Technology
Ceragon Reports 11.5% Increase in Quarterly Revenue, GAAP EPS of $0.09 Per Share in the Second Quarter
Published
2 months agoon
By
Significant Penetration into Private Networks
Management Reiterates Full-Year 2024 Outlook
ROSH 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.
Q2 2024 Financial Highlights:
Revenues 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 basis
Q2 2024 Business Highlights:
India:
– 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 million
Doron 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.”
Primary Second Quarter 2024 Financial Results:
Revenues 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.
GAAP Operating income was $10.4 million compared with $5.7 million for Q2 2023 and $4.2 million for Q1 2024.
GAAP 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.
Non-GAAP results were as follows: Gross margin was 35.2%, operating profit was $13.1 million, and net income of $9.9 million, or $0.11 per diluted share. The second quarter included $4 million benefit related to an initial collection from a $12 million debt settlement agreement reached with a South American customer. Another installment was paid during Q3, and the remaining installment is expected to be paid subject to several conditions.
Balance Sheet
Cash and cash equivalents were $26.3 million on June 30, 2024, compared to $28.8 million on March 31, 2024.
For a reconciliation of GAAP to non-GAAP results, see the attached tables.
Revenue Breakout by Geography:
Q2 2024
India
37 %
North America
24 %
EMEA
20 %
Latin America
10 %
APAC
9 %
Outlook
Management reiterated its 2024 outlook:
Revenue of $385 million to $405 million, representing growth of 11% to 17% compared to 2023 revenue. This guidance includes the contribution from Siklu, which was acquired in December 2023.Non-GAAP operating margins are targeted to be at least 10% at the mid-point of the revenue guidance.As a result, management expects increased non-GAAP profit and positive free cash flow for the full year of 2024.
Conference Call
The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Recent geopolitical events could impact the live question and answer session. In this unlikely event, management’s prepared remarks will be pre-recorded, and the question and answer session would be rescheduled.
Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join the live call, a replay will be available on our website at www.ceragon.com within 24 hours after the call.
About Ceragon
Ceragon (NASDAQ: CRNT) is the global innovator and leading solutions provider of end-to-end wireless connectivity, specializing in transport, access, and AI-powered managed & professional services. Through our commitment to excellence, we empower customers to elevate operational efficiency and enrich the quality of experience for their end users.
Our customers include service providers, utilities, public safety organizations, government agencies, energy companies, and more, who rely on our wireless expertise and cutting-edge solutions for 5G & 4G broadband wireless connectivity, mission-critical services, and an array of applications that harness our ultra-high reliability and speed. Ceragon solutions are deployed by more than 600 service providers, as well as more than 1,600 private network owners, in more than 130 countries.
Through our innovative, end-to-end solutions, covering hardware, software, and managed & professional services, we enable our customers to embrace the future of wireless technology with confidence, shaping the next generation of connectivity and service delivery. Ceragon delivers extremely reliable, fast to deploy, high-capacity wireless solutions for a wide range of communication network use cases, optimized to lower TCO through minimal use of spectrum, power, real estate, and labor resources – driving simple, quick, and cost-effective network modernization and positioning Ceragon as a leading solutions provider for the “connectivity everywhere” era.
For more information please visit: www.ceragon.com
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON® is a trademark of Ceragon, registered in various countries. Other names mentioned are owned by their respective holders.
Safe Harbor
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon’s management about Ceragon’s business, financial condition, results of operations, micro and macro market trends and other issues addressed or reflected therein. Examples of forward-looking statements include, but are not limited to, statements regarding: projections of demand, revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, order timing, supply chain and shipping, components availability; growth prospects, product development, financial resources, cost savings and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as “may”, “plans”, “anticipates”, “believes”, “estimates”, “targets”, “expects”, “intends”, “potential” or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words.
Although we believe that the projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. Such forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon’s future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; The effects of the evolving nature of the war situation in Israel and the related evolving regional conflicts; risks associated with delays in the transition to 5G technologies and in the 5G rollout; risks relating to the concentration of our business on a limited number of large mobile operators and the fact that the significant weight of their ordering, compared to the overall ordering by other customers, coupled with inconsistent ordering patterns, could negatively affect us; risks resulting from the volatility in our revenues, margins and working capital needs; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities; the high volatility in the supply needs of our customers, which from time to time lead to delivery issues and may lead to us being unable to timely fulfil our customer commitments; and such other risks, uncertainties and other factors that could affect our results of operation, as further detailed in Ceragon’s most recent Annual Report on Form 20-F, as published on March 21, 2024, as well as other documents that may be subsequently filed by Ceragon from time to time with the Securities and Exchange Commission.
We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Ceragon does not assume any obligation to update any forward-looking statements unless required by law.
