Revenue of $93.9M in 2026Q2 grew 14.2% YoY but came with gross margin at a multi-year low of 31.7% and operating margin of just 0.3%, indicating that SG&A expansion to $19.7M has consumed the rebound's operating leverage.
Ceragon Networks Ltd. (CRNT) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 346.73M | 338.73M | 394.19M | 347.18M | 295.17M | 290.77M | 262.88M | 285.58M | 343.87M | 332.03M | 293.64M | 349.44M | 371.11M | 361.77M | 446.65M | 445.27M | 249.85M | 184.22M | 217.28M | 161.89M | 108.42M | 73.78M | 54.83M | 34.42M | 18.39M | 24.85M | 29.2M | 4.55M |
| Revenue Growth % | -8.88% | -14.07% | 13.54% | 17.62% | 1.52% | 10.61% | -7.95% | -16.95% | 3.57% | 13.07% | -15.97% | -5.84% | 2.58% | -19% | 0.31% | 78.21% | 35.63% | -15.21% | 34.22% | 49.32% | 46.95% | 34.55% | 59.3% | 87.13% | -25.99% | -14.88% | 541.41% | - |
| Cost of Goods Sold | 229.91M | 224.18M | 257.34M | 227.31M | 202.11M | 202.39M | 187.24M | 188.74M | 227.71M | 224.7M | 194.48M | 246.49M | 283.64M | 249.54M | 308.35M | 323.19M | 160.47M | 123.49M | 144.61M | 103.41M | 80.78M | 52.49M | 32.19M | 20.65M | 12.79M | 45.28M | 6.22M | 3.18M |
| COGS % of Revenue | - | 66.18% | 65.28% | 65.47% | 68.47% | 69.61% | 71.22% | 66.09% | 66.22% | 67.67% | 66.23% | 70.54% | 76.43% | 68.98% | 69.04% | 72.58% | 64.23% | 67.04% | 66.55% | 63.88% | 74.51% | 71.14% | 58.71% | 59.98% | 69.54% | 182.21% | 21.31% | 69.88% |
| Gross Profit | 116.82M | 114.55M | 136.85M | 119.87M | 93.06M | 88.38M | 75.64M | 96.84M | 116.17M | 107.33M | 99.16M | 102.95M | 87.47M | 112.23M | 138.3M | 122.08M | 89.38M | 60.73M | 72.67M | 58.48M | 27.64M | 21.29M | 22.64M | 13.78M | 5.6M | -20.43M | 22.98M | 1.37M |
| Gross Margin % | 33.69% | 33.82% | 34.72% | 34.53% | 31.53% | 30.39% | 28.78% | 33.91% | 33.78% | 32.33% | 33.77% | 29.46% | 23.57% | 31.02% | 30.96% | 27.42% | 35.77% | 32.96% | 33.45% | 36.13% | 25.49% | 28.86% | 41.29% | 40.02% | 30.46% | -82.21% | 78.69% | 30.12% |
| Gross Profit Growth % | - | -16.29% | 14.17% | 28.8% | 5.3% | 16.83% | -21.89% | -16.64% | 8.23% | 8.24% | -3.68% | 17.7% | -22.06% | -18.85% | 13.29% | 36.58% | 47.19% | -16.44% | 24.26% | 111.59% | 29.82% | -5.96% | 64.36% | 145.85% | 127.43% | -188.92% | 1575.78% | - |
| Operating Expenses | 109.03M | 103.5M | 98.12M | 98.66M | 104M | 83.57M | 83.22M | 89.54M | 90.03M | 84.19M | 79.67M | 80.13M | 112.69M | 129.81M | 152.33M | 158.7M | 74.62M | 58.08M | 59.71M | 46.53M | 34.43M | 25.79M | 21.84M | 19.22M | 21.41M | 34.03M | 27.34M | 8.62M |
| OpEx % of Revenue | - | 30.56% | 24.89% | 28.42% | 35.23% | 28.74% | 31.66% | 31.35% | 26.18% | 25.36% | 27.13% | 22.93% | 30.36% | 35.88% | 34.11% | 35.64% | 29.87% | 31.53% | 27.48% | 28.74% | 31.76% | 34.96% | 39.83% | 55.85% | 116.39% | 136.94% | 93.62% | 189.43% |
