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Cambium Networks Corporation (NASDAQ: CMBM) is a leading global provider of wireless broadband solutions that connect the unconnected. Headquartered near Chicago, Illinois, the company operates with R&D centers in the U.S., U.K., and India. Cambium Networks specializes in delivering reliable, scalable, and secure Wi-Fi and wireless broadband point-to-point (PTP) and point-to-multipoint (PMP) platforms, managed by advanced cloud-based software.
The company's extensive product portfolio allows service providers, enterprises, governmental and military agencies, oil, gas, and utility companies, internet service providers, and public safety networks to build powerful communications networks. These networks can reach users from 200 kilometers across mountain tops down to the last meter to their devices. Cambium Networks' solutions offer end-to-end network visibility and actionable analytics, helping customers intelligently manage their infrastructure.
Recently, Cambium Networks announced preliminary revenues of approximately $40 million for Q4 2023, noting significant shipments and aggressive enterprise product discounts aimed at clearing excess channel inventories. Despite these challenges, the company reported higher point-of-sale revenues, indicating a decrease in channel inventories. The company also announced a transition in its CFO role, with Andrew Bronstein departing and John Becerril stepping in as interim CFO.
Cambium Networks regularly collaborates with global distributors to ensure the widespread availability of their products. The company has recently expanded its product offerings with new solutions like the ePMP 4600 6 GHz fixed wireless for the Canadian market and the X7-35X Wi-Fi 7 access point, providing high-speed, low-latency connectivity for businesses and residential customers. Cambium Networks continues to innovate and adapt to the ever-evolving technological landscape, ensuring they stay at the forefront of wireless communication advancements.
For more information, investors can access the live webcast and financial results Q&A sessions via the Cambium Networks investor page. The company also engages in strategic partnerships, such as the recent collaboration with Nonius to enhance connectivity solutions for the hospitality industry, exemplified by their successful deployment at Dakota Hotels in the U.K.
Cambium Networks (CMBM) has become a founding member of the Future Technologies Venture LLC Innovation Center in Atlanta as of August 18, 2021. This center will focus on broadband and Wi-Fi 6 connectivity solutions and includes advanced lab capabilities for testing wireless technologies such as Wi-Fi 6, 5G, and CBRS. The partnership aims to enhance access to wireless broadband, with Cambium's multi-gigabit solutions positioned to address connectivity challenges. Cambium has shipped over 10 million radios globally since its inception in 2011.
Cambium Networks (CMBM) reported strong Q2 2021 results, achieving record revenues of $92.7 million, a 49% year-over-year increase. GAAP net income reached $11.5 million or $0.40 per diluted share, up from $3.3 million a year ago. Non-GAAP net income also marked a record at $12.9 million, or $0.45 per diluted share. The company shipped its 10 millionth radio and reported robust demand across Point-to-Multi-Point and enterprise Wi-Fi solutions. Looking ahead, Cambium forecasts Q3 revenues between $88.0-$92.0 million and a full-year revenue outlook of $357.0-$365.0 million.
Cambium Networks (NASDAQ: CMBM) announced the deployment of over 100,000 Point-to-Multipoint (PMP) fixed wireless access solutions using the Citizens Broadband Radio Service (CBRS) frequency band in the U.S. in the past 18 months. The PMP 450m system, featuring cnMedusa™ Massive MU-MIMO technology, enables rapid network expansion for service providers. The FCC's 2019 action opened additional spectrum, allowing 24,000 licenses in Texas and Oklahoma alone. Cambium's solutions support various sectors and can be upgraded to meet growing connectivity demands.
Cambium Networks Corporation (NASDAQ: CMBM) announced its plans to release financial results for the second quarter of 2021 on August 9, 2021. The report will encompass results as of June 30, 2021. A live webcast and conference call will occur at 4:30 p.m. ET on the same day, featuring key executives including CEO Atul Bhatnagar and CFO Stephen Cumming. Investors can join the call by phone or through the company's investor website, where a replay will be available post-event.
On July 15, 2021, Cambium Networks (CMBM) announced that Alaska Communications is deploying its 60 GHz cnWave fixed wireless technology. This rollout will provide multi-gigabit service, reaching 6,500 homes and businesses with speeds up to 1 Gbps. Alaska Communications enhances its broadband offerings and introduces new speed tiers starting at 100 Mbps. The deployment is critical for expanding broadband access, especially for remote users. This initiative has garnered Cambium Networks' Wireless Connectivity Hero Award, recognizing Alaska Communications' leadership in wireless technology.
Cambium Networks (CMBM), a global provider of wireless networking solutions, has marked a significant milestone by shipping its 10 millionth radio since its inception in October 2011. This achievement highlights Cambium's commitment to delivering gigabit-speed fixed wireless and Wi-Fi solutions for various applications including municipal connectivity and national defense. The company reports that over 1,600 municipalities have adopted their technology, with ongoing deployments in places like Colombia for education and North America's largest railroad for critical infrastructure. Cambium Networks continues to lead with innovative connectivity solutions.
Cambium Networks Corporation (CMBM) announced a secondary public offering of 2,000,000 ordinary shares priced at $48.00 each, totaling approximately $96 million in gross proceeds for Vector Cambium Holdings. The offering is set to close on June 7, 2021, pending customary closing conditions. Notably, Cambium will not receive any proceeds from this offering, as it involves shares sold solely by Vector Capital. Additionally, the underwriters have a 30-day option to purchase up to 300,000 extra shares at the same price.
Cambium Networks Corporation (CMBM) announced a secondary public offering of 2,000,000 ordinary shares, solely by Vector Cambium Holdings (VCH, L.P.), affiliated with Vector Capital. The underwriter has a 30-day option to acquire an additional 300,000 shares. Cambium will not sell any shares nor receive proceeds from this offering. J.P. Morgan Securities LLC acts as the lead book-running manager. The registration statement for the offering has been filed and declared effective by the SEC, but it does not constitute an offer to sell or solicitation in jurisdictions where it's unlawful.
Cambium Networks (NASDAQ: CMBM) announced a partnership to enhance wireless broadband access in Arkansas. The company will provide microwave backhaul and fixed wireless systems to Aristotle Unified Communications, aiming to deliver internet speeds of up to 100 Mbps in underserved areas quickly. This initiative follows Aristotle's $30.9 million in CARES Act funding, addressing Arkansas's low internet connectivity rankings. The project will utilize Cambium's cloud-based management system to effectively manage the expanded network.
Cambium Networks (NASDAQ: CMBM) has been recognized as the Manufacturer of the Year by the Wireless ISP Association (WISPA) for the fourth consecutive year. This award highlights Cambium's contributions to the wireless broadband sector, serving nearly 7 million individuals and businesses across the U.S. through local WISPs. The company continues to advance in technologies such as 60 GHz cnWave multi-gigabit and CBRS devices, showcasing a strong commitment to innovation and collaboration within the broadband industry.
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