Ceragon Reports Second-Quarter 2021 Financial Results
Monday, August 02, 2021 | Comments

Cergaon Networks reported its financial results for the second quarter of 2021, which ended June 30.

"I've been at Ceragon for less than a month and already seen so much to be proud of, thanks to a highly efficient, proactive team,” said newly appointed CEO Doron Arazi. “I feel fortunate to lead a team of 1,000+ dedicated and talented individuals who collectively have driven Ceragon's impressive performance, weathering unexpected storms such as the COVID-19 pandemic, bringing the company to where it is today.”

Revenues were $68.6 million, up 9.9% from $62.4 million in the same quarter last year and up 0.4% from $68.3 million in in the first quarter of 2021. The increase from last year’s quarter is mainly attributed to stronger sales in North America and India.

Gross profit was $21.9 million, giving the company a gross margin of 31.9%, compared with a gross margin of 26.4% in the same quarter last year and 29.5% in the first quarter of 2021. The increase in gross profit is primarily a result of a favorable customer mix, positively affecting the gross margin this quarter.

Operating income was $500,000 compared with operating loss of $3.5 million for the same quarter last year and $400,000 for the first quarter of 2021. Net loss was $1.7 million, or $0.02 per diluted share compared with a loss of $5.5 million, or $0.07 per diluted share for the second quarter of 2020 and a loss of $1.2 million, or $0.01 per diluted share for the first quarter of 2021.

Non generally accepted accounting principles (GAAP) gross margin was 31.5%, operating profit was $600,000, and net loss was $1.2 million, or $0.01, per diluted share. Cash and cash equivalents were $28.7 million at June 30, compared to $33 million at March 31.

The company still expects revenue growth in 2021 and expects it to be on the higher end of its annual revenue guidance, which is between $275 million and $295 million. More than that, the company anticipates a return to profitability in the second half of the year.

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