CRNT - Earnings call transcript Q3 2024

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Ceragon Networks Earnings Call. [Operator Instructions] I must advise you that today's call is being recorded. I'd like to hand the call over now to our first speaker, Rob Fink, Head of Investor Relations. Rob, please go ahead.

Rob Fink

Thank you, operator, and good morning, everyone. Thank you for joining us today. Doron Financial Chief Officer. is Ronen Officer; call Chief Stein, today's Arazi, Executive Ceragon's and Hosting

including and Before remind statements Litigation statements call, Reform everyone start, within that financial we I the XXXX. certain made would the meaning Act on Private contain of results, could other like of to projected forward-looking information Securities this

are Ceragon's differ Forward-looking subject actual materially current expectations reflect facts. Such statements are statements as results Ceragon's by XX, and differ the Commission. risks statements XXXX, published in of certain results affect risks those may that assumptions other Securities risks to Such are in management. as of uncertainties, detail not well as cause could and results as forward-looking Exchange most statements. These are they that filed subject materially report in annual to time be historical in could may projected Actual subsequently and which discussed to from with and XX-F on uncertainties recent documents Ceragon March operations. Form time from on to

ceragon.com. Also, are public call to sec.gov Exchange at Commission's relate they from will on and initially obtained numbers. filings website will be assurances to include no non-GAAP undertakes they to date may them. and of results, accurate obligation predictions today's there Ceragon made, be the update the Ceragon's website no Ceragon's that at available certain events are and can Securities prove statements and and future also Forward-looking be or not

section the Ceragon's the that was will which this table over non-GAAP website. With please now to call the release is that, to between of Doron. is Investor attached I the morning, reconciliation and yours. press Doron, earlier For Relations results, GAAP posted on call turn a the issued see

Doron Arazi

on the benefiting private targets the India. the success. morning, outlook, maintaining demand, proven profitability into delivered growth achieved Ceragon our midpoint an playing and narrowed and is continued progress The quarter the but in business role third year good strong for business. also of We itself Rob, our has robust especially you, this another we in quarter our from full and diversification important XXXX, execution Thank range. Increasingly, our diversifying everyone. from diversification network in already geographical finer point a quarter, while make putting in and

For example, approximately XX customers in base. customers networks penetrated sector. the to added And network the new the of this in in customers, network beginning quarter, we $XX.X our private from private bookings private customer since year, representing we incremental million X have new

product making are good in We progress our also road map.

For product much This IP-XXEX example, use meaningful ownership. to interest from that increased frequency is over a new be high-capacity exploiting longer distance, of advantage intended released orders the IP-XXEX we in frequencies these generated our have to Premium upcoming reducing of millimeter-wave our is cost about and and shortly. total

a We positive the started first soft have promotion feedback. Neptune-based have of seen very IP-XXXE product, already and our

ownership first capacity with is profile. compelling total units of We XX at a this in version this Mobile intended deliver of of to single World Congress. to first box second cost gigabit The the a intend the present product product per

call, working like built the our and America, our to this In region. America Noting Twin multiple have primarily and the activities positive. I'd domain. by pipeline near Digital on completed on results in and a segment, the our greatest are North million. highlights In term. an we in X that build strong private for brand in we very revenue recently regions Network will QX focus network on POCs to initial $XX.X our expect leverage feedback have have and the project North impact will of is have was new continue We our the to overview to now that very we started today's India, provide

deployment case customers opportunities. our a to with customers, and city adding to to new funnel for potential continues of also existing success fact, our Cincinnati be of the In the us of proactive from is level driving study references satisfaction

We are the more Siklu's domain also in leveraging enterprise strong security business. brand attaining for

longer the Our playing to an similar a of QX demonstrated seasonality bookings forward. In and peers healthy going the networks we service the We private Tier some factor compared growth have anticipate quarter declined for in networks this our X not primarily our timing some have associated from quarter. communications supported was has by provider as in ordering factor the in pace, increased dynamics demand segment, private slowdown built. with customers, to role believe We prior the a cycle mentioned. pipeline and sales

with Following phenomenon multiple customer, year. we short-term main of over this believe was our to mostly timing network discussions relating a the build

which $XX.X was fourth supports India, start We assessment. In value our the current received quarter to as in are have revenue off related all-time million, record much for quarter Ceragon. a substantial a stronger to orders, we of an bookings

