Note 19. Restatement of previously issued unaudited interim consolidated financial statements (Unaudited)

As described in Note 1. Description of business and summary of significant accounting policies, in connection with the preparation of its consolidated financial statements for the year ended December 31, 2024, the Company determined that its previously issued unaudited interim consolidated financial statements for the periods ended March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, June 30, 2024 and September 30, 2024 contained errors in the application of GAAP as summarized below.

In accordance with SEC Staff Accounting Bulletin No. 99, "Materiality", and SEC Staff Accounting Bulletin No. 108, "Considering the Effects of Prior Year Misstatements when Qualifying Misstatements in Current Year Financial Statements", the Company evaluated the corrections and has determined that the related impact was material to the previously filed unaudited interim consolidated financial statements that contained errors in the quarterly periods ended March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, June 30, 2024 and September 30, 2024 (the "Affected Quarterly Periods"). Therefore, the Company, in consultation with the Audit Committee of the Company's Board of Directors, concluded that the Affected Quarterly Periods should be restated to present the identified adjustments discussed below. The Company has not filed, and does not intend to file, amendments to the previously filed Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024, June 30, 2024 and September 30, 2024, but instead is restating its unaudited interim financial statements in this Comprehensive Form 10-K.

The restatement adjustments identified in the Affected Quarterly Periods were similar in nature to those described in Note 2. Restatement of annual financial statements and arose during the preparation of the Company's consolidated financial statements for the year ended December 31, 2024. Specifically, the Company did not appropriately (i) estimate variable consideration for customer

incentives, (ii) estimate variable consideration for sales returns, (iii) estimate the allowance for credit losses, (iv) estimate excess and obsolete inventory, (v) recognize revenue on a non-standard contract, (vi) timely recognize an impairment of its goodwill and long lived assets, (vii) timely recognize a valuation allowance on deferred tax assets; and (viii) reclassify certain prepayments made to suppliers and loss on supplier commitments liability as current or non-current.

Additionally, as part of the Restatement, the Company corrected for (b) previously identified uncorrected misstatements related to out-of-period adjustments, (c) previously recorded amounts reclassifying accounts receivable credit balances and (d) classification of property and equipment transactions on the statement of cash flows.

The following tables sets forth the effects of the restatement adjustments on revenues, income (loss) before income taxes and net income (loss) in the consolidated statements of operations and comprehensive income (loss) for the Affected Quarterly Periods:

These amounts are presented herein as originally reported in the previously issued financial statements for transparency and consistency. The restatement corrects these errors and reflects the appropriate adjustments.

The financial statement line items impacted by the respective adjustments are labeled in the tables below based on the identifiers from the paragraph above. Below are the Company's restated consolidated balance sheets, statements of operations and other comprehensive income (loss) and statements of cash flows with the adjustments for the periods stated in the tables below. The consolidated statements of shareholders equity (deficit) have been excluded from the financial statement presented below as they were only impacted by adjustments to net income which is presented below in the consolidated statements of operations and other comprehensive income (loss) and consolidated balance sheets.

The impact of the restatement on the Affected Quarterly Period as of and for the three months ended March 31, 2023 is presented in the following tables:


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
	As of March 31, 2023
	As Reported			Adjustment			As Restated

ASSETS
Current assets
Cash	$	38,696		$	—		$	38,696
Receivables, net of allowance for credit losses of $2,259 (iii) (b) (c)		98,207			(1,498	)		96,709
Inventories, net (ii) (iv) (b)		68,333			(3,156	)		65,177
Income taxes receivable		122			—			122
Prepaid expenses (viii) (b)		10,792			(4,358	)		6,434
Other current assets (ii) (b)		7,557			2,030			9,587
Total current assets		223,707			(6,982	)		216,725
Noncurrent assets
Property and equipment, net		11,521			—			11,521
Software, net		9,309			—			9,309
Operating lease right-of-use assets		4,709			—			4,709
Intangible assets, net		8,799			—			8,799
Goodwill		9,842			—			9,842
Deferred tax assets, net		14,301			—			14,301
Other noncurrent assets (viii) (b)		876			4,358			5,234
TOTAL ASSETS	$	283,064		$	(2,624	)	$	280,440
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	29,537		$	—		$	29,537
Accrued liabilities (i) (b) (c)		31,657			6,512			38,169
Employee compensation		6,991			—			6,991
Current portion of long-term debt, net		3,160			—			3,160
Deferred revenues		8,761			—			8,761
Other current liabilities (ii) (viii) (b)		13,667			17,000			30,667
Total current liabilities		93,773			23,512			117,285
Noncurrent liabilities
Long-term debt, net		23,837			—			23,837
Deferred revenues		8,666			—			8,666
Noncurrent operating lease liabilities		2,723			—			2,723
Other noncurrent liabilities (viii) (b)		1,529			614			2,143
Total liabilities		130,528			24,126			154,654
Commitments and contingencies (Note 14)
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized; 27,618,271 shares issued and 27,397,342 outstanding		3			—			3
Additional paid in capital		142,009			—			142,009
Treasury shares, at cost, 220,929 shares		(5,133	)		—			(5,133	)
Accumulated deficit (i) (ii) (iii) (iv) (vi) (b)		17,098			(26,750	)		(9,652	)
Accumulated other comprehensive loss		(1,441	)		—			(1,441	)
Total shareholders' equity		152,536			(26,750	)		125,786
TOTAL LIABILITIES AND EQUITY	$	283,064		$	(2,624	)	$	280,440


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE INCOME
(In thousands, except share and per share amounts)
(Unaudited)
	Three months ended March 31, 2023
	As Reported		Adjustment			As Restated

