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6-K 1 zk2533963.htm 6-K

SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
 
FORM 6-K
 
REPORT OF  FOREIGN  PRIVATE  ISSUER  PURSUANT  TO RULE 13a-16  OR
15d-16  UNDER THE  SECURITIES  EXCHANGE  ACT  OF  1934

For the month of November 2025
 
Commission File Number: 0-30862

 CERAGON NETWORKS LTD.
(Translation of registrant’s name into English)
 
3 Uri Ariav st., Rosh Ha’Ayin, Israel, 4810002
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒  Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____          


 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

This Form 6-K, including all exhibits hereto, is hereby incorporated by reference into all effective registration statements filed by the registrant under the Securities Act of 1933.

 
CERAGON NETWORKS LTD.
   
Date: November 11, 2025
By:  /s/ Ronen Stein
 
Name: Ronen Stein
Title: Chief Financial Officer
2

Exhibit
Description
 

3
EX-99 2 exhibit_a.htm EXHIBIT A
Exhibit A

Ceragon Reports 2025 Third Quarter Financial Results

Company delivers solid revenue, margin, and cash flow in third quarter, with improved visibility
 
Rosh Ha'ain, Israel, November 11, 2025 -- 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, 2025.

Q3 2025 Financial Highlights:


 •
Revenues of $85.5 million
 

 •
Operating income of $3.8 million on a GAAP basis, or $5.3 million on a non-GAAP basis
 

 •
Net income of $0.0 million on a GAAP basis, and $1.7 million on a non-GAAP basis
 

 •
EPS of $0.00 per diluted share on a GAAP basis, or $0.02 per diluted share on a non-GAAP basis
 
Q3 2025 Business Highlights:
 
 
•
North America momentum: Achieved record quarterly revenue, including E2E’s contribution and improved visibility into Q4.

 
•
India progress: Renewed purchasing activity from a major carrier improved visibility

 
•
Private network expansion: Began initial stage of a large Latin American smart city project expected to generate multi-year recurring revenue. Also received an initial order from a leading global e-commerce company to modernize its video surveillance connectivity at several dozen North American facilities

 
•
E-band validation: Completed multiple proof-of-concept E-band deployments with Tier-1 operators and a leading ISP, demonstrating extended reach, faster deployment, and lower total cost of ownership

Ceragon’s CEO, Doron Arazi, commented: “Ceragon delivered solid financial results with positive free cash flow, while seeing improved visibility in our key markets. Business activity in North America has accelerated, and India showed signs of improvement, giving us more confidence as we move through the fourth quarter. While earnings were impacted by foreign exchange fluctuations related to a project in India, non-GAAP profitability and cash flow performance remained solid.


 
“Ceragon has the potential to benefit from recent trends in network utilization, including AI evolution,” continued Mr. Arazi. “Service providers and enterprises are increasingly prioritizing network capacity and resilience to handle the increased traffic. Wireless transport is increasingly being considered alongside fiber to deliver redundancy, flexibility, and faster time to market. We believe these dynamics are creating new opportunities for Ceragon. Our E-band and point-to-multipoint technologies directly address these needs, helping carriers and private networks build the next generation of high-capacity, resilient connectivity.
 
“Combined with improved visibility, these trends increase our confidence in our 2025 outlook. We also expect these trends to enable growth in 2026,” concluded Mr. Arazi
 
Primary Third Quarter 2025 Financial Results:
 
Revenues were $85.5 million, down 16.7% from $102.7 million in Q3 2024.
 
Gross profit was $29.4 million, giving us a gross margin of 34.3%, compared to a gross margin of 34.0% in Q3 2024.
 
GAAP Operating income was $3.8 million compared with $14.6 million for Q3 2024.

GAAP Net income was $0.0 million, or $0.00 per diluted share, compared with $12.2 million, or $0.14 per diluted share, for Q3 2024.

Non-GAAP results were as follows: Gross margin was 35.0%, operating profit was $5.3 million, and net income of $1.7 million, or $0.02 per diluted share.
 
For a reconciliation of GAAP to non-GAAP results, see the attached tables.
 
Balance Sheet
 
Cash and cash equivalents were $43.0 million on September 30, 2025, compared to $35.3 million on December 31, 2024.
 
Revenue Breakout by Geography:

 
Q3 2025
North America
41%
India
29%
EMEA
12%
Latin America
9%
APAC
9%

Outlook

Based on management’s current view, the Company assumes the following:


 •
Revenue in full-year 2025 will be approximately $340 million

•
At this revenue level, Ceragon anticipates generating non-GAAP profit and positive cash flow

•
Current momentum in customer activity and recent market trends support Ceragon’s expectation for year-over-year growth in 2026

Conference Call

The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the financial results, followed by a question-and-answer session for the investment community.

