Here are 1-2 brief analogies to describe Netgear (NTGR):

• Cisco for your home and small office: Netgear provides similar networking hardware (routers, switches) to what Cisco does for large enterprises, but tailored for individual consumers and small-to-medium businesses.
• The Garmin of home connectivity: Like Garmin provides specialized, reliable technology for navigation and fitness, Netgear offers specialized and dependable hardware to power your home and small business internet and network connections.

• WiFi Routers: Devices that provide wireless internet connectivity to homes and small businesses, often featuring advanced performance for gaming and streaming.
• Mesh WiFi Systems: Multi-unit systems designed to deliver seamless, whole-home wireless coverage, eliminating dead zones and providing consistent performance.
• Network Switches: Hardware that connects multiple devices within a wired network, ranging from simple unmanaged switches to advanced PoE (Power over Ethernet) switches for business applications.
• Modems & Modem Routers: Devices that connect a home or office network to an internet service provider, often integrating both modem and WiFi router functionalities.
• Mobile Hotspots & 4G/5G Routers: Portable or fixed devices that enable multiple users to connect to the internet via cellular data networks, providing internet access on the go or as a primary connection.
• Network Attached Storage (NAS): Centralized storage solutions allowing users to store, access, and share files across a network, primarily serving small to medium businesses.

Netgear (NASDAQ: NTGR) sells its products primarily through a broad network of other companies, including major retailers, online marketplaces, and IT distributors. These channel partners then sell Netgear products to end-users (both individuals and small/medium businesses).

Netgear's 2023 annual report (Form 10-K) states that no single customer accounted for 10% or more of its consolidated net revenues. Therefore, while no single company is identified as a "major customer" by this financial metric, the following are examples of prominent companies that serve as key distribution channels for Netgear products, enabling them to reach a wide customer base:

• Amazon.com, Inc. (NASDAQ: AMZN)
• Best Buy Co., Inc. (NYSE: BBY)
• Walmart Inc. (NYSE: WMT)
• TD SYNNEX Corporation (NYSE: SNX)
• Ingram Micro Inc. (Private)

• Broadcom, Inc. (AVGO)
• Qualcomm Incorporated (QCOM)

Charles "CJ" Prober Chief Executive Officer and Director

Joined NETGEAR in January 2024. Prior to NETGEAR, he was President of Life360, which he joined through the acquisition of Tile in January 2022. Prober served as CEO at Tile from September 2018 to January 2022, and as Executive Chairman from February 2018 to September 2018. He also held executive leadership roles at GoPro, including Chief Operating Officer, and at Electronic Arts as Senior Vice President of Digital Publishing. He was instrumental in driving subscription and revenue growth at Life360 and Glorious Gaming, and played a significant role in transforming Electronic Arts into a digital services company.

Bryan Murray Chief Financial Officer

Bryan Murray has served as Chief Financial Officer since August 2018. He has been with NETGEAR for over 16 years, holding various management roles within the Finance organization, including Vice President of Finance and Corporate Controller. Before joining NETGEAR in 2001, he worked in public accounting at Deloitte. Murray holds a B.A. from the University of California, Santa Barbara, and is a Certified Public Accountant.

Michael Falcon Chief Operations Officer

Michael Falcon oversees NETGEAR's operational strategies and ensures seamless execution across all departments. His expertise encompasses supply chain management and strategic planning. Falcon's career includes significant roles at Quantum Storage Solutions Group and Silicon Valley Group, where he developed his skills in manufacturing and supply chain management. He joined Netgear in 2002 and has held various leadership positions within the company.

Heidi Cormack Chief Marketing Officer

Heidi Cormack has served as Chief Marketing Officer since July 2021. She has been with NETGEAR for over 10 years, holding various management roles in Marketing, including Senior Vice President of Global Marketing and Vice President of Corporate Marketing. Prior to joining NETGEAR in 2009, she held several marketing positions at Virgin Mobile (Australia) Pty Ltd, Red Bull Gmbh, and Sony Computer Entertainment Inc.

Pramod Badjate President & General Manager of NETGEAR for Business Products

Pramod Badjate serves as President and General Manager of NETGEAR for Business. Before joining NETGEAR, he was the Group Vice President and General Manager for the Cognitive Campus business at Arista Networks. Previously, he served as Senior Vice President and General Manager at Ruckus Networks, where he was responsible for integrating WiFi and switching post-acquisition by Brocade and launching numerous industry-leading products. Earlier in his career, Badjate held senior engineering roles at Cisco.

One clear emerging threat to Netgear is the increasing prevalence of advanced, ISP-provided networking solutions, particularly mesh WiFi systems, offered directly to consumers as part of their internet service packages. Major internet service providers (ISPs) are increasingly bundling high-performance, user-friendly mesh WiFi systems, often proprietary or through partnerships (e.g., Comcast's xFi Pods, Eero partnerships with various ISPs, Google Nest WiFi as an ISP offering), which are professionally managed and supported by the ISP. This trend directly competes with Netgear's core business of selling premium consumer networking hardware like its Orbi mesh WiFi systems, as consumers may opt for the convenience, integrated support, and often subsidized cost of ISP-provided equipment over purchasing standalone devices.

Netgear (NTGR) operates in various networking segments, with its primary addressable markets falling under connected home products and business networking solutions. A related market where Netgear historically had a significant presence and still aligns with its "smart homes" theme is smart home security cameras.