Revenues (i) (ii)
Product	$	72,721	$	(1,430	)	$	71,291
Subscriptions and services		4,680		—			4,680
Total revenues		77,401		(1,430	)		75,971
Cost of revenues (i) (ii) (iv)
Product		35,720		2,213			37,933
Subscriptions and services		2,021		—			2,021
Total cost of revenues		37,741		2,213			39,954
Gross profit:
Product		37,001		(3,643	)		33,358
Subscriptions and services		2,659		—			2,659
Total Gross profit		39,660		(3,643	)		36,017
Operating expenses
Research and development		14,262		—			14,262
Sales and marketing (b)		11,670		307			11,977
General and administrative (iii)		6,667		201			6,868
Depreciation and amortization		1,496		—			1,496
Impairment		—		—			—
Total operating expenses		34,095		508			34,603
Operating income		5,565		(4,151	)		1,414
Interest expense, net		597		—			597
Other expense, net		154		—			154
Income before income taxes		4,814		(4,151	)		663
Provision (benefit) for income taxes		538		(546	)		(8	)
Net income	$	4,276	$	(3,605	)	$	671

Earnings per share
Basic	$	0.16	$	(0.14	)	$	0.02
Diluted	$	0.15	$	(0.13	)	$	0.02
Weighted-average number of shares outstanding to compute net earnings per share
Basic		27,341,013		—			27,341,013
Diluted		28,452,855		—			28,452,855
Comprehensive income
Net income	$	4,276	$	(3,605	)	$	671
Foreign currency translation adjustment		86		—			86
Comprehensive income	$	4,362	$	(3,605	)	$	757


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Three Months ended March 31, 2023
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net income (loss) (i) (ii) (iii) (iv) (vii) (b)	$	4,276		$	(3,605	)	$	671
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation		1,058			—			1,058
Amortization of software and intangible assets		1,037			—			1,037
Amortization of deferred debt issuance costs		75			—			75
Share-based compensation		2,875			—			2,875
Deferred income taxes (vii)		(1,519	)		—			(1,519	)
Provision for inventory excess and obsolescence (iv)		1,336			422			1,758
Provision for estimated credit losses (iii)		(37	)		201			164
Other		(194	)		—			(194	)
Change in assets and liabilities:
Receivables (i) (iii)		(8,973	)		903			(8,070	)
Inventories (iv)		(12,601	)		(18	)		(12,619	)
Prepaid expenses (vii)		1,069			(975	)		94
Accounts payable (b) (d)		(1,474	)		(85	)		(1,559	)
Accrued employee compensation (b)		(584	)		314			(270	)
Accrued liabilities (i) (vii) (b)		3,738			(24	)		3,714
Other assets and liabilities (iv) (viii)		3,959			2,748			6,707
Net cash used in operating activities		(5,959	)		(119	)		(6,078	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(1,569	)		119			(1,450	)
Purchases of software		(1,537	)		—			(1,537	)
Net cash used in investing activities		(3,106	)		119			(2,987	)

Cash flows from financing activities:
Repayment of term loan		(656	)		—			(656	)
Taxes paid from shares withheld		(148	)		—			(148	)
Proceeds from share option exercises		387			—			387
Net cash used in financing activities		(417	)		—			(417	)
Effect of exchange rate on cash		16			—			16
Net decrease in cash		(9,466	)		—			(9,466	)
Cash, beginning of period		48,162			—			48,162
Cash, end of period	$	38,696		$	—		$	38,696

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	204		$	—		$	204
Interest paid	$	412		$	—		$	412

Non-cash investing and financing activities:
Decrease in property, equipment and software unpaid or accrued in liabilities (d)	$	—		$	(160	)	$	(160	)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	—		$	1,191		$	1,191

The impact of the restatement on the Affected Quarterly Period as of and for the three and six month periods ended June 30, 2023 is presented in the following tables:


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
	As of June 30, 2023
	As Reported			Adjustment			As Restated

ASSETS
Current assets
Cash	$	31,978		$	—		$	31,978
Receivables, net of allowance for credit losses of $2,307 (iii) (b) (c)		86,819			(1,363	)		85,456
Inventories, net (ii) (iv) (b)		82,348			(3,576	)		78,772
Income taxes receivable		98			—			98
Prepaid expenses (viii) (b)		8,042			(2,931	)		5,111
Other current assets (ii) (b)		9,020			351			9,371
Total current assets		218,305			(7,519	)		210,786
Noncurrent assets
Property and equipment, net		11,375			—			11,375
Software, net		10,484			—			10,484
Operating lease right-of-use assets		4,823			—			4,823
Intangible assets, net		8,424			—			8,424
Goodwill		9,842			—			9,842
Deferred tax assets, net		16,106			—			16,106
Other noncurrent assets (viii) (b)		929			2,931			3,860
TOTAL ASSETS	$	280,288		$	(4,588	)	$	275,700
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	30,067		$	—		$	30,067
Accrued liabilities (i) (b) (c)		26,364			16,810			43,174
Employee compensation		5,852			—			5,852
Current portion of long-term debt, net		3,166			—			3,166
Deferred revenues		8,307			—			8,307
Other current liabilities (ii) (viii) (b)		15,323			15,097			30,420
Total current liabilities		89,079			31,907			120,986
Noncurrent liabilities
Long-term debt, net		23,212			—			23,212
Deferred revenues		9,281			—			9,281
Noncurrent operating lease liabilities		3,033			—			3,033
Other noncurrent liabilities (viii) (b)		1,632			1,050			2,682
Total liabilities		126,237			32,957			159,194
Commitments and contingencies (Note 14)
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized; 27,847,532 shares issued and 27,603,028 outstanding		3			—			3
Additional paid in capital		146,528			—			146,528
Treasury shares, at cost, 244,504 shares		(5,509	)		—			(5,509	)
Accumulated deficit (i) (ii) (iii) (iv) (vi) (b)		14,456			(37,545	)		(23,089	)
Accumulated other comprehensive loss		(1,427	)		—			(1,427	)
Total shareholders' equity		154,051			(37,545	)		116,506
TOTAL LIABILITIES AND EQUITY	$	280,288		$	(4,588	)	$	275,700


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)

