Was reading through some of their regulatory documents today. They are cutting it close on cash too although they have some cushion. It looks like they have maxed out the credit line although they do have the right to sell $40 million in receivables so they do have that. Still, I think CRNT will come to market with shares in one of two ways:
1) Tough quarters. Their covenant says their adjusted EBITDA will be no less than $3 million in the second and third quarter. Now granted they can probably obtain a waiver if they miss that mark but I would be starting to worry in that situation and they might just have to do an equity issuance.
2) Good quarters. Even if things work out in the third and fourth quarters they have just burned too much cash. They will likely do an issuance by early 2015 or late 2014.
Do you know who the big Indian customer is? I think it has to be Reliance Jio Infocomm Group. They specifically reference that company in their debt agreement. At least Ceragon provides copies of the debt agreements unlike Dragonwave.