Ceragon Networks (CRNT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $93.9 million, up 14.2% year-over-year, with strong execution and demand in India and robust bookings in North America.

• Non-GAAP net income was $1.7 million ($0.02 per share), while GAAP net loss was $2.1 million ($-0.02 per share).

• Bookings and book-to-bill ratio in H1 2026 were the highest in a decade, reflecting robust demand and competitive positioning.

• E-band solutions and 5G FR2 (mmWave) products gained traction, with successful field trials and increased customer interest.

• Expansion into private networks, managed services, and end-to-end solutions is diversifying the business and increasing long-term customer engagement.

Financial highlights

• Q2 2026 non-GAAP EPS was $0.02; non-GAAP net income was $1.7 million; GAAP EPS was $(0.02) with a net loss of $2.1 million.

• Non-GAAP gross margin was 32.2%, down from 35.2% year-over-year; GAAP gross margin was 31.7%.

• Non-GAAP operating income was $4.0 million (4.2% of revenue); GAAP operating income was $0.2 million.

• Cash and cash equivalents at quarter-end were $34.8 million, with net cash from operations at $5.1 million.

• Shareholders' equity stood at $172.1 million, representing 55% of total assets.

Outlook and guidance

• 2026 revenue guidance is $355 million–$385 million.

• Full-year 2026 non-GAAP gross margin expected at 33.5%–34.5% (down from 35.5% prior), and operating margin at 5%–6% (down from 6.5%–7.5%).

• Supply chain and component cost challenges are expected to persist through 2026, with gradual improvement anticipated in 2027.

• High single-digit revenue growth is considered a reasonable assumption for 2027, with potential upside from private network expansion.

• Management cautions that preliminary results are unaudited and subject to change.