0000950170-24-032168 | 10-K | XBRL Viewer

Print Document View Excel Document

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Product Warranty Liability [Line Items]
Accrued warranty	$ 1,484	$ 1,651	$ 1,731
Other Current Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	1,200	1,200
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Accrued warranty	$ 300	$ 500

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Line Items]
Lessee operating lease option to extend	true
Leasehold improvement allowance	$ 3,189
Minimum
Leases [Line Items]
Lessee operating lease term of contract	1 year
Lessee operating lease option to extend period	1 year
Maximum
Leases [Line Items]
Lessee operating lease term of contract	13 years
Lessee operating lease option to extend period	4 years

Income Taxes - Computation of (Benefit) Provision of Income Taxes Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit) at federal statutory rate	$ (13,366)	$ 3,784	$ 6,700
State and local income taxes net of federal benefit	(364)	27	10
Tax rate changes	(1,255)	(873)	21
Valuation allowance changes	35,404	857	(7,902)
Foreign rate differential	(1,758)	138	(164)
Research and development	(2,385)	(2,840)	(811)
Share-based compensation - excess tax benefit	311	(778)	(3,444)
Foreign derived intangible income	(2,887)	(2,258)
Other	74	(240)	75
(Benefit) provision for income taxes	$ 13,774	$ (2,183)	$ (5,515)

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based compensation included in costs and expenses	$ 11,593	$ 10,680	$ 7,717
Cost of Revenues
Share-based compensation included in costs and expenses	207	219	152
Research and Development
Share-based compensation included in costs and expenses	4,699	4,532	3,044
Sales and Marketing
Share-based compensation included in costs and expenses	2,572	2,603	1,935
General and Administrative
Share-based compensation included in costs and expenses	$ 4,115	$ 3,326	$ 2,586

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Note 6. Debt

As of December 31, 2023, the Company had $25.4 million outstanding under its amended term loan facility with Bank of America and $0.0 million in borrowings under its revolving credit facility. The Company has available $45.0 million under its revolving credit facility with Bank of America.

As of December 31, 2022, the Company had $28.0 million outstanding under its term loan facility with Bank of America and $0.0 million in borrowings under its revolving credit facility with Bank of America.

The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2022 and December 31, 2023 (in thousands):


	December 31,			December 31,
	2022			2023

Term loan facility	$	28,031		$	25,406
Less debt issuance costs		(410	)		(294	)
Total debt		27,621			25,112
Less current portion of term facility		(3,281	)		(3,281	)
Current portion of debt issuance costs		123			95
Total long-term external debt, net	$	24,463		$	21,926

Secured credit agreements

On December 29, 2023 (the “Amendment Effective Date”), the Company entered into the Second Amendment to Credit Agreement (the “Second Amendment”), which amends the credit agreement, dated as of November 17, 2021 (the “BofA Credit Agreement”, the BofA Credit Agreement as amended prior to the date hereof, the “Existing Credit Agreement,” and the Existing Credit Agreement, as amended by the Second Amendment, the “Amended Credit Agreement”) by and among, inter alios, Cambium Networks, Ltd. as the borrower (the “Borrower”), the Company as a guarantor, Cambium (US), L.L.C., as a guarantor, certain other subsidiaries of the Company party thereto as guarantors (with the Borrower and each guarantor being, individually, a “Loan Party” and collectively, the “Loan Parties”), Bank of America, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), a Lender, Swingline Lender and an L/C Issuer and the other Lenders party thereto from time to time. Capitalized terms used but not otherwise defined herein shall have the meanings as assigned to such terms in the Second Amendment and Amended Credit Agreement as previously filed as Exhibit 10.47.

The Second Amendment amends the Existing Credit Agreement by, among other things, establishing a covenant relief period, which began on December 31, 2023 and ends on November 30, 2024 (“Covenant Relief Period”) during which time the Company is (a) required to maintain certain Liquidity as provided in the Amended Credit Agreement, (b) required to maintain certain levels of Consolidated EBITDA as provided in the Amended Credit Agreement, (c) required to provide certain additional financial reporting to the Administrative Agent and (d) not required to meet (or, during such period, test) its Consolidated Leverage Ratio or Consolidated Fixed Charge Coverage Ratio. Additionally, the Second Amendment provides that, during the Covenant Relief Period, (x) the Applicable Rate of interest being incurred on any outstanding Loans is increased to 3.25% per annum for Term SOFR Loans and 2.25% per annum for Base Rate Loans, (y) the commitment fee for undrawn commitments is increased to 0.35% and (z) the ability of the Loan Parties to make certain Investments, Dispositions and Restricted Payments, in each case, is limited as more fully set forth in the Amended Credit Agreement.

As was the case in the Existing Credit Agreement, the Amended Credit Agreement provides that the Borrower has the option to borrow Revolving Loans under the Revolving Facility in the form of either Base Rate Loans or Term SOFR Loans. The outstanding principal amounts of Term SOFR Loans borrowed under the Revolving Facility bear interest at the same rates as described above.

At December 31, 2023, the applicable margin was 3.25% and the effective interest rate on the Term SOFR Loan was 9.2%.

The maturity date of the Term Facility and the Revolving Facility remains unchanged, with both terminating and all amounts outstanding thereunder, becoming due and payable in full, on November 17, 2026 (the “Maturity Date”). The Term Facility is still subject to repayment of outstanding principal in equal quarterly amounts of $656,250, which began with the quarter ended March 31, 2022.

Obligations under the Second Amendment are guaranteed by the Loan Parties and secured by Collateral, in each case, as set forth in the Existing Credit Agreement. Under the Second Amendment, within sixty (60) days of the December 29, 2023 (or such longer period agreed to by the Administrative Agent), the Borrower shall execute additional collateral agreements governed by the laws of England and Wales required to provide the Administrative Agent a lien on all assets owned by the Borrower (subject to security principles that will be agreed, but which shall provide for a customary qualifying floating charge over its assets, with certain customary exceptions). The Second Amendment also provides that by December 31, 2024 and June 30, 2025, as applicable, the Borrower and its Subsidiaries shall transition certain of their primary principal disbursement services, payroll services and primary operating customer deposit services to Bank of America, N.A.

The Second Amendment modified certain of the Events of Default under the Existing Credit Agreement as a result of certain additional reporting covenants that are included in the Second Amendment. However, other than such additions, no additional changes were effectuated to the Events of Default, which remain the same under the Amended Credit Agreement vis-a-vis the Existing Credit Agreement.

As of December 31, 2023, the Company was compliant with all affirmative and negative covenants under the Existing Credit Agreement and the Amended Credit Agreement.

Maturities on the external debt outstanding at December 31, 2023 under the BofA Agreement are as follows (in thousands):


Year ending December 31,
2024		2,625
2025		2,625
2026		19,500
Total	$	24,750

Interest expense, net

Net Interest expense, including bank charges and amortization of debt issuance costs on the external debt, was $4.3 million, $2.0 million and $2.5 million for the years ended December 31, 2021, 2022 and 2023, respectively. Interest expense for the year ended December 31, 2021 included $0.7 million of additional amortization of deferred issuance costs related to the Silicon Valley Bank credit agreement.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenue from Contracts with Customers - Additional Information (Details 1) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Deferred revenue	$ 19.2	$ 17.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period		1 year
Deferred revenue		$ 8.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation expected to be recognized period	1 year
Deferred revenue	$ 8.8

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Accounts payable	$ 19,120	$ 31,284
Vector Capital Management L.P.
Related Party Transaction [Line Items]
Professional service fees and reimbursement of expenses	600	100	$ 0
Accounts payable	$ 0	$ 100

Revenue from Contracts with Customers - Summary of Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Trade accounts receivable, net of allowance for credit losses	$ 63,656	$ 89,181
Deferred revenue - current	8,765	8,913
Deferred revenue - noncurrent	10,473	8,617
Refund liability	$ 8,723	$ 3,186

Shareholders' equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Summary of Changes in Number of Shares Available for Grant

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the year ended December 31, 2023:


	Number of shares
Available for grant at December 31, 2022		2,000,364
Added to 2019 Share Incentive Plan		1,320,000
RSUs granted		(225,338	)
Options granted		(1,478,946	)
Performance shares awarded		(97,500	)
Shares withheld in settlement of taxes and/or exercise price		50,775
Expirations		56,157
Forfeitures		122,840
Available for grant at December 31, 2023		1,748,352

Summary of Stock Option Activity

The following is a summary of option activity for the Company’s share incentive plans for year ended December 31, 2023:


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2022		3,395,219		$	13.83		7.6	$	28,985,969
Options granted 1		1,478,946		$	7.64		—	$	—
Options exercised		(59,800	)	$	8.32		—	$	—
Options expired		(56,157	)	$	10.32		—	$	—
Options forfeited		(68,292	)	$	14.08		—	$	—
Outstanding at December 31, 2023		4,689,916		$	11.98		7.5	$	617,623
Options exercisable at December 31, 2023		2,556,847		$	13.07		6.1	$	—
Options vested and expected to vest at December 31, 2023		4,612,496		$	12.05		7.5	$	543,130

1 Options granted includes the time-based share options and the performance-based share options for which a grant date has been established, as described below.

Schedule of Estimated Fair Value of Weighted Average Assumptions

The Company estimates the fair value of share options using the Black-Scholes option pricing model. The fair value of share options is being amortized on a straight-line basis over the requisite service period of the awards. The fair value of share options is estimated using the following weighted-average assumptions:


	Year Ended December 31,
	2021			2022			2023
Expected dividend yield		—			—			—
Risk-free interest rate		1.14	%		2.96	%		4.48	%
Weighted-average expected volatility		50.9	%		72.9	%		69.8	%
Expected term (in years)		6.5			5.5			5.8
Weighted average grant-date fair value per share of options granted	$	21.36		$	9.94		$	4.93

Summary of Restricted Shares Activity

The following is a summary of restricted shares activity for the Company’s share incentive plans for the year ended December 31, 2023:


	Units			Weighted average grant date fair value
RSU balance at December 31, 2022		696,990		$	18.22
RSUs granted 1		225,338		$	12.68
RSUs vested		(311,440	)	$	16.51
RSUs forfeited		(54,548	)	$	18.31
RSU balance at December 31, 2023		556,340		$	17.60

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

Restructuring - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 2,154
Payment for restructuring charges	1,791
Restructuring liability	400
Remaining restructuring costs expected to be paid	400
Maximum \| One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring cost	3,500
Minimum \| One-time Termination Benefits
Restructuring Cost and Reserve [Line Items]
Expected additional restructuring cost	$ 2,500

- 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

Shareholders' equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands

1 Months Ended

6 Months Ended

12 Months Ended

Mar. 01, 2023

Feb. 25, 2022

Mar. 01, 2021

Mar. 24, 2020

May 31, 2023

Jun. 30, 2019

Dec. 31, 2023

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Jun. 30, 2021

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Share-based compensation expense

$ 11,593

$ 10,680

$ 7,717

Shares granted

^[1]

225,338

Pretax unrecognized compensation expense

$ 20,400

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

8.20%

Share options contractual term

10 years

Aggregate intrinsic value of options exercised

$ 0

$ 17,700

$ 18,500

$ 0

$ 17,700

$ 18,500

Share options exercised

59,800

242,423

454,354

Cash received from share options exercised

$ 498

$ 2,234

$ 4,807

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

$ 12,900

Unrecognized share-based compensation expense, weighted-average period of recognition

2 years 10 months 24 days

Perforamance awards issued

556,340

696,990

556,340

696,990

Common stock dividends paid

$ 0

Ordinary shares, authorized

500,000,000

Employee Share Purchase Plan

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

Share-based compensation expense

$ 900

$ 700

Number of outstanding shares added annually

275,000

Percentage of outstanding shares

1.00%

Total number of shares available under ESPP

1,334,427

Number of original shares available under ESPP

550,000

Number of additional shares available under ESPP

273,133

267,352

260,345

256,730

Percentage of purchase price shares on first trading day of each offering period or on the purchase date

85.00%

Shares issued under the ESPP

113,218

88,290

64,867

87,229

42,401

39,061

RSAs and RSUs

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

Unrecognized share-based compensation expense, weighted-average period of recognition

2 years 2 months 8 days

Shares to pay employees' portion of minimum payroll withholding taxes

50,775

52,554

Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units

$ 7,500

Performance shares

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

Performance options issued

60,000

Perforamance awards issued

135,000

Performance shares | Tranche One

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

Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units

$ 400

Perforamance awards issued

62,500

Performance shares | Tranche Two

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

Shares granted

62,500

Unrecognized pre-tax compensation expense related to unvested restricted share awards and restricted shares units

$ 900

Shares vesting, percentage

50.00%

2019 Share Incentive Plan

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

Number of shares authorized

1,320,000

Percentage of outstanding shares

5.00%

2019 Share Incentive Plan | Maximum

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

Number of outstanding shares added annually

1,320,000

2019 Share Incentive Plan | RSUs

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

Shares granted

225,338

418,896

2019 Share Incentive Plan | Performance shares

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

Shares granted

97,500

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

Balance Sheet Components - Schedule of Change to Accrued Warranty (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Standard Product Warranty Disclosure [Abstract]
Beginning balance	$ 1,651	$ 1,731
Fulfillment of assumed acquisition warranty	(178)	(142)
Provision increase, net	11	62
Ending balance	$ 1,484	$ 1,651

Goodwill and Intangible Assets - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment Subsidiary Unit	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Number of operating segment \| Segment	1
Number of reportable segments \| Segment	1
Number of operating subsidiaries \| Subsidiary	2
Percentage of market capitalization exceeded net assets	106.00%
Number of reporting unit \| Unit	1
Carrying amount of goodwill	$ 9,842,000	$ 9,842,000
Adjustments to carrying value of goodwill	0	0
Impairment of goodwill	0	0	$ 0
Amortization expense	$ 1,500,000	$ 1,600,000	$ 2,100,000

Leases - Supplemental Cash Flow Information related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 2,484	$ 2,403	$ 2,674
Right-of-use assets obtained on operating lease commencements	$ 6,027

Debt - Schedule of Maturities on External Debt Outstanding (Details) - BofA Credit Agreement $ in Thousands	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024	$ 2,625
2025	2,625
2026	19,500
Total	$ 24,750

- 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 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Restructuring - Schedule of Restructuring Liability Activity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 2,154
Cost paid	(1,791)
Restructuring liability at December 31, 2023	$ 363

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
NOL and tax credit carryforwards	$ 24,561	$ 5,883
Capitalized research costs	11,896	6,017
Disallowed interest carryforwards	784	906
Lease liability	1,194	289
Share-based compensation	3,758	2,665
Intangible assets	247	260
Other	507	320
Subtotal	42,947	16,340
Less: Valuation allowance	(36,732)	(1,328)
Net deferred tax assets	6,215	15,012
Property and equipment	(846)	(775)
Operating lease assets	(1,134)	(242)
Prepaid expenses and other assets	(223)	(425)
Capitalized software development costs	(318)	(788)
Net deferred tax liabilities	(2,521)	(2,230)
Total deferred tax assets, net	$ 3,694	$ 12,782

Restructuring (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Liability Activity

The following table reflects the restructuring liability activity for the year ended December 31, 2023 (in thousands):


Restructuring liability at January 1, 2023	$	—
Restructuring charges		2,154
Cost paid		(1,791	)
Restructuring liability at December 31, 2023	$	363

Shareholders' equity - Summary of Stock Option Activity (Details) - USD ($)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Options

Options outstanding, Beginning balance

3,395,219

Options granted

^[1]

1,478,946

Options exercised

(59,800)

(242,423)

(454,354)

Options expired

(56,157)

Options forfeited

(68,292)

Options outstanding, Ending balance

4,689,916

3,395,219

Options exercisable

2,556,847

Options vested and expected to vest

4,612,496

Weighted average exercise price

Weighted average exercise price, Outstanding beginning balance

$ 13.83

Weighted average exercise price, Options granted

^[1]

7.64

Weighted average exercise price, Options exercised

8.32

Weighted average exercise price, Options expired

10.32

Weighted average exercise price, Options forfeited

14.08

Weighted average exercise price, Outstanding ending balance

11.98

$ 13.83

Weighted average exercise price, Options exercisable

13.07

Weighted average exercise price, Options vested and expected to vest

$ 12.05

Weighted average remaining contractual term (years)

Weighted average remaining contractual term, Options outstanding

7 years 6 months

7 years 7 months 6 days

Weighted average remaining contractual term, Options exercisable

6 years 1 month 6 days

Weighted average remaining contractual term, Options vested and expected to vest

7 years 6 months

Aggregate intrinsic value, Outstanding

$ 617,623

$ 28,985,969

Aggregate intrinsic value, Options exercisable

$ 17,700,000

$ 18,500,000

Aggregate intrinsic value, Options vested and expected to vest

$ 543,130

[1]	1 Options granted includes the time-based share options and the performance-based share options for which a grant date has been established, as described below.

