Ceragon Networks makes wireless transport equipment — microwave and millimeter-wave radio systems that carry data between cell towers and the core network (backhaul and fronthaul), replacing or supplementing fiber where it is too costly or impractical to deploy. Ceragon sells directly and through OEMs, distributors, and system integrators to over 600 service providers and 1,600+ private network customers across roughly 130 countries. Its primary customers are mobile network operators building out 4G and 5G networks, with India and North America together representing about two-thirds of revenue. Beyond hardware, Ceragon offers turnkey deployment services, network management software, and managed services. Ceragon designs its own chipsets in-house and outsources manufacturing, arguing this vertical integration — from chip design to full system — enables better performance and lower cost than competitors using off-the-shelf components. Revenue is largely project-driven and lumpy, tied to network rollout cycles, and customer concentration is high. Ceragon is pushing into private networks (utilities, oil and gas, public safety, defense) through its acquisitions of E2E Networks (U.S.-based systems integration, closed January 2025) and Siklu (60 GHz point-to-multipoint radios, closed December 2023). Ceragon is also investing in software and managed services — including network management, digital twin, and AI-based tools — which management views as higher-margin, more recurring revenue streams compared to hardware.