Financial Data and Key Metrics Changes - Total net revenue for Q1 2025 was $3.9 million, an increase from $3.7 million in the prior quarter and $2.8 million in Q1 2024 [20] - Product revenue from memory integrated circuits and millimeter wave products was $3.8 million in Q1 2025, compared to $3.7 million in the prior quarter and $2.7 million in Q1 2024 [20] - GAAP gross margin increased to 69.3% in Q1 2025 from 56.3% in the prior quarter and 46.4% in the year-ago quarter [21] - GAAP net loss for Q1 2025 was $500,000, or a loss of $0.10 per share, compared to a net loss of $1.6 million, or a loss of $0.37 per share in the prior quarter [23] Business Line Data and Key Metrics Changes - Millimeter wave product revenues were $1.5 million for Q1 2025, compared to $200,000 in the prior quarter and $300,000 in Q1 2024 [21] - The company achieved a significant increase in millimeter wave revenue, exceeding total revenue for the full year of 2024 in Q1 2025 [8] Market Data and Key Metrics Changes - The company reported nearly 120 total engagements in its pipeline, representing a 25% increase in identified commercial opportunities over the last twelve months [9] - The technology is currently being utilized in at least 68 products across 14 unique customers, deployed in various regions worldwide [10] Company Strategy and Development Direction - The company is focused on continuous innovation in MMWave technology to expand its product portfolio and adapt existing products for new applications [11] - A strategic contract was announced for delivering mission-critical wireless applications to military and defense forces, indicating a significant new revenue opportunity [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growing market opportunities for MMWave technology, particularly in tactical communications and military defense applications [18] - The company expects to deliver sequential revenue growth for MMWave solutions throughout 2025, driven by increased demand and purchase orders [18] Other Important Information - The company had $2.8 million in cash and equivalents as of March 31, 2025, down from $3.3 million at the end of 2024, primarily due to operating cash burn [24] - The company expects total net revenue for Q2 2025 to be in the range of $1.8 million to $2.0 million, reflecting anticipated roll-off of end-of-life memory IC shipments [25] Q&A Session Summary Question: Can you talk about the visibility you have from some of the deals you've announced previously? - Management indicated better visibility with backlog on existing customers and initial shipments for defense applications expected this quarter [31] Question: Any impact from tariffs on your cost of goods or customer reactions? - Management stated there has been no impact from tariffs as most production is done in Asia or locally in Canada and Europe [33] Question: How quickly can the upgraded prospectus modules for fixed wireless access be deployed? - Management confirmed that the upgrade is a software enhancement that can be deployed immediately by customers [35] Question: Are you seeing more interest from the military side or defense? - Management noted increased interest in tactical communications due to the stealth capabilities of their technology [42] Question: When might other agencies or countries show interest in this type of application? - Management reported global interest in stealth communications technology, with ongoing quotes for opportunities in Europe, the Middle East, and Asia [48] Question: Any updates on BEAD funding and its impact on fixed wireless access? - Management expressed optimism about the positive impact of BEAD funding on their business, expecting benefits in the second half of the year [51]

Financial Data and Key Metrics Changes - In Q1 2025, revenue was impacted by delayed carrier promotions and FWA orders, but adjusted EBITDA exceeded expectations, indicating strong cost management despite softer hardware volumes [5][21] - Non-GAAP gross margin reached a record 47.5%, driven by a favorable revenue mix and sequential margin expansion in both product and services [22] - Adjusted EBITDA for Q1 2025 was $3.7 million, more than double the prior year quarter, with an adjusted EBITDA margin of 11.6% [23] Business Line Data and Key Metrics Changes - Mobile hotspot revenue grew over 16% year-over-year, while services revenue increased nearly 50% year-over-year, primarily due to the strength of the subscribed SaaS platform [21][22] - The company is focusing on expanding its FWA and MiFi business, with new product plans introduced to diversify its customer base [9][10] Market Data and Key Metrics Changes - The company is targeting large Tier one carriers and multiple system operators (MSOs) to expand its market presence, indicating a shift towards a broader customer base [9][10] - The competitive landscape remains challenging, but the company believes its American-based IP and improved operational efficiency position it well against competitors [39] Company Strategy and Development Direction - The company is transitioning from a hardware-centric model to a full solution provider, focusing on software-defined wireless networking solutions [8][14] - Key strategic initiatives include scaling the FWA and MiFi business and accelerating the software and services roadmap to enhance its solution offerings [8][14] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the business prospects for 2025, expecting sequential revenue growth starting in Q2, particularly in FWA revenue [26] - The company is actively managing its supply chain and operational efficiency to mitigate potential disruptions from the macroeconomic environment [12][39] Other Important Information - The company successfully reduced its total debt to $41 million after paying off $15 million in convertible notes [24] - The leadership team has been strengthened with new talent, including George Mulhern, former CEO of Cradlepoint, to support the company's transformation [17] Q&A Session Summary Question: Concerns about pipeline opportunities slipping into 2026 - Management does not see any movement of the pipeline from their customer base, particularly among large North American carriers [30] Question: Potential revenue upside from the T-Mobile Partner Plus program - The partnership with T-Mobile is expected to create pull on the channel program products through investment subsidies [31] Question: Free cash flow expectations for 2025 - Management targets positive free cash flow for the year, with expectations for improvement in the second half [32] Question: Update on channel strategy and potential large deals - Confidence in closing a large channel deal within the quarter, with ongoing investments in broadening the solution portfolio [35][36] Question: Competitive landscape and geopolitical impacts - The company believes its operational efficiency and American-based IP provide a competitive edge despite geopolitical challenges [39] Question: Long-term gross margin targets and operating expenses - Management has not provided a specific target model yet but anticipates gross margins in the high 30s, depending on the mix of software and product revenue [40][42]