Other Expense (Income), Net - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Expense (Income), Net
Other Non Operating Income and Expense [Line Items]
Foreign exchange losses	$ 0.3	$ (0.1)	$ 0.2

Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Dec. 29, 2023	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt instrument, interest rate terms			the Applicable Rate of interest being incurred on any outstanding Loans is increased to 3.25% per annum for Term SOFR Loans and 2.25% per annum for Base Rate Loans, (y) the commitment fee for undrawn commitments is increased to 0.35% and (z) the ability of the Loan Parties to make certain Investments, Dispositions and Restricted Payments, in each case, is limited as more fully set forth in the Amended Credit Agreement.
Net interest expense			$ 2,500	$ 2,000	$ 4,300
Silicon Valley Bank
Debt Instrument [Line Items]
Write-down of deferred issuance costs					700
BofA Credit Agreement
Debt Instrument [Line Items]
Debt outstanding			24,750
Term Loan Facility
Debt Instrument [Line Items]
Debt outstanding			$ 25,406	28,031
Undrawn commitment fee	0.35%
Debt instrument, principal payments		$ 656,250
Debt instrument, frequency of payment			quarterly
Debt instrument, maturity date			Nov. 17, 2026
Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument base rate	2.25%
Term Loan Facility \| Applicable Margin Rate
Debt Instrument [Line Items]
Debt instrument base rate			3.25%
Term Loan Facility \| SOFR
Debt Instrument [Line Items]
Debt instrument, effective interest rate			9.20%
Debt instrument base rate	3.25%
Term Loan Facility \| Bank of America
Debt Instrument [Line Items]
Debt outstanding			$ 25,400	$ 28,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt outstanding			0
Revolving Credit Facility \| Bank of America
Debt Instrument [Line Items]
Debt outstanding					$ 0
Revolving Credit Facility \| Silicon Valley Bank
Debt Instrument [Line Items]
Debt Instrument amount available under credit facility			$ 45,000

Employee Benefit Plans

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee benefit plans

Note 7. Employee benefit plans

The Company’s 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 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 do 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 $1.2 million, $1.4 million and $1.4 million for the years ended December 31, 2021, 2022 and 2023, respectively.

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 $0.4 million, $0.4 million and $0.4 million for the years ended December 31, 2021, 2022 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-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 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

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

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: 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 10: 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 11: 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 12: 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

Reference 13: 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 14: 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

+ Details

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued goods and services	$ 7,787	$ 10,105
Accrued loss on supplier commitments	12,949	528
Accrued inventory purchases	2,768	3,189
Accrued customer rebates	23,052	13,797
Other	513	423
Accrued liabilities	$ 47,069	$ 28,042

Revenue from contracts with customers

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from contracts with customers

Note 13. Revenue from contracts with customers

Disaggregation of revenues

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


	Year Ended December 31,
	2021				2022				2023
Point-to-Multi-Point	$	204,756	61	%	$	114,941	39	%	$	95,197	43	%
Point-to-Point		60,761	18	%		67,083	22	%		80,765	37	%
Enterprise		66,933	20	%		109,844	37	%		39,097	18	%
Other		3,404	1	%		5,031	2	%		5,136	2	%
Total Revenues	$	335,854	100	%	$	296,899	100	%	$	220,195	100	%

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

Revenue by geography were as follows (in thousands, except percentages):


	Year Ended December 31,
	2021				2022				2023
North America	$	173,491	52	%	$	133,897	45	%	$	131,943	60	%
Europe, Middle East and Africa		93,082	28	%		90,883	31	%		44,169	20	%
Caribbean and Latin America		40,974	12	%		31,223	10	%		20,729	9	%
Asia Pacific		28,307	8	%		40,896	14	%		23,354	11	%
Total Revenues	$	335,854	100	%	$	296,899	100	%	$	220,195	100	%

The following country had revenues greater than 10% of total revenues:

•

United States - $165.3 million for 2021, $132.9 million for 2022 and $132.0 million for 2023

Customers with an accounts receivable balance of 10% or greater of total accounts receivable and customers with net revenues of 10% or greater of total revenues are presented below for the periods indicated:


	Percentage of Revenues									Percentage of Accounts Receivable
	Years Ended December 31,									As of December 31,
	2021			2022			2023			2022			2023
Customer A		20	%		15	%		17	%		29	%		21	%
Customer B		15	%	*				12	%	*			*

* denotes percentage is less than 10%

Contract Balances

The following table summarizes contract balances as of December 31, 2022 and December 31, 2023:


	December 31, 2022		December 31, 2023

Trade accounts receivable, net of allowance for credit losses	$	89,181	$	63,656
Deferred revenue - current		8,913		8,765
Deferred revenue - noncurrent		8,617		10,473
Refund liability	$	3,186	$	8,723

Trade accounts receivable include amounts currently due from customers. Amounts are in accordance with contractual terms and are recorded at face amount less an allowance for credit losses.

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

The refund liability is the estimated amount expected to be refunded to customers in relation to product exchanges made as part of the Company’s stock rotation program and returns that have been authorized, but not yet received by the Company. The increase in

the refund liability is mostly driven by the higher expected stock rotations of enterprise products as the channel aligns its inventory position with market demand and is included within Other current liabilities in the consolidated balance sheets.

Remaining performance obligations

Remaining performance obligations represent the revenue that is expected to be recognized in future periods related to performance obligations included in a contract that are unsatisfied, or partially satisfied, as of the end of a period. As of December 31, 2022 and 2023, deferred revenue (both current and noncurrent) of $17.5 million and $19.2 million, respectively, represents the Company’s remaining performance obligations, of which $8.9 million and $8.8 million, respectively, is expected to be recognized within one year, with the remainder to be recognized thereafter.

Revenue recognized during the year ended December 31, 2023 which was previously included in deferred revenues as of December 31, 2022 was $8.7 million. Revenue recognized during the year ended December 31, 2022 which was previously included in deferred revenues as of December 31, 2021 was $6.8 million. Revenue recognized during the year ended December 31, 2021 which was previously included in deferred revenues as of December 31, 2020 was $6.3 million.

Cost to obtain a contract

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

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

+ Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (77,420)	$ 20,200	$ 37,421
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	4,341	3,913	3,356
Amortization of software and intangible assets	4,684	3,683	3,621
Amortization of debt issuance costs	334	304	1,130
Share-based compensation	11,593	10,680	7,717
Deferred income taxes	9,088	(5,189)	(6,065)
Provision for inventory excess and obsolescence	16,595	3,743	11
Other	(438)	(125)	(207)
Change in assets and liabilities:
Receivables	32,048	(12,906)	(11,174)
Inventories	(26,405)	(27,034)	174
Prepaid expenses	5,255	286	(8,034)
Accounts payable	(13,637)	2,767	(2,710)
Accrued employee compensation	(2,187)	(8,866)	1,885
Accrued liabilities	12,509	(427)	2,517
Other assets and liabilities	6,688	5,917	318
Net cash provided by (used in) operating activities	(16,952)	(3,054)	29,960
Cash flows from investing activities:
Purchase of property and equipment	(4,589)	(4,574)	(6,259)
Purchase of software	(6,636)	(4,671)	(3,907)
Net cash used in investing activities	(11,225)	(9,245)	(10,166)
Cash flows from financing activities:
Proceeds from issuance of term loan			29,812
Repayment of term loan	(2,625)	(1,969)	(55,250)
Payment of debt issuance costs	(122)		(1,220)
Issuance of ordinary shares under ESPP	1,680	1,966	1,756
Taxes paid from shares withheld	(700)	(986)	(2,816)
Proceeds from share option exercises	498	2,234	4,807
Payment to extinguish debt			(42)
Net cash (used in) provided by financing activities	(1,269)	1,245	(22,953)
Effect of exchange rate on cash	(6)	(75)	(22)
Net decrease in cash	(29,452)	(11,129)	(3,181)
Cash, beginning of period	48,162	59,291	62,472
Cash, end of period	18,710	48,162	59,291
Supplemental disclosure of cash flow information:
Income taxes paid	4,923	1,349	779
Interest paid	$ 1,840	$ 807	$ 2,062

Goodwill and Intangible Assets - Schedule of Carrying Amount and Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,300	$ 19,300
Accumulated amortization	(11,625)	(10,127)
Total amortization	$ 7,675	9,173
Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	18 years
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 19,300	19,300
Accumulated amortization	(11,625)	(10,127)
Total amortization	$ 7,675	$ 9,173
Customer Relationships \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	5 years
Customer Relationships \| Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	18 years

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income (Loss) Before Income Taxes

For the years ended December 31, 2021, 2022 and 2023, income (loss) before income taxes includes the following components (in thousands):


	Years ended December 31,
	2021		2022		2023
United States	$	10,943	$	10,269	$	4,412
Foreign		20,963		7,748		(68,058	)
Total	$	31,906	$	18,017	$	(63,646	)

Schedule of (Benefit) Provision of Income Taxes

For the years ended December 31, 2021, 2022 and 2023, the (benefit) provision for income taxes consists of the following (in thousands):


	Years ended December 31,
	2021			2022			2023
Current:
U.S. federal	$	268		$	1,174		$	3,647
State		(94	)		847			154
Foreign		376			985			885
Current tax provision		550			3,006			4,686
Deferred:
U.S. federal	$	(1,662	)	$	(3,814	)	$	2,415
State		(147	)		(610	)		556
Foreign		(4,256	)		(765	)		6,117
Deferred tax (benefit) provision		(6,065	)		(5,189	)		9,088
(Benefit) provision for income taxes	$	(5,515	)	$	(2,183	)	$	13,774

Computation of (Benefit) Provision of Income Taxes Reconciliation


	Years ended December 31,
	2021			2022			2023
Income tax expense (benefit) at federal statutory rate	$	6,700		$	3,784		$	(13,366	)
State and local income taxes net of federal benefit		10			27			(364	)
Tax rate changes		21			(873	)		(1,255	)
Valuation allowance changes		(7,902	)		857			35,404
Foreign rate differential		(164	)		138			(1,758	)
Research and development		(811	)		(2,840	)		(2,385	)
Share-based compensation - excess tax benefit		(3,444	)		(778	)		311
Foreign derived intangible income		—			(2,258	)		(2,887	)
Other		75			(240	)		74
(Benefit) provision for income taxes	$	(5,515	)	$	(2,183	)	$	13,774

Schedule of Deferred Tax Assets and Liabilities

The sources of these differences for the years ended December 31, 2022 and 2023 are as follows (in thousands):


	Years ended December 31,
	2022			2023
NOL and tax credit carryforwards	$	5,883		$	24,561
Capitalized research costs		6,017			11,896
Disallowed interest carryforwards		906			784
Lease liability		289			1,194
Share-based compensation		2,665			3,758
Intangible assets		260			247
Other		320			507
Subtotal		16,340			42,947
Less: Valuation allowance		(1,328	)		(36,732	)
Net deferred tax assets		15,012			6,215
Property and equipment		(775	)		(846	)
Operating lease assets		(242	)		(1,134	)
Prepaid expenses and other assets		(425	)		(223	)
Capitalized software development costs		(788	)		(318	)
Net deferred tax liabilities		(2,230	)		(2,521	)
Total deferred tax assets, net	$	12,782		$	3,694
Deferred tax assets/liabilities included in the balance sheet are:
	Years ended December 31,
	2022			2023
Deferred tax assets - non-current	$	12,782		$	3,694
Deferred tax liabilities - non-current		—			—
Total deferred tax assets, net	$	12,782		$	3,694

The net deferred tax asset of $3.7 million is expected to be realized over the next three years from 2024 through 2026.

Summary of Valuation Allowance on Deferred Tax Assets

For the years ended December 31, 2022 and 2023, the following table reflects the activity in the Company’s valuation allowance on deferred tax assets (in thousands):


	Years ended December 31,
	2022		2023
Beginning balance	$	471	$	1,328
Increase in valuation allowance		857		35,404
Ending balance	$	1,328	$	36,732

Income Taxes - Deferred Tax Assets/Liabilities Included in Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Deferred tax assets - non-current	$ 3,694	$ 12,782
Total deferred tax assets, net	$ 3,694	$ 12,782

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Description of Business and Summary of Significant Accounting Policies

Note 1. Description of Business and Summary of 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 Markets.

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

The Company operates on a calendar year ending December 31. As such, all references to 2021, 2022 and 2023 contained within these notes relate to the calendar year, unless otherwise indicated.

Basis of Presentation

The Company’s consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Cambium Networks Corporation and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated.

In 2022, management determined that certain costs previously included as general and administrative expenses related to other functions of the business. Prior period results have been revised to reflect the allocation of these costs to their respective functions. These costs primarily include facility costs such as leased space and shared IT costs. Revisions were made to increase research and development expense by $3.4 million and selling and marketing expense by $1.0 million and decrease general and administrative expense by $4.4 million for the year ended December 31, 2021. These revisions were concluded to be immaterial and had no impact on operating income.

Use of Accounting Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates these estimates, including those related to the provision for excess and obsolete inventory, the carrying amount of estimated inventory returns, the estimated amount expected to be refunded to customers in respect of inventory returns, fair value of equity awards granted to employees and the associated forfeiture rates, fair value of assets acquired, liabilities assumed, goodwill and identifiable intangible assets in business combinations, leases, provision for income taxes, recoverability of deferred tax assets. The Company bases estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.

Segments

Management has determined that it operates as one operating segment and one reporting unit as it only reports financial information on an aggregate and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker ("CODM"). Decisions about resource allocation or operating performance assessments are not made below a total company level. Consequently, impairment testing of goodwill is performed at the consolidated level as one reporting unit.

Recognition of revenues

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 products or services.

