Cambium Networks Reports Third Quarter 2019 Financial Results

ROLLING MEADOWS, Ill., Nov. 07, 2019 (GLOBE NEWSWIRE) — (“Cambium Networks”) (NASDAQ: CMBM), a leading provider of wireless broadband networking infrastructure solutions, today announced financial results for the third quarter ended September 30, 2019.

 GAAP Non-GAAP (1)(in millions, except percentages)Q3 2019 Q2 2019 Q3 2018 Q3 2019 Q2 2019 Q3 2018Revenues$  65.7  $  69.2  $  59.0  $  65.7  $  69.2  $  59.0 Gross margin 48.4%  49.6%  46.6%  48.7%  50.1%  46.8%Operating margin 6.3%  (13.6)%  (1.8)%  8.8%  10.3%  0.4%Adjusted EBITDA margin       10.3%  11.8%  2.5%                  

[1] Refer to Supplemental Financial Information accompanying this press release for a reconciliation of GAAP to non-GAAP numbers and for reconciliation of adjusted EBITDA for the third quarter of 2019.

“We are pleased that our profitability remained strong as a result of improved operating efficiencies and tighter cost controls,” said Atul Bhatnagar, president and CEO. “Our revenues grew 11% year-over-year during the third quarter, our twenty-second consecutive quarter of year-over-year growth, although slower than anticipated, as a result of softer government spending for our Point-to-Point products.”

Bhatnagar continued, “Cambium Networks continues to broaden our technology portfolio and remains well positioned for growth as a leader in fixed wireless broadband infrastructure and cloud powered enterprise Wi-Fi solutions. We will continue to capitalize on the strength of our technologies, while focusing on improving profitability through cost reduction initiatives and disciplined discretionary spending.”

Revenues of $65.7 million for the third quarter 2019 increased $6.7 million year-over-year, as a result of growth in both Point-to-Multi-Point and Wi-Fi businesses. Revenues for the third quarter 2019 decreased $3.4 million compared to $69.2 million for the second quarter 2019, driven by slower government spending partially offset by growth in enterprise Wi-Fi solutions. GAAP gross margin for the third quarter 2019 was 48.4%, compared to 46.6% for the third quarter 2018, and 49.6% for the second quarter 2019. GAAP operating income for the third quarter 2019 was $4.1 million, compared to operating loss of $1.1 million during the third quarter 2018, and GAAP operating loss for the second quarter 2019 of $9.4 million, which included a $16.1 million charge for share-based compensation expense. GAAP net income for the third quarter 2019 was $2.0 million, or net income of $0.08 per diluted share, compared to a net loss of $2.6 million, or a net loss of $0.19 per diluted share for the third quarter 2018, and a net loss of $20.4 million, or a net loss of $1.47 per diluted share for the second quarter 2019.

Non-GAAP gross margin for the third quarter 2019 was 48.7%, compared to 46.8% for the third quarter 2018, and 50.1% for the second quarter 2019. Non-GAAP operating income for the third quarter 2019 was $5.8 million, compared to $0.2 million for the third quarter 2018, and $7.1 million for the second quarter 2019. Non-GAAP net income for the third quarter 2019 was $3.7 million, or $0.15 per diluted share, compared to non-GAAP net loss of $1.5 million, or a net loss of $0.11 per diluted share for the third quarter 2018, and non-GAAP net income of $3.9 million, or $0.15 per diluted share, for the second quarter 2019. 

For the third quarter 2019, adjusted EBITDA was $6.8 million or 10.3% of revenues, compared to adjusted EBITDA of $1.5 million or 2.5% of revenues for the third quarter 2018, and $8.1 million, or 11.8% of revenues for the second quarter 2019.

