Ceragon Networks Ltd (CRNT) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Ceragon Networks earnings call. (Operator Instructions) I must advise you that this call is being recorded.

女士們、先生們，感謝你們的支持，歡迎參加 Ceragon Networks 財報電話會議。（操作員指示）我必須通知您，此通話正在錄音。

I'd now like to hand over the call to our first speaker today, Rob Fink, Head of Investor Relations. Please go ahead.

現在，我想將電話交給我們今天的第一位發言者，投資者關係主管 Rob Fink。請繼續。

Thank you, operator, and good morning, everyone. Hosting the call today is Doron Arazi, Ceragon's Chief Executive Officer; and Ronen Stein, Chief Financial Officer. Before we start, I would like to remind everyone that statements made on this call may constitute forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the safe provision harbors of the Private Securities Litigation Reform Act of 1995.

謝謝接線員，大家早安。今天主持電話會議的是 Ceragon 執行長 Doron Arazi 和財務長 Ronen Stein。在我們開始之前，我想提醒大家，本次電話會議中所作的陳述可能構成《1933 年證券法》、《1934 年證券交易法》和《1995 年私人證券訴訟改革法》的安全條款所定義的前瞻性陳述。

Such statements reflect current expectations and assumptions of Ceragon's management. Actual results may differ materially as they are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in forward-looking statements.

這些聲明反映了 Ceragon 管理層當前的期望和假設。由於受某些風險和不確定性的影響，實際結果可能存在重大差異，這可能導致實際結果與前瞻性陳述中預測的結果有重大差異。

These risks and uncertainties include, but are not limited to, company's forward-looking forecast with respect to which there is no assurance that such forecasts will materialize, the company's ability to future plan, business, marketing and product strategies on the forecast evolution of the market developments, such as market and territory trends, future use cases, business concept, technologies, future demand and necessary inventory levels, the effects of evolving geopolitical situation in Israel and the related evolving regional conflicts, the effects of global economic trends, risks associated with integration and deployment of acquired businesses, risks associated with the transition and rollout of 5G technologies, risks related to the concentration of our business on a limited number of large mobile operators, risks resulting from the volatility in our revenues, margins and working capital needs, disagreements with taxes authorities, the high volatility and supply chain needs of our customers, which from time to time lead to delivery issues and other such risks, uncertainties and other factors that could affect results of operations as further detailed in Ceragon's most recent annual report on Form 20-F as published on March 25, 2025, as well as other documents that may be subsequently filed by Ceragon from time to time with the Securities and Exchange Commission.

這些風險和不確定性包括但不限於：公司的前瞻性預測（對於這些預測，無法保證一定會實現）；公司未來規劃、業務、營銷和產品戰略對市場發展預測演變的影響，例如市場和地域趨勢、未來用例、業務概念、技術、未來需求和必要的庫存水平；以色列地緣政治局勢和部署相關地區衝突的影響；全球經濟趨勢的影響；與收購業務和部署趨勢的影響；與技術轉型和推出相關的風險；與將業務集中在少數大型行動電信商相關的風險；收入、利潤率和營運資金需求波動導致的風險；與稅務機關的分歧；客戶的高波動性和供應鏈需求（不時導致交付問題）和其他此類風險、不確定性和其他可能影響經營業績的因素，詳見隨後可能不時向美國證券交易委員會提交的其他文件。

Forward-looking statements relate to the date initially made, and they are not predictions of future events or results, and there can be no assurance that they will prove to be accurate and Ceragon undertakes no obligation to update them. Ceragon's public filings are available on the Securities and Exchange Commission's website at sec.gov, and they may also be obtained on Ceragon's website at ceragon.com.

前瞻性陳述與最初作出的日期有關，它們不是對未來事件或結果的預測，並且不能保證它們是準確的，並且 Ceragon 不承擔更新它們的義務。Ceragon 的公開文件可在美國證券交易委員會網站 sec.gov 上查閱，也可在 Ceragon 網站 ceragon.com 上查閱。

Today's call will also include certain non-GAAP financial measures. A reconciliation between GAAP and non-GAAP results is included in the table attached to the press release that was issued earlier this morning, which is posted on the Investor Relations section of Ceragon's website.

今天的電話會議還將包括某些非公認會計準則財務指標。今天早上發布的新聞稿附帶的表格中包含了 GAAP 和非 GAAP 結果之間的對賬，該表格發佈在 Ceragon 網站的投資者關係部分。

With that, I will now turn the call over to Doron. Doron, the call is yours.

說完這些，我現在將電話轉給多倫。多倫，你來決定。

Thank you, Rob, and good morning, everyone. On the surface, Ceragon's second quarter revenue was below expectations, but this is primarily tied to a single region, India, and is largely being driven by one key customer that is navigating well-publicized financial challenges. This has temporarily halted this customer's order activity and limited near-term visibility as path forward are not yet established. Based on what we know today, we expect that this will just be a timing issue with market demand and our share of the market essentially unchanged.

謝謝你，羅布，大家早安。從表面上看，Ceragon 第二季度的收入低於預期，但這主要與印度一個地區有關，並且很大程度上是由一位正在應對眾所周知的財務挑戰的關鍵客戶推動的。這暫時停止了該客戶的訂單活動，並且由於前進的道路尚未確定，限制了近期的可見性。根據我們目前所了解的情況，我們預計這只是一個時間問題，市場需求和我們的市場份額基本上保持不變。

Beneath that headline, I believe the Ceragon story is far more encouraging, reflecting the substantial improvements we have made in our business over the past two years as well as the benefits of continued innovation in our solutions. We delivered $0.03 in non-GAAP earnings per share and maintained healthy operating margins even in the face of the disruption in India, a clear demonstration of the operational strength, cost discipline and resilience we have built into Ceragon.

在這個標題之下，我相信 Ceragon 的故事更加令人鼓舞，反映了我們在過去兩年中在業務上取得的實質進步以及我們解決方案持續創新的好處。即使面對印度的混亂局面，我們的非公認會計準則每股收益仍為 0.03 美元，並保持了健康的營業利潤率，這清楚地證明了我們在 Ceragon 中建立的營運實力、成本紀律和彈性。

At the same time, our broader momentum continues to build. In fact, the second quarter was an encouraging period for Ceragon with our differentiated technology demonstrating meaningful capabilities that we believe outpaces our competitors. These durable competitive advantages are actively positioning us for new opportunities and use cases that can drive incremental revenue and market share gains across multiple geographies.

