Cambium Networks to Delay Form 10-K Filing for Fiscal Year 2024
Cambium Networks (NASDAQ: CMBM) has announced a delay in filing its Form 10-K for fiscal year 2024, citing the need for additional time to finalize financial statements and internal control assessments. The company has identified material weaknesses in internal controls related to Allowance for Credit Losses, Customer Incentives, and Information Technology General Controls.
For FY2024, Cambium expects to report:
- Revenue of approximately $166.0 million, down from $220.2 million in 2023
- Net loss of about $92.0 million ($3.29 per diluted share), compared to $77.4 million loss in 2023
- Q4 2024 revenue of approximately $34.0 million, versus $40.2 million in Q4 2023
- Q4 2024 net loss of about $47.0 million ($1.66 per diluted share)
The results include $27.0 million in non-cash impairment charges. The company will disclose substantial doubt regarding its ability to continue as a going concern in the upcoming 10-K filing.
Cambium Networks (NASDAQ: CMBM) ha annunciato un ritardo nella presentazione del suo Modulo 10-K per l'anno fiscale 2024, citando la necessit脿 di ulteriore tempo per finalizzare i bilanci e le valutazioni dei controlli interni. L'azienda ha identificato debolezze significative nei controlli interni relativi all'Accantonamento per Perdite su Crediti, Incentivi per i Clienti e Controlli Generali dell'Information Technology.
Per l'anno fiscale 2024, Cambium prevede di riportare:
- Ricavi di circa 166,0 milioni di dollari, in calo rispetto ai 220,2 milioni di dollari del 2023
- Perdita netta di circa 92,0 milioni di dollari (3,29 dollari per azione diluita), rispetto a una perdita di 77,4 milioni di dollari nel 2023
- Ricavi del quarto trimestre 2024 di circa 34,0 milioni di dollari, rispetto ai 40,2 milioni di dollari del quarto trimestre 2023
- Perdita netta del quarto trimestre 2024 di circa 47,0 milioni di dollari (1,66 dollari per azione diluita)
I risultati includono 27,0 milioni di dollari in oneri di svalutazione non monetari. L'azienda comunicher脿 un dubbio sostanziale riguardo alla sua capacit脿 di continuare come entit脿 in funzionamento nella prossima presentazione del 10-K.
Cambium Networks (NASDAQ: CMBM) ha anunciado un retraso en la presentaci贸n de su Formulario 10-K para el a帽o fiscal 2024, citando la necesidad de m谩s tiempo para finalizar los estados financieros y las evaluaciones de control interno. La empresa ha identificado debilidades materiales en los controles internos relacionados con la Provisi贸n para P茅rdidas por Cr茅ditos, Incentivos para Clientes y Controles Generales de Tecnolog铆a de la Informaci贸n.
Para el a帽o fiscal 2024, Cambium espera reportar:
- Ingresos de aproximadamente 166,0 millones de d贸lares, una disminuci贸n respecto a los 220,2 millones de d贸lares en 2023
- P茅rdida neta de aproximadamente 92,0 millones de d贸lares (3,29 d贸lares por acci贸n diluida), en comparaci贸n con una p茅rdida de 77,4 millones de d贸lares en 2023
- Ingresos del cuarto trimestre de 2024 de aproximadamente 34,0 millones de d贸lares, frente a 40,2 millones de d贸lares en el cuarto trimestre de 2023
- P茅rdida neta del cuarto trimestre de 2024 de aproximadamente 47,0 millones de d贸lares (1,66 d贸lares por acci贸n diluida)
Los resultados incluyen 27,0 millones de d贸lares en cargos por deterioro no monetarios. La empresa revelar谩 una duda sustancial sobre su capacidad para continuar como una entidad en funcionamiento en la pr贸xima presentaci贸n del 10-K.
