SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

  [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                 FOR THE QUARTERLY PERIOD ENDING MARCH 31, 2001
                                       OR
  [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
            FOR THE TRANSITION PERIOD FROM __________ TO ____________

                         COMMISSION FILE NUMBER 0-21061

                          SPEEDCOM WIRELESS CORPORATION
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

           DELAWARE                                      58-2044990
(STATE OR OTHER JURISDICTION OF            (I.R.S. EMPLOYER IDENTIFICATION NO.)
INCORPORATION OR ORGANIZATION)

                           1748 INDEPENDENCE BLVD. G-6
                               SARASOTA, FL 34234
                                 (941) 358-9283
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER, INCLUDING AREA CODE, OF
REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) Yes[x] No[ ], and (2) has been subject to such
filing requirements for the past 90 days Yes[x] No [ ].

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of the last practicable date: April 27, 2001 - 9,500,723 common
shares, $.001 par value.

Transitional small business disclosure format (check one):  Yes [ ] No [x]

<PAGE>
                          SPEEDCOM WIRELESS CORPORATION

                  FORM 10-QSB FOR THE PERIOD ENDED MARCH 31, 2001

                                      INDEX

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements

          Balance Sheets as of March 31, 2001 and December 31, 2000          3
          Statements of Operations for the three months ended
              March 31, 2001 and 2000                                        4
          Statements of Cash Flows for the three months ended
              March 31, 2001 and 2000                                        5
          Notes to Financial Statements                                      6

Item 2.   Management's Discussion and Analysis of Financial Condition
              and Results of Operations                                     11

PART II. OTHER INFORMATION

Item 4.   Submission of Matters to a Vote of Security Holders               20

Item 6.   Exhibits and Reports on Form 8-K                                  20


Signatures                                                                  20
Exhibit Index                                                               21

                                       2
<PAGE>
PART I.  FINANCIAL INFORMATION
Item 1.  Financial Statements

                          SPEEDCOM WIRELESS CORPORATION
                                 BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                            March 31,       December 31,
                                                                              2001              2000
                                                                        ------------------------------------
Assets                                                                     (unaudited)
<S>                                                                     <C>              <C>
Current assets:
   Cash                                                                 $        193,112 $        227,066
   Accounts receivable, net of allowances of  $305,561 and $296,330 in
     2001 and 2000, respectively                                               1,806,198        1,788,206
   Leases receivable                                                             571,767           43,389
   Inventories, net                                                            1,892,825        2,388,283
   Prepaid expenses and other current assets                                     635,213          732,753
                                                                        ------------------------------------
Total current assets                                                           5,099,115        5,179,697

Accounts receivable                                                                   --          586,578
Property and equipment, net                                                    1,075,747          956,133
Leases receivable                                                                888,289           36,157
Other assets, net                                                                269,394          158,405
Investments                                                                       90,910           76,994
Software license                                                                 827,500               --
                                                                        ------------------------------------
Total assets                                                             $     8,250,955  $     6,993,964
                                                                        ====================================

Liabilities and stockholders' equity
Current liabilities:
   Accounts payable                                                      $     1,948,680  $     2,673,570
   Accrued expenses                                                              804,472          700,815
   Current portion of loans from stockholders                                    796,236          336,780
   Current portion of deferred revenue                                           120,884           90,047
   Current portion of notes and capital leases payable                           483,092           52,901
                                                                        ------------------------------------
Total current liabilities                                                      4,153,364        3,854,113

Loans from stockholders, net of current portion                                1,500,000          203,733
Deferred revenue, net of current portion                                          32,837           50,141
Notes and capital leases payable, net of current portion                          46,192           57,294
Common stock to be issued                                                        650,000               --

Stockholders' equity:
   Common stock, $.001 par value, 30,000,000 shares authorized, 9,325,523 and
     9,289,529 shares issued and outstanding in 2001
     and 2000, respectively                                                        9,325            9,289
   Preferred stock, 10,000,000 shares authorized                                      --               --
   Additional paid-in capital                                                  8,024,213        7,889,817
   Accumulated deficit                                                        (6,164,976)      (4,995,423)
   Notes receivable - related party                                                   --          (75,000)
                                                                        ------------------------------------
Total stockholders' equity                                                     1,868,562        2,828,683
                                                                        ------------------------------------
Total liabilities and stockholders' equity                               $     8,250,955  $     6,993,964
                                                                        ====================================
</TABLE>
See accompanying notes.

                                       3
<PAGE>
                          SPEEDCOM WIRELESS CORPORATION
                            STATEMENTS OF OPERATIONS
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                      Three Months Ended March 31,
                                                                        2001               2000
                                                                 --------------------------------------
<S>                                                               <C>               <C>
   Net revenues                                                   $    4,017,275    $    1,846,599

   Operating costs and expenses:
      Cost of goods and services                                       2,234,491           844,205
      Salaries and related                                             1,315,406           682,874
      General and administrative                                         850,982           351,780
      Selling expenses                                                   518,722           132,662
      Provision for bad debt                                               1,674                --
      Depreciation and amortization                                      107,200            15,000
                                                                 --------------------------------------
                                                                       5,028,475         2,026,521
                                                                 --------------------------------------

   Loss from operations                                               (1,011,200)         (179,922)

   Other income (expense):
      Interest expense, net                                             (160,766)           (1,476)
      Other income, net                                                    2,413             3,222
                                                                 --------------------------------------
                                                                        (158,353)            1,746
                                                                 --------------------------------------
   Net loss                                                       $   (1,169,553)    $    (178,176)
                                                                 ======================================
   Net loss per common share:
      Basic and diluted                                           $        (0.13)    $       (0.02)
                                                                 ======================================
   Shares used in computing basic and diluted net loss per
      share                                                            9,313,863         7,662,726
                                                                 ======================================
</TABLE>
See accompanying notes.

