Cambium Networks appoints BDO as new auditor, dismisses Grant Thornton

Cambium Networks Corp (NASDAQ:CMBM) announced Wednesday that its Audit Committee has dismissed Grant Thornton LLP as the company’s independent registered public accounting firm, effective November 26. The decision was disclosed in a press release statement based on a filing with the Securities and Exchange Commission.

Grant Thornton had served as Cambium Networks’ independent auditor since April 5, 2024, but did not issue an audit report on the company’s consolidated financial statements for any period during its engagement. According to the filing, there were no disagreements between Cambium Networks and Grant Thornton regarding accounting principles, financial statement disclosures, or auditing procedures during the period from April 5, 2024 through November 26, 2025.

The company noted several previously disclosed material weaknesses in internal controls over financial reporting. These included issues related to inventory reserves, deferred tax assets, technical accounting expertise, debt classification, impairment identification, allowance for credit losses, customer incentives, and information technology general controls. Cambium Networks also disclosed delays in filing its annual and quarterly reports and identified errors in financial statements for fiscal years 2022 and 2023, and interim periods in 2023 and 2024. As a result, the company determined that these financial statements should be restated and not relied upon. The restated financial statements have not yet been filed.

The company stated that Grant Thornton was in the process of performing additional audit procedures related to customer incentives and sales returns when dismissed. Cambium Networks decided to appoint BDO USA, PC as its new independent registered public accounting firm to improve audit coordination, as previous audits for the affected periods had been performed by another firm.

BDO was engaged to audit the company’s consolidated financial statements for fiscal years 2023, 2024, and 2025, including the restated statements for the year ended December 31, 2023. The company reported that it had not previously consulted with BDO on accounting or audit matters prior to the engagement.

A letter from Grant Thornton addressed to the SEC, dated December 3, 2025, was filed as an exhibit to the 8-K.

In other recent news, Cambium Networks Corporation reported approximately $43 million in customer shipments during the third quarter of 2025, marking an 8% increase from the previous quarter. However, new customer orders saw a slight decline of 4% compared to the second quarter. Cambium Networks also announced the integration of its Cambium ONE Network solution with Starlink satellite Internet services, aiming to enhance enterprise-grade services through improved security and performance optimization. This collaboration combines Cambium’s Network Service Edge security platform with Starlink’s satellite connections.

In regulatory developments, Cambium Networks received a staff determination letter from Nasdaq, highlighting non-compliance with listing standards due to its failure to timely file several reports, including its 2024 Annual Report and quarterly reports for 2025. This marks the fourth such notice received by the company. Additionally, Cambium Networks faces potential delisting from Nasdaq for not meeting the minimum bid price requirement of $1.00 per share. These recent developments are crucial for investors to monitor as they assess the company’s financial and operational trajectory.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.