Business
Ceragon Reports 11.5% Increase in Quarterly Revenue, GAAP EPS of $0.09 Per Share in the Second Quarter
Significant Penetration into Private Networks Management Reiterates Full-Year 2024 Outlook ROSH HA'AIN, Israel, Aug. 7, 2024 /PRNewswire/ -- Ceragon (NASDAQ:
About this update from Ceragon Networks Ltd.
[{"type":"text","content":"Significant Penetration into Private Networks\nManagement Reiterates Full-Year 2024 Outlook \nROSH HA'AIN, Israel, Aug. 7, 2024 /PRNewswire/ -- Ceragon (NASDAQ: CRNT), the leading solutions provider of end-to-end wireless connectivity, today reported its financial results for the second quarter period ended June 30, 2024.\n\n \n \nQ2 2024 Financial Highlights:\nRevenues of $96.1 millionOperating income of $10.4 million on a GAAP basis, or $13.1 million on a non-GAAP basisNet Income of $7.8 million on a GAAP basis, and net income of $9.9 million on a non-GAAP basisEPS of $0.09 per diluted share on a GAAP basis, or $0.11 per diluted share on a non-GAAP basisQ2 2024 Business Highlights:\nIndia:- Record quarterly revenues since Q2 2018, including revenue from the new, top-tier customer- Substantial ramp up in demand for new IP-50CX product, with more than 20,000 radio units deliveredNorth America:- Bookings remain strong, supported by Private Network wins- Significant Private Network orders, including nine new customers- Six consecutive quarters of revenue above $20 millionDoron Arazi, CEO, commented: \"Our stated strategy of diversifying our business by expanding our presence with private networks has been successful. We have added significant bookings from private networks, both in North America and in other key regions, meaningfully growing our business in our addressable market. Demand in India remains robust, and we are growing market share in the region. We also have seen increased interest in our software solutions that can enable recurring revenue growth. New products introduced in the last six months are facilitating our growth, with significant shipments and high levels of customer satisfaction. We are well-positioned for continued profitable growth.\"\nPrimary Second Quarter 2024 Financial Results:\nRevenues were $96.1 million, up 11.5% from $86.2 million in Q2 2023 and up 8.6% from $88.5 million in Q1 2024.\nGAAP Operating income was $10.4 million compared with $5.7 million for Q2 2023 and $4.2 million for Q1 2024.\nGAAP Net income was $7.8 million, or $0.09 per diluted share, compared with $2.1 million, or $0.02 per diluted share for Q2 2023 and $0.4 million, or $0.00 per diluted share for Q1 2024.\nNon-GAAP results were as follows: Gross margin was 35.2%, operating profit was $13.1 million, and net income of $9.9 milli...