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Dec 31, 2022
Cambium Networks Q4 2022 Earnings Report
Reported an increase in revenues and solid profitability, driven by growth in North America and Point-to-Point business.
Key Takeaways
Cambium Networks reported Q4 2022 financial results with revenues of $84.5 million, a 7% increase year-over-year. The company's GAAP net income was $10.0 million, or $0.35 per diluted share, and non-GAAP net income was $10.3 million, or $0.36 per diluted share. The company expects to grow revenues and increase profitability in 2023.
Revenues of $84.5 million, increased 4% sequentially, and 7% year-over-year
North America revenues of $44.4 million, grew 47% sequentially, and increased 33% year-over-year
Gross margin of 49.0%, non-GAAP gross margin of 49.6%
Operating income of $9.5 million, non-GAAP operating income of $13.2 million
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.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 of 2023, Cambium Networks expects revenues between $74.0-$80.0 million, GAAP gross margin between 48.5%-50.1%, and GAAP net income between $1.2-$4.0 million, or between $0.04 and $0.14 per diluted share.
Positive Outlook
- Revenues between $74.0-$80.0 million, up approximately 20%-29% year-over-year
- GAAP gross margin between 48.5%-50.1%; and non-GAAP gross margin between 49.2%-50.8%
- GAAP operating income between $2.0-$5.2 million; and non-GAAP operating income between $5.8-$9.0 million
- GAAP net income between $1.2-$4.0 million or between $0.04 and $0.14 per diluted share; and non-GAAP net income between $4.1-$6.8 million or between $0.14 and $0.23 per diluted share
- Adjusted EBITDA between $6.8-$10.0 million; and adjusted EBITDA margin between 9.2%-12.5%
Challenges Ahead
- GAAP operating expenses between $33.9-$34.9 million; and non-GAAP operating expenses between $30.6-$31.6 million
- Interest expense, net of approximately $0.6 million
- GAAP effective tax rate of approximately 11.0%-15.0%; and non-GAAP effective tax rate of approximately 17.0%-21.0%
- Approximately 28.9 million weighted average diluted shares outstanding
- Capital expenditures: $3.0-$4.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income