Airgain® Reports First Quarter 2021 Financial Results
Airgain, Inc. (AIRG) reported record quarterly revenue of $17.4 million for Q1 2021, a 35.4% increase from Q4 2020. The revenue was driven by contributions from all target markets, particularly from the recent acquisition of NimbeLink. The company's GAAP net income reached $0.2 million or $0.02 per diluted share, marking a turnaround from losses in previous quarters. Looking ahead, Airgain expects Q2 2021 sales between $17.25 million and $19.25 million and a GAAP EPS estimate of ($0.13).
- Highest quarterly revenue of $17.4 million, a 35.4% increase from Q4 2020.
- Record GAAP net income of $0.2 million compared to previous losses.
- Contributions from the NimbeLink acquisition bolstering enterprise market revenue.
- GAAP gross margin decreased to 39.7% from 45.5% in Q4 2020 due to lower margins from NimbeLink.
- Increased GAAP operating expenses of $8.8 million, up from $6.9 million in Q4 2020.
Airgain, Inc. (Nasdaq: AIRG), a leading provider of advanced wireless connectivity solutions and technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive, today reported financial results for the first quarter ended March 31, 2021.
“We are very proud that we generated our highest quarterly revenue in Airgain’s history,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “We saw contribution from all three of our target markets with both AirgainConnect, our new game changing platform, and NimbeLink, our recent acquisition in the industrial IoT market, leading the way. We are very excited about the growth prospects for Airgain in 2021 and beyond.”
First Quarter 2021 Financial Highlights
-
Sales of
$17.4 million -
GAAP Gross margin of
39.7% -
Non-GAAP gross margin of
42.2% -
GAAP operating expense of
$8.8 million -
Non-GAAP operating expense of
$7.0 million -
GAAP net income of
$0.2 million or$0.02 per diluted share -
Non-GAAP net income of
$0.3 million or$0.03 per diluted share -
Adjusted EBITDA of
$0.4 million
First Quarter 2021 Financial Results
Sales for the first quarter of 2021 were
GAAP gross profit for the first quarter of 2021 was
GAAP gross margin for the first quarter of 2021 was
Total GAAP operating expenses for the first quarter of 2021 were
GAAP net income for the first quarter of 2021 was
Adjusted EBITDA for the first quarter of 2021 was
Second Quarter 2021 Financial Outlook
-
Sales are expected to be in the range of
$17.25 million to$19.25 million , representing a quarter-over-quarter increase of5% at the midpoint -
GAAP gross margin is expected to be in the range of
40.5% to42.5% -
Non-GAAP gross margin is expected to be in the range of
41.0% to43.0% -
GAAP operating expense is expected to be
$8.9 million , plus or minus$150,000 -
Non-GAAP operating expense is expected to be
$7.2 million , plus or minus$150,000 -
GAAP earnings per share is expected to be
$(0.13) at the midpoint -
Non-GAAP net income per diluted share is expected to be
$0.04 at midpoint -
Adjusted EBITDA is expected to be
$0.6 million at midpoint
Our financial outlook for the three months ending June 30, 2021 including reconciliations of GAAP to non-GAAP measures can be found at the end of this press release.
Conference Call
Airgain management will hold a conference call today (Thursday, May 6, 2021) at 5.00 p.m. Eastern Time (2.00 p.m. Pacific Time) to discuss financial results for the first quarter ended March 31, 2021.
Airgain management will host the presentation, followed by a question-and-answer period.
Date: Thursday, May 6, 2021
Time: 5.00 p.m. Eastern Time (2.00 p.m. Pacific Time)
Please follow the below web address to register for the First Quarter 2021 Conference Call. Upon registering, you will be provided call details with a unique ID. There will be a reminder email sent out to all registered participants.
Registration: https://www.directeventreg.com/registration/event/5892945
The conference call will be broadcast simultaneously and available for replay via the investor relations section of the company's website at www.airgain.com.
A replay of the call is available after 8.00 p.m. Eastern Time on the same day through June 6, 2021.
U.S. replay dial-in: (800) 585-8367 or (416) 621-4642
Conference ID: 5892945
About Airgain, Inc.