同時，我們的整體動能也持續增強。事實上，第二季對於 Ceragon 來說是一個令人鼓舞的時期，我們的差異化技術展現了有意義的能力，我們相信這些能力將超越我們的競爭對手。這些持久的競爭優勢正在積極地為我們帶來新的機會和用例，從而推動多個地區的增量收入和市場份額的成長。

Customer needs and market trends are aligning with our technological road map. We are proving our value through field trials and proof-of-concept engagements, and this is beginning to fuel potential growth in our pipeline and bookings in real time.

客戶需求和市場趨勢與我們的技術路線圖一致。我們正在透過現場試驗和概念驗證活動來證明我們的價值，這開始推動我們的管道和即時預訂的潛在成長。

This dynamic is especially evident in North America, where our recent introduced technologies are proving applicable to both service providers, carriers and private network operators alike. In fact, during the second quarter, we secured a multimillion dollar project as a preferred vendor for a new major Tier 1 carrier in North America. This project leverages Siklu technology to introduce a new product, demonstrating our ability to deliver differentiated value through capabilities that, in our opinion, our competitors are far from introducing.

這種動態在北美尤其明顯，我們最近推出的技術被證明適用於服務供應商、營運商和私人網路營運商。事實上，在第二季度，我們作為北美一家新的一級主要營運商的首選供應商，獲得了一個價值數百萬美元的專案。該專案利用 Siklu 技術推出新產品，展示了我們透過競爭對手遠未具備的能力提供差異化價值的能力。

We are also expanding interest in such products across North America and other regions. While still early, we believe this new carrier engagement as well as this new product could unlock substantial new business and contribute to incremental share gains with other service providers in one of the world's most strategic communications markets.

我們也在擴大北美和其他地區對此類產品的興趣。雖然還處於早期階段，但我們相信，與新營運商的合作以及這款新產品可以釋放大量新業務，並有助於在全球最具戰略意義的通訊市場之一中與其他服務提供者一起增加市場份額。

Second, we are cultivating significant increased interest in our point-to-multipoint solution. This technology has been demonstrated and validated in multiple proof-of-concept projects, both in North America and Europe, serving a wide range of use cases across private networks and CSP domains. These successful evaluations have enabled us to advance into more detailed discussion with potential customers and discuss early-stage commercial engagements.

其次，我們正在培養人們對我們的點對多點解決方案的興趣。該技術已在北美和歐洲的多個概念驗證專案中展示和驗證，適用於私人網路和 CSP 網域的廣泛用例。這些成功的評估使我們能夠與潛在客戶進行更詳細的討論並討論早期的商業合作。

The point-to-multipoint platform acquired through our Siklu transaction continues to prove its value, particularly in private network applications, but increasingly with other customers as well. Given Siklu's financial position at the time of acquisition, we expected to address areas of underinvestment, and we acted quickly to stabilize and strengthen the product. We are now beginning to see the returns from that effort with growing momentum and expanding business potential.

透過 Siklu 交易獲得的點對多點平台繼續證明其價值，特別是在私人網路應用方面，但也越來越受到其他客戶的青睞。考慮到 Siklu 在收購時的財務狀況，我們預計會解決投資不足的問題，並迅速採取行動穩定和加強產品。我們現在開始看到這項努力的回報，其勢頭不斷增強，業務潛力不斷擴大。

Importantly, the point-to-multipoint technology is particularly well suited for smart city applications. As a chosen partner, we are currently involved in a multiyear project in one of Latin America's largest cities under a connectivity-as-a-service model. Should this project mature to its full extent, it could represent recurring annual revenue of $7 million to $8 million for a minimum of five years.

重要的是，點對多點技術特別適合智慧城市應用。作為選定的合作夥伴，我們目前正在參與拉丁美洲最大的城市之一的多年期項目，該項目採用連接即服務模式。如果該計畫全面成熟，至少五年內每年可帶來 700 萬至 800 萬美元的經常性收入。

In our traditional business, our IP-50EXP solution is gaining significant traction as a leading traditional microwave solution alternative. The IP-50EXP delivers millimeter wave-like capacity over traditional microwave distances. This high-power product, combined with an auto-align antenna enables customers to replace microwave deployments at a significantly lower total cost of ownership and in many cases, even higher bandwidth.

在我們的傳統業務中，我們的 IP-50EXP 解決方案作為領先的傳統微波解決方案替代方案正在獲得顯著的吸引力。IP-50EXP 可在傳統微波距離上提供類似毫米波的容量。這款高功率產品與自動對準天線相結合，使客戶能夠以顯著降低的整體擁有成本取代微波部署，並且在許多情況下甚至可以實現更高的頻寬。

We are also participating in multiple RFPs for traditional backhauling projects using our latest CX, EX and IP-50GP product families in EMEA and Latin America. These projects support network modernization efforts aimed at increasing capacity. Our new products exceptional price performance ratio is increasing our chances to win business from customers who we hadn't worked with in several years, demonstrating yet again our ability to capture and recapture market share with our industry-leading technology.

我們也在歐洲、中東和非洲地區以及拉丁美洲參與了多個傳統回程專案的 RFP，並使用我們最新的 CX、EX 和 IP-50GP 產品系列。這些項目支援旨在提高容量的網路現代化工作。我們新產品卓越的性價比增加了我們贏得多年未合作過的客戶業務的機會，再次證明了我們憑藉行業領先的技術奪取和重新奪回市場份額的能力。

We are driving demand globally, but in Q2, North America remained a standout. Excluding E2E contribution, both bookings and revenue in North America exceeded $20 million. Balancing these exciting developments are short-term headwinds we are experiencing in India, our largest market, and it's important to address those directly.

我們正在推動全球需求，但在第二季度，北美仍表現突出。不包括E2E貢獻，北美的預訂量和收入均超過2,000萬美元。與這些令人興奮的發展相平衡的是我們在最大的市場印度所經歷的短期阻力，因此直接解決這些問題非常重要。

Revenue from customers in India was $24.8 million, a decrease of 30% year-over-year. As I mentioned, our customers' well-publicized financial challenges impacted the project we are involved in, and this project stalled.

