0000950170-24-125400 | 10-Q | XBRL Viewer

Debt

9 Months Ended

Sep. 30, 2024

Note 6. Debt

As of September 30, 2024, the Company had $22.8 million outstanding under its term loan facility and $45.0 million outstanding under its revolving credit facility. As of September 30, 2024, the Company has no availability left under its revolving credit facility (unaudited).

The following table reflects the current and noncurrent portions of the term loan and revolving credit facilities at December 31, 2023 and September 30, 2024 (in thousands):


	December 31,			September 30,
	2023			2024
				(unaudited)
Term loan facility	$	25,406		$	22,781
Revolving credit facility		—			45,000
Less: debt issuance costs on term loan facility		(294	)		(204	)
Total debt, net		25,112			67,577
Less: current portion of long-term debt		(3,281	)		(67,781	)
Current portion of debt issuance costs		95			204
Total long-term debt, net	$	21,926		$	—

As of December 31, 2023, the effective interest rate on the term loan facility was 7.69%. As of September 30, 2024, the effective interest rate on the term loan facility was 8.85% (unaudited). The increase in the effective interest rate is being driven mostly by the higher applicable margin as a result of the amendment completed on December 29, 2023.

The Company borrowed $45.0 million against its revolving credit facility during the first half of 2024 for working capital and normal operations. As of September 30, 2024, the weighted-average interest rate for borrowings outstanding under the revolving credit facility was 8.66% (unaudited).

As of September 30, 2024, the Company has made all required quarterly principal and interest payments.

Loan covenants and violations

The Company's credit agreement is subject to financial covenants, including covenants which require the Company to meet key financial ratios and customary affirmative and negative covenants. As of September 30, 2024, the Company was in compliance with its monthly liquidity covenant at each measurement date during the quarter. However, as of September 30, 2024, the Company was not in compliance with its quarterly consolidated EBITDA covenant. This non-payment event of default affords the bank the right to declare the amounts immediately due and payable on the outstanding term loan principal amount of $22.8 million and the outstanding revolving credit facility amount of $45.0 million. The Company is seeking a forbearance from Bank of America, as lender under the Amended Credit Agreement, and is working with the bank to address its noncompliance with the covenant. There can be no assurances that the bank will provide such an agreement and may declare a default and require immediate payment.

The term loan facility and revolving credit facility mature on November 17, 2026, however, the covenant violation gives the bank the right to require immediate payment of the outstanding amounts. Accordingly, the entire $22.8 million outstanding on the term loan facility and the $45.0 million outstanding under the revolving credit facility have been classified as current and included in Current portion of long-term debt, net on the condensed consolidated balance sheets as of September 30, 2024. Further, the $0.2 million of unamortized debt issuance costs associated with the term loan facility are classified as current and included in Current portion of long-term debt, net and $0.4 million of unamortized debt issuance costs associated with the revolving credit facility are classified as current and included in Other current assets on the condensed consolidated balance sheets as of September 30, 2024. If the bank requires immediate repayment of the outstanding term loan facility and revolving credit facility, the Company would be required to write-off these unamortized debt issuance costs upon extinguishment of the debt (unaudited).

Refer to Note 16. Subsequent events for disclosure of the Company's noncompliance with its monthly liquidity covenant as of October 31, 2024.

Interest expense

Net interest expense, including bank charges and amortization of debt issuance costs on the debt, was $0.6 million and $1.4 million for the three-month periods ended September 30, 2023 and 2024, respectively, and $1.8 million and $3.6 million for the nine-month periods ended September 30, 2023 and 2024, respectively (unaudited). The increase in interest expense is mostly due to the increase in the interest rate and applicable margin on the term loan facility and the addition of interest expense on the revolving credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

Note 15. Restructuring

In 2023, the Company announced and initiated two corporate cost reductions plans, the first in August 2023 and the second in November 2023, to better align Cambium's cost structure with current economic conditions and position the Company to achieve near-term and long-term targets to maintain profitability, improve cash flow and maintain a strong balance sheet.

Under the August 2023 restructuring plan, the Company expected and incurred $1.0 million of costs in the three-month period ended September 30, 2023. These costs were all paid by December 31, 2023, and the restructuring plan was completed.

Under the November 2023 restructuring plan, the Company expects to incur between $1.5 - $2.5 million of costs, consisting mostly of one-time involuntary employee termination costs. Cost reductions under the November 2023 plan began in the fourth quarter of 2023 and are expected to be complete and all costs incurred by the end of 2024. For the three month-period ended December 31, 2023, the Company incurred $1.2 million of costs, of which $0.8 million was paid by December 31, 2023. As of December 31, 2023, the Company had a restructuring liability of $0.4 million which was included in Accrued liabilities on the Company's consolidated balance sheet.

During the three-month and nine-month periods ended September 30, 2024, the Company incurred additional restructuring charges under the November 2023 plan of approximately $0.6 million and $1.1 million, respectively, and is included in cost of revenues and all operating expense lines in the Company's condensed consolidated statements of operations. Through September 30, 2024, the Company paid $1.1 million, which consists of the $0.4 million outstanding at December 31, 2023 plus an additional $0.7 million of the costs incurred during the nine month period ended September 30, 2024. As of September 30, 2024, the Company has a restructuring liability of $0.3 million, which is included in Accrued liabilities in the Company's condensed consolidated balance sheet and is expected to be paid by the fourth quarter of 2024 (unaudited).

The following table reflects the restructuring liability activity for the nine-month period ended September 30, 2024 under the November 2023 restructuring plan (unaudited and in thousands):


Restructuring liability at December 31, 2023	$	363
Restructuring charges		1,068
Costs paid		(1,102	)
Restructuring liability at September 30, 2024	$	329

Shareholders' equity - Schedule of Estimated Fair Value of Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Risk-free interest rate	4.38%	4.31%
Weighted-average expected volatility	76.70%	69.30%
Expected term (in years)	5 years 9 months 18 days	5 years 8 months 26 days
Weighted average grant-date fair value per share of options granted	$ 2.71	$ 5.73

Revenues from Contracts with Customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 43,726	$ 43,046	$ 132,009	$ 179,989
Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
Point-to-Multi-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 17,999	$ 23,596	$ 57,067	$ 72,622
Point-to-Multi-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	41.00%	55.00%	43.00%	40.00%
Point-to-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 9,347	$ 15,809	$ 37,414	$ 58,891
Point-to-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	21.00%	37.00%	28.00%	33.00%
Enterprise
Disaggregation of Revenue [Line Items]
Revenues	$ 15,160	$ 2,499	$ 33,633	$ 44,575
Enterprise \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	35.00%	6.00%	26.00%	25.00%
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,220	$ 1,142	$ 3,895	$ 3,901
Other \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	3.00%	2.00%	3.00%	2.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Condensed Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Share Capital	Additional Paid in Capital	Treasury Shares	Accumulated equity (deficit)	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022	$ 145,373	$ 3	$ 138,997	$ (4,922)	$ 12,822	$ (1,527)
Beginning balance, shares at Dec. 31, 2022		27,313
Net loss	(24,566)				(24,566)
Share-based compensation	8,568		8,568
Issuance of ordinary shares under ESPP	1,102		1,102
Issuance of ordinary shares under ESPP, shares		88
Issuance of vested shares		247
Treasury shares withheld for net settlement	(678)			(678)
Treasury shares withheld for net settlement, shares		(46)
Proceeds from exercise of share options	498		498
Proceeds from exercise of share options, shares		60
Foreign currency translation	(74)					(74)
Ending balance at Sep. 30, 2023	130,223	$ 3	149,165	(5,600)	(11,744)	(1,601)
Ending balance, shares at Sep. 30, 2023		27,662
Beginning balance at Jun. 30, 2023	154,051	$ 3	146,528	(5,509)	14,456	(1,427)
Beginning balance, shares at Jun. 30, 2023		27,603
Net loss	(26,200)				(26,200)
Share-based compensation	2,631		2,631
Issuance of vested shares		69
Treasury shares withheld for net settlement	(91)			(91)
Treasury shares withheld for net settlement, shares		(11)
Proceeds from exercise of share options	6		6
Proceeds from exercise of share options, shares		1
Foreign currency translation	(174)					(174)
Ending balance at Sep. 30, 2023	130,223	$ 3	149,165	(5,600)	(11,744)	(1,601)
Ending balance, shares at Sep. 30, 2023		27,662
Beginning balance at Dec. 31, 2023	80,934	$ 3	152,768	(5,624)	(64,598)	(1,615)
Beginning balance, shares at Dec. 31, 2023		27,835
Net loss	(45,266)				(45,266)
Share-based compensation	7,527		7,527
Issuance of ordinary shares under ESPP	663		663
Issuance of ordinary shares under ESPP, shares		279
Issuance of vested shares		139
Treasury shares withheld for net settlement	(40)			(40)
Treasury shares withheld for net settlement, shares		(11)
Foreign currency translation	(188)					(188)
Ending balance at Sep. 30, 2024	43,630	$ 3	160,958	(5,664)	(109,864)	(1,803)
Ending balance, shares at Sep. 30, 2024		28,242
Beginning balance at Jun. 30, 2024	50,964	$ 3	158,578	(5,660)	(100,188)	(1,769)
Beginning balance, shares at Jun. 30, 2024		28,209
Net loss	(9,676)				(9,676)
Share-based compensation	2,380		2,380
Issuance of vested shares		35
Treasury shares withheld for net settlement	(4)			(4)
Treasury shares withheld for net settlement, shares		(2)
Foreign currency translation	(34)					(34)
Ending balance at Sep. 30, 2024	$ 43,630	$ 3	$ 160,958	$ (5,664)	$ (109,864)	$ (1,803)
Ending balance, shares at Sep. 30, 2024		28,242

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment information

Note 12. Segment information

The Company’s chief operating decision maker (“CODM”) is its Chief Executive Officer. The Company’s CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, the Company determined that it operates as one operating segment and one reporting unit.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Shareholders' equity - Summary of Restricted Shares Activity (Details)

9 Months Ended

Sep. 30, 2024

$ / shares

Number of Units

Number of Units, RSUs, beginning balance | shares

556,340

^[1]

Number of Units, RSUs granted | shares

1,029,920

Number of Units, RSUs vested | shares

(138,803)

Number of Units, RSUs forfeited | shares

(135,810)

^[1]

Number of Units, RSUs, ending balance | shares

1,311,647

^[1]

Weighted average grant date fair value

Weighted average grant date fair value, RSUs, beginning balance | $ / shares

$ 16.92

^[1]

Weighted average grant date fair value, RSUs granted | $ / shares

3.04

Weighted average grant date fair value, RSUs vested | $ / shares

21.05

Weighted average grant date fair value, RSUs forfeited | $ / shares

14.18

^[1]

Weighted average grant date fair value, RSUs, ending balance | $ / shares

$ 5.87

^[1]

[1]	1 Includes time-based RSUs and the performance-based RSUs for which a grant date has been established, as described below.