Airgain is a leading provider of advanced wireless connectivity solutions and technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive. Airgain’s mission is to connect the world through advanced antenna systems and integrated wireless solutions. Combining design-led thinking with testing and development, Airgain’s technologies are deployed in carrier, fleet, enterprise, residential, private, government, and public safety wireless networks and systems, including set-top boxes, access points, routers, modems, gateways, media adapters, portables, digital televisions, sensors, fleet, and asset tracking devices. Through its pedigree in the design, integration, and testing of high-performance embedded antenna technology, Airgain has become a leading provider to the residential wireless local area networking, also known as WLAN, market, supplying to leading carriers, original equipment manufacturers, or OEMs, original design manufacturers, or ODMs, and chipset manufacturers who depend on us to achieve their wireless performance goals. Airgain is headquartered in San Diego, California, and maintains design and test centers in the U.S., U.K., and China. For more information, visit airgain.com, or follow Airgain on LinkedIn and Twitter.
Airgain and the Airgain logo are registered trademarks of Airgain, Inc.
Forward-Looking Statements
Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding the rollout of our AirgainConnect platform, and any associated expected benefits, the expected benefits of the acquisition of NimbeLink and the combined company product offerings, our ability to transition to a wireless systems solutions provider, and our first quarter 2021 financial outlook and prospects for growth or momentum across our markets in 2021, including AirgainConnect. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the market for our antenna products is developing and may not develop as we expect; risks related to the timing of the rollout of AT&T’s FirstNet network upon which our AirgainConnect products will operate; risks and uncertainties related to the acquisition of NimbeLink, including any costs, expenses or difficulties related to the acquisition; risks associated with integrating the NimbeLink business into our current business; the failure to realize the expected benefits and synergies of the acquisition in the expected timeframes or at all; our operating results may fluctuate significantly, including based on seasonal factors, which makes future operating results difficult to predict and could cause our operating results to fall below expectations or guidance; the pandemic may continue to disrupt and otherwise adversely affect our operations and those of our suppliers, partners, distributors and ultimate end customers, and the overall supply chain that our antennas are used in, as well as adversely affecting the general U.S. and global economic conditions and financial markets, and, ultimately, our sales and operating results; risks and uncertainties related to management and key personnel changes; our products are subject to intense competition, including competition from the customers to whom we sell and competitive pressures from existing and new companies may harm our business, sales, growth rates, and market share; risks associated with the performance of our products including risks associated with introducing AirgainConnect into the newly licensed Band 14 frequencies; our future success depends on our ability to develop and successfully introduce new and enhanced products for the wireless market that meet the needs of our customers, including our ability to transition to provide a more diverse solutions capability; our ability to identify and consummate strategic acquisitions and partnerships; we sell to customers who are price conscious, and a few customers represent a significant portion of our sales, and if we lose any of these customers, our sales could decrease significantly; we rely on a few contract manufacturers to produce and ship all of our products, a single or limited number of suppliers for some components of our products and channel partners to sell and support our products, and the failure to manage our relationships with these parties successfully could adversely affect our ability to market and sell our products; risks associated with ramping up and relying on a new third-party manufacturer; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our Annual Report on Form and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Note Regarding Use of Non-GAAP Financial Measures
To supplement our condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) attributable to common stockholders (non-GAAP net income (loss)), non-GAAP net income (loss) per (basic or diluted) share (non-GAAP EPS), non-GAAP operating expense and non-GAAP gross margin. We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance.
In computing Adjusted EBITDA, non-GAAP net income (loss), and non-GAAP EPS, we exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock awards; other income as well as interest income offset by interest expense; depreciation and/or amortization; acquisition-related expenses, amortization of inventory step-up and provision (benefit) for income taxes. In computing non-GAAP operating expense, we exclude stock-based compensation expense, acquisition-related expenses, and amortization of intangible assets. In computing non-GAAP gross margin, we exclude stock-based compensation expense, amortization of inventory step-up and amortization of intangible assets. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash operating expenses; we believe that providing non-GAAP financial measures that exclude non-cash expense allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time. Management considers these types of expenses and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control and are not necessarily reflective of operational performance during a period.