                                       4
<PAGE>
                          SPEEDCOM WIRELESS CORPORATION
                            STATEMENTS OF CASH FLOWS
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                    Three Months Ended March 31,
                                                                       2001           2000
                                                                 --------------------------------
<S>                                                               <C>            <C>
Operating activities
Net loss                                                          $ (1,169,553)  $    (178,176)
Adjustments to reconcile net loss to net cash used in operating
   activities:
     Depreciation and amortization                                     107,200          15,000
     Provision for bad debt                                              1,674              --
     Common stock issued for services                                   10,000              --
     Amortization of original issue discount                            93,390              --
     Changes in operating assets and liabilities:
         Restricted cash                                                    --          35,671
         Accounts receivable                                          (766,088)       (456,140)
         Leases receivable                                             (47,510)             --
         Inventories                                                   495,458        (189,673)
         Prepaid expenses and other current assets                      97,540         (80,141)
         Intangibles                                                  (210,000)             --
         Other assets                                                 (124,905)           (674)
         Accounts payable and accrued expenses                         (62,791)        (68,842)
         Deferred revenue                                               13,533              --
                                                                 --------------------------------
Net cash used in operating activities                               (1,562,052)       (922,975)

Investing activities
Purchases of equipment                                                (194,314)       (166,781)
                                                                 --------------------------------
Net cash used in investing activities                                 (194,314)       (166,781)

Financing activities
Proceeds from sale of common stock and warrants                         94,432       2,004,091
Proceeds from loans from stockholders                                1,770,000         (45,639)
Proceeds from issuance of notes                                             --          40,000
Payments of notes and capital leases                                  (142,020)       (308,003)
                                                                 --------------------------------
Net cash provided by financing activities                            1,722,412       1,690,449
                                                                 --------------------------------

Net (decrease) increase in cash                                        (33,954)        600,693
Cash at beginning of period                                            227,066         108,564
                                                                 --------------------------------
Cash at end of period                                            $     193,112   $     709,257
                                                                 ================================
</TABLE>
See accompanying notes.

                                       5
<PAGE>
                          SPEEDCOM WIRELESS CORPORATION
                      STATEMENTS OF CASH FLOWS (CONTINUED)
                                   (unaudited)

<TABLE>
<CAPTION>
                                                             Three Months Ended March 31,
                                                               2001             2000
                                                           --------------------------------
<S>                                                        <C>                   <C>
Supplemental disclosure of noncash activities

Conversion of accounts receivable to lease receivable      $1,333,000              --
Conversion of accounts payable to notes payable            $  558,442              --
Common stock to be issued for software license             $  650,000              --
Conversion of debt to equity                               $   40,000              --
See accompanying notes.
</TABLE>

                                       6
<PAGE>
                          SPEEDCOM WIRELESS CORPORATION
                          NOTES TO FINANCIAL STATEMENTS
                                   (unaudited)

1.  Business

SPEEDCOM Wireless Corporation (SPEEDCOM or the Company) was incorporated in
Florida on March 16, 1994 and reincorporated in Delaware on September 26, 2000.
The Company manufactures and installs custom broadband wireless networking
equipment for business and residential customers internationally. Through its
Wave Wireless Networking division, the Company manufactures a variety of
broadband wireless products, including the Speedlan family of wireless ethernet
bridges and routers. Internet service providers, Telco operators and private
organizations in over 60 countries use SPEEDCOM products to provide "last-mile"
wireless connectivity between multiple buildings at speeds up to 155 Mbps and
distances up to 25 miles. SPEEDCOM Wireless Corporation is an ISO 9001
registered company.

2.  Basis of Presentation

On September 26, 2000, SPEEDCOM Wireless International Corporation merged with
LTI Holdings, Inc. (LTI). The parties renamed the combined company SPEEDCOM
Wireless Corporation and continued the business of SPEEDCOM Wireless
International Corporation (Old SPEEDCOM).

Since LTI was a non-operating shell company, the merger was treated as a
recapitalization of the Company for accounting purposes. As a result, the
Company recorded the transaction as the issuance of common stock for the net
monetary assets of LTI (principally cash), accompanied by a recapitalization of
equity. The Company recorded a net increase in equity of $1,215,937, which
represented the total net assets of LTI. The Company has recorded the
transaction to reflect the shares outstanding under the current structure. There
has been no change in the basis under which the assets and liabilities of the
Company are recorded. Accordingly, except as specifically noted to the contrary,
(1) the financial information herein that predates the merger consists of
information about Old SPEEDCOM, and (2) all references to SPEEDCOM or the
Company refer to Old SPEEDCOM before the merger and to the combined company
after the merger. All shares, options and warrants issued by SPEEDCOM prior to
the merger have been retroactively restated for all periods presented.

