By Katherine Hamilton

Cambium Networks delayed filing its annual 10-K financial report and issued preliminary fourth quarter results that missed its previously issued guidance.

Cambium was unable to file by the due date because it needs more time to finalize its financial statements and assess its internal control over financial reporting, the Hoffman Estates, Ill., wireless provider said Monday.

Cambium said it has identified certain material weaknesses in its preliminary assessment of internal control over financial reporting for the year ended Dec. 31. Those weaknesses are related to credit loss, customer incentives and information technology general controls, it said.

Cambium said revenue fell to $34 million during the fourth quarter ended Dec. 31 from $40.2 million the prior year, and compared with previous guidance for between $40 million and $45 million. Cambium reported a narrower preliminary fourth quarter net loss of $47.0 million, or $1.66 a share, which was worse than its guidance for a loss of $7 million to $9 million from November.

Cambium has initiated measures to improve the problem, it said, as well as processes to address the underlying causes. In February, the company cut 55 jobs to cut costs.

Shares fell 33% to 55 cents after markets closed Monday.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 31, 2025 17:49 ET (21:49 GMT)

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