Cambium Networks Corp

To the Shareholders and Board of Directors

Cambium Networks Corporation

Hoffman Estates, Illinois

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Cambium Networks Corporation (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, shareholders’ equity (deficit), and cash flows for each of the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Going Concern Uncertainty

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company will not have sufficient cash and cash equivalents to repay amounts owed under its existing debt arrangements as they become due in 2026 without additional financing and uncertainties exist about the Company’s ability to refinance these debt arrangements. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regards to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Restatement

As discussed in Note 2 to the consolidated financial statements, the 2023 financial statements have been restated to correct errors.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Variable Consideration Related to Accrued Sales Returns

As described in Notes 1 and 3 to the consolidated financial statements, the Company provides customer incentives in the form of stock rotation rights. As part of this incentive, the distributor has the ability to return certain specified amounts of inventory. The Company estimates variable consideration for stock rotations using the value of inventory held by its distributors ("channel inventory”), historical returns experience and a qualitative adjustment to consider fluctuations in the ending channel inventory balance and actual returns being processed in both historical and subsequent periods. The accrued sales return liability totaled approximately $5.7 million as of December 31, 2024.

We identified the auditing of the qualitative adjustment to revenue for the estimated accrued sales returns as a critical audit matter. Auditing the assumptions and data used to develop variable consideration related to customer returns liabilities and the related revenue reduction involved especially challenging auditor judgment due to the nature and extent of audit effort required to address this matter.

The primary procedures we performed to address this critical audit matter included:

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Evaluating management’s assumptions for future stock return claims by comparing actual claims received and approved in the subsequent period to the recorded amounts.

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Testing the completeness and accuracy of the underlying historical returns and channel inventory balances used to estimate future expected stock returns by (i) agreeing a sample of historical returns to supporting documentation and (ii) confirming selected part numbers and quantity of inventory reported in the channel as of various dates throughout the year, directly with distributors.

Finished Goods - Excess or Obsolete Inventory Reserve

As described in Notes 1 and 3 to the consolidated financial statements, the Company records an inventory valuation allowance for finished goods excess or obsolete inventory. The determination of excess or obsolete inventory is based on a comparison of the quantity and cost of inventory on hand versus the Company's remaining lifetime demand, consideration of historical sales, and management’s judgment. The reserve for excess or obsolete inventory totaled approximately $29.4 million as of December 31, 2024.

We identified the auditing of the remaining lifetime demand used in the calculation of the finished goods excess or obsolete inventory reserve as a critical audit matter. Auditing the assumptions used by management in determining the finished goods excess and obsolete inventory reserve involved especially challenging auditor judgment due to the nature and extent of audit effort required to address this matter.

The primary procedures we performed to address this critical audit matter included:

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Testing the completeness and accuracy of the recent historical product sales used in the calculation through examination of source documentation.

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Evaluating the remaining lifetime demand by testing selected finished goods and obtaining supporting documentation, performing inquiries, and comparing to historical results, where applicable.

/s/ BDO USA, P.C.

We have served as the Company’s auditor since 2025.

Chicago, Illinois

April 6, 2026