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Product Category

Revenues by product category were as follows (unaudited and in thousands, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2024				2023				2024
Point-to-Multi-Point	$	23,596	55	%	$	17,999	41	%	$	72,622	40	%	$	57,067	43	%
Point-to-Point		15,809	37	%		9,347	21	%		58,891	33	%		37,414	28	%
Enterprise		2,499	6	%		15,160	35	%		44,575	25	%		33,633	26	%
Other		1,142	2	%		1,220	3	%		3,901	2	%		3,895	3	%
Total Revenues	$	43,046	100	%	$	43,726	100	%	$	179,989	100	%	$	132,009	100	%

Schedule of Revenue by Geography

Revenues by geography were as follows (unaudited and in thousands, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2024				2023				2024
North America	$	17,768	42	%	$	21,300	49	%	$	104,887	57	%	$	66,996	51	%
Europe, Middle East and Africa		14,274	33	%		12,200	28	%		40,751	23	%		35,613	27	%
Caribbean and Latin America		5,726	13	%		5,902	13	%		15,426	9	%		16,100	12	%
Asia Pacific		5,278	12	%		4,324	10	%		18,925	11	%		13,300	10	%
Total Revenues	$	43,046	100	%	$	43,726	100	%	$	179,989	100	%	$	132,009	100	%

Summary of Contract Balances

The following table summarizes contract balances as of December 31, 2023 and September 30, 2024 (in thousands):


	December 31, 2023		September 30, 2024
			(unaudited)
Trade accounts receivable, net of allowance for credit losses	$	63,656	$	57,138
Deferred revenue - current		8,765		8,967
Deferred revenue - noncurrent		10,473		11,761
Refund liability		8,723		7,050

Restructuring - Schedule of Restructuring Liability Activity (Details) - November 2023 Restructuring Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring liability at December 31, 2023			$ 363
Restructuring charges	$ 600		1,068
Costs paid		$ (800)	(1,102)
Restructuring liability at September 30, 2024	$ 329	$ 363	$ 329

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenues from Contracts with Customers - Additional Information (Details 1) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue	$ 20.7	$ 19.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period		1 year
Deferred revenue		$ 8.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-10-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year
Deferred revenue	$ 9.0

Loss per share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Loss per share

Note 9. Loss per share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares outstanding during the period. Diluted net earnings per share is computed using the treasury method by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period. For purposes of this calculation, share options, RSUs, and ESPP awards are considered to be ordinary share equivalents but are excluded from the calculation of diluted earnings per share when including them would have an anti-dilutive effect. Performance-based share awards are only included in the calculation of diluted earnings per share if the performance metric would have been achieved as of September 30, 2024 if that had been the end of the contingency period. The following table sets forth the computation of basic and diluted net earnings per share (unaudited and in thousands, except for share and per share data):


	Three Months Ended September 30,							Nine Months Ended September 30,
		2023			2024			2023			2024
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Net loss		$	(26,200	)	$	(9,676	)	$	(24,566	)	$	(45,266	)
Denominator:
Basic weighted average shares outstanding			27,619,281			28,217,453			27,465,353			27,990,835
Dilutive effect of share option awards			—			—			—			—
Dilutive effect of restricted share units and restricted share awards			—			—			—			—
Dilutive effect of employee share purchase plan			—			—			—			—
Diluted weighted average shares outstanding			27,619,281			28,217,453			27,465,353			27,990,835
Net loss per share, basic		$	(0.95	)	$	(0.34	)	$	(0.89	)	$	(1.62	)
Net loss per share, diluted		$	(0.95	)	$	(0.34	)	$	(0.89	)	$	(1.62	)

In the computation of diluted earnings per share for the three-month and nine-month periods ended September 30, 2023, 3,641,637 ordinary share equivalents and 1,753,142 ordinary share equivalents, respectively, were excluded because their inclusion would have been antidilutive. In the computation of diluted earnings per share for the three-month and nine-month periods ended September 30, 2024, the Company did not include any share equivalents because their inclusion would have been antidilutive (unaudited).

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,200	$ 1,100	$ 3,511	$ 3,212
Asset Impairment Charges	$ 0

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease assets	$ 6,708	$ 7,894
Noncurrent operating lease liabilities	$ 9,332	$ 6,595

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and intangible assets

There was no change in the carrying amount of goodwill or intangible assets during the three-month and nine-month periods ended September 30, 2024 (unaudited).

The Company tests goodwill for impairment annually on December 31 and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit or asset group below its carrying amount and tests intangible assets if an indicator suggests that the carrying amount may not be recoverable.

Accordingly, the Company completes a quarterly qualitative triggering events assessment which considers significant events and circumstances such as a reporting unit’s historical and current results, assumptions regarding future performance, operating income or cash flows, strategic initiatives and overall economic factors, including significant negative industry or economic trends and macro-economic developments, and sustained declines in the Company's share price or market capitalization, considered in both absolute terms and relative to peers, to determine whether any of these may indicate that it is more likely than not that the fair value of the reporting unit is less than its carrying value.

During the three months ended September 30, 2024, the Company experienced a debt covenant breach and a decline in its market capitalization as a result of a sustained decrease in the trading price of the Company's shares, each which represented triggering events requiring management to perform a quantitative goodwill impairment test as of September 30, 2024. The Company engaged a third party valuation firm to assist in preparing the interim goodwill impairment valuations as of September 30, 2024.

For the assessment of goodwill, management determined it operates as one reporting unit and compared the fair value of its one reporting unit to its carrying value. Both an income and market approach were used in determining the fair value of its one reporting unit. The income approach, or discounted cash flow method, utilized the Company's current forecast based on management's estimates of revenue, expenses, capital expenditures and working capital projections. The residual value was captured utilizing the Gordon Growth method and the discount rate was determined based on the Company's weighted average cost of capital. The market approach used was the Guideline Public Company ("GPC") method which valued the Company based on trading multiples derived from publicly traded companies that are similar to the Company. The trailing-twelve-month, 2024 estimate and 2025 estimate enterprise value-to-revenue multiples were used to value the Company. Multiples were selected based on a review of the multiple indications derived from the GPCs and the comparable company multiples were reviewed for differences in growth prospects, profitability and risk profiles between the Company and the GPCs. Based on the results of the quantitative assessments, the fair value of the Company's one reporting unit was marginally in excess of its carrying value and the Company's goodwill was not impaired as of September 30, 2024. When estimating the future cash flows of the Company's one reporting unit, the Company generally assumed revenue in future years would increase with a return to normalized consumption levels across all product lines in the short-term, and future growth rates in line with the expected industry growth rate, and increased operating margins in future years would improve as a result of improved gross margins, mostly due to managing product costs and a reduction of excess and obsolete charges, along with reduced operating expenses as a result of the corporate restructurings and a continued emphasis on controlling discretionary spending. However, if overall market conditions deteriorate, the Company is unable to achieve its forecasted results, or the trading price of its shares continue to decline, future non-cash impairment charges may result which could be material.

The Company also considered its long-lived assets (including intangible assets with definite useful lives), which are amortized over their estimated useful lives. The Company engaged the same third party valuation firm used for the goodwill impairment assessment to assist with the interim long-lived asset recoverability test at September 30, 2024. These assets are reviewed for

impairment only when facts or circumstances indicate that the carrying values may not be recoverable. The debt covenant breach as well as the decline in the Company's market capitalization driven by a sustained decrease in the trading price of the Company's shares each were considered to represent triggering events and the Company's long-lived assets were reviewed for impairment. Management concluded the asset group is at the same level as the Company's reporting unit, the primary asset of the asset group was determined to be the Company's customer relationships, with the remaining useful life of the customer relationships estimated to be approximately 61 months. The undiscounted cash flows of the asset group was estimated on a pre-tax basis over the life of the primary asset. Since the asset group constitutes a reporting unit or a business, a residual value was included to capture the approximate proceeds from the eventual disposition of the business. A terminal value approach was used to determine the residual value of the business. The carrying value of the asset group was determined to be the Company's invested capital less debt plus equity. The asset group's recoverability was determined by comparing the carrying value of the asset group to the sum of the undiscounted cash flows of the asset group. Based on the results of the quantitative assessment, the undiscounted cash flows were greater than the carrying value of the asset group, and the asset group was recoverable at September 30, 2024.

The Company will continue to monitor for potential impairment should these impairment indicators continue or new impairment indicators arise.

The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands):


		December 31, 2023							September 30, 2024
									(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Customer relationships	5 to 18 years	$	19,300	$	(11,625	)	$	7,675	$	19,300	$	(12,749	)	$	6,551
Total		$	19,300	$	(11,625	)	$	7,675	$	19,300	$	(12,749	)	$	6,551

Intangible assets are amortized over their expected useful life and none are expected to have a significant residual value at the end of their useful life. Intangible assets amortization expense was $0.4 million and $0.4 million for the three-month periods ended September 30, 2023 and 2024, respectively and $1.1 million and $1.1 million for the nine-month periods ended September 30, 2023 and 2024, respectively.

Based on capitalized intangible assets as of September 30, 2024, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2024 (October - December)	$	374
2025		1,498
2026		1,498
2027		1,498
2028		1,144
Thereafter		539
Total amortization	$	6,551

Shareholders' equity - Summary of Stock Option Activity (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Options
Options outstanding, Beginning balance	4,689,916
Options granted	1,475,625
Options expired	(212,954)
Options forfeited	(397,694)
Options outstanding, Ending balance	5,554,893	4,689,916
Options exercisable	2,839,385
Options vested and expected to vest	5,442,283
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance	$ 11.98
Weighted average exercise price, Options granted	3.95
Weighted average exercise price, Options expired	14.35
Weighted average exercise price, Options forfeited	11.00
Weighted average exercise price, Outstanding ending balance	9.83	$ 11.98
Weighted average exercise price, Options exercisable	13.05
Weighted average exercise price, Options vested and expected to vest	$ 9.92
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding	7 years 3 months 18 days	7 years 6 months
Weighted average remaining contractual term, Options exercisable	5 years 6 months
Aggregate intrinsic value, Outstanding		$ 617,623

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands):


		December 31, 2023							September 30, 2024
									(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Customer relationships	5 to 18 years	$	19,300	$	(11,625	)	$	7,675	$	19,300	$	(12,749	)	$	6,551
Total		$	19,300	$	(11,625	)	$	7,675	$	19,300	$	(12,749	)	$	6,551

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of September 30, 2024, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2024 (October - December)	$	374
2025		1,498
2026		1,498
2027		1,498
2028		1,144
Thereafter		539
Total amortization	$	6,551

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories, Net

Inventories, net consisted of the following (in thousands):


	December 31,			September 30,
	2023			2024
				(unaudited)
Finished goods	$	69,428		$	55,975
Raw materials		21,271			19,737
Gross inventory		90,699			75,712
Less: Excess and obsolescence reserve		(23,821	)		(32,732	)
Inventories, net	$	66,878		$	42,980

