Cambium Networks Corporation (Cambium Networks) is a global technology company that designs, develops, and manufactures wireless broadband and Wi-Fi networking infrastructure solutions for a wide range of applications, including broadband access, wireless backhaul, Internet of Things (IoT), public safety, national security, and defense communications networks and Wi-Fi access.
The company's products are used by businesses, governments, and service providers to build, expand and upgrade broadban...
Cambium Networks Corporation (Cambium Networks) is a global technology company that designs, develops, and manufactures wireless broadband and Wi-Fi networking infrastructure solutions for a wide range of applications, including broadband access, wireless backhaul, Internet of Things (IoT), public safety, national security, and defense communications networks and Wi-Fi access.
The company's products are used by businesses, governments, and service providers to build, expand and upgrade broadband and Wi-Fi networks. The company's product lines fall into three broad, interrelated categories: Fixed Wireless Broadband (FWB), Enterprise networking, and Subscription and Services. The FWB portfolio spans point-to-point (PTP) and point-to-multi-point (PMP) architectures over multiple standards, including IEEE 802.11 and 3GPP (Third Generation Partnership Program), and frequency bands, including licensed, unlicensed and lightly licensed spectrum. The Enterprise portfolio includes Wi-Fi access points, wireless aware switches, security gateways and other networking devices.
The Subscription and Services portfolio includes network planning and design, as well as cloud or on-premises network management and control. The latter capability, delivered through subscription to cnMaestro X, the company's network management platform, forms the foundation of the company's ONE Network, a cloud-based network management architecture that allows users to remotely configure, monitor, and manage their wireless network. It provides a single, centralized view of all network devices, including both FWB and Enterprise, as well as real-time performance and usage data, and allows users to make changes to the network configuration and settings. Advanced services offered in conjunction with this platform include application visibility and control which is used to optimize end user experiences; integrated security gateway and SD-WAN for small and medium businesses; and automated and intelligent network optimization.
Strategy
The company's strategy is to enable the company's customers to build broadband and internet access networks that deliver exceptional digital experiences at an affordable total cost of ownership. The foundation of the company's strategy is the Cambium ONE Network, enabled by cnMaestro which brings integration and automation to the company's entire portfolio. It removes complexity, making it easier to plan, deploy and operate a broadband network from core to edge, using a wide range of wireless technologies, standards, and radio frequency (RF) spectrum.
The company's software and other tools enable network services that address a primary operating cost and constraint to growth faced by most network operators. The company's approach is to simplify and automate the design, deployment, optimization, and management of broadband and Wi-Fi access networks through intelligent automation. For example, the policy-based automation feature on the company's cnMatrix switches enables the establishment of policies for each end-point device type and then automatically propagates those policies across all switch ports in the network, regardless of the actual port each device is plugged into.
The company's FWB and Wi-Fi access, switching technologies, and software are designed to be cost-efficient and deliver high-quality digital experiences and device connectivity around the world.
Technology and Products
The company's ONE Network strategy takes advantage of advances in wireless standards, software defined radios and open application programming interfaces (APIs) to enable the centralized management of a range of network technologies. The company's products and services enable network operators to build a platform using heterogeneous wireless technologies without requiring a separate management platform for each one. The company's addition of intelligent automation improves operational performance and efficiency in networks that include the company's products' ability to optimize the network at the application layer, enabling the company's products to enhance network performance.
Point-to-Point (PTP) fixed wireless backhaul
The company's PTP solutions are typically connected to high-speed, high-bandwidth wireline or fiber networks, and provide wireless broadband backhaul to a facility, a networked device, or to a PMP access point. The company's PTP solutions can be deployed throughout a network over distances of more than 100 kilometers and provide speeds greater than 5 Gbps.
The company offers PTP solutions that are designed to operate in unlicensed spectrum from 220 MHz to 5.9 GHz and 57 to 66 GHz, and in licensed spectrum from 6-38 and 71-86 GHz. In addition, the company's PTP 700 operates in NATO Band IV from 4.4-5.9 GHz, as well as in the 7 GHz and 8 GHz bands, and meets stringent federal operating, performance, and security standards. The mainstay of the company's backhaul offering is the PTP 670 for commercial applications and PTP 700 for defense and national security applications. In addition, the company's PTP 820 and 850 series offers carrier-grade microwave backhaul in licensed spectrum, and the company's PTP 550 offers price-performance leadership in spectral efficiency in sub-6 GHz unlicensed spectrum.
In addition to dedicated point-to-point platforms, as technology has evolved, the company has developed solutions that while principally supporting point-to-multi-point architectures, also support point-to-point applications, including the 60 GHz cnWave V3000 and the ePMP Force 425. Revenues from these products are included in the PMP product category in the company's revenues by product category reporting, as that is their primary application.
