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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) reported Q2 2022 revenues of $69.3 million, a 12% sequential increase, but a 25% decline year-over-year. Enterprise Wi-Fi revenues surged 55% sequentially and 31% year-over-year to $24.0 million. GAAP net income was $2.3 million or $0.08 per diluted share, while non-GAAP net income totaled $5.0 million or $0.18 per share. The company forecasts Q3 revenues between $72.0-$76.0 million and expects improved gross margins. However, lower demand impacted revenues significantly from the prior year.
Cambium Networks (NASDAQ: CMBM) announces a partnership with the City of Paris Social Action Center (CASVP) to deploy a citywide Wi-Fi solution through managed service provider Nomosphère. The project has commenced with 100 of 294 planned locations, utilizing thousands of Wi-Fi access points managed via the cnMaestro™ X platform. This initiative aims to enhance services provided by over 5,000 social workers who assist vulnerable populations, improving care through reliable connectivity for health monitoring and training.
Cambium Networks (CMBM) announced advancements in its fixed wireless solutions supporting defense and national security applications. The company highlights its ongoing contributions to communications for border security and military operations. In the first half of 2022, its technologies were selected for various defense initiatives, including naval base communications and international projects. Cambium's PTP 78700 radio received important government spectrum certification, enhancing deployment options in congested frequency bands. The company also emphasizes its robust security and performance credentials in harsh environments, further establishing its market leadership.
Cambium Networks Corporation (NASDAQ: CMBM) announced that it will report its financial results for the second quarter 2022, which ended on June 30, 2022, on August 4, 2022. A live webcast and conference call are scheduled for 4:30 p.m. ET on the same day, featuring president and CEO Atul Bhatnagar and CFO Andrew Bronstein. Investors can access the webcast on the Cambium Networks investor page. Replays of the call will be available for a limited time.
Cambium Networks (NASDAQ: CMBM) announced its cnHeat network planning software now helps fixed wireless broadband providers meet FCC Broadband Data Collection (BDC) requirements. This software is compatible with various infrastructures and is crucial for enhancing connectivity using the Citizens Broadband Radio Service (CBRS) band. The NTIA Broadband Equity, Access and Deployment (BEAD) program benefits from this tool, aiding providers in reporting and network expansion. A promotional starter kit for PMP 450 equipment is available until September 30.
Cambium Networks (CMBM) announced the delivery of Microwave Line-of-Sight radios to Advanced Technology Systems Company as part of the U.S. Army's $191 million Security Surveillance System (SSS) program. This indefinite delivery, indefinite quantity (IDIQ) contract, with an estimated completion date in 2029, enhances broadband communications infrastructure for federal security applications. Cambium's defense solutions meet stringent security requirements, ensuring robust connectivity across military and defense sectors.
Cambium Networks reported Q1 2022 revenues of $61.9 million, down 21% sequentially and 30% year-over-year, largely due to supply chain issues caused by COVID lockdowns in China. Despite this, enterprise Wi-Fi revenue rose 28% year-over-year to $15.5 million. The GAAP net loss was $1.6 million, or $0.06 per diluted share, while non-GAAP net income was $0.3 million, or $0.01 per diluted share. Looking ahead, for Q2 2022, revenues are projected to be between $65.0-$73.0 million.
Cambium Networks (CMBM) and Future Technologies Venture have partnered on a multi-year, multi-million dollar project to enhance wireless communications for a Fortune 150 oil and gas producer. The initiative aims to reduce costs by 60% while eliminating downtime. Utilizing Cambium's technology, the project includes multiple network applications, ensuring efficient oil field operations. Notably, the project reduces the timeline by 25% and minimizes operational disruptions. Completion is expected in 2023, with a focus on centralized management for improved performance.
Cambium Networks Corporation (CMBM) has released preliminary financial results for Q1 2022, projecting revenues between $61 million and $63 million, significantly lower than the previous forecast of $77.5 million to $81.5 million. This adjustment is attributed to COVID-related lockdowns in Shenzhen and Shanghai, which hindered manufacturing and distribution. Furthermore, net income is expected to fall below earlier estimates. Despite these challenges, a recovery in revenues is anticipated in Q2, supported by a 10% year-over-year increase in backlog.
Cambium Networks (NASDAQ: CMBM) announced the immediate departure of CFO Stephen Cumming, with Andrew Bronstein appointed as his successor. Bronstein brings over 30 years of finance and operational leadership experience, having held CFO roles in various manufacturing and technology companies. He has expertise in supply chain efficiency and software monetization. Cambium Networks will report its first quarter 2022 financial results on May 5, 2022. The CEO expressed gratitude for Cumming's contributions during his tenure.
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