Q2 2024 Cambium Networks Corp Earnings Call Transcript
Key Points
- Revenues for Q2 2024 were $45.9 million, up 9% sequentially, driven by growth in the enterprise and point-to-multipoint (PMP) businesses.
- Adjusted gross margin improved quarter-over-quarter, with a potential of reaching 44.4% excluding unexpected charges.
- Cash flow from operations was positive $2.4 million, marking the first positive cash flow in six quarters.
- Sales outpaced sales in, indicating strong demand and progress in reducing channel inventories.
- New product introductions, such as the PTP 850EX, are expected to drive future growth with their competitive pricing and advanced features.
- Free cash flow was negative $1.8 million during Q2 2024, indicating ongoing cash management challenges.
- Gross margins were impacted by $7 million in additional inventory charges and supplier commitment reserves.
- The point-to-point business declined by 5% sequentially due to the completion of a large installation in the prior quarter.
- North America PMP business remains slow as service providers are still adapting to the 6 gigahertz PMP solution.
- The company is projecting a non-GAAP net loss for the full year 2024, indicating ongoing financial challenges.
Good afternoon. My name is Stephen, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Cambium Networks second-quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded. (Operator Instructions)
Thank you. Mr. Peter Schuman, Vice President of Investor, Industry Analyst and Public Relations. You may begin your conference.
Thank you, Stephen. Welcome, and thank you for joining us today for Cambium Networks' second-quarter 2024 financial results conference call, and welcome to all those joining by webcast. Morgan Kurk, our President and CEO; and Jacob Sayer, our CFO, are here for today's call.
The financial results, press release and commentary referenced on this call are accessible on the Investor page of our website, and the press release has been submitted on a Form 8-K with the SEC. A copy of today's prepared remarks will also be available on our Investor page at the conclusion of this call.
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