Cambium Networks Corporation, through its subsidiaries, provides wireless broadband networking infrastructure products and solutions for commercial and government network operators. Its wireless fabric includes intelligent radios, smart antennas, radio frequency (RF) algorithms, wireless-aware switches, and cloud-based network management software. The company offers point-to-point backhaul, point-to-multipoint distribution, Wi-Fi access, cnMatrix ethernet enterprise switching, cnReach IIoT, cnVision video surveillance transport, and cnMaestro and network management tools and solutions. It also offers point-to-point solutions that are connected to high-speed, high-bandwidth wireline networks; and wireless broadband backhaul to facilities or point-to-multipoint access points deployed throughout a network over distances of approximately 100 kilometers and at 2 gigabytes per second. The company also offers cnPilot and Xirrus Wi-Fi solution provides distributed access to individual users in indoor settings, such as office complexes, and outdoor settings, such as athletic stadiums and outdoor public Wi-Fi spots; cnReach solutions offer narrow-band connectivity for sensors and devices; embedded proprietary RF technology and software enables automated optimization of data flow at the outermost points in the network; cnMatrix cloud-managed wireless-aware switching solution provides the interface between wireless and wired networks; and cnVision solutions for video surveillance and CCTV deployments. It serves medium-sized wireless Internet service providers, mobile network operators, enterprises, and government agencies in North America, Europe, the Middle East, Africa, Caribbean and Latin America, and the Asia Pacific. The company was formerly known as Vector Cambium Holdings (Cayman), Ltd. and changed its name to Cambium Networks Corporation in 2018. The was founded in 2011 and is headquartered in Rolling Meadows, Illinois.
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Here are 1-2 brief analogies for Cambium Networks (CMBM):
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Cisco for wireless internet infrastructure: Cambium Networks provides wireless networking hardware and software solutions, specializing in fixed wireless broadband and enterprise Wi-Fi, similar to how Cisco provides comprehensive networking gear but with a specific focus on extending internet access wirelessly.
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Ericsson or Nokia for fixed wireless and Wi-Fi networks: Like Ericsson and Nokia provide core infrastructure for large cellular carriers, Cambium Networks provides specialized wireless infrastructure equipment and software for internet service providers and enterprises to build their own fixed wireless and Wi-Fi networks.
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- Fixed Wireless Broadband Solutions: Provides point-to-point (PTP) and point-to-multipoint (PMP) wireless communication systems for internet service providers, enterprises, and industrial applications.
- Enterprise Wi-Fi Solutions: Offers indoor and outdoor Wi-Fi access points, switches, and controllers for various business environments.
- Network Management Software (cnMaestro): A cloud-based or on-premises platform for end-to-end management, monitoring, and troubleshooting of Cambium's network infrastructure.
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Cambium Networks (CMBM) Major Customers
Cambium Networks (CMBM) primarily sells its wireless broadband and Wi-Fi solutions to other companies and organizations (B2B and B2G), rather than directly to individuals. Due to the nature of their channel-driven business model and diverse customer base, Cambium Networks typically serves a broad range of end-users through a network of distributors and resellers. Specific major customer companies that are publicly disclosed and consistently represent a significant portion of revenue are not readily available in public filings, as their sales are often fragmented across many entities.
Instead, Cambium Networks serves the following key categories of customers:
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Wireless Internet Service Providers (WISPs): These are often regional or local service providers that use Cambium's point-to-point (PTP) and point-to-multipoint (PMP) solutions to deliver internet access to underserved areas or specific markets.
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Enterprises: This category includes a wide range of organizations such as industrial facilities, educational institutions (schools, universities), healthcare providers, logistics and warehousing operations, and hospitality venues, which deploy Cambium's Wi-Fi and fixed wireless solutions for connectivity.
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Government and Municipalities: Public sector entities utilize Cambium's technology for various applications including public safety networks, smart city initiatives, video surveillance backhaul, and municipal broadband projects.
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Service Providers (beyond WISPs): While WISPs are a primary focus, larger regional or national telecommunication companies and other service providers may also leverage Cambium's solutions for specific network access, backhaul, or connectivity needs.