來自印度客戶的收入為2,480萬美元，年減30%。正如我所提到的，我們客戶廣為人知的財務挑戰影響了我們所參與的項目，導致該項目停滯不前。

At this point, it is hard to predict whether and when it will resume, although we believe the situation is a timing issue and expect a favorable resolution in the future. Additionally, some other projects with other Indian carriers are progressing at a slower pace than our original expectations. However, we are bidding on a new opportunity in India that could add significant incremental business for us in 2026 and beyond. We continue to pursue more opportunities with new products, including, without limitations, leveraging Siklu technology.

目前，很難預測它是否會恢復以及何時恢復，但我們認為這是一個時間問題，並期待未來能得到有利的解決方案。此外，與其他印度航空公司合作的一些專案的進展速度比我們最初的預期要慢。然而，我們正在印度競標一個新的機會，這可能會在 2026 年及以後為我們增加大量增量業務。我們將繼續尋求更多新產品的機會，包括但不限於利用 Siklu 技術。

To summarize, our market share in India is expected to remain intact, and we still see the region as long-term contributor to our business growth. Zooming out, the variety of opportunities in front of Ceragon is the strongest I can recall.

總而言之，我們在印度的市場份額預計將保持不變，並且我們仍然認為該地區是我們業務成長的長期貢獻者。放眼望去，Ceragon 面前的各種機會是我所能記得的最強大的。

While near-term visibility remains limited, we are seeing positive and accelerating signals of success across our portfolio. Our strategy is resonating. Our commercial traction is expanding and our technology is opening doors to further penetrate markets, enter new segments and reach new customers.

儘管短期內能見度仍然有限​​，但我們在整個投資組合中看到了積極且加速的成功訊號。我們的策略引起了共鳴。我們的商業吸引力正在擴大，我們的技術正在為進一步滲透市場、進入新領域和接觸新客戶打開大門。

Most importantly, the bottom line results we reported today reflect the meaningful improvements we have made to our business over the past several years, enabling us to continue investments in our strategic initiatives even at times when revenue is low. As a result, we remain confident in our ability to translate future growth into stronger earnings and sustained value creation.

最重要的是，我們今天報告的底線結果反映了我們過去幾年在業務方面取得的有意義的改進，使我們能夠即使在收入較低的時候繼續對我們的策略計劃進行投資。因此，我們仍然有信心將未來的成長轉化為更強勁的獲利和持續的價值創造。

I'd now like to turn the call over to Ronen Stein, our CFO, to discuss the financial results in more details. Ronen, over to you.

現在，我想將電話轉給我們的財務長 Ronen Stein，以更詳細地討論財務結果。Ronen，交給你了。

Thank you, Doron, and good morning, everyone. The second quarter was impacted by revenue headwinds in India, as Doron described, with improving strength in North America and continued progress against our strategy to create sustainable profitability. To help you understand the results, I will be referring primarily to non-GAAP financials. For more information regarding our use of non-GAAP financial measures, including reconciliations of these measures, we refer investors to today's press release.

謝謝你，多倫，大家早安。正如多倫所描述的，第二季度受到印度收入逆風的影響，而北美的實力不斷增強，並且我們創造可持續盈利的戰略繼續取得進展。為了幫助您理解結果，我將主要參考非 GAAP 財務數據。有關我們使用非公認會計準則財務指標的更多信息，包括這些指標的對賬，請參閱今天的新聞稿。

Let me now review the second quarter results. Revenue for the second quarter was $82.3 million, down 14.4% from $96.1 million in the second quarter of 2024. North America was the strongest region in terms of revenue and contributed $26.8 million. India contributed $24.8 million in Q2 2025 and was the second strongest region. We had two customers in the second quarter that contributed at least 10% of our revenue.

現在讓我回顧一下第二季的業績。第二季營收為 8,230 萬美元，較 2024 年第二季的 9,610 萬美元下降 14.4%。北美是收入最高的地區，貢獻了 2,680 萬美元。印度在 2025 年第二季貢獻了 2,480 萬美元，是第二強的地區。我們第二季有兩位客戶貢獻了至少 10% 的營收。

Gross profit in the second quarter on a non-GAAP basis was $29 million, which was down 14.2% from $33.8 million in Q2 2024. Our non-GAAP gross margin was 35.2%, unchanged from the prior year period. The sustained gross margin even on lower revenue was mainly attributable to our success in North America.

以非公認會計準則計算，第二季毛利為 2,900 萬美元，較 2024 年第二季的 3,380 萬美元下降 14.2%。我們的非公認會計準則毛利率為 35.2%，與去年同期持平。即使在收入較低的情況下，毛利率仍能保持穩定，這主要歸功於我們在北美市場的成功。

Moving on to operating expenses. I'd note that we have now consolidated E2E into our results, impacting total operating expenses. Research and development expenses in Q2 2025 on a non-GAAP basis were $7.2 million, down from $8.2 million in Q2 2024. As a percentage of revenue, R&D expenses on a non-GAAP basis were 8.8% in the second quarter versus 8.5% in the prior year period.

繼續討論營運費用。我注意到，我們現在已將 E2E 合併到我們的業績中，從而影響總營運費用。2025 年第二季非 GAAP 基礎的研發費用為 720 萬美元，低於 2024 年第二季的 820 萬美元。以非公認會計準則計算，第二季研發費用佔營收的百分比為 8.8%，去年同期為 8.5%。

Sales and marketing expenses on a non-GAAP basis in the second quarter were $11.1 million, up from $11 million in Q2 2024. As a percentage of revenue, sales and marketing expenses on a non-GAAP basis were 13.5% in the second quarter as compared to 11.5% in the second quarter of 2024.

第二季非公認會計準則下的銷售和行銷費用為 1,110 萬美元，高於 2024 年第二季的 1,100 萬美元。以非公認會計準則計算，第二季銷售和行銷費用佔收入的百分比為 13.5%，而 2024 年第二季為 11.5%。

General and administrative expenses on a non-GAAP basis for the second quarter were $5.9 million as compared to $1.4 million in Q2 2024. Keep in mind that our G&A last year included the impact of a $4 million benefit related to an initial collection from a $12 million debt settlement agreement reached with a South American customer for which we accounted a credit loss at the end of 2022.

第二季非公認會計準則下的一般及行政費用為 590 萬美元，而 2024 年第二季為 140 萬美元。請記住，我們去年的一般及行政費用包括與南美客戶達成的 1200 萬美元債務清償協議的初始收款相關的 400 萬美元收益的影響，我們在 2022 年底將其計入了信用損失。

As a percentage of revenue, G&A expenses on a non-GAAP basis were 7.2% in Q2 2025 versus 1.5% in the year ago period. Operating income on a non-GAAP basis for the second quarter was $4.7 million versus operating income of $13.1 million in Q2 2024. The absence of the $4 million credit loss recovery benefit I mentioned earlier, combined with lower gross profit was the primary factor for the decline in operating income year-over-year.