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

The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software

products, extended warranty on hardware products and software subscriptions have been identified as separate performance obligations.

The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. Exchanges made as part of the Company’s stock rotation program meet the definition of a right of return. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as volume-based rebates and cooperative marketing allowances.

The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with embedded software is recognized when control is transferred to the customer, which is typically at the time of shipment. Software revenue is from perpetual license software and is recognized at the point in time the customer is able to use or benefit from the software. Extended warranty is available for purchase on hardware products and is a performance obligation that is satisfied over time, beginning on the effective date of the warranty term and ending on the expiration of the warranty term. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from subscription services is recognized ratably over the term in which the services are provided and our performance obligation is satisfied.

Multiple performance obligations

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

Receivables and concentration of credit risk

Trade accounts receivable are recorded at invoiced amounts, net of the allowance for credit losses. 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 their customers are generally net 30 to 60 days. The Company had one customer representing more than 10% of trade receivables at December 31, 2022 and 2023. The Company had two customers representing more than 10% of revenues for the years ended December 31, 2021 and 2023 and one customer representing more than 10% of revenues for the year ended December 31, 2022.

The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based on historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables, and credit and liquidity indicators for individual customers.

Inventory

The Company’s inventories are primarily finished goods for resale and, to a lesser extent, raw materials, which have been either consigned to the Company’s third-party manufacturers or are held by the Company. Inventories are stated at the lower of cost or net realizable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. For finished goods, cost is computed as production cost including capitalized inbound freight costs.

The valuation of inventory also requires the Company to estimate excess or obsolete inventory. The determination of excess or obsolete inventory is based on a comparison of the quantity and cost of inventory on hand versus the Company's forecast of customer demand and consideration of historical usage and management's judgment. The Company also considers the rate at which new products will be accepted in the marketplace and how quickly customers will transition from older products to newer products. Any adjustments to the valuation of inventory are included in cost of revenues.

The Company also records a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of its future demand forecasts consistent with the valuation of its excess and obsolete inventory. Any adjustments to recognize a loss on supplier commitments are included in cost of revenues.

Property and equipment

Per ASC 360, Property, Plant, and Equipment, property and equipment is stated at cost. The Company calculates depreciation expense using the straight-line method over the estimated useful lives of each asset based on its asset class. Leasehold improvements are amortized over the shorter of their useful lives or the lease term. See Note 3 – Property and equipment for the useful lives for each asset class.

Upon retirement or disposition, the asset cost and related accumulated depreciation are removed with any gain or loss recognized in operating expense in the Consolidated Statements of Operations. For the years ended 2021, 2022 and 2023, the loss recognized was immaterial.

Software

Software may be purchased or developed internally for internal use. Costs related to internal use software are accounted for in accordance with ASC 350-40, Internal Use Software. Costs are expensed as incurred during the preliminary project stage of an internal use software project. Costs are capitalized once the project has been approved by management and is in the application development stage. Post implementation/operation costs, such as maintenance and training costs, are expensed as incurred. Any costs incurred to provide upgrades or enhancements are capitalized only if they provide additional functionality that did not previously exist.

Amortization of internal use software begins when the software is ready for internal use and is amortized over its estimated useful life. The amortization expense for internal use software is computed using the straight-line method over three to seven years.

Costs related to certain software, which is available for sale, are capitalized in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, when the resulting product reaches technological feasibility. The Company generally determines technological feasibility when it has a detailed program design that takes product function, feature and technical requirements to their most detailed, logical form and the product is ready for coding. The Company does not typically capitalize costs related to the development of first-generation product offerings as technological feasibility generally coincides with general availability of the software.

Amortization of software costs to be sold or marketed externally begins when the product is available for sale to customers and is amortized using the straight-line method over its estimated useful life of three years.

Goodwill and intangible assets

Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Goodwill is measured at cost and is not amortized. Intangible assets acquired, either individually or with a group of assets, are initially recognized and measured at fair value. The Company uses third-party specialists to assist management to determine fair values and estimated useful lives for intangible assets acquired in business combinations. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives of between 3 and 18 years. The Company has no intangible assets with indefinite lives.

In accordance with ASC 350, Goodwill and Other, the Company assesses goodwill for impairment at least annually and whenever events or circumstances that would more likely than not, reduce the fair value below its carrying value. The Company tested goodwill for impairment at December 31. The Company did not recognize an impairment loss of goodwill for the years ended December 31, 2021, 2022 and 2023.

Annual impairment testing is completed at the reporting unit level. Management has concluded the Company operates as one reporting unit and one operating segment for annual impairment testing.

In completing its impairment evaluations, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing this qualitative assessment, the Company assesses relevant events and changes in circumstances, including industry and market conditions, operating results, business plans, and entity-specific events that would affect the fair value or the carrying amount of a reporting unit. If it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company determines the fair value of the reporting unit and compares the fair value to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired and no further steps are required. As of December 31, 2023, the Company's market capitalization exceeded its net assets by 106%.

Impairment of long-lived assets

The Company evaluates its long-lived assets, including property and equipment, software, right of use assets, and definite-lived intangible assets for impairment by completing a quarterly qualitative assessment and whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. An impairment loss is recognized when the net book value of such assets exceeds the estimated future undiscounted cash flows attributable to the assets or asset group. If impairment is indicated,

the asset is written down to its estimated fair value. The Company did not recognize any material impairment losses of long-lived assets for the years ended December 31, 2021, 2022 and 2023.

Leases

The Company has both cancelable and noncancelable operating leases for office space, vehicles, and office equipment. The Company records leases in accordance with ASC 842, Leases, (“ASC 842”). The Company records a right-of-use asset and lease liability on its consolidated balance sheet for all leases that qualify. The operating lease liability represents the present value of the future minimum lease payments over the lease term using the Company’s incremental borrowing rate at the lease commencement date. The right-of-use asset reflects adjustments for the derecognition of deferred rent and prepaid rent. Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet, and are expensed on a straight-line basis over the lease term. The Company does not include any renewal periods in the lease term for its leases as sufficient economic factors do not exist that would compel it to continue to use the underlying asset beyond the initial non-cancelable term. The Company has elected to combine the lease and non-lease components into a single lease component for all of its leases. See Note 14 – Leases for further details.

Product warranties

The Company provides 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. Provisions for warranty claims are recorded at the time products are sold based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. These provisions are reviewed and adjusted by management periodically to reflect actual and anticipated experience. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.

Income taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement carrying amount and the tax basis of assets and liabilities using enacted income tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in the income tax provision in the period that includes the enactment date.

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and adjusts the valuation allowances accordingly. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.

In general, it is the practice and intention of the Company to reinvest the earnings of its subsidiaries in those foreign operations. As of December 31, 2021, 2022 and 2023, the Company had not made a provision for withholding taxes on the undistributed earnings of any foreign subsidiaries and are treating their earnings as being indefinitely reinvested. It is not practicable to estimate the amount of deferred tax liability to the undistributed earnings in these subsidiaries.

The Company may be subject to income tax audits in all of the jurisdictions in which it operates and, as a result, must also assess exposures to any potential issues arising from current or future audits of current and prior years’ tax returns. Accordingly, the Company must assess such potential exposures and, where necessary, provide for any expected loss. The Company would recognize the benefit of a tax position if it is more likely than not to be sustained. Recognized tax positions are measured at the largest amount more likely than not to be realized upon settlement. To the extent that the Company establishes a liability, its income tax expense would be increased. If the Company ultimately determines that payment of these amounts is unnecessary, it would reverse the liability and recognize an income tax benefit during the period in which new information becomes available indicating that the liability is no longer necessary. The Company would record an additional income tax expense in the period in which new information becomes available indicating that the income tax liability is greater than its original estimate. The Company did not record such an adjustment for the years ended December 31, 2021, 2022 or 2023.

Share-based compensation

The Company accounts for share-based compensation in accordance with the guidance in ASC 718, Share-based Payments, by measuring and recognizing compensation expense for all share-based payments based on estimated grant date fair values for equity settled awards.

Awards are granted under the 2019 Share Incentive Plan. The 2019 Share Incentive Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards, restricted share units, or other share-based awards and performance awards.

The Company also issues shares under its Employee Share Purchase Plan ("ESPP"). The first offering period or purchase period under the ESPP began on January 1, 2021. The Company offers two offering periods of six month each per year. Under the ESPP, the purchase price of the Company's shares is 85% of the lower of the fair market value of the shares on the first trading date of each offering period or on the purchase date.

Contingencies

In accordance with ASC 450, Contingencies, the Company periodically evaluates all pending or threatened contingencies and any commitments, if any, that are reasonably likely to have a material adverse effect on its results of operations, financial position or cash flows. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.

Foreign currency translation

The Company records any gain and loss associated with foreign currencies in accordance with ASC 830, Foreign Currency Matters. The reporting currency of the Company is the U.S. dollar and the functional currency for each operating subsidiary is the local currency of the operating subsidiary other than for Cambium Networks, Ltd. (UK) for which the functional currency is the U.S. dollar. Local currency denominated monetary assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues, cost of revenues and expenses are translated at the average exchange rate in effect during the applicable period. The Company recognizes foreign exchange gains and losses in other expense on its consolidated statements of operations and accumulated other comprehensive income (loss) on its consolidated balance sheets.

Research and development costs

Research and development expenses consists primarily of salary and benefit expenses for employees and contractors engaged in research, design and development activities, and costs for prototypes, travel costs and shared facility and IT costs. The Company also incurs research and development costs associated with the development of software for both internal use and to be marketed externally. Research and development costs, other than those associated with the development of software that meet the criteria for capitalization, are expensed as incurred.

Recently issued accounting standards not yet adopted

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity's income tax rate reconciliation table and requires disclosure of income taxes paid in both U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit of loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The new guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating this ASU to determine its impact on the Company's 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 ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendment will be removed from the Codification and not become effective. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Note 3. Property and equipment

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


		December 31,			December 31,
	Useful Life	2022			2023

Equipment and tooling	3 to 5 years	$	33,026		$	37,678
Computer equipment	3 to 5 years		4,572			5,546
Furniture and fixtures	5 to 10 years		809			853
Leasehold improvements	2 to 3 years		472			518
Total cost			38,879			44,595
Less: Accumulated depreciation			(27,608	)		(31,716	)
Property and equipment, net		$	11,271		$	12,879