Cash used in operating activities was $11.8 million for the third quarter 2019, due primarily to the timing of payments related to the Initial Public Offering (IPO), and compared to cash provided by operating activities of $3.2 million for the third quarter 2018, and $6.0 million for the second quarter 2019. Cash totaled $19.0 million as of September 30, 2019, $14.8 million higher than the third quarter 2018, and a decrease of $52.3 million from the second quarter 2019. The decrease in cash balance for the third quarter 2019 from the second quarter 2019 was primarily the result of a $33.2 million paydown of long-term and revolving debt, payments of approximately $6.0 million for offering expenses and D&O insurance, a $5.6 million past management fee, a $5.0 million increase in inventories, and a $2.0 million payment to acquire the Xirrus Wi-Fi business.

Third Quarter 2019 Highlights

Fourth Quarter 2019 Financial Outlook
Taking into account the company’s current visibility, and incorporating the acquisition of Xirrus (excluding any one-time charges affecting the acquisition), the financial outlook as of November 7, 2019 for the fourth quarter ending December 31, 2019 is expected to be as follows:

Cash requirements are expected to be as follows:

Cambium Networks financial outlook does not include the potential impact of any possible future financial transactions, pending legal matters, or other transactions.  Accordingly, Cambium Networks only includes such items in the company’s financial outlook to the extent they are reasonably certain; however, actual results may differ materially from the outlook.

Conference Call and Webcast

Cambium Networks will host a live webcast and conference call to discuss its financial results at 4:30 p.m. ET today, November 7, 2019. To access the live conference call by phone, listeners should dial + in the U.S. or Canada and + for international callers. To join the live webcast and view additional materials, listeners should access the investor page of Cambium Networks website at . Following the live webcast, a replay will be available on the investor page of Cambium Networks website for a period of one year. A replay of the conference call will be available for 48 hours soon after the call by phone by dialing + in the U.S. or Canada and + for international callers, using the conference access code: 5478019.

In addition, on Tuesday November 12, 2019 at 3:40 p.m. ET, Cambium Networks president and CEO, Atul Bhatnagar, will present at the Needham Security, Networking and Communications Conference in New York. To join the live webcast, listeners should access the investor page of Cambium Networks website .  Following the live webcast, a replay will be available in the event archives at the same web address.

About Cambium Networks

Cambium Networks is a leading provider of wireless broadband networking infrastructure solutions for network operators, including medium-sized wireless Internet service providers, enterprises and government agencies.  Cambium’s scalable, reliable and high-performance solutions create a purpose-built wireless fabric which connects people, places and things across distances ranging from two meters to more than 100 kilometers, indoors and outdoors, using licensed and unlicensed spectrum, at attractive economics. Headquartered outside Chicago and with R&D centers in the U.S., U.K. and India, Cambium Networks sells through a range of trusted global distributors.

Cautionary Note Regarding Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact contained in this document, including statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this document are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this document and are subject to a number of risks, uncertainties and assumptions including those described in the “Risk factors” section of our registration statement on Form S-1 filed with the Securities and Exchange Commission. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include: the unpredictability of our operating results; our inability to predict and respond to emerging technological trends and network operators’ changing needs; our reliance on third-party manufacturers, which subjects us to risks of product delivery delays and reduced control over product costs and quality; our reliance on distributors and value-added resellers for the substantial majority of our sales; the inability of our third-party logistics and warehousing providers to deliver products to our channel partners and network operators in a timely manner; the quality of our support and services offerings; our expectations regarding outstanding litigation; our or our distributors’ and channel partners’ inability to attract new network operators or sell additional products to network operators that currently use our products; the difficulty of comparing or forecasting our financial results on a quarter-by-quarter basis due to the seasonality of our business; our limited or sole source suppliers’ inability to produce third-party components to build our products; the technological complexity of our products, which may contain undetected hardware defects or software bugs; our channel partners’ inability to effectively manage inventory of our products, timely resell our products or estimate expected future demand; credit risk of our channel partners, which could adversely affect their ability to purchase or pay for our products; our inability to manage our growth and expand our operations; unpredictability of sales and revenues due to lengthy sales cycles; our inability to maintain an effective system of internal controls, remediate our material weakness, produce timely and accurate financial statements or comply with applicable regulations; our reliance on the availability of third-party licenses; risks associated with international sales and operations;  current or future unfavorable economic conditions, both domestically and in foreign markets; and our inability to obtain intellectual property protections for our products.

Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

CAMBIUM NETWORKS CORPORATIONCONSOLIDATED STATEMENTS OF OPERATION(In thousands, except share and per share amounts)(Unaudited) Three Months Ended September 30, 2019 June 30, 2019 September 30, 2018      Revenues$65,703  $69,151  $58,981 Cost of revenues 33,871   34,839   31,469 Gross profit 31,832   34,312   27,512 Gross margin 48.4%  49.6%  46.6%Operating expenses     Research and development 9,895   15,189   9,810 Sales and marketing 10,363   14,227   10,805 General and administrative 5,996   13,063   5,520 Depreciation and amortization 1,449   1,227   2,448 Total operating expenses 27,703   43,706   28,583 Operating income (loss) 4,129   (9,394)  (1,071)Operating margin 6.3%  (13.6)%  (1.8)%Interest expense 2,105   2,301   2,033 Other expense 61   56   116 Income (loss) before income taxes 1,963   (11,751)  (3,220)Provision (benefit) for income taxes 3   8,623   (665)Net income (loss)$  1,960   $  (20,374) $  (2,555)      Earnings (loss) per share     Basic and diluted$0.08  $(1.47) $(0.19)Weighted-average number of shares outstanding to compute net earnings (loss) per share     Basic and diluted 25,634,417   13,865,111   13,600,411       Share-based compensation included in costs and expenses:     Cost of revenues$14  $182  $— Research and development 199   4,863   — Sales and marketing 374   3,607   — General and administrative 241   7,426   — Total share-based compensation expense$828  $16,078  $—             

CAMBIUM NETWORKS CORPORATIONCONSOLIDATED BALANCE SHEETS(In thousands)         September 30, 2019 December 31, 2018ASSETS(Unaudited)  Current assets   Cash$18,950  $4,441 Accounts receivable, net of allowance 59,824   60,389 Inventories, net 41,933   30,710 Recoverable income taxes 527   679 Prepaid expenses 6,301   3,465 Other current assets 4,516   5,889 Total current assets 132,051   105,573 Noncurrent assets   Property and equipment, net 8,257   7,965 Software, net 4,084   3,944 Operating lease assets 6,957   — Intangible assets, net 15,693   8,493 Goodwill 8,963   8,060 Deferred tax assets, net 496   8,022 TOTAL ASSETS$176,501  $142,057 LIABILITIES AND EQUITY (DEFICIT)   Current liabilities   Accounts payable$20,894  $23,710 Accrued liabilities 20,425   18,263 Employee compensation 4,961   4,377 Current portion of long-term external debt 9,329   8,836 Payable to Sponsor —   5,582 Deferred revenues 7,557   2,770 Other current liabilities 5,870   2,761 Total current liabilities 69,036   66,299 Noncurrent liabilities   Long-term external debt 56,522   94,183 Deferred revenues 5,184   1,541 Noncurrent operating lease liabilities 5,544   — Other noncurrent liabilities —   605 Total liabilities 136,286   162,628 Shareholders‘ equity (deficit)   Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2018 and September 30, 2019; 77,179 shares issued and outstanding at December 31, 2018 and 25,725,542 issued and 25,634,417 outstanding at September 30, 2019 3   — Additional paid in capital 103,992   772 Capital contribution —   24,651 Treasury shares, at cost, 0 shares at December 31, 2018 and 91,125 shares at September 30, 2019 (1,094)  — Accumulated deficit (62,325)  (45,773)Accumulated other comprehensive loss (361)  (221)Total shareholders’ equity (deficit) 40,215   (20,571)TOTAL LIABILITIES AND EQUITY (DEFICIT)$176,501  $142,057         

