Huawei and Adtran are perhaps the only consistently profitable companies as overall sales continue to fall. DragonWave, a microwave pioneer, couldn't overcome industry problems. Ex-CEO Peter Allen is one of the go-to people in mobile backhaul. He built DragonWave up to 150M in sales in 2015, although profitability has long lagged. Two years later, three-quarters of those sales are gone. Creditors forced the company into receivership. Allen and the other directors resigned.
James Bagnell has a thoughtful report on what happened. Half of DragonWave's sales had come through a deal with Nokia. They disappeared when Nokia bought Alcatel and switched to Alcatel microwave gear. Technical problems killed the company's sales in fast-growing India. Allen ran out of options for raising money for a comeback.
The remarkable success of Wi-Fi backhaul, especially Ubiquiti, is reducing demand for traditional microwave gear.