

Liquidity and Capital Structure

Total assets were $317.04M, supported by $144.29M of liabilities and $172.75M of shareholder equity. At period end, current assets of $225.20M compared with current liabilities of $120.23M, defining the company’s short-term resource position. Current assets covered current liabilities by 1.87x, leaving a positive buffer for near-term obligations. The company held $38.37M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 31.9% of current liabilities, showing how much near-term coverage came from cash alone. The liabilities-to-assets relationship was 45.5%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 12.1% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 8.1% lower than fiscal 2024 assets of $345.00M, measuring the company’s own balance-sheet change. Reported equity changed 3.9% from $166.32M in fiscal 2024, placing the current capital base higher year over year. The reported cash balance changed 8.7% from $35.31M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $31.56M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital spending was $13.61M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 43.1% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $17.95M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 5.3%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 5.7% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.