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2023		2024
			(unaudited)
Accrued goods and services	$	7,787	$	5,171
Accrued loss on supplier commitments		12,949		18,799
Accrued inventory purchases		2,768		3,060
Accrued customer rebates		23,052		18,902
Other		513		206
Accrued liabilities	$	47,069	$	46,138

Schedule of Change to Accrued Warranty

Provisions for warranty claims are primarily related to our hardware products and are recorded at the time products are sold. The change to accrued warranty was as follows (in thousands):


	Year ended December 31,			Nine Months Ended September 30,
	2023			2024
				(unaudited)
Beginning balance	$	1,651		$	1,484
Fulfillment of assumed acquisition warranty		(178	)		(5	)
Provision increase, net		11			125
Ending balance	$	1,484		$	1,604

At December 31, 2023, $1.2 million is included in Other current liabilities and $0.3 million is included in Other noncurrent liabilities on the Company's consolidated balance sheet.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
2024 (July - December)	$ 1,209
2025	4,612
2026	3,851
2027	2,336
2028	1,379
Net balance	13,387	$ 11,985
Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2024 (July - December)	116
2025	435
2026	318
2027	28
Net balance	897
Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2024 (July - December)	1,093
2025	4,177
2026	3,533
2027	2,308
2028	1,379
Net balance	$ 12,490

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenues from Contracts with Customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 43,726	$ 43,046	$ 132,009	$ 179,989
Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%	100.00%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 21,300	$ 17,768	$ 66,996	$ 104,887
North America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	49.00%	42.00%	51.00%	57.00%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	$ 12,200	$ 14,274	$ 35,613	$ 40,751
Europe, Middle East and Africa \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	28.00%	33.00%	27.00%	23.00%
Caribbean and Latin America
Disaggregation of Revenue [Line Items]
Revenues	$ 5,902	$ 5,726	$ 16,100	$ 15,426
Caribbean and Latin America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	13.00%	13.00%	12.00%	9.00%
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 4,324	$ 5,278	$ 13,300	$ 18,925
Asia Pacific \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	10.00%	12.00%	10.00%	11.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Liability Activity

The following table reflects the restructuring liability activity for the nine-month period ended September 30, 2024 under the November 2023 restructuring plan (unaudited and in thousands):


Restructuring liability at December 31, 2023	$	363
Restructuring charges		1,068
Costs paid		(1,102	)
Restructuring liability at September 30, 2024	$	329

Software - Schedule of Software (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 38,956		$ 34,377
Accumulated amortization	(25,569)		(22,392)
Net balance	13,387		11,985
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	16,938		16,814
Accumulated amortization	(16,041)		(15,696)
Net balance	$ 897		1,118
Acquired and Software for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years	3 years
Acquired and Software for Internal Use \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	7 years	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful life		3 years
Gross carrying amount	$ 22,018		17,563
Accumulated amortization	(9,528)		(6,696)
Net balance	$ 12,490		$ 10,867

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


		December 31,			September 30,
	Useful Life	2023			2024
					(unaudited)
Equipment and tooling	5 years	$	37,678		$	37,125
Computer equipment	3 years		5,546			5,730
Furniture and fixtures	5 to 10 years		853			857
Leasehold improvements	2 to 13 years		518			5,429
Total cost			44,595			49,141
Less: Accumulated depreciation			(31,716	)		(35,184	)
Property and equipment, net		$	12,879		$	13,957

Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 3. Property and equipment

Property and equipment, net consisted of the following (in thousands):


		December 31,			September 30,
	Useful Life	2023			2024
					(unaudited)
Equipment and tooling	5 years	$	37,678		$	37,125
Computer equipment	3 years		5,546			5,730
Furniture and fixtures	5 to 10 years		853			857
Leasehold improvements	2 to 13 years		518			5,429
Total cost			44,595			49,141
Less: Accumulated depreciation			(31,716	)		(35,184	)
Property and equipment, net		$	12,879		$	13,957

Total depreciation expense was $1.1 million and $1.2 million for the three-month periods ended September 30, 2023 and 2024, respectively and $3.2 million and $3.5 million for the nine-month periods ended September 30, 2023 and 2024, respectively.

During the three-month period ended September 30, 2024, the qualitative assessment completed on the Company's long-lived assets indicated the existence of impairment triggers such that the Company would need to assess the undiscounted cash flows at the asset group level for recoverability. Based on the quantitative assessment performed, management concluded the assets were recoverable and no impairment charge was recorded. Refer to Note 5 - Goodwill and intangible assets for additional information.

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Current and Noncurrent Portions of Term Loan and Revolving Credit Facilities

The following table reflects the current and noncurrent portions of the term loan and revolving credit facilities at December 31, 2023 and September 30, 2024 (in thousands):


	December 31,			September 30,
	2023			2024
				(unaudited)
Term loan facility	$	25,406		$	22,781
Revolving credit facility		—			45,000
Less: debt issuance costs on term loan facility		(294	)		(204	)
Total debt, net		25,112			67,577
Less: current portion of long-term debt		(3,281	)		(67,781	)
Current portion of debt issuance costs		95			204
Total long-term debt, net	$	21,926		$	—

Schedule of Maturities on Debt Term Loan Facility and Revolver Credit Facility Outstanding

Loan covenants and violations

The Company's credit agreement is subject to financial covenants, including covenants which require the Company to meet key financial ratios and customary affirmative and negative covenants.

Debt - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Proceeds from issuance of debt				$ 45,000,000
Net interest expense	$ 1,400,000	$ 600,000		3,600,000	$ 1,800,000
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding	22,781,000			22,781,000		$ 25,406,000
Unamortized debt issuance costs	$ 200,000			$ 200,000
Debt instrument, effective interest rate	8.85%			8.85%		7.69%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding	$ 45,000,000			$ 45,000,000
Debt Instrument amount available under credit facility	0			0
Proceeds from issuance of debt			$ 45,000,000
Unamortized debt issuance costs	$ 400,000			$ 400,000
Weighted-average interest rate	8.66%			8.66%

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reporting segments	1
Number of operating segment	1

Revenues from contracts with customers

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Note 13. Revenues from contracts with customers

Revenues consist primarily of revenues from the sale of hardware products with essential embedded software. Revenues also include amounts for software products, extended warranty on hardware products and subscription services. Substantially all products are sold through distributors and other channel partners, such as resellers, managed service providers and systems integrators.

The Company recognizes revenue to reflect the transfer of control of promised products or services to a customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for products or services.

The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software products, and purchased extended warranty on hardware products have been identified as separate and distinct performance obligations.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as incentives and co-operative marketing allowances.

The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with essential embedded software is recognized when control of the asset is transferred, which is typically at the time of shipment. Revenue from perpetual license software is recognized at the point in time that the customer is able to use or benefit from the software. Extended warranty on hardware products is a performance

obligation that is satisfied over time, beginning on the effective date of the warranty period and ending on the expiration of the warranty period. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from software subscriptions is recognized ratably over the term in which the services are provided and the performance obligation is satisfied.

The Company enters into revenue arrangements that may consist of multiple performance obligations, such as hardware products and extended warranty. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis for each distinct product or service in the contract. The best evidence of standalone selling price is the observable price of a product or service when the Company sells that product or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the transaction price allocated to each performance obligation using the expected costs plus a margin approach.

Disaggregation of revenues

Revenues by product category were as follows (unaudited and in thousands, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2024				2023				2024
Point-to-Multi-Point	$	23,596	55	%	$	17,999	41	%	$	72,622	40	%	$	57,067	43	%
Point-to-Point		15,809	37	%		9,347	21	%		58,891	33	%		37,414	28	%
Enterprise		2,499	6	%		15,160	35	%		44,575	25	%		33,633	26	%
Other		1,142	2	%		1,220	3	%		3,901	2	%		3,895	3	%
Total Revenues	$	43,046	100	%	$	43,726	100	%	$	179,989	100	%	$	132,009	100	%

The Company’s products are predominately sold through third-party distributors and distributed through a third-party logistics provider with facilities in the United States, Netherlands and Vietnam. The Company has determined the geographical distribution of product revenues based upon the ship-to destinations specified by its distributor customers.

Revenues by geography were as follows (unaudited and in thousands, except percentages):


	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2024				2023				2024
North America	$	17,768	42	%	$	21,300	49	%	$	104,887	57	%	$	66,996	51	%
Europe, Middle East and Africa		14,274	33	%		12,200	28	%		40,751	23	%		35,613	27	%
Caribbean and Latin America		5,726	13	%		5,902	13	%		15,426	9	%		16,100	12	%
Asia Pacific		5,278	12	%		4,324	10	%		18,925	11	%		13,300	10	%
Total Revenues	$	43,046	100	%	$	43,726	100	%	$	179,989	100	%	$	132,009	100	%

Contract balances

The following table summarizes contract balances as of December 31, 2023 and September 30, 2024 (in thousands):


	December 31, 2023		September 30, 2024
			(unaudited)
Trade accounts receivable, net of allowance for credit losses	$	63,656	$	57,138
Deferred revenue - current		8,765		8,967
Deferred revenue - noncurrent		10,473		11,761
Refund liability		8,723		7,050

Deferred revenue consists of amounts due or received from customers in advance of the Company satisfying performance obligations under contractual arrangements. Deferred revenue is classified as current or noncurrent based on the timing of when revenue will be recognized. The changes in deferred revenue were due to normal timing differences between the Company’s performance and the customers’ payment.

The refund liability is the estimated amount expected to be refunded to customers in relation to product exchanges made as part of the Company’s stock rotation program and returns that have been authorized, but not yet received by the Company. It is included within Other current liabilities in the condensed consolidated balance sheets.

Receivables and concentration of credit risk

Trade accounts receivable represent amounts for which the Company has an unconditional right to payment. Amounts are in accordance with contractual terms and are recorded at face amount less an allowance for credit losses. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivables. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity indicators for individual customers.

The Company considers the credit risk of all customers and regularly monitors credit risk exposure in its trade receivables. The Company’s standard credit terms with its customers are generally net 30 to 60 days. The Company had one customer representing more than 10% of trade receivables at December 31, 2023 and one customer representing more than 10% of trade receivables at September 30, 2024.

Remaining performance obligations

Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of December 31, 2023, deferred revenue (current and noncurrent) of $19.2 million represents the Company’s remaining performance obligations, of which $8.8 million is expected to be recognized within one year, with the remainder to be recognized thereafter. As of September 30, 2024, deferred revenue (current and noncurrent) of $20.7 million represents the Company’s remaining performance obligations, of which $9.0 million is expected to be recognized within one year, with the remainder to be recognized thereafter (unaudited).

Revenue recognized during the three-month period ended September 30, 2024 which was previously included in deferred revenues as of December 31, 2023 was $1.9 million, compared to $1.8 million of revenue recognized during the three-month period ended September 30, 2023, which was previously included in deferred revenues as of December 31, 2022. Revenue recognized during the nine-month period ended September 30, 2024 which was previously included in deferred revenues as of December 31, 2023 was $7.0 million, compared to $7.3 million of revenue recognized during the nine-month period ended September 30, 2023, which was previously included in deferred revenues as of December 31, 2022 (unaudited).