Addressable Market Sizes for Netgear's Main Products and Services:

1. Connected Home Products (Home Wi-Fi Routers, Mesh Wi-Fi Systems, Extenders, Cable Modems)

• Global Home Broadband Wi-Fi Devices Market: This market was valued at approximately USD 13.45 billion in 2024 and is projected to reach USD 20.82 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.25% from 2025 to 2032. The U.S. has the highest demand for residential broadband Wi-Fi devices.
• Global Home Use Wi-Fi Router Market: This market was estimated at USD 3.73 billion in 2024 and is expected to grow to USD 5.67 billion by 2033, with a CAGR of 4.7% from 2025 to 2033. Another estimate places the market size at $4.65 billion in 2025, growing to $6.25 billion in 2029 at a CAGR of 7.7%. North America was the largest region in this market in 2024.
• Global Mesh Wi-Fi Systems Market: The global Mesh Wi-Fi market is estimated at USD 3.5 billion in 2024 and is projected to reach USD 12.1 billion by 2031, with a CAGR of 15.2% from 2025 to 2031. North America holds a dominant market share, while Asia-Pacific is expected to be the fastest-growing region. Another report estimates the global Mesh Wi-Fi Router Market size to be $2 billion in 2024, projected to reach $3 billion by 2031 with a CAGR of 6.8%.

2. NETGEAR for Business (Networking Equipment for SMBs, Switches, Access Points)

• Global Networking Equipment Market: This market was valued at approximately USD 34.24 billion in 2025 and is projected to surpass USD 75.99 billion by 2035, growing at a CAGR of 8.3% from 2025 to 2035. Another source indicates the market size was estimated at USD 142.13 billion in 2024 and is projected to grow from USD 149.27 billion in 2025 to USD 243.61 billion by 2035, with a CAGR of 5.02%. North America remains the largest market, holding approximately 40% of the global share.
• Global Mesh Wi-Fi Systems for Business Market: This market is projected to reach an estimated size of $1.2 billion in 2025, with a robust CAGR of 22% expected to drive it to approximately $3.7 billion by 2033.

3. Smart Home Security Cameras

(While Netgear's Arlo Technologies, Inc. spun off in 2018, Netgear's "Connected Home" segment still aligns with the broader smart home ecosystem, making this a relevant adjacent market.)

• Global Smart Home Security Camera Market: This market was valued at approximately USD 10.51 billion in 2024 and is predicted to reach around USD 60.99 billion by 2034, expanding at a CAGR of 19.23% from 2025 to 2034. North America dominated the global market with a 41% share in 2024. The U.S. market size alone was evaluated at USD 3.02 billion in 2024 and is projected to be worth around USD 17.84 billion by 2034.

Here are 3-5 expected drivers of future revenue growth for Netgear (NTGR) over the next 2-3 years:

1. Growth in the Enterprise Segment, particularly ProAV: Netgear's NETGEAR For Business (NFB) segment, especially its ProAV product line of managed switches, has shown robust growth and is expected to continue to be a key driver of higher-margin revenue. The company's strategic investments in expanding its ProAV and SMB/cloud-managed networking business are aligned with increasing global demand for robust enterprise and hybrid work solutions.
2. Expansion of Subscription-Based Services: Netgear is strategically increasing its recurring revenue streams through value-added services such as NETGEAR Armor and ProSupport. The company has demonstrated significant year-over-year growth in recurring subscribers and service revenue, with a focus on cybersecurity protection, privacy, and premium support for consumers.
3. Launch and Adoption of Wi-Fi 7 Products: Netgear has been actively launching new Wi-Fi 7 routers and mesh systems, including the Orbi 770 and various Nighthawk models, at more accessible price points. The company anticipates an accelerating upgrade cycle for Wi-Fi 7 technology as more compatible devices enter the market, which is expected to drive demand for its high-performance home networking solutions.
4. Integrated Networking and Cloud Security Solutions for SMEs: Through the acquisition of Exium and accelerated in-house software development, Netgear aims to deliver the industry's first fully integrated networking and cloud security (SASE) platform for Small and Medium Enterprises (SMEs) and Managed Service Providers (MSPs). This initiative is expected to provide new high-margin revenue streams by offering comprehensive network and security solutions.

Share Repurchases

• Netgear repurchased approximately $75.0 million of common stock in 2021 and $24.4 million in 2022 under its repurchase authorizations. Additionally, the company spent $7.7 million in 2021 and $4.8 million in 2022 to repurchase shares for tax withholding purposes related to Restricted Stock Units.
• In 2024, Netgear repurchased over $33 million of stock. For tax withholding related to Restricted Stock Units, approximately 226,000 shares were repurchased at a cost of $3.4 million in 2024 and 198,000 shares at a cost of $2.8 million in 2023.
• Between June 30, 2025, and September 28, 2025, the company repurchased 815,000 shares for $20 million, completing a buyback program announced in October 2021. The Board of Directors authorized the repurchase of up to 3.0 million additional shares on July 16, 2024.

Share Issuance

• As of December 31, 2024, approximately 0.5 million shares were reserved for future issuance under the Employee Stock Purchase Plan (ESPP).
• In February 2024, the Board of Directors approved the 2024 Inducement Equity Incentive Plan, with approximately 2.0 million shares reserved for future grants as of June 30, 2024.

Outbound Investments

• In June 2025, Netgear acquired Exium, a cybersecurity company, for under $15 million, aimed at enhancing its cloud-based solutions for small and medium enterprises.
• In May 2025, Netgear acquired VAAG Systems, a Chennai-based creator of embedded and cloud software solutions, to in-source software development capabilities and establish a new software development center.

Capital Expenditures

• For the trailing twelve months leading up to Q3 2025, Netgear reported $17.1 million in capital expenditures, with elevated levels attributed to improvements for its new corporate headquarters.
• The company plans to accelerate its investment in Research & Development over the next three years to enhance its current business offerings.
• Most incremental investments for 2025 are directed towards the NETGEAR for Business (NFB) segment, focusing on in-sourcing software capabilities and expanding the product portfolio within the AV and enterprise WiFi markets.