Forward-looking statements speak only as of the date on which they are made, and Ceragon undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Ceragon's public filings are available from the Securities and Exchange Commission's website at www.sec.gov or may be obtained on Ceragon's website at www.ceragon.com.
I will now turn the call over to Mr. Ira Palti, President and CEO of Ceragon. Please go ahead, sir.
Thank you for joining us today. With me on the call is Aviram Steinhart, our CFO. Even as the environment becomes more challenging, our results for Q2 are in line with our guidance and we continue to grow. Specifically, revenues reached a new all-time record. Gross margin continued to improve. We kept tight control of our operating expenses and we showed sequential improvement in profitability.The improvement in orders that began in April has continued during Q2. Our book-to-bill was above 1, even with a record revenue quarter in an increasingly difficult market environment. We attribute this to our ability to penetrate into new accounts and gain more share in key growth regions, the breadth of our solution portfolio and the strength of our competitive position. The 1 area which needs to be explained is our cash flow for the quarter. We used a lot of cash for working capital this quarter, mainly due to regional shifts and higher receivables from Q1 customers. Aviram will give you more details, but I wanted to emphasize that we have no concerns about collectibility. This was required in order to grow in certain regions and penetrate certain key customers. While this adds to the challenge of managing effectively, we believe that it's only a temporary timing issue and we expect to return to positive cash flow in Q4 and beyond.
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