	Three Months ended June 30, 2023
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	54,862		$	(5,822	)	$	49,040
Subscriptions and services		4,680			—			4,680
Total revenues		59,542			(5,822	)		53,720
Cost of revenues (i) (ii) (iv)
Product		27,861			2,486			30,347
Subscriptions and services		2,439			—			2,439
Total cost of revenues		30,300			2,486			32,786
Gross profit:
Product		27,001			(8,308	)		18,693
Subscriptions and services		2,241			—			2,241
Total Gross profit		29,242			(8,308	)		20,934
Operating expenses
Research and development (b)		13,008			233			13,241
Sales and marketing (b)		11,528			7			11,535
General and administrative (iii) (b)		5,836			(2	)		5,834
Depreciation and amortization		1,573			—			1,573
Impairment		—			—			—
Total operating expenses		31,945			238			32,183
Operating loss		(2,703	)		(8,546	)		(11,249	)
Interest expense, net		579			—			579
Other expense, net		64			—			64
Loss before income taxes		(3,346	)		(8,546	)		(11,892	)
(Benefit) provision for income taxes		(704	)		2,249			1,545
Net loss	$	(2,642	)	$	(10,795	)	$	(13,437	)

Loss per share
Basic	$	(0.10	)	$	(0.39	)	$	(0.49	)
Diluted	$	(0.10	)	$	(0.39	)	$	(0.49	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,432,705			—			27,432,705
Diluted		27,432,705			—			27,432,705
Comprehensive loss
Net loss	$	(2,642	)	$	(10,795	)	$	(13,437	)
Foreign currency translation adjustment		14			—			14
Comprehensive loss	$	(2,628	)	$	(10,795	)	$	(13,423	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
(In thousands, except share and per share amounts)
(Unaudited)
	Six months ended June 30, 2023
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	127,583		$	(7,252	)	$	120,331
Subscriptions and services		9,360			—			9,360
Total revenues		136,943			(7,252	)		129,691
Cost of revenues (i) (ii) (iv)
Product		63,581			4,699			68,280
Subscriptions and services		4,460			—			4,460
Total cost of revenues		68,041			4,699			72,740
Gross profit:
Product		64,002			(11,951	)		52,051
Subscriptions and services		4,900			—			4,900
Total Gross profit		68,902			(11,951	)		56,951
Operating expenses
Research and development (b)		27,270			233			27,503
Sales and marketing (b)		23,198			314			23,512
General and administrative (iii) (b)		12,503			199			12,702
Depreciation and amortization		3,069			—			3,069
Impairment		—			—			—
Total operating expenses		66,040			746			66,786
Operating income (loss)		2,862			(12,697	)		(9,835	)
Interest expense, net		1,176			—			1,176
Other expense, net		218			—			218
Income (loss) before income taxes		1,468			(12,697	)		(11,229	)
(Benefit) provision for income taxes		(166	)		1,703			1,537
Net income (loss)	$	1,634		$	(14,400	)	$	(12,766	)

Earnings per share
Basic	$	0.06		$	(0.53	)	$	(0.47	)
Diluted	$	0.06		$	(0.53	)	$	(0.47	)
Weighted-average number of shares outstanding to compute net income (loss) per share
Basic		27,387,112			—			27,387,112
Diluted		28,315,457			(928,345	)		27,387,112
Comprehensive income (loss)
Net income (loss)	$	1,634		$	(14,400	)	$	(12,766	)
Foreign currency translation adjustment		100			—			100
Comprehensive income (loss)	$	1,734		$	(14,400	)	$	(12,666	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Six months ended June 30, 2023
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net income (loss) (i) (ii) (iii) (iv) (vii) (b)	$	1,634		$	(14,400	)	$	(12,766	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation		2,124			—			2,124
Amortization of software and intangible assets		2,193			—			2,193
Amortization of deferred debt issuance costs		154			—			154
Share-based compensation		5,937			—			5,937
Deferred income taxes (vii)		(3,324	)		—			(3,324	)
Provision for inventory excess and obsolescence (iv)		1,060			1,269			2,329
Provision for estimated credit losses (iii)		23			189			212
Other		(185	)		—			(185	)
Change in assets and liabilities:
Receivables (i) (iii)		192			10,754			10,946
Inventories (iv)		(26,340	)		(445	)		(26,785	)
Prepaid expenses (vii)		3,803			(2,402	)		1,401
Income taxes receivable		27			—			27
Accounts payable (b) (d)		(1,340	)		179			(1,161	)
Accrued employee compensation (b)		(1,515	)		314			(1,201	)
Accrued liabilities (i) (vii) (b)		615			33			648
Other assets and liabilities (iv) (viii)		4,462			4,390			8,852
Net cash used in operating activities		(10,480	)		(119	)		(10,599	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(2,236	)		119			(2,117	)
Purchases of software		(3,333	)		—			(3,333	)
Net cash used in investing activities		(5,569	)		119			(5,450	)

Cash flows from financing activities:
Repayment of term loan		(1,313	)		—			(1,313	)
Issuance of ordinary shares under ESPP		1,102			—			1,102
Taxes paid from shares withheld		(433	)		—			(433	)
Proceeds from share option exercises		492			—			492
Net cash used in financing activities		(152	)		—			(152	)
Effect of exchange rate on cash		17			—			17
Net decrease in cash		(16,184	)		—			(16,184	)
Cash, beginning of period		48,162			—			48,162
Cash, end of period	$	31,978		$	—		$	31,978

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	2,843		$	—		$	2,843
Interest paid	$	880		$	—		$	880

Non-cash investing and financing activities:
Increase in property, equipment and software unpaid or accrued in liabilities (d)	$	113		$	119		$	232
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	1,865		$	—		$	1,865

The impact of the restatement on the Affected Quarterly Period as of and for the three and nine month periods ended September 30, 2023 is presented in the following tables:


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
	As of September 30, 2023
	As Reported			Adjustment			As Restated