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Cambium Networks (NASDAQ: CMBM) a annonc茅 un retard dans le d茅p么t de son formulaire 10-K pour l'exercice fiscal 2024, invoquant la n茅cessit茅 de temps suppl茅mentaire pour finaliser les 茅tats financiers et les 茅valuations des contr么les internes. L'entreprise a identifi茅 des faiblesses mat茅rielles dans les contr么les internes li茅s 脿 la Provision pour Pertes sur Cr茅dits, aux Incitations Client et aux Contr么les G茅n茅raux en Technologie de l'Information.
Pour l'exercice 2024, Cambium s'attend 脿 rapporter :
- Des revenus d'environ 166,0 millions de dollars, en baisse par rapport 脿 220,2 millions de dollars en 2023
- Une perte nette d'environ 92,0 millions de dollars (3,29 dollars par action dilu茅e), comparativement 脿 une perte de 77,4 millions de dollars en 2023
- Des revenus du quatri猫me trimestre 2024 d'environ 34,0 millions de dollars, contre 40,2 millions de dollars au quatri猫me trimestre 2023
- Une perte nette du quatri猫me trimestre 2024 d'environ 47,0 millions de dollars (1,66 dollar par action dilu茅e)
Les r茅sultats incluent 27,0 millions de dollars de charges de d茅pr茅ciation non mon茅taires. L'entreprise fera 茅tat d'un doute substantiel concernant sa capacit茅 脿 continuer en tant qu'entit茅 en activit茅 dans le prochain d茅p么t du 10-K.
Cambium Networks (NASDAQ: CMBM) hat eine Verz枚gerung bei der Einreichung seines Formulars 10-K f眉r das Gesch盲ftsjahr 2024 angek眉ndigt und gibt an, dass zus盲tzliche Zeit ben枚tigt wird, um die Finanzberichte und die Bewertungen der internen Kontrollen abzuschlie脽en. Das Unternehmen hat wesentliche Schw盲chen in den internen Kontrollen in Bezug auf R眉ckstellungen f眉r Kreditverluste, Kundenanreize und allgemeine IT-Kontrollen identifiziert.
F眉r das Gesch盲ftsjahr 2024 erwartet Cambium Folgendes zu berichten:
- Einnahmen von etwa 166,0 Millionen US-Dollar, ein R眉ckgang von 220,2 Millionen US-Dollar im Jahr 2023
- Nettoverlust von etwa 92,0 Millionen US-Dollar (3,29 US-Dollar pro verw盲sserter Aktie), verglichen mit einem Verlust von 77,4 Millionen US-Dollar im Jahr 2023
- Umsatz im vierten Quartal 2024 von etwa 34,0 Millionen US-Dollar, gegen眉ber 40,2 Millionen US-Dollar im vierten Quartal 2023
- Nettoverlust im vierten Quartal 2024 von etwa 47,0 Millionen US-Dollar (1,66 US-Dollar pro verw盲sserter Aktie)
Die Ergebnisse enthalten 27,0 Millionen US-Dollar an nicht zahlungswirksamen Wertminderungen. Das Unternehmen wird im kommenden 10-K-Antrag erhebliche Zweifel an seiner F盲higkeit zur Fortf眉hrung als Unternehmen 盲u脽ern.
- None.
- Revenue declined 24.6% to $166.0M in FY2024 from $220.2M in FY2023
- Net loss increased to $92.0M in FY2024 from $77.4M in FY2023
- Q4 2024 revenue dropped 15.4% to $34.0M year-over-year
- $27.0M in non-cash impairment charges due to weak demand
- Material weaknesses identified in internal controls
- Substantial doubt about ability to continue as going concern
Insights
Cambium Networks' announcement contains several critical red flags that significantly impact investor outlook. The delay in filing its 10-K alongside multiple material weaknesses in internal controls reveals fundamental financial reporting problems. Most concerning is the disclosure of "substantial doubt regarding the Company's ability to continue as a going concern" - formal accounting language indicating the company may be unable to meet financial obligations.