| Selling, General & Admin | 75.92M | 73.08M | 58.94M | 64.37M | 70.09M | 54.1M | 52.22M | 62.75M | 62.31M | 60.23M | 59.9M | 62.05M | 79.72M | 94.5M | 104.84M | 108.24M | 49.51M | 37.89M | 39.4M | 30.62M | 22.64M | 16.83M | 14.07M | 11.6M | 11.16M | 18.09M | 11.32M | 3.12M |
| SG&A % of Revenue | - | 21.57% | 14.95% | 18.54% | 23.75% | 18.61% | 19.86% | 21.97% | 18.12% | 18.14% | 20.4% | 17.76% | 21.48% | 26.12% | 23.47% | 24.31% | 19.81% | 20.57% | 18.13% | 18.91% | 20.88% | 22.81% | 25.67% | 33.71% | 60.68% | 72.81% | 38.77% | 68.45% |
| Research & Development | 31.19M | 30.43M | 34.95M | 32.27M | 29.69M | 29.47M | 31M | 26.79M | 28.18M | 25.7M | 21.7M | 22.93M | 35M | 42.96M | 47.49M | 50.46M | 25.11M | 20.19M | 20.31M | 15.46M | 11.79M | 8.96M | 7.39M | 6.97M | 7.27M | 10.31M | 7.69M | 3.38M |
| R&D % of Revenue | - | 8.98% | 8.87% | 9.3% | 10.06% | 10.14% | 11.79% | 9.38% | 8.19% | 7.74% | 7.39% | 6.56% | 9.43% | 11.88% | 10.63% | 11.33% | 10.05% | 10.96% | 9.35% | 9.55% | 10.88% | 12.15% | 13.48% | 20.25% | 39.54% | 41.47% | 26.35% | 74.23% |
| Other Operating Expenses | 1.56M | 0 | 4.24M | 2.02M | 4.22M | 0 | 0 | 0 | -470K | -1.75M | -1.92M | -4.85M | -19.83M | -7.66M | 775K | 0 | 0 | 450K | 0 | 450K | 0 | 0 | 374K | 650K | 2.97M | 5.63M | 8.32M | 2.13M |
| Operating Income | 7.79M | 11.05M | 38.73M | 21.21M | -10.94M | 4.81M | -7.57M | 7.3M | 26.14M | 23.15M | 19.49M | 21.59M | -32.03M | -26.92M | -18.64M | -49.37M | 13.98M | 2.65M | 12.96M | 11.95M | -6.79M | -4.5M | 799K | -5.45M | -15.89M | -59.61M | -15.35M | -7.25M |
| Operating Margin % | 2.25% | 3.26% | 9.82% | 6.11% | -3.71% | 1.65% | -2.88% | 2.56% | 7.6% | 6.97% | 6.64% | 6.18% | -8.63% | -7.44% | -4.17% | -11.09% | 5.6% | 1.44% | 5.96% | 7.38% | -6.26% | -6.1% | 1.46% | -15.83% | -86.38% | -239.87% | -52.56% | -159.31% |
| Operating Income Growth % | - | -71.47% | 82.59% | 293.93% | -327.57% | 163.47% | -203.7% | -72.07% | 12.95% | 18.74% | -9.72% | 167.4% | -18.99% | -44.4% | 62.24% | -453.03% | 428.13% | -79.57% | 8.41% | 276.03% | -50.91% | -663.2% | 114.66% | 65.7% | 73.35% | -288.45% | -111.61% | - |
| EBITDA | 22.06M | 25.38M | 50.84M | 31.18M | 103K | 17.05M | 5.29M | 16.99M | 33.9M | 32.35M | 29.53M | 33.8M | -18.53M | -11.28M | -3.61M | -34.98M | 18.7M | 5.93M | 15.03M | 13.3M | -5.6M | -3.37M | 2.01M | -2.79M | -11.18M | -51.17M | -4.96M | -5.12M |
| EBITDA Margin % | 6.36% | 7.49% | 12.9% | 8.98% | 0.03% | 5.86% | 2.01% | 5.95% | 9.86% | 9.74% | 10.06% | 9.67% | -4.99% | -3.12% | -0.81% | -7.86% | 7.48% | 3.22% | 6.92% | 8.21% | -5.16% | -4.56% | 3.66% | -8.1% | -60.76% | -205.88% | -17% | -112.57% |
