CRNT - Ceragon rises 9% signs $150M contract to modernize tier-1 operator network in India

2024-01-11 06:44:03 ET

Ceragon Networks ( NASDAQ: CRNT ) signed a $150M agreement with a global integrator, in support of a network modernization project for a Tier 1 operator in India.

The actual value may vary by an increase or decrease of up to 25%.

The company is expected to begin delivery and deployment of the new sites in Q2 of 2024.

Deployment is expected to complete within 7-9 quarters, with ~75% of the project value expected to be recognized in this timeframe.

The remaining ~25% of the contract value is for Managed Services & Maintenance and is expected to start being recognized within a year from deployment, respectively.

The agreement comprises planning, product delivery and deployment services, as well as a multi-year contract for Ceragon's Managed Services that covers day-to-day monitoring, management, and maintenance oversite of the microwave and mmW network.

The stock price is up 9% on Thursday during pre-market trading.

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