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Morgan Kurk, President & Chief Executive Officer
Morgan Kurk joined Cambium Networks in August 2023 and is a member of the Board of Directors. He brings over 30 years of experience in the information and communications technology industries. Prior to his role at Cambium Networks, he served as President of Honeywell's Personal Protection Equipment business from September 2021 to April 2023. He spent a significant portion of his career at CommScope from November 2009 to July 2021, where his roles included CTO, EVP of the Broadband Segment, COO, and Senior VP positions in Wireless and Enterprise divisions. Earlier in his career, he was President at Microwave Radio Corporation and VP & General Manager at Wireless Innovations Group. Morgan began his career as a hardware development engineer for Motorola wireless base stations.
John Waldron, Acting Chief Financial Officer and Vice President of Finance and Accounting
John Waldron was appointed acting chief financial officer and principal financial officer, effective August 26, 2025, following the departure of Jacob Sayer. Prior to joining Cambium Networks, Mr. Waldron served as SVP Finance and Accounting and Chief Accounting Officer of Hyzon Motors Inc. from December 2023 to April 2025. He was also interim Vice President Finance and Chief Financial Officer for a client of Riveron Consulting LLC from June to December 2023. He has held various financial leadership roles at private and public companies, including Lifeway Foods, Campbell Soup Company, Navistar, and RR Donnelley. Mr. Waldron began his career at Arthur Andersen.
Sally J. Rau, Senior Vice President and Chief Legal Officer
Sally Rau has extensive experience in corporate law in both the United States and the United Kingdom. She started her legal career in San Francisco, working as a corporate and securities lawyer at two prominent San Francisco law firms before becoming general counsel of a global container leasing company.
Vibhu Vivek, Senior Vice President, Products
Vibhu Vivek possesses more than 20 years of experience in developing cutting-edge wireless, networking, and security products for enterprises.
Raymond de Graaf, Senior Vice President, Operations
Raymond de Graaf brings a deep background in Operations within the high-tech industry. He has been responsible for many transformational initiatives aimed at fostering a culture of people development, growth, and high performance. Before joining Cambium Networks, he served as Senior Vice President of Operations at Ixia, where he played a crucial role in delivering on customer expectations.
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Increased competition from the rapid expansion of 5G Fixed Wireless Access (FWA) and significant global investments in fiber optic broadband infrastructure.
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Cambium Networks (CMBM) operates in several key addressable markets for its main products and services:
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Fixed Wireless Access (FWA) / Fixed Wireless Broadband:
The global fixed wireless access market was valued at USD 143.61 billion in 2023 and is projected to reach USD 476.34 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 19.8% from 2024 to 2030. Another estimate places the global FWA market at USD 171.8 billion in 2024, projected to reach USD 719.2 billion by 2032, expanding at a CAGR of 19.6%. The market is estimated to be valued at USD 41.2 billion in 2025 and is projected to reach USD 144.7 billion by 2035, registering a CAGR of 13.4%. The U.S. FWA market is likely to reach USD 8.94 billion in 2025. North America holds the largest share of the Fixed Wireless Access Market, accounting for 37% in 2024. The Asia Pacific market for FWA held the largest share of 37.15% in 2023 and is expected to have the fastest projected CAGR of 21.07% between 2025 and 2030.
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Enterprise Wi-Fi / Wireless LAN (WLAN) Solutions:
The global enterprise WLAN market was valued at USD 7.25 billion in 2024 and is expected to grow at a CAGR of 13.7% from 2025 to 2032, reaching nearly USD 20.25 billion. Another report estimates the market size at USD 24.9 billion in 2025, projected to reach approximately USD 154.1 billion by 2035, with a robust CAGR of 20.0% during the forecast period. The enterprise worldwide wireless local area network (WLAN) market grew 10.6% in the first quarter of 2025 compared to 1Q24 to reach USD 2.3 billion. In 2023, the Asia Pacific enterprise WLAN market held a share of more than 34.62%. The enterprise WLAN market in the Americas increased by 15.2% year-over-year in 1Q25, driven by strong growth of 21.0% in the United States.
