The revenue decline and wider GAAP net loss confirm the bearish trend from the 20-F annual report, though the positive operating cash flow and reiterated guidance provide a floor. Watch for Q2 bookings conversion from India and the new Tier 1 North American CSP order timing (potential Q3 initial orders). The stock may trade range-bound until visibility on the $355-385M full-year revenue midpoint improves.
Price Chart
Executive Summary
Ceragon Networks reported mixed Q1 2026 results: revenue declined 4.1% YoY to $85.0M, with a GAAP net loss of $1.3M slightly worse than the $1.0M loss a year ago, though GAAP operating income turned positive at $2.1M. The company generated positive operating cash flow of $6.5M, reiterated its 2026 revenue guidance of $355-385M, and highlighted strong bookings momentum in India and new Tier 1 CSP activity in North America, but faces margin pressure from macro cost increases and adverse FX trends.
Key Facts
- Q1 2026 revenue of $85.0M, down 4.1% from $88.7M in Q1 2025
- GAAP net loss of $1.3M vs. $1.0M loss in Q1 2025; non-GAAP net income of $0.7M
- GAAP operating income improved to $2.1M from a $1.1M loss in Q1 2025
- Positive operating cash flow of $6.5M vs. $2.6M in Q1 2025; cash balance $39.2M vs. $38.4M year-end 2025
- Management reiterated 2026 revenue guidance of $355M-$385M and non-GAAP operating margin of 6.5%-7.5%
- India revenue contributed 35% of total; bookings strength noted; North America revenue was 37% with new Tier 1 CSP progressing
Financial Impact
Revenue declined ~$3.7M YoY; net loss widened by ~$0.3M; operating cash flow improved by ~$3.9M YoY
Risk Factors
- Continued macro cost pressures and adverse FX could compress margins
- India revenue concentration (35%) introduces volatility if ordering patterns shift
- Integration challenges from prior E2E acquisition may re-emerge
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001178913-26-002794 |
| Document: zk2635374.htm | 0001178913-26-002794 |
| Document: 0001178913-26-002794-index-headers.html | 0001178913-26-002794 |
| Document: 0001178913-26-002794-index.html | 0001178913-26-002794 |
| Document: 0001178913-26-002794.txt | 0001178913-26-002794 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $1.94 | awaiting T+5 | — | $2.19 (+13.14%) |
Oct 22, 2026 5d ago | Press Release | $1.94 | awaiting T+5 | — | $2.19 (+13.44%) |
Oct 6, 2026 21d ago | 6-K | $2.13 $2.06 | ▼ −3.29% | ▼ −3.15% | $2.19 (+3.05%) |
Aug 26, 2026 8w ago | 6-K | $2.07 $2.07 | · 0.00% | ▲ +0.12% | $2.19 (+6.04%) |
Aug 11, 2026 11w ago | 6-K | $2.19 $2.11 | ▲ +3.65% | ▲ +3.25% | $2.19 (−0.23%) |
Aug 11, 2026 11w ago | Press Release | $2.19 $2.11 | ▼ −3.65% | ▼ −3.25% | $2.19 (+0.23%) |
Jul 23, 2026 13w ago | 6-K | $2.22 $2.17 | ▼ −2.25% | ▼ −2.73% | $2.19 (−1.13%) |
Jul 21, 2026 14w ago | 6-K | $2.28 $2.17 | ▼ −4.82% | ▼ −3.60% | $2.19 (−3.73%) |
Jul 15, 2026 14w ago | Press Release | $2.32 $2.25 | ▼ −3.02% | ▼ −2.04% | $2.19 (−5.39%) |
Jul 15, 2026 14w ago | 6-K | $2.32 $2.25 | ▼ −3.02% | ▼ −2.04% | $2.19 (−5.39%) |
US Market Status
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