Our non-GAAP measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA, non-GAAP net income (loss), non-GAAP EPS, non-GAAP operating expense and non-GAAP gross margin are not measurements of financial performance under GAAP and should not be considered as an alternative to operating or net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider these non-GAAP measures to be a substitute for, or superior to, the information provided by GAAP financial results. Reconciliations with specific adjustments to GAAP results and outlooks are provided at the end of this release.
Airgain, Inc. Unaudited Condensed Consolidated Balance Sheets (in thousands, except par value) |
||||||||
|
|
March 31, 2021 |
|
|
December 31, 2020 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
21,458 |
|
|
$ |
38,173 |
|
Trade accounts receivable |
|
|
9,853 |
|
|
|
4,782 |
|
Inventory |
|
|
2,409 |
|
|
|
1,016 |
|
Prepaid expenses and other current assets |
|
|
1,953 |
|
|
|
1,462 |
|
Total current assets |
|
|
35,673 |
|
|
|
45,433 |
|
Property and equipment, net |
|
|
2,469 |
|
|
|
2,377 |
|
Leased right-of-use assets |
|
|
3,340 |
|
|
|
— |
|
Goodwill |
|
|
10,845 |
|
|
|
3,700 |
|
Intangible assets, net |
|
|
16,517 |
|
|
|
3,168 |
|
Other assets |
|
|
517 |
|
|
|
249 |
|
Total assets |
|
$ |
69,361 |
|
|
$ |
54,927 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
4,848 |
|
|
$ |
2,975 |
|
Accrued compensation |
|
|
1,531 |
|
|
2,655 |
|
|
Accrued liabilities and other |
|
|
2,145 |
|
|
|
1,187 |
|
Short-term lease liabilities |
|
|
981 |
|
|
|
— |
|
Current portion of deferred rent obligation under operating lease |
|
|
— |
|
|
|
39 |
|
Total current liabilities |
|
|
9,505 |
|
|
|
6,856 |
|
Deferred purchase price liabilities |
|
|
6,686 |
|
|
|
— |
|
Deferred tax liability |
|
|
86 |
|
|
|
58 |
|
Long-term lease liabilities |
|
|
2,686 |
|
|
|
— |
|
Deferred rent obligation under operating lease |
|
|
— |
|
|
|
271 |
|
Total liabilities |
|
|
18,963 |
|
|
|
7,185 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock and additional paid-in capital, par value |
|
|
102,775 |
|
|
|
100,356 |
|
Treasury stock, at cost: 534 shares at March 31, 2021 and December 31, 2020 |
|
|
(5,267 |
) |
|
|
(5,267 |
) |
Accumulated deficit |
|
|
(47,110 |
) |
|
|
(47,347 |
) |
Total stockholders’ equity |
|
|
50,398 |
|
|
|
47,742 |
|
Total liabilities and stockholders’ equity |
|
$ |
69,361 |
|
|
$ |
54,927 |
|
Airgain, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share data) |
|||||||||||
|
Three months ended March 31, |
|
|||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2021 |
|
2020 |
|
2020 |
||||||
Sales |
$ |
17,377 |
|
|
$ |
12,830 |
|
|
$ |
11,216 |
|
Cost of goods sold |
|
10,480 |
|
|
|
6,993 |
|
|
|
5,891 |
|
Gross profit |
|
6,897 |
|
|
|
5,837 |
|
|
|
5,325 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|||
Research and development |
|
2,706 |
|
|
|
2,284 |
|
|
|
2,418 |
|
Sales and marketing |
|
2,439 |
|
|
|
1,499 |
|
|
|
1,539 |
|
General and administrative |
|
3,633 |
|
|
|
3,130 |
|
|
|
2,678 |
|
Total operating expenses |
|
8,778 |
|
|
|
6,913 |
|
|
|
6,635 |
|
Loss from operations |
|
(1,881 |
) |
|
|
(1,076 |
) |
|
|
(1,310 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
|||
Interest income, net |
|
(8 |
) |
|
|
(3 |
) |
|
|
(124 |
) |
Other expense |
|
7 |
|
|
|
8 |
|
|
|
— |
|
Total other expense (income) |
|
(1 |
) |
|
|
5 |
|
|
|
(124 |
) |
Loss before income taxes |
|
(1,880 |
) |
|
|
(1,081 |
) |
|
|
(1,186 |
) |
Provision (benefit) for income taxes |
|
(2,117 |
) |
|
