A month has gone by since the last earnings report for Cambium (CMBM). Shares have lost about 15.8% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Cambium due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Cambium Beats Q2 Earnings on All-Time High RevenuesCambium reported solid second-quarter 2021 results, wherein both the bottom and the top lines beat the respective Zacks Consensus Estimate. With record revenues and multiple growth drivers, this momentum is likely to continue for the company in 2021 and beyond.Net IncomeOn a GAAP basis, net income in the June quarter was $11.5 million or 40 cents per share compared with $3.3 million or 13 cents per share in the prior-year quarter. The improvement was primarily attributable to top-line growth.Non-GAAP net income came in at $12.9 million or 45 cents per share compared with $4.3 million or 16 cents per share in the year-ago quarter. The bottom line beat the Zacks Consensus Estimate by 12 cents, delivering a surprise of 36.4%.RevenuesQuarterly revenues were record high at $92.7 million compared with $62.3 million in the year-ago quarter. The growth was driven by solid demand for Point-to-Multi-Point, Point-to-Point and enterprise Wi-Fi solutions. The top line surpassed the consensus estimate of $88 million.During the quarter, Cambium shipped its 10 millionth radio since becoming a standalone company. It is benefiting from robust demand for wireless networking infrastructure for improved broadband connectivity and the acceptance of its new product introductions.By product category, revenues at Point-to-Multi-Point came in at $59.8 million compared with $40.6 million a year ago. Point-to-Point revenues grew 11.9% to $14.1 million and revenues at Wi-Fi were $18.3 million, up 140.8% year over year.By region, revenues in North America came in at $49.3 million compared with $32.5 million in the prior-year quarter. Europe, Middle East and Africa revenues were $24.9 million compared with $20.4 million, while the same from Caribbean and Latin America improved 161.2% to $18.3 million. Asia Pacific revenues were up 34% to $6.3 million.Other DetailsNon-GAAP gross profit was $46.3 million compared with $30.6 million in the prior-year quarter with respective margins of 50% and 49.2%. Total operating expenses were $30.8 million compared with $30.3 million in the prior-year quarter.Non-GAAP operating income improved to $17.5 million from $6.5 million. Adjusted EBITDA totaled $18.4 million compared with $7.7 million a year ago with respective margins of 19.9% and 12.3%.Cash Flow & LiquidityDuring the quarter, Cambium generated $20.1 million of cash from operating activities compared with $26.2 million in the year-ago quarter. As of Jun 30, 2021, the company had a $51.4 million cash balance with $20.5 million of long-term debt.Q3 & 2021 OutlookWith solid quarterly results and improved market conditions, Cambium has provided outlook for the third quarter and full-year 2021. For the ongoing quarter, revenues are expected to be in the range of $88-$92 million. Non-GAAP earnings is anticipated to be in the range of $8.6-$9.8 million or 30-34 cents per share, with GAAP earnings in the band of $7.1-$8.5 million or 25-29 cents per share. Non-GAAP operating income is projected between $11.8 million and $13.6 million, while adjusted EBITDA is likely to be in the range of $12.7-$14.6 million with corresponding margin between 14.4% and 15.8%.For full-year 2021, revenues are projected to grow at a rate of 28-31% ranging between $357 million and $365 million, up from prior projection of 24-29% growth ranging between $345 million and $359 million. Adjusted EBITDA margin is anticipated in the 16-18% band, up from prior range of 15-17% growth.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision. The consensus estimate has shifted -6.29% due to these changes.VGM ScoresAt this time, Cambium has a strong Growth Score of A, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions has been net zero. Notably, Cambium has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100S of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cambium Networks Corporation (CMBM): Free Stock Analysis Report To read this article on Zacks.com click here.