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

For investors unable to join the live call, a replay will be available on the Company’s website at www.ceragon.com within 24 hours after the call.



About Ceragon
 
Ceragon (NASDAQ: CRNT) is a 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, 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 there from 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: Company’s forward-looking forecasts, with respect to which there is no assurance that such forecasts will materialize; Company’s ability to future plan, business, marketing and product strategies on the forecasted evolution of the market developments, such as market and territory trends, future use cases, business concepts, technologies, future demand, and necessary inventory levels; 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; The effects of the war situation in Israel and the related evolving regional conflicts; 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 25, 2025, 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)

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2025
    
2024
    
2025
    
2024
  
                         
Revenues
    
85,484
      
102,672
      
256,398
      
287,258
  
Cost of revenues
    
56,134
      
67,732
      
169,509
      
186,789
  
                                 
Gross profit
    
29,350
      
34,940
      
86,889
      
100,469
  
                                 
Operating expenses:
                                
Research and development, net
    
6,955
      
8,750
      
22,536
      
25,982
  
Sales and Marketing
    
12,609
      
10,871
      
36,628
      
33,640
  
General and administrative
    
6,013
      
688
      
18,389
      
8,846
  
Restructuring and related charges
    
-
      
-
      
3,732
      
1,416
  
Acquisition- and integration-related charges
    
20
      
-
      
724
      
1,377
  
                                 
Total operating expenses
    
25,597
      
20,309
      
82,009
      
71,261
  
                                 
Operating income
    
3,753
      
14,631
      
4,880
      
29,208
  
                                 
Financial and other expenses, net
    
2,976
      
1,834
      
4,882
      
6,611
  
                                 
Income (loss) before taxes
    
777
      
12,797
      
(2
)
    
22,597
  
                                 
Taxes on income
    
749
      
580
      
2,217
      
2,144
  
                                 
Net income (loss)
    
28
      
12,217
      
(2,219
)
    
20,453
  
                                 
Basic net income (loss) per share
    
0.00
      
0.14
      
(0.02
)
    
0.24
  
Diluted net income (loss) per share
    
0.00
      
0.14
      
(0.02
)
    
0.23
  
Weighted average number of shares used in computing basic net income (loss) per share
    
90,296,561
      
86,280,444
      
89,509,052
      
85,849,886
  
Weighted average number of shares used in computing diluted net income (loss) per share
    
91,744,069
      
88,333,970
      
89,509,052
      
87,948,342
  



CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)

   
September 30,
    
December 31,
  
   
2025
    
2024
  
ASSETS
            
             
CURRENT ASSETS:
            
Cash and cash equivalents
    
42,987
      
35,311
  
Trade receivables, net
    
111,954
      
149,619
  
Inventories
    
58,420
      
59,693
  
Other accounts receivable and prepaid expenses
    
22,131
      
16,415
  
                 
Total current assets
    
235,492
      
261,038
  
                 
NON-CURRENT ASSETS:
                
Severance pay and pension fund
    
963
      
4,915
  
Property and equipment, net
    
39,782
      
36,764
  
Operating lease right-of-use assets
    
16,118
      
16,702
  
Intangible assets, net
    
22,659
      
16,791
  
Goodwill
    
11,046
      
7,749
  
Other non-current assets
    
861
      
1,037
  
                 
Total non-current assets
    
91,429
      
83,958
  
                 
Total assets
    
326,921
      
344,996
  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
                
                 
CURRENT LIABILITIES:
                
Trade payables
    
69,637
      
91,157
  
Deferred revenues
    
1,906
      
2,573
  
Short-term loans
    
31,000
      
25,200
  
Operating lease liabilities
    
3,731
      
2,971
  
Other accounts payable and accrued expenses
    
23,526
      
29,547
  
                 
Total current liabilities
    
129,800
      
151,448
  
                 
LONG-TERM LIABILITIES:
                
Accrued severance pay and pension
    
3,283
      
8,359
  
Operating lease liabilities
    
12,883
      
12,936
  
Other long-term payables
    
8,841
      
5,928
  
                 
Total long-term liabilities
    
25,007
      
27,223
  
                 
SHAREHOLDERS' EQUITY:
                
Share capital
    
234
      
232
  
Additional paid-in capital
    
453,576
      
447,369
  
Treasury shares at cost
    
(20,091
)
    
