CMBM

• Revenues for Q3 '24 were $43.7 million, within the outlook range provided in Q2 '24. - Enterprise business grew 34% sequentially with growth in all geographies and declining channel inventories. - P2P business declined due to lower defense revenues. - Non-GAAP gross margin improved to 42.3% quarter-over-quarter. - Free cash flow was positive $5.2 million in Q3 '24. - New customer launches include a world's largest oil and gas company upgrading with PMP 450vs, a global retailer using CN Wave 60 gigahertz platform, and Voneus' successful deployment of cnWave solution. - Product launches: 2x2 version of PMP 450b subscriber module, advances in ePMP 4000 line, introduction of market apps on CN Maestro platform, and increase in devices under cnMaestro Cloud Management. - Q4 plans include completing development on CN matrix switch for broader deployment in 2025.

• Q4 2024 revenue expected between $40 million and $45 million. - Non-GAAP gross margin expected between 42.5% to 45.5%. - Non-GAAP operating loss expected between $3 million to $5 million. - Adjusted EBITDA expected between negative $1 million to negative $3 million, with adjusted EBITDA margin between negative 2% to negative 7%.

Revenues for Q3 '24 were $43.7 million. The enterprise business grew 34% sequentially to $15.2 million. The P2P business declined primarily due to lower defense revenues. Non-GAAP gross margin improved to 42.3% quarter-over-quarter. Free cash flow was a positive $5.2 million during Q3 '24, and cash balance stood at $46.5 million as of September 30. Enterprise business growth was 34% sequentially with improved demand in all geographies and declining channel inventories. P2P business declined slightly, PMT business also declined slightly.

• Not in compliance with trailing consolidated EBITDA covenant and monthly liquidity covenant as of September 30 and October 31. - Company is seeking a forbearance from the bank and working with them to address noncompliance with covenants.

Q: What are your expectations for defense market challenges getting better and relation to gross margin?

A: Gross margins are on upward trend due to inventory and E&O charges dropping. Defense market has better than average margins, but commercial segment has price pressure not expected to alleviate much next year.

Q: On defense stuff, is it delayed or lost opportunity?

A: Comfortable saying business is pushed out, not lost to others, but uncertain if programs go to full fruition.

Q: Color on bank situation resolution expectations?

A: In negotiations with bank, private equity firm involved, no concrete news yet.

Q: Do you feel enterprise is the future for Cambium?

A: Point to multipoint market is compressed, defense market is lumpy, enterprise is a growth area for Cambium