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Cisco for small businesses and prosumers.

Dell for professional networking equipment.

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• UniFi: A comprehensive ecosystem of networking devices, including Wi-Fi access points, switches, routers, security cameras, and access control systems, managed through a unified software platform.
• AmpliFi: Consumer-focused mesh Wi-Fi systems designed to provide reliable internet coverage throughout homes and small offices.
• EdgeMAX: Routing and switching solutions tailored for Internet Service Providers (ISPs), enterprises, and network integrators, offering robust performance and advanced features.
• airMAX: Wireless broadband equipment for point-to-point and point-to-multipoint outdoor links, primarily used by Wireless Internet Service Providers (WISPs) for internet distribution.
• airFiber: High-performance wireless backhaul radios designed for long-distance, high-speed connectivity, ideal for service providers requiring robust point-to-point links.
• UFiber: Fiber optic networking solutions, including optical line terminals (OLTs) and optical network units (ONUs), used by ISPs for deploying fiber-to-the-home (FTTH) networks.

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Ubiquiti (symbol: UI) primarily sells its networking and communications products through a business-to-business (B2B) model to a global network of distributors. These distributors, in turn, sell to a diverse range of end-users including small to medium-sized businesses (SMBs), internet service providers (ISPs), and advanced home users/prosumers.

Based on Ubiquiti's Form 10-K filing for the fiscal year ended June 30, 2023, its major direct customers (distributors accounting for 10% or more of consolidated net revenues) are:

• D&H Distributing Co.: This is a private company.
• Ingram Micro Inc.: This is a private company.

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Robert J. Pera, Chief Executive Officer and Chairman of the Board

Mr. Pera founded Ubiquiti in October 2003, with current operations starting in 2005. He has served as CEO and a board member since the company's inception, and as Chairman of the Board since December 2012. Prior to founding Ubiquiti, Mr. Pera was a wireless engineer at Apple Inc. from January 2003 to February 2005. He established his first computer services company while attending high school. In 2011, he took Ubiquiti public. In October 2012, Mr. Pera became the owner of the Memphis Grizzlies of the National Basketball Association.

Kevin Radigan, Chief Accounting and Finance Officer

Mr. Radigan has served as Ubiquiti's Principal Financial Officer and Chief Accounting Officer since May 2016. Before joining Ubiquiti, he served as Chief Financial Officer at American Medical Alert Corp. (dba Tunstall Americas), a supplier of connected healthcare products and services, from January 2012 to March 2016. He has also held various finance and accounting positions in the pharmaceutical and electronics industries.

Ron Sege, Director

Mr. Sege has served as a Director of Ubiquiti since October 2012. He is currently an Operating Partner at Benhamou Global Ventures, a venture capital firm, a role he has held since late 2018. Previously, Mr. Sege served as President, Chief Executive Officer, and Chairman of Echelon Corporation, an energy control networking solutions provider, from August 2010 to October 2018. He was also President, Chief Operating Officer, and a board member of 3Com Corporation from 2008 until its acquisition by HP. Mr. Sege was President and CEO of Tropos Networks, a wireless broadband network provider, from 2004 to 2008, and President and CEO of Ellacoya Networks, a broadband service optimization solutions provider, from 2001 to 2004.

Rafael Torres, Director

Mr. Torres has served as a Director of Ubiquiti since October 2013. He has been the founding principal of X Point Capital LLC, a private investment firm focused on long-term investments in technology and AI infrastructure, since August 2025. From November 2018 to October 2024, Mr. Torres was the Chief Financial Officer of Redis, a database software company. He also served as the Chief Financial Officer of Instart Logic from 2015 to July 2018 and OCZ Storage Solutions from 2013 to 2015. Earlier in his career, he was CFO and VP of Finance for Power Integrations and PLX Technology.

Brandon Arrindell, Director

Mr. Arrindell has served as a Director of Ubiquiti since August 2021. Since 2010, he has held various positions at Southeastern Asset Management, an investment management firm, including his current role as Senior Analyst and Principal. Mr. Arrindell has also been the Chief Executive Officer and Portfolio Manager of Greenwood Pine Partners, an investment management firm, since August 2021. Before joining Southeastern Asset Management, he was an Investment Banking Analyst in Morgan Stanley's Mergers and Acquisitions Group.