new as been related customers as shipping won both their of expansion networks. in equipment deploying XXXX. have and well customer We are we in both XG the supporting XG customer long-standing our QX and to These deployments

customer growing QX, another diversifying our upgrading and substantially network dollar multi-billion In addition, our from due leader recently our products, market XG this strength share. orders to market its further in million a business than $XX we XG. Since position, to for and increasing we and received in microwave that further to customer for announced technological project have are India more

our participating encouraged we traction are orders expect in India see XXXX we for Advanced increasing much large well the solutions. Since the our We this Congress, for Mobile the believe that fit level for We products opportunities higher receiving quarters of by from IP-XXEX more the will are that customer of in in we as coming as microwave and XXXX. Indian capabilities India provides specific market. our see the in needs demand E-band and E-band

the I on about capitalize positioned seen would network economy global observations. certain Indeed, outside growth to domains slowdown opportunities. Since of our incremental have the we like for discussions you driven multiple a share are with level believe environment, very by primarily and India. to users. in We general are XG So by this business public network there well we the of demand is

addition, In is Asia where on Pac, America, Chinese in Africa these focus countries Chinese some is segment fierce in In lower driving we regions, competition and networks there. these in very increasing there Latin softness our regions, the presence. private business are

technology opportunity market in also We on XG high service are an multiple subscriber wireless interesting now fixed current conditions as using providers the growth with frequencies. and focusing see

leverage need detail. in other large to that, address to increasing discussions multiple over in opportunities the Siklu's I'll are to this technology We Stein, with operators point-to-multipoint over the you. results Ronen call more Ronen, frequencies. With CFO, turn discuss in our to exploring to

Ronen Stein

from and will to mentioned you, he leverage Thank modest extract income morning, help we operating non-GAAP I'd to everyone. our highlight increasing Doron, compression. To gross business diversification, financials. referring important results, as like primarily Doron to spoke the margin you drove also our good with leverage the to even ability revenue model. point, and be strategic our operating I an operating understand

release. regarding measures, we financial our For these measures, you press reconciliations of more today's refer to non-GAAP use including of information

now million QX review XX.X% me from in were XXXX. million, $XX.X the Let $XXX.X actual up results. Revenues

million in with for million, India and strongest Our terms respectively. revenues of the were $XX.X quarter and regions $XX.X North America

to X in compared than was million, revenues third contributed that of third region increase terms strongest of EMEA $XX.X customers of quarter in QX We in profit $XX.X an with third the million. XX.X% our basis quarter for XX% on $XX.X a Our revenues. Gross XXXX. non-GAAP the had more was million

XX.X% of gross margin gross QX non-GAAP Our was compared margin in with XX.X% XXXX.

to costs. in this increasing mix. improvement gross continue regional high revenues achieve product despite the recognizing by margins and We in continued change We revenue achieved

our maintained had of all a costs, fixed control effect. over which also We positive

may product regional fluctuate to continue from quarter-to-quarter margins gross changes due Our to mix. and in

fully XXXX. expenses, at expenses in Siklu As expenses the impact general, non-GAAP the XXXX for the development quarter XXXX end operating and to XXXX basis our million, the from operating QX of third include on $X.X operating up expenses. Research the thus million for $X.X in a acquisition and impact were of comparison in

of expenses were quarter on As $X.X million million, in $XX.X from the basis a compared the revenue, in quarter quarter the R&D third in expenses X.X% for to X.X% XXXX. QX a non-GAAP up last third marketing and our percentage were third year. Sales

revenue, the third of in marketing to expenses last a and percentage non-GAAP quarter million million sales a QX and XX.X% As were XXXX. expenses XX.X% in compared quarter for in $X.X basis administrative compared third quarter $X.X year. General on the to were third the

debt XXXX. a in than of $X we reduced South at revenues, agreement which benefit loss for and quarter of on were year. we percentage $XX.X our GAAP third third expenses quarter. I'd first the of quarter with American integrated Siklu accounted approximately a payments G&A for The QX in account expenses. Operating the million our for on the related half have customer that less the note XXXX, million million to successfully G&A main the third end to Siklu the recorded related with in X.X% has to reached in G&A was X% not in credit is payment in integration a therefore, compared expenses reason a As of compared been of last XXXX. impact costs $X.X any operating This income the non-GAAP quarter a reduction the settlement for basis

