0001193125-26-197911 | 10-Q | XBRL Viewer

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Subsequent Events - Additional Information (Details)	Apr. 10, 2025 $ / shares
Subsequent Event [Line Items]
Minimum bid price requirement for continued inclusion on Nasdaq	$ 1

Segment Information - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025 USD ($) Segment	Dec. 31, 2024 USD ($) Segment
Segment Reporting [Abstract]
Number of reportable segments	1	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	In its operation of the business, management, including our chief operating decision maker (“CODM”) who is also our Chief Executive Officer (“CEO”), reviews financial information regularly at the consolidated level. Net loss is used as the metric for purposes of allocating resources and evaluating performance. The CODM monitors forecast versus actual net loss for purposes of determining the general health of the Company and assessing the performance of the Company as compared to management's expectations. The Company does not have any intra-entity sales or transfers. Significant expenses reviewed by the CODM include those that are presented in the consolidated statements of operations and comprehensive loss.
Assets \| $	$ 147,323	$ 173,728
Number of operating segment	1

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Operating leases:
Operating lease right-of-use assets	$ 5,965	$ 6,254
Noncurrent operating lease liabilities	$ 9,018	$ 8,942

Debt (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Breakdown of Term Loan and Revolving Credit Facilities

The following table reflects the breakdown of the term loan and revolving credit facilities at December 31, 2024 and September 30, 2025 (in thousands):


	December 31,			September 30,
	2024			2025
				(unaudited)
Term loan facility	$	22,781		$	21,469
Revolving credit facility		45,000			45,000
Less: debt issuance costs on term loan facility		(142	)		(109	)
Total debt, net		67,639			66,360
Less: Current portion of long-term debt, net		(67,639	)		(66,360	)
Total long-term debt, net	$	—		$	—

Debt - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Additional Information (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Debt Instrument [Line Items]
Interest penalty on outstanding amounts			2.00%
Net interest expense	$ 2,400,000	$ 1,700,000	$ 6,700,000	$ 4,000,000
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding	21,469,000		21,469,000		$ 22,781,000
Unamortized debt issuance costs	$ 100,000		$ 100,000
Debt instrument, maturity date			Nov. 17, 2026
Debt instrument, effective interest rate	10.19%		10.19%		10.24%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding	$ 45,000,000		$ 45,000,000		$ 45,000,000
Debt Instrument amount available under credit facility	0		0
Unamortized debt issuance costs	$ 200,000		$ 200,000
Weighted-average interest rate	9.61%		9.61%		8.73%
Interest penalty on outstanding amounts			2.00%	2.00%

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

9 Months Ended

Sep. 30, 2025

$ / shares

Number of Units

Number of Units, RSUs, beginning balance | shares

1,263,210

^[1]

Number of Units, RSUs vested | shares

(389,150)

Number of Units, RSUs forfeited | shares

(148,040)

^[1]

Number of Units, RSUs, ending balance | shares

726,020

Weighted average grant date fair value

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

$ 5.29

^[1]

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

6.73

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

7.06

^[1]

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

$ 4.16

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

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

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property Plant And Equipment [Line Items]
Depreciation expense		$ 400	$ 1,100	$ 943	$ 3,511
Impairment of property and equipment	$ 8,800			$ 0	$ 8,849
Equipment and Tooling
Property Plant And Equipment [Line Items]
Impairment of property and equipment	4,900
Leasehold Improvements
Property Plant And Equipment [Line Items]
Impairment of property and equipment	3,200
Computer Equipment
Property Plant And Equipment [Line Items]
Impairment of property and equipment	600
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Impairment of property and equipment	$ 100

Consolidated Statements of Shareholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands	Total	Share Capital	Additional Paid in Capital	Treasury Shares	Accumulated deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2023	$ 61,129	$ 3	$ 152,768	$ (5,624)	$ (84,403)	$ (1,615)
Beginning balance, shares at Dec. 31, 2023		27,835
Net loss	(67,220)				(67,220)
Share-based compensation	7,527		7,527
Issuance of ordinary shares under ESPP	663		663
Issuance of ordinary shares under ESPP, shares		314
Issuance of vested shares		104
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	1,871	$ 3	160,958	(5,664)	(151,623)	(1,803)
Ending balance, shares at Sep. 30, 2024		28,242
Beginning balance at Jun. 30, 2024	34,055	$ 3	158,578	(5,660)	(117,097)	(1,769)
Beginning balance, shares at Jun. 30, 2024		28,209
Net loss	(34,526)				(34,526)
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	1,871	$ 3	160,958	(5,664)	(151,623)	(1,803)
Ending balance, shares at Sep. 30, 2024		28,242
Beginning balance at Dec. 31, 2024	(3,237)	$ 3	163,441	(5,665)	(158,855)	(2,161)
Beginning balance, shares at Dec. 31, 2024		28,612
Net loss	(29,671)				(29,671)
Share-based compensation	4,969		4,969
Issuance of vested shares		389
Treasury shares withheld for net settlement	(70)			(70)
Treasury shares withheld for net settlement, shares		(121)
Foreign currency translation	(288)					(288)
Ending balance at Sep. 30, 2025	(28,297)	$ 3	168,410	(5,735)	(188,526)	(2,449)
Ending balance, shares at Sep. 30, 2025		28,880
Beginning balance at Jun. 30, 2025	(20,778)	$ 3	166,962	(5,693)	(179,996)	(2,054)
Beginning balance, shares at Jun. 30, 2025		28,719
Net loss	(8,530)				(8,530)
Share-based compensation	1,448		1,448
Issuance of vested shares		239
Treasury shares withheld for net settlement	(42)			(42)
Treasury shares withheld for net settlement, shares		(78)
Foreign currency translation	(395)					(395)
Ending balance at Sep. 30, 2025	$ (28,297)	$ 3	$ 168,410	$ (5,735)	$ (188,526)	$ (2,449)
Ending balance, shares at Sep. 30, 2025		28,880

Restatement of Previously Issued Unaudited Interim Consolidated Financial Statements - Restatement Adjustments on Revenue, Loss Before Income Taxes and Net Income (Loss) in Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reclassification [Line Items]
Revenues	$ 42,995	$ 44,668	$ 116,130	$ 136,971
Loss before income taxes	(8,189)	(32,808)	(28,694)	(63,017)
Net loss	$ (8,530)	(34,526)	$ (29,671)	(67,220)
Previously Reported
Reclassification [Line Items]
Revenues		43,726		132,009
Loss before income taxes		(9,470)		(44,797)
Net loss		(9,676)		(45,266)
Revenue Adjustment - Customer Incentives
Reclassification [Line Items]
Revenues		(921)		(1,906)
Loss before income taxes		(921)		(1,906)
Net loss		(921)		(1,906)
Revenue Adjustment - Sales Returns
Reclassification [Line Items]
Revenues		1,944		6,955
Loss before income taxes		1,295		5,549
Net loss		1,295		5,549
Estimate for Allowance for Credit Losses
Reclassification [Line Items]
Revenues		(81)		(87)
Loss before income taxes		(172)		(503)
Net loss		(172)		(503)
Estimate for Excess and Obsolete Inventory
Reclassification [Line Items]
Revenues		0		0
Loss before income taxes		1,383		4,825
Net loss		1,383		4,825
Estimate for Excess and Obsolete Inventory - Non-standard Contract
Reclassification [Line Items]
Revenues		0		0
Loss before income taxes		0		(1,397)
Net loss		0		(1,397)
Deferred Tax Adjustments
Reclassification [Line Items]
Revenues		0		0
Loss before income taxes		0		0
Net loss		(1,512)		(3,734)
Impairment Timing
Reclassification [Line Items]
Revenues		0		0
Loss before income taxes		(24,973)		(24,973)
Net loss		(24,973)		(24,973)
Prior Period Uncorrected Misstatements and Out of Period Adjustments
Reclassification [Line Items]
Revenues		0		0
Loss before income taxes		50		185
Net loss		50		185
Net Restatement Adjustments
Reclassification [Line Items]
Revenues		942		4,962
Loss before income taxes		(23,338)		(18,220)
Net loss		$ (24,850)		$ (21,954)

Revenues from Contracts with Customers - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Customer	Sep. 30, 2024 USD ($)	Dec. 31, 2024 Customer
Revenue From Contract With Customer [Line Items]
Revenue recognized \| $	$ 2.0	$ 2.4	$ 7.0	$ 5.1
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%

Restructuring (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 (unaudited and in thousands):


Restructuring liability at December 31, 2024	$	55
Restructuring charges- February 2025 restructuring		1,829
Costs paid - November 2023 restructuring		(55	)
Costs paid - February 2025 restructuring		(1,829	)
Restructuring liability at September 30, 2025	$	—

Software

9 Months Ended

Sep. 30, 2025

Research and Development [Abstract]

Software

Note 5. Software

Software consisted of the following (in thousands):


		December 31, 2024										September 30, 2025
												(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Impairment			Net balance		Gross carrying amount		Accumulated amortization			Impairment			Net balance

Acquired software and Software for internal use	3 to 7 years	$	16,943	$	(16,104	)	$	(505	)	$	334	$	16,643	$	(16,193	)	$	—			450
Software marketed for external sale	3 years		22,789		(10,569	)		(562	)		11,658		26,610		(13,043	)		(159	)		13,408
Total		$	39,732	$	(26,673	)	$	(1,067	)	$	11,992	$	43,253	$	(29,236	)	$	(159	)	$	13,858

Amortization of acquired software 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 software and software for internal use is reflected in Depreciation and amortization expense in the consolidated statements of operations and comprehensive loss. Amortization expense was $0.1 million and $0.03 million for the three-month periods ended September 30, 2024 and 2025, respectively. Amortization expense was $0.3 million and $0.1 million for the nine-month periods ended September 30, 2024 and 2025, respectively.

Amortization expense recognized on software to be sold or marketed externally was $1.0 million and $0.8 million for the three-month periods ended September 30, 2024 and 2025, respectively, and $2.8 million and $2.5 million for the nine-month periods ended September 30, 2024 and 2025, respectively, and is included in Cost of revenues in the consolidated statements of operations and comprehensive loss.

As a result of the impairment triggers identified during the year ended December 31, 2024, the Company completed a quantitative assessment on the Company's long-lived assets for recoverability. Based on quantitative assessment performed, management concluded that certain assets were not recoverable and recorded an impairment charge of $0.5 million. As of September 30, 2025, the gross carrying amount of acquired software and software for internal use reflects the impact of the impairment.

The Company completes a net realizable value test on its software to be marketed for external sale for impairment at each reporting period. In the second quarter of 2025, the Company identified one product where the net realizable value was below the unamortized capitalized costs of that product and recognized a $0.2 million impairment (unaudited). At December 31, 2024, the Company identified one product where the net realizable value was below the unamortized capitalized costs of that product and recognized a $0.6 million impairment. As of September 30, 2025, the gross carrying amount of the software marketed for external sale reflects the impact of the 2024 impairment recognized.

Based on capitalized software assets at September 30, 2025, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands):


Year ending December 31,	Acquired software and Software for internal use		Software marketed for external sale		Total
2025 (October - December)		211		1,008		1,219
2026		133		4,133		4,266
2027		106		4,069		4,175
2028		—		3,367		3,367
2029		—		831		831
Total amortization	$	450	$	13,408	$	13,858

Loss Per Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Loss per share

Note 10. 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 loss 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 loss per share when including them would have an anti-dilutive effect. 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,
	2024			2025			2024			2025
	(As Restated)						(As Restated)
Numerator:
Net loss	$	(34,526	)	$	(8,530	)	$	(67,220	)	$	(29,671	)
Denominator:
Basic weighted average shares outstanding		28,217,453			28,831,946			27,990,835			28,720,476
Diluted weighted average shares outstanding		28,217,453			28,831,946			27,990,835			28,720,476
Net loss per share, basic	$	(1.22	)	$	(0.30	)	$	(2.40	)	$	(1.03	)
Net loss per share, diluted	$	(1.22	)	$	(0.30	)	$	(2.40	)	$	(1.03	)

In the computation of diluted loss per share for the three-month and nine-month periods ended September 30, 2024 and 2025, the Company did not include any share equivalents because their inclusion would have been anti-dilutive (unaudited).