Point-to-Multi-point (PMP) Fixed Wireless
The company's PMP solutions extend wireless broadband access from tower mounted FWB access points to customer premise equipment (CPE) providing broadband access to residences and enterprises covering wide areas with a range of 10 to 30 kilometers. The company's PMP solutions are increasingly used to backhaul video surveillance systems and public Wi-Fi.
The company's PMP portfolio ranges from its PMP 450 series to the company's ePMP solutions for network operators that need to optimize for both price and performance to the company's cnReach family of narrow-bandwidth connectivity products for industrial communications. The PMP 450 series is optimized for performance in high-density and demanding physical environments, and includes the PMP 450m with integrated cnMedusa massive multi-user multiple input/multiple output, or MU-MIMO, technology. The PMP 450 product line also supports the FCC's Citizen Broadband Radio Service, or CBRS. The FCC completed the auction of CBRS Priority Access Licenses, or PAL, in the third quarter of 2020, complementing the existing availability of General Authorized Access, or GAA, licenses. Network operators are adopting the PMP 450 solution to exercise both PAL and GAA licenses. In December 2023, the company commenced commercial shipment of the PMP 450v, the fifth generation PMP 450 platform. The PMP 450v will support both the 5 GHz band, as well as the pending release of 6 GHz, in a single platform, covering 5.150 GHz to 7.125 GHz.
In December 2022, the company introduced a next generation ePMP 4500 product line that provides a high-quality platform at a more affordable price for 5 GHz. The ePMP 4500 supports 4x4 MU-MIMO and is complemented by a broad portfolio of ePMP Force 400 subscriber radios. In December 2022, the company commenced commercial shipment of the ePMP 4600 series, which utilizes the 6 GHz band, expected to be available and authorized by the FCC and other regulatory bodies around the world in 2024.
The company's cnReach IoT solutions offer connectivity for distributed sensors and controls across industrial deployments, delivering real-time monitoring, measurement and analytics to optimize system performance. The company's products can be deployed in a variety of industrial verticals such as oil and gas, electrical utilities, water management, rail and transportation operations and smart cities. cnReach focuses on SCADA systems for process control and monitoring, providing affordable, narrowband wireless connectivity, operating below 1 GHz, to support distribution automation, substation switches, circuit control and telemetry.
The company's 60 GHz solution, cnWave, enables Gbps networking using the 60 GHz band and a distributed architecture that enables scaled networks with dynamic routing for reliability and resiliency.
In 2022, the company commenced commercial shipments of 28 GHz cnWave 5G Fixed, which operates in the 3GPP n257 (26.50 - 29.50 GHz), n258 (24.25 - 27.50 GHz), and n261 (27.50 - 28.35 GHz) bands. The platform incorporates both uplink and downlink MU-MIMO to optimize data rate to the CPE for residential and enterprise customers.
Enterprise Solutions
The company's Enterprise portfolio includes its cloud-managed Wi-Fi solutions, the company's cnMatrix cloud-managed wireless-aware switching solution, the company's Xirrus Wi-Fi solutions, and the company's portfolio of Wi-Fi 6/6E access points which support both cnMaestro and Xirrus XMS management.
The company's enterprise-grade Wi-Fi 6/6E solutions provide distributed access to individual users or devices in indoor settings, such as office complexes, and outdoor settings, such as private spaces and outdoor public Wi-Fi hotspots, over distances from two meters to one kilometer with high capacity. The company's Wi-Fi access point portfolio includes solutions enterprise, government, education, small business and home applications and offers a range of Wi-Fi access points and RF technology that enable network optimization based on desired geographic coverage and user density.
In June 2020, the company introduced its first Wi-Fi 6 access point, the XV3-8, which complements both the cnPilot and Xirrus solutions. In 2021 and 2022 the company continued to extend the company's Wi-Fi 6/6E portfolio, including the addition of the XE5-8, a five-radio Wi-Fi 6/6E 8×8/4×4 access point (AP) designed to deliver high-density, future-proof performance for building next generation wireless networks. The Wi-Fi 6 XE5-8 supports high client density requirements with five active radios providing Wi-Fi access. Wi-Fi 6E support extends the capacity of Wi-Fi into the 6 GHz band, more than tripling the wireless spectrum available. In 2022, the company also introduced the XV2-22H Wi-Fi 6 Wall Plate Access Point. The XV2-22H indoor Wi-Fi 6 AP offers 2.97 Gbps of bandwidth and an integrated switch. Ideal for hospitality, MDU, education, and small/medium business applications. The XE3-4TN Wi-Fi 6/6E outdoor access point supporting external antennas was introduced in the first quarter of 2023, enabling site specific coverage requirements. The XE3-4TN compliments the XV2-23T and XV2-2T Wi-Fi 6 access points introduced in 2022. In the fourth quarter of 2023 the company announced and commenced commercial shipment of the RV22, a Wi-Fi 6 home meshing access point that is cloud managed on cnMaestro and includes a rich app for subscriber management of the access point and select services.