Total depreciation expense was $3.4 million, $3.9 million and $4.3 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Cambium Networks Corporation and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. In 2022, management determined that certain costs previously included as general and administrative expenses related to other functions of the business. Prior period results have been revised to reflect the allocation of these costs to their respective functions. These costs primarily include facility costs such as leased space and shared IT costs. Revisions were made to increase research and development expense by $3.4 million and selling and marketing expense by $1.0 million and decrease general and administrative expense by $4.4 million for the year ended December 31, 2021. These revisions were concluded to be immaterial and had no impact on operating income.
Use of Accounting Estimates	Use of Accounting Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates these estimates, including those related to the provision for excess and obsolete inventory, the carrying amount of estimated inventory returns, the estimated amount expected to be refunded to customers in respect of inventory returns, fair value of equity awards granted to employees and the associated forfeiture rates, fair value of assets acquired, liabilities assumed, goodwill and identifiable intangible assets in business combinations, leases, provision for income taxes, recoverability of deferred tax assets. The Company bases estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Segments	Segments Management has determined that it operates as one operating segment and one reporting unit as it only reports financial information on an aggregate and consolidated basis to its Chief Executive Officer, who is the Company’s chief operating decision maker ("CODM"). Decisions about resource allocation or operating performance assessments are not made below a total company level. Consequently, impairment testing of goodwill is performed at the consolidated level as one reporting unit.
Recognition of revenues	Recognition of revenues 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 products or services. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company identifies its distinct performance obligations under each contract. A performance obligation is a promise in a contract to transfer a distinct product or service to the customer. Hardware products with essential embedded software, software products, extended warranty on hardware products and software subscriptions have been identified as separate performance obligations. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring products or services to a customer. Exchanges made as part of the Company’s stock rotation program meet the definition of a right of return. An adjustment to revenue is made to adjust the transaction price to exclude the consideration related to products expected to be returned. The Company records an asset at the carrying amount of the estimated stock returns and a liability for the estimated amount expected to be refunded to the customer. The transaction price also excludes other forms of consideration provided to the customer, such as volume-based rebates and cooperative marketing allowances. The Company recognizes revenue when, or as, it satisfies a performance obligation by transferring control of a promised product or service to a customer. Revenue from hardware products with embedded software is recognized when control is transferred to the customer, which is typically at the time of shipment. Software revenue is from perpetual license software and is recognized at the point in time the customer is able to use or benefit from the software. Extended warranty is available for purchase on hardware products and is a performance obligation that is satisfied over time, beginning on the effective date of the warranty term and ending on the expiration of the warranty term. The Company recognizes revenue on extended warranties on a straight-line basis over the warranty period. Revenue from subscription services is recognized ratably over the term in which the services are provided and our performance obligation is satisfied. Multiple performance obligations The Company enters into revenue arrangements that may consist of multiple performance obligations, such as hardware and extended warranty. The Company allocates the transaction price to each performance obligation on a relative standalone selling price basis for each distinct product or service in the contract. The best evidence of standalone selling price is the observable price of a product or service when the Company sells that product or service separately in similar circumstances and to similar customers. If a standalone selling price is not directly observable, the Company estimates the transaction price allocated to each performance obligation using the expected costs plus a margin approach.
Receivables and concentration of credit risk	Receivables and concentration of credit risk Trade accounts receivable are recorded at invoiced amounts, net of the allowance for credit losses. 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 their customers are generally net 30 to 60 days. The Company had one customer representing more than 10% of trade receivables at December 31, 2022 and 2023. The Company had two customers representing more than 10% of revenues for the years ended December 31, 2021 and 2023 and one customer representing more than 10% of revenues for the year ended December 31, 2022. The Company establishes an allowance for credit losses to present the net amount of accounts receivable expected to be collected. The allowance is determined by using the loss-rate method, which requires an estimation of loss rates based on historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivable. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables, and credit and liquidity indicators for individual customers.
Inventory	Inventory The Company’s inventories are primarily finished goods for resale and, to a lesser extent, raw materials, which have been either consigned to the Company’s third-party manufacturers or are held by the Company. Inventories are stated at the lower of cost or net realizable value. In determining the cost of raw materials, consumables and goods purchased for resale, the weighted average purchase price is used. For finished goods, cost is computed as production cost including capitalized inbound freight costs. The valuation of inventory also requires the Company to estimate excess or obsolete inventory. The determination of excess or obsolete inventory is based on a comparison of the quantity and cost of inventory on hand versus the Company's forecast of customer demand and consideration of historical usage and management's judgment. The Company also considers the rate at which new products will be accepted in the marketplace and how quickly customers will transition from older products to newer products. Any adjustments to the valuation of inventory are included in cost of revenues. The Company also records a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of its future demand forecasts consistent with the valuation of its excess and obsolete inventory. Any adjustments to recognize a loss on supplier commitments are included in cost of revenues.
Property and equipment	Property and equipment Per ASC 360, Property, Plant, and Equipment, property and equipment is stated at cost. The Company calculates depreciation expense using the straight-line method over the estimated useful lives of each asset based on its asset class. Leasehold improvements are amortized over the shorter of their useful lives or the lease term. See Note 3 – Property and equipment for the useful lives for each asset class. Upon retirement or disposition, the asset cost and related accumulated depreciation are removed with any gain or loss recognized in operating expense in the Consolidated Statements of Operations. For the years ended 2021, 2022 and 2023, the loss recognized was immaterial.
Software	Software Software may be purchased or developed internally for internal use. Costs related to internal use software are accounted for in accordance with ASC 350-40, Internal Use Software. Costs are expensed as incurred during the preliminary project stage of an internal use software project. Costs are capitalized once the project has been approved by management and is in the application development stage. Post implementation/operation costs, such as maintenance and training costs, are expensed as incurred. Any costs incurred to provide upgrades or enhancements are capitalized only if they provide additional functionality that did not previously exist. Amortization of internal use software begins when the software is ready for internal use and is amortized over its estimated useful life. The amortization expense for internal use software is computed using the straight-line method over three to seven years. Costs related to certain software, which is available for sale, are capitalized in accordance with ASC 985-20, Costs of Software to be Sold, Leased, or Marketed, when the resulting product reaches technological feasibility. The Company generally determines technological feasibility when it has a detailed program design that takes product function, feature and technical requirements to their most detailed, logical form and the product is ready for coding. The Company does not typically capitalize costs related to the development of first-generation product offerings as technological feasibility generally coincides with general availability of the software. Amortization of software costs to be sold or marketed externally begins when the product is available for sale to customers and is amortized using the straight-line method over its estimated useful life of three years.
Goodwill and intangible assets	Goodwill and intangible assets Goodwill represents the excess purchase price over the estimated fair value of net assets acquired in a business combination. Goodwill is measured at cost and is not amortized. Intangible assets acquired, either individually or with a group of assets, are initially recognized and measured at fair value. The Company uses third-party specialists to assist management to determine fair values and estimated useful lives for intangible assets acquired in business combinations. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives of between 3 and 18 years. The Company has no intangible assets with indefinite lives. In accordance with ASC 350, Goodwill and Other, the Company assesses goodwill for impairment at least annually and whenever events or circumstances that would more likely than not, reduce the fair value below its carrying value. The Company tested goodwill for impairment at December 31. The Company did not recognize an impairment loss of goodwill for the years ended December 31, 2021, 2022 and 2023. Annual impairment testing is completed at the reporting unit level. Management has concluded the Company operates as one reporting unit and one operating segment for annual impairment testing. In completing its impairment evaluations, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. In performing this qualitative assessment, the Company assesses relevant events and changes in circumstances, including industry and market conditions, operating results, business plans, and entity-specific events that would affect the fair value or the carrying amount of a reporting unit. If it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company determines the fair value of the reporting unit and compares the fair value to its carrying value. If the fair value of the reporting unit exceeds its carrying amount, goodwill of the reporting unit is not considered impaired and no further steps are required. As of December 31, 2023, the Company's market capitalization exceeded its net assets by 106%.
Impairment of long-lived assets	Impairment of long-lived assets The Company evaluates its long-lived assets, including property and equipment, software, right of use assets, and definite-lived intangible assets for impairment by completing a quarterly qualitative assessment and whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. An impairment loss is recognized when the net book value of such assets exceeds the estimated future undiscounted cash flows attributable to the assets or asset group. If impairment is indicated, the asset is written down to its estimated fair value. The Company did not recognize any material impairment losses of long-lived assets for the years ended December 31, 2021, 2022 and 2023.
Leases	Leases The Company has both cancelable and noncancelable operating leases for office space, vehicles, and office equipment. The Company records leases in accordance with ASC 842, Leases, (“ASC 842”). The Company records a right-of-use asset and lease liability on its consolidated balance sheet for all leases that qualify. The operating lease liability represents the present value of the future minimum lease payments over the lease term using the Company’s incremental borrowing rate at the lease commencement date. The right-of-use asset reflects adjustments for the derecognition of deferred rent and prepaid rent. Leases with an initial term of 12 months or less are not recorded on the Company’s consolidated balance sheet, and are expensed on a straight-line basis over the lease term. The Company does not include any renewal periods in the lease term for its leases as sufficient economic factors do not exist that would compel it to continue to use the underlying asset beyond the initial non-cancelable term. The Company has elected to combine the lease and non-lease components into a single lease component for all of its leases. See Note 14 – Leases for further details.
Product warranties	Product warranties The Company provides 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. Provisions for warranty claims are recorded at the time products are sold based on historical experience factors including product failure rates, material usage, and service delivery cost incurred in correcting product failures. These provisions are reviewed and adjusted by management periodically to reflect actual and anticipated experience. The warranty costs are reflected in the Company’s consolidated statements of operations within cost of revenues. In certain circumstances, the Company may have recourse from its contract manufacturers for replacement cost of defective products, which it also factors into its warranty liability assessment.
Income taxes	Income taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in its financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement carrying amount and the tax basis of assets and liabilities using enacted income tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in the income tax provision in the period that includes the enactment date. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized and adjusts the valuation allowances accordingly. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. In general, it is the practice and intention of the Company to reinvest the earnings of its subsidiaries in those foreign operations. As of December 31, 2021, 2022 and 2023, the Company had not made a provision for withholding taxes on the undistributed earnings of any foreign subsidiaries and are treating their earnings as being indefinitely reinvested. It is not practicable to estimate the amount of deferred tax liability to the undistributed earnings in these subsidiaries. The Company may be subject to income tax audits in all of the jurisdictions in which it operates and, as a result, must also assess exposures to any potential issues arising from current or future audits of current and prior years’ tax returns. Accordingly, the Company must assess such potential exposures and, where necessary, provide for any expected loss. The Company would recognize the benefit of a tax position if it is more likely than not to be sustained. Recognized tax positions are measured at the largest amount more likely than not to be realized upon settlement. To the extent that the Company establishes a liability, its income tax expense would be increased. If the Company ultimately determines that payment of these amounts is unnecessary, it would reverse the liability and recognize an income tax benefit during the period in which new information becomes available indicating that the liability is no longer necessary. The Company would record an additional income tax expense in the period in which new information becomes available indicating that the income tax liability is greater than its original estimate. The Company did not record such an adjustment for the years ended December 31, 2021, 2022 or 2023.
Share-based compensation	Share-based compensation The Company accounts for share-based compensation in accordance with the guidance in ASC 718, Share-based Payments, by measuring and recognizing compensation expense for all share-based payments based on estimated grant date fair values for equity settled awards. Awards are granted under the 2019 Share Incentive Plan. The 2019 Share Incentive Plan provides for the grant of incentive share options, nonqualified share options, share appreciation rights, restricted share awards, restricted share units, or other share-based awards and performance awards.
Contingencies	Contingencies In accordance with ASC 450, Contingencies, the Company periodically evaluates all pending or threatened contingencies and any commitments, if any, that are reasonably likely to have a material adverse effect on its results of operations, financial position or cash flows. Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred.
Foreign currency translation	Foreign currency translation The Company records any gain and loss associated with foreign currencies in accordance with ASC 830, Foreign Currency Matters. The reporting currency of the Company is the U.S. dollar and the functional currency for each operating subsidiary is the local currency of the operating subsidiary other than for Cambium Networks, Ltd. (UK) for which the functional currency is the U.S. dollar. Local currency denominated monetary assets and liabilities are translated at exchange rates in effect at the balance sheet date, and revenues, cost of revenues and expenses are translated at the average exchange rate in effect during the applicable period. The Company recognizes foreign exchange gains and losses in other expense on its consolidated statements of operations and accumulated other comprehensive income (loss) on its consolidated balance sheets.
Research and development costs	Research and development costs Research and development expenses consists primarily of salary and benefit expenses for employees and contractors engaged in research, design and development activities, and costs for prototypes, travel costs and shared facility and IT costs. The Company also incurs research and development costs associated with the development of software for both internal use and to be marketed externally. Research and development costs, other than those associated with the development of software that meet the criteria for capitalization, are expensed as incurred. Recently issued accounting standards not yet adopted In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity's income tax rate reconciliation table and requires disclosure of income taxes paid in both U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit of loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The new guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating this ASU to determine its impact on the Company's 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 ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendment will be removed from the Codification and not become effective. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.
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") No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity's income tax rate reconciliation table and requires disclosure of income taxes paid in both U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024, with early adoption permitted, to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosures of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within each reported measure of segment profit of loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment's profit or loss and assets. The new guidance also requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this update and all existing segment disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Upon adoption, this guidance should be applied retrospectively to all prior periods presented. The Company is currently evaluating this ASU to determine its impact on the Company's 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 ASC is the date on which the SEC's removal of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30, 2027, the SEC has not removed the related disclosure from its regulations, the amendment will be removed from the Codification and not become effective. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

Earnings (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings (Loss) Per Share

The following table sets forth the computation of basic and diluted net earnings (loss) per share (in thousands, except for share and per share data):


	Year Ended December 31,
	2021		2022		2023
Numerator:
Net income (loss)	$	37,421	$	20,200	$	(77,420	)
Denominator:
Basic weighted average shares outstanding		26,421,087		26,919,550		27,519,476
Dilutive effect of share option awards		1,846,998		851,011		—
Dilutive effect of restricted share units and restricted share awards		348,934		242,528		—
Dilutive effect of employee share purchase plan		11,117		12,189		—
Diluted weighted average shares outstanding		28,628,136		28,025,278		27,519,476
Net earnings (loss) per share, basic	$	1.42	$	0.75	$	(2.81	)
Net earnings (loss) per share, diluted	$	1.31	$	0.72	$	(2.81	)

Income Taxes - Summary of Gross CIR Carryforwards Expire (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Corporate interest restriction disallowance, Unlimited carryforward	$ 3.1	$ 3.9

Balance Sheet Components - Schedule of Inventory Excess and Obsolete Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Inventory, Net [Abstract]
Beginning balance	$ 7,994	$ 5,567
Inventory written off	(768)	(1,316)
Increase in excess and obsolete provision	16,595	3,743
Ending balance	$ 23,821	$ 7,994

Shareholder's equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Shareholders' equity

Note 9. Shareholders' equity

Ordinary Shares

As of December 31, 2022 and December 31, 2023, the Company's articles of association authorized the Company to issue up to 500,000,000 ordinary shares. Each holder of the Company's ordinary shares is entitled to one vote for each share on all matters submitted to a vote of the shareholders, including the election of directors.

As of December 31, 2023, no dividends have been declared or paid.

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 will be automatically increased on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2020 and will continue until, and including, the fiscal year ending December 31, 2029. The number of shares added annually will be equal to the lowest of 1,320,000 shares, 5% of the number of the Company’s shares outstanding on the first day of

such fiscal year, or an amount determined by the Board of Directors. On March 1, 2023 the Company registered 1,320,000 additional shares that may be issued under the 2019 Plan.

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

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the year ended December 31, 2023:


	Number of shares
Available for grant at December 31, 2022		2,000,364
Added to 2019 Share Incentive Plan		1,320,000
RSUs granted		(225,338	)
Options granted		(1,478,946	)
Performance shares awarded		(97,500	)
Shares withheld in settlement of taxes and/or exercise price		50,775
Expirations		56,157
Forfeitures		122,840
Available for grant at December 31, 2023		1,748,352

As of December 31, 2023, the Company estimates the pre-tax unrecognized compensation expense of $20.4 million related to all unvested share-based awards, including share options and restricted share units will be recognized through the fourth quarter of 2027. The Company expects to satisfy the exercise of share options and future distributions of shares for restricted share units and restricted share awards by issuing new ordinary shares which have been reserved under the 2019 Plan.

The Company uses the Black-Scholes option pricing model to estimate the fair value of share options. The Company utilized a forfeiture rate of 8.2% during the year ended December 31, 2023 for estimating the forfeitures of share options and restricted share units granted.

Share options

Share options typically have a contractual term of ten years from grant date. The following is a summary of option activity for the Company’s share incentive plans for year ended December 31, 2023:


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2022		3,395,219		$	13.83		7.6	$	28,985,969
Options granted 1		1,478,946		$	7.64		—	$	—
Options exercised		(59,800	)	$	8.32		—	$	—
Options expired		(56,157	)	$	10.32		—	$	—
Options forfeited		(68,292	)	$	14.08		—	$	—
Outstanding at December 31, 2023		4,689,916		$	11.98		7.5	$	617,623
Options exercisable at December 31, 2023		2,556,847		$	13.07		6.1	$	—
Options vested and expected to vest at December 31, 2023		4,612,496		$	12.05		7.5	$	543,130

1 Options granted includes the time-based share options and the performance-based share options for which a grant date has been established, as described below.

The intrinsic value for share options outstanding and exercisable is defined as the difference between the market value of the Company’s ordinary shares as of the end of the period and the grant price. At December 31, 2021, 2022 and 2023, the aggregate intrinsic value of options exercisable under the Company’s share incentive plans was $18.5 million, $17.7 million and $0.0 million, respectively, as determined as of the date of grant. The Company had 454,354, 242,423 and 59,800 options exercised during the years ended December 31, 2021, 2022 and 2023, respectively. The cash received from the share options exercised in 2021, 2022 and 2023 was $4.8 million, $2.2 million and $0.5 million, respectively.

At December 31, 2023, there was $12.9 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 over a weighted-average period of 2.9 years.


	Year Ended December 31,
	2021			2022			2023
Expected dividend yield		—			—			—
Risk-free interest rate		1.14	%		2.96	%		4.48	%
Weighted-average expected volatility		50.9	%		72.9	%		69.8	%
Expected term (in years)		6.5			5.5			5.8
Weighted average grant-date fair value per share of options granted	$	21.36		$	9.94		$	4.93

Restricted shares

The following is a summary of restricted shares activity for the Company’s share incentive plans for the year ended December 31, 2023:


	Units			Weighted average grant date fair value
RSU balance at December 31, 2022		696,990		$	18.22
RSUs granted 1		225,338		$	12.68
RSUs vested		(311,440	)	$	16.51
RSUs forfeited		(54,548	)	$	18.31
RSU balance at December 31, 2023		556,340		$	17.60

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

During 2022 and 2023, 418,896 and 225,338 RSUs were granted under the 2019 Plan, respectively. The Company withheld 52,554 and 50,775 shares to pay the employees’ portion of the minimum payroll withholding taxes on the RSUs and RSAs that vested in 2022 and 2023, respectively.

At December 31, 2023, there was $7.5 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested time-based share awards. The unrecognized compensation expense is expected to be recognized over a weighted average period of 2.19 years.

Performance-based share awards

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

For performance-based awards that vest during the First Performance Period, the Company's Compensation Committee retains the ability to modify the applicable adjusted earnings per share metric. Due to this discretion, the Company has determined that the grantee does not have a mutual understanding of the key terms and conditions of the performance-based awards in the First Performance Period, and a grant date will not exist until the Compensation Committee approves the adjusted earnings per share metric for the First Performance Period. As of December 31, 2023, based on the total potential shares that could be earned, there were 62,500 RSUs outstanding for which there is no accounting grant date. Accordingly, no grant date fair value was established and the weighted average grant date fair values calculated above excludes these performance-based share options and performance-based RSUs. The Company remeasures the fair value of the awards at each reporting date until a grant date is achieved, as the service inception date precedes the grant date. As of December 31, 2023, there was $0.4 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to unvested performance-based share awards for the First Performance Period, which would be recognized through the first quarter of 2024 upon achievement of the performance goal. As the performance goal has not been met for 2023, these performance shares have been forfeited as of January 29, 2024.

