Ceragon Networks Reports Fiscal Results
Monday, February 07, 2022 | Comments

Ceragon Networks reported its financial results for the fourth quarter and full year ended December 31.

"I'm pleased to report that we had a good end to a highly challenging year,” said Ceragon CEO Doron Arazi. “Not only did we deliver at the high end of our projected annual revenue range, but we also successfully initiated expansion into markets beyond our core domain such as managed services. We are meeting strong industry demand with our market-staple products, as well as new innovations such as IP-50FX. Though our efforts were overshadowed by the ongoing global component shortage, supply chain disruptions, shipping issues and increased prices, we were able to maintain and grow our market share. As I look into 2022, I'm optimistic that the crises will calm down, especially in the second half of the year."

Revenues for the fourth quarter 2021 were $77.8 million, up 5.1% from $74 million in Q4 2020 and 2.2% from $76.1 million in the third quarter of 2021. The increase from the third quarter of 2021 was mainly attributed to stronger sales in North America and Africa.

Gross profit for the quarter was $22.8 million, providing a gross margin of 29.4%, compared with a gross margin of 29.1% in the prior year’s quarter and 30.9% in the third quarter. Operating income was $1 million compared with a loss of $1.5 million for the prior year’s quarter and income of $2.9 million for the third quarter.

Net loss for the quarter was $12.2 million, or $0.15 per diluted share, compared with a loss of $6.3 million, or $0.08 per diluted share, for the prior year’s quarter and $300,000, or 0.00 per diluted share, for the third quarter.

Non-generally accepted accounting principles (GAAP) results were a gross margin of 29%, operating income of $1.5 million and net loss of $2.0 million, or $0.02 per diluted share.

Cash and cash equivalents were $17.1 million at December 31, compared to $27.2 million at September 30.

For the full year of 2021, revenues were $290.8 million, up 10.6% from $262.9 million in 2020. Gross profit was $88.4 million, for a gross margin of 30.4%, compared with a gross margin of 28.8% in 2020.

Operating income was $4.8 million, compared to a loss of $7.6 million in 2020. Net loss was $14.8 million, or $0.18 per diluted share. Net loss for 2020 was $17.1 million, or $0.21 per diluted share.

Non-GAAP results were a gross margin of 30.3%, operating income was $6.8 million and net loss was $2.7 million or $0.03 per diluted share.

Ceragon is targeting revenue growth in 2022. Assuming the global component shortage, supply chain disruptions and shipping issues will calm down, the company expects yearly revenue to be between $305 million to $320 million.

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