Here are two brief analogies to describe Ceragon Networks (CRNT):

1. The Ericsson or Nokia for wireless backhaul. (Ceragon specializes in the wireless links that connect cell towers, a critical component of mobile networks, similar to parts of what larger telecom equipment providers like Ericsson and Nokia do.)
2. The Cisco for the wireless links that power mobile networks. (Just as Cisco provides much of the networking 'plumbing' for businesses and the internet, Ceragon provides the specialized wireless 'plumbing' that enables mobile operators to transmit data between their cell sites and core network.)

• Wireless Backhaul & Fronthaul Solutions: Provides high-capacity microwave and millimeter-wave radio systems for mobile operators and private networks to transmit data between base stations and core networks, supporting 4G and 5G rollouts.
• IP-20 Platform: A comprehensive family of radio products designed to deliver flexible, high-capacity wireless transport solutions across various frequencies and network architectures.
• Network Management Systems: Software tools enabling operators to plan, monitor, manage, and optimize their Ceragon wireless transport networks efficiently.
• Professional Services: Offers expertise in network design, deployment, optimization, maintenance, and support for their wireless transport solutions.

Ceragon Networks (CRNT) primarily sells its products and services to other companies (B2B).

Ceragon Networks does not publicly disclose the specific names of its major customers due to commercial confidentiality. However, its financial reports indicate a significant portion of its revenue comes from a limited number of large customers. For example, in 2023, Ceragon's three largest customers accounted for approximately 25%, 15%, and 10% of its total revenues, respectively, though these specific customers remain unnamed in public filings.

Based on their business description and target market, Ceragon's major customers generally fall into the following categories of companies:

• Mobile Network Operators (MNOs): These are large telecommunications companies that provide cellular mobile services (e.g., 5G, 4G LTE). They are Ceragon's primary market, utilizing its wireless transport solutions for backhaul, fronthaul, and midhaul to connect their cell sites and core networks globally.
• Internet Service Providers (ISPs): Companies that provide internet access services to homes and businesses, often requiring high-capacity wireless infrastructure for their networks, particularly in challenging geographic or underserved areas.
• Private Network Operators / Critical Infrastructure Operators: This category includes enterprises, utility companies (e.g., power, water, oil & gas), public safety organizations, and transportation entities that build and operate their own dedicated communication networks for mission-critical applications.

As Ceragon Networks does not disclose the specific names of these major customer companies, it is not possible to provide their individual names or public stock symbols.

• Universal Scientific Industrial (Shanghai) Co., Ltd. (601231)
• Flex Ltd. (FLEX)

Doron Arazi Chief Executive Officer

Mr. Arazi rejoined Ceragon Networks as CEO in July 2021, after a year and a half break during which he served as CFO of privately held software companies in the Cyber and Telecom sectors. He initially joined Ceragon in 2014 as Executive Vice President and Chief Financial Officer, and in 2016 was appointed Deputy CEO, while continuing in his CFO role. During his tenure as CFO, he successfully transitioned the company from losses and negative cash flow to significant profits and positive cash flow, and reduced the company's debt. Prior to Ceragon, he held positions as CFO of Allot Communications and Vice President of Finance at Verint.

Ronen Stein Chief Financial Officer

Mr. Stein joined Ceragon in 2022, bringing over twenty years of CFO experience in both private and U.S. listed public companies. He possesses extensive experience in mergers and acquisitions, leading transactions from both the buying and selling sides. Most recently, he served as CFO of Siklu, an Israel-based telecommunications company. His previous roles include CFO of 10bis, Enercon Technologies, Knock N'Lock, and Pointer Telocation (Nasdaq: PNTR).

Dima Friedman Chief Operating Officer

Mr. Friedman serves as the Chief Operating Officer of Ceragon Networks.

Oz Zimerman Chief Marketing Officer & EVP Corp Dev

Mr. Zimerman holds the titles of Chief Marketing Officer and EVP Corporate Development at Ceragon Networks.

Ulik Broida Chief Product Officer

Mr. Broida has served as Chief Product Officer since January 2019 and joined the executive management team in April 2021. His prior experience includes serving as VP Marketing at mPrest, and VP of Marketing and Business Development at RAD. He also held significant product management roles at Wavion, NICE, and Alvarion.

The rapid expansion and increasing capabilities of Low Earth Orbit (LEO) satellite constellations (e.g., Starlink, OneWeb, Amazon Kuiper) for backhaul and remote site connectivity represent a clear emerging threat to Ceragon Networks. These LEO systems offer high-bandwidth, low-latency wireless alternatives for connecting cell sites and other infrastructure in areas where fiber is unavailable or uneconomical, and where Ceragon's microwave and millimeter-wave solutions are traditionally deployed.