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (29,671,000)	$ (67,220,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	943,000	3,511,000
Amortization of software and intangible assets	2,553,000	4,305,000
Amortization of deferred debt issuance costs	179,000	235,000
Share-based compensation	4,969,000	7,642,000
Deferred income taxes	0	1,401,000
Provision for inventory excess and obsolescence	(1,972,000)	5,858,000
Provision for estimated credit losses	176,000	1,039,000
Impairment of goodwill	0	8,968,000
Impairment of customer relationship intangible	0	6,551,000
Impairment of software	159,000	505,000
Impairment of property and equipment	0	8,849,000
Impairment of right-of-use operating lease assets	0	100,000
Other	(87,000)	120,000
Change in assets and liabilities:
Receivables	(6,026,000)	4,430,000
Inventories	13,058,000	14,612,000
Prepaid expenses	4,865,000	(3,146,000)
Income taxes receivable	670,000	(901,000)
Accounts payable	(1,610,000)	1,440,000
Accrued employee compensation	(652,000)	(1,000,000)
Accrued liabilities	7,814,000	(1,947,000)
Other assets and liabilities	(13,859,000)	64,000
Net cash used in operating activities	(18,491,000)	(4,584,000)
Cash flows from investing activities:
Purchases of property and equipment	(384,000)	(5,974,000)
Purchases of software	(4,571,000)	(4,640,000)
Net cash used in investing activities	(4,955,000)	(10,614,000)
Cash flows from financing activities:
Proceeds from borrowing on revolver	0	45,000,000
Repayment of term loan	(1,312,000)	(2,625,000)
Issuance of ordinary shares under ESPP	0	663,000
Taxes paid from shares withheld	(70,000)	(38,000)
Net cash provided by (used in) financing activities	(1,382,000)	43,000,000
Effect of exchange rate on cash	(114,000)	(21,000)
Net increase (decrease) in cash	(24,942,000)	27,781,000
Cash, beginning of period	34,925,000	18,710,000
Cash and restricted cash, end of period	9,983,000	46,491,000
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	149,000	(972,000)
Interest paid	3,583,000	4,021,000
Non-cash investing and financing activities:
Decrease in property, equipment and software unpaid or accrued in liabilities	(71,000)	(1,431,000)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	667,000	115,000
Reconciliation of Cash and restricted cash at end of period:
Cash	9,733,000	46,491,000
Restricted cash	250,000	0
Total cash and restricted cash	$ 9,983,000	$ 46,491,000

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Schedule of Inventories, Net

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


	December 31,			September 30,
	2024			2025
				(unaudited)
Finished goods	$	60,657		$	45,108
Raw materials		10,763			11,113
Gross inventory		71,420			56,221
Less: Excess and obsolescence reserve		(29,430	)		(25,317	)
Inventories, net	$	41,990		$	30,904

Schedule of Other Noncurrent Assets

Noncurrent assets consisted of the following (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
Supplier prepayments	$	11,797	$	22,368
Prepaid security deposit		539		517
Other		1,308		1,985
Other noncurrent assets	$	13,644	$	24,870

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
Accrued goods and services	$	6,832	$	10,077
Accrued loss on supplier commitments		1,634		1,402
Accrued inventory purchases		1,756		4,428
Accrued customer reserves		19,934		16,164
Accrued interest on debt		824		3,178
Accrued liabilities	$	30,980	$	35,249

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,
	2024			2025
				(unaudited)
Beginning balance	$	1,484		$	1,443
Costs to service warranty		(14	)		(60	)
Provision (decrease) increase, net		(27	)		191
Ending balance	$	1,443		$	1,574

Schedule of Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
Accrued loss on supplier commitments	$	16,784	$	12,620
Accrued warranty		169		109
Other liabilities		1,469		1,584
Other noncurrent liabilities	$	18,422	$	14,313

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
U.S. Plan
Defined Benefit Plan Disclosure [Line Items]
Percentage of employer contribution to employee contribution plan dollar for dollar match			4.00%
Defined contribution plan, employer discretionary contribution amount	$ 0.2	$ 0.3	$ 0.7	$ 0.7
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 0.1	$ 0.1	$ 0.2	$ 0.3
Defined contribution plan, employee matching contribution, percent of match			3.00%
Defined contribution plan, employer matching contribution, percent of match			5.00%
Defined contribution plan, employer matching contribution, percent of employees' gross pay			1.00%
Defined contribution plan, maximum annual contributions per employee, percent			7.00%

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (k)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (j)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (c)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-5

+ Details

Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings Per Share

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,
	2024			2025			2024			2025
	(As Restated)						(As Restated)
Numerator:
Net loss	$	(34,526	)	$	(8,530	)	$	(67,220	)	$	(29,671	)
Denominator:
Basic weighted average shares outstanding		28,217,453			28,831,946			27,990,835			28,720,476
Diluted weighted average shares outstanding		28,217,453			28,831,946			27,990,835			28,720,476
Net loss per share, basic	$	(1.22	)	$	(0.30	)	$	(2.40	)	$	(1.03	)
Net loss per share, diluted	$	(1.22	)	$	(0.30	)	$	(2.40	)	$	(1.03	)

Segment information (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Long-lived Assets on Geographic Areas

The Company's long-lived assets, including the Company's property and equipment, software, operating lease right-of-use assets, goodwill and intangibles, and noncurrent assets, but excluding deferred tax assets, recognized in the consolidated balance sheets were geographically located as follows (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
North America	$	20,303	$	24,764
Europe, Middle East, Africa		15,101		22,835
Asia Pacific		1,773		1,966
Caribbean and Latin America		13		—

Schedule of Additional Significant Non-Cash Items

Additional significant non-cash items include the following (unaudited and in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2025			2024		2025
Share-based compensation	$	2,495		$	1,448		$	7,642	$	4,969
Provision for inventory excess and obsolescence		(657	)		(319	)		5,858		(1,972	)

Restructuring

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring

Note 16. Restructuring

In 2023, the Company 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. The cost reductions include a reduction in the Company's workforce and primarily include one-time termination costs. All costs under these 2023 plans were recognized by December 31, 2024 and reductions under these plans are complete. As of December 31, 2024, the Company had a restructuring liability of $0.1 million related to the November 2023 restructuring, which was included in Accrued liabilities in the Company's consolidated balance sheet and was paid in the first quarter of 2025.

On February 24, 2025, the Company announced and initiated another cost reduction plan.

During the three-month period ended September 30, 2025, the Company incurred additional restructuring charges under the February 2025 plan related to one-time termination costs of approximately $30 thousand which is included in cost of revenues and all operating expense lines in the Company's consolidated statements of operations and comprehensive loss. Through September 30, 2025, the Company paid $1.9 million, which consists of the $0.1 million outstanding at December 31, 2024 plus an additional $1.8 million of the costs incurred during the nine-month period ended September 30, 2025. As of September 30, 2025, the Company has paid all costs associated with the restructuring (unaudited).

The following table reflects the restructuring liability activity for the nine-month period ended September 30, 2025 (unaudited and in thousands):


Restructuring liability at December 31, 2024	$	55
Restructuring charges- February 2025 restructuring		1,829
Costs paid - November 2023 restructuring		(55	)
Costs paid - February 2025 restructuring		(1,829	)
Restructuring liability at September 30, 2025	$	—

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024	Dec. 31, 2023
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,574	$ 1,443	$ 1,484
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,500	1,300
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 100	$ 100

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets

Note 6. Goodwill and intangible assets

There was no change in the carrying amount of goodwill or intangible assets during the three-month period ended September 30, 2025 (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 third quarter of 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 ordinary shares, each of which represented a triggering event causing management to perform a quantitative goodwill impairment test as of September 30, 2024. As a result of the impairment analysis, the Company recorded an impairment charge of $9.0 million against goodwill. The Company recorded this impairment as of September 30, 2024 and the loss is included in Impairment expense on the consolidated statements of operations and comprehensive loss for the three-month and nine-month periods ended September 30, 2024.

As of December 31, 2024 and September 30, 2025, the Company's single reporting unit had a negative carrying value and no further impairment of goodwill was recorded.

During the three-month and nine-month periods ended September 30, 2024, the Company completed an assessment of the customer relationship intangible and determined that the fair value of its customer relationship intangible was negative and the entire value was impaired, resulting in an full impairment loss of $6.6 million.

Intangible assets amortization expense was $0.4 million for the three-month period ended September 30, 2024 and $1.1 million for the nine-month period ended September 30, 2024. As the customer relationship intangible asset was fully impaired as of December 31, 2024, there was no amortization expense for the three-month and nine-month periods ended September 30, 2025 (unaudited).

Segment Information - Schedule of Additional Significant Non-Cash Items (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Segment Reporting Information [Line Items]
Share-based compensation	$ 1,448	$ 2,495	$ 4,969	$ 7,642
Provision for inventory excess and obsolescence	$ (319)	$ (657)	$ (1,972)	$ 5,858

Revenues from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net of allowance for estimated credit losses	$ 42,720	$ 40,404
Deferred revenue - current	9,639	8,616
Deferred revenue - noncurrent	13,097	12,182
Accrued sales returns	$ 5,705	$ 5,687

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and contingencies

Note 12. 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 authoritative accounting guidance. 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 consolidated statements of operations and comprehensive loss and corresponding 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

The Company purchases components from a variety of suppliers and use contract manufacturers to provide manufacturing services for our products and issue purchase orders for these products and services. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, the Company enters 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. The Company may be liable to purchase excess product or aged material from its suppliers following reasonable mitigation efforts. The Company establishes a loss on supplier commitments liability for all product the supplier has procured for which the Company does not expect it will sell. Such loss on purchase commitment liability is included in Accrued liabilities and Other noncurrent liabilities on the Company's consolidated balance sheets, based on the timing of when the liability is expected to be resolved.

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 the Company's 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 consolidated balance sheets and recognized on a straight-line basis over the term of the extended warranty. The warranty costs are reflected in the Services cost of revenues on the consolidated statements of operations and comprehensive loss.

Indemnification

The Company generally indemnifies its distributors, value added reseller and network operators 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. Although the Company generally tries to limit the maximum amount of potential future liability under its indemnification obligations, in certain agreements this liability may be unlimited. The maximum potential amount of future payments the Company may be required to make under these indemnification agreements is not estimable. The Company did not make any payments under indemnification agreements for the three-month and nine-month periods ended September 30, 2024 or 2025 (unaudited).

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.

Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Property and equipment

Note 4. Property and equipment

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


		December 31,			September 30,
	Useful Life	2024			2025
					(unaudited)
Equipment and tooling	5 years	$	37,036		$	32,521
Computer equipment	3 years		5,715			5,021
Furniture and fixtures	5 to 10 years		850			701
Leasehold improvements	2 to 13 years		5,426			2,237
Total cost			49,027			40,480
Less: Accumulated depreciation			(35,752	)		(36,482	)
Less: Impairment			(8,849	)		—
Property and equipment, net		$	4,426		$	3,998

Total depreciation expense was $1.1 million and $0.4 million for the three-month periods ended September 30, 2024 and 2025, respectively, and $3.5 million and $0.9 million for the nine-month periods ended September 30, 2024 and 2025, respectively (unaudited).

As a result of the impairment triggers identified during the year ended December 31, 2024, the Company completed a quantitative assessment of the Company's long-lived assets for recoverability. Based on the quantitative assessment performed, management concluded that the assets were not recoverable. The Company completed a full review of its assets using the cost approach, considering economic obsolescence, and recorded an impairment charge of $8.8 million, consisting of $4.9 million for equipment and tooling, $3.2 million for leasehold improvements, $0.6 million for computer equipment and $0.1 million for furniture and fixtures. As of September 30, 2025, the asset costs reflect the impact of the impairment recorded in 2024.

Revenues from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2025

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,
	2024				2025				2024				2025
	(As Restated)								(As Restated)
Point-to-Multi-Point	$	18,703	42	%	$	16,254	38	%	$	57,041	41	%	$	41,355	36	%
Point-to-Point		8,547	19	%		11,312	26	%		36,751	27	%		30,773	26	%
Enterprise		16,160	36	%		14,350	33	%		39,247	29	%		41,009	35	%
Other		1,258	3	%		1,079	3	%		3,932	3	%		2,993	3	%
Total Revenues	$	44,668	100	%	$	42,995	100	%	$	136,971	100	%	$	116,130	100	%

The Company’s products are predominately distributed through a third-party logistics providers in the United States, Netherlands and Vietnam. The Company has determined the geographical distribution of product revenues based upon the ship-to destinations.