以非公認會計準則計算，2025 年第二季的一般及行政管理費用佔收入的百分比為 7.2%，而去年同期為 1.5%。第二季非公認會計準則營業收入為 470 萬美元，而 2024 年第二季營業收入為 1,310 萬美元。我之前提到的 400 萬美元信用損失恢復福利的缺失，加上毛利的下降，是營業收入較去年同期下降的主要因素。

Financial and other expenses on a non-GAAP basis in the second quarter were $1.7 million, an improvement from $2.6 million in the prior year period. The change was positively impacted by favorable exchange rate changes and lower interest expenses. Our tax expenses on a non-GAAP basis for the second quarter were $0.6 million. Non-GAAP net income for Q2 2025 was $2.5 million or $0.03 per diluted share versus non-GAAP net income of $9.9 million or $0.11 per diluted share in Q2 2024.

第二季非公認會計準則下的財務及其他費用為 170 萬美元，較去年同期的 260 萬美元有所改善。有利的匯率變化和較低的利息支出對此變化產生了積極影響。我們第二季的非公認會計準則稅費為 60 萬美元。2025 年第二季非 GAAP 淨收入為 250 萬美元，即每股攤薄收益 0.03 美元，而 2024 年第二季非 GAAP 淨收入為 990 萬美元，即每股攤薄收益 0.11 美元。

Moving over to our balance sheet. Our cash position at June 30, 2025, was $29.2 million, down from $35.3 million at the end of 2024, primarily due to cash payments made in Q1 in connection with the acquisition of E2E amounting to $6.6 million net of acquired cash. Short-term loans were $20.5 million at the end of the second quarter, down from $25.2 million at the end of 2024.

前往我們的資產負債表。截至 2025 年 6 月 30 日，我們的現金狀況為 2,920 萬美元，低於 2024 年底的 3,530 萬美元，主要原因是第一季為收購 E2E 而支付的現金為 660 萬美元（扣除收購現金）。第二季末的短期貸款為 2,050 萬美元，低於 2024 年底的 2,520 萬美元。

Thus, our net cash position was approximately $8.7 million as opposed to $10.1 million at December 31, 2024, again, largely due to the acquisition of E2E, offset mainly by a positive free cash flow in Q2. We believe we have cash and facilities that are sufficient for our operations and working capital needs.

因此，我們的淨現金狀況約為 870 萬美元，而 2024 年 12 月 31 日為 1,010 萬美元，這主要歸因於收購 E2E，但主要被第二季的正自由現金流所抵消。我們相信，我們擁有的現金和設施足以滿足我們的營運和營運資金需求。

I'd note that we generated $6.1 million in free cash flow, enabling us to reduce our debt in Q2 despite significant short-term revenue headwinds. This speaks to the progress we have made in our business model.

我注意到，我們產生了 610 萬美元的自由現金流，儘管短期收入面臨巨大阻力，但我們仍能在第二季減少債務。這說明我們的商業模式取得了進步。

Inventory at the end of the second quarter was $59.9 million, essentially unchanged from $59.7 million at the end of 2024. Our trade receivables at the end of the second quarter were $124.1 million versus $149.6 million at the end of December 2024. Our DSO now stands at 119 days. Looking at our statements of cash flow. Net cash flow used by operations and investing activities in Q2 2025 was $6.1 million.

第二季末的庫存為 5,990 萬美元，與 2024 年底的 5,970 萬美元基本持平。我們第二季末的貿易應收帳款為 1.241 億美元，而 2024 年 12 月底為 1.496 億美元。我們的 DSO 目前為 119 天。查看我們的現金流量表。2025 年第二季經營投資活動所用的淨現金流為 610 萬美元。

I'd like to now turn the call back over to Doron to provide a summary and review our outlook. Doron?

現在我想將電話轉回給多倫，讓他提供總結並回顧我們的前景。多倫？

Thanks, Ronen. Before we open the call for questions, I want to briefly summarize the key takeaways and update our outlook. Q2 highlighted the strength of the foundation we have built as we delivered non-GAAP profitability and generated free cash flow despite the revenue headwinds while advancing our strategic road map.

謝謝，羅南。在我們開始提問之前，我想先簡單總結一下重點並更新我們的展望。第二季度凸顯了我們所建立的基礎的強大，儘管面臨收入逆風，我們在推進戰略路線圖的同時，仍然實現了非公認會計準則盈利並產生了自由現金流。

Traction across regions is growing, and our technology is opening new doors across both service provider and private network segments. Our strategy has not changed and challenges primarily in India do not necessitate changes. We are on the right path, positioned to navigate these timing issues while expanding our strategic position globally.

跨地區的吸引力正在增強，我們的技術正在為服務提供者和私人網路部分打開新的大門。我們的策略沒有改變，主要在印度面臨的挑戰也不需要改變。我們正走在正確的道路上，有能力解決這些時機問題，同時擴大我們在全球的戰略地位。

Turning now to our outlook. Our visibility this quarter has been adversely impacted primarily by dynamics in India as discussed. As a result, we are not currently in a position to reaffirm our prior guidance or provide an updated range.

現在談談我們的展望。如所討論的，本季我們的知名度主要受到印度動態的不利影響。因此，我們目前無法重申我們先前的指導或提供更新的範圍。

That said, we believe this is a matter of timing. In the meantime, this has placed greater weight on individual projects in other regions, some of which were expected to contribute meaningfully to our revenue and are currently delayed.

話雖如此，我們認為這只是時間問題。同時，這也給其他地區的個別項目帶來了更大的壓力，其中一些項目原本有望為我們的收入做出有意義的貢獻，但目前卻被推遲了。

Importantly, we strongly believe we have not lost market share in India or globally. In fact, we are expanding our opportunity set, particularly in North America, primarily due to technological leadership, delivering stronger radio performance at a lower total cost of ownership.

重要的是，我們堅信我們沒有失去在印度或全球的市場份額。事實上，我們正​​在擴大我們的機會，特別是在北美，這主要得益於技術領先地位，以更低的整體擁有成本提供更強大的無線電性能。

Looking ahead, we assume second half revenue to be roughly in line with the first half. Based on this assumption, we believe we can deliver non-GAAP profit and generate cash while continuing to invest in our strategic pillars, advanced wireless connectivity solutions, private networks and managed services.