ASSETS
Current assets
Cash	$	27,529		$	—		$	27,529
Receivables, net of allowance for credit losses of $2,070 (iii) (v) (b) (c)		60,444			(6,642	)		53,802
Inventories, net (ii) (iv) (v) (b)		79,764			(3,122	)		76,642
Income taxes receivable		982			—			982
Prepaid expenses (viii) (b)		8,810			(2,868	)		5,942
Other current assets (ii) (b)		9,643			(1,101	)		8,542
Total current assets		187,172			(13,733	)		173,439
Noncurrent assets
Property and equipment, net		11,365			—			11,365
Software, net (b)		11,804			(99	)		11,705
Operating lease right-of-use assets		4,257			—			4,257
Intangible assets, net		8,050			—			8,050
Goodwill		9,842			—			9,842
Deferred tax assets, net (vii)		12,494			(12,494	)		—
Other noncurrent assets (viii) (b)		880			2,868			3,748
TOTAL ASSETS	$	245,864		$	(23,458	)	$	222,406
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	24,849		$	—		$	24,849
Accrued liabilities (i) (b) (c)		20,690			14,881			35,571
Employee compensation		5,333			—			5,333
Current portion of long-term debt, net		3,173			—			3,173
Deferred revenues		8,791			—			8,791
Other current liabilities (ii) (viii) (b)		15,988			7,364			23,352
Total current liabilities		78,824			22,245			101,069
Noncurrent liabilities
Long-term debt, net		22,588			—			22,588
Deferred revenues		9,731			—			9,731
Noncurrent operating lease liabilities		2,793			—			2,793
Other noncurrent liabilities (viii) (b)		1,705			2,017			3,722
Total liabilities		115,641			24,262			139,903
Commitments and contingencies (Note 14)
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized; 27,917,429 shares issued and 27,661,860 outstanding		3			—			3
Additional paid in capital		149,165			—			149,165
Treasury shares, at cost, 255,569 shares		(5,600	)		—			(5,600	)
Accumulated deficit (i) (ii) (iii) (iv) (v) (vii) (b)		(11,744	)		(47,720	)		(59,464	)
Accumulated other comprehensive loss		(1,601	)		—			(1,601	)
Total shareholders' equity		130,223			(47,720	)		82,503
TOTAL LIABILITIES AND EQUITY	$	245,864		$	(23,458	)	$	222,406


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Three months ended September 30, 2023
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	38,433		$	1,562		$	39,995
Subscriptions and services		4,613			—			4,613
Total revenues		43,046			1,562			44,608
Cost of revenues (i) (ii) (iv)
Product		29,950			611			30,561
Subscriptions and services		2,137			—			2,137
Total cost of revenues		32,087			611			32,698
Gross profit:
Product		8,483			951			9,434
Subscriptions and services		2,476			—			2,476
Total Gross profit		10,959			951			11,910
Operating expenses
Research and development (b)		13,151			(134	)		13,017
Sales and marketing (b)		9,675			(7	)		9,668
General and administrative (iii) (b)		8,688			(379	)		8,309
Depreciation and amortization		1,545			—			1,545
Impairment		—			—			—
Total operating expenses		33,059			(520	)		32,539
Operating loss		(22,100	)		1,471			(20,629	)
Interest expense, net		620			—			620
Other expense, net		63			—			63
Loss before income taxes		(22,783	)		1,471			(21,312	)
Provision for income taxes (vii)		3,417			11,646			15,063
Net loss	$	(26,200	)	$	(10,175	)	$	(36,375	)

Loss per share
Basic	$	(0.95	)	$	(0.37	)	$	(1.32	)
Diluted	$	(0.95	)	$	(0.37	)	$	(1.32	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,619,281			—			27,619,281
Diluted		27,619,281			—			27,619,281
Comprehensive loss
Net loss	$	(26,200	)	$	(10,175	)	$	(36,375	)
Foreign currency translation adjustment		(174	)		—			(174	)
Comprehensive loss	$	(26,374	)	$	(10,175	)	$	(36,549	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Nine months ended September 30, 2023
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	166,016		$	(5,690	)	$	160,326
Subscriptions and services		13,973			—			13,973
Total revenues		179,989			(5,690	)		174,299
Cost of revenues (i) (ii) (iv)
Product		93,531			5,310			98,841
Subscriptions and services		6,597			—			6,597
Total cost of revenues		100,128			5,310			105,438
Gross profit:
Product		72,485			(11,000	)		61,485
Subscriptions and services		7,376			—			7,376
Total Gross profit		79,861			(11,000	)		68,861
Operating expenses
Research and development (b)		40,421			99			40,520
Sales and marketing (b)		32,873			307			33,180
General and administrative (iii) (b)		21,191			(180	)		21,011
Depreciation and amortization		4,614			—			4,614
Impairment		—			—			—
Total operating expenses		99,099			226			99,325
Operating loss		(19,238	)		(11,226	)		(30,464	)
Interest expense, net		1,796			—			1,796
Other expense, net		281			—			281
Loss before income taxes		(21,315	)		(11,226	)		(32,541	)
Provision for income taxes (vii)		3,251			13,349			16,600
Net loss	$	(24,566	)	$	(24,575	)	$	(49,141	)

Loss per share
Basic	$	(0.89	)	$	(0.89	)	$	(1.79	)
Diluted	$	(0.89	)	$	(0.89	)	$	(1.79	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,465,353			—			27,465,353
Diluted		27,465,353			—			27,465,353
Comprehensive loss
Net loss	$	(24,566	)	$	(24,575	)	$	(49,141	)
Foreign currency translation adjustment		(74	)		—			(74	)
Comprehensive loss	$	(24,640	)	$	(24,575	)	$	(49,215	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine months ended September 30, 2023
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net loss (i) (ii) (iii) (iv) (v) (vii) (b)	$	(24,566	)	$	(24,575	)	$	(49,141	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		3,212			—			3,212
Amortization of software and intangible assets		3,399			—			3,399
Amortization of deferred debt issuance costs		235			—			235
Share-based compensation		8,782			—			8,782
Deferred income taxes (vii)		288			12,494			12,782
Provision for inventory excess and obsolescence (iv)		5,637			2,185			7,822
Provision for estimated credit losses (iii)		157			(182	)		(25	)
Other		(164	)		—			(164	)
Change in assets and liabilities:
Receivables (i) (iii)		22,649			17,845			40,494
Inventories (iv)		(28,333	)		(1,815	)		(30,148	)
Prepaid expenses (vii)		3,031			(2,465	)		566
Income taxes receivable		(859	)		—			(859	)
Accounts payable (b) (d)		(6,496	)		(62	)		(6,558	)
Accrued employee compensation (b)		(2,042	)		301			(1,741	)
Accrued liabilities (i) (vii) (b)		(1,264	)		(3,096	)		(4,360	)
Other assets and liabilities (iv) (v) (viii)		5,608			(848	)		4,760
Net cash used in operating activities		(10,726	)		(218	)		(10,944	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(3,361	)		119			(3,242	)
Purchases of software (b)		(5,518	)		99			(5,419	)
Net cash used in investing activities		(8,879	)		218			(8,661	)