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,
	2024				2025				2024				2025
	(As Restated)								(As Restated)
North America	$	22,291	50	%	$	21,005	49	%	$	66,744	49	%	$	59,064	51	%
Europe, Middle East and Africa		12,276	27	%		12,977	30	%		40,762	30	%		35,664	31	%
Caribbean and Latin America		5,691	13	%		3,955	9	%		15,730	11	%		8,825	7	%
Asia Pacific		4,410	10	%		5,058	12	%		13,735	10	%		12,577	11	%
Total Revenues	$	44,668	100	%	$	42,995	100	%	$	136,971	100	%	$	116,130	100	%

Summary of Contract Balances

The following table summarizes contract balances as of December 31, 2024 and September 30, 2025 (in thousands):


	December 31, 2024		September 30, 2025
			(unaudited)
Trade accounts receivable, net of allowance for estimated credit losses	$	40,404	$	42,720
Deferred revenue - current		8,616		9,639
Deferred revenue - noncurrent		12,182		13,097
Accrued sales returns		5,687		5,705

Goodwill and Intangible Assets - Additional Information (Details)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2025 USD ($)	Dec. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) Segment	Sep. 30, 2024 USD ($)	Dec. 31, 2024 Segment
Goodwill and Intangible Assets [Line Items]
Number of reportable segments \| Segment				1		1
Impairment of goodwill		$ 0	$ 9,000,000	$ 0	$ 8,968,000
Adjustments to carrying value of goodwill	$ 0
Adjustments to carrying value of intangible assets	0
Amortization expense	$ 0		400,000	$ 0	1,100,000
Customer Relationships
Goodwill and Intangible Assets [Line Items]
Impairment loss of intangible			$ 6,600,000		$ 6,600,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

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-Section 45
-Paragraph 28
-Subparagraph (b)
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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring liability	$ 0	$ 0	$ 55
November 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring liability			100
February 2025 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring costs incurred	1,800
Restructuring charges	$ 30
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of revenues
Payment for restructuring		$ 1,900
Restructuring liability			$ 100

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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 Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory, Net [Abstract]
Finished goods	$ 45,108	$ 60,657
Raw materials	11,113	10,763
Gross inventory	56,221	71,420
Less: Excess and obsolescence reserve	(25,317)	(29,430)
Inventories, net	$ 30,904	$ 41,990

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash	$ 9,733	$ 34,925
Receivables, net of allowance for credit losses of $3,402 and $3,578	42,721	40,405
Inventories, net	30,904	41,990
Income taxes receivable	702	1,369
Prepaid expenses	6,806	11,667
Other current assets	6,642	6,182
Total current assets	97,508	136,538
Noncurrent assets
Property and equipment, net	3,998	4,426
Software, net	13,858	11,992
Operating lease right-of-use assets	5,965	6,254
Goodwill	874	874
Restricted cash	250	0
Other noncurrent assets	24,870	13,644
TOTAL ASSETS	147,323	173,728
Current liabilities
Accounts payable	14,814	16,487
Accrued liabilities	35,249	30,980
Employee compensation	3,018	3,755
Current portion of long-term debt, net	66,360	67,639
Deferred revenues	9,639	8,616
Other current liabilities	8,604	8,434
Total current liabilities	137,684	135,911
Noncurrent liabilities
Deferred revenues	13,097	12,182
Noncurrent operating lease liabilities	9,018	8,942
Deferred tax liabilities, net	1,508	1,508
Other noncurrent liabilities	14,313	18,422
Total liabilities	175,620	176,965
Commitments and contingencies (Note 12)
Shareholders' deficit
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2024 and September 30, 2025; 28,885,152 shares issued and 28,612,181 outstanding at December 31, 2024 and 29,113,490 shares issued and 28,718,944 outstanding at September 30, 2025	3	3
Additional paid in capital	168,410	163,441
Treasury shares, at cost, 272,971 shares at December 31, 2024 and 394,546 shares at September 30, 2025	(5,735)	(5,665)
Accumulated deficit	(188,526)	(158,855)
Accumulated other comprehensive loss	(2,449)	(2,161)
Total shareholders' deficit	(28,297)	(3,237)
TOTAL LIABILITIES AND DEFICIT	$ 147,323	$ 173,728

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (8,530)	$ (34,526)	$ (29,671)	$ (67,220)

- Definition

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

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+ Details

Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment information

Note 13. Segment information

The Company operates in a single reportable segment providing fixed wireless broadband and Wi-Fi networking infrastructure solutions. This segment generates revenue primarily from the sale of hardware products, but also includes revenues from software products, extended warranty and subscription services.

In its operation of the business, management, including our chief operating decision maker (“CODM”) who is also our Chief Executive Officer (“CEO”), reviews financial information regularly at the consolidated level. Net loss is used as the metric for purposes of allocating resources and evaluating performance. The CODM monitors forecast versus actual net loss for purposes of determining the general health of the Company and assessing the performance of the Company as compared to management's expectations. The Company does not have any intra-entity sales or transfers. Significant expenses reviewed by the CODM include those that are presented in the consolidated statements of operations and comprehensive loss.

See Note 14. Revenues from contracts with customers for additional information about the Company's revenues by product category and geography.

As the Company operates solely within one segment, total assets, property and equipment, net and software, net are reported at the consolidated level on the consolidated balance sheets. The Company's assets include both current and long-lived assets. As of December 31, 2024 and September 30, 2025, segment assets were equal to total consolidated assets included in the consolidated balance sheets of $173.7 million and $147.3 million, respectively.


	December 31,		September 30,
	2024		2025
			(unaudited)
North America	$	20,303	$	24,764
Europe, Middle East, Africa		15,101		22,835
Asia Pacific		1,773		1,966
Caribbean and Latin America		13		—

Depreciation and amortization, impairment, property and equipment additions and capital software additions are reported at the consolidated level on the consolidated statements of cash flows. Additional significant non-cash items include the following (unaudited and in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2025			2024		2025
Share-based compensation	$	2,495		$	1,448		$	7,642	$	4,969
Provision for inventory excess and obsolescence		(657	)		(319	)		5,858		(1,972	)

- 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

Revenues from Contracts with Customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 42,995	$ 44,668	$ 116,130	$ 136,971
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	$ 16,254	$ 18,703	$ 41,355	$ 57,041
Point-to-Multi-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	38.00%	42.00%	36.00%	41.00%
Point-to-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 11,312	$ 8,547	$ 30,773	$ 36,751
Point-to-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	26.00%	19.00%	26.00%	27.00%
Enterprise
Disaggregation of Revenue [Line Items]
Revenues	$ 14,350	$ 16,160	$ 41,009	$ 39,247
Enterprise \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	33.00%	36.00%	35.00%	29.00%
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 1,079	$ 1,258	$ 2,993	$ 3,932
Other \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	3.00%	3.00%	3.00%	3.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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.

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- 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

Shareholders' equity - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Options
Options outstanding, Beginning balance		5,418,312
Options granted	0
Options expired		(161,803)
Options forfeited		(197,886)
Options outstanding, Ending balance	5,058,623	5,058,623	5,418,312
Options exercisable	3,565,905	3,565,905
Options vested and expected to vest	4,992,901	4,992,901
Weighted average exercise price
Weighted average exercise price, Outstanding beginning balance		$ 9.70
Weighted average exercise price, Options expired		11.73
Weighted average exercise price, Options forfeited		4.05
Weighted average exercise price, Outstanding ending balance	$ 9.85	9.85	$ 9.70
Weighted average exercise price, Options exercisable	11.32	11.32
Weighted average exercise price, Options vested and expected to vest	$ 9.92	$ 9.92
Weighted average remaining contractual term (years)
Weighted average remaining contractual term, Options outstanding		6 years 3 months 18 days	7 years 2 months 12 days
Weighted average remaining contractual term, Options exercisable		5 years 7 months 6 days
Weighted average remaining contractual term, Options vested and expected to vest		6 years 3 months 18 days

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues	$ 42,995	$ 44,668	$ 116,130	$ 136,971
Cost of revenues	26,560	25,198	69,023	88,788
Gross profit	16,435	19,470	47,107	48,183
Operating expenses
Research and development	7,672	9,275	24,439	29,223
Sales and marketing	7,082	8,398	23,662	27,825
General and administrative	7,087	6,240	19,831	20,146
Depreciation and amortization	432	1,682	1,023	4,984
Impairment	0	24,973	159	24,973
Total operating expenses	22,273	50,568	69,114	107,151
Operating loss	(5,838)	(31,098)	(22,007)	(58,968)
Interest expense, net	2,412	1,702	6,719	3,979
Other expense (income), net	(61)	8	(32)	70
Loss before income taxes	(8,189)	(32,808)	(28,694)	(63,017)
Provision for income taxes	341	1,718	977	4,203
Net loss	$ (8,530)	$ (34,526)	$ (29,671)	$ (67,220)
Loss per share
Basic	$ (0.3)	$ (1.22)	$ (1.03)	$ (2.4)
Diluted	$ (0.3)	$ (1.22)	$ (1.03)	$ (2.4)
Weighted-average number of shares outstanding to compute net loss per share
Basic	28,831,946	28,217,453	28,720,476	27,990,835
Diluted	28,831,946	28,217,453	28,720,476	27,990,835
Comprehensive loss
Net loss	$ (8,530)	$ (34,526)	$ (29,671)	$ (67,220)
Foreign currency translation adjustment	(395)	(34)	(288)	(188)
Comprehensive loss	(8,925)	(34,560)	(29,959)	(67,408)
Product
Revenues	38,270	39,710	102,036	122,322
Cost of revenues	24,755	23,266	62,894	82,812
Gross profit	13,515	16,444	39,142	39,510
Subscriptions and services
Revenues	4,725	4,958	14,094	14,649
Cost of revenues	1,805	1,932	6,129	5,976
Gross profit	$ 2,920	$ 3,026	$ 7,965	$ 8,673

Restatement of Previously Issued Unaudited Interim Consolidated Financial Statements (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Restatement of Previously Issued Unaudited Interim Consolidated Financial Statements

The following table sets forth the effects of the restatement adjustments on revenue, loss before income taxes and net income (loss) in the consolidated statements of operations and comprehensive loss for the three-month and nine-month periods ended September 30, 2024.


		For the three months ended September 30, 2024									For the nine months ended September 30, 2024
		(Unaudited)									(Unaudited)
(in thousands)	Identifier in statement	Revenues			Loss before income taxes			Net loss			Revenues			Loss before income taxes			Net loss
Previously reported		$	43,726		$	(9,470	)	$	(9,676	)	$	132,009		$	(44,797	)	$	(45,266	)
Restatement adjustments:
Revenue adjustment - customer incentives	(i)		(921	)		(921	)		(921	)		(1,906	)		(1,906	)		(1,906	)
Revenue adjustment - sales returns	(ii)		1,944			1,295			1,295			6,955			5,549			5,549
Estimate for allowance for credit losses	(iii)		(81	)		(172	)		(172	)		(87	)		(503	)		(503	)
Estimate for excess and obsolete inventory	(iv)		—			1,383			1,383			—			4,825			4,825
Estimate for excess and obsolete inventory - non-standard contract	(iv)		—			—			—			—			(1,397	)		(1,397	)
Deferred tax adjustments	(v)		—			—			(1,512	)		—			—			(3,734	)
Impairment timing	(vi)		—			(24,973	)		(24,973	)		—			(24,973	)		(24,973	)
Prior period uncorrected misstatements and out of period adjustments	(b)		—			50			50			—			185			185
Net restatement adjustments			942			(23,338	)		(24,850	)		4,962			(18,220	)		(21,954	)
Restated		$	44,668		$	(32,808	)	$	(34,526	)	$	136,971		$	(63,017	)	$	(67,220	)

The amounts are presented herein as originally reported in the previously issued financial statements for transparency and consistency. The restatement corrects these errors and reflects the appropriate adjustments.

The financial statement line items impacted by the respective adjustments are labeled in the tables below based on the identifiers from the paragraph above. Below are the Company's restated consolidated statement of operations and comprehensive loss for the three-month and nine-month periods ended September 30, 2024 and statement of cash flows with the adjustments for the nine-month period ended September 30, 2024. The consolidated statement of shareholders' equity (deficit) has been excluded from the financial statement presentation below as it was only impacted by adjustments to net loss, which is presented below in the consolidated statement of operations and comprehensive loss.