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The key risks to Ubiquiti's business operations and future expansion include ongoing supply chain disruptions, intense competition within the networking industry, and persistent cybersecurity vulnerabilities in its products.

1. Supply Chain Disruptions: Ubiquiti has been significantly affected by global supply chain issues, component shortages, and logistical bottlenecks. These disruptions hinder the company's ability to consistently meet customer demand and maintain its cost-effective pricing strategy, a core competitive advantage. Efforts to mitigate these issues have led to increased inventory and higher component costs, alongside frequent reports of key products being out of stock, which can result in frustrated customers and potential loss of business. The problem has been described as an "ongoing problem" with new and popular Ubiquiti products often being sold out for extended periods.

2. Intense Competition: Ubiquiti operates in a highly competitive networking market, facing established giants such as Cisco, Aruba (HP), Netgear, TP-Link, and MikroTik. The company's market share in the enterprise WLAN market is relatively small and has shown signs of consolidation in recent years. While Ubiquiti's strategy emphasizes cost-effectiveness and innovative products, maintaining market share requires continuous investment in research and development to offer cutting-edge solutions in an evolving industry.

3. Cybersecurity Vulnerabilities: Ubiquiti has encountered cybersecurity challenges, including data breaches and identified vulnerabilities in its IoT devices, such as cameras and routers. These vulnerabilities have exposed devices to potential amplification attacks, privacy risks, and remote code execution, with some critical flaws allowing attackers to gain full control over affected devices. Although patches are released, the slow propagation of updates for IoT devices means that vulnerabilities can persist for years, posing ongoing risks to data privacy and brand reputation.

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One clear emerging threat for Ubiquiti (UI) is the growing competitive pressure from **TP-Link's Omada ecosystem**. Omada directly targets Ubiquiti's UniFi market segment, offering a comprehensive suite of cloud-managed networking hardware (access points, switches, routers) at highly competitive price points. TP-Link, historically known for more consumer-grade equipment, has significantly invested in and matured its Omada professional line, achieving increasing feature parity and reliability with UniFi, often undercutting Ubiquiti on cost. This presents a direct threat by eroding Ubiquiti's market share in its core SMB, prosumer, and value-oriented enterprise networking sectors.

Another emerging threat comes from the rapid expansion of **5G Fixed Wireless Access (FWA) and Low Earth Orbit (LEO) satellite internet services (e.g., Starlink)**. These technologies offer high-speed internet access in rural and underserved areas. This directly threatens the business model of Wireless Internet Service Providers (WISPs), who are a significant customer base for Ubiquiti's airMAX and airFiber product lines. As these alternative broadband solutions become more widely available and affordable, they could reduce demand for Ubiquiti's specialized outdoor wireless equipment, impacting a key segment of their revenue.

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Ubiquiti Inc. (UI) operates in several addressable markets with its diverse product lines, primarily focusing on networking, wireless communication, and security solutions. The main product categories and their estimated market sizes are as follows:

UniFi (Enterprise Networking, Wireless Networking, IP Cameras, Access Control)

• Enterprise Networking Solutions (Global): The global enterprise networking market was valued at approximately USD 215.45 billion in 2024 and is projected to reach USD 298.30 billion by 2030, growing at a CAGR of 5.4% from 2025 to 2030. Another report estimated the market at USD 153.51 billion in 2023, with a projection to reach USD 284.44 billion by 2032 at a CAGR of 7.1%. North America held a significant market share, accounting for 27.5% in 2024.
• Wi-Fi Network Equipment (Global): The global Wi-Fi network equipment market size is estimated at USD 28.03 billion in 2025 and is expected to reach USD 55.77 billion by 2030, at a CAGR of 14.75%. The global market for corporate WLAN equipment was USD 10.8 billion in 2023.
• Security Cameras (Global): The global surveillance camera market was estimated at USD 43.65 billion in 2024 and is projected to reach USD 81.37 billion by 2030, growing at a CAGR of 11.2% from 2025 to 2030. Another report values the global security camera market at USD 16.18 billion in 2025, set to exceed USD 87.6 billion by 2035, registering an 18.4% CAGR during the forecast period (2026-2035). North America is projected to contribute 38% to the overall global market growth.
• Access Control Cameras (Global): The global access control camera market size was valued at USD 5.64 billion in 2024 and is expected to grow to USD 12 billion by 2035, at a CAGR of 7.1% during the forecast period (2025-2035). North America is expected to maintain its dominance in this market.