Cash flows from financing activities:
Repayment of term loan		(1,969	)		—			(1,969	)
Issuance of ordinary shares under ESPP		1,102			—			1,102
Taxes paid from shares withheld		(652	)		—			(652	)
Proceeds from share option exercises		498			—			498
Net cash used in financing activities		(1,021	)		—			(1,021	)
Effect of exchange rate on cash		(7	)		—			(7	)
Net decrease in cash		(20,633	)		—			(20,633	)
Cash, beginning of period		48,162			—			48,162
Cash, end of period	$	27,529		$	—		$	27,529

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	3,963		$	—		$	3,963
Interest paid	$	1,354		$	—		$	1,354

Non-cash investing and financing activities:
Increase in property, equipment and software unpaid or accrued in liabilities (d)	$	113		$	60		$	173
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	1,865		$	—		$	1,865

The impact of the restatement on the Affected Quarterly Period as of and for the three month period ended March 31, 2024 is presented in the following tables:


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
	As of March 31, 2024
	As Reported			Adjustment			As Restated

ASSETS
Current assets
Cash	$	38,711		$	—		$	38,711
Receivables, net of allowance for credit losses of $3,220 (iii) (b) (c)		58,157			(6,994	)		51,163
Inventories, net (ii) (iv) (b)		55,593			2,224			57,817
Income taxes receivable		300			(22	)		278
Prepaid expenses (viii) (b)		12,752			(3,019	)		9,733
Other current assets (ii) (b)		6,334			718			7,052
Total current assets		171,847			(7,093	)		164,754
Noncurrent assets
Property and equipment, net		13,741			—			13,741
Software, net		12,220			—			12,220
Operating lease right-of-use assets		7,327			—			7,327
Intangible assets, net		7,300			—			7,300
Goodwill		9,842			—			9,842
Other noncurrent assets (viii) (b)		1,280			3,355			4,635
TOTAL ASSETS	$	223,557		$	(3,738	)	$	219,819
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	15,783		$	—		$	15,783
Accrued liabilities (i) (b) (c)		42,511			(7,519	)		34,992
Employee compensation		4,229			—			4,229
Current portion of long-term debt, net		2,514			—			2,514
Deferred revenues		8,510			—			8,510
Other current liabilities (ii) (viii) (b)		13,734			1,816			15,550
Total current liabilities		87,281			(5,703	)		81,578
Noncurrent liabilities
Long-term debt, net		61,315			—			61,315
Deferred revenues		10,074			—			10,074
Noncurrent operating lease liabilities		6,409			—			6,409
Deferred tax liabilities (vii)		—			1,460			1,460
Other noncurrent liabilities (viii) (b)		1,688			12,311			13,999
Total liabilities		166,767			8,068			174,835
Commitments and contingencies (Note 14)
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized; 28,158,001 shares issued and 27,892,848 outstanding		3			—			3
Additional paid in capital		155,137			—			155,137
Treasury shares, at cost, 265,153 shares		(5,646	)		—			(5,646	)
Accumulated deficit (i) (ii) (iii) (iv) (v) (vii) (b)		(91,045	)		(11,806	)		(102,851	)
Accumulated other comprehensive loss		(1,659	)		—			(1,659	)
Total shareholders' equity		56,790			(11,806	)		44,984
TOTAL LIABILITIES AND EQUITY	$	223,557		$	(3,738	)	$	219,819


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Three months ended March 31, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	37,445		$	4,733		$	42,178
Subscriptions and services		4,892			—			4,892
Total revenues		42,337			4,733			47,070
Cost of revenues (ii) (ii) (iv)
Product		31,448			(589	)		30,859
Subscriptions and services		2,204			—			2,204
Total cost of revenues		33,652			(589	)		33,063
Gross profit
Product		5,997			5,322			11,319
Subscriptions and services		2,688			—			2,688
Total Gross profit		8,685			5,322			14,007
Operating expenses
Research and development		10,799			—			10,799
Sales and marketing		9,721			—			9,721
General and administrative (iii)		7,510			(76	)		7,434
Depreciation and amortization		1,633			—			1,633
Impairment		—			—			—
Total operating expenses		29,663			(76	)		29,587
Operating loss		(20,978	)		5,398			(15,580	)
Interest expense, net		881			—			881
Other expense, net		59			—			59
Loss before income taxes		(21,918	)		5,398			(16,520	)
Provision for income taxes (vii)		4,529			(2,601	)		1,928
Net loss	$	(26,447	)	$	7,999		$	(18,448	)

Loss per share
Basic	$	(0.95	)	$	0.29		$	(0.66	)
Diluted	$	(0.95	)	$	0.29		$	(0.66	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,849,604			—			27,849,604
Diluted		27,849,604			—			27,849,604
Comprehensive loss
Net loss	$	(26,447	)	$	7,999		$	(18,448	)
Foreign currency translation adjustment		(44	)		—			(44	)
Comprehensive loss	$	(26,491	)	$	7,999		$	(18,492	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Three months ended March 31, 2024
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net loss (i) (ii) (iii) (iv) (vii) (b)	$	(26,447	)	$	7,999		$	(18,448	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		1,149			—			1,149
Amortization of software and intangible assets		1,387			—			1,387
Amortization of deferred debt issuance costs		77			—			77
Share-based compensation		2,586			—			2,586
Deferred income taxes (vii)		3,694			(2,234	)		1,460
Provision for inventory excess and obsolescence (iv)		6,175			(1,024	)		5,151
Provision for estimated credit losses (iii)		577			92			669
Other		110			—			110
Change in assets and liabilities:
Receivables (i) (iii)		2,385			(1,417	)		968
Inventories		5,110			—			5,110
Prepaid expenses (vii)		(6,161	)		891			(5,270	)
Income taxes receivable (b)		—			(56	)		(56	)
Accounts payable (b) (d)		(3,581	)		912			(2,669	)
Accrued employee compensation (b)		(1,018	)		82			(936	)
Accrued liabilities (i) (vii) (b)		(1,571	)		(716	)		(2,287	)
Other assets and liabilities (iv) (viii)		(119	)		(4,764	)		(4,883	)
Net cash used in operating activities		(15,647	)		(235	)		(15,882	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(1,767	)		235			(1,532	)
Purchases of software		(1,250	)		—			(1,250	)
Net cash used in investing activities		(3,017	)		235			(2,782	)