Unlike the performance-based awards in the First Performance Period, the Compensation Committee does not have the discretion to modify the applicable adjusted earnings per share metric for performance-based awards that vest during the Second Performance Period. As such, a mutual understanding of the key terms and conditions, and thus a grant date, exists on the date that the performance-based awards are issued by the Company. As of December 31, 2023, based on the total potential shares that could be earned, there were 62,500 RSUs granted. A grant date fair value was established, and the weighted average grant date fair values calculated in the above tables include these performance-based share options and performance-based RSUs. The Company has not recognized any compensation expense on these performance-based awards since the requisite service period does not begin until January 1, 2024. As of December 31, 2023, there was $0.9 million in unrecognized pre-tax compensation expense, net of estimated forfeitures, related to these unvested performance-based share awards for the Second Performance Period, which will be recognized over the requisite service period starting January 1, 2024 through the first quarter of 2025 if it is probable that the adjusted earnings per share metric will be achieved.

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 offering period or purchase period under the ESPP began on January 1, 2021. A total of 1,334,427 shares are available under the ESPP, which includes 550,000 shares originally available, 256,730 additional shares registered on March 24, 2020, 260,345 additional shares registered on March 1, 2021, 267,352 additional shares registered on February 25, 2022 and 273,133 additional shares registered in March 1, 2023. The number of shares that will be available for sale under the ESPP will be increased annually on the first day of each fiscal year beginning in 2020, and will be equal to the lowest 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 purchase price of the shares will be 85% of the lower of the fair market value of our shares on the first trading day of each offering period or on the purchase date.

For the year ended December 31, 2021, the Company recognized $0.7 million of share-based compensation expense related to the ESPP. There were 39,061 and 42,401 shares issued under the ESPP during the six-month offering periods that ended on June 30, 2021 and December 31, 2021, respectively. For the year ended December 31, 2022, the Company recognized $0.9 million of share-based compensation expense related to the ESPP. There were 87,229 and 64,867 shares issued under the ESPP during the six-month offering periods that ended on June 30, 2022 and December 31, 2022, respectively. For the year ended December 31, 2023, the Company recognized $0.9 million of share-based compensation expense related to the ESPP. There were 88,290 and 113,218 shares issued under the ESPP during the six-month offering periods that ended on June 30, 2023 and December 31, 2023, respectively.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 2,503	$ 2,361	$ 2,592
Short-term lease cost	387	471	283
Variable lease costs	726	611	500
Total lease expense	$ 3,616	$ 3,443	$ 3,375

Balance Sheet Components - Schedule of Inventories, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished goods	$ 69,428	$ 50,052
Raw materials	21,271	15,010
Gross inventory	90,699	65,062
Less: Excess and obsolete provision	(23,821)	(7,994)	$ (5,567)
Inventories, net	$ 66,878	$ 57,068

Shareholders' equity - Summary of Changes in Number of Shares Available for Grant (Details) - shares

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Mar. 01, 2023

Subsidiary or Equity Method Investee [Line Items]

Shares granted

^[1]

(225,338)

Options granted

^[2]

(1,478,946)

Expirations

56,157

Forfeitures

68,292

2019 Share Incentive Plan

Subsidiary or Equity Method Investee [Line Items]

Available for grant, beginning balance

2,000,364

Added to 2019 Share Incentive Plan

1,320,000

Options granted

(1,478,946)

Shares withheld in settlement of taxes and/or exercise price

50,775

Expirations

56,157

Forfeitures

122,840

Available for grant, ending balance

1,748,352

2,000,364

2019 Share Incentive Plan | RSUs

Subsidiary or Equity Method Investee [Line Items]

Shares granted

(225,338)

(418,896)

2019 Share Incentive Plan | Performance shares

Subsidiary or Equity Method Investee [Line Items]

Shares granted

(97,500)

[1]	1 RSUs granted includes the time-based RSUs and the performance-based RSUs for which a grant date has been established, as described below.
[2]	1 Options granted includes the time-based share options and the performance-based share options for which a grant date has been established, as described below.

Income Taxes - Summary of Valuation Allowance on Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Beginning balance	$ 1,328	$ 471
Increase of valuation allowance	35,404	857	$ (7,900)
Ending balance	$ 36,732	$ 1,328	$ 471

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 18,710	$ 48,162
Receivables, net of allowances of $577 and $283	64,103	89,321
Inventories, net	66,878	57,068
Recoverable income taxes	222	117
Prepaid expenses	6,589	11,857
Other current assets	6,069	6,464
Total current assets	162,571	212,989
Noncurrent assets
Property and equipment, net	12,879	11,271
Software, net	11,985	8,439
Operating lease assets	7,894	4,011
Intangible assets, net	7,675	9,173
Goodwill	9,842	9,842
Deferred tax assets, net	3,694	12,782
Other noncurrent assets	1,335	955
TOTAL ASSETS	217,875	269,462
Current liabilities
Accounts payable	19,120	31,284
Accrued liabilities	47,069	28,042
Employee compensation	5,071	7,394
Current portion of long-term external debt, net	3,186	3,158
Deferred revenues	8,765	8,913
Other current liabilities	13,117	8,429
Total current liabilities	96,328	87,220
Noncurrent liabilities
Long-term external debt, net	21,926	24,463
Deferred revenues	10,473	8,617
Noncurrent operating lease liabilities	6,595	2,170
Other noncurrent liabilities	1,619	1,619
Total liabilities	136,941	124,089
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized at December 31, 2022 and 2023; 27,522,734 shares issued and 27,313,273 outstanding at December 31, 2022 and 28,095,144 shares issued and 27,834,908 outstanding at December 31, 2023	3	3
Additional paid in capital	152,768	138,997
Treasury shares, at cost, 209,461 shares at December 31, 2022 and 260,236 shares at December 31, 2023	(5,624)	(4,922)
Accumulated earnings (deficit)	(64,598)	12,822
Accumulated other comprehensive loss	(1,615)	(1,527)
Total shareholders’ equity	80,934	145,373
TOTAL LIABILITIES AND EQUITY	$ 217,875	$ 269,462

Share Capital - Shares

12 Months Ended

Dec. 31, 2023

Stockholders' Equity Note [Abstract]

Share Capital - Shares

Note 9. Shareholders' equity

Ordinary Shares

As of December 31, 2023, no dividends have been declared or paid.

2019 Share incentive plan

such fiscal year, or an amount determined by the Board of Directors. On March 1, 2023 the Company registered 1,320,000 additional shares that may be issued under the 2019 Plan.

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

The following table summarizes changes in the number of shares available for grant under the Company’s equity incentive plans during the year ended December 31, 2023:


	Number of shares
Available for grant at December 31, 2022		2,000,364
Added to 2019 Share Incentive Plan		1,320,000
RSUs granted		(225,338	)
Options granted		(1,478,946	)
Performance shares awarded		(97,500	)
Shares withheld in settlement of taxes and/or exercise price		50,775
Expirations		56,157
Forfeitures		122,840
Available for grant at December 31, 2023		1,748,352

Share options

Share options typically have a contractual term of ten years from grant date. The following is a summary of option activity for the Company’s share incentive plans for year ended December 31, 2023:


	Options			Weighted average exercise price		Weighted Average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2022		3,395,219		$	13.83		7.6	$	28,985,969
Options granted 1		1,478,946		$	7.64		—	$	—
Options exercised		(59,800	)	$	8.32		—	$	—
Options expired		(56,157	)	$	10.32		—	$	—
Options forfeited		(68,292	)	$	14.08		—	$	—
Outstanding at December 31, 2023		4,689,916		$	11.98		7.5	$	617,623
Options exercisable at December 31, 2023		2,556,847		$	13.07		6.1	$	—
Options vested and expected to vest at December 31, 2023		4,612,496		$	12.05		7.5	$	543,130

1 Options granted includes the time-based share options and the performance-based share options for which a grant date has been established, as described below.


	Year Ended December 31,
	2021			2022			2023
Expected dividend yield		—			—			—
Risk-free interest rate		1.14	%		2.96	%		4.48	%
Weighted-average expected volatility		50.9	%		72.9	%		69.8	%
Expected term (in years)		6.5			5.5			5.8
Weighted average grant-date fair value per share of options granted	$	21.36		$	9.94		$	4.93

Restricted shares

The following is a summary of restricted shares activity for the Company’s share incentive plans for the year ended December 31, 2023:


	Units			Weighted average grant date fair value
RSU balance at December 31, 2022		696,990		$	18.22
RSUs granted 1		225,338		$	12.68
RSUs vested		(311,440	)	$	16.51
RSUs forfeited		(54,548	)	$	18.31
RSU balance at December 31, 2023		556,340		$	17.60

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

Performance-based share awards

Employee share purchase plan

- Definition

The entire disclosure for equity.

+ References

+ Details

Revenue from Contracts with Customers - Schedule of Revenue by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 220,195	$ 296,899	$ 335,854
Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
Point-to-Multi-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 95,197	$ 114,941	$ 204,756
Point-to-Multi-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	43.00%	39.00%	61.00%
Point-to-Point
Disaggregation of Revenue [Line Items]
Revenues	$ 80,765	$ 67,083	$ 60,761
Point-to-Point \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	37.00%	22.00%	18.00%
Enterprise
Disaggregation of Revenue [Line Items]
Revenues	$ 39,097	$ 109,844	$ 66,933
Enterprise \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	18.00%	37.00%	20.00%
Other
Disaggregation of Revenue [Line Items]
Revenues	$ 5,136	$ 5,031	$ 3,404
Other \| Sales Revenue, Product Line \| Product Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	2.00%	2.00%	1.00%

- Definition

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

+ References + Details

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Earnings (Loss) Per Share - Computation of Basic and Diluted Net Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income (loss)	$ (77,420)	$ 20,200	$ 37,421
Denominator:
Basic weighted average shares outstanding	27,519,476	26,919,550	26,421,087
Dilutive effect of share option awards		851,011	1,846,998
Dilutive effect of restricted share units and restricted share awards		242,528	348,934
Dilutive effect of employee share purchase plan		12,189	11,117
Diluted weighted average shares outstanding	27,519,476	28,025,278	28,628,136
Net earnings (loss) per share, basic	$ (2.81)	$ 0.75	$ 1.42
Net earnings (loss) per share, diluted	$ (2.81)	$ 0.72	$ 1.31

Leases - Supplemental Balance Sheet Information related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease assets	$ 7,894	$ 4,011
Current lease liabilities	$ 1,531	$ 1,930
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other current liabilities	Other current liabilities
Noncurrent operating lease liabilities	$ 6,595	$ 2,170
Weighted average remaining lease term (years):
Operating leases	7 years 11 months 26 days	2 years 8 months 1 day
Weighted average discount rate:
Operating leases	6.87%	6.11%

Restructuring

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring

Note 16. Restructuring

In 2023, the Company announced and initiated two corporate cost reductions 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 Company expects to incur approximately $2.5 - $3.5 million of costs associated with both restructurings, mostly related to one-time termination benefits and is expected to be substantially complete and costs incurred by the end of the second quarter of 2024, and expects all costs to be incurred by the end of 2024.

For the year ended December 31, 2023, the Company incurred total restructuring charges of approximately $2.2 million from both restructuring actions and is included in cost of revenues and all operating expense lines in the Company's consolidated statements of operations. As of December 31, 2023, the Company paid approximately $1.8 million of this amount, leaving a restructuring liability of $0.4 million which is included in Accrued liabilities in the Company's consolidated balance sheets. The remaining $0.4 million is expected to be paid by the end of the first quarter of 2024.

The following table reflects the restructuring liability activity for the year ended December 31, 2023 (in thousands):


Restructuring liability at January 1, 2023	$	—
Restructuring charges		2,154
Cost paid		(1,791	)
Restructuring liability at December 31, 2023	$	363

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (77,420)	$ 20,200	$ 37,421
Other comprehensive loss
Foreign currency translation adjustment	(88)	(828)	(135)
Comprehensive income (loss)	$ (77,508)	$ 19,372	$ 37,286

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

+ Details

Earnings (Loss) Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted net loss per share	0	1,361,666	0

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 220,195	$ 296,899	$ 335,854
Cost of revenues	151,364	151,759	175,058
Gross profit	68,831	145,140	160,796
Operating expenses
Research and development	53,478	49,865	51,322
Sales and marketing	42,599	44,452	41,819
General and administrative	27,398	24,982	25,065
Depreciation and amortization	6,210	5,961	6,171
Total operating expenses	129,685	125,260	124,377
Operating income (loss)	(60,854)	19,880	36,419
Interest expense, net	2,521	1,977	4,269
Other expense (income), net	271	(114)	244
Income (loss) before income taxes	(63,646)	18,017	31,906
(Benefit) provision for income taxes	13,774	(2,183)	(5,515)
Net income (loss)	$ (77,420)	$ 20,200	$ 37,421
Earnings (loss) per share
Basic	$ (2.81)	$ 0.75	$ 1.42
Diluted	$ (2.81)	$ 0.72	$ 1.31
Weighted-average number of shares outstanding to compute net earnings (loss) per share
Basic	27,519,476	26,919,550	26,421,087
Diluted	27,519,476	28,025,278	28,628,136

Revenue from Contracts with Customers (Table)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Product Category

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


	Year Ended December 31,
	2021				2022				2023
Point-to-Multi-Point	$	204,756	61	%	$	114,941	39	%	$	95,197	43	%
Point-to-Point		60,761	18	%		67,083	22	%		80,765	37	%
Enterprise		66,933	20	%		109,844	37	%		39,097	18	%
Other		3,404	1	%		5,031	2	%		5,136	2	%
Total Revenues	$	335,854	100	%	$	296,899	100	%	$	220,195	100	%

Schedule of Revenue by Geography

Revenue by geography were as follows (in thousands, except percentages):


	Year Ended December 31,
	2021				2022				2023
North America	$	173,491	52	%	$	133,897	45	%	$	131,943	60	%
Europe, Middle East and Africa		93,082	28	%		90,883	31	%		44,169	20	%
Caribbean and Latin America		40,974	12	%		31,223	10	%		20,729	9	%
Asia Pacific		28,307	8	%		40,896	14	%		23,354	11	%
Total Revenues	$	335,854	100	%	$	296,899	100	%	$	220,195	100	%

Summary of Customers with Accounts Receivables and Customer with Net Revenues of 10% or Greater


	Percentage of Revenues									Percentage of Accounts Receivable
	Years Ended December 31,									As of December 31,
	2021			2022			2023			2022			2023
Customer A		20	%		15	%		17	%		29	%		21	%
Customer B		15	%	*				12	%	*			*

* denotes percentage is less than 10%

Summary of Contract Balances

The following table summarizes contract balances as of December 31, 2022 and December 31, 2023:


	December 31, 2022		December 31, 2023

Trade accounts receivable, net of allowance for credit losses	$	89,181	$	63,656
Deferred revenue - current		8,913		8,765
Deferred revenue - noncurrent		8,617		10,473
Refund liability	$	3,186	$	8,723

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

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 the interpretation. In addition, the Company must continue to monitor the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has 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 corresponding consolidated balance sheets during that period.