展望未來，我們預計下半年的營收將與上半年大致持平。基於這個假設，我們相信我們可以實現非公認會計準則利潤並產生現金，同時繼續投資於我們的策略支柱、先進的無線連接解決方案、私人網路和託管服務。

With that, I'll now open the call for questions.

現在，我開始回答問題。

(Operator Instructions)

（操作員指示）

Scott Searle, Roth Capital. Scott.

羅斯資本的斯科特·塞爾。斯科特。

Oh, my apologies. Good morning, good afternoon, guys. Thanks for taking the questions. Doron, maybe just to dive in on India, the obvious region talked about. What gives you the confidence that this isn't a share loss that this isn't some sort of permanent impairment in terms of some of the customer relationships there?

噢，很抱歉。大家早安，下午好。感謝您回答這些問題。多倫，也許只是想深入探討印度這個顯而易見的地區。是什麼讓您有信心這不是份額損失，這不會對某些客戶關係造成永久性損害？

And could you extrapolate a little bit in terms of your visibility into the second half as it relates to India? You did about $25 million in the current quarter. Is that a sustainable level accounting for customers that are, I think, doing a little bit better from an economic standpoint now. And this '26 opportunity, I'm wondering if you could maybe gauge the size and timing of when we should see that really starting to play into the P&L?

您能否就下半年與印度相關的前景進行一些推論？本季您的營業額約為 2500 萬美元。我認為，從經濟角度來看，這對客戶來說是一個可持續的水平嗎？現在情況稍微好一點。對於這個 26 個機會，我想知道您是否可以評估它的大小和時間，我們什麼時候才能真正看到它開始對損益表產生影響？

Okay. So thank you for this question, Scott. So let's start with the competitive landscape and our stake in this market. We have very strong inroads into this market, and we have a constant dialogue with all of our customers, both existing and potential. And Ceragon, generally speaking, is perceived as one of the strongest vendor to this industry.

好的。謝謝你提出這個問題，斯科特。那麼，讓我們先從競爭格局和我們在這個市場的份額開始。我們已強勢進入該市場，並與所有現有客戶和潛在客戶保持持續的對話。總體而言，Ceragon 被認為是該行業最強大的供應商之一。

And we are aware of the main drivers for the changes in the pace or in the cases where our projects are stalled, talking to our customers constantly. And it's clear to us based on these discussions that it's not that they are now preferring other vendors over us. It's just a matter of the rollout pace that is driven by other factors that are totally not associated with our strength in this market.

我們意識到導致進度變化或專案停滯的主要原因，並持續與客戶溝通。根據這些討論，我們可以清楚地知道，他們現在並不是更喜歡其他供應商而不是我們。這只是一個推出速度的問題，它受到與我們在這個市場上的實力完全無關的其他因素的驅動。

So that's the main, so to speak, indications we have for not losing market share. I would even dare say that in some new opportunities with new technology, we already finished the technical phase and we're now talking about commercials. And that can also fuel our business in 2026.

可以說，這就是我們不會失去市場份額的主要跡象。我甚至敢說，在一些新技術帶來的新機會中，我們已經完成了技術階段，現在正在談論商業廣告。這也能推動我們 2026 年的業務發展。

I was referring more explicitly to a new opportunity that is not that one, but it's another one, more on the traditional microwave business. And that opportunity is in terms of tens of millions of dollars to be, I would say, delivered during 2026 or I would say the majority of this opportunity will be delivered during 2026.

我更明確地指的是一個新的機會，不是那個，而是另一個，更多的是傳統的微波業務。這個價值數千萬美元的機會，我想說，將在 2026 年實現，或者說，這個機會的大部分將在 2026 年實現。

Obviously, the RFP is still out there and we don't know the results. Of course, we don't know the results yet. But we believe that we are in a very good position to win at least a big portion of this opportunity. So all in all, when I look at the trends, I would say the following.

顯然，RFP 仍在那裡，我們不知道結果。當然，我們還不知道結果。但我們相信，我們處於非常有利的位置，至少可以贏得這一機會的很大一部分。總而言之，當我觀察趨勢時，我會說以下的話。

The loss of the -- I would say, the interim loss of the business from this specific provider or service provider that stopped the investment due to its financial issues is something that we cannot predict the resumption yet. And we are not baking or hardly baking any potential revenue from this one into our second half of the year.

我想說的是，由於財務問題而停止投資的特定供應商或服務提供者的暫時業務損失是我們目前無法預測其恢復情況的。但我們並沒有將這筆交易的潛在收入計入下半年，或者說幾乎沒有。

With the others, each and every one has its own, so to speak, pace that is driven by different factors. And I would say that $25 million that we have seen in Q2 might even be the high end in our most likely scenario. But still, there's so many unknowns that this number could fluctuate easily up and down.

對其他人來說，每個人都有自己的節奏，可以說，這是由不同的因素所驅動的。我想說，我們在第二季度看到的 2500 萬美元甚至可能是我們最有可能出現的最高金額。但仍存在許多未知因素，導致這個數字很容易出現上下波動。

And if it fluctuates up, I can assure you that we have a very good, so to speak, operational preparation and readiness to capture and capitalize on any trend up that will happen if indeed this happens during the second half of the year. For 2026, I'm by far much more optimistic.

如果出現波動，我可以向你們保證，我們已經做好了非常好的營運準備，如果下半年確實出現這種情況，我們隨時可以抓住並利用任何可能出現的上升趨勢。對於 2026 年，我更樂觀。

Great. Very helpful. And if I could, maybe shifting to a healthier region. North America was a great quarter. I think it's the best quarter you've had in five or six quarters. How sustainable is that as we're looking into the second half of this year? And maybe give us an idea, I think you've referenced private networks being strong, but maybe a little bit more color on that front versus the work with the Tier 1 operator. It sounds like you've got a second Tier 1 that's now starting to play into the mix. Thank you.