Cash flows from financing activities:
Proceeds from issuance of revolver debt		40,000			—			40,000
Repayment of term loan		(1,313	)		—			(1,313	)
Taxes paid from shares withheld		(15	)		—			(15	)
Net cash used in financing activities		38,672			—			38,672
Effect of exchange rate on cash		(7	)		—			(7	)
Net decrease in cash		20,001			—			20,001
Cash, beginning of period		18,710			—			18,710
Cash, end of period	$	38,711		$	—		$	38,711

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	4,923		$	—		$	4,923
Interest paid	$	1,840		$	—		$	1,840

Non-cash investing and financing activities:
Increase in property, equipment and software unpaid or accrued in liabilities (d)	$	244		$	235		$	479

The impact of the restatement on the Affected Quarterly Period as of and for the three and six month periods ended June 30, 2024 is presented in the following tables:


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
	As of June 30, 2024
	As Reported			Adjustment			As Restated

ASSETS
Current assets
Cash	$	42,574		$	—		$	42,574
Receivables, net of allowance for credit losses of $3,444 (iii) (b) (c)		56,680			(7,860	)		48,820
Inventories, net (ii) (iv) (b)		49,969			3,244			53,213
Income taxes receivable		4,651			2			4,653
Prepaid expenses (viii) (b)		12,057			(6,104	)		5,953
Other current assets (ii) (b)		6,236			(93	)		6,143
Total current assets		172,167			(10,811	)		161,356
Noncurrent assets
Property and equipment, net		14,978			—			14,978
Software, net		12,989			—			12,989
Operating lease right-of-use assets		6,931			—			6,931
Intangible assets, net		6,926			—			6,926
Goodwill		9,842			—			9,842
Other noncurrent assets (viii) (b)		1,258			6,778			8,036
TOTAL ASSETS	$	225,091		$	(4,033	)	$	221,058
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	16,986		$	—		$	16,986
Accrued liabilities (i) (b) (c)		46,455			(10,573	)		35,882
Employee compensation		4,303			—			4,303
Current portion of long-term debt, net		3,173			—			3,173
Deferred revenues		8,261			—			8,261
Other current liabilities (ii) (viii) (b)		10,114			6,106			16,220
Total current liabilities		89,292			(4,467	)		84,825
Noncurrent liabilities
Long-term debt, net		65,685			—			65,685
Deferred revenues		10,338			—			10,338
Noncurrent operating lease liabilities		7,046			—			7,046
Deferred tax liabilities (vii)		—			1,520			1,520
Other noncurrent liabilities (viii) (b)		1,766			15,823			17,589
Total liabilities		174,127			12,876			187,003
Commitments and contingencies (Note 14)
Shareholders' equity
Share capital; $0.0001 par value; 500,000,000 shares authorized; 28,478,209 shares issued and 28,208,596 outstanding		3			—			3
Additional paid in capital		158,578			—			158,578
Treasury shares, at cost, 269,613 shares		(5,660	)		—			(5,660	)
Accumulated deficit (i) (ii) (iii) (iv) (v) (vii) (b)		(100,188	)		(16,909	)		(117,097	)
Accumulated other comprehensive loss		(1,769	)		—			(1,769	)
Total shareholders' equity		50,964			(16,909	)		34,055
TOTAL LIABILITIES AND EQUITY	$	225,091		$	(4,033	)	$	221,058


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Three Months ended June 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	41,147		$	(713	)	$	40,434
Subscriptions and services		4,799			—			4,799
Total revenues		45,946			(713	)		45,233
Cost of revenues (ii) (ii) (iv)
Product		29,696			(1,009	)		28,687
Subscriptions and services		1,840			—			1,840
Total cost of revenues		31,536			(1,009	)		30,527
Gross profit
Product		11,451			296			11,747
Subscriptions and services		2,959			—			2,959
Total Gross profit		14,410			296			14,706
Operating expenses
Research and development		9,149			—			9,149
Sales and marketing		9,706			—			9,706
General and administrative (iii)		5,988			484			6,472
Depreciation and amortization		1,669			—			1,669
Impairment		—			—			—
Total operating expenses		26,512			484			26,996
Operating loss		(12,102	)		(188	)		(12,290	)
Interest expense, net (b)		1,304			92			1,396
Other expense, net		3			—			3
Loss before income taxes		(13,409	)		(280	)		(13,689	)
(Benefit) provision for income taxes (vii)		(4,266	)		4,823			557
Net loss	$	(9,143	)	$	(5,103	)	$	(14,246	)

Loss per share
Basic	$	(0.33	)	$	(0.18	)	$	(0.51	)
Diluted	$	(0.33	)	$	(0.18	)	$	(0.51	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,902,956			—			27,902,956
Diluted		27,902,956			—			27,902,956
Comprehensive loss
Net loss	$	(9,143	)	$	(5,103	)	$	(14,246	)
Foreign currency translation adjustment		(110	)		—			(110	)
Comprehensive loss	$	(9,253	)	$	(5,103	)	$	(14,356	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Six months ended June 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	78,592		$	4,020		$	82,612
Subscriptions and services		9,691			—			9,691
Total revenues		88,283			4,020			92,303
Cost of revenues (ii) (ii) (iv)
Product		61,144			(1,598	)		59,546
Subscriptions and services		4,044			—			4,044
Total cost of revenues		65,188			(1,598	)		63,590
Gross profit
Product		17,448			5,618			23,066
Subscriptions and services		5,647			—			5,647
Total Gross profit		23,095			5,618			28,713
Operating expenses
Research and development		19,948			—			19,948
Sales and marketing		19,427			—			19,427
General and administrative (iii)		13,498			408			13,906
Depreciation and amortization		3,302			—			3,302
Impairment		—			—			—
Total operating expenses		56,175			408			56,583
Operating loss		(33,080	)		5,210			(27,870	)
Interest expense, net (b)		2,185			92			2,277
Other expense, net		62			—			62
Loss before income taxes		(35,327	)		5,118			(30,209	)
Provision for income taxes (vii)		263			2,222			2,485
Net loss	$	(35,590	)	$	2,896		$	(32,694	)

