Cambium Networks Q4 2023 revenue down 52% YoY; GAAP net loss $39M

• Revenues of $40.2 million, decreased 7% sequentially, and decreased 52% year-over-year • Gross margin of (21.7)%, non-GAAP (1) gross margin of (19.4)% • Operating loss of $39.3 million, non-GAAP (1) operating loss of $34.1 million • Net loss of $39.0 million or a loss of $1.41 per diluted share, non-GAAP (1) net loss of $26.4 million or a loss of $0.95 per diluted share • Adjusted EBITDA (1) loss of $32.9 million or (81.8)% of revenues

For full year 2023, revenues of $220.2 million decreased by $76.7 million compared to full year 2022. GAAP gross margin was 32.3% for full year 2023 compared to 48.9% for 2022. Non-GAAP gross margin was 33.8% of revenues for full year 2023, compared to 49.5% of revenues for 2022. GAAP operating loss of $58.6 million for full year 2023 compared to GAAP operating income of $19.9 million for 2022. Non-GAAP operating loss was $38.6 million or (17.5)% of revenues for full year 2023, compared to non-GAAP operating income of $34.3 million or 11.6% of revenues during 2022. GAAP net loss for full year 2023 was $63.6 million, or a net loss of $2.31 per diluted share, compared to GAAP net income of $20.2 million, or net earnings of $0.72 per diluted share for 2022.