Cambium Networks Corporation (CMBM): PESTLE Analysis [Nov-2025 Updated]

You're trying to pin down the true value and risk profile for Cambium Networks Corporation (CMBM) as we move past their Q3 2025 results, and the external environment is sending mixed signals. The opportunity is substantial: billions in government-funded broadband initiatives like BEAD are a clear tailwind, plus the tech shift to Wi-Fi 7 is starting. But, you must weigh that against the economic reality of slowing enterprise spending and the critical legal pressure from the Nasdaq delinquency notice for the late Q2 2025 10-Q filing. While new orders hit about $45 million in Q3 2025, the real action item is risk mitigation. Honestly, compliance is the real bottleneck right now.

Cambium Networks Corporation (CMBM) - PESTLE Analysis: Political factors

US-China trade tensions still increase supply chain costs and complexity.

The persistent geopolitical rivalry between the US and China continues to be a major headwind, primarily by disrupting the global electronics supply chain and increasing costs. For a company like Cambium Networks, which relies on a complex component ecosystem, this translates directly into margin pressure and operational complexity. To be fair, the situation is fluid.

In April 2025, Cambium Networks received a temporary reprieve when US Customs and Border Patrol issued new guidance suspending reciprocal tariffs for a 90-day period on most radio and switching products, including the majority of point-to-multipoint, point-to-point, and Wi-Fi radios, and cnMatrix™ switches. This meant no tariff impact for orders shipping before July 1, 2025. Still, this short-term waiver forces the company to prepare for a potential policy reversion later in the summer, which could reintroduce significant import duties.

The broader impact is clear: an estimated 60% of U.S. companies experienced logistics cost increases ranging from 10% to 15% in the past year due to tariffs and supply chain shifts. Cambium must continue its strategy of diversifying its manufacturing base and actively managing its product portfolio by:

• Reorganizing fulfillment through key hubs.
• Conducting SKU-level audits to manage country-of-origin status.
• Preparing for a potential 60% import tariff on semiconductors from China.

Here's the quick math: managing tariff volatility is now a non-stop, core operational function, not just a finance headache.

Government broadband initiatives like BEAD allocate billions for rural connectivity.

The federal government's commitment to closing the digital divide presents a massive, albeit delayed, opportunity for Cambium Networks. The Broadband Equity, Access, and Deployment (BEAD) program, funded by the Infrastructure Investment and Jobs Act, provides $42.45 billion for high-speed internet expansion. This is a huge market for Cambium's Fixed Wireless Access (FWA) solutions.

A major policy shift by the National Telecommunications and Information Administration (NTIA) in June 2025 eliminated the initial 'fiber-first' bias, adopting a technology-neutral approach. This is defintely a win for FWA, as Cambium's solutions can now compete equally with fiber-optic networks based on cost-efficiency and meeting the minimum performance standard of 100 Mbps download / 20 Mbps upload speeds.

What this estimate hides is the delay. The new 'Benefit of the Bargain' criteria, which prioritizes the lowest qualifying cost-per-location, triggered a full reset of the grant process, with all preliminary awards being rescinded in some states. This means the expected revenue from BEAD-funded projects will be pushed into late 2026 and beyond, but the market size remains immense.

Federal investments focus on border security and military network upgrades.

Federal spending on defense and homeland security offers a stable, high-margin revenue stream for Cambium Networks, particularly for secure, robust wireless communication platforms. The focus on national security has translated into substantial budget requests for Fiscal Year (FY) 2025.

The Department of Homeland Security (DHS) FY 2025 budget request is $107.9 billion, including $62.2 billion in net discretionary funding. A key area for Cambium is the investment in surveillance and communications technology along the border. Specifically, the budget includes $849 million for cutting-edge detection technology at ports of entry.

The Department of Defense (DoD) FY 2025 budget request is even larger at $849.8 billion. This funding prioritizes modernization and secure networks for the joint force. Cambium's secure, non-Chinese-sourced wireless products are well-positioned to capture contracts for military network upgrades and tactical communication systems, especially as the US focuses on integrated deterrence against rivals like China.

Spectrum allocation policies globally are opening up the critical 6 GHz band.

Global regulatory decisions on the 6 GHz spectrum band (5.925 GHz to 7.125 GHz) are creating a new market for Cambium's latest wireless products. The band is critical because it offers the wide channels needed for multi-gigabit speeds in both Wi-Fi 6E/7 and 5G/6G Fixed Wireless Access (FWA).