|
(1 |
) |
|
|
16 |
|
Net income (loss) |
$ |
237 |
|
|
$ |
(1,080 |
) |
|
$ |
(1,202 |
) |
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|||
Basic |
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.12 |
) |
Diluted |
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
(0.12 |
) |
Weighted average shares used in calculating income (loss) per share: |
|
|
|
|
|
|
|
|
|||
Basic |
|
9,869 |
|
|
|
9,771 |
|
|
|
9,690 |
|
Diluted |
|
10,839 |
|
|
|
9,771 |
|
|
|
9,690 |
|
Airgain, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) |
||||||||
|
|
Three months ended March 31, |
||||||
|
|
2021 |
|
2020 |
||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income (loss) |
|
$ |
237 |
|
|
$ |
(1,202 |
) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
131 |
|
|
|
122 |
|
Amortization of intangible assets |
|
|
716 |
|
|
|
164 |
|
Amortization of premium (discounts) on investments, net |
|
|
— |
|
|
|
7 |
|
Stock-based compensation |
|
|
928 |
|
|
|
668 |
|
Deferred tax liability |
|
|
(2,302 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Trade accounts receivable |
|
|
(3,944 |
) |
|
|
640 |
|
Inventory |
|
|
278 |
|
|
|
197 |
|
Prepaid expenses and other assets |
|
|
(451 |
) |
|
|
238 |
|
Other assets |
|
|
27 |
|
|
|
— |
|
Accounts payable |
|
|
1,179 |
|
|
|
(291 |
) |
Accrued compensation |
|
|
(1,263 |
) |
|
|
(1,356 |
) |
Accrued liabilities and other |
|
|
527 |
|
|
|
(44 |
) |
Lease liabilities |
|
|
17 |
|
|
|
— |
|
Deferred obligation under operating lease |
|
|
— |
|
|
|
(45 |
) |
Net cash used in operating activities |
|
|
(3,920 |
) |
|
|
(902 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Cash paid for acquisition, net of cash acquired |
|
|
(14,185 |
) |
|
|
— |
|
Purchases of available-for-sale securities |
|
|
— |
|
|
|
(752 |
) |
Maturities of available-for-sale securities |
|
|
— |
|
|
|
11,400 |
|
Purchases of property and equipment |
|
|
(61 |
) |
|
|
(115 |
) |
Net cash provided by (used in) investing activities |
|
|
(14,246 |
) |
|
|
10,533 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Repurchases of common stock |
|
|
— |
|
|
|
(190 |
) |
Proceeds from issuance of common stock, net |
|
|
1,451 |
|
|
|
70 |
|
Net cash provided by (used in) financing activities |
|
|
1,451 |
|
|
|
(120 |
) |
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(16,715 |
) |
|
|
9,511 |
|
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
38,348 |
|
|
|
13,197 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
21,633 |
|
|
$ |
22,708 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Taxes paid |
|
$ |
38 |
|
|
$ |
22 |
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
|
|
||
Right-of-use assets recorded upon adoption of ASC 842 |
|
$ |
3,199 |
|
|
$ |
— |
|
Leased liabilities recorded upon adoption of ASC 842 |
|
$ |
3,519 |
|
|
$ |
— |
|
Accrual of property and equipment |
|
$ |
13 |
|
|
$ |
21 |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
21,458 |
|
|
$ |
22,533 |
|
Restricted cash included in other assets |
|
|
175 |
|
|
|
175 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
21,633 |
|
|
$ |
22,708 |
|
Airgain, Inc. Unaudited Sales by Target Market (in thousands) |
|||||||||||
|
Three months ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
Target Market |
2021 |
|
2020 |
|
2020 |
||||||
Consumer |
$ |
10,296 |
|
|
$ |
9,640 |
|
|
$ |
8,463 |
|
Enterprise |
|
4,382 |
|
|
|
1,335 |
|
|
|
802 |
|
Automotive |
|
2,699 |
|
|
|
1,855 |
|
|
|
1,951 |
|
Total sales |
$ |
17,377 |
|
|
$ |
12,830 |
|
|
$ |
11,216 |
|
Airgain, Inc.