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 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.

Purchase commitments with contract manufacturers and suppliers

We purchase components from a variety of suppliers and use contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by us, such as forecasted demand. The Company may be liable to purchase excess product or aged material from our suppliers following reasonable mitigation efforts. The Company establishes a loss on purchase commitment liability for all product it does not expect it will sell. Such loss on purchase commitment liability is included in Accrued liabilities on the Company's consolidated balance sheets. The Company recorded losses on purchase commitments of $0.0 million, $0.5 million and $12.8 million for the years ended December 31, 2021, 2022 and 2023, respectively.

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 Company’s consolidated statements of operations within cost of revenues.

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 to, and in the Company’s opinion, is likely to have a material adverse effect on its financial condition or results of operations.

Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ 4,412	$ 10,269	$ 10,943
Foreign	(68,058)	7,748	20,963
Income (loss) before income taxes	$ (63,646)	$ 18,017	$ 31,906

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 2. Balance sheet components

Receivables, net

The Company’s accounts receivable arise from sales on credit to customers. The Company establishes an estimate for credit losses to present the net amount of accounts receivable expected to be collected. The estimate is determined by using the loss-rate method, which requires an estimation of loss rates based upon historical loss experience adjusted for factors that are relevant to determining the expected collectability of accounts receivables. Some of these factors include macroeconomic conditions that correlate with historical loss experience, delinquency trends, aging behavior of receivables and credit and liquidity indicators for individual customers.

The components of receivable, net are as follows (in thousands):


	December 31,			December 31,
	2022			2023

Trade accounts receivable	$	89,758		$	63,939
Other receivables		140			447
Total receivables		89,898			64,386
Less: Allowance for credit losses		(577	)		(283	)
Receivables, net	$	89,321		$	64,103

The estimate for credit losses activity was as follows (in thousands):


	Year ended December 31,			Year ended December 31,
	2022			2023

Beginning balance	$	683		$	577
Increase, charged to expense		93			204
Recoveries		(199	)		(46	)
Amounts written-off		—			(452	)
Ending balance	$	577		$	283

The amounts written-off include receivables that were deemed uncollectible and were previously reserved for.

Inventories, net

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


	December 31,			December 31,
	2022			2023

Finished goods	$	50,052		$	69,428
Raw materials		15,010			21,271
Gross inventory		65,062			90,699
Less: Excess and obsolete provision		(7,994	)		(23,821	)
Inventories, net	$	57,068		$	66,878

The following table reflects the activity in the Company’s inventory excess and obsolete provision (in thousands):


	Year ended December 31,			Year ended December 31,
	2022			2023

Beginning balance	$	5,567		$	7,994
Inventory written off		(1,316	)		(768	)
Increase in excess and obsolete provision		3,743			16,595
Ending balance	$	7,994		$	23,821

The increase in inventory is primarily due to lower demand for our PMP products and a reduction in enterprise product orders due to higher channel inventory. 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, inventory age and market conditions and judgment about the consumption and our ability to sell the inventory. The increase in the

excess and obsolescence provision from December 31, 2022 to December 31, 2023 was mostly driven by excess inventory related to our enterprise products driven by lower anticipated demand and our PMP products driven by a combination of lower anticipated demand as well as the impact of the anticipated introduction of new 6 GHz PMP products.

Accrued liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2022		2023

Accrued goods and services	$	10,105	$	7,787
Accrued loss on supplier commitments		528		12,949
Accrued inventory purchases		3,189		2,768
Accrued customer rebates		13,797		23,052
Other		423		513
Accrued liabilities	$	28,042	$	47,069

Accrued loss on supplier commitments reflects accrued loss on purchase obligations for inventory expected to be reserved.

The increase in the accrued customer rebates is the result of additional rebates offered in the fourth quarter of 2023 to the Company's distributors on enterprise products.

Accrued warranty

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


	Year ended December 31,			Year ended December 31,
	2022			2023

Beginning balance	$	1,731		$	1,651
Fulfillment of assumed acquisition warranty		(142	)		(178	)
Provision increase, net		62			11
Ending balance	$	1,651		$	1,484

At December 31, 2022, $1.2 million is included in Other current liabilities and $0.5 million is included in Other noncurrent liabilities on the Company’s consolidated balance sheet. At December 31, 2023, $1.2 million is included in Other current liabilities and $0.3 million is included in Other noncurrent liabilities on the Company’s consolidated balance sheet.

Revenue from Contracts with Customers - Schedule of Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 220,195	$ 296,899	$ 335,854
Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	100.00%	100.00%	100.00%
North America
Disaggregation of Revenue [Line Items]
Revenues	$ 131,943	$ 133,897	$ 173,491
North America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	60.00%	45.00%	52.00%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Revenues	$ 44,169	$ 90,883	$ 93,082
Europe, Middle East and Africa \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	20.00%	31.00%	28.00%
Caribbean and Latin America
Disaggregation of Revenue [Line Items]
Revenues	$ 20,729	$ 31,223	$ 40,974
Caribbean and Latin America \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	9.00%	10.00%	12.00%
Asia Pacific
Disaggregation of Revenue [Line Items]
Revenues	$ 23,354	$ 40,896	$ 28,307
Asia Pacific \| Sales Revenue, Product Line \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	11.00%	14.00%	8.00%

- Definition

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

+ References + Details

- Definition

+ References

+ Details

Share Capital - Shares (Share Capital Activity) (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Capitalization Equity [Line Items]
Share options exercised, shares	59,800	242,423	454,354
Share Capital
Schedule Of Capitalization Equity [Line Items]
Beginning balance, shares	27,313,000	26,735,000	26,035,000
Issuance of ordinary shares under employee share purchase plan, shares	202,000	152,000	82,000
Share options exercised, shares	60,000	242,000	454,000
Ending balance, shares	27,835,000	27,313,000	26,735,000

Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Note 10. Earnings (loss) per share

Basic net earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted net earnings (loss) per share is computed by giving effect to all potentially dilutive ordinary share equivalents outstanding for the period. For purposes of this calculation, share options, RSUs, and ESPP awards are considered to be ordinary share equivalents but are excluded from the calculation of diluted earnings (loss) per share when including them would have an anti-dilutive effect. Performance-based share awards are only included in the calculation of diluted earnings (loss) per share if the performance metric would have been achieved as of December 31, 2023 if that had been the end of the contingency period. The following table sets forth the computation of basic and diluted net earnings (loss) per share (in thousands, except for share and per share data):


	Year Ended December 31,
	2021		2022		2023
Numerator:
Net income (loss)	$	37,421	$	20,200	$	(77,420	)
Denominator:
Basic weighted average shares outstanding		26,421,087		26,919,550		27,519,476
Dilutive effect of share option awards		1,846,998		851,011		—
Dilutive effect of restricted share units and restricted share awards		348,934		242,528		—
Dilutive effect of employee share purchase plan		11,117		12,189		—
Diluted weighted average shares outstanding		28,628,136		28,025,278		27,519,476
Net earnings (loss) per share, basic	$	1.42	$	0.75	$	(2.81	)
Net earnings (loss) per share, diluted	$	1.31	$	0.72	$	(2.81	)

In the computation of diluted earnings per share for the year ended December 31, 2021, no ordinary share equivalents were excluded. In the computation of diluted earnings per share for the year ended December 31, 2022, 1,361,666 ordinary share equivalents were excluded because their inclusion would have been antidilutive. In the computation of diluted loss per share for the year ended December 31, 2023, no ordinary share equivalents were excluded because their inclusion would have been antidilutive.

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Note 15. Related party transactions

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

For the years ended December 31, 2021, 2022 and 2023, Vector Capital Management, LP charged $0.0 million, $0.1 million and $0.6 million for professional services fees and reimbursement of expenses. Amounts due to Vector Capital Management, LP at December 31, 2022 and 2023 were $0.1 million and $0.0 million, respectively, and were included in Accounts Payable in the Company's consolidated balance sheets.

- 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 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 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: 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//1943274/2147481062/946-235-50-2

Reference 5: 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//1943274/2147481062/946-235-50-2

Reference 6: 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 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//1943274/2147483575/946-220-S99-1

Reference 8: 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)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: 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)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Property and Equipment - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total cost	$ 44,595	$ 38,879
Less: Accumulated depreciation	(31,716)	(27,608)
Property and equipment, net	12,879	11,271
Equipment and Tooling
Property Plant And Equipment [Line Items]
Total cost	$ 37,678	$ 33,026
Equipment and Tooling \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Equipment and Tooling \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Computer Equipment
Property Plant And Equipment [Line Items]
Total cost	$ 5,546	$ 4,572
Computer Equipment \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years
Computer Equipment \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total cost	$ 853	$ 809
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	5 years	5 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	10 years	10 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total cost	$ 518	$ 472
Leasehold Improvements \| Minimum
Property Plant And Equipment [Line Items]
Useful Life	2 years	2 years
Leasehold Improvements \| Maximum
Property Plant And Equipment [Line Items]
Useful Life	3 years	3 years

Shareholders' equity - Schedule of Estimated Fair Value of Weighted Average Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Risk-free interest rate	4.48%	2.96%	1.14%
Weighted-average expected volatility	69.80%	72.90%	50.90%
Expected term (in years)	5 years 9 months 18 days	5 years 6 months	6 years 6 months
Weighted average grant-date fair value per share of options granted	$ 4.93	$ 9.94	$ 21.36

Other Expense (Income), Net

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Other Expense (Income), Net

Note 8. Other expense (income), net

Other expense (income), net was expense of $0.2 million, income of $(0.1) million and expense of $0.3 million for the years ended December 31, 2021, 2022 and 2023, respectively, and represents foreign exchange losses.

Income Taxes - Summary of Tax Credit Carryforwards and Expiration (Details) $ in Millions	Dec. 31, 2022 USD ($)
Tax Credit Carryforward [Line Items]
Tax credit carryforwards, expire in 2041	$ 1.7

Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	$ 1.4	$ 1.4	$ 1.2
UK Plan
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan, employer discretionary contribution amount	$ 0.4	$ 0.4	$ 0.4
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%

Income Taxes - Schedule of (Benefit) Provision of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal, Current	$ 3,647	$ 1,174	$ 268
State, Current	154	847	(94)
Foreign, Current	885	985	376
Current tax provision	4,686	3,006	550
U.S. federal, Deferred	2,415	(3,814)	(1,662)
State, Deferred	556	(610)	(147)
Foreign, Deferred	6,117	(765)	(4,256)
Deferred tax (benefit) provision	9,088	(5,189)	(6,065)
(Benefit) provision for income taxes	$ 13,774	$ (2,183)	$ (5,515)

Commitments and contingencies - Additional Information - (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Gains (losses) on purchase commitments	$ (12.8)	$ (0.5)	$ (0.0)

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2021		2022		2023
Operating lease cost	$	2,592	$	2,361	$	2,503
Short-term lease cost		283		471		387
Variable lease costs		500		611		726
Total lease expense	$	3,375	$	3,443	$	3,616

Supplemental Balance Sheet Information

Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate):


	Balance Sheet Caption	December 31, 2022			December 31, 2023

Operating leases:
Operating lease assets	Operating lease assets	$	4,011		$	7,894
Current lease liabilities	Other current liabilities	$	1,930		$	1,531
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	2,170		$	6,595
Weighted average remaining lease term (years):
Operating leases			2.67			7.99
Weighted average discount rate:
Operating leases			6.11	%		6.87	%

Supplemental Cash Flow Information

Supplemental cash flow information related to leases were as follows (in thousands):


	Years Ended December 31,
	2021		2022		2023

Cash paid for amounts included in the measurement of lease liabilities	$	2,674	$	2,403	$	2,484
Right-of-use assets obtained on operating lease commencements	$	—	$	—	$	6,027

Remaining Maturities on Lease Liabilities

Remaining maturities on lease liabilities at December 31, 2023 is as follows (in thousands):


	Operating leases
2024		1,896
2025		1,882
2026		1,348
2027		1,384
2028		1,273
Thereafter		8,721
Total lease payments		16,504
Less: leasehold improvement allowance		(3,189	)
Total net future lease payments		13,315
Less: interest		(5,189	)
Present value of lease liabilities	$	8,126

The Company's new corporate headquarters office lease in Illinois includes a $3.2 million leasehold improvement allowance from the landlord that will be applied against certain of its build-out expenses and is expected to be received during 2024.

Debt - Schedule of Current and Noncurrent Portions of External Debt Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Less debt issuance costs	$ (294)	$ (410)
Total debt	25,112	27,621
Less current portion of term facility	(3,281)	(3,281)
Current portion of debt issuance costs	95	123
Total long-term external debt, net	21,926	24,463
Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, Gross	$ 25,406	$ 28,031

- Definition

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

+ References

+ Details

- Definition

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

+ References + Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Note 14. Leases

The Company has operating leases for offices, vehicles, and office equipment. Leases with a term of 12 months or less are not recorded on the consolidated balance sheets, and are expensed on a straight-line basis over the lease term.

Right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The Company’s lease payments are typically fixed or contain fixed escalators. The Company’s leases typically include certain lock-in periods and renewal options to extend the lease, but does not consider options to extend the lease it is not reasonably certain to exercise. The Company elected the practical expedient to not separate the lease and non-lease components of its leases and currently has no leases with options to purchase the leased property.

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2021		2022		2023
Operating lease cost	$	2,592	$	2,361	$	2,503
Short-term lease cost		283		471		387
Variable lease costs		500		611		726
Total lease expense	$	3,375	$	3,443	$	3,616

Supplemental balance sheet information related to leases were as follows (in thousands, except lease term and discount rate):


	Balance Sheet Caption	December 31, 2022			December 31, 2023

Operating leases:
Operating lease assets	Operating lease assets	$	4,011		$	7,894
Current lease liabilities	Other current liabilities	$	1,930		$	1,531
Noncurrent lease liabilities	Noncurrent operating lease liabilities	$	2,170		$	6,595
Weighted average remaining lease term (years):
Operating leases			2.67			7.99
Weighted average discount rate:
Operating leases			6.11	%		6.87	%

Supplemental cash flow information related to leases were as follows (in thousands):


	Years Ended December 31,
	2021		2022		2023

Cash paid for amounts included in the measurement of lease liabilities	$	2,674	$	2,403	$	2,484
Right-of-use assets obtained on operating lease commencements	$	—	$	—	$	6,027

The Company’s current lease terms range from one to thirteen years and may include options to extend the lease by one to four years.