偉大的。非常有幫助。如果可以的話，也許我會搬到一個更健康的地區。北美地區本季表現優異。我認為這是五、六個季度以來最好的一個季度。展望今年下半年，此趨勢的可持續性如何？也許可以給我們一個想法，我認為您提到私人網路很強大，但與一級運營商的合作相比，在這方面可能更有色彩。聽起來你已經有了第二個 Tier 1，而且它現在開始發揮作用了。謝謝。

Sure. Thank you for this question. So look, obviously, the business in Ceragon is still based on relatively imminent orders. And based on what we see today and the pattern and the pace of the business, we believe that the second part of the year can be more or less at the same level of the first part of the year. It is based on, first of all, the backlog we have accumulated, as of the end of this quarter, and obviously, some forecasts that we have for Q3 and for Q4 from different customers.

當然。感謝您的提問。因此，顯然，Ceragon 的業務仍然基於相對緊迫的訂單。根據我們今天看到的情況以及業務的模式和步伐，我們相信今年下半年的業績可能與上半年大致相同。首先，它是基於我們截至本季末累積的積壓訂單，顯然還有不同客戶對第三季和第四季的一些預測。

In terms of private networks, generally speaking, we are very excited about some new opportunities. And we just finished a few POCs that we see a very clear path that this will return into significant orders. And I hope that this will happen shortly. I don't want to kind of be ahead of my skis, but it looks very promising.

在專用網路方面，總體來說，我們對一些新的機會感到非常興奮。我們剛剛完成了一些 POC，我們看到了一條非常清晰的路徑，這將帶來大量訂單。我希望這能很快實現。我不想領先我的滑雪技術，但它看起來很有希望。

I would say that we hardly build on these opportunities for the second part of the year. Obviously, if this happens, it will definitely fuel our business in North America further. But if not, I think it could be a very strong baseline for increased business from private networks in North America in 2026.

我想說的是，我們在今年下半年很難利用這些機會。顯然，如果發生這種情況，它肯定會進一步推動我們在北美的業務。但如果不是，我認為這可能成為 2026 年北美私人網路業務成長的一個非常強勁的基礎。

Great, thanks so much. I'll get back in the queue.

太好了，非常感謝。我會回到隊列中。

Thank you.

謝謝。

Ryan Coons, Needham.

瑞安·庫恩斯，尼德姆。

Hey, can you hear me?

嘿，你聽得到我說話嗎？

Yes, Ryan. Good morning.

是的，瑞安。早安.

In terms of your 10% customers, maybe some housekeeping upfront. Were those both from India region, your 10% customers or different regions?

對於您的 10% 客戶，也許需要提前做一些家事。這些都是來自印度地區、您的 10% 客戶還是不同地區？

The 10% customers are coming from both -- from India and North America.

10% 的客戶來自印度和北美。

Great. Thank you for that. And you discussed some emerging Tier 1 North American opportunities here. Can maybe you kind of outline what kind of shape and timing you think those opportunities might present you and how you're investing in terms of those emerging opportunities?

偉大的。謝謝你。您在這裡討論了一些新興的北美一級機會。您能否概述一下您認為這些機會可能以什麼樣的形式和時機出現，以及您如何針對這些新興機會進行投資？

Yeah. Actually, I'm very excited with this particular win and some other opportunities that I see. Just to generalize the trend that we see, and I would even dare saying that I see that as almost a global trend. One of the big observations I had is that the FR2 as part of the 5G rollout is being looked at from various angles and operators are looking in different ways to use and to utilize these frequencies other than just mobility. And that opens up many new use cases in North America, but also outside North America.

是的。事實上，我對這次勝利以及我看到的其他一些機會感到非常興奮。僅概括我們所看到的趨勢，我什至敢說我認為這幾乎是一種全球趨勢。我的一個重要觀察是，作為 5G 部署的一部分，FR2 正在受到來自各個角度的關注，營運商正在尋找不同的方式來使用和利用這些頻率，而不僅僅是移動性。這不僅在北美，而且在北美以外也開啟了許多新的用例。

Starting from a very simple model of frequency preservation, just to make sure that they have the license and they can use it later on and all the way into fixed wireless access, multi-dwelling units. And as I said, this is a phenomenon that we see not only in North America. I referred to our success in India in a previous question. It's more or less the same story there. And there, we are also in a great position since we have passed all the technical barriers, so to speak.

從一個非常簡單的頻率保存模型開始，只是為了確保他們擁有許可證，並且可以在以後使用它，一直到固定無線接入、多住戶單元。正如我所說，這種現像不僅出現在北美。我在之前的問題中提到了我們在印度的成功。那裡的故事大致上是相同的。在這方面，我們也處於非常有利的地位，因為可以說我們已經突破了所有的技術障礙。

And now we are starting to discuss commercials. So I'm obviously very optimistic. Specifically, the one we won is expected to add to our revenue quite significantly in North America in 2026. And as we speak, we see more operators looking for very similar solutions in this region.

現在我們開始討論商業廣告。所以我顯然非常樂觀。具體來說，我們贏得的合約預計將在 2026 年大幅增加我們在北美的收入。正如我們所說，我們看到越來越多的營運商正在該地區尋找非常相似的解決方案。

That's a great update. Appreciate that. Maybe one last one, if I can squeeze it in. On your acquisition of end-to-end recently, how is that business trending in terms of private networks? And I think you were penetrating the energy sector with that. Can you maybe give us a few updates on how that business is performing?

這是一個很棒的更新。非常感謝。如果我能擠出時間的話，也許這是最後一個。關於您最近收購的端到端業務，就私人網路而言，該業務的趨勢如何？我認為您正在利用這一點滲透到能源領域。您能否向我們介紹一下該業務的進展？

Yeah. So, so far, (inaudible) plan. I would even -- they're saying that in terms of booking, we are ahead of our plan. And that's even, I would say, despite some slowdown that we have seen in the private networks in different segments in North America due to the tariffs and many other things that have different implications on different segments in the private networks. So the bottom line is that we are progressing in accordance with the plan. And in terms of booking, we are even exceeding it.

是的。所以，到目前為止，（聽不清楚）計劃。我什至會——他們說，就預訂而言，我們提前完成了計劃。我想說的是，儘管由於關稅和許多其他因素對私人網路的不同部分產生了不同的影響，我們看到北美不同部分的私人網路有所放緩。所以，總的來說，我們正在按照計劃前進。就預訂量而言，我們甚至超過了這個數字。

Right. So you're saying the tariffs, not necessarily on your product, but tariffs on core business, yes.

正確的。所以您說的關稅不一定是針對您的產品，而是針對核心業務的關稅，是的。

Exactly. It's not necessarily associated with communication, infrastructure and with our product, particularly. Sometimes there are other factors that are impacting these industries, and that may create certain delays in the decision to move forward on the connectivity part.