AmpliFi (Consumer Wireless Mesh Networking)

• Wi-Fi Network Equipment (Global): As part of the broader Wi-Fi network equipment market, the global market is estimated at USD 28.03 billion in 2025, growing to USD 55.77 billion by 2030.
• Wireless Connectivity Market (Global): The global wireless connectivity market, which includes Wi-Fi, was valued at USD 103.87 billion in 2024 and is projected to reach USD 373.00 billion by 2034, growing at a CAGR of 13.64% from 2025 to 2034.

EdgeMax, UISP, airMAX, airFiber, GigaBeam, and UFiber (Wired Networking, Wireless Communication, ISP Equipment)

• Enterprise Networking Solutions (Global): These products contribute to the enterprise networking market, which was valued at approximately USD 215.45 billion in 2024 and is projected to reach USD 298.30 billion by 2030.
• Global Networking Equipment Market (Global): The global networking equipment market is valued at USD 34,239.7 million in 2025 and is projected to surpass USD 75,990.4 million by 2035, growing at a CAGR of 8.3%. Another estimate for the global networking equipment market size was USD 19.52 billion in 2022, projected to reach USD 27.22 billion by 2032.
• Wireless Connectivity Market (Global): The global wireless connectivity market, encompassing various wireless communication technologies, was valued at USD 103.87 billion in 2024 and is projected to reach USD 373.00 billion by 2034.

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Ubiquiti Inc. (UI) is anticipated to drive future revenue growth over the next two to three years through several key strategies and market trends:

1. Innovation and New Product Launches, particularly Wi-Fi 7 and UniFi Platform: Ubiquiti's commitment to research and development (R&D) and the continuous introduction of new products are significant growth catalysts. The company's Wi-Fi 7 strategy and ongoing enhancements to its UniFi platform, including new UniFi 7 solutions, are expected to revolutionize wireless connectivity and contribute to future revenue. Recent launches like the UniFi Express and U7 Pro, U6 Enterprise, and U6 Enterprise In-Wall are examples of this product-led growth.
2. Expansion into Emerging Markets and Geographic Expansion: Ubiquiti is focused on expanding its presence in new and emerging markets globally. This strategic expansion into new product areas and markets is expected to increase market share and revenue. The company has demonstrated balanced regional growth, with North America, EMEA, and Asia Pacific showing strong performance.
3. Sustained Demand in the Enterprise Technology Segment: The Enterprise Technology segment is a primary driver of Ubiquiti's revenue growth, accounting for approximately 90% of total revenues in recent periods. This segment benefits from the increasing demand for unified information technology solutions, including wireless LAN infrastructure, video surveillance, and switching and routing products.
4. Growth in High-Capacity Distributed Internet Access and Wireless Backhaul within the Service Provider Segment: Although a smaller portion of overall revenue, the service provider segment is poised for growth. This is fueled by the increasing demand for high-capacity distributed internet access and wireless backhaul systems, with Ubiquiti's airMAX and airFiber product lines catering to this market.
5. Leveraging the Community-Driven Business Model and Cross-Selling: Ubiquiti's unique business model, which relies on direct and online distribution with minimal traditional marketing, leverages its strong user community for growth. This approach fosters customer loyalty and facilitates cross-selling opportunities, contributing to sustained revenue generation.

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Share Repurchases

• Ubiquiti authorized a new stock repurchase program of up to $500 million in the fourth quarter of fiscal 2025.
• The company repurchased $618 million in shares during fiscal 2022.
• Minimal share repurchase activity was observed during fiscal 2023 and 2024.

Share Issuance

• The number of outstanding shares decreased from approximately 62.82 million in 2020 to 60.49 million in 2025.
• As of June 30, 2025, 4,848,742 authorized shares were available for future issuance under stock incentive plans.
• Stock-based compensation expenses were $238,000 in fiscal 2025, $159,000 in fiscal 2024, and $73,000 in fiscal 2023.

Capital Expenditures

• Capital expenditures for the trailing 12 months totaled approximately $9.98 million.
• Significant investments are focused on inventory optimization to reduce lead times and meet increasing demand.
• The company made substantial investments in Research and Development (R&D), with expenses of $169.7 million in fiscal 2025, $159.8 million in fiscal 2024, and $145.2 million in fiscal 2023, aimed at developing innovative products and expanding its market.