NASDAQ$CMBMF
Cambium Networks Corporation · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Cambium Networks reported a disappointing second quarter due to lower Enterprise product demand and a challenging macroeconomic environment, while also announcing Morgan Kurk as the new President & CEO.
Cambium Networks reported revenues of $59.5 million for Q2 2023, a decrease of 23% sequentially and an increase of 14% year-over-year. The company experienced a GAAP net loss of $2.6 million, or $0.10 per diluted share, and a non-GAAP net income of $0.9 million, or $0.03 per diluted share. Morgan Kurk was appointed as the new President and CEO.
- Revenues decreased 23% sequentially and increased 14% year-over-year, totaling $59.5 million.
- Record Point-to-Point revenues reached $25.1 million, up 39% sequentially and 60% year-over-year.
- GAAP net loss was $2.6 million or $0.10 per diluted share, while non-GAAP net income was $0.9 million or $0.03 per diluted share.
- Adjusted EBITDA was $2.8 million, representing 4.7% of revenues.
Headline financials
Revenue & EPS history
Cambium Networks · Revenue · Quarterly
$59.5M
Revenue by segment
Cambium Networks · $53.1M total across 3 segments · Q2 2023
- Point-to-Multi-Point$26.7M-5.4%50.3%
- Point-to-Point$25.1M+59.9%47.2%
- Other$1.31M-1.1%2.5%
Forward guidance
Cambium Networks provided financial outlook for the third quarter ending September 30, 2023, with revenues expected to be between $62.0-$70.0 million.
Tailwinds
- Revenues between $62.0-$70.0 million.
- GAAP gross margin between 48.7%-50.2%; and non-GAAP gross margin between 49.8%-51.3%.
- GAAP operating (loss) income between ($0.3)-$3.6 million; and non-GAAP operating income between $5.2-$9.2 million.
- GAAP net (loss) income between $(0.8)-$2.4 million or between ($0.03) and $0.08 per diluted share; and non-GAAP net income between $3.7-$6.9 million or between $0.13 and $0.25 per diluted share.
- Adjusted EBITDA between $6.3-$10.3 million; and adjusted EBITDA margin between 10.2%-14.8%.
Headwinds
- GAAP operating expenses between $30.5-$31.5 million; and non-GAAP operating expenses between $25.6-$26.6 million.
- Interest expense, net of approximately $0.7 million
- GAAP effective tax rate of approximately 0.0%; and non-GAAP effective tax rate of approximately 17.0%-21.0%.
- Paydown of debt: $0.7 million
- Capital expenditures: $4.0-$4.5 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q2 2023
-2.9%
Avg return
Earnings day
-0.5%
Avg return
5 days after
-0.4%
Avg return
30 days after
39%
11 / 28 earnings
Positive
+20.7%
Q3 2022
Best reaction
-29.8%
Q2 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +11.8% | +11.8% | — | |
| Q3 2025 | +0.0% | +158.7% | +180.0% | |
| Q2 2025 | -5.6% | -21.8% | -31.1% | |
| Q1 2025 | -7.4% | -5.6% | +10.7% | |
| Q4 2024 | -13.8% | -0.8% | -27.2% | |
| Q3 2024 | -9.9% | -3.1% | -24.4% | |
| Q2 2024 | -4.0% | -6.2% | -5.6% | |
| Q1 2024 | -13.9% | -13.5% | -24.0% | |
| Q4 2023 | +5.5% | -3.9% | +0.5% | |
| Q3 2023 | -3.0% | -8.9% | +0.6% | |
| Q2 2023 | -29.8% | -38.5% | -43.1% | |
| Q1 2023 | -0.3% | +3.0% | +22.9% | |
| Q4 2022 | +4.1% | -5.2% | -18.0% | |
| Q3 2022 | +20.7% | +17.9% | +21.4% | |
| Q2 2022 | +0.1% | +1.7% | -3.9% | |
| Q1 2022 | -19.0% | -17.6% | -14.0% | |
| Q4 2021 | +12.9% | +3.9% | +3.7% | |
| Q3 2021 | -7.8% | -7.1% | -19.4% | |
| Q2 2021 | +1.6% | -12.4% | -19.7% | |
| Q1 2021 | +3.2% | -13.2% | -15.2% | |
| Q4 2020 | +3.5% | +4.3% | +19.0% | |
| Q3 2020 | +14.7% | -0.3% | +14.4% | |
| Q2 2020 | +4.5% | +4.8% | +12.2% | |
| Q1 2020 | -17.8% | -25.3% | +0.9% | |
| Q4 2019 | -6.1% | -12.9% | -34.2% | |
| Q3 2019 | -16.5% | -15.3% | -31.2% | |
| Q4 2018 | -4.2% | +1.1% | +12.8% | |
| Q2 2019 | -4.9% | -8.9% | +1.7% | |
| Q1 2019 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q1 2017 | — | — | — |
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