revenues, quarter third be G&A, sheet. million, to income debt quarter As from interest exchange Without impacted million $XX.X year. the for a in lesser balance XX.X% $X.X X.X% would a operating XX.X%. Financial a basis favorable as and continue non-GAAP the $X.X strengthen included changes collection to quarter last we the the of positively a percentage our as and in of revenue, was third reduction non-GAAP in the extent, expenses to non-GAAP and expenses third operating income million in compared approximately percentage were other benefit on foreign

compared $X.XX would were Our for million third non-GAAP related per $X.X on diluted or non-GAAP for XXXX. share third $X.XX $X.XX per in share basis income diluted benefit expenses basis $XX.X million the $X.X was be million quarter income a $X non-GAAP a G&A, collection approximately tax included million. Net the quarter the to Without or debt the QX or $X diluted for the to share. million per on net

$XX.X loans As third as net to XX, million to positive to compared at $XX.X position XXXX. negative believe sheet, to for We of in generated that $XX cash $X.X XX, of December million We at sufficient million as $X.X compared Short-term XXXX. continue $XX.X our operations of cash quarter working result. facilities capital of million XXXX. the position cash have of the and needs. Therefore, we million was significant debt end cash and the the quarter million balance compared shifted we for end our our our are were a and December to net cash reduce at

$XX.X shipments was in reduction our million, from XXXX availability Our levels $XX.X following is QX related streamline at the mainly down inventory XXXX at December to to components of end since and improvement substantial efforts the The million XXXX. end India. of the inventory to continued

We monitor expected consideration levels, continue to into demand. the the improvements availability in inventory changes in components and of taking

trade are XXXX as at receivables QX $XXX.X the of $XXX.X the December end to XXXX. million of million end Our at compared

Our DSO now stands at days. XXX

As of flow, quarter third operations $XX.X flow net by the investing for generated cash our and million. XXXX cash was activities in

are full of year We the reiterating midpoint our outlook.

Siklu. representing we to XXXX, contribution million $XXX of This from the revenues XX% guidance to XXXX. compared includes growth For to of million, $XXX XX% expect

end leaving You by least reflects the amount, $X range, the be increasing of XX% will visibility just narrowed revenue left by to note the the the of guidance. million at midpoint the top range that in operating unchanged. margins months bottom expected This our at targeted with end X midpoint decreasing and year. Non-GAAP a the similar we the are have

questions. expect non-GAAP open full representing flow free for result, As your and the call year we of that, a year the I increased record for positive XXXX. With another profit, cash now Operator?

Operator

call Our ROTH Scott question from Searle -- from [Operator comes first Instructions] Capital.

Scott Searle

into how Ronen, a talk And little on the just third bit up of terms quarter. the and in on bit start got on is if off that could your thoughts fourth ramp Doron strength, job. a the it's a XXXX maybe initial congrats about outlook up? for I early, know the quarter? India record look of wondering to start Maybe you that little particularly, you to but shaping sustainability like as customer major sounds quarter. it of kind India, Nice I'm Doron, you've

Doron Arazi

Yes.

reasons. think I well for in positioned very we for So strong India year few another that a are

nowadays that is XXXX why looking don't are major we of primarily can obviously X business And is all, are of customers. based X India some like, between First XG and initial it requires describe they for they them with, and more getting the And speak for with X while that this are with and diverse on are strong part, the obviously, continue first our these in classical working able or plan And continue use we least in the fixed generate can we wireless looks customers that that, are yet investing the revenue, capabilities. that other network to cases more more And we XG in another the to domain, at on, like And be indeed, enhancing trying strategy help believe I just year to was on customers to talking focusing all that sentences. situation customers. on to maybe top capacity of their indications, ROI. see most a mobility of all, very we strong and customers, us.

Scott Searle

follow-up. just Doron, to So,

in pretty positioned for? that which higher capacity, means of guys well So more E-band, terms are you

Doron Arazi

Yes.

