DefaultApr 30, 2026, 05:27 PM
CMBM Going Concern Doubt, Debt Default; Q1 Net Loss $(12.0)M
AI Summary
Cambium Networks Corp (CMBM) faces substantial doubt about its ability to continue as a going concern due to non-compliance with debt covenants and ceasing principal and interest payments on its term loan and interest on its revolving credit facility. For Q1 2025, the company reported a net loss of $(12.0) million on total revenues of $33.7 million. The company also restated its Q1 2024 financial statements due to material errors in GAAP application and is implementing cost reductions.
Key Highlights
- Substantial doubt about ability to continue as a going concern.
- Defaulted on quarterly fixed charge coverage and leverage ratio covenants.
- Ceased principal and interest payments on term loan and interest on revolving credit facility since June 2025.
- Q1 2025 Net Loss $(12.0) million, compared to $(18.4) million (restated) in Q1 2024.
- Q1 2025 Total Revenues $33.7 million, down from $47.1 million (restated) in Q1 2024.
- Restated Q1 2024 financials due to material errors in GAAP application.
- Cash decreased to $27.8 million as of March 31, 2025, from $34.9 million at Dec 31, 2024.
- Total shareholders' deficit increased to $(13.1) million as of March 31, 2025.