CAMBIUM NETWORKS CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) Three Months Ended September 30, 2019 June 30, 2019 September 30, 2018Cash flows from operating activities:  Net income (loss)$1,960  $(20,374) $(2,555)Adjustments to reconcile net income (loss) to net cash (used in ) provided by operating activities:     Depreciation and amortization 1,568   1,393   2,529 Amortization of debt issuance costs 663   177   142 Share-based compensation 828   16,078   – Deferred income taxes (9)  7,198   (1,106)Other (31)  (429)  265 Change in assets and liabilities:     Receivables 2,423   1,717   (1,343)Inventories (1,977)  (4,034)  (3,996)Accounts payable (6,223)  2,736   4,776 Accrued employee compensation (1,394)  346   902 Other assets and liabilities (9,609)  1,146   3,546 Net cash (used in) provided by operating activities (11,801)  5,954   3,160 Cash flows from investing activities:     Purchase of property and equipment (828)  (579)  (1,343)Purchase of software (157)  (332)  (467)Cash paid for acquisition (2,000)  —   — Net cash used in investing activities (2,985)  (911)  (1,810)Cash flows from financing activities:     Proceeds from issuance of term loan —   —   — Proceeds from issuance of revolver debt —   —   — Repayment of term loan (23,087)  (2,375)  (1,125)Repayment of revolver debt (10,000)  —   — Payment of debt issuance costs (128)  (208)  — Proceeds from initial public offering, net of underwriters commission and fees and payment of deferred offering costs (3,428)  64,981   — Taxes paid related to net share settlement of equity awards (802)  —   — Net cash (used in) provided by financing activities (37,445)  62,398   (1,125)Effect of exchange rate on cash (65)  4   (2)Net (decrease) increase in cash (52,296)  67,445   223 Cash, beginning of period 71,246   3,801   3,932 Cash, end of period$18,950  $71,246  $4,155       Supplemental disclosure of cash flow information:     Income taxes paid$1,076  $155  $293 Interest paid$1,371  $1,949  $1,778 Significant non-cash activities:     Issuance of shares for unreturned capital and accumulated yield$—  $49,252  $— Deferred offering costs included in accrued liabilities$179  $3,246  $—             

CAMBIUM NETWORKS CORPORATIONSUPPLEMENTAL FINANCIAL INFORMATION (In thousands)(Unaudited)      REVENUES BY PRODUCT TYPE      Three Months Ended September 30, 2019 June 30, 2019 September 30, 2018Point-to-Multi-Point$38,856 $41,730 $33,024Point-to-Point 15,976  17,830  20,566Wi-Fi 10,141  8,430  4,370Other 730  1,161  1,021Total Revenues$65,703 $69,151 $58,981      REVENUES BY REGION      Three Months Ended September 30, 2019 June 30, 2019 September 30, 2018North America$29,032 $30,056 $29,104Europe, Middle East and Africa 21,749  22,994  17,082Caribbean and Latin America 8,008  8,420  6,624Asia Pacific 6,914  7,681  6,171Total Revenues$65,703 $69,151 $58,981         

Use of non-GAAP (Adjusted) Financial Measures
In addition to providing financial measurements based on generally accepted accounting principles in the United States (GAAP), we provide additional financial metrics that are not prepared in accordance with GAAP (non-GAAP), including Adjusted EBITDA, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP operating margin, non-GAAP pre-tax income, non-GAAP provision for income taxes, non-GAAP net income, and non-GAAP fully weighted basic and diluted shares. Management uses these non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes, to measure executive compensation and to evaluate our financial performance. We believe that these non-GAAP financial measures help us to identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude in the calculations of the non-GAAP financial measures.