Cost to obtain a contract

Sales commissions are incremental costs of obtaining a contract. The Company has elected to recognize these expenses as incurred, as the amortization period of these costs is one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Receivables, allowance for credit losses	$ 502	$ 283
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	28,513,294	28,095,144
Common stock, shares, outstanding	28,241,507	27,834,908
Treasury stock, shares	271,787	260,236

Shareholders' equity - Additional Information (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Mar. 18, 2024

Jan. 29, 2024

May 31, 2023

Jun. 30, 2019

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based compensation expense

$ 7,642

$ 8,782

Shares granted

1,029,920

Share-based compensation income tax benefits

$ 0

100

Forfeiture rate utilized for estimating forfeitures of options granted

8.20%

Unrecognized pre-tax share based compensation expense related to unvested share option awards

$ 10,200

Shares vested

138,803

Share options granted

1,475,625

Shares forfeited

^[1]

135,810

Perforamance awards issued

^[1]

1,311,647

556,340

Employee Share Purchase Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share-based compensation expense

$ 100

$ 200

$ 500

$ 700

Shares issued under the ESPP

279,403

88,290

279,403

88,290

Number of outstanding shares added annually

275,000

Percentage of outstanding shares

1.00%

Percentage of purchase price shares on first trading day of offering period and purchase date

85.00%

Number of additional shares available under ESPP

275,000

Time-based Share Options

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Share options contractual term

10 years

Share options vesting period

4 years

RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Forfeiture rate utilized for estimating forfeitures of options and restricted share units granted

8.20%

Unrecognized pre-tax compensation expense, net of estimated forfeitures

$ 6,000

Vesting period of restricted shares

4 years

Share-based payment award, requisite service period

4 years

Performance shares

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares forfeited

60,000

Perforamance awards issued

135,000

Performance options issued

60,000

Performance shares | Tranche One

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares forfeited

62,500

Shares vesting, percentage

50.00%

Performance shares | Tranche Two

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares granted

37,500

Unrecognized pre-tax compensation expense, net of estimated forfeitures

$ 500

Shares vesting, percentage

50.00%

2019 Share Incentive Plan

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of shares authorized

1,320,000

Percentage of outstanding shares

5.00%

2019 Share Incentive Plan | Maximum

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of outstanding shares added annually

1,320,000

2019 Share Incentive Plan | RSUs

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Shares vested

138,803

Shares to pay employees' portion of minimum payroll withholding taxes

11,551

[1]	1 Includes time-based RSUs and the performance-based RSUs for which a grant date has been established, as described below.

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenues	$ 43,726	$ 43,046	$ 132,009	$ 179,989
Cost of revenues	26,281	32,087	91,469	100,128
Gross profit	17,445	10,959	40,540	79,861
Operating expenses
Research and development	9,275	13,151	29,223	40,421
Sales and marketing	8,398	9,675	27,825	32,873
General and administrative	6,149	8,688	19,647	21,191
Depreciation and amortization	1,682	1,545	4,984	4,614
Total operating expenses	25,504	33,059	81,679	99,099
Operating loss	(8,059)	(22,100)	(41,139)	(19,238)
Interest expense, net	1,403	620	3,588	1,796
Other expense, net	8	63	70	281
Loss before income taxes	(9,470)	(22,783)	(44,797)	(21,315)
Provision for income taxes	206	3,417	469	3,251
Net loss	$ (9,676)	$ (26,200)	$ (45,266)	$ (24,566)
Loss per share
Basic	$ (0.34)	$ (0.95)	$ (1.62)	$ (0.89)
Diluted	$ (0.34)	$ (0.95)	$ (1.62)	$ (0.89)
Weighted-average number of shares outstanding to compute net loss per share
Basic	28,217,453	27,619,281	27,990,835	27,465,353
Diluted	28,217,453	27,619,281	27,990,835	27,465,353

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
2024 (October - December)	$ 374
2025	1,498
2026	1,498
2027	1,498
2028	1,144
Thereafter	539
Total amortization	$ 6,551	$ 7,675

Shareholders' equity (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Total Share-based Compensation Expense

The following table shows total share-based compensation expense for the three-month and nine-month periods ended September 30, 2023 and 2024 (unaudited and in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
Cost of revenues	$	45	$	52	$	160	$	136
Research and development		1,037		959		3,693		2,824
Sales and marketing		597		413		2,026		1,407
General and administrative		1,166		1,071		2,903		3,275
Total share-based compensation expense	$	2,845	$	2,495	$	8,782	$	7,642

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for the nine-month period ended September 30, 2024 (unaudited):


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2023		4,689,916		$	11.98		7.5	$	617,623
Options granted		1,475,625		$	3.95		—	$	—
Options exercised		—		$	—		—	$	—
Options expired		(212,954	)	$	14.35		—	$	—
Options forfeited		(397,694	)	$	11.00		—	$	—
Outstanding at September 30, 2024		5,554,893		$	9.83		7.3	$	—
Options exercisable at September 30, 2024		2,839,385		$	13.05		5.5	$	—
Options vested and expected to vest at September 30, 2024		5,442,283		$	9.92

Schedule of Estimated Fair Value of Weighted Average Assumptions

The fair value of share options is estimated using the following weighted-average assumptions (unaudited):


	Nine months ended September 30,
		2023			2024
Expected dividend yield			—			—
Risk-free interest rate			4.31	%		4.38	%
Weighted-average expected volatility			69.3	%		76.7	%
Expected term (in years)			5.74			5.80
Weighted average grant-date fair value per share of options granted		$	5.73		$	2.71

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plan for the nine-month period ended September 30, 2024 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2023 1		556,340		$	16.92
RSUs granted		1,029,920		$	3.04
RSUs vested		(138,803	)	$	21.05
RSUs forfeited 1		(135,810	)	$	14.18
RSU balance at September 30, 2024 1		1,311,647		$	5.87

1 Includes time-based RSUs and the performance-based RSUs for which a grant date has been established, as described below.

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Customer	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Customer
Revenue From Contract With Customer [Line Items]
Deferred revenue	$ 20.7		$ 20.7		$ 19.2
Revenue recognized	$ 1.9	$ 1.8	$ 7.0	$ 7.3
Revenue practical expedient, incremental cost of obtaining contract [true/false]			true
Minimum
Revenue From Contract With Customer [Line Items]
Collection period for trade accounts receivable			30 days
Maximum
Revenue From Contract With Customer [Line Items]
Collection period for trade accounts receivable			60 days
Customer Concentration Risk \| Accounts Receivables
Revenue From Contract With Customer [Line Items]
Number of customers \| Customer			1		1
Customer Concentration Risk \| Accounts Receivables \| Customer A
Revenue From Contract With Customer [Line Items]
Concentration risk, percentage			10.00%		10.00%

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued goods and services	$ 5,171	$ 7,787
Accrued loss on supplier commitments	18,799	12,949
Accrued inventory purchases	3,060	2,768
Accrued customer rebates	18,902	23,052
Other	206	513
Accrued liabilities	$ 46,138	$ 47,069

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
U.S. Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match			100.00%
Defined contribution plan, maximum annual contributions per employee, percent			4.00%
Defined contribution plan employers matching contribution vesting period			2 years
Defined contribution plan, employer discretionary contribution amount	$ 0.3	$ 0.3	$ 0.6	$ 1.2
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of match			5.00%
Defined contribution plan, maximum annual contributions per employee, percent			7.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.1	$ 0.1	$ 0.3	$ 0.3
Defined contribution plan, employee matching contribution, percent of match			3.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay			1.00%

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	CMBM
Entity Registrant Name	CAMBIUM NETWORKS CORP
Entity Central Index Key	0001738177
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		28,243,808
Entity Current Reporting Status	Yes
Entity File Number	001-38952
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	2000 Center Drive
Entity Address, Address Line Two	Suite East A401
Entity Address, City or Town	Hoffman Estates
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60192
City Area Code	345
Local Phone Number	814-7600
Entity Incorporation State Country Code	E9
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.0001 par value
Security Exchange Name	NASDAQ

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 11. Commitments and contingencies

In accordance with ASC 460, Guarantees, the Company recognizes the fair value for guarantee and indemnification arrangements it issues or modifies, if these arrangements are within the scope of the interpretation. In addition, the Company must continue to monitor the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has been incurred. If the Company determines it is probable that a loss has occurred, then any such estimated loss would be recognized under those guarantees and indemnifications and would be recognized in the Company’s condensed consolidated statements of operations and corresponding condensed consolidated balance sheets during that period.

Amended credit agreement

Our Amended Credit Agreement contains customary provisions with respect to the consequences of a “Default” or “Event of Default” as defined therein, including a restriction on the ability to access further borrowings as well as other customary rights and remedies available to the lender upon a Default or Event of Default. These include the ability to impose a default rate interest rate, prohibiting us from reinvesting asset sale proceeds, limiting repayment of intercompany debt and investment in non-loan party subsidiaries, limiting acquisitions, certain asset sales and assumption of indebtedness, and acceleration of the outstanding obligations and exercise of other remedies under the Amended Credit Agreement, among other customary restrictions.

Purchase commitments with contract manufacturers and suppliers

We purchase components from a variety of suppliers and use contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory and components based upon criteria as defined by us, such as forecasted demand. Certain of our inventory purchase commitments with contract manufacturers and suppliers relate to arrangements to secure supply and pricing for certain components for multiple periods. We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. The Company may be liable to purchase excess product or aged material or components from our suppliers following reasonable mitigation efforts.

Warranties

The Company offers a standard warranty on its products, with the term depending on the product, and records a liability for the estimated future costs associated with potential warranty claims. The Company’s responsibility under its standard warranty is the repair or replacement of in-warranty defective product, or to credit the purchase price of the defective product, at its discretion, without charge to the customer. The Company’s estimate of future warranty costs is largely based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. The standard warranty is included in either Other current liabilities or Other noncurrent liabilities on its condensed consolidated balance sheets, depending on the time period covered by the warranty. The Company also offers an extended warranty for purchase that represents a future performance obligation for the Company. The extended warranty is included in deferred revenues (both current and noncurrent) on the condensed consolidated balance sheets and recognized on a straight-line basis over the term of the extended warranty. The warranty costs are reflected in the Company’s condensed consolidated statements of operations within cost of revenues.

Indemnification

The Company generally indemnifies its customers against claims brought by a third party to the extent any such claim alleges that the Company’s product infringes a patent, copyright or trademark or violates any other proprietary rights of that third party. The maximum potential amount of future payments the Company may be required to make under these indemnification agreements is not estimable.

The Company indemnifies its directors and officers and select key employees, including key employees serving as directors or officers of the Company’s subsidiaries, for certain events or occurrences, subject to certain limits, while the director or officer is or was serving at the Company’s request in such capacity. The term of the indemnification period is for the director’s or officer’s term of service. The Company may terminate the indemnification agreements with its directors, officers or key employees upon the termination of their services as directors or officers of the Company or its subsidiaries, or the termination of activities for which indemnification has been provided, but termination will not affect claims for indemnification related to events occurring prior to the effective date of termination. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that limits its exposure. The Company believes the fair value of these indemnification agreements is minimal.