(in thousands)
Unaudited Reconciliation of GAAP to non-GAAP Gross Profit |
|||||||||||
|
Three months ended |
|
|||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2021 |
|
2020 |
|
2020 |
||||||
Gross profit |
$ |
6,897 |
|
|
$ |
5,837 |
|
|
$ |
5,325 |
|
Stock-based compensation |
|
1 |
|
|
|
2 |
|
|
|
— |
|
Amortization of intangible assets |
|
82 |
|
|
|
33 |
|
|
|
33 |
|
Amortization of inventory step-up |
|
352 |
|
|
|
— |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
7,332 |
|
|
$ |
5,872 |
|
|
$ |
5,358 |
|
Unaudited Reconciliation of GAAP to non-GAAP Gross Margin |
|||||||||||
|
Three months ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2021 |
|
2020 |
|
2020 |
||||||
Gross margin |
|
39.7 |
% |
|
|
45.5 |
% |
|
|
47.5 |
% |
Stock-based compensation |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Amortization of intangible assets |
|
0.5 |
% |
|
|
0.3 |
% |
|
|
0.3 |
% |
Amortization of inventory step-up |
|
2.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Non-GAAP gross margin |
|
42.2 |
% |
|
|
45.8 |
% |
|
|
47.8 |
% |
Unaudited Reconciliation of GAAP to non-GAAP Operating Expenses |
|||||||||||
|
Three months ended |
||||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2021 |
|
2020 |
|
2020 |
||||||
Operating expenses |
$ |
8,778 |
|
|
$ |
6,913 |
|
|
$ |
6,635 |
|
Stock-based compensation expense |
|
(928 |
) |
|
|
(606 |
) |
|
|
(668 |
) |
Amortization of intangible assets |
|
(634 |
) |
|
|
(121 |
) |
|
|
(131 |
) |
Acquisition-related expenses |
|
(189 |
) |
|
|
(484 |
) |
|
|
- |
|
Non-GAAP operating expenses |
$ |
7,027 |
|
|
$ |
5,702 |
|
|
$ |
5,836 |
|
Airgain, Inc.
(in thousands, except per share data)
Unaudited Reconciliation of GAAP to non-GAAP Net Income (Loss) |
|||||||||||
|
Three months ended |
|
|||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2021 |
|
2020 |
|
2020 |
||||||
Net income (loss) |
$ |
237 |
|
|
$ |
(1,080 |
) |
|
$ |
(1,202 |
) |
Stock-based compensation expense |
|
928 |
|
|
|
608 |
|
|
|
668 |
|
Amortization of intangible assets |
|
716 |
|
|
|
154 |
|
|
|
164 |
|
Acquisition-related expenses |
|
189 |
|
|
|
484 |
|
|
|
— |
|
Amortization of inventory step-up |
|
352 |
|
|
|
— |
|
|
|
— |
|
Other income |
|
(8 |
) |
|
|
(3 |
) |
|
|
(124 |
) |
Provision (benefit) for income taxes |
|
(2,117 |
) |
|
|
(1 |
) |
|
|
16 |
|
Non-GAAP net income (loss) attributable to common stockholders |
$ |
297 |
|
|
$ |
162 |
|
|
$ |
(478 |
) |
|
|
|
|
|
|
|
|
|
|||
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|||
Basic |
$ |
0.03 |
|
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
Diluted |
$ |
0.03 |
|
|
$ |
0.02 |
|
|
$ |
(0.05 |
) |
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|||
Basic |
|
9,869 |
|
|
|
9,771 |
|
|
|
9,690 |
|
Diluted |
|
10,839 |
|
|
|
10,188 |
|
|
|