The accompanying financial statements have been prepared pursuant to the rules
and regulations of the Securities and Exchange Commission (SEC). Certain
information and footnote disclosures normally included in annual financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted pursuant to those rules and regulations. The
accompanying financial statements should be read in conjunction with the
Company's annual financial statements and notes thereto included in Company's
Form 10-KSB.

                                       7
<PAGE>
In the opinion of management, the financial statements reflect all adjustments
(consisting of only normal and recurring adjustments) necessary to present
fairly the financial position, results of operations and cash flows for those
periods presented. Operating results for the three months ended March 31, 2001
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2001.

3.  Inventories

A summary of inventories at March 31, 2001 and December 31, 2000 is as follows:

                                            2001             2000
                                    ------------------------------------
                                         (unaudited)
Component parts                      $       438,705    $    1,156,966
Completed assemblies                       1,454,120         1,231,317
                                    ------------------------------------
                                     $     1,892,825    $    2,388,283
                                    ====================================

4.  Property and Equipment

A summary of property and equipment at March 31, 2001 and December 31, 2000 is
as follows:

                                            2001             2000
                                    ------------------------------------
                                         (unaudited)
Computer and office equipment        $     987,909       $   822,006
Automobiles                                 51,737            51,737
Leasehold improvements                     116,204            86,207
Furniture and fixtures                     140,672           135,415
Store and warehouse                         94,131           101,719
Construction in progress                    49,989            49,244
                                    ------------------------------------
                                         1,440,642         1,246,328
Less accumulated depreciation             (364,895)         (290,195)
                                    ------------------------------------
                                     $   1,075,747       $   956,133
                                    ====================================

Property and equipment included computer and office equipment of $67,797
acquired under capital lease arrangements at March 31, 2001 and December 31,
2000. Depreciation expense amounted to $74,700 and $15,000 for the three months
ended March 31, 2001 and 2000, respectively. Amortization of assets under
capital lease arrangements is included in depreciation expense.

                                       8
<PAGE>
5.  Accrued Expenses

A summary of accrued expenses at March 31, 2001 and December 31, 2000 is as
follows:

                                           2001             2000
                                    ------------------------------------
                                         (unaudited)
Accrued payroll                        $   271,685      $    287,252
Accrued commissions                         86,604           109,052
Other                                      446,183           304,511
                                    ------------------------------------
                                       $   804,472       $   700,815
                                    ====================================

6.  Loans from Stockholders

SPEEDCOM issued a $250,000 promissory note to the Company's President in
December 2000. The note bears an interest rate of the greater of 12% or DLJ's
standard margin rate plus 1.5%. The note is payable in December 2001 or at the
closing of an equity offering by the Company of at least $5,000,000, whichever
is earlier. The Company concurrently granted a total of 25,000 warrants with a
$3.60 strike price in connection with this note. The proportionate fair value of
the warrants amounted to $62,500 and has been recorded as an addition to paid-in
capital and as an original issue discount reducing the carrying value of the
note. The discount is being amortized to interest expense over the remaining
life of the note. The balance of the note at March 31, 2001 amounted to
$207,353.

In January 2001, SPEEDCOM issued a promissory note to the Company's President
for $250,000, payable in April 2001 or at the closing of an equity or debt
offering by the Company of at least $1,000,000, whichever is earlier. The loan's
maturity date was extended in March 2001 by mutual consent. The note bears an
interest rate of the greater of 12% or DLJ's standard margin plus 1.5%. In
addition, the Company immediately granted a total of 7,000 warrants with an
exercise price of $5.40, plus 4,500 warrants with an exercise price of $5.40,
which vest one-third each month for the first three months of the note. The
proportionate fair value of the warrants amounted to $45,000 and has been
recorded as an addition to paid-in capital and as an original issue discount
reducing the carrying value of the note. The discount is being amortized to
interest expense over the remaining life of the note. The balance of the note at
March 31, 2001 amounted to $239,120. This note was repaid in April 2001.

The Company issued a $252,000 non-interest bearing promissory note in December
2000, with beneficial conversion features. The note is due in December 2001,
payable in cash or 70,000 shares of common stock, at the holder's option. The
70,000 shares were worth $115,500 more than the face value of the note based on
the per-share value at the date of the note. This amount has been recorded as an
addition to paid-in capital and as an original issue discount reducing the
carrying value of the note. The discount is being amortized to interest expense
over the remaining life of the note. The balance of the note at March 31, 2001
amounted to $170,358.

In December 2000, the Company issued a $200,000 non-interest bearing promissory
note, with beneficial conversion features. The note is due in January 2002,
payable in cash or 50,000 shares

                                       9
<PAGE>
of common stock, at the holder's option. The 50,000 shares were worth $37,500
more than the face value of the note based on the per-share value at the date of
the note. This amount has been recorded as an addition to paid-in capital and as
an original issue discount reducing the carrying value of the note. The discount
is being amortized to interest expense over the remaining life of the note. The
balance of the note at March 31, 2001 amounted to $172,103.

Also in December 2000, the Company issued a $10,800 non-interest bearing
promissory note with beneficial conversion features. The note is due in December
2001, payable in cash or 3,000 shares of common stock at the holder's option.
The 3,000 shares were worth $4,950 more than the face value of the note based on
the per-share value at the date of the note. This amount has been recorded as an
addition to paid-in capital and as an original issue discount reducing the
carrying value of the note. The discount is being amortized to interest expense
over the remaining life of the note. The balance of the note at March 31, 2001
amounted to $7,302.