Legal proceedings

Third parties may from time to time assert legal claims against the Company. The Company records accruals for loss contingencies to the extent that it concludes it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company evaluates, on a regular basis, developments in legal proceedings and other matters that could cause a change in amounts recorded. Due to the inherent uncertainty involving legal matters, the ultimate resolution could differ from amounts recorded. There is no pending or threatened legal proceedings to which the Company is a party, that in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Shareholder lawsuit

On May 22, 2024, a putative shareholder class action complaint was filed in the United States District Court for the Northern District of Illinois (Hamby v. Cambium Networks Corporation et al, Case No. 1:24-cv-04240) against us and three of our current or former officers. The complaint purports to assert claims under Section 10(b) of the Exchange Act, Exchange Act Rule 10b-5, and Section 20(a) of the Exchange Act, on behalf of persons and entities who acquired our ordinary shares between May 8, 2023 and January 18, 2024, or the Class Period. The complaint alleges that, during the Class Period, the Company and certain of its executive officers made false and misleading statements and failed to disclose material adverse facts about its business, operations, and prospects in violation of Sections 10(b) (and Rule 10b-5 promulgated thereunder) and 20(a) of the Exchange Act. The plaintiffs seek damages in an unspecified amount. On July 22, 2024, motions were filed on behalf of purported class member shareholders seeking to serve as lead plaintiff. On October 21, 2024, the court approved the appointment of a lead plaintiff, an amended complaint is expected to be filed by December 4, 2024. This litigation is in its early stages and the Company cannot currently estimate the possible loss or range of losses, if any, that it may experience in connection with this claim.

Employee Benefit Plans

9 Months Ended

Sep. 30, 2024

Retirement Benefits [Abstract]

Employee benefit plans

Note 7. Employee benefit plans

The Company’s employee benefit plans currently consist of a retirement plan in the United States and a separate defined contribution plan in the UK. The Company does not offer any other postretirement benefit plans, such as retiree medical and dental benefits or deferred compensation agreements to its employees or officers.

U.S. plan

U.S. employees that satisfy certain eligibility requirements, including requirements related to age and length of service, are eligible to participate in the Cambium Networks, Inc. 401(k) Plan. The plan is intended to qualify as a tax-qualified 401(k) plan so that contributions to the 401(k) plan, and income earned on such contributions, are not taxable to participants until withdrawn or distributed from the 401(k) plan. Under the 401(k) plan, each employee is fully vested in his or her deferred salary contributions. Employee contributions are held and invested by the plan’s trustee as directed by participants. Under the Cambium Networks, Inc. 401(k) Plan, the Company matches 100% of employee contributions to the 401(k) plan up to a maximum amount of 4% of eligible wages, which matching contributions are subject to vesting in equal annual increments over two years of service. All contributions, including the Company match, are made in cash. Contributions made by the Company under the Cambium Networks, Inc. 401(k) Plan were $0.3 million and $0.3 million for the three-month periods ended September 30, 2023 and 2024, respectively, and $1.2 million and $0.6 million for the nine-month periods ended September 30, 2023 and 2024, respectively (unaudited).

UK plan

UK employees who satisfy certain eligibility requirements are eligible to participate in the Cambium Networks Ltd. Stakeholder Pension Scheme, which is a qualified defined contribution plan. Employees are eligible to participate on the first of the month following receipt of their enrollment form, and eligible employees are automatically enrolled in the plan at a default employee contribution rate of 3% of eligible compensation and a company contribution rate of 5% of the employee’s basic salary. The Company contribution rate increases by 1% for each additional 1% that the employee contributes up to a maximum of 7%. Company matching contributions vest immediately and employees are always vested in their own contributions. All contributions, including the Company match, are made in cash and deposited in the participant’s account each pay period. The total contributed by the Company under this plan was $0.1 million and $0.1 million for the three-month periods ended September 30, 2023 and 2024, respectively, and $0.3 million and $0.3 million for the nine-month periods ended September 30, 2023 and 2024, respectively (unaudited).

- Definition

The entire disclosure for retirement benefits.

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+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Note 14. Related party transactions

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal.

For the three-month and nine-month periods ended September 30, 2023, the Company incurred $0.5 million and $0.6 million, respectively, of related party transactions with its majority shareholder, Vector Capital Management, for reimbursement of expenses and management advisory fees, of which $0.5 million is outstanding at September 30, 2023. Of the amount outstanding at September 30, 2023, $0.3 million is included in Accounts payable and $0.2 million is included in Accrued liabilities in the Company's condensed consolidated balance sheets. For the three-month and nine-month periods ended September 30, 2024, the Company did not have any material related party transactions to disclose. Transactions with Vector Capital Management are included in general and administrative expenses in the condensed consolidated statements of operations, Accounts payable or Accrued liabilities in the condensed consolidated balance sheets and payments made to Vector Capital are included in Accounts payable in the condensed consolidated statements of cash flows (unaudited).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Loss per share - Computation of Basic and Diluted Net Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (9,676)	$ (26,200)	$ (45,266)	$ (24,566)
Denominator:
Basic weighted average shares outstanding	28,217,453	27,619,281	27,990,835	27,465,353
Diluted weighted average shares outstanding	28,217,453	27,619,281	27,990,835	27,465,353
Net loss per share, basic	$ (0.34)	$ (0.95)	$ (1.62)	$ (0.89)
Net loss per share, diluted	$ (0.34)	$ (0.95)	$ (1.62)	$ (0.89)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.9-04(22))
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-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts Payable	$ 19,619,000		$ 19,619,000		$ 19,120,000
Accrued Liabilities	46,138,000		46,138,000		$ 47,069,000
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Accounts Payable	300,000		300,000
Accrued Liabilities	200,000		200,000
Related party transactions	$ 0	$ 500,000	$ 0	$ 600,000
Related party transaction outstanding amount				$ 500,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (45,266)	$ (24,566)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	3,511	3,212
Amortization of software and intangible assets	4,305	3,399
Amortization of debt issuance costs	235	235
Share-based compensation	7,642	8,782
Deferred income taxes	3,694	288
Provision for inventory excess and obsolescence	9,286	5,637
Other	339	(7)
Change in assets and liabilities:
Receivables	3,784	22,649
Inventories	14,612	(28,333)
Prepaid expenses	(9,349)	3,031
Income taxes receivable	(900)	(859)
Accounts payable	1,675	(6,496)
Accrued employee compensation	(1,078)	(2,042)
Accrued liabilities	2,065	(1,264)
Other assets and liabilities	1,096	5,608
Net cash used in operating activities	(4,349)	(10,726)
Cash flows from investing activities:
Purchases of property and equipment	(6,209)	(3,361)
Purchases of software	(4,640)	(5,518)
Net cash used in investing activities	(10,849)	(8,879)
Cash flows from financing activities:
Proceeds from issuance of revolver debt	45,000
Repayment of term loan	(2,625)	(1,969)
Issuance of ordinary shares under ESPP	663	1,102
Taxes paid from shares withheld	(38)	(652)
Proceeds from share option exercises		498
Net cash (used in) provided by financing activities	43,000	(1,021)
Effect of exchange rate on cash	(21)	(7)
Net (decrease) increase in cash	27,781	(20,633)
Cash, beginning of period	18,710	48,162
Cash, end of period	46,491	27,529
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	(972)	3,963
Interest paid	4,021	1,354
Non-cash investing and financing activities:
Increase in property, equipment and software unpaid or accrued in liabilities	1,666	113
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	115	$ 1,865
Debt issuance costs incurred but not yet paid	$ 325

Debt - Schedule of Current and Noncurrent Portions of Term Loan and Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less debt issuance costs	$ (204)	$ (294)
Total debt	67,577	25,112
Less current portion of term facility	(67,781)	(3,281)
Current portion of debt issuance costs	204	95
Total long-term external debt, net	0	21,926
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	22,781	$ 25,406
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 45,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Loss per share - Additional Information (Details) - shares	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted net loss per share	3,641,637	1,753,142

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Segment Unit	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting unit \| Unit			1
Number of operating segment \| Segment			1
Adjustments to carrying value of goodwill	$ 0		$ 0
Amortization expense	$ 400,000	$ 400,000	$ 1,100,000	$ 1,100,000
Estimated remaining useful life of the customer relationships			61 months

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished goods	$ 55,975	$ 69,428
Raw materials	19,737	21,271
Gross inventory	75,712	90,699
Less: Excess and obsolescence reserve	(32,732)	(23,821)
Inventories, net	$ 42,980	$ 66,878

Loss per share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings Per Share

Performance-based share awards are only included in the calculation of diluted earnings per share if the performance metric would have been achieved as of September 30, 2024 if that had been the end of the contingency period. The following table sets forth the computation of basic and diluted net earnings per share (unaudited and in thousands, except for share and per share data):


	Three Months Ended September 30,							Nine Months Ended September 30,
		2023			2024			2023			2024
		(unaudited)			(unaudited)			(unaudited)			(unaudited)
Numerator:
Net loss		$	(26,200	)	$	(9,676	)	$	(24,566	)	$	(45,266	)
Denominator:
Basic weighted average shares outstanding			27,619,281			28,217,453			27,465,353			27,990,835
Dilutive effect of share option awards			—			—			—			—
Dilutive effect of restricted share units and restricted share awards			—			—			—			—
Dilutive effect of employee share purchase plan			—			—			—			—
Diluted weighted average shares outstanding			27,619,281			28,217,453			27,465,353			27,990,835
Net loss per share, basic		$	(0.95	)	$	(0.34	)	$	(0.89	)	$	(1.62	)
Net loss per share, diluted		$	(0.95	)	$	(0.34	)	$	(0.89	)	$	(1.62	)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 46,491	$ 18,710
Receivables, net of credit losses of $283 and $502	57,275	64,103
Inventories, net	42,980	66,878
Income taxes receivable	1,118	222
Prepaid expenses	15,928	6,589
Other current assets	7,389	6,069
Total current assets	171,181	162,571
Noncurrent assets
Property and equipment, net	13,957	12,879
Software, net	13,387	11,985
Operating lease assets	6,708	7,894
Intangible assets, net	6,551	7,675
Goodwill	9,842	9,842
Deferred tax assets, net		3,694
Other noncurrent assets	983	1,335
TOTAL ASSETS	222,609	217,875
Current liabilities
Accounts payable	19,619	19,120
Accrued liabilities	46,138	47,069
Employee compensation	3,894	5,071
Current portion of long-term debt, net	67,577	3,186
Deferred revenues	8,967	8,765
Other current liabilities	9,866	13,117
Total current liabilities	156,061	96,328
Noncurrent liabilities
Long-term debt, net	0	21,926
Deferred revenues	11,761	10,473
Noncurrent operating lease liabilities	9,332	6,595
Other noncurrent liabilities	1,825	1,619
Total liabilities	178,979	136,941
Commitments and contingencies (Note 11)
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2023 and September 30, 2024; 28,095,144 shares issued and 27,834,908 outstanding at December 31, 2023 and 28,513,294 shares issued and 28,241,507 outstanding at September 30, 2024	3	3
Additional paid in capital	160,958	152,768
Treasury shares, at cost, 260,236 shares at December 31, 2023 and 271,787 shares at September 30, 2024	(5,664)	(5,624)
Accumulated deficit	(109,864)	(64,598)
Accumulated other comprehensive loss	(1,803)	(1,615)
Total shareholders' equity	43,630	80,934
TOTAL LIABILITIES AND EQUITY	$ 222,609	$ 217,875

