Ladies and gentlemen, thank you for standing by and welcome to Ceragon Networks' 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 asterisk on your telephone keypad and wait for your name to be announced. I must advise you that this call is being recorded today. I would like to now hand this call over to our first speaker, Rob Fink, Head of Investor Relations. Please go ahead. Thank you, Operator, and good morning, everyone. Hosting today's call is Doron Arazi, Ceragon's Chief Executive Officer, and Ronen Stein, Chief Financial Officer. Before we start, I would like to remind everyone that certain statements made on this call may constitute forward-looking statements within the meaning of the Securities Act of 1933, the Securities Act of 1934, as well as the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Ceragon intends forward-looking terminology such as may, plans, anticipates, believes, estimates, targets, expects, intends, potential, or other comparable terminology, although not all forward-looking statements contain these identifying words. 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 our forward-looking statements. These risks are detailed in Ceragon's most recent annual report on Form 20-F, as published on March 25, 2025, as well as in other documents that may be subsequently filed by Ceragon from time to time with the Securities and Exchange Commission. Forward-looking statements relate to the date initially made, and they are not predictions of future events or results. 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 may be also obtained from Ceragon's website at ceragon.com. Also, today's call will include certain non-GAAP numbers. For reconciliation between GAAP and non-GAAP results, please see 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. With all that said, I will now turn the call over to Doron. Doron, the call is yours. Thank you, Rob, and good morning, everyone. Ceragon delivered a strong financial performance in the first quarter, highlighted by the highest booking levels since Q1 2024. Bookings rebounded across India and EMEA, while growth in North America remained solid. We are reiterating our outlook for full year 2025 and have been encouraged by multiple positive demand signals we observed during the quarter, and specifically at Mobile World Congress in Barcelona in early March. Our conversations with senior decision-makers from both existing and prospective customers further validated that Ceragon is strategically aligned for long-term success in the evolving wireless connectivity landscape. Notably, we had direct discussions with senior executives from major customers in India and other regions. These conversations, along with other market insights, support our belief that our current offerings are exceedingly well aligned with customers' needs. Additionally, we heard compelling feedback that supports strong anticipated demand for microwave and millimeter wave products, including first fixed wireless point-to-point, point-to-multipoint solutions for tier one operators in North America and Europe. We are discussing with at least one tier one operator the possible development of a new solution tailored to their needs that has substantial commercial potential. Another trend that was evident at the Mobile World Congress was the deep interest from CSPs and private networks in our software-driven services and solutions to support network operation and optimization. As we have discussed on previous calls, managed services are an important strategic priority for Ceragon, and we saw strong interest at MWC from customers who are increasingly evaluating software applications and managed services to enable faster deployment and more efficient network operation. Finally, we continue to see the emergence of new use cases for our products, both in CSP and private network segments, which have the potential to meaningfully expand our targeted addressable market and drive incremental revenue opportunities. These market dynamics are consistent with our product and service roadmap, supporting our strategy to maintain technology leadership and address the needs of both tier one and tier two carriers, as well as private networks. As we have previously noted, the shift to software-driven services and applications will also enable us to increase our annual recurring revenue and achieve higher margins relative to our traditional hardware business. In February, we successfully closed the acquisition of E2E Technologies, strengthening our expertise in private networks, particularly in the energy and utilities sector in North America. Private networks remain a fast-growing segment of telecom connectivity, and E2E's proven system integration capabilities and software platform are expected to strengthen our portfolio significantly. E2E's bookings in the first quarter outperformed our expectations, and revenue contribution in the first quarter was in line with our expectations, with continuing to expect E2E to be accretive to non-GAAP earnings by the second half of 2025. I'd now like to review our first quarter highlights by region. In India, revenue was $42.9 million, an increase of 65% year over year. Encouragingly, bookings were also the highest since Q1 2024. Moreover, a minimal amount of these bookings was tied to the previously announced $150 million project award for a major network modernization initiative of a tier one operator, which demonstrates broad-based demand throughout India. The elevated bookings and revenue in Q1 and continued strong customer demand reinforce our long-term outlook in our largest market. In North America, revenue was $17.6 million, including contributions from E2E. Excluding the contributions from E2E, Q1 bookings and revenue were also higher than in Q4. We are improving our competitive position with existing customers and getting more traction from new prospects. The tariff dynamics are creating some instability for certain customers, primarily those in private networks. However, we are encouraged by the continued steady activity among carriers. While we are