Policy divergence across major markets dictates product strategy:

• The US has been highly favorable to Cambium, making the entire 6 GHz band available for unlicensed use (Wi-Fi and FWA).
• The European Union (EU) is moving to allocate 540 MHz of the upper 6 GHz band for licensed mobile (5G/6G) use.
• China has allocated the upper 6 GHz band exclusively to 5G services.

Cambium Networks is capitalizing on the US and other unlicensed-friendly markets by launching new products that support this spectrum. In Q4 2025, the company began initial shipments of new Wi-Fi 7 access points and announced new multi-gigabit cnMatrix switches and ePMP Force subscriber radios that support both 5 GHz and 6 GHz. This product cycle is directly tied to the US Federal Communications Commission (FCC) decision to open this spectrum.

Cambium Networks Corporation (CMBM) - PESTLE Analysis: Economic factors

Global Economic Uncertainty and Capital Expenditure (CapEx) Slowdown

The core economic challenge for Cambium Networks Corporation is the broad, sustained pullback in capital expenditure (CapEx) by major global telecommunication service providers and large enterprises. This is a direct consequence of ongoing economic uncertainty, high interest rates, and a post-peak 5G/fiber buildout cycle.

Globally, telecom CapEx is projected to drop by 7 percent in 2025 relative to 2022 levels, reflecting a shift from expansive network coverage to a more conservative, cost-optimization phase. In the U.S., the capital intensity (CapEx-to-revenue ratio) for telecom providers is moderating, moving down from the 17-18% peak seen in 2022-2023. This means carriers are prioritizing efficiency over new infrastructure spending, a tough environment for equipment vendors like Cambium Networks.

For example, America Móvil, a major regional operator, revised its 2025 CapEx guidance down to $6.7 billion, a significant reduction from the previously guided $7.9 billion, explicitly citing the economic slowdown as the reason. This trend forces Cambium Networks to compete fiercely on price and total cost of ownership (TCO) for the capacity and quality-focused upgrades that are still happening.

Cambium Networks' Near-Term Financial Performance (Q3 2025)

The company's recent results reflect this challenging macro environment, showing stabilization in the third quarter of 2025 but still pointing to a difficult full year. Shipments to customers in Q3 2025 were approximately $43 million, which was an 8% sequential increase from the $40 million billed in Q2 2025.

However, new orders (or bookings) in Q3 2025 were approximately $45 million, a slight sequential decline of about 4% from the $47 million in Q2 2025, which the company characterized as a traditional seasonal variation. This suggests demand is stable but not accelerating, and distributors also saw their sell-through decrease by about 9% sequentially, though management attributes this to a lack of available inventory rather than demand weakness.

Here's the quick math on the quarterly activity:

2025 Revenue Forecast and Market Headwinds

The consensus among Wall Street analysts forecasts Cambium Networks' full-year 2025 revenue to be around $172,215,000. This figure reflects a significant headwind, as analysts anticipate an approximate 20% revenue decline for the full fiscal year compared to the prior year. The company is defintely navigating a down-cycle.

The primary economic factors creating this headwind are:

• Monetization Focus: Telecoms are prioritizing monetizing existing 5G and fiber assets instead of large-scale new builds.
• Inventory Correction: The channel is still working through elevated inventory levels built up during the post-pandemic supply chain crunch.
• Shift in CapEx: Investment is moving away from blanket coverage to niche areas like capacity, quality, automation, and energy efficiency.

What this estimate hides is the potential for new products, like the X7-53X and X7-55X Wi-Fi 7 access points, which began initial shipments in early Q4 2025, to provide a late-year boost and set up a stronger 2026.

Cambium Networks Corporation (CMBM) - PESTLE Analysis: Social factors

The social landscape for Cambium Networks Corporation is defined by a permanent shift in how people live, work, and learn, making high-speed, reliable wireless connectivity a non-negotiable social utility. This societal change creates a massive, sustained demand for Cambium Networks' core products-fixed wireless and enterprise Wi-Fi solutions-but also introduces pressure to maintain strong Corporate Social Responsibility (CSR) standards.