The results reported in this press-release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
Ceragon’s public filings are available on the Securities and Exchange Commission’s website at www.sec.gov and may also be obtained from Ceragon’s website at www.ceragon.com.
Ceragon Investor & Media Contact:
Rob Fink
FNK IR
Tel. 1+646-809-4048
crnt@fnkir.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
Revenues
96,088
86,151
184,586
169,560
Cost of revenues
62,627
55,795
119,057
111,028
Gross profit
33,461
30,356
65,529
58,532
Operating expenses:
Research and development, net
8,385
7,812
17,232
15,750
Sales and Marketing
11,508
9,778
22,769
19,974
General and administrative
2,295
6,218
8,158
11,542
Restructuring and related charges
–
897
1,416
897
Acquisition- and integration-related charges
915
–
1,377
–
Total operating expenses
23,103
24,705
50,952
48,163
Operating income
10,358
5,651
14,577
10,369
Financial expenses and others, net
1,916
1,886
4,777
3,344
Income before taxes
8,442
3,765
9,800
7,025
Taxes on income
609
1,677
1,564
2,969
Net income
7,833
2,088
8,236
4,056
Basic net income per share
0.09
0.02
0.10
0.05
Diluted net income per share
0.09
0.02
0.09
0.05
Weighted average number of shares used in
computing basic net income per share
85,743,770
84,365,168
85,632,241
84,359,762
Weighted average number of shares used in
computing diluted net income per share
87,921,507
85,312,954
87,753,163
85,152,634
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
June 30,
December 31,
2024
2023
Unaudited
Audited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
26,303
28,237
Trade receivables, net
112,895
104,321
Inventories
59,490
68,811
Other accounts receivable and prepaid expenses
17,601
16,571
Total current assets
216,289
217,940
NON-CURRENT ASSETS:
Severance pay and pension fund
4,807
4,985
Property and equipment, net
33,853
30,659
Operating lease right-of-use assets
17,817
18,837
Intangible assets, net
16,510
16,401
Goodwill
7,749
7,749
Other non-current assets
2,010
1,954
Total non-current assets
82,746
80,585
Total assets
299,035
298,525
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables
67,405
67,032
Deferred revenues
2,561
5,507
Short-term loans
28,450
32,600
Operating lease liabilities
3,151
3,889
Other accounts payable and accrued expenses
25,756
23,925
Total current liabilities
127,323
132,953
LONG-TERM LIABILITIES:
Accrued severance pay and pension
8,657
9,399
Deferred revenues
670
670
Operating lease liabilities
13,142
13,716
Other long-term payables
5,742
7,768
Total long-term liabilities
28,211
31,553
SHAREHOLDERS’ EQUITY:
Share capital
224
224
Additional paid-in capital
440,173
437,161
Treasury shares at cost
(20,091)
(20,091)
Other comprehensive loss
(9,853)
(8,087)
Accumulated deficit
(266,952)
(275,188)
Total shareholders’ equity
143,501
134,019
Total liabilities and shareholders’ equity
299,035
298,525
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
Cash flow from operating activities:
Net income
7,833
2,088
8,236
4,056
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
2,941
2,582
5,880
5,135
Loss from sale of property and equipment, net
169
20
169
30
Stock-based compensation expense
1,566
808
2,470
1,977
Decrease in accrued severance pay and
pensions, net
(212)
(280)
(564)
(344)
Increase in trade receivables, net
(16,023)
(6,620)
(9,247)
(6,910)
Decrease (increase) in other assets (including other accounts
receivable, prepaid expenses, other non-current assets, and
the effect of exchange rate changes on cash and cash
equivalents)
(652)
(445)
(1,383)
551
Decrease in inventory
1,186
893
8,555
4,059
Decrease in operating lease right-of-use assets
1,694
886
2,626
1,897
Increase (decrease) in trade payables
12,075
2,835
589
(3,955)
Increase (decrease) in other accounts payable and accrued
expenses (including other long-term payables)
(2,196)
2,620
(94)
2,326
Decrease in operating lease liability
(1,922)
(1,152)
(2,942)
(2,518)
Increase (decrease) in deferred revenues
(1,637)
(1,054)
(2,946)
386
Net cash provided by operating activities
4,822
3,181
11,349
6,690
Cash flow from investing activities:
Purchases of property and equipment, net
(4,562)
(2,330)
(7,955)
(5,472)
Software development costs capitalized
(676)
(549)
(989)
(1,837)
Net cash used in investing activities
(5,238)
(2,879)
(8,944)
(7,309)
Cash flow from financing activities:
Proceeds from exercise of stock options
284
30
542
30
Proceeds from (repayments of) bank credits and loans, net
(2,050)
(2,300)
(4,150)
2,050
Net cash provided by (used in) financing activities
(1,766)
(2,270)
(3,608)
2,080
Effect of exchange rate changes on cash and cash equivalents
(298)
74
(731)
120
Increase (decrease) in cash and cash equivalents
(2,480)
(1,894)
(1,934)
1,581
Cash and cash equivalents at the beginning of the period
28,783
26,423
28,237
22,948
Cash and cash equivalents at the end of the period
26,303
24,529
26,303
24,529
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
GAAP cost of revenues
62,627
55,795
119,057
111,028
Stock-based compensation expenses
(134)
(48)
(265)
(228)
Amortization of acquired intangible assets
(189)
–
(378)
–