Accordingly, we believe that these financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business and provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects.  Excluding these non-GAAP measures eliminate the variability caused by share-based compensation as a result of the variety of equity awards used by other companies and the varying methodologies and assumptions used, the variability caused by purchase accounting and provide a more relevant measure of operating performance. Although the calculation of non-GAAP financial measures may vary from company to company, our detailed presentation may facilitate analysis and comparison of our operating results by management and investors with other peer companies, many of which use similar non-GAAP financial measures to supplement their GAAP results in their public disclosures. These non-GAAP financial measures are discussed below.

Adjusted EBITDA is defined as net income as reported in our consolidated statements of income excluding the impact of (i) interest expense (income), net; (ii) income tax provision (benefit); (iii) depreciation and amortization expense; (iv) Sponsor fees associated with advisory services, and (v) share-based compensation expense. EBITDA is widely used by securities analysts, investors and other interested parties to evaluate the profitability of companies. EBITDA eliminates potential differences in performance caused by variations in capital structures (affecting net finance costs), tax positions (such as the availability of net operating losses against which to relieve taxable profits), the cost and age of tangible assets (affecting relative depreciation expense) and the extent to which intangible assets are identifiable (affecting relative amortization expense). We adjust EBITDA to also exclude Sponsor fees, in order to eliminate the impact on reported performance caused by these fees, which are related to our past ownership structure. We adjust EBITDA for share-based compensation expense which is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Cambium Networks control. As a result, management excludes this item from Cambium Networks internal operating forecasts and models.

Non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP operating margin, and non-GAAP net income are used as a supplement to our unaudited consolidated financial statements presented in accordance with GAAP.  We believe these non-GAAP measures are the most meaningful for period to period comparisons because they exclude the impact of share-based compensation expense, amortization of acquired intangibles, and amortization of capitalized software costs as we do not consider these costs and expenses to be indicative of our ongoing operations.

Our non-GAAP tax adjustments include the tax impacts from share-based compensation expense including excess or decremental tax benefits available to the company that are recorded when incurred, one-time and ongoing impacts from the company‘s valuation allowance recognized in the quarter ended June 30, 2019, and one-time tax impacts from share-based compensation expense incurred upon the completion of our initial public offering as noted above. Cambium Networks excludes these amounts to more closely approximate the company’s ongoing effective tax rate (ETR) after adjusting for one-time or unique reoccurring items. The associated non-GAAP effective tax rate is also applied to the gross amount of non-GAAP adjustments for purposes of calculating non-GAAP net income in total and on a per-share basis. This approach is designed to enhance the ability of investors to understand the company‘s tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP adjustments which may not reflect actual cash tax expense. 

Non-GAAP fully weighted basic and diluted shares are shown as outstanding during the entire period presented and include dilutive shares, if their effect to earnings per share is dilutive.  We also use non-GAAP fully weighted basic and diluted shares to provide more comparable per-share results across periods.

These non-GAAP financial measures do not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP. There are limitations in the use of non-GAAP measures, because they do not include all the expenses that must be included under GAAP and because they involve the exercise of judgment concerning exclusions of items from the comparable non-GAAP financial measure. In addition, other companies may use other measures to evaluate their performance, or may calculate non-GAAP measures differently, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We present a “Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures” in the tables below. 

The following table reconciles net income (loss) to Adjusted EBITDA, the most directly comparable financial measure, calculated and presented in accordance with GAAP (in thousands):

CAMBIUM NETWORKS CORPORATIONSUPPLEMENTAL SCHEDULE OF NON-GAAP ADJUSTED EBITDA(In thousands)(Unaudited) Three Months Ended September 30, 2019 June 30, 2019 September 30, 2018Net income (loss)$1,960  $(20,374) $(2,555)Interest expense, net 2,105   2,301   2,033 Provision (benefit) for income taxes 3   8,623   (665)Depreciation and amortization 1,568   1,393   2,528 EBITDA 5,636   (8,057)  1,341 Share-based compensation 966   16,078   — Sponsor management fee —   125   125 Xirrus one-time acquisition charges 168   —   — Adjusted EBITDA$6,770  $8,146  $1,466       Adjusted EBITDA Margin 10.3%  11.8%  2.5%            

