The wireless internet solutions provider, Cambium Networks, received a weak signal from the market after a disappointing public debut on Wednesday with opening shares trading on the Nasdaq at $10.08 a piece.
The price was down slightly from the company's initial public offering price of $12, which was already below Cambium's expected IPO range of $13 to $15 per share. The company — now trading under the ticker "CMBM" — said Tuesday that it had raised $70 million by offering 5.8 million shares in its IPO.
"To be very frank, this is very early innings," Atul Bhatnagar, Cambium's president and CEO, told Cheddar. "We have an amazing product line with significant demand in the world."
Since its founding in 2011, Cambium has built wireless broadband networks for companies, governments, and other internet service providers in nearly 150 countries. The company manufactures and sells hardware that is especially suited for remote regions of the world, and can provide wireless networks ranging from two meters to over 100 kilometers.
"Connecting the unconnected is the focus … about 3 billion people in the world are either unconnected or under-connected," Bhatnagar said. "Wherever you need the connectivity, we bring that wirelessly without digging any trenches."
Cambium has largely been a profitable business, reporting $9.8 million in net income in 2017 and $3 million in 2016. The company, however, posted a net loss of $1.5 million last year, according to Cambium's filing with the federal Securities and Exchange Commission.
Bhatnagar said the loss was due to investments in new products, which are now complete and "being very well received" in the company's portfolio. Cambium did report $1.9 million in net income in the first quarter of 2019.
The company said its growth strategy is based on broadening its software capabilities, deepening its reach in existing markets, increasing wireless connectivity speeds, and expanding into new regions around the world.
"We are very focused on developing communities — developing communities in every country," Bhatnagar said, noting that Asia, specifically the Indian subcontinent, is the most promising growth zone.
The company is also expected to benefit from the global transition from 4G to 5G wireless technology and has already begun investing in products that can utilize the next generation of connectivity.
Regarding the market, Bhatnagar said Cambium plans to focus on its customers and will "let the markets play out long term."
Joe Cecela, Dream Exchange CEO, explains how they are aiming to form the first minority-controlled company to operate an exchange in U.S. history. Watch!
A Michigan judge is putting sponges in the hands of shoplifters and ordering them to wash cars in a Walmart parking lot when spring weather arrives. Genesee County Judge Jeffrey Clothier hopes the unusual form of community service discourages people from stealing from Walmart. The judge also wants to reward shoppers with free car washes. Clothier says he began ordering “Walmart wash” sentences this week for shoplifting at the store in Grand Blanc Township. He believes 75 to 100 people eventually will be ordered to wash cars this spring. Clothier says he will be washing cars alongside them when the time comes.
The State Department had been in talks with Elon Musk’s Tesla company to buy armored electric vehicles, but the plans have been put on hold by the Trump administration after reports emerged about a potential $400 million purchase. A State Department spokesperson said the electric car company owned by Musk was the only one that expressed interest back in May 2024. The deal with Tesla was only in its planning phases but it was forecast to be the largest contract of the year. It shows how some of his wealth has come and was still expected to come from taxpayers.
At 100 years old, the Goodyear Blimp is an ageless star in the sky. The 246-foot-long airship will be in the background of the Daytona 500 — flying roughly 1,500 feet above Daytona International Speedway, actually — to celebrate its greatest anniversary tour. Even though remote camera technologies are improving regularly and changing the landscape of aerial footage, the blimp continues to carve out a niche. At Daytona, with the usual 40-car field racing around a 2½-mile superspeedway, views from the blimp aptly provide the scope of the event.
You'll just have to wait for interest rates (and prices) to go down. Plus, this deal's a steel, the big carmaker wedding is off, and bribery is back, baby!
It’s a chicken-and-egg problem: Restaurants are struggling with record-high U.S. egg prices, but their omelets, scrambles and huevos rancheros may be part of the problem. Breakfast is booming at U.S. eateries. First Watch, a restaurant chain that serves breakfast, brunch and lunch, nearly quadrupled its locations over the past decade to 570. Fast-food chains like Starbucks and Wendy's added more egg-filled breakfast items. In normal times, egg producers could meet the demand. But a bird flu outbreak that has forced them to slaughter their flocks is making supplies scarcer and pushing up prices. Some restaurants like Waffle House have added a surcharge to offset their costs.
William Falcon, CEO and Founder of Lightning AI, discusses the ongoing feud between Elon Musk and Sam Altman, and how everyday people can use AI in their lives.
