Ceragon Networks Ltd 6-K, filed Aug 2, 2021

Ceragon Networks Ltd (CRNT)

6-K 2021-08-02 For: 2021-08-02

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Added on April 11, 2026

About this 6-K

Ceragon Networks Ltd filed this 6-K on August 2, 2021.

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	CERAGON NETWORKS LTD.
Date: August 2, 2021	By: /s/ Ran Vered
	Name: Ran Vered Title: Chief Financial Officer

	Q2 2021
India	27%
North America	19%
Europe	18%
Latin America	17%
APAC	11%
Africa	8%

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020

Revenues	$	68,621		$	62,427		$	136,891		$	118,298
Cost of revenues		46,736			45,925			94,860			87,786

Gross profit		21,885			16,502			42,031			30,512

Operating expenses:
Research and development, net		7,555			6,770			14,965			14,060
Sales and Marketing		7,643			8,200			15,933			16,473
General and administrative		6,197			4,985			10,290			9,441

Total operating expenses	$	21,395		$	19,955		$	41,188		$	39,974

Operating income (loss)		490			(3,453	)		843			(9,462	)

Financial expenses and others, net		1,802			1,464			2,853			1,772

Loss before taxes		(1,312	)		(4,917	)		(2,010	)		(11,234	)

Taxes on income		397			400			872			780
Equity loss in affiliates		-			160			-			343

Net loss	$	(1,709	)	$	(5,477	)	$	(2,882	)	$	(12,357	)

Basic net loss per share	$	(0.02	)	$	(0.07	)	$	(0.03	)	$	(0.15	)
Diluted net loss per share	$	(0.02	)	$	(0.07	)	$	(0.03	)	$	(0.15	)

Weighted average number of shares used in computing basic net loss per share		83,423,693			81,012,896			83,006,047			80,889,022

Weighted average number of shares used in computing diluted net loss per share		83,423,693			81,012,896			83,006,047			80,889,022

	June 30, 2021			December 31, 2020
ASSETS	Unaudited			Audited

CURRENT ASSETS:
Cash and cash equivalents	$	28,670		$	27,101
Trade receivables, net		107,404			107,388
Other accounts receivable and prepaid expenses		18,125			14,755
Inventories		52,316			50,627

Total current assets		206,515			199,871

NON-CURRENT ASSETS:
Deferred tax assets		8,404			8,279
Severance pay and pension fund		5,913			6,059
Property and equipment, net		30,037			31,748
Operating lease right-of-use assets		22,651			6,780
Intangible assets, net		5,936			6,117
Other non-current assets		14,960			13,565

Total non-current assets		87,901			72,548

Total assets	$	294,416		$	272,419

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
Trade payables	$	65,989		$	63,722
Deferred revenues		3,139			3,492
Short-term loans		11,000			5,979
Operating lease liabilities		4,610			3,183
Other accounts payable and accrued expenses		21,913			24,048

Total current liabilities		106,651			100,424

LONG-TERM LIABILITIES:
Accrued severance pay and pension		10,953			11,601
Deferred revenues		9,155			7,495
Operating lease liabilities		18,532			3,840
Other long-term payables		2,815			2,933

Total long-term liabilities		41,455			25,869

SHAREHOLDERS' EQUITY:
Share capital:
Ordinary shares		223			218
Additional paid-in capital		425,548			420,958
Treasury shares at cost		(20,091	)		(20,091	)
Other comprehensive loss		(9,597	)		(8,068	)
Accumulated deficits		(249,773	)		(246,891	)

Total shareholders' equity		146,310			146,126

Total liabilities and shareholders' equity	$	294,416		$	272,419

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Cash flow from operating activities:
Net loss	$	(1,709	)	$	(5,477	)	$	(2,882	)	$	(12,357	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		2,943			2,680			5,829			5,384
Loss from sale of property and equipment, net		195			-			67			-
Stock-based compensation expense		286			441			637			867
Increase (decrease) in accrued severance pay and pensions, net		(301	)		155			(504	)		(288	)
Decrease (increase) in trade receivables, net		(176	)		6,519			237			19,105
Increase in other accounts receivable and prepaid expenses (including other long term assets)		(4,780	)		(2,645	)		(5,872	)		(4,719	)
Decrease in operating lease right-of-use assets		1,179			1,220			2,448			2,576
Decrease (increase) in inventory, net of write off		(3,764	)		5,529			(2,046	)		7,526
Increase in deferred tax asset, net		(135	)		(85	)		(125	)		(109	)
Increase (decrease) in trade payables		4,268			(339	)		2,137			(4,779	)
Increase (decrease) in other accounts payable and accrued expenses (including other long term liabilities)		10			584			(3,646	)		(1,299	)
Decrease in operating lease liability		(744	)		(1,110	)		(2,199	)		(2,917	)
Increase (decrease) in deferred revenues		(230	)		(806	)		1,307			803
Net cash provided by (used in) operating activities	$	(2,958	)	$	6,666		$	(4,612	)	$	9,793