Ceragon Networks (CRNT) operates primarily in the wireless transport solutions market, offering products and services for backhaul, midhaul, and fronthaul in cellular networks, including 5G wireless transport, and has been expanding into the private networks sector.

Addressable Markets:

• Wireless Transport Solutions (Microwave and Millimeter-Wave Backhaul, Midhaul, and Fronthaul, including 5G Wireless Transport):

  The global microwave backhaul links market was valued at approximately USD 9.58 billion in 2023 and is anticipated to exceed USD 21.8 billion by 2033, growing at a CAGR of 8.57% from 2023. Another source indicates the global microwave radio backhaul links market size is expected to reach $22.19 billion by 2029 with a CAGR of 13.2%. For the broader 5G transport networks market, which includes microwave and millimeter-wave lines, it was valued at around USD 335 million in 2022 and is projected to reach approximately USD 2.815 billion by 2030, with a CAGR of around 35.54%.

• Private Networks (LTE and 5G):

  The global private wireless market is projected to grow from approximately USD 6.3 billion in 2024 to an estimated USD 32.3 billion by 2032, at a compound annual growth rate (CAGR) of 22.7%. Another estimate for the global private LTE and private 5G network market indicates it was valued at USD 8.4 billion in 2023 and is projected to reach USD 64.3 billion by 2033, growing at a CAGR of 22.9%. A similar projection estimates the global private wireless network market size at USD 5.8 billion in 2024, forecasted to reach USD 22.4 billion by 2033 at a CAGR of 16.2%.

• Managed Services:

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Expected Drivers of Future Revenue Growth for Ceragon Networks (CRNT)

• Expansion in Private Networks: Ceragon Networks is actively diversifying its business into the private network sector. The company reported a significant increase of over 50% in bookings from private networks in 2024. This expansion is further bolstered by strategic acquisitions, such as Siklu and End 2 End Technologies, LLC, which enhance its competitive edge in this market. Private network customers are also seeking end-to-end solutions, an area where Ceragon offers comprehensive ecosystem and service capabilities.
• Growth in Key Geographic Markets: Ceragon has demonstrated strong performance and strategic focus in particular regions. North America has been highlighted as a robust region, with strong customer validation and significant contributions from new acquisitions like E2E. The company also secured a multimillion-dollar project with a new major Tier 1 carrier in North America. India has also shown healthy demand for Ceragon's solutions, with revenues reaching an all-time record in Q4 2024, and improving visibility as commercial terms for 2025 are finalized with major customers.
• Launch of New and Advanced Products: Product innovation, particularly in millimeter-wave (mmW) technology, is a crucial driver. Ceragon announced the launch of innovative products like the IP-100E, IP-50GP, and EtherHaul 8020FX at Mobile World Congress 2025. The IP-100E, a dual-carrier E-band solution, is expected to deliver high capacity, positioning Ceragon for significant revenue growth and technological differentiation. The introduction of the IP-50 EX product has already enabled new business and market share gains in India, and the new IP-50EXA product is expected to be delivered in the second half of 2025.
• Increased Focus on Software-Led Services and Recurring Revenue: Ceragon is strategically focusing on driving recurring revenues through its software-led managed and professional services. The company secured $7 million in annual recurring revenues from managed services in a recent quarter, indicating a shift towards business models that offer steady, ongoing revenue growth. This move also contributes to increased profitability.

Share Repurchases

No new share repurchase programs or significant share repurchases were announced or executed by Ceragon Networks in the last 3-5 years. The previously authorized program of up to $20 million was completed by December 31, 2009.

Share Issuance

• Ceragon Networks reported proceeds from the exercise of options totaling $0.042 million in 2022 and $0.410 million in 2021.
• The company maintains registration statements (Form S-8) for securities offered to employees through employee benefit plans.

Outbound Investments

• Ceragon Networks acquired Siklu in December 2023.
• The acquisition of Siklu is expected to contribute to Ceragon's 2024 revenue.

Capital Expenditures

• Ceragon Networks' historical capital expenditures were $6 million in 2020, $10 million in 2021, $12 million in 2022, $13 million in 2023, and $16 million in 2024.
• Expected capital expenditures for 2025 are projected to be $13 million.
• A primary focus of capital allocation includes investment in innovative, higher-margin products and network modernization to boost market share, operational efficiency, and profitability. Another focus is transitioning products to environmentally friendly packaging by 2025.