Core Insights - Ceragon Networks, a leader in end-to-end wireless connectivity solutions, will participate in the 20th Annual Needham Technology, Media, & Consumer 1x1 Conference from May 8 to 13, 2025 [1] - The Chief Financial Officer, Ronen Stein, will conduct virtual one-on-one meetings on May 12, 2025, for interested investors [2] Company Overview - Ceragon specializes in transport, access, and AI-powered managed & professional services, aiming to enhance operational efficiency and user experience [3] - The company serves a diverse clientele, including service providers, utilities, public safety organizations, government agencies, and energy companies, with a focus on 5G and 4G broadband wireless connectivity [4] - Ceragon's solutions are utilized by over 600 service providers and more than 1,600 private network owners across 130 countries, emphasizing reliability, speed, and cost-effectiveness in network modernization [4]

Core Points - PicoCELA Inc. has received a Notification Letter from Nasdaq indicating non-compliance with the minimum bid price requirement of US$1.00 per share [1][2] - The company has until October 20, 2025, to regain compliance by maintaining a closing bid price of at least US$1.00 for 10 consecutive business days [3] - The Notification Letter does not currently affect the company's listing status on the Nasdaq Capital Market [3] Company Operations - PicoCELA specializes in enterprise wireless mesh solutions, including the manufacturing and installation of mesh Wi-Fi access point devices [5] - The company's proprietary technology, PicoCELA Backhaul Engine, facilitates flexible installation of Wi-Fi networks without extensive cabling [5] - PicoCELA also offers a cloud portal service, PicoManager, for monitoring connectivity and communication traffic [5]

Group 1 - The TC591 National Robot Standardization Technical Committee and the International Star Flash Alliance signed a strategic cooperation agreement to promote the standardization and industrialization of embodied intelligent robots [1] - The collaboration aims to enhance the integration of robot perception, communication, and decision-making, facilitating the large-scale implementation of multi-robot collaboration scenarios [1] - Star Flash technology utilizes advanced 5G key technologies such as Polar codes, offering six core technical capabilities: low latency, high throughput, high concurrency, high reliability, anti-interference, and precise positioning [1] Group 2 - The coexistence of cellular networks and Wi-Fi is anticipated, with Star Flash technology aligning well with the demands of embodied intelligence, although the current maturity of the industry chain is low [2] - There is potential for Star Flash technology to replace Wi-Fi in certain scenarios or downstream customers under the push for domestic production [2] Group 3 - Huizhou Crystal is the only member of the Star Flash Alliance in the crystal oscillator industry [3] - Tai Ling Micro is an early member of the Star Flash Alliance and is actively participating in the research and development of Star Flash technology [4]

Core Insights - Fibocom has launched the MQ780-GL Cat.M module, which integrates the Qualcomm E51 4G Modem-RF, aimed at enhancing the adoption of LPWA technologies in various applications such as smart metering and asset tracking [1][5] Product Features - The MQ780-GL supports 3GPP Release 14 Cat.M1 and NB-IoT, automatically switching modes for optimal coverage across global frequency bands, ensuring reliable connectivity in regions like North America, Europe, and Asia [2] - It utilizes advanced power management technology, significantly extending battery life with features like Power Saving Mode (PSM) and extended Discontinuous Reception (eDRX), making it suitable for long-term applications requiring over 10 years of battery life [3] - The module supports multiple protocols including MQTT, CoAP, and LwM2M, and interfaces such as UART, I2C, and I2S, facilitating seamless device connectivity [4] Market Impact - The introduction of the MQ780-GL is expected to drive the adoption of Cat.M and NB-IoT technologies, enhancing connectivity efficiency in smart cities and asset tracking [5][6] - Fibocom aims to deepen collaborations with chipset partners and vertical industries to promote the commercialization of low-power Cat.M/NB-IoT solutions [6]