In March 2001, SPEEDCOM borrowed $1,500,000 in senior secured debt from
shareholders. The loan is due February 2005 and carries an interest rate of 8%.
There were 150,000 warrants with a strike price of $6.00 issued in conjunction
with the loan. This loan was repaid in April 2001.

During January 2000, the Company issued a 10% convertible subordinated
promissory note for $40,000, due for payment in January 2003. The note was
convertible into 10,000 shares of common stock at any time during its term. The
note was subordinate to all other debt instruments. The $40,000 note and accrued
interest was converted in January 2001.

7.  Notes and Capital Leases Payable

A summary of notes and capital leases payable at March 31, 2001 and December 31,
2000 is as follows:
<TABLE>
<CAPTION>
                                                                         2001             2000
                                                                  ------------------------------------
                                                                       (unaudited)
<S>                                                                     <C>               <C>
10.5% bank note payable in monthly installments through June            $ 42,446          $ 46,631
    2003, secured by equipment and inventories
8%-10.6% automobile loans payable in monthly installments through         26,233            29,460
    January 2003, secured by equipment
Capital lease obligations                                                 29,175            34,104
12% promissory note payable in monthly installments                      122,205                --
    through June 2001
12% promissory note payable in monthly installments through July         148,167                --
    2001
5% promissory note payable in monthly installments through August        161,058                --
    2001
                                                                  ------------------------------------
                                                                         529,284           110,195
Less current portion                                                    (483,092)          (52,901)
                                                                  ------------------------------------
                                                                        $ 46,192         $  57,294
                                                                  ====================================
</TABLE>

                                       10
<PAGE>
The 12% promissory note payable in monthly installments through July 2001 was
repaid in April 2001.

8.  Shareholder's Equity

In January 2001, SPEEDCOM acquired worldwide exclusive rights for six years to
PacketHop(TM), a revolutionary wireless routing software developed by SRI
International (SRI). PacketHop(TM) overcomes the traditional need for a direct
line of sight between a base station and an end user's location. Under the terms
of the agreement, SPEEDCOM obtains worldwide exclusive rights for six years (and
perpetually on a non-exclusive basis thereafter) to SRI's PacketHop(TM)
technology in the fixed wireless infrastructure market for the primary
frequencies below 6 GHz. SRI International is entitled to receive a total of
325,000 shares of common stock of SPEEDCOM to be issued in four traunches. The
first traunch was granted in January for 100,000 shares at $6.50 per share. The
shares were issued in April and as of March 31, 2001, these shares were included
in the Software license and Common stock to be issued line items on the balance
sheet. The remaining three traunches are based on certain performance criteria
and have not been recorded. SPEEDCOM also has paid $210,000 in cash, included in
the Software license line item on the balance sheet, which is being amortized
over the six years of the agreement. For the three months ended March 31, 2001,
$32,500 has been amortized of the Software license.

9. Subsequent Event

In April 2001, SPEEDCOM borrowed $3,000,000 from a Connecticut based hedge fund.
The loan is due in April 2002 and bears interest at 9% for the first 90 days and
12% thereafter. As part of the transaction, SPEEDCOM issued warrants to acquire
333,333 shares of SPEEDCOM common stock at $5.00 per share. Additional warrants
are issuable contingent upon the date on which the loan is repaid. All
outstanding warrants contain a put feature which allows the holder to receive
cash and property equal to the net value of the warrant upon the occurrence of a
Triggering Event as defined in the agreement, which is generally a sale, merger
or reorganization of the company. The holder of the loan has certain rights of
first refusal on subsequent financings. Interest is due under the loan in
quarterly installments with principal payable in total at the maturity date of
the loan. The Company obtained net proceeds of approximately $2,700,000 for this
bridge loan which was used to repay certain short-term debt and payables and for
general working capital.

Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations

The discussion in this document contains trend analysis and other
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended that involve risks and uncertainties, such as statements concerning
growth and future operating results; developments in markets and strategic
focus; new products and services and product technologies and future economic,
business and

                                       11
<PAGE>
regulatory conditions. Such forward-looking statements are generally accompanied
by the words such as "plan", "estimate", "expect", "believe", "should", "would",
"could", "anticipate", "may" and other words that convey uncertainty of future
events or outcomes. These forward-looking statements and other statements made
elsewhere in this report are made in reliance on the Private Securities
Litigation Reform Act of 1995. The section below entitled "Certain Factors That
May Affect Future Results, Financial Condition and Market Price of Securities"
sets forth material factors that could cause actual results to differ materially
from these statements.

Overview

SPEEDCOM is a multi-national company based in Sarasota, Florida. The Company
employs approximately 115 people. Through its Wave Wireless Networking division,
SPEEDCOM manufactures a variety of broadband wireless products, including its
Speedlan family of wireless ethernet bridges and routers. Internet service
providers, Telco operators and private organizations in more than 60 countries
use SPEEDCOM products to provide "last-mile" wireless connectivity between
multiple buildings at speeds up to 155 Mbps and distances up to 25 miles.