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Industrial IoT Wireless Solutions:
The global Industrial IoT (IIoT) market was valued at USD 119.4 billion in 2024 and is projected to grow from USD 198.2 billion in 2025 to USD 286.3 billion by 2029, at a CAGR of 8.1% during the forecast period. Another source states the Industrial Internet of Things (IIoT) Market size was valued at USD 195.3 billion in 2023 and is poised to grow from USD 211.31 billion in 2024 to USD 396.96 billion by 2032, growing at a CAGR of 8.2%. The Global Industrial Wireless Solution Market was valued at USD 4.50 billion in 2024 and is projected to reach USD 38.90 billion by 2035, growing at a CAGR of 21.66% from 2025 to 2035. The Industrial Wireless Solution market is evaluated at USD 6.435 billion in 2025 and is projected to grow at a CAGR of 11.10% to reach USD 10.893 billion in 2030. The installed base of active wireless IoT devices in the industrial automation industry is forecasted to grow from an estimated 56.5 million connections at the end of 2023 to 110.3 million connected devices by 2028, with a CAGR of 14.3%. North America holds the largest market share in the industrial wireless solution market. Asia Pacific is expected to grow fastest at a 10.9% CAGR in the Industrial IoT market.
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Cambium Networks (CMBM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in the Enterprise Business: Cambium Networks has demonstrated sequential growth in its enterprise revenue, which has been a consistent positive trend and has partially offset declines in other segments. For example, enterprise revenue increased by 34% sequentially in Q3 2024. This continued expansion in the enterprise sector is anticipated to be a significant contributor to future revenue.
- Launch and Adoption of New Wi-Fi 6 and Wi-Fi 7 Products: The company is focused on new product launches, specifically Wi-Fi 6 and Wi-Fi 7 products, with the X7-35X Wi-Fi 7 access point highlighted as a key catalyst. These advanced wireless solutions are expected to capture market demand for faster and more efficient enterprise Wi-Fi.
- Expansion into New and Emerging Markets: Cambium Networks aims to grow by expanding its presence in overlooked rural and emerging markets. Specific regions mentioned for expansion include Latin America and Asia, where the company's "ONE network" approach, combining fixed wireless and Wi-Fi, is strategically positioned to address markets lacking robust wired infrastructure.
- Leveraging the 5G Ecosystem: Riding the global 5G wave is identified as a growth story for Cambium Networks, with analysts expecting the company's revenue to climb by leveraging the increasing demand for scalable infrastructure within the thriving 5G and fiber ecosystem. The company's innovative offerings, including fixed wireless broadband networking infrastructure solutions, are designed to optimize operations within this expanding environment.
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Share Repurchases
There is no information available regarding significant share repurchases or authorized future share repurchase programs by Cambium Networks over the last 3-5 years.
Share Issuance
- In 2022, Cambium Networks received $2.2 million from the exercise of share options and $2.0 million from its Employee Share Purchase Program (ESPP).
- Shares issued under the ESPP totaled 39,061 and 42,401 in 2021, and 87,229 and 64,867 in 2022, across respective six-month offering periods.
- The 2019 Share Incentive Plan allows for an annual increase in shares available for issuance, the lesser of 1,320,000 shares, 5% of outstanding shares, or a board-determined amount. An additional 1,320,000 shares were registered under this plan on March 18, 2024.
Inbound Investments
There is no information available regarding large inbound investments made in Cambium Networks by third-parties over the last 3-5 years.
Outbound Investments
- In February 2020, Cambium Networks made a remaining contingent consideration payment of $0.3 million related to the Xirrus acquisition.
Capital Expenditures
- Capital expenditures are primarily focused on property, equipment, and software, including capitalized labor costs for software intended for sale.
- In 2021, capital expenditures increased by $5.1 million, primarily due to delays from projects originally planned for 2020 that were postponed due to uncertainty surrounding the COVID-19 pandemic.
- Cash used in investing activities was approximately $3.1 million for the three months ended March 31, 2023, and approximately $3.0 million for the same period in 2024.