確切地。它不一定與通訊、基礎設施以及我們的產品有關。有時，其他因素也會影響這些產業，這可能會導致在推進連結性方面的決策方面出現一定的延遲。

Got it. Super. That's all I've got. Thanks for the questions.

知道了。極好的。這就是我所知道的一切。謝謝你的提問。

Thank you.

謝謝。

Christian Schwab, Craig Hallum.

克里斯蒂安·施瓦布，克雷格·哈勒姆。

Hey, It's Christian here. Thanks for letting me ask questions. Given the near term, I appreciate the fact that we'll still be profitable and generate cash this year. But given the revenue headwinds this year, at what point would it take for you to address OpEx, which looks heavy for these revenue levels?

嘿，這裡是克里斯蒂安。感謝您允許我提問。從短期來看，我很高興看到我們今年仍然能夠獲利並產生現金。但考慮到今年的收入阻力，您需要在什麼時候解決對這些收入水準來說負擔沉重的營運支出問題？

So I would start by giving a general comment and maybe Ronen can complement. Look, we are investing in our new strategy, and we intend to continue investing in our new strategy, especially after we have seen so many strong signals that this is -- this strategy is probably the right strategy for Ceragon.

因此，我首先要給出一個整體評論，也許 Ronen 可以補充。你看，我們正在投資我們的新策略，我們打算繼續投資我們的新策略，特別是在我們看到如此多強烈的訊號表明這是——這個策略可能是 Ceragon 的正確策略之後。

So they are saying that as long as we are profitable and generating cash, it is our intention to continue investing in these strategic initiatives. Obviously, if at a certain point, we see a situation that the relevant parameters for us deteriorate significantly, we'll reconsider.

所以他們說，只要我們獲利並產生現金，我們就打算繼續投資這些策略措施。顯然，如果在某個時候，我們發現相關參數的情況顯著惡化，我們就會重新考慮。

But at this point it is our intention to keep our investment act because of the momentum and because of our belief that this is the right path for this company. And as we already said, we believe that the situation is a temporary situation, and we can resume growth as early as 2026.

但目前我們打算繼續投資，因為勢頭強勁，而且我們相信這是該公司正確的道路。正如我們已經說過的，我們相信這種情況只是暫時的，我們最早可以在 2026 年恢復成長。

Let me just add, good morning, Christian, let me just add that in the last two years, I would say, we have been restructuring our operating models and operating expenses, and we were very disciplined. So we shifted budgets. We opened new centers of excellence, both in Paraguay and in India.

我再補充一下，早上好，克里斯蒂安，我再補充一下，在過去的兩年裡，我想說，我們一直在重組我們的營運模式和營運費用，而且我們非常自律。所以我們調整了預算。我們在巴拉圭和印度開設了新的卓越中心。

And we have been able now to reduce our OpEx while still continue to, as Doron mentioned, still continue to spend and invest on growth initiatives. So I think that with the assumptions on our revenues for the second half and the fact that we expect North America to more or less continue in the same level, we think that gross margin should be okay and to cover and enable us the profitability that we just mentioned.

現在我們已經能夠降低營運支出，同時仍然像 Doron 提到的那樣，繼續在成長計劃上進行支出和投資。因此，我認為，根據我們對下半年收入的假設以及我們預計北美或多或少將保持在同一水平的事實，我們認為毛利率應該沒問題，並且能夠覆蓋並使我們能夠實現我們剛才提到的盈利能力。

Great, thank you for that answer. No other questions, thank you.

太好了，謝謝你的回答。沒有其他問題了，謝謝。

Theodore O'Neill, Hills Research.

西奧多·奧尼爾，希爾斯研究公司。

Yes, thank you very much. Yes. First question about the Siklu point to multipoint solution. I think you've given us -- I think you previously talked about use case examples, but can you give us some use case examples and what the potential market size is for those -- for that product line?

是的，非常感謝。是的。關於 Siklu 點對多點解決方案的第一個問題。我想您已經給了我們——我想您之前談到過用例範例，但是您能否給我們一些用例範例以及該產品線的潛在市場規模是多少？

Yeah. Sure. Look, the most common use cases we have seen so far are around smart cities and public safety. This product is very suitable for a situation where you need to carry data from video cameras either in relatively short distances or using a mesh technology that can help very nicely in building a network or an access network that, on the one hand, is very strong in terms of capacity, very high capacity. And at the same token is very cheap at street level connectivity.

是的。當然。看，到目前為止我們看到的最常見的用例是圍繞著智慧城市和公共安全。該產品非常適合需要在相對較短的距離內或使用網狀技術傳輸攝影機數據的情況，該技術可以很好地幫助構建網絡或接入網絡，一方面，該網絡的容量非常強大，容量非常高。同時街道級連接的成本也非常低。

So we see that in projects of smart cities. One of them is in North America. There's another one -- the biggest one I was talking about in Latin America. And we see more of that coming from other regions. So this is a very common use case. And it can also develop to other ideas such as managing traffic lights and other things that are associated with improved, so to speak, quality of managing city public services elements.

我們在智慧城市計畫中看到了這一點。其中一個位於北美。還有一個──我談到的拉丁美洲最大的一個。我們也看到更多這樣的情況來自其他地區。這是一個非常常見的用例。它還可以發展其他的想法，例如管理交通號誌和其他與改善城市公共服務要素管理品質相關的事情。

The other piece that we see as an opportunity, and we have trialed for a relatively long time by now with huge success is actually in the CSP domain. And while I tend to give this opportunity slightly less emphasis in terms of volumes, we are talking about street-level connectivity as a solution for small cells backhauling.

我們認為的另一個機會實際上是在 CSP 領域，而且我們已經試驗了相對較長的時間，並且取得了巨大的成功。雖然我傾向於在數量方面稍微少強調這個機會，但我們正在討論街道級連接作為小型基地台回程的解決方案。

We have seen that predominantly in Europe, in countries where, generally speaking, it's very difficult to bring the fiber to the last point. And it's also even very difficult to put microwave and millimeter wave, the traditional one over the roofs. And that could also become a very common alternative in such cases.

我們主要在歐洲看到這種情況，在這些國家，一般來說，將光纖連接到最後一點非常困難。而且將傳統的微波和毫米波放到屋頂上也非常困難。在這種情況下，這也可能成為非常常見的選擇。

Based on the opportunities we are engaged at, this could become tens of millions of dollars a year. Obviously, it depends on the size of the project. But at this point, I would say that it's between a few single million dollars to tens of millions of dollars a year.