Results of Operations

The following table sets forth the percentage of net revenues represented by
certain items in the Company's Statements of Operations for the periods
indicated.

                                                Three Months Ended March 31,

                                     ---------------------------------------
                                              2001                   2000
                                     ---------------------------------------

Net revenues                                   100%                  100%

Operating costs and expenses:
   Cost of goods and services                   55%                   46%
   Salaries and related                         33%                   37%
   General and administrative                   21%                   19%
   Selling expenses                             13%                    7%
   Provision for bad debt                        0%                    0%
   Depreciation and amortization                 3%                    1%

                                     ---------------------------------------
                                               125%                  110%
                                     ---------------------------------------

Loss from operations                           (25)%                 (10)%

Other income (expense):
   Interest expense, net                        (4)%                   0%
   Other income, net                             0%                    0%
                                     ---------------------------------------
                                                (4)%                  (0)%
                                     ---------------------------------------
Net loss                                       (29)%                 (10)%
                                     =======================================

                                       12
<PAGE>

Three Months Ended March 31, 2001 and March 31, 2000

Net revenues increased 118% from approximately $1,847,000 in the three months
ended March 31, 2000 to approximately $4,017,000 in the three months ended March
31, 2001. This increase was due to SPEEDCOM executing its business plan of
expanding the business in a growing market for broadband wireless in 2001. Cost
of goods and services increased 165% from approximately $844,000 for the three
months ended March 31, 2000 to approximately $2,234,000 for the three months
ended March 31, 2001, due primarily to increases in the Company's revenues and a
larger contribution of sales from the Install Guys division.

Salaries and related, general and administrative and selling expenses increased
by 130% from approximately $1,167,000 for the three months ended March 31, 2000
to approximately $2,685,000 for the three months ended March 31, 2001. This
increase was primarily due to an increase in employee headcount, spending on
investor relations, increased spending on marketing and promotion, such as
attendance at industry trade shows and engineering related to the Packethop(TM)
product. Additionally, SPEEDCOM incurred higher professional fees for legal and
accounting services due to the fact that the Company was a public entity in the
first quarter of 2001 and a private entity in the first quarter of 2000.

Net interest expense increased by approximately 10792%, from approximately
$1,000 for the three months ended March 31, 2000 to approximately $161,000 for
the three months ended March 31, 2001. This increase was due to the addition of
notes payable and loans from stockholders during the fourth quarter of 2000 and
the first quarter of 2001.

Net loss increased 556% from approximately $178,000, or $.02 per share, in the
three months ended March 31, 2000 to approximately $1,170,000, or $.13 per
share, in the three months ended March 31, 2001, as a result of the foregoing
factors.

Taxes

At March 31, 2001, SPEEDCOM had net operating loss carryforwards (NOLs) for
federal income tax purposes of approximately $4,400,000. The NOLs expire at
various dates through the year 2020.

Liquidity and Capital Resources

During the three months ended March 31, 2001, SPEEDCOM used approximately
$1,562,000 of cash for its operating activities. This was primarily due to
increases in accounts receivable (due to increases in sales) and the net loss
for the period. SPEEDCOM purchased approximately $194,000 of fixed assets during
the three months ending March 31, 2001 as compared to approximately $167,000
during the same period in 2000, a 17% increase. To fund this growth in

                                       13
<PAGE>
assets and sales, SPEEDCOM raised approximately $1,722,000 through the issuance
of promissory notes and loans from stockholders.

In April 2001, SPEEDCOM entered into a one-year $3,000,000 bridge loan. As part
of the transaction, SPEEDCOM issued warrants to acquire 333,333 shares of
SPEEDCOM common stock at $5.00 per share. The proceeds of the bridge note will
be used to repay certain short-term debt and payables and for general working
capital.

During the three months ended March 31, 2000 SPEEDCOM used approximately
$923,000 for its operating activities. This was primarily due to increases in
accounts receivable and inventory and its net loss for the period. SPEEDCOM's
cash flow used for financing activities increased due to the receipt of
approximately $2,004,000 from the sale of its common stock during the first
three months of 2000.

The Company believes that current resources are sufficient to execute its
business plan for 2001. However, the Company may seek additional capital to take
advantage of opportunities that may arise. This additional capital could come
from the sale of common or preferred stock, the exercise of outstanding
warrants, or from borrowings. Any material acquisitions of complementary
businesses, products or technologies could also require additional equity or
debt financing. There can be no assurance that such financing will be available
on acceptable terms, if at all.

Certain Factors That May Affect Future Results, Financial Condition and Market
Price of Securities

The Company has a need for financing.

In order to take advantage of possible opportunities in 2001 and to execute its
business plan for 2002, the Company may need to raise additional financial
capital. If the Company is unsuccessful in raising that capital, it could have a
material adverse effect on the business.

The Company has development risks.

The Company is developing a series of next generation products, which
incorporates the Packethop(TM) licensed technology from SRI. Delays in
developing these products could have a material adverse effect on the future
competitiveness of the Company.

The market for fixed wireless broadband products and services is at an early
stage of development.