So in the see is that our E-band this to second their XXXX, will we helping point, to them areas. And of some that uncovered to now that see increasing. to demand believe business microwave E-band. for we the network part enhance and majority on What the obviously, cover deployment at is more of vast precise, be of is more is XG we

Scott Searle

that a that you be ranges on you of Great. any some pretty remarks, demand the what it it if you talk you're bit, networks V-band gig your seems I if wanted I to opening from you provide talking clarify clarify it a more vertical frequencies. was that is And could there Maybe could thinking just you're wonder like Siklu, continues on moving might standpoint, be to market other in to sounds Very little if from the about strong. taking was with wondering to to helpful. clarity where about. side, like could I I kind of seeing demand? XX front. private XX

Doron Arazi

Yes.

question. second the with start let's So

So as access. many frequencies in, viable usage previous operators, say, using offering. is many high I the and explained X with them towards into a also point, high fixed this trend around world a question, to in my leverage that It at looks fixed helping trying mobility divert to And of the frequencies the these not of wireless trial operators right like would these now the solution. prepared we frequencies see to wireless are of these just Tier remarks I operators

as Siklu could solutions for doesn't Now these look be, so and standard it by this developed this speak, technology not change into the doesn't some are was could you XX the that market to And by actually to XX believe for V-band at XG for of or the them standard And the expensive. with to in in are operators, looking the it XX if at XX the road. necessarily to still that, at many solutions are a the solutions the of viable them. speak, least converted see at XG operators nowadays, it solutions XG. But cost are to the and we are be reasonable or very operators work solution ROI whether standard the different that the go that discussions will a we for make down dramatically. that Maybe We at frequencies multiple for reducing this for frequencies. -- point, point-to-multipoint

agnostic for defense. first critical. the are say, to And at enhanced I for to more main say, look, networks the is private would we networks, that same your as are, Now token, I question segments One demand capacity is the believe technology. X private on, would focusing we about less

is, one generally safety. second private speaking, public The

that last energy. is private networks. all is Third that government We one of feel in solutions and demand And the one is there state a strong needs that is enough. segments these

us. every strong. and are there generally areas why is main each it reason these For for a one, is But focus speaking, the

Scott Searle

that of to are a terms the are cash. that us could, a about year, lastly, implies XX%. thinking fourth you the factors quarter swing the guidance of wondering up end position cash, either in And you Great. of the that? kind I'm thoughts if How now give And to redeploying use lastly, what luxury could in I generating on you're of of if some amount flattish into range. of just the extrapolating fair

Doron Arazi

So, our stick to I customers delivery, will accept to start by what basically to saying fourth primarily extent is revenue plan that the quarter quarter fourth results the the means is primarily on -- our which products. will dependent

had on We in Sometimes they decisions there situation some driven the similar therefore, have could side. their And by own fluctuations. a year are end that be past. their

very careful. high the the end have timing we backlog, it's the and the we are the we either the that would delivery on numbers of can on So low the that range. or say orders, end about I make But have more of

In if terms obviously, taken more for account. the this all, working of is need first into of accumulating cash, with we growth, capital look, continue

dollar still Secondly, by value let's loans. of are forget, not certain we leveraged

interest the can minimum With basis talking is have if to kind the And use annual and continue acquisitions. kind like to match and on we the explore can just Siklu of be right these an we acquisition reduce a to look results. this small that we we will opportunities. proven about we if to find to we a into our seriously, case of the create Obviously, quite Obviously, opportunities. that additional cash acquisition today, are our that successful, make is we that few improve we it possible, burden shareholders cents

Scott Searle

and and Doron to in guys look you the quarter New job seeing week great forward on Ronen, York. next

Operator

Koontz Ryan from from is Needham Our & next question Company.

Ryan Koontz

hear Can me you okay?

Doron Arazi

Yes.

Ryan Koontz

little you're be these your in of And Can as What How the grow on up network assume sorts channels private follow access new America? that lighting markets, up maybe whether you the channel? opportunity on different? to will more these relates you about it your to want a any cost impact to business? there. of I your speak North model channels primarily I networks as sales have private may

Doron Arazi

Sure.

is on So first salespeople based primarily basically direct of strategy chasing all, go-to-market our are deals. who

in one is XXXX. made salespeople it. the we added have in and So this generally already And speaking, of shift firepower that thought we needed part this is of terms

-- to So consultants some that by a I dramatically sales market, our deals America are maybe business distributors. the obviously, expenses. in the marketing. and strong we sales North penetration. change do it's to going multiple smaller this with We us use part very think outside there's and is to to And also already the smaller, with use development and or far intend business would very the And don't say, more of for we have valuable much deals. these I even marketing are, and stream vector approach North additional America, indirect but help specifically

Ryan Koontz

That's deals are for range really deals of what's there? it. helpful. the size kind on, larger Got you're you And pursuing direct the that these think you typically of that direct of