Remaining maturities on lease liabilities at December 31, 2023 is as follows (in thousands):


	Operating leases
2024		1,896
2025		1,882
2026		1,348
2027		1,384
2028		1,273
Thereafter		8,721
Total lease payments		16,504
Less: leasehold improvement allowance		(3,189	)
Total net future lease payments		13,315
Less: interest		(5,189	)
Present value of lease liabilities	$	8,126

Leases - Remaining Maturities on Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 1,896
2025	1,882
2026	1,348
2027	1,384
2028	1,273
Thereafter	8,721
Total lease payments	16,504
Less: leasehold improvement allowance	(3,189)
Total net future lease payments	13,315
Less: interest	(5,189)
Present value of lease liabilities	$ 8,126

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Allowances for receivables	$ 283	$ 577
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	28,095,144	27,522,734
Common stock, shares, outstanding	27,834,908	27,313,273
Treasury stock, shares	260,236	209,461

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
Document and Entity Information - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 11, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Trading Symbol	CMBM
Entity Registrant Name	CAMBIUM NETWORKS CORP
Entity Central Index Key	0001738177
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Shell Company	false
Entity Public Float			$ 191,543,259
Entity Common Stock, Shares Outstanding		27,859,357
Entity Current Reporting Status	Yes
Entity File Number	001-38952
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	3800 Golf Road
Entity Address, Address Line Two	Suite 360
Entity Address, City or Town	Rolling Meadows
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60008
City Area Code	345
Local Phone Number	814-7600
Entity Incorporation State Country Code	E9
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Ordinary shares, $0.0001 par value
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.
Document Financial Statement Error Correction [Flag]	false
Auditor Name	KPMG LLP
Auditor Location	Chicago, Illinois
Auditor Firm ID	185

Description of Business and Summary of Significant Accounting Policies - Additional Information (Details)	1 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2023 USD ($) Segment Unit Customer	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($) Customer
Business And Significant Accounting Policies [Line Items]
Number of operating segment \| Segment		1
Number of reporting unit \| Unit		1
Market capitalization over net assets percentage		106.00%
Impairment loss of goodwill		$ 0	$ 0	$ 0
Impairment losses for long-lived assets		$ 0	$ 0	$ 0
Accounts Receivables \| Customer Concentration Risk
Business And Significant Accounting Policies [Line Items]
Number of customers \| Customer		1	1
Accounts Receivables \| Customer Concentration Risk \| Customer One
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%
Revenues \| Customer Concentration Risk
Business And Significant Accounting Policies [Line Items]
Number of customers \| Customer		2	1	2
Revenues \| Customer Concentration Risk \| Customer One
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%	10.00%	10.00%
Revenues \| Customer Concentration Risk \| Customer Two
Business And Significant Accounting Policies [Line Items]
Concentration risk, percentage		10.00%		10.00%
Minimum
Business And Significant Accounting Policies [Line Items]
Collection period for trade accounts receivable		30 days
Intangible asset, estimated useful life		3 years
Minimum \| Internal use Software
Business And Significant Accounting Policies [Line Items]
Intangible asset, estimated useful life		3 years
Minimum \| Available for Sale Software
Business And Significant Accounting Policies [Line Items]
Intangible asset, estimated useful life		3 years
Maximum
Business And Significant Accounting Policies [Line Items]
Collection period for trade accounts receivable		60 days
Intangible asset, estimated useful life		18 years
Maximum \| Internal use Software
Business And Significant Accounting Policies [Line Items]
Intangible asset, estimated useful life		7 years
Employee Share Purchase Plan
Business And Significant Accounting Policies [Line Items]
Percentage of purchase price shares on first trading day of each offering period or on the purchase date	85.00%	85.00%
Research and Development
Business And Significant Accounting Policies [Line Items]
Increase (decrease) in operating expenses				$ 3,400,000
Selling and Marketing Expense
Business And Significant Accounting Policies [Line Items]
Increase (decrease) in operating expenses				1,000,000
General and Administrative Expense
Business And Significant Accounting Policies [Line Items]
Increase (decrease) in operating expenses				$ (4,400,000)

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue From Contract With Customer [Line Items]
Deferred revenue	$ 19,200	$ 17,500
Revenue recognized	$ 8,700	6,800	$ 6,300
Revenue practical expedient, incremental cost of obtaining contract [true/false]	true
Revenues	$ 220,195	296,899	335,854
United States
Revenue From Contract With Customer [Line Items]
Revenues	$ 132,000	$ 132,900	$ 165,300

- Definition

+ References

+ Details

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5. Goodwill and Intangible Assets

When the Company acquired the trade assets of Motorola Solutions, Inc.’s wireless point-to-point and point-to-multi-point businesses, the transaction generated goodwill and certain intangible assets. The goodwill associated with this transaction was recorded by Cambium Networks Corporation and allocated to Cambium Networks, Ltd. and Cambium Networks, Inc. using a revenue and asset allocation method. Although goodwill has been allocated to two operating subsidiaries, the Company operates as one operating segment and one reporting unit and therefore, goodwill is reported, and impairment testing performed, at the Cambium Networks Corporation consolidated level.

The carrying amount of goodwill for the years ended December 31, 2022 and 2023 was $9.8 million. The was no change in the carrying amount of goodwill for the years ended December 31, 2022 and 2023.

The Company tests goodwill and intangible assets 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, for 2022 and 2023, the Company completed a 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 or intangible asset is less than their carrying value. If indicators of impairment are identified, a quantitative impairment test is performed.

The qualitative assessments performed for 2022 and 2023 included an assessment of excess inventories, supply chain constraints, and macroeconomic considerations. Based on the operating results for 2022 and 2023 and these other considerations, the Company believes that it is more likely than not that the enterprise value for its one reporting unit and the fair value of intangibles is

still greater than their carrying values. As of December 31, 2023, the Company's market capitalization exceeded its net assets by 106%. The Company reconciled the aggregate estimated fair value of the Company's one reporting unit to the Company's market capitalization, including consideration of a control premium representing the estimated amount a market participant would pay to obtain a controlling interest in the Company. Based on our analysis, we concluded that a step 1 impairment test was not required. Accordingly, there was no goodwill impairment to record for either period. In addition, there were no triggering events or changes in circumstances during 2022 and 2023 that would have required an interim impairment assessment other than at the annual test date. The Company continues to monitor market capitalization and assess potential goodwill impairment triggering events, including continued impact of slower demand, higher channel inventory and sustained decrease in its share price. If triggering events occur, the Company will perform a goodwill impairment assessment that may indicate impairment in a future period.

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


		December 31, 2022							December 31, 2023
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Customer relationships	5 - 18 years		19,300		(10,127	)		9,173		19,300		(11,625	)		7,675
Total		$	19,300	$	(10,127	)	$	9,173	$	19,300	$	(11,625	)	$	7,675

Intangible assets are amortized over their expected useful life and none are expected to have a significant residual value at the end of their useful life. Intangible assets amortization expense was $2.1 million, $1.6 million and $1.5 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Based on capitalized intangible assets as of December 31, 2023, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Year ending December 31,	Amortization
2024		1,498
2025		1,498
2026		1,498
2027		1,498
2028		1,498
Thereafter		185
Total amortization	$	7,675

Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
2024	$ 1,498
2025	1,498
2026	1,498
2027	1,498
2028	1,498
Thereafter	185
Total amortization	$ 7,675	$ 9,173

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


		December 31,			December 31,
	Useful Life	2022			2023

Equipment and tooling	3 to 5 years	$	33,026		$	37,678
Computer equipment	3 to 5 years		4,572			5,546
Furniture and fixtures	5 to 10 years		809			853
Leasehold improvements	2 to 3 years		472			518
Total cost			38,879			44,595
Less: Accumulated depreciation			(27,608	)		(31,716	)
Property and equipment, net		$	11,271		$	12,879

Revenue from Contracts with Customers - Summary of Customers with Accounts Receivables and Customer with Net Revenues of 10% or Greater (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer A \| Sales Revenue, Product Line
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	17.00%	15.00%	20.00%
Customer A \| Accounts Receivables
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	21.00%	29.00%
Customer B \| Sales Revenue, Product Line
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	12.00%		15.00%

- Definition

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

+ References + Details

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Treasury Stock	Accumulated (deficit) equity	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 63,387	$ 3	$ 109,837	$ (1,090)	$ (44,799)	$ (564)
Beginning balance, shares at Dec. 31, 2020		26,035,000
Net income (loss)	37,421				37,421
Share-based compensation	7,717		7,717
Issuance of ordinary shares under ESPP	1,756		1,756
Issuance of ordinary shares under ESPP, shares		82,000
Issuance of vested shares		229,000
Treasury shares withheld for net settlement	(2,816)			(2,816)
Treasury shares withheld for net settlement, shares		(65,000)
Proceeds from exercise of share options	$ 4,807		4,807
Proceeds from exercise of share options, shares	454,354	454,000
Foreign currency translation	$ (135)					(135)
Ending balance at Dec. 31, 2021	112,137	$ 3	124,117	(3,906)	(7,378)	(699)
Ending balance, shares at Dec. 31, 2021		26,735,000
Net income (loss)	20,200				20,200
Share-based compensation	10,680		10,680
Issuance of ordinary shares under ESPP	1,966		1,966
Issuance of ordinary shares under ESPP, shares		152,000
Issuance of vested shares		236,000
Treasury shares withheld for net settlement	(1,016)			(1,016)
Treasury shares withheld for net settlement, shares		(52,000)
Proceeds from exercise of share options	$ 2,234		2,234
Proceeds from exercise of share options, shares	242,423	242,000
Foreign currency translation	$ (828)					(828)
Ending balance at Dec. 31, 2022	145,373	$ 3	138,997	(4,922)	12,822	(1,527)
Ending balance, shares at Dec. 31, 2022		27,313,000
Net income (loss)	(77,420)				(77,420)
Share-based compensation	11,593		11,593
Issuance of ordinary shares under ESPP	1,680
Issuance of ordinary shares under ESPP, shares		202,000
Issuance of vested shares		311,000
Treasury shares withheld for net settlement	(702)			(702)
Treasury shares withheld for net settlement, shares		(51,000)
Proceeds from exercise of share options	$ 498		498
Proceeds from exercise of share options, shares	59,800	60,000
Foreign currency translation	$ (88)					(88)
Ending balance at Dec. 31, 2023	$ 80,934	$ 3	$ 152,768	$ (5,624)	$ (64,598)	$ (1,615)
Ending balance, shares at Dec. 31, 2023		27,835,000

Software

12 Months Ended

Dec. 31, 2023

Research and Development [Abstract]

Software

Note 4. Software

Software consisted of the following (in thousands):


		December 31, 2022							December 31, 2023
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Acquired and Software for internal use	3 to7 years	$	15,995	$	(15,326	)	$	669	$	16,814	$	(15,696	)	$	1,118
Software marketed for external sale	3 years		11,650		(3,880	)		7,770		17,563		(6,696	)		10,867
Total		$	27,645	$	(19,206	)	$	8,439	$	34,377	$	(22,392	)	$	11,985

Amortization of acquired and internal use software is computed using the straight-line method over an estimated useful life of generally three to seven years. Amortization expense recognized on acquired and internal use software is reflected in depreciation and amortization in the consolidated statements of operations. Amortization expense was $0.7 million, $0.4 million and $0.4 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Amortization expense recognized on software to be sold or marketed externally was $0.8 million, $1.6 million and $2.8 million for the years ended December 31, 2021, 2022 and 2023, respectively, and is included in cost of revenues on the consolidated statements of operations.

Based on capitalized software assets at December 31, 2023, estimated amortization expense in future fiscal years is as follows (in thousands):


Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2024		442		3,649		4,091
2025		393		3,651		4,044
2026		277		2,406		2,683
2027		6		1,091		1,097
2028		—		70		70
Thereafter		—		—		—
Total amortization	$	1,118	$	10,867	$	11,985

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Components of Receivable, Net

The components of receivable, net are as follows (in thousands):


	December 31,			December 31,
	2022			2023

Trade accounts receivable	$	89,758		$	63,939
Other receivables		140			447
Total receivables		89,898			64,386
Less: Allowance for credit losses		(577	)		(283	)
Receivables, net	$	89,321		$	64,103

Schedule of Estimate for Credit Losses Activity

The estimate for credit losses activity was as follows (in thousands):


	Year ended December 31,			Year ended December 31,
	2022			2023

Beginning balance	$	683		$	577
Increase, charged to expense		93			204
Recoveries		(199	)		(46	)
Amounts written-off		—			(452	)
Ending balance	$	577		$	283

The amounts written-off include receivables that were deemed uncollectible and were previously reserved for.

Schedule of Inventories, Net

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


	December 31,			December 31,
	2022			2023

Finished goods	$	50,052		$	69,428
Raw materials		15,010			21,271
Gross inventory		65,062			90,699
Less: Excess and obsolete provision		(7,994	)		(23,821	)
Inventories, net	$	57,068		$	66,878

Schedule of Inventory Excess and Obsolete Provision

The following table reflects the activity in the Company’s inventory excess and obsolete provision (in thousands):


	Year ended December 31,			Year ended December 31,
	2022			2023

Beginning balance	$	5,567		$	7,994
Inventory written off		(1,316	)		(768	)
Increase in excess and obsolete provision		3,743			16,595
Ending balance	$	7,994		$	23,821

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,		December 31,
	2022		2023

Accrued goods and services	$	10,105	$	7,787
Accrued loss on supplier commitments		528		12,949
Accrued inventory purchases		3,189		2,768
Accrued customer rebates		13,797		23,052
Other		423		513
Accrued liabilities	$	28,042	$	47,069

Accrued loss on supplier commitments reflects accrued loss on purchase obligations for inventory expected to be reserved.

The increase in the accrued customer rebates is the result of additional rebates offered in the fourth quarter of 2023 to the Company's distributors on enterprise products.

Schedule of Change to Accrued Warranty

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


	Year ended December 31,			Year ended December 31,
	2022			2023

Beginning balance	$	1,731		$	1,651
Fulfillment of assumed acquisition warranty		(142	)		(178	)
Provision increase, net		62			11
Ending balance	$	1,651		$	1,484

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Income Taxes [Line Items]
Deferred tax assets expected to be realized over next three years	$ 3,700,000
Statutory rate	21.00%	21.00%	21.00%
Additional valuation allowance on the related deferred tax asset	$ 18,300,000
Valuation allowance on the related deferred tax asset	23,600,000	$ 5,300,000
NOL carryforward	87,500,000	17,000,000
NOL carryforward, indefinite life	85,900,000	15,300,000
NOL carryforward, definite life	$ 1,600,000
NOL carryforward, definite life, expiration year	2041
NOL carryforward, definite life		1,700,000
NOL carryforward, definite life, expiration year	2041
CIR carryforward	$ 3,100,000	3,900,000
Reduction in deferred tax asset related to utilization of CIR	(800,000)
Unrecognized tax positions	0	0
Income tax (benefit) expense	$ 13,774,000	$ (2,183,000)	$ (5,515,000)
Effective tax rate	(21.60%)	(12.10%)	(17.30%)
Release of valuation allowance	$ (35,404,000)	$ (857,000)	$ 7,900,000
Valuation allowance due to pre tax loss change in amount	16,800,000
Increase in valuation allowance due to pre tax loss	18,600,000
Employee restricted share vesting and option exercises			$ 3,400,000
Benefit on foreign derived intangible income	2,887,000	2,258,000
Research and Development
Schedule Of Income Taxes [Line Items]
Change in deferred tax assets valuation allowance	2,400,000	2,800,000
Tax credit carryforward	2,900,000	$ 2,000,000
Foreign Entities
Schedule Of Income Taxes [Line Items]
Valuation allowance on the related deferred tax asset	1,000,000
U.S. entity
Schedule Of Income Taxes [Line Items]
Valuation allowance on the related deferred tax asset	$ 10,500,000
UK
Schedule Of Income Taxes [Line Items]
Statutory rate	23.50%	19.00%	19.00%
Tax returns open, tax years	2020 2021 2022 2023
Revaluation of deferred tax asset		$ 900,000
California \| Research and Development
Schedule Of Income Taxes [Line Items]
Change in deferred tax assets valuation allowance		800,000
Additional valuation allowance on the related deferred tax asset				$ 300,000
Valuation allowance on the related deferred tax asset	$ 1,600,000	$ 1,300,000
India \| Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Tax returns open, tax years	2019
India \| Latest Tax Year
Schedule Of Income Taxes [Line Items]
Tax returns open, tax years	2023
US \| Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Tax returns open, tax years	2020