Surging demand for reliable Wi-Fi as a critical amenity in Multi-Dwelling Units (MDU)

For Cambium Networks, the Multi-Dwelling Unit (MDU) market is a significant near-term opportunity because Wi-Fi has transitioned from an optional service to a core amenity. Property owners now see managed Wi-Fi as a revenue driver and a critical retention tool, not just an operating cost. The data is clear: 70% of MDU owners state that high-quality Wi-Fi helps them attract residents, and nearly 80% report it increases their property value.

This is a direct response to tenant expectations. A staggering 93% of residents expect Wi-Fi to be ready immediately upon move-in, and 84% say poor Wi-Fi quality would affect their decision to renew a lease. Cambium Networks' ONE Network solutions directly address this by enabling managed service providers (MSPs) to deliver secure, property-wide coverage. For example, one 800-unit deployment in California using Cambium Networks' solutions is generating approximately $25,000 monthly revenue, which is a compelling $31.25 per unit in new monthly income for the property owner. That's a clear return on investment (ROI) that property managers defintely understand.

Rapid urbanization is driving the need for Smart City public Wi-Fi and surveillance infrastructure

Urbanization continues globally, increasing the density of people and devices, which fuels the need for Smart City infrastructure. This is a massive market for Cambium Networks' fixed wireless and outdoor Wi-Fi products. The Global Public Wi-Fi Market is estimated at $26.13 billion in 2025 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 25.41% through 2030.

Cambium Networks is well-positioned here because their outdoor access points and fixed wireless backhaul solutions are ideal for the outdoor installations that characterize Smart City projects. These outdoor deployments are projected to expand at a 26.4% CAGR, driven by government and municipal funding for digital inclusion and public safety. This isn't just about free internet; it's about connecting traffic systems, public safety cameras, and utility sensors-all requiring the robust, high-capacity wireless backhaul that Cambium Networks provides.

Increased remote work and education permanently raised the baseline need for high-speed, reliable home access

The post-2020 shift to remote work and distance learning has permanently reset the baseline for home internet quality. This is a structural change, not a temporary trend. In 2025, over 32.6 million Americans are working remotely, accounting for 22% of the workforce. This means a significant portion of the population relies on their home connection for mission-critical tasks, driving demand for higher-speed, lower-latency access.

The economic impact is measurable: one study showed that upgrading to a 100 Mbps plan reduced reported productivity issues by 35% for remote workers. This societal demand for better home connectivity directly benefits Cambium Networks' Wireless Internet Service Provider (WISP) and fixed wireless broadband business, as WISPs use Cambium Networks' ePMP and PMP solutions to deliver that high-speed access to suburban and rural homes. The market is now focused on the quality of the connection, not just the presence of one.

• Remote jobs in the U.S. now make up over 15% of total job opportunities.
• 83% of global employees prefer a hybrid work model, demanding seamless home connectivity.
• Remote workers report a 35% to 40% productivity increase on average, contingent on reliable internet.

Societal pressure for corporate social responsibility affects supplier selection and brand reputation

Societal expectations for corporate behavior, often framed under Environmental, Social, and Governance (ESG) principles, are now a material factor in financial performance. This pressure impacts customer and partner selection, especially with government and large enterprise clients. Cambium Networks integrates CSR and ESG principles into its operations, which is crucial for attracting capital as ESG investing gains traction.

The company maintains a strong commitment to a responsible and transparent supply chain. This includes a Supplier Code of Conduct and a clear statement denouncing modern slavery and human trafficking. This commitment helps mitigate reputational risk and is a prerequisite for doing business with increasingly scrutinizing public sector and institutional customers. They also actively engage in social outreach, supporting communities with critical fixed wireless and Wi-Fi solutions during disasters and championing individuals who improve lives through connectivity, which they call 'Connectivity Heroes.'

Cambium Networks Corporation (CMBM) - PESTLE Analysis: Technological factors

The technological landscape for Cambium Networks Corporation (CMBM) in 2025 is defined by a rapid shift to higher-capacity standards and the integration of Artificial Intelligence (AI) into network management. This environment creates a clear opportunity for Cambium Networks to capitalize on its new product cycle and subscription-based cloud services, but it also necessitates high R&D spending to keep pace with competitors' Wi-Fi 7 and 5G Fixed Wireless Access (FWA) rollouts.

