Try rebooting the SM and attempt to upgrade again. In the past some types of devices would run out of memory to store the upgrade image. I do not recall which specific devices and firmware version(s) this was applicable to offhand.
If you still see this issue after rebooting please capture a Tech Support File (at device level from left hand menu, Manage -> Tools -> hand holding wrench button) and send it to jordan.stipati [.at.] cambiumnetworks.com
After discussion via email it was found that the firmware update issue was only with the NAT SM's using firmware prior to 15.1.1. Eric confirmed that 15.1.1 NAT SM's can update fine.
This may present problems for other operators that rely on cnMaestro to update NAT SM's with older firmware. If you experience this please ensure that the SM's Remote Management setting is set to "Enable (Standalone Config)".