(20,091
)
Other comprehensive loss
    
(8,261
)
    
(10,060
)
Accumulated deficit
    
(253,344
)
    
(251,125
)
                 
Total shareholders' equity
    
172,114
      
166,325
  
                 
Total liabilities and shareholders' equity
    
326,921
      
344,996
  



CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)

   
Three months ended
    
Nine months ended
  
   
September 30,
    
September 30,
  
   
2025
    
2024
    
2025
    
2024
  
                         
Cash flow from operating activities:
              
 Net income (loss)
    
28
      
12,217
      
(2,219
)
    
20,453
  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
  
 Depreciation and amortization
    
3,436
      
2,981
      
10,400
      
8,861
  
 Loss from sale of property and equipment, net
    
15
      
-
      
25
      
169
  
 Stock-based compensation expense
    
862
      
907
      
3,061
      
3,377
  
 Decrease in accrued severance pay and pensions, net
    
(723
)
    
(167
)
    
(646
)
    
(731
)
 Decrease (increase) in trade receivables, net
    
12,130
      
(8,540
)
    
40,292
      
(17,787
)
 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)
    
(1,904
)
    
(929
)
    
(4,223
)
    
(2,312
)
 Decrease (increase) in inventory
    
1,276
      
(640
)
    
1,403
      
7,915
  
 Decrease in operating lease right-of-use assets
    
962
      
1,067
      
3,016
      
3,693
  
 Increase (decrease) in trade payables
    
(5,233
)
    
7,152
      
(23,278
)
    
7,741
  
 Increase (decrease) in other accounts payable and accrued expenses (including other long-term payables)
    
(2,358
)
    
443
      
(4,889
)
    
349
  
 Decrease in operating lease liability
    
(810
)
    
(565
)
    
(1,725
)
    
(3,507
)
 Decrease in deferred revenues
    
(520
)
    
(206
)
    
(684
)
    
(3,152
)
 Net cash provided by operating activities
    
7,161
      
13,720
      
20,533
      
25,069
  
                                 
Cash flow from investing activities:
          
 Purchases of property and equipment, net
    
(3,150
)
    
(2,899
)
    
(10,576
)
    
(10,854
)
 Software development costs capitalized
    
(964
)
    
(249
)
    
(2,675
)
    
(1,238
)
 Payments made in connection with business acquisitions, net of acquired cash
    
-
      
-
      
(6,570
)
    
-
  
 Net cash used in investing activities
    
(4,114
)
    
(3,148
)
    
(19,821
)
    
(12,092
)
                                 
Cash flow from financing activities:
                  
 Proceeds from exercise of stock options
    
4
      
265
      
655
      
807
  
 Proceeds from (repayments of) bank credits and loans, net
    
10,500
      
(3,250
)
    
5,800
      
(7,400
)
 Net cash provided by (used in) financing activities
    
10,504
      
(2,985
)
    
6,455
      
(6,593
)
                                 
 Effect of exchange rate changes on cash and cash equivalents
    
220
      
124
      
509
      
(607
)
                                 
 Increase (decrease) in cash and cash equivalents
    
13,771
      
7,711
      
7,676
      
5,777
  
 Cash and cash equivalents at the beginning of the period
    
29,216
      
26,303
      
35,311
      
28,237
  
 Cash and cash equivalents at the end of the period
    
42,987
      
34,014
      
42,987
      
34,014
  



RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2025
    
2024
    
2025
    
2024
  
                         
GAAP cost of revenues
    
56,134
      
67,732
      
169,509
      
186,789
  
Stock-based compensation expenses
    
(134
)
    
(109
)
    
(323
)
    
(374
)
Amortization of acquired intangible assets
    
(422
)
    
(189
)
    
(1,378
)
    
(567
)
Excess cost on acquired inventory in business combination (*)
    
-
      
-
      
-
      
(124
)
Non-GAAP cost of revenues
    
55,578
      
67,434
      
167,808
      
185,724
  
                                 
GAAP gross profit
    
29,350
      
34,940
      
86,889
      
100,469
  
Stock-based compensation expenses
    
134
      
109
      
323
      
374
  
Amortization of acquired intangible assets
    
422
      
189
      
1,378
      
567
  
Excess cost on acquired inventory in business combination (*)
    
-
      
-
      
-
      
124
  
Non-GAAP gross profit
    
29,906
      
35,238
      
88,590
      
101,534
  
                                 
GAAP Research and development expenses
    
6,955
      
8,750
      
22,536
      
25,982
  
Stock-based compensation expenses
    
(190
)
    
(173
)
    
(468
)
    