Excess cost on acquired inventory in business combination (*)
–
–
(124)
–
Non-GAAP cost of revenues
62,304
55,747
118,290
110,800
GAAP gross profit
33,461
30,356
65,529
58,532
Stock-based compensation expenses
134
48
265
228
Amortization of acquired intangible assets
189
–
378
–
Excess cost on acquired inventory in business combination (*)
–
–
124
–
Non-GAAP gross profit
33,784
30,404
66,296
58,760
GAAP Research and development expenses
8,385
7,812
17,232
15,750
Stock-based compensation expenses
(184)
(232)
(336)
(478)
Non-GAAP Research and development expenses
8,201
7,580
16,896
15,272
GAAP Sales and marketing expenses
11,508
9,778
22,769
19,974
Stock-based compensation expenses
(387)
(363)
(683)
(739)
Amortization of acquired intangible assets
(117)
–
(388)
–
Non-GAAP Sales and marketing expenses
11,004
9,415
21,698
19,235
GAAP General and administrative expenses
2,295
6,218
8,158
11,542
Stock-based compensation expenses
(861)
(167)
(1,186)
(535)
Non-GAAP General and administrative expenses
1,434
6,051
6,972
11,007
GAAP Restructuring and related charges
–
897
1,416
897
Restructuring and related charges
–
(897)
(1,416)
(897)
Non-GAAP Restructuring and related charges
–
–
–
–
GAAP Acquisition- and integration-related charges
915
–
1,377
–
Acquisition- and integration-related charges
(915)
–
(1,377)
–
Non-GAAP Acquisition- and integration-related charges
–
–
–
–
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
2024
2023
2024
2023
GAAP Operating income
10,358
5,651
14,577
10,369
Stock-based compensation expenses
1,566
810
2,470
1,980
Amortization of acquired intangible assets
306
–
766
–
Excess cost on acquired inventory in business combination (*)
–
–
124
–
Restructuring and other charges
–
897
1,416
897
Acquisition- and integration-related charges
915
–
1,377
–
Non-GAAP Operating income
13,145
7,358
20,730
13,246
GAAP Financial expenses and others, net
1,916
1,886
4,777
3,344
Leases – financial income
207
285
319
643
Non-cash revaluation associated with business combination
477
–
(196)
–
Non-GAAP Financial expenses and others, net
2,600
2,171
4,900
3,987
GAAP Tax expenses
609
1,677
1,564
2,969
Non cash tax adjustments
–
(890)
(413)
(1,743)
Non-GAAP Tax expenses
609
787
1,151
1,226
GAAP Net income
7,833
2,088
8,236
4,056
Stock-based compensation expenses
1,566
810
2,470
1,980
Amortization of acquired intangible assets
306
–
766
–
Excess cost on acquired inventory in business combination (*)
–
–
124
–
Restructuring and other charges
–
897
1,416
897
Acquisition- and integration-related charges
915
–
1,377
–
Leases – financial income
(207)
(285)
(319)
(643)
Non-cash revaluation associated with business combination
(477)
–
196
–
Non-cash tax adjustments
–
890
413
1,743
Non-GAAP Net income
9,936
4,400
14,679
8,033
GAAP basic net income per share
0.09
0.02
0.10
0.05
GAAP diluted net income per share
0.09
0.02
0.09
0.05
Non-GAAP Diluted net income per share (**)
0.11
0.05
0.17
0.09
(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business
combination, which was recorded at fair value, and the actual cost of this inventory, which impacts the Company’s gross
profit.
(**) Weighted average number of shares used in computing diluted net income per share is the same as in GAAP
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SOURCE Ceragon Networks Ltd.
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Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24
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September 21, 2024By
The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.
TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.
Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.
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Event details
The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.
Media Contact
Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca
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SOURCE Chapter One Canada
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About PEAC Institute
PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.
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View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html
SOURCE Pause for Peace
Technology
Global Times: China opens 12 nuclear research facilities to global scientists
Published
9 hours agoon
September 21, 2024By
The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.
These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.
The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.
Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.
IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.
Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.
On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.
Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.
China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.
At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.
The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.
Contact: xutianshu@globaltimes.com.cn
View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html
SOURCE Global Times
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