Software - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Finite Lived Intangible Assets [Line Items]
Asset Impairment Charges	$ 0
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 100	$ 100	$ 300	$ 300
Acquired and Software for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years		3 years		3 years
Acquired and Software for Internal Use \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	7 years		7 years		7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful life					3 years
Amortization expense	$ 1,000	$ 800	$ 2,800	$ 2,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,484	$ 1,651
Fulfillment of assumed acquisition warranty	(5)	(178)
Provision increase, net	125	11
Ending balance	$ 1,604	$ 1,484

Restructuring - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024
August 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred			$ 1,000,000
November 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred		$ 1,200,000		$ 700,000
Payment for restructuring		800,000		1,102,000
Restructuring liability	$ 329,000	$ 363,000		329,000
Restructuring charges	600,000			1,068,000
November 2023 Restructuring Plan \| One-time Termination Benefits \| Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	1,500,000			1,500,000
November 2023 Restructuring Plan \| One-time Termination Benefits \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 2,500,000			$ 2,500,000

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,300	$ 19,300
Accumulated amortization	(12,749)	(11,625)
Total amortization	6,551	7,675
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	19,300	19,300
Accumulated amortization	(12,749)	(11,625)
Total amortization	$ 6,551	$ 7,675
Customer Relationships \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	5 years
Customer Relationships \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	18 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Software

9 Months Ended

Sep. 30, 2024

Research and Development [Abstract]

Software

Note 4. Software

Software consisted of the following (in thousands):


		December 31, 2023							September 30, 2024
									(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Acquired and Software for internal use	3 to 7 years	$	16,814	$	(15,696	)	$	1,118	$	16,938	$	(16,041	)	$	897
Software marketed for external sale	3 years		17,563		(6,696	)		10,867		22,018		(9,528	)		12,490
Total		$	34,377	$	(22,392	)	$	11,985	$	38,956	$	(25,569	)	$	13,387

Amortization of acquired and software for internal use is computed using the straight-line method over an estimated useful life of generally three to seven years. Amortization expense recognized on acquired and software for internal use is reflected in depreciation and amortization in the condensed consolidated statements of operations. Amortization expense was $0.1 million and $0.1 million for the three-month periods ended September 30, 2023 and 2024, respectively. Amortization expense was $0.3 million and $0.3 million for the nine-month periods ended September 30, 2023 and 2024, respectively.

Amortization expense recognized on software to be sold or marketed externally was $0.8 million and $1.0 million for the three-month periods ended September 30, 2023 and 2024, respectively, and $2.0 million and $2.8 million for the nine-month periods ended September 30, 2023 and 2024, respectively, and is included in cost of revenues on the condensed consolidated statements of operations.

Based on capitalized software assets at September 30, 2024, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands):


Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2024 (October - December)	$	116	$	1,093	$	1,209
2025		435		4,177		4,612
2026		318		3,533		3,851
2027		28		2,308		2,336
2028		—		1,379		1,379
Thereafter		—		—		—
Total amortization	$	897	$	12,490	$	13,387

Shareholders' equity - Schedule of Total Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 2,495	$ 2,845	$ 7,642	$ 8,782
Cost of Revenues
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	52	45	136	160
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	959	1,037	2,824	3,693
Sales and Marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	413	597	1,407	2,026
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 1,071	$ 1,166	$ 3,275	$ 2,903

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
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+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule Of Income Taxes [Line Items]
(Benefit) provision for income taxes	$ 206	$ 3,417	$ 469	$ 3,251
Effective tax rate	(2.20%)	(15.00%)	(1.00%)	(15.30%)
Statutory rate	21.00%	21.00%	21.00%	21.00%
Deferred tax assets, net					$ 3,694
UK
Schedule Of Income Taxes [Line Items]
Deferred tax assets, net					23,600
Change in valuation allowance	$ 2,800		$ 12,200
Valuation allowance	35,800		35,800
U.S
Schedule Of Income Taxes [Line Items]
Deferred tax assets, net	8,400		8,400		15,800
Deferred tax assets, decreased	500		3,700
Change in valuation allowance	500		7,400
Valuation allowance	$ 8,400		$ 8,400		$ 12,100

Business and Significant Accounting Policies (Policies)	9 Months Ended
Business and Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of September 30, 2024, and for the three-month and nine-month periods ended September 30, 2023 and 2024, and the related notes are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, and, in the opinion of management, reflect all adjustments, which comprise only normal recurring adjustments necessary to state fairly the Company’s financial position as of September 30, 2024 and results of operations for the three-month and nine-month periods ended September 30, 2023 and 2024 and cash flows for the nine-month periods ended September 30, 2023 and 2024. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2023 included in the Company’s annual report on Form 10-K and filed with the SEC on March 15, 2024. The results of operations for the three-month and nine-month periods ended September 30, 2024 are not necessarily indicative of the operating results to be expected for the full year. The Company has reclassified certain prior period amounts in the condensed consolidated statements of cash flows to conform to the current period's presentation. Specifically, within the condensed consolidated statements of cash flows, changes in Income taxes receivable have been reclassified from “Other assets and liabilities” to “Income taxes receivable”. The reclassifications do not affect previously reported cash flows from operating activities in the condensed consolidated statements of cash flows.
Going Concern	Going Concern In accordance with the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management evaluates whether there are conditions or events that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its assessment, management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows and conditional and unconditional obligations due over the next twelve months, as well as other factors including the markets in which the Company competes and the current customer demand for the Company’s products. As of September 30, 2024, the Company has made all required principal and interest payment obligations under its Amended Credit Agreement with Bank of America. The Company was in compliance with its monthly liquidity covenant for all measurement periods through September 30, 2024. However, as of September 30, 2024, the Company was not in compliance with its quarterly EBITDA covenant under its Amended Credit Agreement. And, as of October 31, 2024, the Company was not in compliance with its monthly liquidity covenant. The Company is seeking a forbearance from Bank of America, as lender under the Amended Credit Agreement, and is working with the bank to address the Company's noncompliance with the covenants. The Company’s obligations under the Amended Credit Agreement do not mature and become due and payable until November 17, 2026, absent acceleration by the bank. The covenant violations affords the lenders the right to declare the amounts outstanding immediately due and payable, and as such, the term loan facility and the associated deferred debt issuance costs and the revolving credit facility have all been classified as a current liability and the deferred debt issuance costs associated with the revolving credit facility have been classified as a current asset in the accompanying condensed consolidated balance sheet as of September 30, 2024. Please refer to Note 6. Debt, regarding the Company’s debt outstanding under its credit facilities with Bank of America. The Company is actively taking actions to improve its profitability and ensure future compliance with applicable financial covenants, including acceleration of collection of receivables, deferral of expenditures, cost reductions to align the Company’s cost structure with current and expected revenue levels and sales of excess inventory. In addition, the Company continues to focus on operating efficiency and reducing discretionary spending. Absent any acceleration of debt by the Company's lenders as a result of the covenant noncompliance described above, the Company believes these actions, together with its existing cash balances, provide it with the financial flexibility needed to meet its obligations as they come due over the next twelve months. However, this conclusion depends in part on the Company’s expectations regarding macro-conditions in the markets in which it competes, customer acceptance and purchases of the Company’s products, buying decisions by the Company’s distributors and other factors that are not within the Company’s control. Based on the Company’s current forecast, it is projecting future noncompliance with its financial covenants within the next twelve months in addition to the covenant noncompliance described above. The Company is in discussions with the bank, but may not be able to obtain a forbearance or waiver of the defaults or otherwise refinance such indebtedness, if required. If Bank of America were to accelerate the maturity of the Company's indebtedness under the Amended Credit Agreement, there is substantial uncertainty the Company would be able to secure capital resources to repay the amounts due. Due to these uncertainties, management concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.
Update to Significant Accounting Policies	Update to Significant Accounting Policies There have been no material changes to the Company’s significant accounting policies disclosed in the 2023 Form 10-K, Part II, Item 8.
Recently issued accounting standards not yet adopted	Recently issued accounting standards not yet adopted In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The increased disclosures will enable investors to better understand the major components of an entity's income statement. ASU 2024-03 will be effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact adopting this standard will have on its financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity's income tax rate reconciliation table and requires disclosure of income taxes paid in both U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. ASU 2023-09 will be effective for the Company for annual reporting periods beginning January 1, 2025. Adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements, but will require increased income tax disclosures. The Company is currently assessing the impact adopting this standard will have on its income tax disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit of loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The new guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating the impact adopting this standard will have on its segment reporting disclosure. In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative. The amendments in this update require modification of certain disclosure and presentation requirements for a variety of ASU topics in response to the SEC's Release No. 33-10532. The effective date for each amended topic in the ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendment will be removed from the Codification and not become effective. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Product Warranty Liability [Line Items]
Excess and obsolescence reserves	$ 32,732	$ 23,821
Accrued warranty	1,604	1,484	$ 1,651
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,300	1,200
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 300	$ 300

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total cost	$ 49,141	$ 44,595
Less: Accumulated depreciation	(35,184)	(31,716)
Property and equipment, net	13,957	12,879
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 37,125	$ 37,678
Equipment and Tooling \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total cost	$ 5,730	$ 5,546
Computer Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total cost	$ 857	$ 853
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	10 years	10 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 5,429	$ 518
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	2 years	2 years
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	13 years	13 years

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,676)	$ (26,200)	$ (45,266)	$ (24,566)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenues from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net of allowance for credit losses	$ 57,138	$ 63,656
Deferred revenue - current	8,967	8,765
Deferred revenue - noncurrent	11,761	10,473
Refund liability	$ 7,050	$ 8,723

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 16. Subsequent events

As of October 31, 2024, the Company was not in compliance with its monthly liquidity covenant under its Amended Credit Agreement with Bank of America. As disclosed in Note 1. Business and significant accounting policies, the Company is currently seeking a forbearance from Bank of America and is working with the bank to address its noncompliance with the covenant.