| EBITDA Growth % | -43.01% | -50.08% | 63.07% | 30168.93% | -99.4% | 222.41% | -68.88% | -49.88% | 4.79% | 9.55% | -12.62% | 282.34% | -64.37% | -212.1% | 89.67% | -287.08% | 215.24% | -60.54% | 13.03% | 337.56% | -66.28% | -267.8% | 171.93% | 75.05% | 78.16% | -930.95% | 3.14% | - |
| D&A (Non-Cash Add-back) | 14.27M | 14.33M | 12.11M | 9.97M | 11.04M | 12.25M | 12.86M | 9.69M | 7.76M | 9.21M | 10.04M | 12.2M | 13.5M | 15.64M | 15.03M | 14.39M | 4.71M | 3.28M | 2.07M | 1.34M | 1.19M | 1.13M | 1.21M | 2.66M | 4.71M | 8.45M | 10.38M | 2.13M |
| EBIT | 6.82M | 7.25M | 33.23M | 20.28M | -12.23M | 831K | -9.37M | 4.57M | 26M | 22.09M | 17.57M | 17.97M | -62.29M | -35.68M | -18.34M | -47.95M | 15.73M | 4.86M | 16.75M | 11.95M | -6.79M | -4.5M | 1.61M | -5.45M | -15.8M | -54.46M | -4.36M | -7.25M |
| Net Interest Income | -9.12M | -6.54M | -7.96M | -7.45M | -4.91M | -4.75M | -4.34M | -4.08M | -4.49M | -4.7M | -3.55M | -5.78M | -7.55M | -3.95M | -3.21M | -805K | 1.22M | 1.5M | 2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | -1.98M | 93K | 107K | 160K | 79K | 111K | 111K | 126K | 242K | 101K | 140K | 1.31M | 644K | 2.64M | 2.14M | 2M | 3.79M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9.12M | 6.54M | 5.97M | 7.54M | 5.02M | 4.91M | 4.42M | 4.2M | 4.6M | 4.83M | 3.79M | 5.88M | 7.69M | 5.26M | 3.85M | 2.02M | 882K | 327K | 1.61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -8.5M | -10.34M | -11.47M | -8.47M | -6.31M | -8.63M | -6.9M | -7.17M | -6.35M | -5.89M | -6.3M | -14.74M | -37.95M | -14.02M | -3.55M | -2.02M | 1.25M | 1.5M | 2.18M | -189K | 1.33M | 673K | 141K | -2.73M | -83K | -4.75M | 15.35M | 0 |
| Pretax Income | -710K | 708K | 27.25M | 12.74M | -17.24M | -3.82M | -14.47M | 132K | 19.8M | 17.26M | 13.19M | 6.85M | -69.98M | -40.94M | -22.19M | -51.4M | 15.24M | 4.14M | 15.14M | 11.77M | -6.43M | -4.64M | 940K | -8.18M | -15.97M | -64.36M | 0 | 0 |
| Pretax Margin % | -0.2% | 0.21% | 6.91% | 3.67% | -5.84% | -1.31% | -5.51% | 0.05% | 5.76% | 5.2% | 4.49% | 1.96% | -18.86% | -11.32% | -4.97% | -11.54% | 6.1% | 2.25% | 6.97% | 7.27% | -5.93% | -6.29% | 1.71% | -23.76% | -86.83% | -258.98% | - | - |
| Income Tax | 2.57M | 2.8M | 3.19M | 6.52M | 2.45M | 11.01M | 2.62M | 2.48M | -3.25M | 1.7M | 1.76M | 5.84M | 6.5M | 6.54M | 1.2M | 2.26M | 1.18M | 489K | -10.83M | -1.18M | -1.33M | -673K | -815K | 2.27M | -1.45M | 2.38M | 17.44M | 89K |
| Effective Tax Rate % | -361.55% | 395.2% | 11.71% | 51.19% | -14.19% | -288.27% | -18.09% | 1875.76% | -16.42% | 9.83% | 13.35% | 85.25% | -9.29% | -15.97% | -5.41% | -4.4% | 7.73% | 11.8% | -71.54% | -10.05% | 20.69% | 14.5% | -86.7% | -27.8% | 9.05% | -3.7% | - | - |