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Three months ended September 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii) (iii)
Product	$	38,768		$	942		$	39,710
Subscriptions and services		4,958			—			4,958
Total revenues		43,726			942			44,668
Cost of revenues (ii) (iv)
Product		24,349			(1,083	)		23,266
Subscriptions and services		1,932			—			1,932
Total cost of revenues		26,281			(1,083	)		25,198
Gross profit
Product		14,419			2,025			16,444
Subscriptions and services		3,026			—			3,026
Total Gross profit		17,445			2,025			19,470
Operating expenses
Research and development		9,275			—			9,275
Sales and marketing		8,398			—			8,398
General and administrative (iii)		6,149			91			6,240
Depreciation and amortization		1,682			—			1,682
Impairment (vi)		—			24,973			24,973
Total operating expenses		25,504			25,064			50,568
Operating loss		(8,059	)		(23,039	)		(31,098	)
Interest expense, net (b)		1,403			299			1,702
Other expense, net		8			—			8
Loss before income taxes		(9,470	)		(23,338	)		(32,808	)
Provision for income taxes (v)		206			1,512			1,718
Net loss	$	(9,676	)	$	(24,850	)	$	(34,526	)

Loss per share
Basic	$	(0.34	)	$	(0.88	)	$	(1.22	)
Diluted	$	(0.34	)	$	(0.88	)	$	(1.22	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		28,217,453			—			28,217,453
Diluted		28,217,453			—			28,217,453
Comprehensive loss
Net loss	$	(9,676	)	$	(24,850	)	$	(34,526	)
Foreign currency translation adjustment		(34	)		—			(34	)
Comprehensive loss	$	(9,710	)	$	(24,850	)	$	(34,560	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Nine months ended September 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii) (iii)
Product	$	117,360		$	4,962		$	122,322
Subscriptions and services		14,649			—			14,649
Total revenues		132,009			4,962			136,971
Cost of revenues (ii) (iv)
Product		85,493			(2,681	)		82,812
Subscriptions and services		5,976			—			5,976
Total cost of revenues		91,469			(2,681	)		88,788
Gross profit
Product		31,867			7,643			39,510
Subscriptions and services		8,673			—			8,673
Total Gross profit		40,540			7,643			48,183
Operating expenses
Research and development		29,223			—			29,223
Sales and marketing		27,825			—			27,825
General and administrative (iii)		19,647			499			20,146
Depreciation and amortization		4,984			—			4,984
Impairment (vi)		—			24,973			24,973
Total operating expenses		81,679			25,472			107,151
Operating loss		(41,139	)		(17,829	)		(58,968	)
Interest expense, net (b)		3,588			391			3,979
Other expense, net		70			—			70
Loss before income taxes		(44,797	)		(18,220	)		(63,017	)
Provision for income taxes (v)		469			3,734			4,203
Net loss	$	(45,266	)	$	(21,954	)	$	(67,220	)

Loss per share
Basic	$	(1.62	)	$	(0.78	)	$	(2.40	)
Diluted	$	(1.62	)	$	(0.78	)	$	(2.40	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,990,835			—			27,990,835
Diluted		27,990,835			—			27,990,835
Comprehensive loss
Net loss	$	(45,266	)	$	(21,954	)	$	(67,220	)
Foreign currency translation adjustment		(188	)		—			(188	)
Comprehensive loss	$	(45,454	)	$	(21,954	)	$	(67,408	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine months ended September 30, 2024
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net loss (i) (ii) (iii) (iv) (v) (vi) (b)	$	(45,266	)	$	(21,954	)	$	(67,220	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		3,511			—			3,511
Amortization of software and intangible assets		4,305			—			4,305
Amortization of deferred debt issuance costs		235			—			235
Share-based compensation		7,642			—			7,642
Deferred income taxes (vii)		3,694			(2,293	)		1,401
Provision for inventory excess and obsolescence (iv)		9,286			(3,428	)		5,858
Provision for estimated credit losses (iii)		219			820			1,039
Impairment of goodwill (vi)		—			8,968			8,968
Impairment of customer relationship intangible (vi)		—			6,551			6,551
Impairment of software (vi)		—			505			505
Impairment of property and equipment (vi)		—			8,849			8,849
Impairment of right-of-use operating lease assets (vi)		—			100			100
Other		120			—			120
Change in assets and liabilities:
Receivables (i) (iii) (c)		3,784			646			4,430
Inventories		14,612			—			14,612
Prepaid expenses (vii)		(9,349	)		6,203			(3,146	)
Income taxes receivable (v)		(900	)		(1	)		(901	)
Accounts payable (d)		1,675			(235	)		1,440
Accrued employee compensation (b)		(1,078	)		78			(1,000	)
Accrued liabilities (i) (vii) (b) (c)		2,065			(4,012	)		(1,947	)
Other assets and liabilities (ii) (v) (vii)		1,096			(1,032	)		64
Net cash used in operating activities		(4,349	)		(235	)		(4,584	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(6,209	)		235			(5,974	)
Purchases of software		(4,640	)		—			(4,640	)
Net cash used in investing activities		(10,849	)		235			(10,614	)

Cash flows from financing activities:
Proceeds from issuance of revolver debt		45,000			—			45,000
Repayment of term loan		(2,625	)		—			(2,625	)
Issuance of ordinary shares under ESPP		663			—			663
Taxes paid from shares withheld		(38	)		—			(38	)
Net cash provided by financing activities		43,000			—			43,000
Effect of exchange rate on cash		(21	)		—			(21	)
Net increase in cash		27,781			—			27,781
Cash, beginning of period		18,710			—			18,710
Cash, end of period	$	46,491		$	—		$	46,491

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	(972	)	$	—		$	(972	)
Interest paid	$	4,021		$	—		$	4,021

Non-cash investing and financing activities:
Increase (decrease) in property, equipment and software unpaid or accrued in liabilities (d)	$	1,666		$	(3,097	)	$	(1,431	)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	115		$	—		$	115
Debt issuance costs incurred but not yet paid (b)	$	325		$	(325	)	$	—

Business and Significant Accounting Policies (Policies)	9 Months Ended
Business and Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The consolidated financial statements as of September 30, 2025, and for the three-month and nine-month periods ended September 30, 2024 and 2025, and the related notes are unaudited. The unaudited 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, 2025 and results of operations for the three-month and nine-month periods ended September 30, 2024 and 2025 and cash flows for the nine-month periods ended September 30, 2024 and 2025. The consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date. In the Company's Comprehensive Form 10-K for the year ended December 31, 2024, filed with the SEC on April 7, 2026, it restated financial statements for the three-month and nine-month periods ended September 30, 2024. The financial results included herein for these periods reflect the impact of the restatement. 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 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, 2024 included in the Company’s Comprehensive Form 10-K and filed with the SEC on April 7, 2026. The results of operations for the three-month and nine-month periods ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full year.
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, 2025, the Company was not in compliance with its quarterly fixed charge coverage ratio and quarterly consolidated leverage ratio covenants. These defaults continue through the remainder of 2025 and into 2026. Such defaults afford the lender the right to declare the amounts outstanding immediately due and payable, and although the Company continues regular discussions with the lender, it has not been able to obtain a waiver of the defaults, or otherwise refinance such indebtedness. If the lender were to accelerate the maturity of the Company's indebtedness under the Amended Credit Agreement, the Company would not be able to repay the debt, and therefore, there is substantial uncertainty the Company would be able to continue as a going concern. The Company's obligations under the Amended Credit Agreement mature and become due and payable on November 17, 2026, absent acceleration by the lender. As of June 30, 2025, the Company ceased payment of principal and interest on the term loan and payment of interest on the revolving credit facility. As the covenant violations afford the lender the right to declare the amounts outstanding immediately due and payable, the term loan facility and the associated debt issuance costs and the revolving credit facility are classified as a current liability and the deferred debt issuance costs associated with the revolving credit facility are classified as a current asset in the accompanying consolidated balance sheets as of December 31, 2024 and September 30, 2025. Please refer to Note 7. Debt, regarding the Company’s debt outstanding under its credit facilities with Bank of America. The Company continues to take actions to improve its profitability and focus on operating efficiency and reducing discretionary spending, deferring capital expenditures and implementing cost reductions to align its cost structure with current and expected revenue levels. Based on the Company's current forecast, it is projecting future noncompliance with its financial covenants through maturity of the debt in addition to the covenant noncompliance described above. If the lender were to accelerate the maturity of the Company's indebtedness under the Amended Credit Agreement, there is substantial uncertainty that the Company would be able to secure capital resources to repay the amounts due. Due to these uncertainties and given the debt matures on November 17, 2026, 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 consolidated financial statements are issued. The accompanying 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 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 2024 Comprehensive Form 10-K, Part II, Item 8.
Recently issued accounting standards not yet adopted	Recently issued accounting standards not yet adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to disclose standard categories in the tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt this ASU on a prospective basis during the year ended December 31, 2025. The adoption of this standard will not have a material impact on the Company's consolidated financial statements, but will result in incremental income tax disclosures. 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 ASU 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. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) -Disaggregation of Income Statement Expenses, which requires public entities to disclose within the footnotes to the financial statements, disaggregated information about certain income statement expense captions, including disclosure of the amounts for a) purchases of inventory, b) employee compensation, c) depreciation, d) intangible asset amortization and e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities (DD&A) included in each relevant expense caption. The amendment also requires that certain amounts that are already required to be disclosed under U.S. GAAP be included in the same disclosure as the other disaggregation requirements. The new guidance also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, this guidance should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the adoption of this standard on the Company's financial statement disclosures.

Restatement of Previously Issued Unaudited Interim Consolidated Financial Statements - Consolidated Statement of Cash Flows (Unaudited) (Details) - USD ($)		3 Months Ended			9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss		$ (8,530,000)		$ (34,526,000)	$ (29,671,000)	$ (67,220,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		400,000		1,100,000	943,000	3,511,000
Amortization of software and intangible assets					2,553,000	4,305,000
Amortization of deferred debt issuance costs					179,000	235,000
Share-based compensation		1,448,000		2,495,000	4,969,000	7,642,000
Deferred income taxes					0	1,401,000
Provision for inventory excess and obsolescence		(319,000)		(657,000)	(1,972,000)	5,858,000
Provision for estimated credit losses					176,000	1,039,000
Impairment of goodwill			$ 0	9,000,000	0	8,968,000
Impairment of customer relationship intangible					0	6,551,000
Impairment of software					159,000	505,000
Impairment of property and equipment	$ 8,800,000				0	8,849,000
Impairment of right-of-use operating lease assets					0	100,000
Other					(87,000)	120,000
Change in assets and liabilities:
Receivables					(6,026,000)	4,430,000
Inventories					13,058,000	14,612,000
Prepaid expenses					4,865,000	(3,146,000)
Income taxes receivable					670,000	(901,000)
Accounts payable					(1,610,000)	1,440,000
Accrued employee compensation					(652,000)	(1,000,000)
Accrued liabilities					7,814,000	(1,947,000)
Other assets and liabilities					(13,859,000)	64,000
Net cash used in operating activities					(18,491,000)	(4,584,000)
Cash flows from investing activities:
Purchases of property and equipment					(384,000)	(5,974,000)
Purchases of software					(4,571,000)	(4,640,000)
Net cash used in investing activities					(4,955,000)	(10,614,000)
Cash flows from financing activities:
Proceeds from issuance of revolver debt					0	45,000,000
Repayment of term loan					(1,312,000)	(2,625,000)
Issuance of ordinary shares under ESPP					0	663,000
Taxes paid from shares withheld					(70,000)	(38,000)
Net cash provided by (used in) financing activities					(1,382,000)	43,000,000
Effect of exchange rate on cash					(114,000)	(21,000)
Net increase (decrease) in cash					(24,942,000)	27,781,000
Cash, beginning of period			46,491,000		34,925,000	18,710,000
Cash and restricted cash, end of period	$ 9,983,000	$ 9,983,000	34,925,000	46,491,000	9,983,000	46,491,000
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received					149,000	(972,000)
Interest paid					3,583,000	4,021,000
Non-cash investing and financing activities:
Decrease in property, equipment and software unpaid or accrued in liabilities					(71,000)	(1,431,000)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities					$ 667,000	115,000
Debt issuance costs incurred but not yet paid						0
As Reported
Cash flows from operating activities:
Net loss				(9,676,000)		(45,266,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation						3,511,000
Amortization of software and intangible assets						4,305,000
Amortization of deferred debt issuance costs						235,000
Share-based compensation						7,642,000
Deferred income taxes						3,694,000
Provision for inventory excess and obsolescence						9,286,000
Provision for estimated credit losses						219,000
Impairment of goodwill						0
Impairment of customer relationship intangible						0
Impairment of software						0
Impairment of property and equipment						0
Impairment of right-of-use operating lease assets						0
Other						120,000
Change in assets and liabilities:
Receivables						3,784,000
Inventories						14,612,000
Prepaid expenses						(9,349,000)
Income taxes receivable						(900,000)
Accounts payable						1,675,000
Accrued employee compensation						(1,078,000)
Accrued liabilities						2,065,000
Other assets and liabilities						1,096,000
Net cash used in operating activities						(4,349,000)
Cash flows from investing activities:
Purchases of property and equipment						(6,209,000)
Purchases of software						(4,640,000)
Net cash used in investing activities						(10,849,000)
Cash flows from financing activities:
Proceeds from issuance of revolver debt						45,000,000
Repayment of term loan						(2,625,000)
Issuance of ordinary shares under ESPP						663,000
Taxes paid from shares withheld						(38,000)
Net cash provided by (used in) financing activities						43,000,000
Effect of exchange rate on cash						(21,000)
Net increase (decrease) in cash						27,781,000
Cash, beginning of period			46,491,000			18,710,000
Cash and restricted cash, end of period				46,491,000		46,491,000
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received						(972,000)
Interest paid						4,021,000
Non-cash investing and financing activities:
Decrease in property, equipment and software unpaid or accrued in liabilities						1,666,000
Operating lease right-of-use assets obtained in exchange for operating lease liabilities						115,000
Debt issuance costs incurred but not yet paid						325,000
Adjustment
Cash flows from operating activities:
Net loss				(24,850,000)		(21,954,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation						0
Amortization of software and intangible assets						0
Amortization of deferred debt issuance costs						0
Share-based compensation						0
Deferred income taxes						(2,293,000)
Provision for inventory excess and obsolescence						(3,428,000)
Provision for estimated credit losses						820,000
Impairment of goodwill						8,968,000
Impairment of customer relationship intangible						6,551,000
Impairment of software						505,000
Impairment of property and equipment						8,849,000
Impairment of right-of-use operating lease assets						100,000
Other						0
Change in assets and liabilities:
Receivables						646,000
Inventories						0
Prepaid expenses						6,203,000
Income taxes receivable						(1,000)
Accounts payable						(235,000)
Accrued employee compensation						78,000
Accrued liabilities						(4,012,000)
Other assets and liabilities						(1,032,000)
Net cash used in operating activities						(235,000)
Cash flows from investing activities:
Purchases of property and equipment						235,000
Purchases of software						0
Net cash used in investing activities						235,000
Cash flows from financing activities:
Proceeds from issuance of revolver debt						0
Repayment of term loan						0
Issuance of ordinary shares under ESPP						0
Taxes paid from shares withheld						0
Net cash provided by (used in) financing activities						0
Effect of exchange rate on cash						0
Net increase (decrease) in cash						0
Cash, beginning of period			$ 0			0
Cash and restricted cash, end of period				$ 0		0
Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received						0
Interest paid						0
Non-cash investing and financing activities:
Decrease in property, equipment and software unpaid or accrued in liabilities						(3,097,000)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities						0
Debt issuance costs incurred but not yet paid						$ (325,000)

