CMBMF Cambium Networks Corp

Overview and Growth

Cambium Networks Corp generated $159.65M of revenue in fiscal 2025, with net loss of $38.54M and an operating cash outflow of $15.71M. Revenue of $159.65M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 10.0% below fiscal 2024 revenue of $177.29M, marking a top-line contraction. On a per-share basis, diluted EPS was -$1.34, which connects the reported earnings outcome with the company’s diluted share count. Total assets stood at $137.14M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 1.16x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $64.17M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 40.2%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was an operating loss of $27.96M, reflecting costs that exceeded gross profit. Relative to revenue, the operating deficit measured 17.5%, showing the shortfall after operating costs. The bottom-line result was a net loss of $38.54M after operating, financing, tax, and other recognized items. The net loss equaled 24.1% of revenue, showing the bottom-line deficit relative to the company’s sales base. The pretax result was a loss of $36.99M, establishing the deficit before tax effects. The pretax loss equaled 23.2% of revenue, measuring the pre-tax deficit against sales. The company recognized $1.55M of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 28.1% of period-end assets, showing the deficit relative to the asset base. Compared with a $74.45M net loss in fiscal 2024, the current loss improved to $38.54M.

Liquidity and Capital Structure

At period end, the $137.14M asset base was financed through $173.09M of liabilities and -$35.95M of equity. Equity was negative at -$35.95M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. Current assets were $90.71M against $137.35M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.66x of current liabilities, so current liabilities exceeded current assets at period end. Reported cash and equivalents were $11.33M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 8.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $66.38M, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-assets relationship was 48.4%, comparing borrowing with the total asset balance. Liabilities represented 126.2% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 8.3%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 21.1% from $173.73M in fiscal 2024, leaving current total assets lower year over year. Compared with $34.92M in fiscal 2024, the current cash balance moved 67.6% and finished lower.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $15.71M, rather than cash generation from operations. Capital spending of $440.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $16.15M cash deficit after capital spending for the period. Free-cash-flow margin was -10.1%, reflecting a cash deficit equal to 10.1% of revenue after capital spending. The cash deficit after capital spending represented 11.8% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 26, 2026.