Revenue: As of FY2024, the actual value is USD 177.29 M.

EPS: As of FY2024, the actual value is USD -2.65.

EBIT: As of FY2024, the actual value is USD -70.46 M.

Overall Financial Performance

• Total Revenues: Decreased from $226,767 thousand in 2023 to $177,286 thousand in 2024, a change of -21.8%.
• Cost of Revenues: Decreased from $149,928 thousand in 2023 to $114,355 thousand in 2024.
• Gross Profit: Decreased from $76,839 thousand in 2023 to $62,931 thousand in 2024.
• Total Gross Profit Margin: Increased from 33.9% in 2023 to 35.5% in 2024.

Operating Expenses

• Research and Development: Decreased from $53,478 thousand in 2023 to $39,292 thousand in 2024, a change of -26.5%, primarily due to lower employee-related expense, outside contractor spend, and engineering material spend.
• Sales and Marketing: Decreased from $42,906 thousand in 2023 to $36,719 thousand in 2024, a change of -14.4%, mainly driven by lower employee-related expense, outside contractor spend, and marketing-related spend.
• General and Administrative: Decreased from $28,065 thousand in 2023 to $26,010 thousand in 2024, a change of -7.3%, primarily due to a reduction in nonrecurring costs and lower employee-related expense.
• Depreciation and Amortization: Decreased from $6,210 thousand in 2023 to $5,786 thousand in 2024, a change of -6.8%.
• Impairment: Increased from - $0 thousand in 2023 to $25,535 thousand in 2024, a change of 100.0%, including charges on property and equipment, goodwill, and intangible assets.

Operating Loss and Net Loss

• Operating Loss: Increased from - $53,820 thousand in 2023 to - $70,411 thousand in 2024.
• Interest Expense, net: Increased from $2,521 thousand in 2023 to $5,843 thousand in 2024, a change of 131.8%, mainly due to drawing on a revolving credit facility and increased interest rates.
• Other Expense, net: Decreased from $271 thousand in 2023 to $52 thousand in 2024, a change of -80.8%, primarily due to foreign currency fluctuations.
• Loss before income taxes: Increased from - $56,612 thousand in 2023 to - $76,306 thousand in 2024.
• Provision (benefit) for income taxes: Changed from a provision of $17,468 thousand in 2023 to a benefit of - $1,854 thousand in 2024, a change of -110.6%.
• Net Loss: Increased from - $74,080 thousand in 2023 to - $74,452 thousand in 2024.

Segment Revenue by Product Category

• Point-to-Multi-Point (PMP): Decreased from $95,816 thousand in 2023 to $73,469 thousand in 2024, a change of -23.3%, driven by decreased demand across most regions.
• Point-to-Point (PTP): Decreased from $81,470 thousand in 2023 to $48,195 thousand in 2024, a change of -40.8%, mostly due to decreased demand for defense products in North America.
• Enterprise: Increased from $44,377 thousand in 2023 to $50,282 thousand in 2024, a change of 13.3%, largely due to increased demand for Wi-Fi 6 and switching products in EMEA.
• Other: Increased from $5,104 thousand in 2023 to $5,340 thousand in 2024, a change of 4.6%.
• Subscriptions and Services: Increased from $18,628 thousand in 2023 to $19,481 thousand in 2024, a change of 4.6%, primarily due to increased volume of software subscriptions.

Segment Revenue by Geography

• North America: Decreased from $138,927 thousand in 2023 to $86,914 thousand in 2024, a change of -37.4%, primarily due to decreased PTP, PMP, and enterprise revenues.
• Europe, Middle East, Africa (EMEA): Increased from $43,647 thousand in 2023 to $50,956 thousand in 2024, a change of 16.7%, mainly from increased enterprise product revenues.
• Caribbean and Latin America (CALA): Remained relatively flat, decreasing from $20,667 thousand in 2023 to $20,527 thousand in 2024, a change of -0.7%.
• Asia Pacific (APAC): Decreased from $23,526 thousand in 2023 to $18,889 thousand in 2024, a change of -19.7%, driven by lower revenues across all product categories.

Cash Flow

• Cash used in operating activities: Was - $16,696 thousand in 2023 and - $14,975 thousand in 2024.
• Cash used in investing activities: Was - $11,481 thousand in 2023 and - $11,898 thousand in 2024.
• Cash (used in) provided by financing activities: Was - $1,269 thousand in 2023 and $43,183 thousand in 2024, with the 2024 increase primarily due to drawing $45.0 million on a revolving credit facility.

Outlook / Guidance

Cambium Networks Corporation anticipates ongoing revenue challenges due to market pressures like inventory sell-down, macroeconomic factors, and increased competition from new entrants. The company faces substantial doubt about its ability to continue as a going concern due to non-compliance with credit agreement covenants and declining cash. This necessitates potential divestitures or capital raising to meet obligations and address the uncertainty in customer demand and investment plans.