Cambium Networks (OTC: CMBMF) is a wireless networking hardware company that designs and sells fixed wireless, Wi-Fi, and point-to-point radio products for broadband network operators and enterprises. Revenue comes primarily from hardware product sales, with additional revenue from software products, extended warranties, and subscription services including cloud-based network management. Products are sold through a distributor-led channel to value-added resellers, system integrators, and end users. Product revenues were $141.3 million in FY2025, down 10.5% from $157.8 million in FY2024, driven by lower demand for ePMP, 28 GHz, and 60 GHz point-to-multipoint products. The company reported a net loss of $38.5 million and net cash used in operating activities of $15.7 million for FY2025. As of the filing dated May 1, 2026, management was actively seeking additional capital through divestitures or capital raises and working with lenders on accommodation to meet obligations over the next twelve months.

Revenue model

Primarily transactional hardware product sales with embedded software. Secondary revenue streams include software products, extended warranties on hardware, subscription services (cnMaestro cloud management, cnHeat network planning), and network services. Revenue recognized at time of shipment for products.

Products and services

Fixed wireless access: ePMP, PMP 450, cnWave (60 GHz and 28 GHz millimeter-wave), cnReach (narrowband IoT/SCADA below 1 GHz). Point-to-point microwave backhaul: PTP 820/850, PTP 550/670/700. Enterprise: cnMatrix switching, Wi-Fi 6/6E/7 access points, NSE (Network Service Edge) platform. Fiber: XGS PON converged fiber. Cloud management: cnMaestro Essentials and X. Network planning tools: cnHeat (subscription-based heat-map coverage modeling), LINKPlanner. Mobile installer app: Cambium Networks Installer.

Customers and end markets

End users include public and private broadband network operators, wireless internet service providers (WISPs), enterprises, and industrial operators in verticals such as oil and gas, electrical utilities, water management, rail and transportation, and smart cities. Products address urban, suburban, and rural broadband deployment markets.

Value-chain role

Hardware designer and manufacturer selling through a two-tier channel: distributors sell to value-added resellers, system integrators, and end customers. Also sells direct through an internal sales force. Relies on third-party manufacturers, with the filing noting ongoing manufacturing transition challenges.

Geographic exposure

Subject to EU environmental regulations (WEEE, RoHS) and U.S. regulations, indicating sales in both the United States and European Union. Operates in multiple international jurisdictions for tax and regulatory purposes. Specific revenue breakdown by geography not provided in the filing excerpts.

Source: SEC 10-K, filed 2026-05-01

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