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Cambium Networks (CMBM) investor relations material

Cambium Networks Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2024 earnings summary7 Nov, 2024

Executive summary

  • Q3 2024 revenue was $43.7M, up 1.6% year-over-year, with strong enterprise growth offset by declines in defense-related P2P and PMP segments.

  • Non-GAAP gross margin improved to 42.3% and GAAP gross margin to 39.9%, both higher sequentially and year-over-year, driven by lower inventory reserve charges and supplier commitment losses.

  • Operating loss narrowed to $8.1M GAAP and $3.6M non-GAAP; net loss was $9.7M GAAP ($0.34/share) and $3.8M non-GAAP ($0.14/share), both improved from prior periods.

  • Free cash flow was $5.2M, and cash balance stood at $46.5M as of September 30, 2024, supported by a $45M draw on the revolving credit facility.

  • The company breached EBITDA and liquidity covenants, raising substantial doubt about going concern and is seeking forbearance from lenders.

Financial highlights

  • Q3 2024 revenue: $43.7M (down 5% sequentially, up 1.6% year-over-year); nine-month revenue: $132.0M (-26.7% year-over-year).

  • GAAP gross margin: 39.9%; non-GAAP gross margin: 42.3%; both improved from Q2 and Q3 2023.

  • Non-GAAP operating expenses were $22.1M, down $1.2M sequentially; adjusted EBITDA loss narrowed to $2.3M from $6.7M in Q2.

  • Interest expense for Q3 2024 increased to $1.4M from $0.6M year-over-year due to higher rates and new borrowings.

  • Cash balance at September 30, 2024: $46.5M, up $27.8M from December 31, 2023.

Outlook and guidance

  • Q4 2024 revenue expected between $40M–$45M; non-GAAP gross margin 42.5%–44.5%; GAAP gross margin 40%–42%.

  • Non-GAAP operating loss forecasted at $3M–$5M; adjusted EBITDA loss of $1M–$3M, margin between -2% and -7%.

  • Management expects continued financial improvement through expense control and operational focus, but projects future noncompliance with financial covenants.

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Frequently asked questions

Cambium Networks Corp provides wireless networking solutions for enterprise and service provider markets. The company offers fixed wireless broadband, Wi-Fi, and network management software for indoor and outdoor connectivity. It serves customers in telecommunications, education, and industrial sectors. The company is headquartered in Rolling Meadows, Illinois, and its shares are listed on the NASDAQ.

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