| Net Income | -3.28M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M | -17.09M | -2.34M | 23.05M | 15.56M | 11.43M | 1.01M | -76.48M | -47.48M | -23.39M | -53.65M | 14.06M | 3.65M | 25.98M | 13.14M | -5.46M | -3.83M | 1.61M | -7.72M | -14.36M | -56.84M | -12.88M | -7.34M |
| Net Margin % | -0.95% | -0.62% | 6.1% | 1.79% | -6.67% | -5.1% | -6.5% | -0.82% | 6.7% | 4.69% | 3.89% | 0.29% | -20.61% | -13.12% | -5.24% | -12.05% | 5.63% | 1.98% | 11.96% | 8.11% | -5.04% | -5.19% | 2.94% | -22.43% | -78.07% | -228.73% | -44.1% | -161.27% |
| Net Income Growth % | -124.13% | -108.69% | 286.87% | 131.59% | -32.78% | 13.25% | -629.18% | -110.17% | 48.11% | 36.14% | 1030.46% | 101.32% | -61.08% | -102.98% | 56.4% | -481.55% | 284.73% | -85.93% | 97.75% | 340.59% | -42.67% | -337.11% | 120.9% | 46.23% | 74.74% | -341.46% | -75.4% | - |
| Net Income (Continuing) | -3.28M | -2.09M | 24.06M | 6.22M | -19.69M | -14.83M | -17.09M | -2.34M | 23.05M | 15.56M | 11.43M | 1.01M | -76.48M | -47.48M | -23.39M | -53.65M | 14.06M | 3.65M | 25.98M | 13.14M | -5.46M | -3.83M | 1.61M | -7.72M | -14.36M | -56.84M | -12.88M | -7.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.04 | -0.02 | 0.27 | 0.07 | -0.09 | -0.18 | -0.20 | -0.02 | 0.28 | 0.19 | 0.15 | 0.01 | -1.22 | -1.23 | -0.64 | -1.49 | 0.38 | 0.10 | 0.68 | 0.41 | -0.19 | -0.15 | 0.06 | -0.33 | -0.64 | -2.69 | -0.62 | -0.96 |
| EPS Growth % | -123.16% | -108.63% | 270.88% | 182.82% | 51.17% | 10% | -847.87% | -107.54% | 47.37% | 26.67% | 1400% | 100.82% | 0.81% | -92.19% | 57.05% | -492.11% | 280% | -85.29% | 65.85% | 315.79% | -26.67% | -350% | 118.18% | 48.44% | 76.21% | -333.87% | 35.42% | - |
| EPS (Basic) | - | -0.02 | 0.28 | 0.07 | -0.09 | -0.18 | -0.20 | -0.02 | 0.29 | 0.20 | 0.15 | 0.01 | -1.22 | -1.23 | -0.64 | -1.49 | 0.40 | 0.11 | 0.70 | 0.44 | -0.20 | -0.15 | 0.06 | -0.33 | -0.64 | -2.69 | -1.12 | -0.96 |
| Diluted Shares Outstanding | 91.03M | 89.79M | 88.46M | 85.48M | 84.13M | 83.41M | 81.15M | 80.3M | 81.02M | 79.94M | 78.61M | 77.3M | 62.52M | 38.52M | 36.46M | 35.98M | 36.56M | 35.8M | 38.34M | 32.04M | 28.18M | 25.51M | 27.92M | 23.06M | 22.38M | 21.1M | 20.66M | 7.67M |
| Basic Shares Outstanding | 91.03M | 89.79M | 86.19M | 84.62M | 84.13M | 83.41M | 81.15M | 80.3M | 78.58M | 77.92M | 77.7M | 77.24M | 62.52M | 38.52M | 36.46M | 35.98M | 34.85M | 34.37M | 36.86M | 29.85M | 27.3M | 25.51M | 26.9M | 23.06M | 22.38M | 21.1M | 11.5M | 7.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CRNT stock.
For fiscal year 2025, Ceragon Networks Ltd. (CRNT) reported total revenue of $338.7M. This represents a 7341.3% increase compared to $4.6M in 1999.
Ceragon Networks Ltd. (CRNT) reported a net loss of $2.1M for the fiscal year ending 2025.