The fixed wireless broadband market is at an early stage of development and is
rapidly evolving. As is typical for a new and rapidly evolving industry, demand
and market acceptance for recently introduced wireless networking products and
services are subject to a high level of uncertainty. Market acceptance of
particular products cannot be predicted; however, it is likely that new products
will not be generally accepted unless they operate at higher speeds and are sold
at lower

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prices. While the number of businesses recognizing the value of wireless
solutions is increasing, it is not known whether this market will continue to
develop such that sufficient demand for the Company's products will emerge and
become sustainable. Prospects must be evaluated due to the risks encountered by
a company in the early stages of marketing new products or services,
particularly in light of the uncertainties relating to the new and evolving
markets in which the Company operates. There can be no assurance that the
Company will succeed in addressing any or all of these risks, and the failure to
do so would have a material adverse effect on SPEEDCOM's business, financial
condition and operating results.

There is intense competition in the fixed wireless broadband market.

The market for the Company's products is very competitive, and it is expected
that competition will increase in the future, both with respect to current
products and future products, which SPEEDCOM may develop. Within the wireless
industry, business is intensely competitive and is characterized by rapid
technological change, frequent introduction of new products and evolving
industry standards. Increased competition could adversely affect the Company's
revenues and profitability through pricing pressure, loss of market share and
other factors. Management believes that the principal competitive factors in the
fixed wireless broadband market include:

     o    expertise and familiarity with 2.4 GHz spread spectrum technology,
          wireless data communication protocols and broadband technology;
     o    product performance, features, functionality and reliability;
     o    price/performance characteristics;
     o    timeliness of new product introductions;
     o    adoption of emerging industry standards;
     o    customer service and support;
     o    size and scope of distribution network; and
     o    brand name.

While the Company believes that it is competitive in these regards, there can be
no assurance that it will be able to successfully compete as to these or other
factors or that competitive pressures that the Company faces will not materially
and adversely affect its business and operating results. The Company also cannot
assure that these will continue to be competitive factors in the fixed wireless
broadband market and, if not, whether the Company will be able to successively
identify future competitive factors or be successful competing as to those
factors. Within the fixed wireless broadband industry, the primary competitors
are Agere Systems, Aironet (part of Cisco Systems) and BreezeCom. The Company
also experiences competition from a number of smaller companies that provide
wireless data communication products, and it may encounter future competition
from other companies, both that have and have not announced their intentions to
offer competitive products and solutions. In addition, the Company could
encounter future competition from larger wireless, computer and networking
equipment companies. The Company could also encounter additional future
competition from companies that offer products that replace or are alternatives
to radio frequency wireless solutions including, for example, products based on
infra-red technology or laser technology and systems that utilize existing

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<PAGE>
telephone wires (such as DSL) or cables within a building as a wired network
backbone or satellite systems outside of buildings.

Many of SPEEDCOM's current and potential competitors have significantly greater
financial, marketing, technical and other resources and, as a result, may be
able to respond more quickly to new or emerging technologies or standards and to
changes in customer requirements, or to devote greater resources to the
development, promotion and sale of products or to deliver competitive products
at a lower end user price. Current and potential competitors have established or
may establish cooperative relationships among themselves or with third parties
to increase the ability of their products to address the needs of SPEEDCOM's
existing and prospective customers. Accordingly, it is possible that new
competitors or alliances among competitors may emerge and rapidly acquire
significant market share. Increased competition could result in price
reductions, reduced operating margins and loss of market share, any of which
could have a material adverse effect on SPEEDCOM's business and operating
results.

SPEEDCOM's reliance on limited sources of wireless and computer components could
adversely affect its business.

Many of the key hardware and software components necessary for the assembly of
the Company's products are only available from a single supplier or from a
limited number of suppliers. The Company has experienced delays and shortages in
the supply of components in the past and could experience delays and shortages
in the future. The Company generally does not maintain a significant inventory
of components and does not have long-term supply contracts with its suppliers.
The Company's reliance on sole or limited source suppliers involves several
risks, including:

     o    suppliers could increase component prices significantly, without
          notice and with immediate effect;
     o    suppliers could discontinue the manufacture or supply of components or
          delay delivery of components used in products for reasons such as
          inventory shortages, new product offerings, increased cost of
          materials, destruction of manufacturing facilities, labor disputes and
          bankruptcy; and
     o    in order to compensate for potential component shortages or
          discontinuance, the Company may in the future hold more inventory than
          is immediately required, resulting in increased inventory costs. If
          the Company's suppliers are unable to deliver or ration components to
          it, the Company could experience interruptions and delays in
          manufacturing and sales, which could result in cancellation of orders
          for products or the need to modify products.

This may cause substantial delays in product shipments, increased manufacturing
costs and increased product prices. Further, the Company may not be able to
develop alternative sources for these components in a timely way, if at all, and
may not be able to modify its products to accommodate alternative components.
These factors could damage the relationships with current and prospective
customers lasting longer than any underlying shortage or discontinuance. Any of
these risks, if realized, could materially and adversely affect the Company's
business, operating results and financial condition.

                                       16
<PAGE>
Expanding distribution channels might adversely affect business.

