Ceragon Networks Ltd.

Ladies and gentlemen, thank you for standing by, and welcome to Cerego Network's fourth quarter and full year 2025 earnings call. Our presentation today will be followed by a question and answer session, at which time, if you wish to ask a question, you will need to raise your hand using your mobile or desktop application, or press star 9 on your telephone keypad and wait for your name to be announced. I must advise you that this call is being recorded. I'd now like to hand over the call to our first speaker today, Rob Fink, Head of Investor Relations. Rob, please go ahead.

Thank you, Operator, and good morning, everyone. Hosting today's call is Daron Arazi, Zaragon's Chief Executive Officer, and Ronan Stein, Chief Financial Officer. Before we start, please note that today's discussion includes forward-looking statements within the meaning of the Securities Act of 1933, as amended, Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, projected financial performance, future initiatives, business outlook, development efforts, anticipated results, timelines, and other matters. Forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include, among other things, global and regional economic conditions, conditions in Israel and the region, fluctuations in exchange rate, customer concentration, ordering patterns, and supply chain challenges, as further detailed in Saragon's most recent annual report on Form 20F and other documents filed with the Securities and Exchange Commission. Forward-looking statements are accurate only as of the date they are made. Saragon undertakes no obligation to update them. Saragon's public filings are available on the Security and Exchange Commission's website at sec.gov and on Saragon's website at saragon.com. Also, today's call will include certain non-GAAP measures. For reconciliation between GAF and non-GAF results, please see the table attached to the press release issued earlier today, which is posted in the investor relations section of Saragon's website. With that, I will now turn the call over to Daron. Daron, the call is yours.

Thank you, Rob. Good morning, everyone. As expected, the results we are reporting today align with the preliminary results we shared in January. Revenue in Q4 2025 was $82.3 million, consistent with the range we previously provided, and non-GAAP EPS for Q4 was 2 cents. For the full year, revenue was $338.7 million, and non-GAAP EPS was 9 cents. We ended the year with $38.4 million in cash and equivalents and a net cash position of $19.4 million, up from a net cash position of $10.1 million at the end of 2024. Our balance sheet improvement reflects disciplined execution and stronger cash generation over the course of the year. Given that we provided a detailed update in January, today I'll focus on confirming execution and discuss what we are seeing early in 2026. Our view on 2026 is unchanged from a month ago. Early activity in the year supports our confidence that we remain on track with the outlook we shared in January. Execution in North America continues to be solid, supported by CSP activity, and we see numerous emerging private network opportunities. In India, activity continues to track at the run rate we discussed, with early bookings in the year reinforcing our confidence in the base level of demand. We are not seeing anything today that changes our business view of the year or introduces new dynamics relative to what we previously discussed. In 2026, we plan to launch four new products, with some expected to generate initial revenue this year. These launches are driven by clear, recently observed demand in our addressable markets and aligned with tangible revenue opportunities. Our R&D and go-to-market investments remain focused on execution, differentiation, and conversion. We continue to prioritize opportunities where we see clear potential customer demand and a path to revenue. Mobile World Congress in March is an important industry event for Saragon and for the broader ecosystem. We will be showcasing several products we plan to introduce in 2026 and the level of inbound interest and meeting activity heading into the show has been strong. Historically, MWC has been a meaningful demand generation event for us. helping convert customer engagement into trials and, over time, revenue. We expect it to be a constructive commercial catalyst again this year. Based on our current visibility, we are reiterating our full year 2026 revenue guidance of $355 million to $385 million. This guidance is based on us advancing our backlog in North America, assumes a baseline of $100 million in annualized revenue from India and additional demand from our two existing customers, potential timely RFP wins, and reasonable recoveries in other regions. I would like to give one brief example of how execution is showing up in the private network space. We recently booked a multi-million dollar private network order in APAC with an electricity transmission utility following a competitive win announced last year. The award reflects our ability to deliver a full turnkey solution and provides both near-term revenue in 2026 and long-term expansion potential as additional sites are deployed. This represents how private network opportunities are moving from pipeline to backlog and into revenue. In summary, we are focused on execution, not reinvention. We delivered results in line with what we communicated in January. Our outlook for 2026 remains intact, and early activity in the year supports our confidence in continued progress on revenue cadence, margins, and cash generation. With that, I'll now turn the call over to our CFO, Ronen Stein, to review the financial results in greater detail.