(509
)
Non-GAAP Research and development expenses
    
6,765
      
8,577
      
22,068
      
25,473
  
                                 
GAAP Sales and marketing expenses
    
12,609
      
10,871
      
36,628
      
33,640
  
Stock-based compensation expenses
    
(304
)
    
(341
)
    
(944
)
    
(1,024
)
Amortization of acquired intangible assets
    
(275
)
    
(117
)
    
(772
)
    
(505
)
Non-GAAP Sales and marketing expenses
    
12,030
      
10,413
      
34,912
      
32,111
  
                                 
GAAP General and administrative expenses
    
6,013
      
688
      
18,389
      
8,846
  
Stock-based compensation expenses
    
(234
)
    
(284
)
    
(1,326
)
    
(1,470
)
Non-GAAP General and administrative expenses
    
5,779
      
404
      
17,063
      
7,376
  
                                 
GAAP Restructuring and related charges
    
-
      
-
      
3,732
      
1,416
  
Restructuring and related charges
    
-
      
-
      
(3,732
)
    
(1,416
)
Non-GAAP Restructuring and related charges
    
-
      
-
      
-
      
-
  
                                 
GAAP Acquisition- and integration-related charges
    
20
      
-
      
724
      
1,377
  
Acquisition- and integration-related charges
    
(20
)
    
-
      
(724
)
    
(1,377
)
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)

   
Three months ended
September 30,
    
Nine months ended
September 30,
  
   
2025
    
2024
    
2025
    
2024
  
                         
GAAP Operating income
    
3,753
      
14,631
      
4,880
      
29,208
  
Stock-based compensation expenses
    
862
      
907
      
3,061
      
3,377
  
Amortization of acquired intangible assets
    
697
      
306
      
2,150
      
1,072
  
Excess cost on acquired inventory in business combination (*)
    
-
      
-
      
-
      
124
  
Restructuring and other charges
    
-
      
-
      
3,732
      
1,416
  
Acquisition- and integration-related charges
    
20
      
-
      
724
      
1,377
  
Non-GAAP Operating income
    
5,332
      
15,844
      
14,547
      
36,574
  
                                 
GAAP Financial and other expenses, net
    
2,976
      
1,834
      
4,882
      
6,611
  
Leases – financial expenses
    
(152
)
    
(501
)
    
(1,290
)
    
(182
)
Non-cash revaluation associated with a business combination
    
24
      
(122
)
    
1,972
      
(318
)
Non-GAAP Financial and other expenses, net
    
2,848
      
1,211
      
5,564
      
6,111
  
                                 
GAAP Tax expenses
    
749
      
580
      
2,217
      
2,144
  
Non-cash tax adjustments
    
-
      
-
      
-
      
(413
)
Non-GAAP Tax expenses
    
749
      
580
      
2,217
      
1,731
  
                                 
GAAP Net income (loss)
    
28
      
12,217
      
(2,219
)
    
20,453
  
Stock-based compensation expenses
    
862
      
907
      
3,061
      
3,377
  
Amortization of acquired intangible assets
    
697
      
306
      
2,150
      
1,072
  
Excess cost on acquired inventory in business combination (*)
    
-
      
-
      
-
      
124
  
Restructuring and other charges
    
-
      
-
      
3,732
      
1,416
  
Acquisition- and integration-related charges
    
20
      
-
      
724
      
1,377
  
Leases – financial expenses
    
152
      
501
      
1,290
      
182
  
Non-cash revaluation associated with a business combination
    
(24
)
    
122
      
(1,972
)
    
318
  
Non-cash tax adjustments
    
-
      
-
      
-
      
413
  
Non-GAAP Net income  
    
1,735
      
14,053
      
6,766
      
28,732
  
                                 
GAAP basic net income (loss) per share
    
0.00
      
0.14
      
(0.02
)
    
0.24
  
                                 
GAAP diluted net income (loss) per share
    
0.00
      
0.14
      
(0.02
)
    
0.23
  
                                 
Non-GAAP Diluted net income per share
    
0.02
      
0.16
      
0.07
      
0.33
  
                                 
Weighted average number of shares used in computing GAAP basic net income (loss) per share
    
90,296,561
      
86,280,444
      
89,509,052
      
85,849,886
  
Weighted average number of shares used in computing GAAP diluted net income (loss) per share
    
91,744,069
      
88,333,970
      
89,509,052
      
87,948,342
  
Weighted average number of shares used in computing non-GAAP diluted net income per share
    
91,744,069
      
88,333,970
      
91,507,031
      
87,948,342
  


(*) 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.