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

12 Months Ended

Dec. 31, 2023

$ / shares

Number of Units

Number of Units, RSUs, beginning balance | shares

696,990

Number of Units, RSUs granted | shares

225,338

^[1]

Number of Units, RSUs vested | shares

(311,440)

Number of Units, RSUs forfeited | shares

(54,548)

Number of Units, RSUs, ending balance | shares

556,340

Weighted average grant date fair value

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

$ 18.22

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

12.68

^[1]

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

16.51

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

18.31

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

$ 17.60

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

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4,341	$ 3,913	$ 3,356

Software (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

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


		December 31, 2022							December 31, 2023
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Customer relationships	5 - 18 years		19,300		(10,127	)		9,173		19,300		(11,625	)		7,675
Total		$	19,300	$	(10,127	)	$	9,173	$	19,300	$	(11,625	)	$	7,675

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of December 31, 2023, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Year ending December 31,	Amortization
2024		1,498
2025		1,498
2026		1,498
2027		1,498
2028		1,498
Thereafter		185
Total amortization	$	7,675

Capitalized Software Assets

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

Software consisted of the following (in thousands):


		December 31, 2022							December 31, 2023
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Acquired and Software for internal use	3 to7 years	$	15,995	$	(15,326	)	$	669	$	16,814	$	(15,696	)	$	1,118
Software marketed for external sale	3 years		11,650		(3,880	)		7,770		17,563		(6,696	)		10,867
Total		$	27,645	$	(19,206	)	$	8,439	$	34,377	$	(22,392	)	$	11,985

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized software assets at December 31, 2023, estimated amortization expense in future fiscal years is as follows (in thousands):


Year ending December 31,	Acquired and internal use software		Software marketed for external use		Total
2024		442		3,649		4,091
2025		393		3,651		4,044
2026		277		2,406		2,683
2027		6		1,091		1,097
2028		—		70		70
Thereafter		—		—		—
Total amortization	$	1,118	$	10,867	$	11,985

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income taxes

Note 11. Income taxes

For the years ended December 31, 2021, 2022 and 2023, income (loss) before income taxes includes the following components (in thousands):


	Years ended December 31,
	2021		2022		2023
United States	$	10,943	$	10,269	$	4,412
Foreign		20,963		7,748		(68,058	)
Total	$	31,906	$	18,017	$	(63,646	)

For the years ended December 31, 2021, 2022 and 2023, the (benefit) provision for income taxes consists of the following (in thousands):


	Years ended December 31,
	2021			2022			2023
Current:
U.S. federal	$	268		$	1,174		$	3,647
State		(94	)		847			154
Foreign		376			985			885
Current tax provision		550			3,006			4,686
Deferred:
U.S. federal	$	(1,662	)	$	(3,814	)	$	2,415
State		(147	)		(610	)		556
Foreign		(4,256	)		(765	)		6,117
Deferred tax (benefit) provision		(6,065	)		(5,189	)		9,088
(Benefit) provision for income taxes	$	(5,515	)	$	(2,183	)	$	13,774

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. The table below reconciles the Company's tax (benefit) provision for income taxes based on the statutory U.S. federal income tax rate to its effective tax rate for the years ended December 31, 2021, 2022 and 2023 (in thousands):


	Years ended December 31,
	2021			2022			2023
Income tax expense (benefit) at federal statutory rate	$	6,700		$	3,784		$	(13,366	)
State and local income taxes net of federal benefit		10			27			(364	)
Tax rate changes		21			(873	)		(1,255	)
Valuation allowance changes		(7,902	)		857			35,404
Foreign rate differential		(164	)		138			(1,758	)
Research and development		(811	)		(2,840	)		(2,385	)
Share-based compensation - excess tax benefit		(3,444	)		(778	)		311
Foreign derived intangible income		—			(2,258	)		(2,887	)
Other		75			(240	)		74
(Benefit) provision for income taxes	$	(5,515	)	$	(2,183	)	$	13,774

Foreign rate differential represents the non-U.S. jurisdictions. The country having the greatest impact on the tax rate adjustment line shown in the above table as “foreign rate differential” for the years ended December 31, 2021, 2022 and 2023 is the UK where the statutory income tax rate was 19.0% for 2021 and 2022, and was 23.5% for 2023.

The Company accounts for income taxes in accordance with ASC Topic 740. Deferred income tax assets and liabilities are determined based upon temporary differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The deferred tax assets and

liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial reporting purposes.

The sources of these differences for the years ended December 31, 2022 and 2023 are as follows (in thousands):


	Years ended December 31,
	2022			2023
NOL and tax credit carryforwards	$	5,883		$	24,561
Capitalized research costs		6,017			11,896
Disallowed interest carryforwards		906			784
Lease liability		289			1,194
Share-based compensation		2,665			3,758
Intangible assets		260			247
Other		320			507
Subtotal		16,340			42,947
Less: Valuation allowance		(1,328	)		(36,732	)
Net deferred tax assets		15,012			6,215
Property and equipment		(775	)		(846	)
Operating lease assets		(242	)		(1,134	)
Prepaid expenses and other assets		(425	)		(223	)
Capitalized software development costs		(788	)		(318	)
Net deferred tax liabilities		(2,230	)		(2,521	)
Total deferred tax assets, net	$	12,782		$	3,694
Deferred tax assets/liabilities included in the balance sheet are:
	Years ended December 31,
	2022			2023
Deferred tax assets - non-current	$	12,782		$	3,694
Deferred tax liabilities - non-current		—			—
Total deferred tax assets, net	$	12,782		$	3,694

The net deferred tax asset of $3.7 million is expected to be realized over the next three years from 2024 through 2026.

For the years ended December 31, 2022 and 2023, the following table reflects the activity in the Company’s valuation allowance on deferred tax assets (in thousands):


	Years ended December 31,
	2022		2023
Beginning balance	$	471	$	1,328
Increase in valuation allowance		857		35,404
Ending balance	$	1,328	$	36,732

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. The Company considers projected future taxable income, reversing taxable temporary differences, carryback opportunities, and tax-planning strategies in making this assessment.

Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets before they otherwise expire. Cumulative losses are objective evidence that limit the ability to consider other subjective evidence such as the Company’s projections for future growth. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company’s projections for growth.

As of December 31, 2022 the Company’s deferred tax assets were primarily the result of UK and U.S. net operating losses (“NOLs”), tax credit carryforwards from the UK and U.S., share-based compensation, and the UK corporate interest restriction. As of December 31, 2023, the Company's deferred tax assets were primarily the result of capitalized research costs, UK net operating losses, tax credit carryforwards from the UK and U.S., share-based compensation, and UK corporate interest restriction.

During 2023, the Company added state research and development tax credit benefits in the state of California, which are only available to offset actual tax liabilities. The state research and development tax credits are in excess of the amount reasonably

expected to be utilized over the next five years. Accordingly, the Company established an additional $0.3 million of valuation allowance during 2023, for a total of $1.6 million valuation allowance on the related deferred tax asset at December 31, 2023. During 2022, the Company's valuation allowance on the research and development tax credits for the state of California increased $0.8 million and was $1.3 million at December 31, 2022.

The Company reviews the likelihood that it will realize the benefit of its deferred tax assets and therefore, the need for a valuation allowance on a quarterly basis. Regarding the valuation allowance remaining on the research and development tax credits for the state of California, the Company may release all or a portion of its valuation allowance, if results and other subjective evidence continue to reflect pre tax income such that the deferred tax assets become more likely than not to be realizable.

During 2023, the Company added a valuation allowance of $23.6 million as a result of the recognition of a valuation allowance on UK deferred tax assets in 2023. The valuation allowance of $5.3 million was established based on the UK deferred tax assets held at December 31, 2022. An increase in the valuation allowance of an additional $18.3 million was recorded in 2023 due to a loss at the Company's UK entity.

Due to the intercompany relationships between Cambium's entities, at December 31, 2023, the Company also recognized a valuation allowance of $10.5 million on the Company's U.S. entity, and $1.0 million on the Company's other foreign entities, due to a loss at the Company's UK entity.

The Company has gross income tax NOL carryforwards related to its U.S. and international operations. For the year ended December 31, 2022, the NOL carryforward was approximately $17.0 million, of which $15.3 million has an indefinite life and $1.7 million will expire in 2041. For the year ended December 31, 2023, the NOL carryforward was approximately $87.5 million, of which $85.9 million has an indefinite life and $1.6 million will expire in 2041.

The Company has tax credit carryforwards related to research and development. For the year ended December 31, 2022, the carryforward was approximately $2.0 million, all of which had an indefinite life. For the year ended December 31, 2023, the carryforward was approximately $2.9 million, all of which has an indefinite life.

The Company has gross corporate interest restriction (“CIR”) disallowance carryforwards related to its UK operations. For the year ended December 31, 2022, the CIR carryforward was approximately $3.9 million, all of which had an indefinite life. For the year ended December 31, 2023, the CIR carryforward was approximately $3.1 million, all which has an indefinite life. The Company has recorded a reduction to the deferred tax asset of $0.8 million related to an adjustment to the utilization of a portion of the CIR in the 2021 UK tax return.

The Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and many foreign jurisdictions. The U.S., UK, and India are the main taxing jurisdictions in which the Company operates. Open tax years subject to audit vary depending on the tax jurisdiction. In the U.S., the Company is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2020. In the UK, the tax returns that are open are for the tax years 2020, 2021, 2022 and 2023. In India, the tax returns that are open are for India assessment years 2019 through 2023.

The Company believes its tax positions comply with applicable tax law and intends to vigorously defend its position. However, differing positions on certain issues could be upheld by tax authorities, which could adversely affect the Company’s financial condition and results of operations. The Company does not have any unrecognized tax positions as of December 31, 2022 and 2023.

The Company recorded income tax (benefit) provision for income taxes of ($5.5) million, ($2.2) million, and $13.8 million for the years ended December 31, 2021, 2022 and 2023, with an effective tax rate of (17.3)%, (12.1)% and (21.6)%, respectively. For the year ended December 31, 2021, the Company's effective tax rate was (17.3)%. The effective tax rate differed from the U.S. statutory rate of 21.0% primarily due to a benefit on the release of a valuation allowance against its deferred tax assets of $7.9 million and a $3.4 million benefit arising on employee restricted share vesting and option exercises. For the year ended December 31, 2022, the Company's effective tax rate was (12.1)%. The effective tax rate differed from the U.S. statutory rate of 21.0% primarily due to research and development tax credits of $2.8 million, a benefit on Foreign Derived Intangible Income of $2.3 million, and a tax benefit of $0.9 million on revaluation of the UK deferred tax assets at a higher tax rate. For the year ended December 31, 2023, the Company's effective tax rate was (21.6)%. The effective tax rate differed from the U.S. statutory rate of 21.0% primarily due to a pretax loss, the establishment of a valuation allowance of $16.8 million, and an additional increase in the valuation allowance of $18.6 million, a tax benefit on Foreign Derived Intangible Income of $2.9 million, and a benefit on research and development credits of $2.4 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Software - Schedule of Software (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 34,377	$ 27,645
Accumulated amortization	(22,392)	(19,206)
Net balance	$ 11,985	8,439
Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	18 years
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 16,814	15,995
Accumulated amortization	(15,696)	(15,326)
Net balance	$ 1,118	669
Acquired and Software for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Acquired 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	$ 17,563	11,650
Accumulated amortization	(6,696)	(3,880)
Net balance	$ 10,867	$ 7,770

Software - Schedule of Estimated Amortization Expense of Capitalized Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
2024	$ 4,091
2025	4,044
2026	2,683
2027	1,097
2028	70
Net balance	11,985	$ 8,439
Acquired and Internal Use Software
Finite Lived Intangible Assets [Line Items]
2024	442
2025	393
2026	277
2027	6
Net balance	1,118
Software Marketed for External Use
Finite Lived Intangible Assets [Line Items]
2024	3,649
2025	3,651
2026	2,406
2027	1,091
2028	70
Net balance	$ 10,867

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount and Amortization of Software and Intangible Assets

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


		December 31, 2022							December 31, 2023
	Useful Life	Gross carrying amount		Accumulated amortization			Net balance		Gross carrying amount		Accumulated amortization			Net balance

Customer relationships	5 - 18 years		19,300		(10,127	)		9,173		19,300		(11,625	)		7,675
Total		$	19,300	$	(10,127	)	$	9,173	$	19,300	$	(11,625	)	$	7,675

Schedule of Estimated Amortization Expense of Capitalized Software and Intangible Assets

Based on capitalized intangible assets as of December 31, 2023, estimated amortization expense amounts in future fiscal years are as follows (in thousands):


Year ending December 31,	Amortization
2024		1,498
2025		1,498
2026		1,498
2027		1,498
2028		1,498
Thereafter		185
Total amortization	$	7,675

Balance Sheet Components - Schedule of Estimate for Credit Losses Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Beginning balance	$ 577	$ 683
Increase, charged to expense	204	93
Recoveries	(46)	(199)
Amounts written-off	(452)
Ending balance	$ 283	$ 577

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Current and Noncurrent Portions of External Debt Facilities

The following table reflects the current and noncurrent portions of the external debt facilities at December 31, 2022 and December 31, 2023 (in thousands):


	December 31,			December 31,
	2022			2023

Term loan facility	$	28,031		$	25,406
Less debt issuance costs		(410	)		(294	)
Total debt		27,621			25,112
Less current portion of term facility		(3,281	)		(3,281	)
Current portion of debt issuance costs		123			95
Total long-term external debt, net	$	24,463		$	21,926

Schedule of Maturities on External Debt Outstanding

Maturities on the external debt outstanding at December 31, 2023 under the BofA Agreement are as follows (in thousands):


Year ending December 31,
2024		2,625
2025		2,625
2026		19,500
Total	$	24,750

Software - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Maximum
Finite Lived Intangible Assets [Line Items]
Useful life	18 years
Acquired and Software for Internal Use
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 0.4	$ 0.4	$ 0.7
Acquired and Software for Internal Use \| Minimum
Finite Lived Intangible Assets [Line Items]
Useful life	3 years
Acquired 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
Amortization expense	$ 2.8	$ 1.6	$ 0.8

Balance Sheet Components - Components of Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Total receivables	$ 64,386	$ 89,898
Less: Allowance for credit losses	(283)	(577)	$ (683)
Receivables, net	64,103	89,321
Trade Accounts Receivable
Accounts Notes And Loans Receivable [Line Items]
Total receivables	63,939	89,758
Other Receivables
Accounts Notes And Loans Receivable [Line Items]
Total receivables	$ 447	$ 140

Share Capital - Shares - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares
Stockholders' Equity Note [Abstract]
Common stock dividends paid	$ 0

Income Taxes - Summary of Gross NOL Carryforwards Expire (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
NOL, Unlimited carryforward	$ 85.9	$ 15.3
NOL, 10+ year carryforward	$ 1.6