closely monitoring for any shifts in customer ordering patterns, we are also proactively positioning ourselves to navigate these changes effectively. Simultaneously, we are actively assessing the proposed tariffs, not just to mitigate potential risks, but also to identify strategic opportunities to capture market share. Our diverse manufacturing footprint and adaptable supply chain provide us with a distinct advantage in this environment, allowing us to explore alternative sourcing and pricing strategies that could offset potential impact. While it is still too early to quantify the precise effect of our profitability in 2025, we believe the net impact of tariffs will be minimal. As we remain vigilant in monitoring these developments, we are confident in our ability to adapt swiftly and leverage our strength to drive continued growth. Returning to some more general commentary, through the acquisition of Siklu and E2E, we have significantly enhanced our capabilities in the fast-growing segments of wireless connectivity, particularly millimeter wave and private network markets. We are continuously evaluating additional strategic M&A opportunities that would further complement our product and service offerings, enabling us to further expand in high-growth areas for wireless connectivity. I'd now like to turn the call over to Ronen Stein, our CFO, to discuss the financial results in more detail. Ronen, over to you. Thank you, Doron, and good morning, everyone. The first quarter was marked by solid execution amidst volatile market conditions. Our revenue was at the higher end of our expectations, and we maintained solid non-GAAP 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. Let me now review the first quarter results. Revenue for the first quarter was $88.7 million, up 0.2% from $88.5 million in the first quarter of 2024. India was again the strongest region in terms of revenue and contributed $42.9 million. North America rebounded from $13.4 million in Q4 2024 to $17.6 million in Q1 2025 and was the second strongest region. We had three customers in the first quarter that contributed at least 10% of our revenue. Gross profit in the first quarter on a non-GAAP basis was $29.7 million, which was down 8.6% from $32.5 million in Q1 2024. Our non-GAAP gross margin was 33.5% as compared with a gross margin of 36.7% in the prior year period. The decline in gross margin was mainly attributable to the change in revenue mix by region, with India increasing to 48% of revenues and North America declining to 20% of revenues. Over the longer term, our initiatives in private networks and an increase in deployments of software-driven services should enable us to maintain or potentially expand gross margins, offsetting regional revenue mix headwinds. Moving on to operating expenses. Research and development expenses in Q1 2025 on a non-GAAP basis were $8.1 million, down from $8.7 million in Q1 2024. As a percentage of revenue, R&D expenses on a non-GAAP basis were 9.1% in the first quarter versus 9.8% in the prior year period. Sales and marketing expenses on a non-GAAP basis in the first quarter were $11.8 million, up from $10.7 million in Q1 2024. As a percentage of revenue, sales and marketing expenses on a non-GAAP basis were 13.3% in the first quarter, as compared to 12.1% in the first quarter of 2024. General and administrative expenses on a non-GAAP basis for the first quarter were $5.4 million, as compared to $5.5 million in Q1 2024. As a percentage of revenue, G&A expenses on a non-GAAP basis were 6% in Q1 2025 versus 6.3% in the year-ago period. Restructuring and related charges on a GAAP basis in the first quarter were $3.7 million, as compared to $1.4 million in the first quarter of 2024, reflecting our increased efforts to achieve optimal cost discipline. These charges are backed out of our non-GAAP operating expenses. Acquisition and integration-related expenses on a GAAP basis in the first quarter were $0.5 million versus $0.5 million in the first quarter of 2024. These charges are backed out of our non-GAAP operating expenses. Operating income on a non-GAAP basis for the first quarter was $4.5 million versus operating income of $7.6 million in Q1 2024. Lower gross profit was the primary factor for the decline in operating income year over year. Financial and other expenses on a non-GAAP basis in the first quarter were $1 million, an improvement from $2.3 million in the prior year period. The change was positively impacted from favorable exchange rate changes and lower interest expenses. Our tax expenses on a non-GAAP basis for the first quarter were $0.9 million. Non-GAAP net income for Q1 2025 was $2.6 million, or $0.03 per diluted share, versus non-GAAP net income of $4.7 million, or $0.05 per diluted share in Q1 2024. Moving over to our balance sheet. Our cash position at March 31, 2025, was $27.7 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 $25.2 million at the end of the first quarter, as they were at year-end 2024. Thus, our net cash position was approximately $2.5 million, as opposed to $10.1 million at December 31, 2024, again largely due to the acquisition of E2E. We believe we have cash and facilities that are sufficient for our operations and working capital needs. Inventory at the end of the first quarter was $62.3 million, up slightly from $59.7 million at the end of 2024, as we are preparing to introduce our new EBAN products expected to be delivered mainly in India in the second half of the year. Our trade receivables at the end of the first quarter were $145.7 million versus $149.6 million at the end of December 2024. Our DSO now stands at 135 days. Looking at our statements of cash flow, net cash flow used by operations and investing activities in Q1 2025 was $1.6 million, excluding cash payments made in connection with the acquisition of E2E net of acquired cash. Turning to our 2025 outlook, as Doron mentioned earlier, we are reiterating our previous 2025 revenue guidance of $390 million-$430 million. We also reiterate our expectations for non-GAAP operating margin of at least 10% at the