Loss per share
Basic	$	(1.28	)	$	0.10		$	(1.17	)
Diluted	$	(1.28	)	$	0.10		$	(1.17	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,876,280			—			27,876,280
Diluted		27,876,280			—			27,876,280
Comprehensive loss
Net loss	$	(35,590	)	$	2,896		$	(32,694	)
Foreign currency translation adjustment		(154	)		—			(154	)
Comprehensive loss	$	(35,744	)	$	2,896		$	(32,848	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Six months ended June 30, 2024
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net loss (i) (ii) (iii) (iv) (vii) (b)	$	(35,590	)	$	2,896		$	(32,694	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		2,324			—			2,324
Amortization of software and intangible assets		2,796			—			2,796
Amortization of deferred debt issuance costs		155			—			155
Share-based compensation		5,147			—			5,147
Deferred income taxes (vii)		3,694			(2,174	)		1,520
Provision for inventory excess and obsolescence (iv)		8,559			(2,044	)		6,515
Provision for estimated credit losses (iii)		281			612			893
Other		163			—			163
Change in assets and liabilities:
Receivables (i) (iii)		4,059			96			4,155
Inventories		8,350			—			8,350
Prepaid expenses (vii)		(5,477	)		3,976			(1,501	)
Income taxes receivable		(4,431	)		(2	)		(4,433	)
Accounts payable (d)		(2,732	)		(235	)		(2,967	)
Accrued employee compensation (b)		(631	)		83			(548	)
Accrued liabilities (i) (vii)		2,509			(3,515	)		(1,006	)
Other assets and liabilities (iv) (viii)		(2,422	)		72			(2,350	)
Net cash used in operating activities		(13,246	)		(235	)		(13,481	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(4,081	)		235			(3,846	)
Purchases of software		(3,106	)		—			(3,106	)
Net cash used in investing activities		(7,187	)		235			(6,952	)

Cash flows from financing activities:
Proceeds from issuance of revolver debt		45,000			—			45,000
Repayment of term loan		(1,313	)		—			(1,313	)
Issuance of ordinary shares under ESPP		663			—			663
Taxes paid from shares withheld		(32	)		—			(32	)
Net provided by financing activities		44,318			—			44,318
Effect of exchange rate on cash		(21	)		—			(21	)
Net increase in cash		23,864			—			23,864
Cash, beginning of period		18,710			—			18,710
Cash, end of period	$	42,574		$	—		$	42,574

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	2,347		$	—		$	2,347
Interest paid	$	1,952		$	—		$	1,952

Non-cash investing and financing activities:
Increase in property, equipment and software unpaid or accrued in liabilities (d)	$	290		$	235		$	525
Debt issuance costs incurred but not yet paid (b)	$	275		$	(275	)	$	—

The impact of the restatement on the Affected Quarterly Period as of and for the three and nine month periods ended September 30, 2024 is presented in the following tables:


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
	As of September 30, 2024
	As Reported			Adjustment			As Restated

ASSETS
Current assets
Cash	$	46,491		$	—		$	46,491
Receivables, net of allowance for credit losses of $3,590 (iii) (b) (c)		57,275			(7,814	)		49,461
Inventories, net (ii) (iv) (b)		42,980			4,628			47,608
Income taxes receivable		1,118			1			1,119
Prepaid expenses (viii) (b)		15,928			(8,331	)		7,597
Other current assets (ii) (b)		7,389			(1,182	)		6,207
Total current assets		171,181			(12,698	)		158,483
Noncurrent assets
Property and equipment, net (viii)		13,957			(8,849	)		5,108
Software, net (viii)		13,387			(505	)		12,882
Operating lease right-of-use assets (viii)		6,708			(100	)		6,608
Intangible assets, net (viii)		6,551			(6,551	)		—
Goodwill (viii)		9,842			(8,968	)		874
Other noncurrent assets (viii) (b)		983			9,394			10,377
TOTAL ASSETS	$	222,609		$	(28,277	)	$	194,332
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities
Accounts payable	$	19,619		$	—		$	19,619
Accrued liabilities (i) (b) (c)		46,138			(10,316	)		35,822
Employee compensation		3,894			—			3,894
Current portion of long-term debt, net		67,577			—			67,577
Deferred revenues		8,967			—			8,967
Other current liabilities (ii) (viii) (b)		9,866			5,793			15,659
Total current liabilities		156,061			(4,523	)		151,538
Noncurrent liabilities
Deferred revenues		11,761			—			11,761
Noncurrent operating lease liabilities		9,332			—			9,332
Deferred tax liabilities (vii)		—			1,401			1,401
Other noncurrent liabilities (viii) (b)		1,825			16,604			18,429
Total liabilities		178,979			13,482			192,461
Commitments and contingencies (Note 14)
Shareholders' equity (deficit)
Share capital; $0.0001 par value; 500,000,000 shares authorized; 28,513,294 shares issued and 28,241,507 outstanding		3			—			3
Additional paid in capital		160,958			—			160,958
Treasury shares, at cost, 271,787 shares		(5,664	)		—			(5,664	)
Accumulated deficit (i) (ii) (iii) (iv) (v) (vi) (vii) (b)		(109,864	)		(41,759	)		(151,623	)
Accumulated other comprehensive loss		(1,803	)		—			(1,803	)
Total shareholders' equity (deficit)		43,630			(41,759	)		1,871
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	222,609		$	(28,277	)	$	194,332