Core Insights - Fibocom has launched new 5G modules and solutions based on Qualcomm's latest X85/X82 5G Modem-RF, aimed at facilitating the transition to next-generation Fixed Wireless Access (FWA) technologies and accelerating commercialization [1][6] Group 1: Product Features - The Qualcomm X85/X82 5G Modem-RF offers significant performance upgrades over the previous generation, including enhanced network coverage, reduced latency, improved energy efficiency, and increased mobility [2][6] - The new 5G modules support six-carrier aggregation in the NR Sub-6GHz downlink, providing bandwidth exceeding 300 MHz for faster transmission speeds and broader signal coverage [3][9] - Intra-Band uplink carrier aggregation is included to ensure faster data rates, optimizing performance for bandwidth-intensive applications like video conferencing and online gaming [3][9] Group 2: Software Innovations - The Qualcomm X85 Modem-RF introduces software innovations, supporting OpenWRT 24.x, RDK-B, and prplOS, allowing users to choose the platform that best fits their needs [4][9] - The Qualcomm® 5G AI Suite and Qualcomm® Networking AI Suite enhance Quality of Service (QoS) management by intelligently prioritizing network traffic for high-priority tasks [5][9] Group 3: Strategic Collaboration - Qualcomm and Fibocom are collaborating to set new benchmarks in network coverage, latency, energy efficiency, and mobility, contributing to a more connected future [6][7] - Fibocom is committed to driving the adoption of 5G technology and AI applications, believing that this partnership will accelerate the intelligent evolution of the FWA market [7]

Company Overview - Ceragon is a leading solutions provider of end-to-end wireless connectivity, specializing in transport, access, and AI-powered managed & professional services [4] - The company serves a diverse customer base, including service providers, utilities, public safety organizations, government agencies, and energy companies, with solutions for 5G & 4G broadband wireless connectivity [5] - Ceragon's solutions are deployed by over 600 service providers and more than 1,600 private network owners across 130 countries, emphasizing their global reach and expertise [5] Conference Participation - Ceragon's CEO, Doron Arazi, will participate in the 37th Annual Roth Conference from March 16-18, 2025, at the Laguna Cliffs Marriott Resort & Spa in Dana Point, California [1] - The conference is one of the largest for small-cap companies, providing opportunities for company presentations, Q&A sessions, and one-on-one meetings with management [3] - Investors interested in meeting with Mr. Arazi can arrange one-on-one meetings through their Roth representative or by contacting Ceragon directly [2]

Financial Data and Key Metrics Changes - Q4 2024 sales were $15.1 million, a 6% sequential decline but a 50% increase year-over-year, primarily driven by consumer market recovery [27] - Gross margin for Q4 reached 43.4%, marking its fourth sequential increase, driven by operational efficiencies and a favorable sales mix [29] - Full year 2024 sales totaled $60.6 million, an 8% increase compared to the prior year, with consumer sales increasing by 15% [32][34] - Adjusted EBITDA for 2024 was negative $0.8 million, an improvement from negative $4.5 million in 2023 [37] Business Line Data and Key Metrics Changes - Consumer sales in Q4 reached $6.5 million, reflecting strong Tier 1 MNO sales [28] - Automotive sales were $3.3 million, a high point for the year but fell short of expectations due to channel excess inventory [28] - Enterprise sales decreased to $5.3 million, primarily due to reduced sales of embedded modems and custom IoT products impacted by excess customer inventory [28][34] Market Data and Key Metrics Changes - The serviceable addressable market (TAM) grew from $1.1 billion in 2024 to $2.6 billion in 2025, driven by the AC-Fleet vehicle gateway and Lighthouse smart repeaters [9] - The company expects the consumer market to experience steady but modest growth through 2025 [32] Company Strategy and Development Direction - The company is transitioning from a component supplier to a high-value wireless system solutions provider, focusing on scaling deployments and accelerating customer adoption [8][41] - Strategic partnership with Omantel aims to enhance network performance and optimize coverage in the Middle East, with plans for larger scale commercial rollouts in 2026 [14][45] - The introduction of Lighthouse Solar aims to provide sustainable connectivity solutions in areas lacking electricity [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a recovery in the enterprise segment in the second half of 2025, despite current inventory issues [56] - The company anticipates deploying Lighthouse across more than 50 sites in 2025, establishing a foundation for larger scale commercial rollouts [45] - Management remains focused on execution and scaling deployments while navigating short-term industry headwinds [41][45] Other Important Information - The company recorded its first Lighthouse commercial deployment revenue in Q4 2024 [28] - The partnership with Omantel includes a joint sales and marketing effort to penetrate the MENA region [59] Q&A Session Summary Question: Visibility on enterprise segment recovery - Management noted that two customers are experiencing delays due to inventory issues but expect improvements in the second half of the year [56] Question: Revenue contribution from Lighthouse in 2025 - Management indicated that while Lighthouse revenue will be small in 2025, there are plans for deployments starting this quarter [58] Question: Ongoing trials for AirgainConnect product - Management confirmed that trials are ongoing, with positive feedback on performance improvements and installation ease [64][66]

As filed with the U.S. Securities and Exchange Commission on October 31, 2024 Registration No. 333-[●] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PicoCELA Inc. (Exact name of registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Japan 3640 Not Appli ...