CMF is that budget brand owned by Nothing, and it will not be launching a follow-up to the Phone Pro 2 anytime soon, as reported by Engadget. This is due to the rising memory costs.
CMF was working on a successor to the Phone Pro 2, but because of current memory prices, the subsidiary can't build a phone for a price that makes sense for CMF. So no new phone this year.
Nothing's CMF launched the Phone Pro 2 as it latest flagship device in April last year. It was the lightest and slimmest smartphone it has ever designed so far, and the brand suggested back then that the phone can last two days on a single charge. A few months after Phone Pro 2 was launched, Nothing spun off its CMF brand into an independent subsidiary headquartered in India.
CMF is not launching a new phone this year, but luckily we get "several new products".