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Receivables, allowances for credit losses	$ 3,578	$ 3,402
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	29,113,490	28,885,152
Common stock, shares, outstanding	28,718,944	28,612,181
Treasury stock, shares	394,546	272,971

Employee Benefit Plans

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Employee benefit plans

Note 8. Employee benefit plans

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

U.S. plan

U.S. regular, full-time employees are eligible to participate in the Cambium Networks, Inc. 401(k) Plan, which is a qualified defined contribution plan under section 401(k) of the Internal Revenue Service Code. Under the Cambium Networks, Inc. 401(k) Plan, the Company contributes a dollar-for-dollar match of the first 4% an employee contributes to the plan. Employees are eligible to participate on the first day of the month following their date of hire and begin receiving company contributions three months after they become eligible to participate in the plan. Company matching contributions are made each pay period, but the funds to not vest until the employee's second anniversary of employment with the Company. Employees are always fully vested in their own contributions. All contributions, including the Company match, are made in cash and invested in accordance with the participants' investment elections. Contributions made by the Company under the Cambium Networks, Inc. 401(k) Plan were $0.3 million and $0.2 million for the three-month periods ended September 30, 2024 and 2025, respectively and $0.7 million and $0.7 million for the nine-month periods ended September 30, 2024 and 2025, respectively (unaudited).

UK plan

Regular, full-time UK employees 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% 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, 2024 and 2025, respectively, and $0.3 million and $0.2 million for the nine-month periods ended September 30, 2024 and 2025, respectively (unaudited).

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-URI https://asc.fasb.org/715/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

+ Details

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Related Party Transaction [Line Items]
Related party transactions	$ 0	$ 0	$ 0	$ 0

- 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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property Plant And Equipment [Line Items]
Total cost	$ 40,480	$ 49,027
Less: Accumulated depreciation	(36,482)	(35,752)
Less: Impairment	0	(8,849)
Property and equipment, net	$ 3,998	4,426
Equipment and Tooling
Property Plant And Equipment [Line Items]
Useful Life	5 years
Total cost	$ 32,521	37,036
Computer Equipment
Property Plant And Equipment [Line Items]
Useful Life	3 years
Total cost	$ 5,021	5,715
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total cost	$ 701	850
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	5 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	10 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 2,237	$ 5,426
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	2 years
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	13 years

Restatement of Previously Issued Unaudited Interim Consolidated Financial Statements - Consolidated Statement of Operations and Other Comprehensive Loss (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Reclassification [Line Items]
Revenues	$ 42,995	$ 44,668	$ 116,130	$ 136,971
Cost of revenues	26,560	25,198	69,023	88,788
Gross profit	16,435	19,470	47,107	48,183
Operating expenses
Research and development	7,672	9,275	24,439	29,223
Sales and marketing	7,082	8,398	23,662	27,825
General and administrative	7,087	6,240	19,831	20,146
Depreciation and amortization	432	1,682	1,023	4,984
Impairment	0	24,973	159	24,973
Total operating expenses	22,273	50,568	69,114	107,151
Operating loss	(5,838)	(31,098)	(22,007)	(58,968)
Interest expense, net	2,412	1,702	6,719	3,979
Other expense, net	(61)	8	(32)	70
Loss before income taxes	(8,189)	(32,808)	(28,694)	(63,017)
Provision for income taxes	341	1,718	977	4,203
Net loss	$ (8,530)	$ (34,526)	$ (29,671)	$ (67,220)
Loss per share
Basic	$ (0.3)	$ (1.22)	$ (1.03)	$ (2.4)
Diluted	$ (0.3)	$ (1.22)	$ (1.03)	$ (2.4)
Weighted-average number of shares outstanding to compute net loss per share
Basic	28,831,946	28,217,453	28,720,476	27,990,835
Diluted	28,831,946	28,217,453	28,720,476	27,990,835
Comprehensive loss
Net loss	$ (8,530)	$ (34,526)	$ (29,671)	$ (67,220)
Foreign currency translation adjustment	(395)	(34)	(288)	(188)
Comprehensive loss	(8,925)	(34,560)	(29,959)	(67,408)
Product
Reclassification [Line Items]
Revenues	38,270	39,710	102,036	122,322
Cost of revenues	24,755	23,266	62,894	82,812
Gross profit	13,515	16,444	39,142	39,510
Subscriptions and services
Reclassification [Line Items]
Revenues	4,725	4,958	14,094	14,649
Cost of revenues	1,805	1,932	6,129	5,976
Gross profit	$ 2,920	3,026	$ 7,965	8,673
As Reported
Reclassification [Line Items]
Revenues		43,726		132,009
Cost of revenues		26,281		91,469
Gross profit		17,445		40,540
Operating expenses
Research and development		9,275		29,223
Sales and marketing		8,398		27,825
General and administrative		6,149		19,647
Depreciation and amortization		1,682		4,984
Impairment		0		0
Total operating expenses		25,504		81,679
Operating loss		(8,059)		(41,139)
Interest expense, net		1,403		3,588
Other expense, net		8		70
Loss before income taxes		(9,470)		(44,797)
Provision for income taxes		206		469
Net loss		$ (9,676)		$ (45,266)
Loss per share
Basic		$ (0.34)		$ (1.62)
Diluted		$ (0.34)		$ (1.62)
Weighted-average number of shares outstanding to compute net loss per share
Basic		28,217,453		27,990,835
Diluted		28,217,453		27,990,835
Comprehensive loss
Net loss		$ (9,676)		$ (45,266)
Foreign currency translation adjustment		(34)		(188)
Comprehensive loss		(9,710)		(45,454)
As Reported \| Product
Reclassification [Line Items]
Revenues		38,768		117,360
Cost of revenues		24,349		85,493
Gross profit		14,419		31,867
As Reported \| Subscriptions and services
Reclassification [Line Items]
Revenues		4,958		14,649
Cost of revenues		1,932		5,976
Gross profit		3,026		8,673
Adjustment
Reclassification [Line Items]
Revenues		942		4,962
Cost of revenues		(1,083)		(2,681)
Gross profit		2,025		7,643
Operating expenses
Research and development		0		0
Sales and marketing		0		0
General and administrative		91		499
Depreciation and amortization		0		0
Impairment		24,973		24,973
Total operating expenses		25,064		25,472
Operating loss		(23,039)		(17,829)
Interest expense, net		299		391
Other expense, net		0		0
Loss before income taxes		(23,338)		(18,220)
Provision for income taxes		1,512		3,734
Net loss		$ (24,850)		$ (21,954)
Loss per share
Basic		$ (0.88)		$ (0.78)
Diluted		$ (0.88)		$ (0.78)
Weighted-average number of shares outstanding to compute net loss per share
Basic		0		0
Diluted		0		0
Comprehensive loss
Net loss		$ (24,850)		$ (21,954)
Foreign currency translation adjustment		0		0
Comprehensive loss		(24,850)		(21,954)
Adjustment \| Product
Reclassification [Line Items]
Revenues		942		4,962
Cost of revenues		(1,083)		(2,681)
Gross profit		2,025		7,643
Adjustment \| Subscriptions and services
Reclassification [Line Items]
Revenues		0		0
Cost of revenues		0		0
Gross profit		$ 0		$ 0

Software (Tables) - Capitalized Software Assets

9 Months Ended

Sep. 30, 2025

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

Software consisted of the following (in thousands):


		December 31, 2024										September 30, 2025
												(unaudited)
	Useful Life	Gross carrying amount		Accumulated amortization			Impairment			Net balance		Gross carrying amount		Accumulated amortization			Impairment			Net balance

Acquired software and Software for internal use	3 to 7 years	$	16,943	$	(16,104	)	$	(505	)	$	334	$	16,643	$	(16,193	)	$	—			450
Software marketed for external sale	3 years		22,789		(10,569	)		(562	)		11,658		26,610		(13,043	)		(159	)		13,408
Total		$	39,732	$	(26,673	)	$	(1,067	)	$	11,992	$	43,253	$	(29,236	)	$	(159	)	$	13,858

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized software assets at September 30, 2025, estimated amortization expense in future fiscal years is as follows (unaudited and in thousands):


Year ending December 31,	Acquired software and Software for internal use		Software marketed for external sale		Total
2025 (October - December)		211		1,008		1,219
2026		133		4,133		4,266
2027		106		4,069		4,175
2028		—		3,367		3,367
2029		—		831		831
Total amortization	$	450	$	13,408	$	13,858

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

1 Months Ended

3 Months Ended

9 Months Ended

Feb. 04, 2025

Jan. 01, 2025

Jan. 29, 2024

May 31, 2023

Jun. 30, 2019

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Dec. 31, 2024

^[1]

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

Share-based compensation expense

$ 1,448

$ 2,495

$ 4,969

$ 7,642

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

$ 5,700

Shares vested

389,150

Share options granted

Shares forfeited

^[1]

148,040

Perforamance awards issued

726,020

1,263,210

Employee Share Purchase Plan

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

Share-based compensation expense

$ 0

$ 100

$ 0

$ 500

Shares issued under the ESPP

279,403

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%

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]

Shares granted

Unrecognized pre-tax compensation expense, net of estimated forfeitures

$ 2,500

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]

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 forfeited

37,500

Shares vesting, percentage

50.00%

2019 Share Incentive Plan

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

Number of outstanding shares added annually

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

389,150

Shares to pay employees' portion of minimum payroll withholding taxes

121,575

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

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related party transactions

Note 15. 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, 2024 and 2025, the Company did not have any material related party transactions to disclose (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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

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	2024			2025
					(unaudited)
Equipment and tooling	5 years	$	37,036		$	32,521
Computer equipment	3 years		5,715			5,021
Furniture and fixtures	5 to 10 years		850			701
Leasehold improvements	2 to 13 years		5,426			2,237
Total cost			49,027			40,480
Less: Accumulated depreciation			(35,752	)		(36,482	)
Less: Impairment			(8,849	)		—
Property and equipment, net		$	4,426		$	3,998

Debt - Schedule of Breakdown of Term Loan and Revolving Credit Facilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Less: debt issuance costs on term loan facility	$ (109)	$ (142)
Total debt, net	66,360	67,639
Less: current portion of long-term debt, net	(66,360)	(67,639)
Total long-term debt, net	0	0
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	21,469	22,781
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 45,000	$ 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.