To increase revenues, the Company believes that it must increase the number of
its distribution partners. Management's strategy includes an effort to reach a
greater number of end users through indirect channels. SPEEDCOM is currently
investing, and plans to continue to invest, significant resources to develop
these indirect channels. This could adversely affect the Company's operating
results if these efforts do not generate the revenues necessary to offset such
investments. The Company will be dependent upon the acceptance of its products
by distributors and their active marketing and sales efforts relating to its
products. The distributors to whom the Company sells products are independent
and are not obligated to deal with the Company exclusively or to purchase any
specified amount of products. Because SPEEDCOM does not generally fulfill orders
by end users of its products sold through distributors, the Company will be
dependent upon the ability of distributors to accurately forecast demand and
maintain appropriate levels of inventory. Management expects that the Company's
distributors will also sell competing products. These distributors may not
continue, or may not give a high priority to, marketing and supporting the
Company's products. This and other channel conflicts could result in diminished
sales through the indirect channels and adversely affect operating results.
Additionally, because lower prices are typically charged on sales made through
indirect channels, increased indirect sales could adversely affect the average
selling prices and result in lower gross margins.

The Company may not be able to manage its growth.

The Company has significantly expanded its operations in recent years, and
anticipates that further expansion will be required to address potential growth
in the customer base and market opportunities. This expansion has placed, and
future expansion is expected to place, a significant strain on the Company's
management, technical, operational, administrative and financial resources. The
Company has recently hired new employees, including a number of key managerial
and operations personnel, who have not yet been fully integrated into its
operations. The current and planned expansion of personnel, systems, procedures
and controls may be inadequate to support future operations. The Company may be
unable to attract, retain, motivate and manage required personnel, including
finance, administrative and operations staff, or to successfully identify,
manage and exploit existing and potential market opportunities because of
inadequate staffing. The Company may also be unable to manage further growth in
its multiple relationships with Original Equipment Manufacturers (OEMs),
distributors and other third parties. If SPEEDCOM is unable to manage growth
effectively, its business, financial condition and results of operations could
be adversely affected.

The Company may face risks associated with international operations and sales.

The Company anticipates that revenues from customers outside North America will
continue to account for a significant portion of its total revenues for the
foreseeable future. Expansion of

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<PAGE>
international operations has required, and will continue to require, significant
management attention and resources. In addition, the Company remains heavily
dependent on distributors to market, sell and support its products
internationally. International operations are subject to additional risks,
including the following:

     o    difficulties of staffing and managing foreign operations;
     o    longer customer payment cycles and greater difficulties in collecting
          accounts receivable;
     o    unexpected changes in regulatory requirements, exchange rates, trading
          policies, tariffs and other barriers;
     o    uncertainties of laws and enforcement relating to the protection of
          intellectual property;
     o    language barriers;
     o    limits on the ability to sue and enforce a judgment for accounts
          receivable;
     o    potential adverse tax consequences; and
     o    political and economic instability.

Similarly, the Company cannot accurately predict the impact that any future
fluctuations in foreign currency exchange rates may have on its operating
results and financial condition.

Rapid technological change may adversely affect the market acceptance for the
Company's products.

The markets for the Company's products and the technologies utilized in the
industry in which the Company operates evolve rapidly and depend on key
technologies, including wireless LAN, wireless packet data, modem and radio
technologies. These technologies may be replaced with alternative technologies
or may otherwise not achieve market acceptance that the Company is seeking. In
particular, there is a risk that the Company's non line of sight solution (i.e.
Packethop(TM)) may not achieve market acceptance for use in application. Major
changes could render products and technologies obsolete or subject to intense
competition from alternative products or technologies or by improvements in
existing products or technologies. For example, Internet access and wireless
local loop equipment markets may stop growing, whether as a result of the
development of alternative technologies, such as fiber optic, coaxial cable,
satellite systems or otherwise. Also, new or enhanced products developed by
other companies may be technologically incompatible to SPEEDCOM's products and
render the Company's products obsolete.

The Company has a history of losses, expects future losses and may never achieve
or sustain profitability.

The Company has incurred significant losses since its inception, and expects to
continue to incur net losses through at least the first half of 2001. The
Company intends to increase its operating expenses, however revenues may not
grow or even continue at their current level. If revenues do not rapidly
increase or if expenses increase at a greater pace than revenues, the Company
will never become profitable.

                                       18
<PAGE>
The Company's common stock price is volatile.

The Company's stock and the Nasdaq stock market in general have experienced
significant price and volume fluctuations in recent months and the market prices
of technology companies have been highly volatile. In the past, following
periods of volatility in the market price of a company's securities, securities
class action litigation has often been instituted against that company. Such
litigation could result in substantial costs and diversion of management's
attention.

There are limits to the Company's manufacturing capacities and abilities.

SPEEDCOM currently has limited manufacturing capability and has no experience in
large-scale manufacturing. Although the Company has taken, and is taking, steps
to address this risk, including the Company's lease of a to-be-constructed
40,000 square foot facility anticipated to be available in the fourth quarter of
2001, if the Company's customers were to place orders substantially greater than
current levels, SPEEDCOM's present manufacturing capacity could be inadequate to
meet such demand. There can be no assurance that the Company will be able to
develop or contract for additional manufacturing capacity on acceptable terms on
a timely basis.

The Company is subject to extensive and unpredictable government regulation.

