Melissa Elizabeth Cada-Bartoli, Global Controller and Chief Accounting Officer at Cambium Networks Corp (NASDAQ:CMBM), a company whose stock has declined 80% year-to-date and currently trades near its 52-week low of $1.06, recently sold 50 shares of the company. The shares were sold at a weighted average price of $1.2345, resulting in a total transaction value of $61. This sale was part of a broader transaction to cover taxes upon the vesting of restricted stock units for certain employees, including Cada-Bartoli. Following this transaction, Cada-Bartoli holds 4,880 shares in the company. According to InvestingPro analysis, Cambium Networks currently has a market capitalization of $33.89 million and shows a weak financial health score. Get access to 11 additional ProTips and comprehensive financial analysis with an InvestingPro subscription.
In other recent news, Cambium Networks reported a 5% sequential decline in Q3 2024 revenues, totaling $43.7 million, primarily due to reduced sales in the defense sector. Despite this, the company's enterprise business demonstrated strong performance with a 34% sequential growth to $15.2 million. Additionally, Cambium Networks saw an improvement in its non-GAAP gross margins, reaching 42.3%. The company also reported a positive free cash flow of $5.2 million.
These recent developments show Cambium Networks proactively addressing bank covenant compliance issues and focusing on inventory reduction. The company's management remains confident about operational improvements and growth opportunities, especially with the introduction of new products and advanced services.
Looking ahead, Cambium Networks projects Q4 2024 revenue to be between $40 million and $45 million, with gross margins expected to range between 42.5% and 45.5%. The company is also working on negotiations with the bank regarding covenant breaches, a key part of their strategy moving forward.
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