Initial shipments of new Wi-Fi 7 access points began in early Q4 2025

Cambium Networks has successfully transitioned to the next-generation Wi-Fi standard, with initial shipments of its new Wi-Fi 7 access points commencing in early fourth quarter 2025. This is a critical move to maintain relevance in the enterprise market, especially for high-density environments like hospitality and multi-dwelling units (MDU). The new products, including the X7-53X and X7-55X access points, complement the existing X7-35X model and were launched alongside new multi-gigabit cnMatrix switches.

The company's overall product shipments to customers during the third quarter of 2025 reached approximately $43 million, reflecting an 8% sequential increase from the second quarter's approximately $40 million. The new Wi-Fi 7 products are expected to be a key driver for shipment growth into 2026, offsetting potential full-year 2025 revenue decline that analysts anticipate to be around 20%.

• Launch: X7-53X and X7-55X Wi-Fi 7 access points for high-density use.
• Support: New multi-gigabit cnMatrix switches (EX3030RM-P, EX3052RM-P) complement Wi-Fi 7 capacity.
• Outlook: Portfolio expansion with wall plate and additional ceiling mount options is planned for 2026.

The industry is accelerating adoption of the 6 GHz spectrum for Fixed Wireless Access (FWA)

The global adoption of the 6 GHz spectrum for Fixed Wireless Access (FWA) is gaining significant momentum, driven by regulatory decisions in key markets. The US FCC and Canada ISED have opened this clean spectrum for outdoor FWA use, which is a major opportunity for Cambium Networks' fixed wireless portfolio. This new spectrum alleviates congestion in the 5 GHz band, enabling service providers to deliver faster speeds and better customer experiences.

Cambium Networks is directly addressing this with new products like the ePMP Force 4616 subscriber radio, which supports the 6 GHz band. This is a crucial defense against the broader 5G FWA market, which is projected to reach a global revenue of $48.4 billion in 2025. The new spectrum provides a massive capacity boost:

Increased focus on AI (Artificial Intelligence) and Cloud Management (cnMaestro) for network automation

The shift to cloud-managed, AI-powered networks is a non-negotiable trend, and Cambium Networks' subscription-based cnMaestro X platform is their answer. This platform provides advanced AI-based network management and security services, using machine learning (AI/ML) algorithms to proactively identify and predict trending network issues. This capability is vital for managed service providers, as it cuts down on labor-intensive troubleshooting.

The adoption rate for the premium platform is strong. cnMaestro X subscriptions increased by a substantial 44% year-over-year from August 2024 to August 2025. As of August 2025, the cnMaestro cloud platform was managing more than 2.5 million active devices, with the total number of devices under management (including on-premises) exceeding 3.7 million. This growing subscription base provides a more predictable, high-margin revenue stream compared to hardware sales alone. Honestly, the recurring revenue from cnMaestro X is a major long-term valuation driver.

Hybrid network models (Fiber and FWA) are defintely dominating new deployment strategies

The most cost-effective and fastest deployment strategy for broadband expansion in 2025 is the hybrid network model, which combines the high-capacity core of Fiber-to-the-Home (FTTH) with the rapid, lower-cost reach of Fixed Wireless Access (FWA). This approach prevents the depletion of capital funds, such as those from the US BEAD program, by using wireless extensions where fiber trenching is cost-prohibitive or slow.

Cambium Networks is strategically positioned with its ONE Network platform, which is designed to simplify the management of this exact hybrid architecture. The platform unifies wired and wireless technologies-Wi-Fi, switching, fixed wireless, and fiber (GPON/XGS-PON)-under the single cnMaestro management console. This convergence makes it easier for operators to deliver multi-gigabit speeds and reduces the complexity of managing disparate systems. You can deploy gigabit wireless broadband in weeks, not years, freeing up capital for fiber rollouts in high-priority areas. The integration with Starlink satellite services, announced in 2025, further solidifies its position in providing comprehensive hybrid solutions for underserved and remote areas.

Cambium Networks Corporation (CMBM) - PESTLE Analysis: Legal factors

Nasdaq issued a delinquency notice for the late filing of the Q2 2025 10-Q and FY 2024 10-K

You need to see the Nasdaq listing issue for Cambium Networks Corporation not just as a compliance hiccup, but as a critical operational and financial risk. The company received a Nasdaq Staff Determination Letter on October 16, 2025, notifying it of non-compliance with listing rules, which is the most severe near-term legal threat. This followed the failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its Quarterly Reports on Form 10-Q for the periods ended March 31, 2025, and June 30, 2025. They are also delinquent on the Q3 2025 10-Q.