Ethernet Switches
The company's cnMatrix Ethernet enterprise switching solutions simplify network deployment and operation. cnMatrix provides the intelligent interface between wireless and wired networks. cnMatrix's policy-based automation (PBA) accelerates network deployment, mitigates human error, increases security, and improves reliability. cnMatrix includes multiple varieties of copper-based edge switches and aggregation switches and in the first half of 2024 the company expects to introduce its first fiber aggregation switch to complete the portfolio. When deployed with Cambium Networks Wi-Fi access points and the cnMaestro management system, network operators have an affordable, feature-rich, high-quality unified wired/wireless enterprise grade network. In the first quarter of 2021, the company introduced and began shipping the cnMatrix TX 2020R-P. The TX 2020R-P is the first of a series of switches designed specifically to support PMP and PTP fixed wireless broadband networks, incorporating the cnMatrix enterprise-class feature set and incorporating additional features and services pertinent to network operators deploying fixed wireless broadband networks. The TX 2012R-P was introduced in April 2021 and is the second platform in the TX series.
Network Management Platform
The company's cloud-based cnMaestro and cnMaestro X network management platform provide users with an integrated, intelligent, easy to use tool for end-to-end network management of the company's portfolio from the network operating center to be managed to the edge of the network by an individual CPE. cnMaestro's interface allows users to easily onboard large numbers of new devices, configure existing devices, monitor the entire network and troubleshoot.
The company has recently introduced two subscription services that complement and rely on cnMaestro: Network Service Edge (NSE 3000), and Quality of Experience (QoE). Network Service Edge delivers advanced security, network, and SD-WAN services for small and medium enterprise networks. These services are integrated into Cambium's ONE Network solution that enables organizations to deploy and manage security policies across the wireless and wired network, all fully managed and controlled as part of a single framework.
The company's QoE solution is hardware agnostic, operating across both wireless and fiber networks, and offers a range of services to network operators utilizing the company's networking solutions, as well as third-party competitive offerings. The subscription-based solution includes granular application shaping, dynamic queue-based rate limiting, congestion management and application insights, which provides broadband service providers immediate access to the information and controls to optimize end user experiences and be the service provider of choice. With cnMaestro X Assurance, a cloud-based insights engine continuously learns from data reported from cnMaestro-managed devices. AI/ML algorithms are used to identify and predict trending issues across customer sites and proactive alerts are generated. The platform monitors client experience scores and connectivity statistics over time, enabling forensic troubleshooting. With a simple graphical summary presentation, the solution accelerates issue resolution. The system is designed to execute historical issue resolution without any reason to duplicate issues or require packet captures.
The company's network planning tools include cnHeat and LINKPlanner. cnHeat is a network planning subscription service that provides a heat map coverage model display of locations that are available for FWB connectivity that aids in network planning. cnHeat utilizes LiDAR or equivalent geospatial data to accurately model the geography being evaluated, coupled with highly accurate RF modeling, to render a visual and quantitative assessment of anticipated RF coverage and performance. cnHeat allows network operators to optimize site selection for coverage, supporting their total cost of ownership and return on investment. LINKPlanner is a comprehensive tool, developed over the past 12 years, used to plan PTP and PMP networks. LINKPlanner allows users to visualize and analyze hypothetical network deployment scenarios to evaluate performance and reliability allowing for cost-effective expansion and deployment of their networks. cnArcher is a smartphone app that accelerates installation and deployment of the company's fixed wireless products by field technicians.
Sales and Marketing
The company sells its products primarily through a network of distributors who sell to other channel partners, including value-added resellers, system integrators, and end customers (end users), as well as through the company's direct sales force. End users include public or private network operators, including broadband and/or wireless LAN managed service providers; broadband internet service providers; mobile network operators; mid-market enterprises, such as education, hospitality, multi-dwelling units, and retail; state and local government; industrial, including energy, mining, rail operators and utilities; and military agencies. Channel partners may work directly with end users to identify their networking needs and they may also provide installation, configuration, and ongoing support services. As of December 31, 2023, the company had over 14,000 channel partners, over 4,000 of whom have transacted with the company's distributors in the last two years. This number also includes almost 160 distributors purchasing directly from the company.
