Financial Data and Key Metrics Changes - Total net revenue for Q3 2025 was $3.2 million, up from $2.2 million in the prior quarter and down from $3.8 million in Q3 2024 [19] - GAAP gross margin increased to 56.2% in Q3 2025 from 48.3% in the prior quarter and 47% in the same quarter a year ago [21] - Non-GAAP gross margin for Q3 2025 was also 56.2%, compared to 48.3% in the prior quarter and 61.7% in Q3 2024 [22] - GAAP operating expenses for Q3 2025 were $3 million, down from $4.5 million in Q3 2024 [22] - Non-GAAP net loss for Q3 2025 was $1.7 million or a loss of $0.28 per share, compared to a loss of $2.7 million or $0.98 per share in the prior quarter [23] Business Line Data and Key Metrics Changes - Revenue from millimeter wave products was $3 million in Q3 2025, compared to $2.2 million in the prior quarter and $0.1 million in Q3 2024 [20] - The increase in revenue was primarily driven by a favorable revenue mix of millimeter wave products and solutions [21] Market Data and Key Metrics Changes - The company noted a steady recovery in market demand and customer orders for its 60 GHz wireless solutions, particularly in the fixed wireless access market [6][7] - The company highlighted significant wins in fixed wireless access, including partnerships with Tachyon Networks and WeLink Communications [9][10] Company Strategy and Development Direction - The company is focusing on expanding its millimeter wave solutions into new markets, including tactical communications for military applications [11][12] - The management emphasized the versatility of its technology, which can support high-bandwidth video for edge AI applications [14][15] - The company is committed to disciplined expense management while driving growth in its millimeter wave product lines [19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the renewed momentum in the fixed wireless access market [7] - The company expects total net revenue for Q4 2025 to be in the range of $2.8 million to $3.1 million based on current backlog [25] Other Important Information - The company had approximately $1.9 million in cash as of September 30, 2025, compared to $1.8 million as of June 30, 2025 [24] - The strategic review process is ongoing, with no new updates provided during the call [24] Q&A Session Summary Question: Can you provide more details on the new OEM announced? - The new OEM is a significant player in the space, and the company is optimistic about the opportunity, although specifics cannot be disclosed due to confidentiality [26][27] Question: What is the expected timeline for customer production schedules? - The typical engagement to mass production timeline is 9-12 months for fixed wireless, while new markets like military may take 12-15 months [29] Question: How should the market view the increase in inventory and accounts receivable? - The increase in accounts receivable was due to timing of sales, and inventory was built to meet anticipated demand for Q1 and Q2 [30][31] Question: What is the outlook for gross margin going forward? - The company aims to maintain gross margins around 50%, with some fluctuations based on product mix and inventory sales [32][33] Question: How long does it typically take for pre-production customers to contribute to revenue? - Once a customer reaches pre-production, it typically takes about three months before they start contributing meaningfully to revenue [34]

Financial Data and Key Metrics Changes - The first quarter revenue was $88.7 million, a slight increase of 0.2% from $88.5 million in Q1 2024 [16] - Non-GAAP gross profit was $29.7 million, down 8.6% from $32.5 million in Q1 2024, with a non-GAAP gross margin of 33.5% compared to 36.7% in the prior year [16][20] - Non-GAAP net income for Q1 2025 was $2.6 million or $0.03 per diluted share, down from $4.7 million or $0.05 per diluted share in Q1 2024 [20] Business Line Data and Key Metrics Changes - Revenue from India was $42.9 million, an increase of 65% year over year, with bookings at the highest level since Q1 2024 [9][10] - North America revenue was $17.6 million, rebounding from $13.4 million in Q4 2024, with contributions from E2E Technologies included [10][16] - Managed services are a strategic priority, with strong interest observed at Mobile World Congress, indicating a shift towards software-driven services [8] Market Data and Key Metrics Changes - The company noted strong demand for microwave and millimeter wave products, particularly in North America and Europe [7] - E2E Technologies' bookings in Q1 outperformed expectations, contributing to revenue in line with forecasts [9] - The tariff dynamics are creating instability for certain customers, particularly in private networks, but overall customer activity remains steady [11] Company Strategy and Development Direction - The company is focused on expanding its presence in private networks and millimeter wave markets, with ongoing evaluations of strategic M&A opportunities [12][13] - The acquisition of E2E Technologies is expected to enhance capabilities in private networks, particularly in the energy and utilities sector [9] - The shift to software-driven services is anticipated to increase annual recurring revenue and improve margins compared to traditional hardware business [8] Management's Comments on Operating Environment and Future Outlook - Management reiterated the 2025 revenue guidance of $390 million to $430 million, expecting a significant uptick in the second half of the year, primarily driven by India [23][37] - The company remains vigilant regarding tariff impacts but believes the net effect on profitability will be minimal [12] - Positive demand signals were observed during the Mobile World Congress, reinforcing the company's strategic alignment for long-term success [6] Other Important Information - The cash position at the end of Q1 2025 was $27.7 million, down from $35.3 million at the end of 2024, primarily due to acquisition-related cash payments [21] - Inventory increased slightly to $62.3 million as preparations for new E band products are underway [21] Q&A Session Summary Question: Strength in bookings in India - Management indicated that bookings are not concentrated on a single customer but distributed among two main customers, with potential for a third significant project [24][25] Question: Potential significant opportunity in North America - Management described opportunities in North America as potentially meaningful, with estimates of over $10 million annually for a few years [27] Question: Gross margin expansion opportunities - Management noted that gross margin expansion could come from improved revenue mix, economies of scale, and increased sales of software and private network solutions [28][29] Question: Growth in India and its importance - Management confirmed that the main growth uptick is expected in the second half of the year, driven by significant deployments in India [37] Question: Impact of tariffs on customer decision timelines - Management reported no significant changes in buying patterns from CSPs, although there were some hesitations in closing deals on private networks [40] Question: Demand for private networks and geographic performance - Management highlighted increased interest in point-to-multipoint solutions and noted successful POCs in both North America and Europe [41][42] Question: Competitive environment in North America and Europe - Management observed no major changes in competition but noted increased interest in replacing Chinese vendors in Europe [50][51]