The core of the problem isn't just the delay; it's the underlying cause: the need for a restatement of previously issued financial statements for 2022 and 2023 due to errors in revenue recognition, specifically related to estimates for sales returns and customer rebates under ASC 606. Honestly, this signals material weaknesses in internal control over financial reporting (ICFR). The Nasdaq deadline to regain compliance was October 13, 2025, which the company missed, leading to the delisting determination. The company is seeking a hearing, but delisting risk is defintely high.

Here's the quick math on the financial reporting status:

The EU's NIS2 directive imposes stricter cybersecurity compliance on network operators

The European Union's Network and Information Systems Directive 2 (NIS2) is a major regulatory headwind for Cambium Networks Corporation's European business in 2025. Since the company is a manufacturer of networking equipment and its customers are often 'essential' or 'important' entities (like telecom operators), the directive's requirements flow down directly to its products and internal operations.

The core challenge is that NIS2 mandates a comprehensive cyber risk management framework, including supply chain security and rigorous incident reporting. While the transposition deadline for EU Member States was October 17, 2024, the compliance obligations are rolling out throughout 2025, with some countries requiring registration by April 1, 2025. The penalties for non-compliance are severe, reaching up to €10 million or 2% of global annual turnover, whichever is higher.

Key compliance areas for Cambium Networks Corporation in 2025 include:

• Implementing security-by-design principles in all new Wi-Fi 7 and fixed wireless products.
• Establishing a 24-hour initial notification and 72-hour final reporting process for significant security incidents.
• Mandating stricter security and risk management clauses in all contracts with European suppliers and partners.

Global spectrum allocation rules dictate product development and market access for wireless devices

Spectrum allocation rules are the lifeblood of a wireless company, and the outcome of the ITU World Radiocommunication Conference 2023 (WRC-23) has created a fragmented global market in the critical 6 GHz band, which is a key area for Cambium Networks Corporation's Wi-Fi 6E/7 and fixed wireless products.

In the US, the FCC expanded unlicensed Very Low Power (VLP) device operation to the entire 6 GHz band (5.925-7.125 GHz), effective May 5, 2025. This is a massive opportunity, providing 1,200 MHz of new spectrum for the company's products like the ePMP 4600 and XE-series Wi-Fi access points, which rely on Automated Frequency Coordination (AFC) to operate at standard power outdoors.

However, in Europe, the regulatory landscape is tightening. The European Commission's Radio Spectrum Policy Group (RSPG) recommended in November 2025 that mobile operators receive priority access to 540 MHz of the upper 6 GHz band (6.585-7.125 MHz). This means Cambium Networks Corporation's products will face a more constrained unlicensed spectrum environment in the EU compared to the US, forcing a two-track product development strategy.

US EPA's 2025 TSCA rule mandates comprehensive tracking and reporting of PFAS (forever chemicals) in electronics manufacturing

The US Environmental Protection Agency's (EPA) final rule under the Toxic Substances Control Act (TSCA) Section 8(a)(7) requires a one-time, retroactive report on per- and polyfluoroalkyl substances (PFAS), also known as 'forever chemicals,' which are common in electronics manufacturing. This rule applies to any person who manufactured or imported over 1,400 PFAS or PFAS-containing articles in any year since January 1, 2011.

The initial compliance burden was immense, but the EPA has provided some relief in 2025. The submission period, originally set for 2024, was delayed. The latest deadline, set by an interim final rule in May 2025, requires most companies to submit their reports between April 13, 2026, and October 13, 2026. Critically, in November 2025, the EPA proposed a rule that would exempt imported articles and introduce a 0.1% concentration threshold for PFAS in mixtures. If this proposal is finalized, it would significantly reduce the reporting burden for Cambium Networks Corporation, which primarily imports finished electronic articles and components.

The company's immediate action is to continue its supply chain due diligence to meet the 'known or reasonably ascertainable' reporting standard, regardless of the final rule's scope.

Cambium Networks Corporation (CMBM) - PESTLE Analysis: Environmental factors

New EU Packaging and Packaging Waste Regulation (PPWR) requires mandatory recyclability standards for electronics packaging.