The company's sales organization typically engages directly with large Internet service providers and enterprise managed service providers and certain enterprises even though product fulfillment generally is provided by the company's channel partners. The company also engages in joint selling and marketing with the company's service provider, system integrator, and reseller channel partners to their customers' end users. The company's sales organization includes field and inside sales personnel, as well as regional technical managers with deep technical expertise who are responsible for pre-sales technical support. As of December 31, 2023, the company had 117 sales personnel located in 18 countries.
The company's distributors play a central role by promoting and distributing the company's products in target vertical markets, providing value-added support to the service providers and reseller channels by bringing core strengths in technical support and professional services. This is in addition to logistics, and sales and marketing support. The company's distributors typically stock and manage inventory of the company's products.
The company typically works with channel partners through its Connected Partner program, which is a structured program designed to support and enable partners to sell and support the company's products. The program includes training and education, marketing support, technical support, and other resources such as product discounts, deal registration, demonstration equipment, virtual and in-person events, and promotions to help channel partners succeed in selling and supporting the company's products.
The company's marketing activities can be Cambium Networks-led as well as distributor or channel partner led. The company's marketing activities are focused on building brand awareness and generating leads with the company's target market segments. In addition, the company works with its distributors and other channel partners to enable joint marketing that targets enterprise end users. The company leverages a broad mix of communications platforms, including website and social media presence, public relations, webinars, trade shows and private events.
Customer Support
The company provides multiple layers of support: technical support, information-sharing with an experienced community of users, software downloads, warranty services, and repair. The company supports its enterprise class solutions with a range of flexible service plans and optional 24/7 availability that provide assurance to network operators that their always-on, mission critical communications requirements will be met. With every product purchase, the company provides technical support on a best-effort basis. Hardware issues are diagnosed via joint troubleshooting with the end user, and the issue will be addressed according to standard warranty status and the root cause of the issue. This may be sufficient for some customers who can largely manage and operate their network without assistance and hold adequate spares. For others, the company provides three support programs staffed by the company's skilled technical support team and product support engineers to keep the network operating smoothly and efficiently, and may provide 24x7x365 technical support and premium warranty support. The company allows network operators to select the service level that best meets their needs. The company's support organization both aids channel partners in supporting their direct customers and provides select technical support to the company's end users. Technical support is also available on-line via chat and automated ticketing systems.
Training
The company provides a wide range of training and educational material, from comprehensive user guides and installation guides, to self-directed interactive training, to in-person instructor-led immersion courses to ensure the company's end-users and channel partners are familiar with the design, implementation, usage, and management of the company's products. The training and certification system is administered through a learning management system that provides the user a record of course work, exam results, certifications and access to on-demand self-directed training resources that complement instructor-led sessions scheduled frequently around the world.
Cambium Community Forum
The Cambium Networks Community Forum is a platform for users of the company's solutions to connect with each other, ask questions, and share information and experiences. It is a place where users can find help and support, as well as the latest developments and features of Cambium Networks products. The forum is also a place where users can share their own tips and best practices for using the company's products, and where they can stay up to date with the latest news and updates from the company.
The company's Community Forum is moderated by its staff with direct and active engagement by the company's development engineering and product management personnel. Leveraging the Community Forum, the company collects network operator and channel partner feedback on potential product improvements and new product ideas, including through the administration of beta testing on the company's products. As of December 31, 2023, there were approximately 50,000 registered forum members on the company's Community Forum.
Intellectual Property
As of December 31, 2023, the company had 42 issued U.S. patents and 149 patents issued in various foreign jurisdictions, as well as 9 U.S. and 41 foreign patent applications pending. The company files patent applications in the United States and other countries.
Competition
The company's competitors for products and solutions for unlicensed wireless broadband in the sub-7 GHz spectrum bands include Ubiquiti, Tarana, Airspan, Radwin, MikroTik, Ligowave, and HFCL Group. Competitors in the 3.5 GHz spectrum band, the Citizens Broadband Radio Service in FCC-governed markets, include Airspan and Tarana, but also Ericsson, Nokia, Baicells, and Telrad. The company's cnWave 60 GHz mmWave point-to-point and point-to-multi-point products compete with Ubiquiti, MikroTik, Ceragon, Adtran, and Edgecore.
The company's competitors in the licensed point-to-point microwave market include Aviat Networks, Ceragon, SIAE, and SAF Technica, among others. The company's cnWave 5G fixed (28 GHz) products compete with Intracom, Ericsson, Nokia, and Samsung.
