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Dec 31, 2021
Cambium Networks Q4 2021 Earnings Report
Reported a decrease in revenue year-over-year, but an increase sequentially, driven by enterprise Wi-Fi growth amidst supply chain constraints.
Key Takeaways
Cambium Networks reported Q4 2021 financial results with revenues of $78.7 million, a decrease of 5% year-over-year. Despite revenue decline, the company saw strong growth in enterprise Wi-Fi revenues, which increased 136% year-over-year. The company is working through supply chain issues which they expect to substantially improve during the second half of calendar 2022.
Revenues decreased 5% year-over-year to $78.7 million.
Enterprise Wi-Fi revenues increased 136% year-over-year to $25.8 million.
GAAP net income was $1.4 million, or $0.05 per diluted share.
Adjusted EBITDA was $6.7 million, or 8.6% of revenues.
Cambium Networks
Cambium Networks
Cambium Networks Revenue by Segment
Cambium Networks Revenue by Geographic Location
Revenue by Segment
Point-to-Multi-Point Revenue
CapyFin.comPoint-to-Point Revenue
CapyFin.comWi-Fi Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comCaribbean and Latin America Revenue
CapyFin.comAsia Pacific Revenue
CapyFin.com Forward Guidance
For the first quarter ending March 31, 2022, Cambium Networks expects revenues between $77.5-$81.5 million, GAAP operating income between $1.1-$3.1 million, and adjusted EBITDA between $5.2-$7.2 million.
Positive Outlook
- Revenues between $77.5-$81.5 million
- GAAP gross margin between 44.0%-45.5%; and non-GAAP gross margin between 44.4%-45.9%
- GAAP operating expenses between $33.0-$34.0 million; and non-GAAP operating expenses between $30.2-$31.2 million
- GAAP operating income between $1.1-$3.1 million; and non-GAAP operating income between $4.2-$6.2 million
- Adjusted EBITDA between $5.2-$7.2 million; and adjusted EBITDA margin between 6.7%-8.8%
Challenges Ahead
- Interest expense, net of approximately $0.7 million
- GAAP net income between $0.3-$1.9 million or between $0.01 and $0.07 per diluted share; and non-GAAP net income between $2.9-$4.4 million or between $0.10 and $0.15 per diluted share
- GAAP and non-GAAP effective tax rate of approximately 18.0%-20.0%
- Approximately 28.3 million weighted average diluted shares outstanding
- Capital expenditures: $1.6-$1.8 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income