Ceragon Networks Ltd. reported first-quarter 2025 revenues of $88.7 million, a slight increase of 0.2% from $88.5 million in Q1 2024. The company noted its strongest bookings since Q1 2024, with India's revenue increasing 65% year-over-year to $42.9 million and North America's revenue reaching $17.6 million, including contributions from the E2E acquisition.
GAAP operating income was a loss of ($1.1) million, compared to an income of $4.2 million in Q1 2024, impacted by $3.7 million in restructuring charges and $0.5 million in acquisition-related expenses. Non-GAAP gross margin declined to 33.5% from 36.7% in Q1 2024, primarily due to a shift in revenue mix with India's increased contribution.
Cash and cash equivalents decreased to $27.7 million on March 31, 2025, from $35.3 million at the end of 2024, largely due to $6.6 million in cash payments for the E2E acquisition. Despite these factors, management reiterated its 2025 revenue guidance of $390 million to $430 million and expects non-GAAP operating margins of at least 10% at the low end of the revenue guidance, with higher positive free cash flow than in 2024.
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