low end of our revenue guidance and higher positive cash flow in 2025 than in 2024. With that, I now open the call for your questions. Operator. Thank you. To ask a question, please raise your hand using your mobile or desktop application, or press star nine on your telephone keypad and wait for your name to be announced. Our first question will be from Christian Schwab from Craig-Hallum. Christian, please go ahead. Christian? Oh, I'm sorry. I was on mute. Sorry about that. Congrats on the strong start to the year-to-year guide. I'm just wondering if you could give us some more color regarding the strength in bookings in India. Is that a diverse customer base? Is that concentrated in the hands of one person primarily? Any additional color there would be fantastic. Yeah, hi, Christian. I would say that it's not concentrated on a single customer. Actually, it's distributed between two customers that we are seeing very strong demand. Obviously, with the third one that still has some potential booking out of the $150 million, if that happens down the road during 2025, this will be another boost for our business. At the same token, I can say that we're also discussing with our old customer that in the last couple of years, decreased the spending in wireless technology on some new opportunities. Great. You mentioned that we're working on a potential significant opportunity in North America or the United States specifically. Is significant mean like $150 million or just significant? Just any color about the range of potential outcomes there would be great. Look, the opportunities we're working on could become meaningful. By saying meaningful, I would probably talk about north of $10 million on an annual basis for a few years. Great. Then my last question, we talked about gross margin expansion opportunities. I guess it was not clear to me how much gross margins potentially could expand in the future. Is there any potential color you could give us on that? That is my last question. Thank you. I will take it. Good morning. First of all, part of the expansion is improved mixture. That's one potential because we have the opportunity to come back much stronger in the U.S. Secondly, it's the economies of scale. Obviously, when we have higher revenues, that's a good potential for increasing our gross margins. The third thing is more software and private networks sales. The more we continue to sell to these solutions or these markets, it will also improve our gross margins. In the long term, we still continue to discuss 35%-38% in the long term. That's what we hope to arrive. Obviously, in the short term, it depends on the mixture specifically and how much revenues from software we can have. Great. Thanks for taking my questions. Thanks, Christian. Thank you. Our next question is from Scott Searle from Roth Capital. Please go ahead, Scott. Good morning. Good afternoon. Thanks for taking the questions. Nice job in terms of maintaining the outlook for the remainder of this year. Maybe, Doron, just to dive in on that front, you're maintaining the guidance for this year at the midpoint. It implies a pretty significant uptick over the next couple of quarters. I'm wondering if you could talk a little bit about first half versus second half. It sounds like you've got some EBAN kicking in in India in the second half of this year. If you could kind of expand on that a little bit and how important India is to growth, particularly within the second half. It sounds like you got some decent visibility now on that front, but presumably it sounds like India will continue to be a growth opportunity in 2025. Yeah. So hi, Scott. Thanks for the question. Look, indeed, we believe that the main uptick will happen on the second part of the year. This is coming predominantly from India and the rollout of EBAN as a result of a very significant deployment of fixed wireless access technology in this country. Obviously, our projections are based on the indications that we are getting from the customer. In terms of the pace that they are talking about now, it looks like there will be a very significant uptick. I think that from a capacity perspective, as well as procurement, we are ready. India is India. Obviously, we will wait until the last minute to get the go-ahead, either in terms of orders or even if you already received orders in terms of delivery timelines. Bottom line, yes, we build a lot on India. As a last sentence to this thing, I want to tell you that I was also encouraged by the booking that came up in other regions that were relatively, I would say, weak during 2024. EMEA, for example, is showing very good signals. If this will become a trajectory, I'm sure that other regions, including, obviously, North America, could contribute to a very nice second half. Just to follow up on that point, from a macro standpoint, certainly tariff environment has caused some, I guess, raised the level of uncertainty out there from a macro standpoint. You are insulated from, I think, a tariff standpoint. What is that doing in terms of customer decision timelines and otherwise? Do you think you are seeing any pullings as a result of that? I refer to that in my prepared comments. So far, we have not seen any change in buying patterns from the CSPs. There were some, I would say, hesitations in closing deals on the private networks, which obviously delayed some of the bookings. At this point, it is not that significant. Obviously, we are following on these changes in patterns very closely. Wonderful. Lastly, if I could, just to follow up on the private networks front, a lot going on there now between Siklu and E2E in your expanding presence. I'm wondering if you could talk a little bit about how each are doing in the different geographies, particularly Siklu. I'm not sure if we heard many comments during your prepared remarks. Geographically, where are you starting to see the demand on that front? Thanks. I think the most intriguing phenomena we have seen in the last three months is a huge increase in interest in the point-to-multipoint solution that we basically