根據我們所從事的機會，這可能會達到每年數千萬美元。顯然，這取決於項目的規模。但就目前而言，我想說的是每年的金額在幾百萬美元到幾千萬美元之間。

Okay, thank you. And you mentioned your participation in multiple RFPs. How do you see the probability for winning these? And what's the competitive landscape look like?

好的，謝謝。您提到您參與了多個 RFP。您認為贏得這些比賽的機率有多大？競爭格局如何？

Yeah. So I mentioned that particularly referring to EMEA and Latin America. I think the audience is aware that these are two regions where the Chinese are not, I would say, totally banned. And therefore, the competition continues to be a relatively fierce competition, especially when Chinese decide to go for a dumping price strategy, which happens quite frequently.

是的。所以我特別提到了歐洲、中東和非洲地區以及拉丁美洲。我想觀眾都知道，這兩個地區並沒有完全禁止中國人入境。因此，競爭仍然會相對激烈，尤其是當中國企業決定採取傾銷價格策略時，這種情況經常發生。

Why I'm more enthusiastic about these opportunities is basically because of two reasons. One, we start seeing a phenomena where just using the Chinese as a single vendor is not working that well to many of the operators, both in Latin America and in EMEA. And therefore, these RFPs could create an opportunity for us to chime in and to take the second seat, which is also quite significant.

我之所以對這些機會更加熱衷，主要有兩個原因。首先，我們開始看到一種現象，對於拉丁美洲和歐洲、中東和非洲地區的許多業者來說，僅僅使用中國作為單一供應商的效果並不好。因此，這些 RFP 可以為我們創造一個參與並佔據第二席位的機會，這也非常重要。

The other reason is that with our new product families, the EX, the CX and the IP-50GP, these products are much more, I would say, price performance effective than our older generations. And that gives us, I would say, a good starting point to win in an environment where the prices are relatively low.

另一個原因是，我們的新產品系列 EX、CX 和 IP-50GP 比我們的舊一代產品具有更高的性價比。我想說，這為我們在價格相對較低的環境中獲勝提供了一個很好的起點。

I would just generalize and say that for a few years, we have not invested that much in split-mount. And still, when you look at the market, split-mount still consists around 60% of this market. Now after we finished to develop the NepTune chip, and obviously, we're working on the first product that will be publicized or launched based on this chip, we have basically directed resources from R&D to work on our next-generation split mount. The IP-50GP is the first -- the early bird in what I believe is a strong road map that if we execute on, will also help us gaining a bigger market share in the split-mount business.

我只是想概括地說，幾年來，我們在分離式安裝方面並沒有投入太多。然而，從市場來看，分離式安裝仍佔了約 60% 的市場。現在，我們完成了 NepTune 晶片的開發，顯然，我們正在開發基於該晶片將要宣傳或推出的第一款產品，我們基本上已經將研發資源用於開發下一代分離式支架。IP-50GP 是第一個——我相信這是一個強大的路線圖的先行者，如果我們執行的話，它也將幫助我們在分離式安裝業務中獲得更大的市場份額。

Okay, thanks very much.

好的，非常感謝。

Thank you.

謝謝。

Rommel Dioniso, Aegis.

隆美爾·迪奧尼索，宙斯盾。

Thank you. Can you hear me okay, Doron?

謝謝。你聽得到我說話嗎，多倫？

Yes, hi Ramel.

是的，你好，拉梅爾。

So two questions, if I could. First, you've obviously made significant progress on -- in North America on Managed Services business and private networks. And I wonder if you could talk about private networks, the opportunity in Europe and just the progress you've made there. And second, I appreciate your comments earlier about continuing to invest in the core business. What about acquisitions? Does the temporary delay in orders from India slow down your acquisition pace in upcoming periods? Thanks.

如果可以的話，我有兩個問題。首先，你們在北美的託管服務業務和私人網路方面顯然取得了重大進展。我想知道您是否可以談談私人網路、歐洲的機會以及您在那裡的進展。其次，我很感謝您先前關於繼續投資核心業務的評論。那麼收購呢？印度訂單的暫時延遲是否會減慢您未來一段時間的收購步伐？謝謝。

So let me start with the acquisition question, and then I will move to a discussion about the private network in Europe. In terms of acquisition, we have not slowed down -- and actually, the positive cash flow and the reduction in the loans or the credit line that is utilized is just creating for us a better, so to speak, funding opportunities to do more acquisitions. I think it's more of finding the suitable acquisitions rather than slowing down or accelerating the pace.

那麼，我先從收購問題開始，然後再討論歐洲的私人網路。在收購方面，我們並沒有放慢腳步——實際上，正現金流和貸款或信用額度的減少只是為我們創造了更好的融資機會，以便進行更多的收購。我認為更重要的是找到合適的收購，而不是放慢或加快步伐。

We have a funnel. I think the funnel looks good. It will take time to make, obviously, decisions. And I can tell you that during the last couple of months, we looked at a few potential acquisitions, and we reached the conclusion that they are not suitable to us. So it is our strong intention to continue pursuing acquisitions. It's just a matter of suitability.

我們有一個漏斗。我認為漏斗看起來不錯。顯然，做出決定需要時間。我可以告訴你，在過去的幾個月裡，我們檢視了一些潛在的收購，但最終的結論是它們不適合我們。因此，我們強烈希望繼續進行收購。這只是一個適合與否的問題。

As to the private networks in Europe, we see also many opportunities there. I think that we are quite successful, actually in Europe and by the way, in Africa, in utilities and to a certain degree, in defense and in energy. So generally speaking, we see there many opportunities as well. And obviously, this gives us even stronger signals that we are on the right, so to speak, strategic path

至於歐洲的私人網絡，我們也看到了許多機會。我認為我們相當成功，實際上在歐洲，順便說一下，在非洲，在公用事業領域，以及在一定程度上在國防和能源領域。所以總的來說，我們也看到了很多機會。顯然，這給了我們更強烈的信號，表明我們走在正確的戰略道路上

Great. Thanks very much, Doron.

偉大的。非常感謝，多倫。

There are no further questions.

沒有其他問題了。

So thank you so much, everyone, for participating in our conference call and looking forward to talk to you again in the conference call for Q3 results.

非常感謝大家參加我們的電話會議，並期待在第三季業績電話會議上再次與您交談。