What was the company's cash flow from operating and investing activities in the fourth quarter of 2020
erfectly positioned to leverage the 5G evolution, the open question is the timing. We see signs that this evolution will start building at a larger scale through the end of 2021 and then go through 2022 and 2023.
The exact timetable might be impacted by COVID but we believe this is the general direction. The U.S. has been deploying 5G since late 2019 and shares leadership of the transition today with China. Network build-outs using wireless hauling for transport across networks have recently begun.
We've increased our 5G design wins to nine this quarter and we are participating in numerous 5G proofs of concepts and initial rollouts in the U.S., Europe, and the Pacific Rim. And plans are being finalized for mass rollouts. We anticipate that the first large-scale networks to make use of wireless hauling en masse are likely to pick off toward the end of 2021 and then to pick up speed at first gradually through 2022 and 2023. We expect to benefit from the growth of this market and also to take market share.
After Japan and Western Europe, we expect to see 5G momentum build in the rest of Europe, APAC, and Lat-Am, followed by Africa three years down the road. In the meantime, we continue to benefit from large expedited 4G projects to increase network reach and capacity. In some of these projects, the operators are already fitting in the wireless hauling infrastructure required for 5G. To conclude, we are moving into a new kind of future, building on a growing collective online mobile presence and global hyper-connectivity with full ramification and potential we wait to witness.
In this new context, we believe there are and will be an increasing number of business opportunities for us across the globe starting already this year. We are working hard to leverage these opportunities and to continue to be a key enabler of the multi-year 5G evolution. I would now like to turn the call over to Ran to discuss our financials in more detail. Ran?
Ran Vered -- Chief Financial Officer
Thank you, Ira, and good morning, everyone. To help you understand the results, I will be referring mainly to non-GAAP numbers. For more information regarding our use of non-GAAP financial measures including reconciliations of these measures, we refer you to today's press release. During the fourth quarter, we made further progress moving back toward normal operations, continuing the positive trend that began in Q3 2020.
Our revenues returned to a strong level and at the high end of our projections for the quarter, as well as high end of our normal quarterly revenue run rate range pre-COVID. The reflected return through strong execution of almost all our ongoing activities in an industry, the thrills in new urgency for network building. At the same time, COVID has increased our supply chain expenses significantly, reducing our gross margin. These, compounded with the large technology write off and some indirect expenses for COVID in the quarter, gave us a low gross margin and took us into a net loss for the quarter despite the strong revenues.
Nevertheless, our financial performance in the fourth quarter remains strong with strong collections enabling us to generate $9.3 million in cash flow from operating and investing activities and to repay almost $12 billion in loans. Nevertheless, our financial performance in the fourth quarter remains strong with strong collections, enabling us to generate $9.3 million in cash flow from operating and investing activities and to repay almost $12 million in loans. In fact, all main balance sheet indicators, DSO, inventory, short-term loans, and cash flow moved in the right direction this quarter despite the very challenging environment. Let me now review the actual numbers with you.
Revenues for the fourth quarter were $74 million, up 5% compared with the third-quarter 2020, and up 4% compared with Q4 last year. The revenues varied from region to region in line with the effect that COVID has had on local business operations and network buildout plans. Europe had its strongest quarter in the last three years, reflecting 
erfectly positioned to leverage the 5G evolution, the open question is the timing. We see signs that this evolution will start building at a larger scale through the end of 2021 and then go through 2022 and 2023.
The exact timetable might be impacted by COVID but we believe this is the general direction. The U.S. has been deploying 5G since late 2019 and shares leadership of the transition today with China. Network build-outs using wireless hauling for transport across networks have recently begun.
We've increased our 5G design wins to nine this quarter and we are participating in numerous 5G proofs of concepts and initial rollouts in the U.S., Europe, and the Pacific Rim. And plans are being finalized for mass rollouts. We anticipate that the first large-scale networks to make use of wireless hauling en masse are likely to pick off toward the end of 2021 and then to pick up speed at first gradually through 2022 and 2023. We expect to benefit from the growth of this market and also to take market share.
After Japan and Western Europe, we expect to see 5G momentum build in the rest of Europe, APAC, and Lat-Am, followed by Africa three years down the road. In the meantime, we continue to benefit from large expedited 4G projects to increase network reach and capacity. In some of these projects, the operators are already fitting in the wireless hauling infrastructure required for 5G. To conclude, we are moving into a new kind of future, building on a growing collective online mobile presence and global hyper-connectivity with full ramification and potential we wait to witness.
In this new context, we believe there are and will be an increasing number of business opportunities for us across the globe starting already this year. We are working hard to leverage these opportunities and to continue to be a key enabler of the multi-year 5G evolution. I would now like to turn the call over to Ran to discuss our financials in more detail. Ran?
Ran Vered -- Chief Financial Officer
Thank you, Ira, and good morning, everyone. To help you understand the results, I will be referring mainly to non-GAAP numbers. For more information regarding our use of non-GAAP financial measures including reconciliations of these measures, we refer you to today's press release. During the fourth quarter, we made further progress moving back toward normal operations, continuing the positive trend that began in Q3 2020.
 Our revenues returned to a strong level and at the high end of our projections for the quarter, as well as high end of our normal quarterly revenue run rate range pre-COVID. The reflected return through strong execution of almost all our ongoing activities in an industry, the thrills in new urgency for network building. At the same time, COVID has increased our supply chain expenses significantly, reducing our gross margin. These, compounded with the large technology write off and some indirect expenses for COVID in the quarter, gave us a low gross margin and took us into a net loss for the quarter despite the strong revenues.
Nevertheless, our financial performance in the fourth quarter remains strong with strong collections enabling us to generate $9.3 million in cash flow from operating and investing activities and to repay almost $12 billion in loans. Nevertheless, our financial performance in the fourth quarter remains strong with strong collections, enabling us to generate $9.3 million in cash flow from operating and investing activities and to repay almost $12 million in loans. In fact, all main balance sheet indicators, DSO, inventory, short-term loans, and cash flow moved in the right direction this quarter despite the very challenging environment. Let me now review the actual numbers with you.
Revenues for the fourth quarter were $74 million, up 5% compared with the third-quarter 2020, and up 4% compared with Q4 last year. The revenues varied from region to region in line with the effect that COVID has had on local business operations and network buildout plans. Europe had its strongest quarter in the last three years, reflecting 