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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

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

Balance Sheet Components - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Assets, Noncurrent [Abstract]
Supplier prepayments	$ 22,368	$ 11,797
Prepaid security deposit	517	539
Other	1,985	1,308
Other noncurrent assets	$ 24,870	$ 13,644

Loss Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted net loss per share	0	0	0	0

Software - Schedule of Software (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 43,253	$ 39,732
Accumulated amortization	(29,236)	(26,673)
Impairment	(159)	(1,067)
Net balance	13,858	11,992
Acquired software and Software for internal use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	16,643	16,943
Accumulated amortization	(16,193)	(16,104)
Impairment	0	(505)
Net balance	$ 450	334
Acquired software and Software for internal use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Acquired software and Software for internal use \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	7 years
Software Marketed for External Sale
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Gross carrying amount	$ 26,610	22,789
Accumulated amortization	(13,043)	(10,569)
Impairment	(159)	(562)
Net balance	$ 13,408	$ 11,658

Business and Significant Accounting Policies

9 Months Ended

Sep. 30, 2025

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. Trading in the Company's ordinary shares was suspended at the open of trading on March 27, 2026. Trading in the Company's ordinary shares under the symbol "CMBMF" on the OTC Experts Market began on March 30, 2026.

Cambium Networks Corporation and its wholly owned subsidiaries design, develop, and manufacture fixed wireless and PON/XGSPON based broadband, Wi-Fi, and local area networking ("LAN") switching infrastructure, and security gateway solutions for a wide range of applications, including broadband access, wireless backhaul, Internet of Things (IoT), public safety communication and Wi-Fi access. Cambium's products enable service providers, enterprises, industrial organizations and governments to deliver exceptional digital experiences and device connectivity, with compelling economics. The Company's ONE network platform simplifies the management of Cambium Networks' wired and wireless technologies. The Company's product lines fall into three broad, interrelated categories: Fixed Wireless and fiber Broadband ("FWB"), Enterprise Networking, and Subscriptions and Services.

Basis of Presentation

The unaudited consolidated financial statements include the accounts of Cambium Networks Corporation and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The consolidated financial statements as of September 30, 2025, and for the three-month and nine-month periods ended September 30, 2024 and 2025, and the related notes are unaudited. The unaudited 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, 2025 and results of operations for the three-month and nine-month periods ended September 30, 2024 and 2025 and cash flows for the nine-month periods ended September 30, 2024 and 2025. The consolidated balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date. In the Company's Comprehensive Form 10-K for the year ended December 31, 2024, filed with the SEC on April 7, 2026, it restated financial statements for the three-month and nine-month periods ended September 30, 2024. The financial results included herein for these periods reflect the impact of the restatement.

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 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, 2024 included in the Company’s Comprehensive Form 10-K and filed with the SEC on April 7, 2026. The results of operations for the three-month and nine-month periods ended September 30, 2025 are not necessarily indicative of the operating results to be expected for the full year.

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, 2025, the Company was not in compliance with its quarterly fixed charge coverage ratio and quarterly consolidated leverage ratio covenants. These defaults continue through the remainder of 2025 and into 2026. Such defaults afford the lender the right to declare the amounts outstanding immediately due and payable, and although the Company continues regular discussions with the lender, it has not been able to obtain a waiver of the defaults, or otherwise refinance such indebtedness. If the lender were to accelerate the maturity of the Company's indebtedness under the Amended Credit Agreement, the Company would not be able to repay the debt, and therefore, there is substantial uncertainty the Company would be able to continue as a going concern. The Company's obligations under the Amended Credit Agreement mature and become due and payable on November 17, 2026, absent acceleration by the lender. As of June 30, 2025, the Company ceased payment of principal and interest on the term loan and payment of interest on the revolving credit facility.

As the covenant violations afford the lender the right to declare the amounts outstanding immediately due and payable, the term loan facility and the associated debt issuance costs and the revolving credit facility are classified as a current liability and the deferred debt issuance costs associated with the revolving credit facility are classified as a current asset in the accompanying consolidated balance sheets as of December 31, 2024 and September 30, 2025. Please refer to Note 7. Debt, regarding the Company’s debt outstanding under its credit facilities with Bank of America.

The Company continues to take actions to improve its profitability and focus on operating efficiency and reducing discretionary spending, deferring capital expenditures and implementing cost reductions to align its cost structure with current and expected revenue levels.

Based on the Company's current forecast, it is projecting future noncompliance with its financial covenants through maturity of the debt in addition to the covenant noncompliance described above. If the lender were to accelerate the maturity of the Company's indebtedness under the Amended Credit Agreement, there is substantial uncertainty that the Company would be able to secure capital resources to repay the amounts due. Due to these uncertainties and given the debt matures on November 17, 2026, 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 consolidated financial statements are issued.

The accompanying 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 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 2024 Comprehensive Form 10-K, Part II, Item 8.

Recently issued accounting standards not yet adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to disclose standard categories in the tax rate reconciliation, additional information for reconciling items that meet a quantitative threshold and income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt this ASU on a prospective basis during the year ended December 31, 2025. The adoption of this standard will not have a material impact on the Company's consolidated financial statements, but will result in incremental income tax disclosures.

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 ASU 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.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) -Disaggregation of Income Statement Expenses, which requires public entities to disclose within the footnotes to the financial statements, disaggregated information about certain income statement expense captions, including disclosure of the amounts for a) purchases of inventory, b) employee compensation, c) depreciation, d) intangible asset amortization and e) depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities (DD&A) included in each relevant expense caption. The amendment also requires that certain amounts that are already required to be disclosed under U.S. GAAP be included in the same disclosure as the other disaggregation requirements. The new guidance also requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Upon adoption, this guidance should be applied prospectively, but may be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the adoption of this standard on the Company's financial statement disclosures.

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule Of Income Taxes [Line Items]
Provision for income taxes	$ 341	$ 1,718	$ 977	$ 4,203
Effective tax rate	(4.20%)	(5.20%)	(3.40%)	(6.70%)
Statutory rate	21.00%	21.00%	21.00%	21.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Debt

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt

Note 7. Debt

At September 30, 2025, the Company had $21.5 million outstanding under its term loan facility and $45.0 million outstanding under its revolving credit facility. As of September 30, 2025, the Company had no availability left under its revolving credit facility (unaudited).

The following table reflects the breakdown of the term loan and revolving credit facilities at December 31, 2024 and September 30, 2025 (in thousands):


	December 31,			September 30,
	2024			2025
				(unaudited)
Term loan facility	$	22,781		$	21,469
Revolving credit facility		45,000			45,000
Less: debt issuance costs on term loan facility		(142	)		(109	)
Total debt, net		67,639			66,360
Less: Current portion of long-term debt, net		(67,639	)		(66,360	)
Total long-term debt, net	$	—		$	—

As of December 31, 2024, the effective interest rate on the term loan facility was 10.24%. As of September 30, 2025, the effective interest rate on the term loan facility was 10.19% (unaudited).

As of December 31, 2024, the weighted-average interest rate for borrowings outstanding under the revolving credit facility was 8.73%. As of September 30, 2025, the weighted-average interest rate for borrowings outstanding under the revolving credit facility was 9.61% (unaudited).

In addition to the interest charged on the term loan facility and the revolving credit facility, as a result of the covenant violation, the bank converted the term loan and revolving credit facilities to Base Rate loans on the default date and has imposed an additional 2% interest penalty on all outstanding amounts until the events of default are cured.

As of June 30, 2025, the Company ceased making the required quarterly principal and interest payments on the term loan and the periodic interest payments on the revolving credit facility.

The maturity date of the term loan facility and the revolving credit facility, with all amounts outstanding, becoming due and payable in full, is November 17, 2026 (the “Maturity Date”).

Loan covenants and violations

The Amended 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, 2025, the Company was not in compliance with its quarterly consolidated fixed charge coverage ratio and consolidated leverage ratio covenants and did not make the required principal and interest payment on the term loan facility and the interest payment on the revolving credit facility. These events of default afford Bank of America the right to declare the amounts immediately due and payable on the outstanding term loan principal amount of $21.5 million and the outstanding revolving credit facility amount of $45.0 million. Although the Company continues regular discussions with the lender to address its noncompliance of the covenants, it has been unable to obtain a waiver of the defaults from the lender, or otherwise refinance the indebtedness. There can be no assurances that the lender will provide a waiver and could declare the Company in default and accelerate all amounts due under the term loan facility and the revolving credit facility.

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 $21.5 million outstanding on the term loan facility and the $45.0 million outstanding under the revolving credit facility are classified as current and included in Current portion of long-term debt, net on the consolidated balance sheet as of September 30, 2025. Further, the $0.1 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 $0.2 million of unamortized debt issuance costs associated with the revolving credit facility are classified as current and included in Other current assets on the consolidated balance sheet as of September 30, 2025. 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).

Interest expense

Net interest expense, including bank charges and amortization of debt issuance costs on the debt, was $1.7 million and $2.4 million for the three-month periods ended September 30, 2024 and 2025, respectively and $4.0 million and $6.7 million for the nine-month periods ended September 30, 2024 and 2025, 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, the addition of interest expense on the revolving credit facility and the additional 2% penalty being assessed by the lender while the Company is in default.

- 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

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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net loss	$ (8,530)	$ (34,526)	$ (29,671)	$ (67,220)
Denominator:
Basic weighted average shares outstanding	28,831,946	28,217,453	28,720,476	27,990,835
Diluted weighted average shares outstanding	28,831,946	28,217,453	28,720,476	27,990,835
Net loss per share, basic	$ (0.3)	$ (1.22)	$ (1.03)	$ (2.4)
Net loss per share, diluted	$ (0.3)	$ (1.22)	$ (1.03)	$ (2.4)

- Definition

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

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+ 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.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-04(27))
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

+ Details

- Definition

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

+ References

+ Details

Balance Sheet Components

9 Months Ended

Sep. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 3. Balance sheet components

Inventories, net

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


	December 31,			September 30,
	2024			2025
				(unaudited)
Finished goods	$	60,657		$	45,108
Raw materials		10,763			11,113
Gross inventory		71,420			56,221
Less: Excess and obsolescence reserve		(29,430	)		(25,317	)
Inventories, net	$	41,990		$	30,904

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.

Noncurrent assets

Noncurrent assets consisted of the following (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
Supplier prepayments	$	11,797	$	22,368
Prepaid security deposit		539		517
Other		1,308		1,985
Other noncurrent assets	$	13,644	$	24,870

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
Accrued goods and services	$	6,832	$	10,077
Accrued loss on supplier commitments		1,634		1,402
Accrued inventory purchases		1,756		4,428
Accrued customer reserves		19,934		16,164
Accrued interest on debt		824		3,178
Accrued liabilities	$	30,980	$	35,249

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,
	2024			2025
				(unaudited)
Beginning balance	$	1,484		$	1,443
Costs to service warranty		(14	)		(60	)
Provision (decrease) increase, net		(27	)		191
Ending balance	$	1,443		$	1,574

At December 31, 2024, $1.3 million is included in Other current liabilities and $0.1 million is included in Other noncurrent liabilities on the Company's consolidated balance sheets. At September 30, 2025, $1.5 million is included in Other current liabilities and $0.1 million is included in Other noncurrent liabilities on the Company’s consolidated balance sheets.

Other noncurrent liabilities

Other noncurrent liabilities consisted of the following (in thousands):


	December 31,		September 30,
	2024		2025
			(unaudited)
Accrued loss on supplier commitments	$	16,784	$	12,620
Accrued warranty		169		109
Other liabilities		1,469		1,584
Other noncurrent liabilities	$	18,422	$	14,313

Revenues from contracts with customers

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenues from contracts with customers

Note 14. Revenues from contracts with customers

Revenues consist primarily of revenues from the sale of hardware products. Revenues also include amounts for software products, extended warranty on hardware products and software subscription services. Substantially all products are sold through distributors and other channel partners, such as resellers 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 those products or services.