Broadband service providers are increasingly finding the need to manage network performance at the application level. An example is prioritizing Netflix vs. online game download vs. Zoom. The company offers a subscription to a cloud-based tool that enables operators to accomplish this task regardless of the hardware deployed (it works with the company's equipment as well as equipment by other manufacturers in the network). Competitors to this offering include Preseem, and Sandvine (including Prosera Analytics which was purchased by Sandvine).
The company's cnReach narrowband fixed wireless IoT products and solutions compete principally with GE MDS and Freewave.
The company offers a subscription to a cloud-based tool called cnHeat which leverages LiDAR data to build highly accurate link forecasts. The primary competitor to cnHeat is TowerCoverage.com.
Ruckus (CommScope), Ubiquiti, Meraki (Cisco), Extreme Networks, Aruba (HPE), Fortinet, Mist (Juniper), and Ruiji, are competitors to the company's Wi-Fi Access Point portfolio. The company's cnMatrix wireless aware ethernet switch platform competes with Ubiquiti, MikroTik, Cisco, and HPE, among others.
Regulatory Requirements
Because the company's products transmit energy in RF spectrum, the company's products are subject to:
Rules relating to RF spectrum allocation and authorization of certain radio equipment issued by the Federal Communications Commission for non-federal uses or the National Telecommunications and Information Administration for federal uses in the United States; and
Local type approval, or homologation, rules requiring confirmation that the company's products meet minimum regulatory, technical and safety requirements prior to sale in various countries around the world, for example: European Technical Standards Institute (ETSI), Industry Canada (IC) and Agencia National De Telecommunicatoes (Anatel).
The company is subject to compliance with rules in jurisdictions from which the company exports or into which the company imports its products, including export control and reporting, import clearance, anti-bribery, antitrust and competition rules and regulations, including:
Import and export requirements issued by the United States, the European Union or other jurisdictions, including, for example, the U.S. Department of Commerce, the Office of Foreign Assets Control, the U.K. Foreign, Commonwealth & Development Office, Ministry of Defense and Department of International Trade including rules banning sales to persons or entities on applicable designated parties lists, or to persons or entities in embargoed countries, rules requiring export licenses prior to sales of products incorporating encryption technology to certain end users, and local rules governing import of products, including packaging and labeling laws. In addition, some of the company's products include enabled encryption technology, which may require the company to obtain a license prior to a sale to certain foreign agencies. These rules require the company to monitor databases and establish and enforce policies to prohibit the sale of the company's products to embargoed or specially designated persons, entities and countries.
Rules and regulations, particularly in the United States and the European Union, governing environmental matters that restrict the use of certain dangerous substances in electrical or electronic equipment, govern use of certain chemical substances throughout their lifecycle and Waste Electrical and Electronic Equipment, Directive 2012/2019/EU, related to the collection, treatment, recycling and recovery of waste electrical and electronic equipment in the European Union and related laws elsewhere. These rules govern the company's use of components in its products, requiring the company to comply with environmental rules and regulations in the company's selection of component parts and in the manufacturing process, as well as over the disposal upon destruction or retirement of the company's products.
Rules governing the company's use of personal data, such as the General Data Protection Regulation in the European Union, the California Consumer Privacy Act, and other applicable regulations in the United States and around the world continue to evolve and increase, together with current and proposed e-privacy and direct marketing rules governing direct and email marketing.
Environmental Matters
The company is subject to various environmental and other regulations governing product safety, materials usage, packaging and other environmental impacts in the United States and in various countries where the company's products are manufactured and sold. The company is also subject to regulatory developments, including SEC disclosure regulations relating to 'conflict minerals,' relating to ethically responsible sourcing of the components and materials used in the company's products, as well as potential disclosures relating to environmental, social and governance issues (ESG).
The company maintains compliance with various regulations related to the environment, including the Waste Electrical and Electronic Equipment and the Restriction of the Use of Certain Hazardous Substances in Electrical and Electronic Equipment regulations adopted by the European Union.
Trademarks and Service Marks
'Cambium', 'Cambium Networks', 'cnPilot', 'cnMaestro', 'cnMedusa', 'cnArcher', 'cnReach', 'cnHeat', 'cnRanger', 'cnWave', 'cnVision', 'LinkPlanner', 'Xirrus', 'Canopy' and 'cnMatrix', the Cambium and Xirrus logos and other trademarks or service marks are the property of Cambium Networks.
Research and Development
The company's research and development expenses were $53.5 million in 2023.
History
The company was founded in 2011. It was formerly known as Vector Cambium Holdings (Cayman), Ltd. and changed its name to Cambium Networks Corporation in 2018.
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