You need to move fast on packaging design because the European Union's new Regulation (EU) 2025/40 on Packaging and Packaging Waste (PPWR) is a live issue as of February 2025. This isn't a directive you can wait to be transposed into national law; it's a regulation that applies directly, and it's a big deal for any electronics shipper like Cambium Networks Corporation selling into the EU market.

The core requirement is that all packaging must be designed for material recycling and be able to be collected, sorted, and recycled at scale. For your business, this means a hard look at the materials used for shipping your fixed wireless broadband and Wi-Fi access products. The regulation sets an ambitious target for Member States to achieve a 65% recycling rate for all packaging waste by the end of 2025. You should be aiming for that standard now, not later.

Here's the quick math: if your current packaging materials don't meet the 'designed for recyclability' criteria, you'll face compliance risk and potential market access issues when the main provisions apply from August 2026. This is a supply chain problem, so start demanding material disclosures from your packaging vendors immediately.

• Reduce empty space in grouped/transport packaging to a maximum of 50%.
• Ensure packaging is free of restricted substances like Per- and polyfluoroalkyl substances (PFAS).
• Prepare for mandatory, harmonized labeling with recycling symbols by August 2028.

Increasing investor and regulatory pressure for detailed environmental-impact reporting, especially in regions like California.

The pressure for detailed Environmental, Social, and Governance (ESG) reporting is no longer a soft investor request; it's becoming a mandatory regulatory compliance issue, particularly in the US. In California, a leading market for technology, new mandates require companies to disclose their ESG performance and impacts, including climate change data.

Investors want to see your Scope 1, 2, and 3 emissions data, and they are using it to price risk. Failure to comply with these emerging regulations, or even a lack of transparency, can lead to increased scrutiny from investors and potential litigation risk. Your Form 10-K already flags the risk of new environmental regulations, so this is a known exposure. To be fair, this is a heavy lift for any company.

You need to establish robust systems for collecting and analyzing ESG data now. This is a critical action item for the 2025 fiscal year to ensure you are prepared for mandatory disclosures that are already in effect for many larger peers and will cascade down to companies like Cambium Networks Corporation.

Cambium must ensure supply chain compliance with conflict mineral and ethical sourcing policies.

The ethical sourcing of components remains a high-stakes environmental and social risk. Cambium Networks Corporation has a clear Conflict Minerals Policy, which is a good start, but the real work is in the due diligence process with your third-party manufacturers.

The focus is on the four key conflict minerals-Tantalum, Tin, Tungsten, and Gold (3TG)-which must not directly or indirectly finance conflict in the Democratic Republic of the Congo or adjoining countries. Your Supplier Code of Conduct requires suppliers to report on their diligence using generally accepted industry standards.

This is not just about compliance; it's about brand reputation. A single, verifiable link to unethical sourcing can wipe out years of goodwill and impact your stock price. Your due diligence process must be a continuous, verifiable system, not a once-a-year check-the-box exercise.

Telecom industry trend toward energy-efficient equipment and network cooling upgrades to lower operational emissions.

The telecom industry is in a race to decouple data growth from energy consumption, and this is your biggest opportunity. The global telecom sector has already achieved an 8% reduction in operational emissions between 2019 and 2023, even as data traffic quadrupled. This is driven by a sector-wide push for green network solutions.

Deloitte predicts that telcos worldwide will reduce their carbon footprint by another 2% in 2025, which translates to approximately 12 million tons of CO2e avoided. This reduction comes from two key areas where Cambium Networks Corporation's products are central:

1. Energy-Efficient Gear: New-generation 5G radio access network (RAN) equipment is reporting 20% to 50% lower power consumption compared to previous generations. Your product portfolio must meet or exceed these efficiency benchmarks to remain competitive.
2. Cooling Upgrades: Over 60% of the top 50 global operators plan to implement liquid cooling or upgrade HVAC systems between 2024 and 2026. This is a direct market signal for equipment that can operate efficiently in less energy-intensive cooling environments.

The industry is also targeting renewable energy adoption, with many major operators expecting to get 50% of their energy from renewables by 2025. Your value proposition to customers must increasingly be about the total cost of ownership (TCO), with your energy efficiency being the main defintely selling point. Finance: model the TCO reduction for a customer deploying your latest 5G gear versus a 2022-era model by the end of the quarter.