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,
	2024				2025				2024				2025
	(As Restated)								(As Restated)
Point-to-Multi-Point	$	18,703	42	%	$	16,254	38	%	$	57,041	41	%	$	41,355	36	%
Point-to-Point		8,547	19	%		11,312	26	%		36,751	27	%		30,773	26	%
Enterprise		16,160	36	%		14,350	33	%		39,247	29	%		41,009	35	%
Other		1,258	3	%		1,079	3	%		3,932	3	%		2,993	3	%
Total Revenues	$	44,668	100	%	$	42,995	100	%	$	136,971	100	%	$	116,130	100	%

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


	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2025				2024				2025
	(As Restated)								(As Restated)
North America	$	22,291	50	%	$	21,005	49	%	$	66,744	49	%	$	59,064	51	%
Europe, Middle East and Africa		12,276	27	%		12,977	30	%		40,762	30	%		35,664	31	%
Caribbean and Latin America		5,691	13	%		3,955	9	%		15,730	11	%		8,825	7	%
Asia Pacific		4,410	10	%		5,058	12	%		13,735	10	%		12,577	11	%
Total Revenues	$	44,668	100	%	$	42,995	100	%	$	136,971	100	%	$	116,130	100	%

Contract balances

The following table summarizes contract balances as of December 31, 2024 and September 30, 2025 (in thousands):


	December 31, 2024		September 30, 2025
			(unaudited)
Trade accounts receivable, net of allowance for estimated credit losses	$	40,404	$	42,720
Deferred revenue - current		8,616		9,639
Deferred revenue - noncurrent		12,182		13,097
Accrued sales returns		5,687		5,705

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.

Accrued sales returns is the estimated amount expected to be returned by customers in relation to product exchanges made as part of the Company’s stock rotation program. This amount is included within Other current liabilities in the consolidated balance sheets.

Receivables and concentration of credit risk

Trade accounts receivable represents amounts billed and currently due from customers and amounts earned that are to be billed in the future (e.g., accrued accounts receivable). Included in accrued accounts receivable are software subscription revenues earned in the current period but billed in the following period.

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, 2024 and one customer representing more than 10% of trade receivables at September 30, 2025.

Remaining performance obligations

Remaining performance obligations represent the revenue that is expected to be recognized in future periods associated with performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the reporting date. The Company's remaining performance obligations related primarily to software subscriptions and extended warranty, which are recognized as revenue over time and presented as deferred revenue in the consolidated balance sheets. There have been no material changes in the amount or timing of recognition of the Company's remaining performance obligations from those disclosed in the Company's Comprehensive Form 10-K for the year ended December 31, 2024 (unaudited).

Revenue recognized during the three-month period ended September 30, 2025 which was previously included in deferred revenues as of December 31, 2024 was $2.0 million, compared to $2.4 million of revenue recognized during the three-month period ended September 30, 2024, which was previously included in deferred revenues as of December 31, 2023. Revenue recognized during the nine-month period ended September 30, 2025, which was previously included in deferred revenues as of December 31, 2024 was $7.0 million, compared to $5.1 million of revenue recognized during the nine-month period ended September 30, 2024, which was previously included in deferred revenues as of December 31, 2023 (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 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Shareholders' equity (Tables)

9 Months Ended

Sep. 30, 2025

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, 2024 and 2025 (unaudited and in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Cost of revenues	$	52	$	20	$	136	$	96
Research and development		959		567		2,824		2,014
Sales and marketing		413		183		1,407		723
General and administrative		1,071		678		3,275		2,136
Total share-based compensation expense	$	2,495	$	1,448	$	7,642	$	4,969

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, 2025 (unaudited):


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2024		5,418,312		$	9.70		7.2	$	—
Options granted		—		$	—		—	$	—
Options exercised		—		$	—		—	$	—
Options expired		(161,803	)	$	11.73		—	$	—
Options forfeited		(197,886	)	$	4.05		—	$	—
Outstanding at September 30, 2025		5,058,623		$	9.85		6.3	$	—
Options exercisable at September 30, 2025		3,565,905		$	11.32		5.6	$	—
Options vested and expected to vest at September 30, 2025		4,992,901		$	9.92		6.3

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,
		2024			2025
Expected dividend yield			—		N/A
Risk-free interest rate			4.38	%	N/A
Weighted-average expected volatility			76.7	%	N/A
Expected term (in years)			5.8		N/A
Weighted average grant-date fair value per share of options granted		$	2.71		N/A

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, 2025 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2024 1		1,263,210		$	5.29
RSUs granted		—		$	—
RSUs vested		(389,150	)	$	6.73
RSUs forfeited 1		(148,040	)	$	7.06
RSU balance at September 30, 2025		726,020		$	4.16

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 - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenues	$ 42,995	$ 44,668	$ 116,130	$ 136,971
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	$ 21,005	$ 22,291	$ 59,064	$ 66,744
North America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	49.00%	50.00%	51.00%	49.00%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	$ 12,977	$ 12,276	$ 35,664	$ 40,762
Europe, Middle East and Africa \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	30.00%	27.00%	31.00%	30.00%
Caribbean and Latin America
Disaggregation of Revenue [Line Items]
Revenues	$ 3,955	$ 5,691	$ 8,825	$ 15,730
Caribbean and Latin America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	9.00%	13.00%	7.00%	11.00%
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 5,058	$ 4,410	$ 12,577	$ 13,735
Asia Pacific \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	12.00%	10.00%	11.00%	10.00%

- Definition

+ References + Details

- 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.

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income taxes

Note 11. Income taxes

Due to forecasting uncertainty for 2024 and 2025, the Company's provision for income taxes at September 30, 2024 and September 30, 2025 is based on the three-month and nine-month actual results. The Company recorded a provision for income taxes of $1.7 million for the three-month period ended September 30, 2024 and a provision for income taxes of $0.3 million for the three-month period ended September 30, 2025, with an effective tax rate of (5.2)% and (4.2)%, respectively. For the three-month period ended September 30, 2024, the Company's effective tax rate of (5.2)% was different from the statutory rate of 21.0%, primarily due to a prior year tax adjustment due to the filing of the U.S. tax return. For the three-month period ended September 30, 2025, the Company’s effective tax rate of (4.2)% 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 Company, maintaining a full valuation allowance on the net deferred tax assets.

The Company recorded a provision for income taxes of $4.2 million for the nine-month period ended September 30, 2024 and a provision for income taxes of $1.0 million for the nine-month period ended September 30, 2025, with an effective tax rate of (6.7)% and (3.4)%, respectively. For the nine-month period ended September 30, 2024, the Company's effective tax rate of (6.7)% was different from the statutory rate of 21.0%, primarily due to the establishment of a deferred tax liability on hypothetical withholding tax on non-permanent investment in subsidiaries. For the nine-month period ended September 30, 2025, the Company’s effective tax rate of (3.4)% 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 Company, maintaining a full valuation allowance on the net deferred tax assets.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 12C
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Topic 740
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-Paragraph 1
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-Publisher FASB
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+ Details

Shareholders' equity - Schedule of Total Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 1,448	$ 2,495	$ 4,969	$ 7,642
Cost of Revenues
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	20	52	96	136
Research and Development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	567	959	2,014	2,824
Sales and Marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	183	413	723	1,407
General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total share-based compensation expense	$ 678	$ 1,071	$ 2,136	$ 3,275

- 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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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 35
-Paragraph 1D
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restatement of Previously Issued Unaudited Interim Consolidated Financial Statements

9 Months Ended

Sep. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Restatement of previously issued unaudited interim consolidated financial statements

Note 2. Restatement of previously issued unaudited interim consolidated financial statements

In connection with the preparation of the Company's consolidated financial statements for the year ended December 31, 2024, the Company determined that its previously issued unaudited interim consolidated financial statements for the three-month and nine-month periods ended September 30, 2024 contained errors in the application of GAAP as summarized below. The Company evaluated the corrections and determined that the related impacts were material to the previously filed unaudited interim consolidated financial statements and in consultation with the Audit Committee of the Company's Board of Directors, concluded that the financial statements for the three-month and nine-month period ended September 30, 2024 should be restated to present the identified adjustments discussed below.

Background of Restatement

For the three-month and nine-month periods ended September 30, 2024, the Company did not appropriately (i) estimate variable consideration for customer incentives, (ii) estimate variable consideration for sales returns, (iii) estimate the allowance for credit losses, (iv) estimate excess and obsolete inventory, (v) timely recognize a valuation allowance on deferred tax assets and (vi) timely recognize an impairment on our long-lived assets and goodwill and (vii) reclassify certain prepayments made to suppliers and loss on supplier commitments liability as current or non-current.

Additionally, as part of the restatement, for the three-month and nine-month periods ended September 30, 2024, the Company corrected for (b) previously identified uncorrected misstatement related to out-of-period adjustments, (c) previously recorded amounts reclassifying accounts receivable credit balances and (d) classification of property and equipment transactions on the statement of cash flows.

Effect of Restatement


		For the three months ended September 30, 2024									For the nine months ended September 30, 2024
		(Unaudited)									(Unaudited)
(in thousands)	Identifier in statement	Revenues			Loss before income taxes			Net loss			Revenues			Loss before income taxes			Net loss
Previously reported		$	43,726		$	(9,470	)	$	(9,676	)	$	132,009		$	(44,797	)	$	(45,266	)
Restatement adjustments:
Revenue adjustment - customer incentives	(i)		(921	)		(921	)		(921	)		(1,906	)		(1,906	)		(1,906	)
Revenue adjustment - sales returns	(ii)		1,944			1,295			1,295			6,955			5,549			5,549
Estimate for allowance for credit losses	(iii)		(81	)		(172	)		(172	)		(87	)		(503	)		(503	)
Estimate for excess and obsolete inventory	(iv)		—			1,383			1,383			—			4,825			4,825
Estimate for excess and obsolete inventory - non-standard contract	(iv)		—			—			—			—			(1,397	)		(1,397	)
Deferred tax adjustments	(v)		—			—			(1,512	)		—			—			(3,734	)
Impairment timing	(vi)		—			(24,973	)		(24,973	)		—			(24,973	)		(24,973	)
Prior period uncorrected misstatements and out of period adjustments	(b)		—			50			50			—			185			185
Net restatement adjustments			942			(23,338	)		(24,850	)		4,962			(18,220	)		(21,954	)
Restated		$	44,668		$	(32,808	)	$	(34,526	)	$	136,971		$	(63,017	)	$	(67,220	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Three months ended September 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii) (iii)
Product	$	38,768		$	942		$	39,710
Subscriptions and services		4,958			—			4,958
Total revenues		43,726			942			44,668
Cost of revenues (ii) (iv)
Product		24,349			(1,083	)		23,266
Subscriptions and services		1,932			—			1,932
Total cost of revenues		26,281			(1,083	)		25,198
Gross profit
Product		14,419			2,025			16,444
Subscriptions and services		3,026			—			3,026
Total Gross profit		17,445			2,025			19,470
Operating expenses
Research and development		9,275			—			9,275
Sales and marketing		8,398			—			8,398
General and administrative (iii)		6,149			91			6,240
Depreciation and amortization		1,682			—			1,682
Impairment (vi)		—			24,973			24,973
Total operating expenses		25,504			25,064			50,568
Operating loss		(8,059	)		(23,039	)		(31,098	)
Interest expense, net (b)		1,403			299			1,702
Other expense, net		8			—			8
Loss before income taxes		(9,470	)		(23,338	)		(32,808	)
Provision for income taxes (v)		206			1,512			1,718
Net loss	$	(9,676	)	$	(24,850	)	$	(34,526	)

Loss per share
Basic	$	(0.34	)	$	(0.88	)	$	(1.22	)
Diluted	$	(0.34	)	$	(0.88	)	$	(1.22	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		28,217,453			—			28,217,453
Diluted		28,217,453			—			28,217,453
Comprehensive loss
Net loss	$	(9,676	)	$	(24,850	)	$	(34,526	)
Foreign currency translation adjustment		(34	)		—			(34	)
Comprehensive loss	$	(9,710	)	$	(24,850	)	$	(34,560	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Nine months ended September 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii) (iii)
Product	$	117,360		$	4,962		$	122,322
Subscriptions and services		14,649			—			14,649
Total revenues		132,009			4,962			136,971
Cost of revenues (ii) (iv)
Product		85,493			(2,681	)		82,812
Subscriptions and services		5,976			—			5,976
Total cost of revenues		91,469			(2,681	)		88,788
Gross profit
Product		31,867			7,643			39,510
Subscriptions and services		8,673			—			8,673
Total Gross profit		40,540			7,643			48,183
Operating expenses
Research and development		29,223			—			29,223
Sales and marketing		27,825			—			27,825
General and administrative (iii)		19,647			499			20,146
Depreciation and amortization		4,984			—			4,984
Impairment (vi)		—			24,973			24,973
Total operating expenses		81,679			25,472			107,151
Operating loss		(41,139	)		(17,829	)		(58,968	)
Interest expense, net (b)		3,588			391			3,979
Other expense, net		70			—			70
Loss before income taxes		(44,797	)		(18,220	)		(63,017	)
Provision for income taxes (v)		469			3,734			4,203
Net loss	$	(45,266	)	$	(21,954	)	$	(67,220	)