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income taxes

Note 10. Income taxes

The Company’s provision for income taxes at September 30, 2023 is based upon the estimated annual tax rate for the year applied to federal, state and foreign income. Due to forecasting uncertainty for 2024, the Company's provision for income taxes at September 30, 2024 is based on the 9-month year-to-date actual results. The Company recorded a provision for income taxes of $3.4 million for the three-month period ended September 30, 2023 and a provision for income taxes of $0.2 million for the three-month period ended September 30, 2024, with an effective tax rate of (15.0)% and (2.2)%, respectively. In the three-month period ended September 30, 2023, the Company's effective tax rate of (15.0)% was different from the statutory rate of 21.0%, primarily due to establishment of a valuation allowance on the net deferred tax assets of the UK company, net of tax benefit on Foreign Derived Intangible Income, tax benefit arising on US Research and Development tax credits, and changes to the excess tax benefits on share-based compensation. For the three-month period ended September 30, 2024, the Company’s effective tax rate of (2.2)% was different from the statutory rate of 21.0%, primarily due to an increase in the valuation allowance on the net deferred tax assets of the UK company, maintaining a full valuation allowance on the net UK deferred tax assets.

In the nine-month periods ended September 30, 2023 and 2024, the Company recorded a tax provision of $3.3 million and tax provision of $0.5 million, respectively, with an effective income tax rate of (15.3)% and (1.0)%, respectively. For the nine-month period ended September 30, 2023, the effective income tax rate of (15.3)% was different from the statutory rate of 21.0%, primarily due to the establishment of a valuation allowance on the net deferred tax assets on the UK company, net of tax benefit on Foreign Derived Intangible Income, tax benefits arising on US Research and Development tax credits, and changes to the excess tax benefits on share-based compensation. For the nine-month period ended September 30, 2024, the effective income tax rate of (1.0)% was different from the statutory rate of 21.0%, primarily due to the implementation of a tax method change in the U.S. related to the tax capitalization of the Company's research and development expenditures, resulting in a provision-to-return impact, and a corresponding reduction in the required U.S. valuation allowance, while also including in the period an increase in the valuation allowance on the net deferred tax assets of the UK company, maintaining a full valuation allowance on the net UK deferred tax assets.

The Company increased the valuation allowance based on the analysis of cumulative income and loss positions, future income projections, and operating plans. The UK net deferred tax assets at December 31, 2023 were comprised primarily of NOL carryforwards, corporate interest restriction carryforwards and acquired intangibles, amounting to $23.6 million, fully reserving the UK net deferred tax assets. The UK valuation allowance increased during the three-month and nine-month periods ended September 30, 2024 by $2.8 million and $12.2 million, respectively, for a total valuation allowance at September 30, 2024 of $35.8 million, fully reserving the UK net deferred tax assets.

The U.S. net deferred tax assets at December 31, 2023 were comprised primarily of capitalized research costs and share-based compensation, amounting to $15.8 million. The U.S. net deferred tax assets decreased during the three-month and nine-month periods ended September 30, 2024 by $0.5 million and $3.7 million, respectively, as a result of the tax method change referenced above, the Company began deducting a significant portion of its previously capitalized research and development expenditures for tax purposes, which reduced the total U.S. net deferred tax assets at September 30, 2024 of $8.4 million. The U.S. partial valuation allowance at December 31, 2023 was $12.1 million. The U.S. valuation allowance decreased during the three-month and nine-month periods ended September 30, 2024 by $0.5 million and $7.4 million, respectively, for a total valuation allowance at September 30, 2024 of $8.4 million, fully reserving the U.S. net deferred tax assets.

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized or not. A significant piece of objective evidence evaluated is the cumulative income or loss incurred over the three-year period ended September 30, 2024 and whether the Company projects a loss for the current year ending December 31, 2024. Management assesses all the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets before they otherwise expire. The Company considers projected future taxable income, reversing taxable temporary differences, carryback opportunities, and prudent tax-planning strategies in making this assessment. The Company is in a cumulative loss position on a consolidated basis, and therefore, the Company considered this as negative evidence in evaluating the realizability of deferred tax assets of the U.S., even if the U.S. is not in a cumulative loss position. However, because the cumulative losses in the UK in recent periods are a significant piece of objective negative evidence that limits the Company's ability to consider certain criteria of subjective positive evidence such as projections for future growth. The ultimate realization of deferred tax assets of the U.S. company is dependent upon the generation of future taxable income in the UK during the period in which those temporary differences are deductible. The amount of the deferred tax asset considered realizable will be adjusted in future periods as necessary based on the reversal pattern of deferred balances and the actual taxable income in the UK and U.S. during the carryforward period, as well as any relevant new facts to be considered.

In applying the statutory tax rate in the effective income tax rate reconciliation, the Company used the statutory U.S. federal income tax rate of 21% rather than the Cayman Islands zero percent rate.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Software (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

The useful life, gross carrying value, accumulated amortization, and net balance for each major class of definite-lived intangible assets at each balance sheet date were as follows (in thousands):


		December 31, 2023							September 30, 2024
									(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Customer relationships	5 to 18 years	$	19,300	$	(11,625	)	$	7,675	$	19,300	$	(12,749	)	$	6,551
Total		$	19,300	$	(11,625	)	$	7,675	$	19,300	$	(12,749	)	$	6,551

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of September 30, 2024, estimated amortization expense amounts in future fiscal years are as follows (unaudited and in thousands):


Year ending December 31,	Amortization
2024 (October - December)	$	374
2025		1,498
2026		1,498
2027		1,498
2028		1,144
Thereafter		539
Total amortization	$	6,551

Capitalized Software Assets

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

Software consisted of the following (in thousands):


		December 31, 2023							September 30, 2024
									(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Acquired and Software for internal use	3 to 7 years	$	16,814	$	(15,696	)	$	1,118	$	16,938	$	(16,041	)	$	897
Software marketed for external sale	3 years		17,563		(6,696	)		10,867		22,018		(9,528	)		12,490
Total		$	34,377	$	(22,392	)	$	11,985	$	38,956	$	(25,569	)	$	13,387

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized software assets at September 30, 2024, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands):


Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2024 (October - December)	$	116	$	1,093	$	1,209
2025		435		4,177		4,612
2026		318		3,533		3,851
2027		28		2,308		2,336
2028		—		1,379		1,379
Thereafter		—		—		—
Total amortization	$	897	$	12,490	$	13,387

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,676)	$ (26,200)	$ (45,266)	$ (24,566)
Other comprehensive loss
Foreign currency translation adjustment	(34)	(174)	(188)	(74)
Comprehensive loss	$ (9,710)	$ (26,374)	$ (45,454)	$ (24,640)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Business and Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Business and significant accounting policies

Note 1. Business and significant accounting policies

Business

Cambium Networks Corporation (“Cambium” or “Cambium Networks” or the “Company”), incorporated under the laws of the Cayman Islands, is a holding company whose principal operating entities are Cambium Networks, Ltd. (UK), Cambium Networks, Inc. (USA), and Cambium Networks Private Limited (India). On June 26, 2019, the Company completed an Initial Public Offering and the Company's ordinary shares began trading on the Nasdaq Global Market.

Cambium Networks Corporation and its wholly owned subsidiaries design, develop, and manufacture fixed wireless and fiber broadband and enterprise networking infrastructure solutions that are used by businesses, governments, and service providers in urban, suburban and rural environments. Cambium's products simplify and automate the design, deployment, optimization, and management of broadband and Wi-Fi access networks through intelligent automation.

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The condensed consolidated financial statements as of September 30, 2024, and for the three-month and nine-month periods ended September 30, 2023 and 2024, and the related notes are unaudited. The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual audited consolidated financial statements, and, in the opinion of management, reflect all adjustments, which comprise only normal recurring adjustments necessary to state fairly the Company’s financial position as of September 30, 2024 and results of operations for the three-month and nine-month periods ended September 30, 2023 and 2024 and cash flows for the nine-month periods ended September 30, 2023 and 2024. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements at that date.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted. The condensed consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2023 included in the Company’s annual report on Form 10-K and filed with the SEC on March 15, 2024. The results of operations for the three-month and nine-month periods ended September 30, 2024 are not necessarily indicative of the operating results to be expected for the full year.

The Company has reclassified certain prior period amounts in the condensed consolidated statements of cash flows to conform to the current period's presentation. Specifically, within the condensed consolidated statements of cash flows, changes in Income taxes receivable have been reclassified from “Other assets and liabilities” to “Income taxes receivable”. The reclassifications do not affect previously reported cash flows from operating activities in the condensed consolidated statements of cash flows.

Going Concern

In accordance with the accounting guidance related to the presentation of financial statements, when preparing financial statements for each annual and interim reporting period, management evaluates whether there are conditions or events that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. In making its assessment, management considered the Company’s current financial condition and liquidity sources, including current funds available, forecasted future cash flows and conditional and unconditional obligations due over the next twelve months, as well as other factors including the markets in which the Company competes and the current customer demand for the Company’s products.

As of September 30, 2024, the Company has made all required principal and interest payment obligations under its Amended Credit Agreement with Bank of America. The Company was in compliance with its monthly liquidity covenant for all measurement periods through September 30, 2024. However, as of September 30, 2024, the Company was not in compliance with its quarterly EBITDA covenant under its Amended Credit Agreement. And, as of October 31, 2024, the Company was not in compliance with its monthly liquidity covenant. The Company is seeking a forbearance from Bank of America, as lender under the Amended Credit Agreement, and is working with the bank to address the Company's noncompliance with the covenants. The Company’s obligations under the Amended Credit Agreement do not mature and become due and payable until November 17, 2026, absent acceleration by the bank. The covenant violations affords the lenders the right to declare the amounts outstanding immediately due and payable, and as such, the term loan facility and the associated deferred debt issuance costs and the revolving credit facility have all been classified as a current liability and the deferred debt issuance costs associated with the revolving credit facility have been classified as a current asset in the accompanying condensed consolidated balance sheet as of September 30, 2024. Please refer to Note 6. Debt, regarding the Company’s debt outstanding under its credit facilities with Bank of America.

The Company is actively taking actions to improve its profitability and ensure future compliance with applicable financial covenants, including acceleration of collection of receivables, deferral of expenditures, cost reductions to align the Company’s cost structure with current and expected revenue levels and sales of excess inventory. In addition, the Company continues to focus on operating efficiency and reducing discretionary spending. Absent any acceleration of debt by the Company's lenders as a result of the covenant noncompliance described above, the Company believes these actions, together with its existing cash balances, provide it with the financial flexibility needed to meet its obligations as they come due over the next twelve months. However, this conclusion depends in part on the Company’s expectations regarding macro-conditions in the markets in which it competes, customer acceptance and purchases of the Company’s products, buying decisions by the Company’s distributors and other factors that are not within the Company’s control.

Based on the Company’s current forecast, it is projecting future noncompliance with its financial covenants within the next twelve months in addition to the covenant noncompliance described above. The Company is in discussions with the bank, but may not be able to obtain a forbearance or waiver of the defaults or otherwise refinance such indebtedness, if required. If Bank of America were to accelerate the maturity of the Company's indebtedness under the Amended Credit Agreement, there is substantial uncertainty the Company would be able to secure capital resources to repay the amounts due. Due to these uncertainties, management concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued.

