NASDAQ$CMBMF
Cambium Networks Corporation · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
Reported strong results with higher than anticipated revenues, increased gross margin, and solid profitability.
Cambium Networks reported Q3 2022 financial results with revenues of $81.2 million, a 7% increase year-over-year. The company's GAAP net income was $9.4 million, or $0.34 per diluted share, while non-GAAP net income was $11.3 million, or $0.40 per diluted share. Adjusted EBITDA was $14.7 million, representing 18.2% of revenues.
- Revenues of $81.2 million, increased 17% sequentially, and 7% year-over-year
- Record Enterprise (Wi-Fi) revenues of $38.3 million, increased 60% sequentially and 257% year-over-year
- GAAP net income of $9.4 million or $0.34 per diluted share, non-GAAP net income of $11.3 million or $0.40 per diluted share, compared to GAAP net income of $4.6 million or $0.16 per diluted share, and non-GAAP net income of $6.7 million or $0.23 per diluted share for the third quarter 2021.
- Adjusted EBITDA of $14.7 million or 18.2% of revenues, compared to $9.6 million or 12.6% of revenues for the third quarter 2021.
Headline financials
Revenue & EPS history
Cambium Networks · Revenue · Quarterly
$81.2M
Revenue by segment
Cambium Networks · $42.9M total across 3 segments · Q3 2022
- Point-to-Multi-Point$26.1M-48.0%60.9%
- Point-to-Point$15.4M+10.9%35.9%
- Other$1.37M+19.0%3.2%
Forward guidance
For the fourth quarter ending December 31, 2022, Cambium Networks expects revenues between $80.0-$84.0 million, GAAP operating income between $4.8-$6.5 million, and adjusted EBITDA between $9.5-$11.3 million.
Tailwinds
- Revenues between $80.0-$84.0 million
- GAAP gross margin between 48.1%-49.1%; and non-GAAP gross margin between 48.7%-49.7%
- GAAP operating expenses between $33.7-$34.7 million; and non-GAAP operating expenses between $30.6-$31.6 million
- GAAP operating income between $4.8-$6.5 million; and non-GAAP operating income between $8.4-$10.2 million
- Adjusted EBITDA between $9.5-$11.3 million; and adjusted EBITDA margin between 11.9%-13.4%
Headwinds
- GAAP effective tax rate of approximately 10.0%-12.0%; and non-GAAP effective tax rate of approximately 17.0%-20.0%
- Approximately 28.5 million weighted average diluted shares outstanding
- Paydown of debt: $0.7 million
- Cash interest expense: approximately $0.4 million
- Capital expenditures: $2.0-$2.2 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 Q3 2022
-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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