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Three months ended September 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	38,768		$	942		$	39,710
Subscriptions and services		4,958			—			4,958
Total revenues		43,726			942			44,668
Cost of revenues (ii) (ii) (iv)
Product		24,349			(1,083	)		23,266
Subscriptions and services		1,932			—			1,932
Total cost of revenues		26,281			(1,083	)		25,198
Gross profit
Product		14,419			2,025			16,444
Subscriptions and services		3,026			—			3,026
Total Gross profit		17,445			2,025			19,470
Operating expenses
Research and development		9,275			—			9,275
Sales and marketing		8,398			—			8,398
General and administrative (iii)		6,149			91			6,240
Depreciation and amortization		1,682			—			1,682
Impairment		—			24,973			24,973
Total operating expenses		25,504			25,064			50,568
Operating loss		(8,059	)		(23,039	)		(31,098	)
Interest expense, net (b)		1,403			299			1,702
Other expense, net		8			—			8
Loss before income taxes		(9,470	)		(23,338	)		(32,808	)
Provision for income taxes (vii)		206			1,512			1,718
Net loss	$	(9,676	)	$	(24,850	)	$	(34,526	)

Loss per share
Basic	$	(0.34	)	$	(0.88	)	$	(1.22	)
Diluted	$	(0.34	)	$	(0.88	)	$	(1.22	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		28,217,453			—			28,217,453
Diluted		28,217,453			—			28,217,453
Comprehensive loss
Net loss	$	(9,676	)	$	(24,850	)	$	(34,526	)
Foreign currency translation adjustment		(34	)		—			(34	)
Comprehensive loss	$	(9,710	)	$	(24,850	)	$	(34,560	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
	Nine months ended September 30, 2024
	As Reported			Adjustment			As Restated

Revenues (i) (ii)
Product	$	117,360		$	4,962		$	122,322
Subscriptions and services		14,649			—			14,649
Total revenues		132,009			4,962			136,971
Cost of revenues (ii) (ii) (iv)
Product		85,493			(2,681	)		82,812
Subscriptions and services		5,976			—			5,976
Total cost of revenues		91,469			(2,681	)		88,788
Gross profit
Product		31,867			7,643			39,510
Subscriptions and services		8,673			—			8,673
Total Gross profit		40,540			7,643			48,183
Operating expenses
Research and development		29,223			—			29,223
Sales and marketing		27,825			—			27,825
General and administrative (iii)		19,647			499			20,146
Depreciation and amortization		4,984			—			4,984
Impairment (viii)		—			24,973			24,973
Total operating expenses		81,679			25,472			107,151
Operating loss		(41,139	)		(17,829	)		(58,968	)
Interest expense, net (b)		3,588			391			3,979
Other expense, net		70			—			70
Loss before income taxes		(44,797	)		(18,220	)		(63,017	)
Provision for income taxes (vii)		469			3,734			4,203
Net loss	$	(45,266	)	$	(21,954	)	$	(67,220	)

Loss per share
Basic	$	(1.62	)	$	(0.78	)	$	(2.40	)
Diluted	$	(1.62	)	$	(0.78	)	$	(2.40	)
Weighted-average number of shares outstanding to compute net loss per share
Basic		27,990,835			—			27,990,835
Diluted		27,990,835			—			27,990,835
Comprehensive loss
Net loss	$	(45,266	)	$	(21,954	)	$	(67,220	)
Foreign currency translation adjustment		(188	)		—			(188	)
Comprehensive loss	$	(45,454	)	$	(21,954	)	$	(67,408	)


CAMBIUM NETWORKS CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
(Unaudited)
	Nine months ended September 30, 2024
	As Reported			Adjustment			As Restated

Cash flows from operating activities:
Net loss (i) (ii) (iii) (iv) (vii) (viii) (b)	$	(45,266	)	$	(21,954	)	$	(67,220	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		3,511			—			3,511
Amortization of software and intangible assets		4,305			—			4,305
Amortization of deferred debt issuance costs		235			—			235
Share-based compensation		7,642			—			7,642
Deferred income taxes (vii)		3,694			(2,293	)		1,401
Provision for inventory excess and obsolescence (iv)		9,286			(3,428	)		5,858
Provision for estimated credit losses (iii)		219			820			1,039
Impairment of goodwill (viii)		—			8,968			8,968
Impairment of customer relationship intangible (viii)		—			6,551			6,551
Impairment of software (viii)		—			505			505
Impairment of property and equipment (viii)		—			8,849			8,849
Impairment of right-of-use operating lease assets (viii)		—			100			100
Other		120			—			120
Change in assets and liabilities:
Receivables (i) (iii)		3,784			646			4,430
Inventories		14,612			—			14,612
Prepaid expenses (vii)		(9,349	)		6,203			(3,146	)
Income taxes receivable		(900	)		(1	)		(901	)
Accounts payable (d)		1,675			(235	)		1,440
Accrued employee compensation (b)		(1,078	)		78			(1,000	)
Accrued liabilities (i) (vii)		2,065			(4,012	)		(1,947	)
Other assets and liabilities (iv) (viii)		1,096			(1,032	)		64
Net cash used in operating activities		(4,349	)		(235	)		(4,584	)

Cash flows from investing activities:
Purchases of property and equipment (d)		(6,209	)		235			(5,974	)
Purchases of software		(4,640	)		—			(4,640	)
Net cash used in investing activities		(10,849	)		235			(10,614	)

Cash flows from financing activities:
Proceeds from issuance of revolver debt		45,000			—			45,000
Repayment of term loan		(2,625	)		—			(2,625	)
Issuance of ordinary shares under ESPP		663			—			663
Taxes paid from shares withheld		(38	)		—			(38	)
Net cash provided by financing activities		43,000			—			43,000
Effect of exchange rate on cash		(21	)		—			(21	)
Net increase in cash		27,781			—			27,781
Cash, beginning of period		18,710			—			18,710
Cash, end of period	$	46,491		$	—		$	46,491

Supplemental disclosure of cash flow information:
Income taxes paid, net of refunds received	$	(972	)	$	—		$	(972	)
Interest paid	$	4,021		$	—		$	4,021

Non-cash investing and financing activities:
Increase (decrease) in property, equipment and software unpaid or accrued in liabilities (d)	$	1,666		$	(3,097	)	$	(1,431	)
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	115		$	—		$	115
Debt issuance costs incurred but not yet paid (b)	$	325		$	(325	)	$	—