Doron Arazi

then for dollars dollars. suddenly, will situation additions would of there's Usually, a you And where But then numbers seen be few few a develop. typical the It an dollars probably you where and requests can We've hundreds of of low-end and you seen deal. of deal start a expand. this and we thousands kind win be single-digit also more. have by of even it and be dollars change XX% and million and small higher couple million situations could start RFP million with

Ryan Koontz

or terms if Any we into we Okay. FPGAs, think silicon takes or in your around helpful. as your and a costs should model margins about fab super of could, et cetera? maybe follow-up, gross internal puts development That's 'XX there. forward And I

Doron Arazi

our XXXX. it make this point, that think So, in to change I will a at gross big margin don't

of in I the see product seeing I we start think that orders. towards this the is gig ramp-up we'll of for that XXXX, the be a XX based selling the believe product, year, going that second on of to volume more significant that demand part not high.

all, I think in change this to in all significant So need point, gross at margins. don't any we, model

Operator

Rommel from comes Aegis from question Dionisio Capital. next Our

Rommel Dionisio

me, Can you Doron? hear

Doron Arazi

Yes.

Rommel Dionisio

targeted you've your a Great. Doron, a over job managed and services great efforts. networks private really and the growth last in few years, of seen result as

that As potential that longer-term I our And you the you then that, a from if I'm give target could the IPXXX coming. conversations, kind here see to increasingly I and of have new you how your opportunity I you is just product several the little the a the you could millimeter-wave, years, next segment growth on a us that, though us hearing that that whether millimeter-wave in that market. it's give think, I in products, wonder please? in obviously, plan just of if the business? wonder the over for broadening portfolio, see recent more of know thoughts outlook with from you you, the

Doron Arazi

Yes.

at this covering meant and in our of is particular is market different And in for outpace If compelling can by are focus the millimeter-wave, as that accelerate more grow so with to with cases, are are terms single-digit. And market double-digit expected with And the this project we part IP-XXEX will that single-digit is different versions to low growth while cover reports versus probably that, why for its much of they we be you the share. growth bigger on the most market going growth total whole. millimeter-wave. take that cost of not recent that putting the market a I very capacity that space, analysts' low together probably think the the can of It's our ownership, XXXE use a the look a total much. that we

much So focusing strategy behind solutions. so that's millimeter-wave on products the and

Rommel Dionisio

theoretically that percentage your over as And the opportunity business total of we how a time? about revenues should from long-term that margin grows as also think

Doron Arazi

that catches the increase obviously, obviously I have the competition change IP-XXEX to probably example, where series long-term into taking due that upcoming the At said gross times XX% account. Look, have it's our as up, will in our can current between depends fluctuation to the primarily And still gross put and the a be something doesn't this that on recently It in will us seen. few XXXE XX% point, competition. last we if the we relative that margins mix slightly always is seen, to And we be to a regional that this believe in objective the the position quarter. for range we are we our margins margin.

Operator

next Our TB Marcin Partners. question comes Robert from from

Robert Marcin

excellent Congratulations quarter, especially how markets the have on considering challenging an Doron, end been.

Doron Arazi

Thank much, Robert. you so

Robert Marcin

Let's you're some talk about to broadband, in opportunity I penetrate approach very know X the testing someone and wireless a Tier it's still wireless. here for takes said, very a that period? give X-year I fixed early expensive $XX let's off, this want as be? thing Siklu a operators How in how globe you the with, if U.S. really opportunity? technology. it a But the of that incremental big this is fixed company, around doing be $XXX a if could us Can cellular Is XG sort TAM of million opportunity? sense million that be big could say. some would technology, Or it pink guess over you

Doron Arazi

knowing nature X beast we X of the and Well, to $XXX I are about can anything that with, and $XX customers million over the talking knowing the years. between million think

Robert Marcin

to rural money different process. nice in the perhaps seems just with more tried sizing and money government administration a in a -- in an spent dollars. the with deficit. that of administration themselves in fiber, years It it not rate. fact and for have be there but last lifetimes forever? there's spent that been money early out a the change few our spend supposedly Is for ever the of addition subject, some Democratic our of a would that out guess, from any the rural that that lot I tens broadband for, around efficiency to billions Thanks there us opportunity growth none On gets business a broadband our and in That of as significant bump point for like that rural these and despite of -- we at subsidies get got for unused in broadband, U.S., U.S. opportunity the some