Cash flow from investing activities:
Purchase of property and equipment, net		(1,728	)		(2,679	)		(3,931	)		(3,638	)
Proceeds from sale of property and equipment, net		-			-			200			-
Purchase of intangible assets, net		-			(36	)		-			(279	)
Net cash used in investing activities	$	(1,728	)	$	(2,715	)	$	(3,731	)	$	(3,917	)

Cash flow from financing activities:
Proceeds from exercise of options		269			308			3,958			554
Proceeds from (repayment of) bank credits and loans, net		-			(13,176	)		6,000			5,079
Net cash provided by (used in) financing activities	$	269		$	(12,868	)	$	9,958		$	5,633

Translation adjustments on cash and cash equivalents	$	76		$	(36	)	$	(46	)	$	(281	)
Increase (decrease) in cash and cash equivalents	$	(4,341	)	$	(8,953	)	$	1,569		$	11,228
Cash and cash equivalents at the beginning of the period		33,011			44,120			27,101			23,939
Cash and cash equivalents at the end of the period	$	28,670		$	35,167		$	28,670		$	35,167

	Three months ended						Six months ended
	June 30,						June 30,
	2021			2020			2021			2020

GAAP cost of revenues	$	46,736		$	45,925		$	94,860		$	87,786
Stock based compensation expenses		(35	)		(33	)		(71	)		(60	)
Paycheck protection program		306			-			306			-
Changes in indirect tax positions		(2	)		(1	)		(3	)		(2	)
Non-GAAP cost of revenues	$	47,005		$	45,891		$	95,092		$	87,724

GAAP gross profit	$	21,885		$	16,502		$	42,031		$	30,512
Gross profit adjustments		(269	)		34			(232	)		62
Non-GAAP gross profit	$	21,616		$	16,536		$	41,799		$	30,574

GAAP Research and development expenses	$	7,555		$	6,770		$	14,965		$	14,060
Stock based compensation expenses		(61	)		(10	)		(113	)		(99	)
Non-GAAP Research and development expenses	$	7,494		$	6,760		$	14,852		$	13,961

GAAP Sales and Marketing expenses	$	7,643		$	8,200		$	15,933		$	16,473
Stock based compensation expenses		(50	)		(168	)		(154	)		(268	)
Paycheck protection program		673			-			673			-
Non-GAAP Sales and Marketing expenses	$	8,266		$	8,032		$	16,452		$	16,205

GAAP General and Administrative expenses	$	6,197		$	4,985		$	10,290		$	9,441
Retired CEO compensation		(810	)		-			(810	)		-
Stock based compensation expenses		(140	)		(230	)		(299	)		(440	)
Non-GAAP General and Administrative expenses	$	5,247		$	4,755		$	9,181		$	9,001

GAAP operating income (loss)	$	490		$	(3,453	)	$	843		$	(9,462	)
Stock based compensation expenses		286			441			637			867
Changes in indirect tax positions		2			1			3			2
Retired CEO compensation		810			-			810			-
Paycheck protection program		(979	)		-			(979	)		-
Non-GAAP operating income (loss)	$	609		$	(3,011	)	$	1,314		$	(8,593	)

GAAP financial expenses and others, net	$	1,802		$	1,464		$	2,853		$	1,772
Leases – financial income (expenses)		(435	)		(110	)		(249	)		340
Non-GAAP financial expenses and others, net	$	1,367		$	1,354		$	2,604		$	2,112

GAAP Tax expenses	$	397		$	400		$	872		$	780
Non cash tax adjustments		23			87			(105	)		72
Non-GAAP Tax expenses	$	420		$	487		$	767		$	852

GAAP equity loss in affiliates	$	-		$	160		$	-		$	343
Other non-cash adjustments		-			(160	)		-			(343	)
Non-GAAP equity loss in affiliates	$	-		$	-		$	-		$	-