The Company is subject to various FCC rules and regulations in the United
States. Current FCC regulations permit license-free operation in certain
FCC-certified bands in the radio spectrum. The Company's spread spectrum
wireless products are intended for unlicensed operation primarily in the
2.4-2.4835 GHz frequency bands. Operation in these frequency bands is governed
by rules set forth in Part 15 of the FCC regulations. The Part 15 rules are
designed to minimize the probability of interference to other users of the
spectrum and, thus, accord Part 15 systems secondary status. In the event that
there is interference between a primary user and a Part 15 user, a higher
priority user can require the Part 15 user to curtail transmissions that create
interference. In this regard, if users of the Company's products experience
excessive interference from primary users, market acceptance of the Company's
products could be adversely affected, thereby materially and adversely affecting
its business and results of operations. The FCC, however, has established
certain standards, which create an irrefutable presumption of noninterference
for Part 15 users and the Company believes that its products comply with these
requirements. The Company's products also will be subject to regulatory
requirements in international markets and, therefore, the Company will need to
monitor the development of spread spectrum regulations in certain countries that
represent potential markets for its products. There can be no assurance that new
regulations will not be promulgated, which could have a material adverse effect
on the Company's business and results of operations, or that existing
regulations outside of the United States would not adversely affect
international marketing of SPEEDCOM's products.

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<PAGE>
Regulatory changes, including changes in the allocation of available frequency
spectrum, could significantly impact operations by restricting development
efforts, rendering current products obsolete or increasing the opportunity for
additional competition. In September 1993 and in February 1995, the FCC
allocated additional spectrum for personal communications services. In January
1997, the FCC authorized 300 MHz of additional unlicensed frequencies in the 5
GHz frequency range. In 2000, the FCC modified the rules for Frequency Hopping
Spread Spectrum radios to allow greater power utilization in certain
circumstances. These changes in the allocation of available frequency spectrum
could create opportunities for other wireless networking products and services
or shift the competitive balance between SPEEDCOM and its competitors. There can
be no assurance that new regulations will not be promulgated, which could have a
material adverse effect on the Company's business and results of operations.

PART II.   OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders

This item is inapplicable, as there were not any matters submitted to a vote of
the Company's security holders during the first quarter of 2001.

Item 6.   Exhibits and Reports on Form 8-K

 (a)      Exhibits

               The exhibits in the accompanying Index to Exhibits are filed as
               part of this Quarterly Report on Form 10-QSB.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

SPEEDCOM Wireless Corporation

/s/ Michael W. McKinney             Chairman, Chief Executive       May 14, 2001
---------------------------         Officer and Director
Michael W. McKinney

/s/ Jay O. Wright                   Chief Financial Officer         May 14, 2001
---------------------------         and Director
Jay O. Wright

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<PAGE>
Index To Exhibits

Exhibit
Number       Description
------       -----------

2.1(1)       Asset Purchase Agreement between Packaging Atlanta Corporation and
             Laminating Technologies Inc. dated April 26, 1999
2.2          Agreement and Plan of Merger by and between SPEEDCOM Wireless
             International Corporation and LTI Holdings, Inc., dated as of
             August 4, 2000 (included as Appendix A to the proxy
             statement/prospectus filed as part of Form S-4 Registration
             Statement (File No. 333-43098) and incorporated herein by
             reference)
3.1          Amended and Restated Certificate of Incorporation (included as
             Appendix B to the proxy statement/prospectus filed as part of Form
             S-4 Registration Statement (File No. 333-43098) and incorporated
             herein by reference)
3.2(4)       Amended and Restated Bylaws
3.3          Amended and Restated Bylaws of SPEEDCOM Wireless Corporation
4.1(2)       Form of Bridge Note
4.2(2)       Form of Warrant Agreement
4.3(2)       Form of Underwriter's Unit Purchase Option
4.4          Purchase Agreement, dated April 13, 2001, by and among SPEEDCOM
             Wireless Corporation and the Purchasers, as defined therein
4.5          Registration Rights Agreement, dated April 13, 2001, by and among
             SPEEDCOM Wireless Corporation and the Purchasers, as defined
4.6          Form of Warrant of SPEEDCOM Wireless Corporation, dated April 13,
             2001
10.1(3)      Registration Rights Agreement between the registrant and Michael E.
             Noonan
10.2(2)*     Amended and Restated 1996 Stock Option Plan
10.3(2)*     Form of Indemnification Agreement
10.4(4)*     Executive Employment Agreement between SPEEDCOM Wireless
             International Corporation and Jay O. Wright
10.5(4)*     Executive Employment Agreement between SPEEDCOM Wireless
             International Corporation and Bruce Sanguinetti
10.6(4)*     Executive Employment Agreement between SPEEDCOM Wireless
             International Corporation and Michael McKinney
10.7(4)*     Non-Qualified Stock Option Agreement
10.8(4)*     Non-Qualified Stock Option Plan
16.1(5)      Letter on change of certifying accountant
23.1(5)      Consent of Independent Certified Public Accountants

------------
(1)          Incorporated by reference to the registrant's Definitive Proxy
             Statement dated May 27, 1999.
(2)          Incorporated by reference to the registrant's Registration
             Statement on Form SB-2 (File No. 333-6711) filed with the SEC on
             June 24, 1996.
(3)          Incorporated by reference to Amendment No. 1 to the registrant's
             Registration Statement on Form SB-2 (File No. 333-6711) filed with
             the SEC on July 31, 1996.
(4)          Incorporated by reference to the Form 8-K filed October 11, 2000.
(5)          Incorporated by reference to the Form 10-KSB filed April 17, 2001.

* Management contract or compensatory plan.


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