9,690 |
|
Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|||||||||||
|
Three months ended |
|
|||||||||
|
March 31, |
|
December 31, |
|
March 31, |
||||||
|
2021 |
|
2020 |
|
2020 |
||||||
Net income (loss) |
$ |
237 |
|
|
$ |
(1,080 |
) |
|
$ |
(1,202 |
) |
Stock-based compensation expense |
|
928 |
|
|
|
608 |
|
|
|
668 |
|
Depreciation and amortization |
|
847 |
|
|
|
269 |
|
|
|
286 |
|
Amortization of inventory step-up |
|
352 |
|
|
|
— |
|
|
|
— |
|
Acquisition-related expenses |
|
189 |
|
|
|
484 |
|
|
|
— |
|
Other income |
|
(8 |
) |
|
|
(3 |
) |
|
|
(124 |
) |
Provision (benefit) for income taxes |
|
(2,117 |
) |
|
|
(1 |
) |
|
|
16 |
|
Adjusted EBITDA |
$ |
428 |
|
|
$ |
277 |
|
|
$ |
(356 |
) |
Q2-2021 Financial Outlook |
|
|||||||||
|
|
|
|
|
|
|
|
|
||
Reconciliations of GAAP to Non-GAAP Gross Margin, Operating Expense, Net Income (Loss), EPS and to Adjusted EBITDA |
|
|||||||||
For the Three Months Ended June 30, 2021 |
|
|||||||||
(in millions, except per share data) |
|
|||||||||
|
|
|
|
|
|
|
|
|
||
Gross Margin Reconciliation: |
|
|
|
|
EPS Reconciliation(1): |
|
|
|
||
GAAP gross margin |
|
|
41.5 |
% |
|
GAAP EPS |
|
$ |
(0.13 |
) |
Stock-based compensation |
|
|
0.0 |
% |
|
Stock-based compensation |
|
|
0.09 |
|
Amortization |
|
|
0.5 |
% |
|
Amortization |
|
|
0.07 |
|
Non-GAAP gross margin |
|
|
42.0 |
% |
|
Interest income, net |
|
|
— |
|
|
|
|
|
|
Provision for income taxes |
|
|
0.01 |
|
|
Operating Expense Reconciliation: |
|
|
|
|
Non-GAAP EPS |
|
$ |
0.04 |
|
|
GAAP operating expenses |
|
$ |
8.88 |
|
|
|
|
|
|
|
Stock-based compensation |
|
|
(1.00 |
) |
|
Adjusted EBITDA Reconciliation |
|
|
|
|
Amortization |
|
|
(0.68 |
) |
|
GAAP net loss |
|
$ |
(1.34 |
) |
Non-GAAP operating expenses |
|
$ |
7.20 |
|
|
Stock-based compensation |
|
|
1.00 |
|
|
|
|
|
|
Depreciation and amortization |
|
|
0.92 |
|
|
Net Loss Reconciliation |
|
|
|
|
Interest income, net |
|
|
(0.01 |
) |
|
GAAP net loss |
|
$ |
(1.34 |
) |
|
Provision for income taxes |
|
|
0.05 |
|
Stock-based compensation |
|
|
1.00 |
|
|
Adjusted EBITDA |
|
$ |
0.62 |
|
Amortization |
|
|
0.77 |
|
|
|
|
|
|
|
Acquisition-related expense |
|
|
— |
|
|
|
|
|
|
|
Interest income, net |
|
|
(0.01 |
) |
|
|
|
|
|
|
Provision for income taxes |
|
|
0.05 |
|
|
|
|
|
|
|
Non-GAAP net income |
|
$ |
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(1) Amounts are based on 10.1 million basic and 11.0 million diluted weighted average shares outstanding. |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506006179/en/
FAQ
What were Airgain's Q1 2021 financial results?
What is Airgain's EPS forecast for Q2 2021?
What contributed to Airgain's revenue growth in Q1 2021?
How did Airgain's gross margin change in Q1 2021?
What is the expected revenue range for Airgain in Q2 2021?