The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

Update to Significant Accounting Policies

There have been no material changes to the Company’s significant accounting policies disclosed in the 2023 Form 10-K, Part II, Item 8.

Recently issued accounting standards not yet adopted

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The increased disclosures will enable investors to better understand the major components of an entity's income statement. ASU 2024-03 will be effective for the Company for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments should be applied either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact adopting this standard will have on its financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity's income tax rate reconciliation table and requires disclosure of income taxes paid in both U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. ASU 2023-09 will be effective for the Company for annual reporting periods beginning January 1, 2025. Adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements, but will require increased income tax disclosures. The Company is currently assessing the impact adopting this standard will have on its income tax disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit of loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The new guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating the impact adopting this standard will have on its segment reporting disclosure.

In October 2023, the FASB issued ASU 2023-06 Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission's ("SEC") Disclosure Update and Simplification Initiative. The amendments in this update require modification of certain disclosure and presentation requirements for a variety of ASU topics in response to the SEC's Release No. 33-10532. The effective date for each amended topic in the ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendment will be removed from the Codification and not become effective. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

Shareholders' equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Shareholders' equity

Note 8. Shareholders' equity

2019 Share incentive plan

In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the 2019 Share Incentive Plan (“2019 Plan”). The 2019 Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards (“RSAs”), restricted share units (“RSUs”), other share-based awards and performance awards. The share reserve under the 2019 Plan is automatically increased on the first day of each fiscal year, beginning with the fiscal year ended December 31, 2020 and continuing until, and including, the fiscal year ending December 31, 2029. The number of shares added annually is equal to the lowest of 1,320,000 shares, 5% of the number of the Company’s shares outstanding on the first day of such fiscal year, or an amount determined by the Board of Directors. On March 18, 2024, the Company registered 1,320,000 additional shares that may be issued under the 2019 Plan.

The Company’s employees, officers, directors, consultants, and advisors are eligible to receive awards under the 2019 Plan. Incentive share options, however, may only be granted to the Company's employees.

For the three-month periods ended September 30, 2023 and 2024, the Company recorded corresponding income tax benefits of $0.0 million and $0.0 million, respectively, and for the nine-month periods ended September 30, 2023 and 2024, the Company recorded corresponding income tax benefits of $0.1 million and $0.0 million, respectively (unaudited).

Share-based compensation

The following table shows total share-based compensation expense for the three-month and nine-month periods ended September 30, 2023 and 2024 (unaudited and in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2024		2023		2024
Cost of revenues	$	45	$	52	$	160	$	136
Research and development		1,037		959		3,693		2,824
Sales and marketing		597		413		2,026		1,407
General and administrative		1,166		1,071		2,903		3,275
Total share-based compensation expense	$	2,845	$	2,495	$	8,782	$	7,642

Share options

The Company's time-based share options typically have a contractual term of ten years from grant date and typically vest over a four-year period. The Company recognizes compensation expense associated with its time-based share options on a straight-line basis over the requisite service period.

The following is a summary of option activity for the Company’s share incentive plans for the nine-month period ended September 30, 2024 (unaudited):


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2023		4,689,916		$	11.98		7.5	$	617,623
Options granted		1,475,625		$	3.95		—	$	—
Options exercised		—		$	—		—	$	—
Options expired		(212,954	)	$	14.35		—	$	—
Options forfeited		(397,694	)	$	11.00		—	$	—
Outstanding at September 30, 2024		5,554,893		$	9.83		7.3	$	—
Options exercisable at September 30, 2024		2,839,385		$	13.05		5.5	$	—
Options vested and expected to vest at September 30, 2024		5,442,283		$	9.92

The Company uses the Black-Scholes option pricing model to estimate the fair value of share options. The Company utilized a forfeiture rate of 8.2% during the nine-month period ended September 30, 2024 for estimating the forfeitures of share options granted.

The fair value of share options is estimated using the following weighted-average assumptions (unaudited):


	Nine months ended September 30,
		2023			2024
Expected dividend yield			—			—
Risk-free interest rate			4.31	%		4.38	%
Weighted-average expected volatility			69.3	%		76.7	%
Expected term (in years)			5.74			5.80
Weighted average grant-date fair value per share of options granted		$	5.73		$	2.71

At September 30, 2024, there was $10.2 million in unrecognized pre-tax share-based compensation expense, net of estimated forfeitures, related to unvested time-based share option awards. The unrecognized share-based compensation expense is expected to be recognized through the second quarter of 2028 (unaudited).

Restricted shares

The Company's time-based RSUs typically vest over a four-year period. The Company recognizes compensation expense associated with its time-based RSUs on a straight-line basis over the four-year requisite service period.

The following is a summary of restricted shares activity for the Company’s share incentive plan for the nine-month period ended September 30, 2024 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2023 1		556,340		$	16.92
RSUs granted		1,029,920		$	3.04
RSUs vested		(138,803	)	$	21.05
RSUs forfeited 1		(135,810	)	$	14.18
RSU balance at September 30, 2024 1		1,311,647		$	5.87

1 Includes time-based RSUs and the performance-based RSUs for which a grant date has been established, as described below.

Of the 138,803 RSUs vested, the Company withheld 11,551 of those shares to pay the employees’ portion of the minimum payroll withholding taxes.

The fair value of the RSUs is based on the fair value of the Company's ordinary shares on the grant date. The Company utilized a forfeiture rate of 8.2% during the nine-month period ended September 30, 2024 for estimating the forfeitures of RSUs granted.

As of September 30, 2024, there was $6.0 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested time-based restricted share units. The unrecognized compensation expense is expected to be recognized through the third quarter of 2028 (unaudited).

Performance-based share awards

In May 2023, performance-based share awards were awarded to select executive officers of the Company. The awards contain a performance-based vesting criteria and included 60,000 share options and 135,000 restricted share units. The performance-based awards have two separate annual performance periods, with 50% of the performance-based awards vesting over each of the annual performance periods ending on December 31, 2023 ("First Performance Period") and December 31, 2024 ("Second Performance Period") if the performance goal is met. If the performance goal for that performance period is not met, the performance-based awards do not vest and are forfeited. The performance goal is based on the Company's adjusted earnings per share, as publicly reported by the Company, for each performance period. The method used to measure the fair value of the performance-based awards is consistent with the methods used to measure the fair value of time-based share options and RSUs, as described above. During 2023, the 60,000 share options were forfeited prior to the end of the performance periods due to employee termination.

For performance-based awards that vest during the First Performance Period, the Company's Compensation Committee retained the ability to modify the applicable adjusted earnings per share metric. Due to this discretion, the Company determined that the grantee does not have a mutual understanding of the key terms and conditions of the performance-based awards in the First Performance Period, and a grant date will not exist until the Compensation Committee approves the adjusted earnings per share metric for the First Performance Period. On January 29, 2024, the Compensation Committee determined the performance goals for the First Performance Period were not achieved and the total potential shares of 62,500 RSUs were forfeited (unaudited).

Unlike the performance-based awards in the First Performance Period, the Compensation Committee does not have the discretion to modify the applicable adjusted earnings per share metric for performance-based awards that vest during the Second Performance Period. As such, a mutual understanding of the key terms and conditions, and thus a grant date, exists on the date that the performance-based awards are issued by the Company. As of September 30, 2024, based on the total potential shares that could be earned, there were 37,500 RSUs granted. A grant date fair value was established, and the weighted average grant date fair values calculated in the above tables include these performance-based RSUs. The Company has not recognized any compensation expense on these performance-based awards since the achievement of the performance goal is not probable. As of September 30, 2024, there was $0.5 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to these unvested performance-based share awards for the Second Performance Period, which will be recognized over the requisite service period from January 1, 2024 through the first quarter of 2025 if it is probable that the adjusted earnings per share metric will be achieved (unaudited).

Employee share purchase plan

In June 2019, the Company’s Board of Directors adopted, and its shareholders approved, the Employee Share Purchase Plan (“ESPP”). The ESPP was effective on June 25, 2019, and the initial offering period of six months commenced on January 1, 2021. The current offering period of six months commenced on July 1, 2024 and runs through December 31, 2024. The purchase price of the shares is 85% of the lower of the fair market value of the Company’s ordinary shares on the first trading day of the offering period and the purchase date. The ESPP includes an annual increase to the shares available for sale on the first day of each fiscal year beginning

in 2020, equal to the lesser of 275,000 shares, 1% of the outstanding shares as of the last day of the immediately preceding fiscal year, or such other amount as the administrator may determine. The Company registered 275,000 additional shares on March 18, 2024.

For the three-month periods ended September 30, 2023 and 2024, the Company recognized $0.2 million and $0.1 million, respectively, of share-based compensation expense related to the ESPP. For the nine-month periods ended September 30, 2023 and 2024, the Company recognized $0.7 million and $0.5 million, respectively, of share-based compensation expense related to the ESPP. There were 88,290 shares issued under the ESPP during the three-month and nine-month periods ended September 30, 2023. There were 279,403 shares issued under the ESPP during the three-month and nine-month periods ended September 30, 2024 (unaudited).

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 2. Balance sheet components

Inventories, net

Inventories, net consisted of the following (in thousands):


	December 31,			September 30,
	2023			2024
				(unaudited)
Finished goods	$	69,428		$	55,975
Raw materials		21,271			19,737
Gross inventory		90,699			75,712
Less: Excess and obsolescence reserve		(23,821	)		(32,732	)
Inventories, net	$	66,878		$	42,980

The decrease in finished goods inventory was primarily in our PMP and Enterprise products. Inventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on historical usage, known trends, and market conditions and judgment about the anticipated future consumption and our ability to sell the inventory. At December 31, 2023 and September 30, 2024, excess and obsolescence reserves were $23.8 million and $32.7 million, respectively. The increase in the reserve in 2024 was mostly driven by lower demand, mostly for PMP products.

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2023		2024
			(unaudited)
Accrued goods and services	$	7,787	$	5,171
Accrued loss on supplier commitments		12,949		18,799
Accrued inventory purchases		2,768		3,060
Accrued customer rebates		23,052		18,902
Other		513		206
Accrued liabilities	$	47,069	$	46,138

Accrued warranty

Provisions for warranty claims are primarily related to our hardware products and are recorded at the time products are sold. The change to accrued warranty was as follows (in thousands):


	Year ended December 31,			Nine Months Ended September 30,
	2023			2024
				(unaudited)
Beginning balance	$	1,651		$	1,484
Fulfillment of assumed acquisition warranty		(178	)		(5	)
Provision increase, net		11			125
Ending balance	$	1,484		$	1,604

At December 31, 2023, $1.2 million is included in Other current liabilities and $0.3 million is included in Other noncurrent liabilities on the Company's consolidated balance sheet. At September 30, 2024, $1.3 million is included in Other current liabilities and $0.3 million is included in Other noncurrent liabilities on the Company’s condensed consolidated balance sheet.