The preliminary financial data confirms severe deterioration:
The
For investors, these developments create a perfect storm: operational decline, questionable financial reporting reliability, and a formal warning about business continuity. At the current
The identification of new material weaknesses in Cambium Networks' internal controls represents a severe corporate governance failure that compounds the company's operational challenges. Material weaknesses in Allowance for Credit Losses, Customer Incentives, and Information Technology General Controls indicate fundamental deficiencies in financial oversight that extend beyond the previously disclosed issues in their September 2024 quarterly report.
These control failures create substantial uncertainty regarding the reliability of Cambium's financial reporting. When combined with a delayed 10-K filing, investors face a significant information gap about the company's true financial position. The control weaknesses specifically around credit losses and customer incentives suggest potential issues with how revenue and receivables are being recorded and collected - critical areas for a company already facing financial distress.
While management has "initiated measures" to remediate these weaknesses with Audit Committee oversight, the timing is concerning - addressing complex control deficiencies typically requires multiple quarters, during which financial reporting reliability remains questionable. This governance failure comes at the worst possible moment given the going concern warning and deepening operational losses.
The effectiveness of board oversight must be questioned given the expansion of material weaknesses rather than their resolution. With the 10-K filing delayed indefinitely pending "completion of the financial reporting process," investors face extended uncertainty about when reliable information will become available, further complicating risk assessment during this critical period.
Cambium Networks has determined that it is unable to file, without unreasonable effort or expense, its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 by the prescribed filing due date because the Company requires additional time to finalize the Company's consolidated financial statements and finalize its assessment of internal control over financial reporting and related disclosures.
In addition to the material weaknesses disclosed in the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, the Company has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting for the fiscal year ended December 31, 2024 related to Allowance for Credit Losses, Customer Incentives, and Information Technology General Controls.听 The Company has initiated and will continue to implement measures designed to improve its internal control over financial reporting to remediate these material weaknesses with oversight from the Audit Committee of the Board of Directors and assistance from its external advisors, as well as implementing additional processes and controls to address the underlying causes associated with the material weaknesses.
The Company expects to issue its full financial results for the year ended December 31, 2024 when the financial reporting process along with the review of the results and the related audit are completed.
Comparison of Anticipated Results
- For the year ended December 31, 2024, the Company expects to report revenues of approximately
$166.0 million $220.2 million $92.0 million $3.29 $77.4 million $2.81 - For the quarter ended December 31, 2024, the Company expects to report revenues of approximately
$34.0 million $40.2 million $47.0 million $1.66 $52.9 million $1.91 - Included in net losses for the quarter and year ended December 31, 2024 are approximately
$27.0 million
The Company anticipates that its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 will include disclosures around the substantial doubt regarding the Company's ability to continue as a going concern.
The foregoing financial information is preliminary, unaudited and subject to change pending the filing of the Form 10-K for the fiscal year ended December 31, 2024.
Forward-Looking Statements
Certain matters discussed constitute forward-looking statements within the meaning of the federal securities laws. All statements contained in this notification that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding anticipated results for the quarter and full year ended December 31, 2024, the material weaknesses in the Company's internal control over financial reporting as of December 31, 2024, and the Company's expectations regarding the timing of the filing of the Form 10-K. These forward-looking statements are based on management's current expectations.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause actual results to differ materially from expectations include, but are not limited to the effectiveness of the Company's internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company's internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; the Company's ability to continue as a going concern; the risk that the completion and filing of the Form 10-K will take longer than expected; additional information that may arise during the finalization of the Form 10-K; and the risks discussed in detail in "Item 1A. Risk Factors" of the Company's most recent Annual Report on Form 10-K, as updated by its other filings with the SEC. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise, except as required by law.
About Cambium Networks
Cambium Networks enables service providers, enterprises, industrial organizations, and governments to deliver exceptional digital experiences, and device connectivity, with compelling economics. Our ONE Network platform simplifies management of Cambium Networks' wired and wireless broadband and network edge technologies. Our customers can focus more resources on managing their business rather than the network. We make connectivity that just works.
Contacts:听
Investor Relations
Cambium Networks
[email protected]
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