The following table reconciles all other GAAP to non-GAAP financial measures (in thousands):

CAMBIUM NETWORKS CORPORATION
RECONCILIATION OF GAAP FINANCIAL MEASURES TO NON-GAAP FINANCIAL MEASURES
(in thousands, except per share data)
(unaudited)
         Three Months Ended
  September 30, 2019June 30, 2019 September 30, 2018GAAP gross profit $31,832  $34,312  $27,512 Share-based compensation expense  14   182   — Amortization of capitalized software costs  119   166   80 Non-GAAP gross profit $31,965  $34,660  $27,592 Non-GAAP gross margin  48.7%  50.1%  46.8%       GAAP research and development expense $9,895  $15,189  $9,810 Share-based compensation expense  337   4,863   — Non-GAAP research and development expense $9,558  $10,326  $9,810        GAAP sales and marketing expense $10,363  $14,227  $10,805 Share-based compensation expense  374   3,607   — Non-GAAP sales and marketing expense $9,989  $10,620  $10,805        GAAP general and administrative expense $5,996  $13,063  $5,520 Share-based compensation expense  241   7,426   — Xirrus one-time acquisition charges  168   —   — Non-GAAP general and administrative expense $5,587  $5,637  $5,520        GAAP depreciation and amortization $1,449  $1,227  $2,448 Amortization of acquired intangibles  424   293   1,201 Non-GAAP depreciation and amortization $1,025  $934  $1,247        GAAP operating income (loss) $4,129  $(9,394) $(1,071)Share-based compensation expense  966   16,078   — Amortization of capitalized software costs  119   166   80 Amortization of acquired intangibles  424   293   1,201 Xirrus one-time acquisition charges  168   —   — Non-GAAP operating income  $5,806  $7,143  $210        GAAP pre-tax income (loss) $1,963  $(11,751) $(3,220)Share-based compensation expense  966   16,078   — Amortization of capitalized software costs  119   166   80 Amortization of acquired intangibles  424   293   1,201 Xirrus one-time acquisition charges  168   —   — Write-down of debt issuance costs upon prepayment of debt  527   —   — Non-GAAP pre-tax income (loss) $4,167  $4,786  $(1,939)       GAAP provision for income taxes $3  $8,623  $(665)Valuation allowance impacts  —   8,238   — Tax impacts of share vesting  —   2,530   — Tax effect of share-based compensation expense, amortization of acquired intangibles, Xirrus one-time acquisition charges and write-down of debt issuance costs, using non-GAAP ETR  (511)  (3,010)  (299)All other discrete items  85   (6)  87 Non-GAAP provision (benefit) for income taxes $429  $871  $(453)Non-GAAP ETR  10.3%  18.2%  23.4%       GAAP net income (loss) $1,960  $(20,374) $(2,555)Share-based compensation expense  966   16,078   — Amortization of capitalized software costs  119   166   80 Amortization of acquired intangibles  424   293   1,201 Xirrus one-time acquisition charges  168   —   — Write-down of debt issuance costs upon prepayment of debt  527   —   — Non-GAAP adjustments to tax  85   10,761   87 Tax effect of share-based compensation expense, amortization of acquired intangibles, Xirrus one-time acquisition charges and write-down of debt issuance costs, using non-GAAP ETR  (511)  (3,010)  (299)Non-GAAP net income (loss) $3,738  $3,915  $(1,486)       Non-GAAP fully weighted basic and diluted shares  25,634   25,632   13,600        Non-GAAP net income (loss) per Non-GAAP fully weighted basic and diluted shares $0.15  $0.15  $(0.11)

 


Investor Inquiries:
Peter Schuman, IRC
Sr. Director Investor Relations
Cambium Networks
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