Loss per share
Basic	$	(1.62	)	$	(0.78	)	$	(2.40	)
Diluted	$	(1.62	)	$	(0.78	)	$	(2.40	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,990,835			—			27,990,835
Diluted		27,990,835			—			27,990,835
Comprehensive loss
Net loss	$	(45,266	)	$	(21,954	)	$	(67,220	)
Foreign currency translation adjustment		(188	)		—			(188	)
Comprehensive loss	$	(45,454	)	$	(21,954	)	$	(67,408	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine months ended September 30, 2024
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net loss (i) (ii) (iii) (iv) (v) (vi) (b)	$	(45,266	)	$	(21,954	)	$	(67,220	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		3,511			—			3,511
Amortization of software and intangible assets		4,305			—			4,305
Amortization of deferred debt issuance costs		235			—			235
Share-based compensation		7,642			—			7,642
Deferred income taxes (vii)		3,694			(2,293	)		1,401
Provision for inventory excess and obsolescence (iv)		9,286			(3,428	)		5,858
Provision for estimated credit losses (iii)		219			820			1,039
Impairment of goodwill (vi)		—			8,968			8,968
Impairment of customer relationship intangible (vi)		—			6,551			6,551
Impairment of software (vi)		—			505			505
Impairment of property and equipment (vi)		—			8,849			8,849
Impairment of right-of-use operating lease assets (vi)		—			100			100
Other		120			—			120
Change in assets and liabilities:
Receivables (i) (iii) (c)		3,784			646			4,430
Inventories		14,612			—			14,612
Prepaid expenses (vii)		(9,349	)		6,203			(3,146	)
Income taxes receivable (v)		(900	)		(1	)		(901	)
Accounts payable (d)		1,675			(235	)		1,440
Accrued employee compensation (b)		(1,078	)		78			(1,000	)
Accrued liabilities (i) (vii) (b) (c)		2,065			(4,012	)		(1,947	)
Other assets and liabilities (ii) (v) (vii)		1,096			(1,032	)		64
Net cash used in operating activities		(4,349	)		(235	)		(4,584	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(6,209	)		235			(5,974	)
Purchases of software		(4,640	)		—			(4,640	)
Net cash used in investing activities		(10,849	)		235			(10,614	)

Cash flows from financing activities:
Proceeds from issuance of revolver debt		45,000			—			45,000
Repayment of term loan		(2,625	)		—			(2,625	)
Issuance of ordinary shares under ESPP		663			—			663
Taxes paid from shares withheld		(38	)		—			(38	)
Net cash provided by financing activities		43,000			—			43,000
Effect of exchange rate on cash		(21	)		—			(21	)
Net increase in cash		27,781			—			27,781
Cash, beginning of period		18,710			—			18,710
Cash, end of period	$	46,491		$	—		$	46,491

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	(972	)	$	—		$	(972	)
Interest paid	$	4,021		$	—		$	4,021

Non-cash investing and financing activities:
Increase (decrease) in property, equipment and software unpaid or accrued in liabilities (d)	$	1,666		$	(3,097	)	$	(1,431	)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	115		$	—		$	115
Debt issuance costs incurred but not yet paid (b)	$	325		$	(325	)	$	—

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,443	$ 1,484
Costs to service warranty	(60)	(14)
Provision (decrease) increase, net	191	(27)
Ending balance	$ 1,574	$ 1,443

Balance Sheet Components - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Other Liabilities, Noncurrent [Abstract]
Accrued loss on supplier commitments	$ 12,620	$ 16,784
Accrued warranty	109	169
Other liabilities	1,584	1,469
Other noncurrent liabilities	$ 14,313	$ 18,422

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Apr. 23, 2026
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Trading Symbol	CMBMF
Entity Registrant Name	CAMBIUM NETWORKS CORP
Entity Central Index Key	0001738177
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,031,302
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	NONE

Restructuring - Schedule of Restructuring Liability Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring liability at December 31, 2024	$ 55
Restructuring liability at September 30, 2025	0
February 2025 Restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,829
Costs paid	(1,829)
November 2023 Restructuring
Restructuring Cost and Reserve [Line Items]
Costs paid	$ (55)

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- 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 - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
Impairment charge						$ 500
Unamortized Impairment charge		$ 200				$ 600
Acquired software and Software for internal use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 30		$ 100	$ 100	$ 300
Acquired software and Software for internal use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years			3 years
Acquired software 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			3 years
Amortization expense	$ 800		$ 1,000	$ 2,500	$ 2,800

- 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

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+ Details

Shareholders' equity

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Shareholders' equity

Note 9. 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 will continue 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. The Company added 1,320,000 shares to the 2019 Plan as of January 1, 2025, under this provision. Due to the Company's noncompliance with Nasdaq Listing Rule 5250(c)(1) (the "Filing Rule") for failure to timely file its Form 10-K for the year ended December 31, 2024, the Company was not able to register these additional shares during 2025 to 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.

Share-based compensation

The following table shows total share-based compensation expense for the three-month and nine-month periods ended September 30, 2024 and 2025 (unaudited and in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2025		2024		2025
Cost of revenues	$	52	$	20	$	136	$	96
Research and development		959		567		2,824		2,014
Sales and marketing		413		183		1,407		723
General and administrative		1,071		678		3,275		2,136
Total share-based compensation expense	$	2,495	$	1,448	$	7,642	$	4,969

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, 2025 (unaudited):


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2024		5,418,312		$	9.70		7.2	$	—
Options granted		—		$	—		—	$	—
Options exercised		—		$	—		—	$	—
Options expired		(161,803	)	$	11.73		—	$	—
Options forfeited		(197,886	)	$	4.05		—	$	—
Outstanding at September 30, 2025		5,058,623		$	9.85		6.3	$	—
Options exercisable at September 30, 2025		3,565,905		$	11.32		5.6	$	—
Options vested and expected to vest at September 30, 2025		4,992,901		$	9.92		6.3

The Company uses the Black-Scholes option pricing model to estimate the fair value of share options. There were no share options granted during the three-month period ended September 30, 2025.

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


	Nine months ended September 30,
		2024			2025
Expected dividend yield			—		N/A
Risk-free interest rate			4.38	%	N/A
Weighted-average expected volatility			76.7	%	N/A
Expected term (in years)			5.8		N/A
Weighted average grant-date fair value per share of options granted		$	2.71		N/A

At September 30, 2025, there was $5.7 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, 2025 (unaudited):


	Units			Weighted average grant date fair value
RSU balance at December 31, 2024 1		1,263,210		$	5.29
RSUs granted		—		$	—
RSUs vested		(389,150	)	$	6.73
RSUs forfeited 1		(148,040	)	$	7.06
RSU balance at September 30, 2025		726,020		$	4.16

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

Of the 389,150 RSUs vested, the Company withheld 121,575 of those shares to pay the employees’ portion of the minimum payroll withholding taxes due at vesting.

The fair value of the RSUs is based on the fair value of the Company's ordinary shares on the grant date. There were no RSUs granted during the three-month period ended September 30, 2025.

As of September 30, 2025, there was $2.5 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 fourth 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 contained a performance-based vesting criteria and included 60,000 share options and 135,000 restricted share units. The performance-based awards had two separate annual performance periods, with 50% of the performance-based awards vesting over each of the annual performance periods ended on December 31, 2023 ("First Performance Period") and December 31, 2024 ("Second Performance Period") if the performance goal was met. If the performance goal for that performance period was not met, the performance-based awards did not vest and were forfeited. The performance goal was 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.

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).

On February 4, 2025, the Compensation Committee determined the performance goals for the Second Performance Period were not achieved and the total potential shares of 37,500 RSUs were forfeited (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 nine months commenced on January 1, 2021. The current offering period of nine 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 added 275,000 shares to the ESPP as of January 1, 2025, under this provision. Due to the Company's noncompliance with the Filing Rule, the Company did not register any additional shares in 2025 for the ESPP. In addition, effective January 1, 2025, management temporarily suspended the ESPP program.

For the three-month and nine-month periods ended September 30, 2024, the Company recognized $0.1 million and $0.5 million, respectively, of share-based compensation expense related to the ESPP. The Company did not recognize share-based compensation expense related to the ESPP for the three-month and nine-month periods ended September 30, 2025. There were 279,403 shares issued under the ESPP during the three-month and nine-month periods ended September 30, 2024, and there were no shares issued under the ESPP during the three-month and nine-month periods ended September 30, 2025 (unaudited).

- Definition

The entire disclosure for equity.

+ References

+ Details

Segment Information - Schedule of Long-lived Assets on Geographic Areas (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 24,764	$ 20,303
Europe, Middle East and Africa
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	22,835	15,101
Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,966	1,773
Caribbean and Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 0	$ 13

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events [Abstract]

Subsequent events

Note 17. Subsequent events

Nasdaq Noncompliance

On March 25, 2026, the Company received a written notice that the Nasdaq Hearings Panel (the “Hearings Panel”) had determined to delist the Company's ordinary shares from The Nasdaq Global Market due to the Company's failure to comply with the terms of the Hearings Panel's prior decision. Trading in the Company's ordinary shares was suspended at the open of trading on March 27, 2026. Trading in the Company's ordinary shares under the symbol "CMBMF" on the OTC Expert Market began on March 30, 2026.

The Company had previously received a deficiency letter from the Listing Qualifications Department (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) on April 10, 2025, notifying the Company that, it had failed to comply with the $1.00 per share minimum bid price requirement for continued inclusion on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Bid Price Rule”). The Company received additional deficiency letters from the Staff on April 16, 2025, May 22, 2025, August 25, 2025 and November 25, 2025, notifying the Company that it was not in compliance with the requirements of Nasdaq Listing Rule 5250(c)(1) (the "Filing Rule") for failure to timely file its Form 10-K for the year ended December 31, 2024 and its Quarterly reports on Form 10-Q for the periods ended March 31, 2025, June 30, 2025 and September 30, 2025, respectively (the “Delinquent Filing”).

On November 11, 2025, the Company presented its plan of compliance before the Nasdaq Hearings Panel and requested a continued stay of its delisting pending achieving full compliance by filing the Delinquent Filings within the time requested under the plan of compliance. On December 3, 2025, the Company received a decision (the “Decision Letter”) from the Hearings Panel granting the Company’s request for continued listing of the Company’s ordinary shares, subject to the Company demonstrating compliance with the Bid Price Rule and the Filing Rule, on or before April 16, 2026, but subject to interim filing dates as set forth in the decision.

On December 12, 2025, the Company received a partial compliance letter from the Hearings Panel confirming the Company is in compliance with the Bid Price Rule, although it remained non-compliant with the Filing Rule.

On January 9, 2026, the Company received a further determination letter stating that because the Company did not hold an annual meeting of shareholders within twelve months from the Company's prior fiscal year end as required by Nasdaq Listing Rule 5620(a), the resulting non-compliance serves as an additional basis for delisting the Company's securities.

The Company was unable to meet the interim filing deadlines set forth in the Decision Letter, and requested extensions to the February 6, 2026 interim deadline, with additional extensions requested to March 16, 2026 and to March 23, 2026 were granted by the Hearing Panel.

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]
2025 (October - December)	$ 1,219
2026	4,266
2027	4,175
2028	3,367
2029	831
Net balance	13,858	$ 11,992
Acquired software and Software for internal use
Finite Lived Intangible Assets [Line Items]
2025 (October - December)	211
2026	133
2027	106
Net balance	450	334
Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2025 (October - December)	1,008
2026	4,133
2027	4,069
2028	3,367
2029	831
Net balance	$ 13,408	$ 11,658

- 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 Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued goods and services	$ 10,077	$ 6,832
Accrued loss on supplier commitments	1,402	1,634
Accrued inventory purchases	4,428	1,756
Accrued customer reserves	16,164	19,934
Accrued interest on debt	3,178	824
Accrued liabilities	$ 35,249	$ 30,980