Shares declined 2.0% after Q1 results as investors took note of ongoing execution challenges in mobile product launches and disruption in the FWA segment, tempering growth prospects despite revenue growth and margin stability.

• Q1 revenue grew 8% year-over-year to $34.3 million, within company guidance.
• Adjusted EBITDA was $1.8 million, aligning with expectations.
• Gross margins remained healthy at 48.9%, showing operational leverage was maintained.
• Mobile segment faced continued delays with one Tier-1 carrier’s new hotspot product, pushing the launch into late June and impacting Q2 outlook.
• FWA segment experienced disruption due to a major customer’s executive overhaul and go-to-market changes, though a next-gen platform commitment was secured.