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Jun 30, 2022
Cambium Networks Q2 2022 Earnings Report
Reported a significant improvement in financial results due to recovering supply chain and easing of Chinese government COVID lockdowns.
Key Takeaways
Cambium Networks reported Q2 2022 revenues of $69.3 million, a 12% sequential increase but a 25% year-over-year decrease. The company's GAAP net income was $2.3 million, or $0.08 per diluted share, while non-GAAP net income was $5.0 million, or $0.18 per diluted share. Adjusted EBITDA stood at $7.8 million, representing 11.3% of revenues.
Revenues of $69.3 million, increased 12% sequentially, and decreased 25% year-over-year
Enterprise Wi-Fi revenues of $24.0 million, increased 55% sequentially and 31% year-over-year
Operating income of $2.7 million, non-GAAP operating income of $6.3 million
Adjusted EBITDA of $7.8 million or 11.3% of revenues
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For the third quarter ending September 30, 2022, Cambium Networks expects revenues between $72.0-$76.0 million, GAAP net income between $1.6-$2.9 million, and adjusted EBITDA between $7.0-$8.7 million.
Positive Outlook
- Revenues between $72.0-$76.0 million
- GAAP gross margin between 47.9%-48.9%; and non-GAAP gross margin between 48.5%-49.5%
- GAAP operating expenses between $32.0-$33.0 million; and non-GAAP operating expenses between $28.9-$29.9 million
- GAAP operating income between $2.5-$4.2 million; and non-GAAP operating income between $6.1-$7.8 million
- Adjusted EBITDA between $7.0-$8.7 million; and adjusted EBITDA margin between 9.8%-11.5%
Challenges Ahead
- Interest expense, net of approximately $0.5 million
- GAAP net income between $1.6-$2.9 million or between $0.06 and $0.10 per diluted share; and non-GAAP net income between $4.5-$5.8 million or between $0.16 and $0.20 per diluted share
- GAAP and non-GAAP effective tax rate of approximately 18.0%-20.0%
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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