bought as part of the Siklu acquisition. We are talking about use cases, by the way, both for CSPs and for private networks, that at least during 2024, we did not see them, at least not coming as strong as we started seeing them during the last three months. Just to give you a few examples, one of the use cases is a small cell backhaul. We have seen that use case in both North America and Europe coming up. In fact, in Europe, we are already beyond a very successful POC with one of the CSPs in Europe and obviously starting to discuss commercials and some rollout plans. This is one use case. The other use case that we have started seeing as very dominant and very interesting is actually supporting large enterprises with the connectivities that I wouldn't say it's a private network, but it's almost private network. It's semi-private network. They are looking to replace the regular 5G connectivity that is usually not steady enough and very expensive. Even in this case, we already passed a few stages of POC, particularly with a big enterprise in North America. While the point-to-point traditional EBAN from Siklu is continuing to be a good solution for small ISPs and also for private networks, we are seeing also a very nice uptick in the interests and demand for the 60 gigahertz point-to-multipoint in Siklu. Obviously, with E2E, it's just the beginning, but we were very encouraged by the performance of E2E in the first quarter. We all hope that this is a sign for a very successful future. Thanks so much. I'll get back in the queue. Our next question is from Ryan Koontz from Needham. Ryan, please go ahead. Hi. Can you hear me? Yes. Hi, Ryan. Super. Hey, good morning. I want to ask about the EBAN product you have coming out for, it sounds like really targeted for India. Can you maybe expand on your differentiation there and why you think that that's a game changer in that important market for you? You know, people who know India predominantly in this space, India is, I would say, a freak of the latest technology for the lowest price. I think that over the years, we have built this kind of experience of understanding how we find this golden line. The product that is going to be launched and actually commercially available towards the end of this quarter is just meeting these two elements, which is a very strong product in terms of performance and top-notch technology, and at the same token with a cost structure that fits into India. Now, let's not forget, it's not that we are just now finishing the development and now we'll start negotiating the price and everything. All terms have been already closed in Q4 of last year, all commercial terms. We basically know or we have an indication of what market share we will capture with this product. Market share in India means everything. If you are getting the lion's share, it means that your product is meeting the cost effectiveness versus the performance the most as opposed to the competition. Got it. That's really helpful. Thanks for all that color. Maybe lastly, if you can comment on the competitive environment in the developed markets, North America and Europe, and who you see out there in your traditional deals and any changes in the last quarter or two. I think that there were not any major changes during the last couple of quarters. I would only say that in Europe, we are seeing more and more interest in looking into vendors like Ceragon to basically replace the Chinese. It is not as strict and it is not as fast as it happened in some other countries and some other regions. This is obviously opening up for us some new prospects, which we did not see in the past. That's really helpful. What kind of share would you estimate the Chinese have in Europe in microwave? I assume it's pretty big. It's quite big. They have a very large install base in some of the leading or the T1 operators in Europe. Obviously, these guys are looking for different ways to reduce the level of dependency. I think that over time, this creates a very nice opportunity for non-Chinese companies, obviously including Ceragon. Truly great. Thanks for the color. Sure. Our next question is from Theodore O'Neill from Hills Research. Theodore, please go ahead. Thank you very much. Congratulations for the good guidance going forward. Just a quick question here on India, your strength in India and North America. Could you give us a sort of proportion of this? Is it you've got this strength because of technology or the service level versus market share? Is it different between the technology, service, and market share between India and North America? I would say that there's not much difference. I would say that in North America, the main emphasis is technology. While in India, they expect you to deliver, including services. That makes a little difference in terms of the rollout and how it works. In many cases, you are actually dependent on yourself. If you are able to faster rollout equipment that was already delivered, your chances to get the next PO and to move to the next delivery are higher. It's slightly different in North America. Generally speaking, when talking about T1 operators, eventually, I would say that there's a lot of commonality. Obviously, the economy in North America is allowing for better margins and also sometimes for more sophisticated pricing models. Generally speaking, both operators from both countries are aspiring to get a very strong and reliable product. They want peace of mind. That's what they are looking for. Okay. Thank you very much. Thank you. There are no further questions. Doron, back to you for closing statements. Yes. I'd like to thank all of you for participating in today's call and for your interest in Ceragon. Given our improved bookings, product roadmap, and expansion into faster growing segments of the market, namely private networks and millimeter wave, I believe we are well positioned to remain the leader in wireless connectivity. I look forward to sharing our progress on the next quarterly conference call when we report our second quarter results. Have a good day, everyone.