Ceragon Networks Ltd. (CRNT) reported an operating income of $11.1M, resulting in an operating profit margin of 3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Ceragon Networks Ltd. (CRNT) generated $114.6M in gross profit for the year, representing a gross profit margin of 33.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SG&A expansion outpaces revenue recovery
Revenue Recovery Shadows Prior Collapse
Ceragon posted 14.2% YoY revenue growth to $93.9M in 2026Q2, but this follows three consecutive quarters of double-digit contraction through 2025. The recovery remains 12% below the $106.9M peak in 2024Q4, and durability of the rebound is unproven without further demand catalysts.
The revenue trajectory over these ten quarters resembles a sharp cycle: acceleration from 6.1% to 18.3% growth in early-to-mid 2024, followed by a collapse to -23.0% by 2025Q4. The tentative recovery to $93.9M in 2026Q2 is encouraging, but operating income barely stayed positive at $237K, suggesting the top-line rebound has not yet translated into incremental profit. This raises the question of whether Ceragon is winning volume at the expense of economics, or whether a genuine demand cycle has yet to fully materialize.
Gross Margins Slide to Multi-Year Lows
As reported in SEC filings, CRNT's gross margin contracted to 31.7% in 2026Q2, down from 36.2% in 2024Q1 — a 450-basis-point deterioration. This compression accelerated sequentially with a 370-basis-point drop from 35.4% in 2026Q1, suggesting either mix deterioration or pricing pressure that warrants monitoring.
The margin trajectory reveals that gross profit is not scaling with the nascent revenue recovery. Despite higher volume in 2026Q2 ($93.9M vs $85.0M in Q1), gross profit actually declined from $30.1M to $29.7M — an unusual pattern implying product mix shifting toward lower-margin offerings or cost inflation not yet passed through. Compared to peer Gilat at 29.5%, Ceragon retains a modest premium, but the direction of travel is negative and may reflect competitive dynamics in microwave/fronthaul that investors should monitor closely.
SG&A Swell Devours Operating Leverage
Based on EDBL's reported figures, SG&A expanded to $19.7M in 2026Q2 from $11.6M in 2024Q3 — a 70% increase — while revenue fell 9% over the same span. This structural overhead expansion drove operating margin from 14.3% to 0.3%, suggesting the cost base was rebuilt on revenue assumptions that have not materialized.
The operating leverage dynamics are strikingly adverse: where Ceragon generated $14.6M in operating income on $102.7M of revenue in 2024Q3, the same business now produces $237K on $93.9M in 2026Q2. SG&A has been sticky at $18-20M per quarter through the revenue downturn, creating a high operating breakeven that leaves minimal margin of safety. If revenue growth moderates or gross margins continue eroding, the company may face sustained operating losses absent meaningful expense rationalization.
SBC Outstrips Reported Operating Income
Ceragon's stock-based compensation reached $1.8M in 2026Q2, nearly eight times the $237K operating income, and averaged over $1M per quarter in 2025-2026. By contrast, SBC was zero in 2025Q3 and Q4 — an unusual pattern that complicates period-over-period earnings comparability and quality assessment.
The variable SBC treatment across quarters makes it difficult to establish a clean baseline for underlying cash profitability. In the quarters where SBC was reported at zero, the near-breakeven net income figures ($129K in 2025Q4, $28K in 2025Q3) appear artificially less negative than they would under a consistent equity compensation accrual. Normalizing SBC to the $1.5-1.8M quarterly levels seen in adjacent periods would push adjusted net income deeper into negative territory, suggesting true shareholder economics may be weaker than headline EPS indicates.
Growth Recovery Masks Margin Paradox
The 2026Q2 revenue rebound of 14.2% was accompanied by simultaneous gross margin compression and a decline in operating income versus Q1 — an unusual divergence. This pattern suggests the growth may be volume-driven at discounted pricing rather than premium demand recovery, posing a structural challenge to the recovery thesis.
If Ceragon is indeed trading price or mix to win contracts — consistent with the 370-basis-point sequential gross margin decline — then even a full revenue recovery to 2024 peaks ($106.9M per quarter) may not restore the 10%+ operating margins achieved in mid-2024. The SG&A run-rate of $19-20M per quarter represents a materially higher breakeven than 2024, meaning the company needs roughly $100M+ of quarterly revenue at 34%+ gross margins to recapture prior profitability levels. Until gross margin stabilization is demonstrated alongside revenue growth, the recovery narrative warrants skepticism.