Doron Arazi

for I'm Robert, to outsider what not me, than better Maybe And I you I. politician. U.S., read an is don't I North see, or do. Trump know I publications. the to a America know going to different as

different will could that I something opportunities. be think messages of are infrastructure. different across, taking the could care increase there's cost he the is indeed the building of at it If, for coming -- immigrants be that of, looking issue that example, there

by almost a own it's you, theory. that's I'm So definition, that and theory with my sharing

the needle assume obviously towards best to move theories, than I going use make to use to -- to a fiber in the will as to can that are become to But change That of do. to your possible. the the you wireless to result strict better things terms be transport as Trump's As with economically viable minimum opposed less opportunity. Maybe you more is approach change and Trump the makers And more in just in capacity, an decision you could opposed these solution decide by all that, fiber. investors, ROI want order wireless. be technology even more of what guidance fiber so speak, primarily give the know will freedom I maybe to give which to and

Robert Marcin

don't do. if knows what I know he's Trump to going

Okay. question. Last

We will in products see to revenue XXXX, from the Neptune-related start correct? scale

Doron Arazi

into my of Yes. portion and the on product second plan, to in hope this terms part And is are working the operational this of hope. XXXX, baking start when a seeing revenue very we revenue. into annual looking small Look, but now I on XXXX

Robert Marcin

not X my -- for a -- Or to there. is, -- Tier product is U.S. with who's your very I profile going that you're and the guess buy of now? Which question it European well represented companies? your right clientele

does I'm X customers? trying does -- product success require of that So just major X, figure out, that new to X, the

Doron Arazi

around some of my of I customers certain sort promotion our are So the but mentioned soft customers, Most globe. that prepared them of in we did comments with prospects. some are them

of I the using is a also could situation that America. are solution in viable still It for increase they it solution. they countries want viable Tier to solution channel the their big, X operators capacity think for width where be where that in a a North not but is maybe E-band

can bandwidth get opposed operators. So yes, width, each able not the they the to channel be XX of as that can is to with maybe probably current second a channel width globe. -- the other. because to -- to of I their opportunities it's especially X going putting compelling, will viable And start next And gigabit across still multiple to for cost they per Tier but option radios will X they very therefore, see

Robert Marcin

right. arena me more me, the in. of get All odds Handicap And XXXX? in in let doing What's for one bolt-on that a small actually, network private buddy. the you

Doron Arazi

There a is chance. always

Robert Marcin

want chance so or chance. XX% I -- XX%

Doron Arazi

in the of not I'm Well, statistics. business

Operator

from next Instructions] question Gunther [Operator Karger. The comes

Doron Arazi

can hear you us? Gunther,

Operator

there questions, the If we can call. close no I think are further

Gunther Karger

hear you me Can now?

Doron Arazi

Gunther. Yes,

Now we hear can you.

Gunther Karger

again to change market addressed. to that you But with in any regard already see do sector, you and again the With area? North the meaningful regard American on defense focused the change administration that

Doron Arazi

there. it's knowledge be certain specifically do I that don't have clearances I of, I federal defense. a to able the know say, stuff, and sell about is it level -- a about What to I think sufficient requires would

a viable of I'm process across of and if the to clearance some making the -- Israeli in sure one the relationship the is country's we compelling sort or of the complex. It things Ministry cases, are relatively to to interest technologies But or we we on do use defense that these I hand, I avenue get are the the Defense. that easy very this a if not other there, be of of Defense it's that find to more the easy have think an looks way me this selling defense. recent could world. units we kind that American Now doing you definitely, can and assure very some different And already with military. using between cases in of Ministry some an American much to

Operator

can I close Doron, the we call. think

Doron Arazi

private Ceragon improves products, on position primarily networks initiatives, strategic to and and continues its the focus market. millimeter-wave its services in growth managed

India. With our diminished related addressable and are current opportunities, adding these in private in headwinds regions business, resume that new buying the we especially from to the funnel our will outlook, ramp-up business quarter the making suffering market. U.S. the in growing longer Short-term regions have our headwinds election concerns by patterns fluctuations networks growth customers in in are We other not our expect run. and of the and fluctuations each in we likely healthy help up strong for our in

to and our and new positive traction feedback, products our Our are road solutions long-term map are meaningful to well everyone. increasing further as market in market future our respectively. updating together quarterly with in are gaining good long-term on a you product look signals, space. in our confidence building These I growth Have next as result day, call. as product forward Neptune-based they expected share

Ceragon Networks (CRNT) 13 Nov 242024 Q3 Earnings call transcript