Airgain® Reports Fourth Quarter and Full Year 2021 Financial Results
Airgain, Inc. (Nasdaq: AIRG) reported financial results for Q4 and full year 2021, revealing Q4 sales of $14.1 million, an 8.5% decline from Q3. Net loss was $4.6 million or $(0.46) per share. Consumer sales dropped by $2.1 million due to global supply shortages, while automotive sales grew by $1.4 million. For full year 2021, sales increased 32.5% to $64.3 million, primarily driven by enterprise market growth. Looking ahead, Q1 2022 revenue is projected between $16.5 million and $18.0 million, with expectations for improved gross margins.
- Q1 2022 revenue projected between $16.5M and $18.0M.
- Full year 2021 sales increased 32.5% to $64.3 million.
- Growth in enterprise product sales driven by industrial IoT.
- Q4 2021 sales declined 8.5% from Q3.
- Consumer sales down $2.1 million due to global supply shortages.
- GAAP net loss increased to $4.6 million in Q4 2021.
“Our fourth quarter financial results came in as expected and we are beginning to see in the first quarter of 2022 signs of recovery in our consumer market revenue from the global supply shortages. As a result, we expect revenue to grow and our gross margin to begin to improve in the first quarter,” said Airgain’s President and Chief Executive Officer,
Fourth Quarter 2021 Financial Highlights
GAAP
-
Sales of
$14.1 million -
GAAP gross margin of
34.4% -
GAAP operating expenses of
$9.3 million -
GAAP net loss of
$4.6 million $(0.46)
Non-GAAP
-
Non-GAAP gross margin of
35.1% -
Non-GAAP operating expenses of
$7.2 million -
Non-GAAP net loss of
$2.3 million $(0.23) -
Adjusted EBITDA of
$(2.1) million
Fourth Quarter 2021 Financial Results
Sales for the fourth quarter of 2021 were
GAAP gross profit for the fourth quarter of 2021 was
GAAP gross margin for the fourth quarter of 2021 was
GAAP operating expenses for the fourth quarter of 2021 were
GAAP net loss for the fourth quarter of 2021 was
Adjusted EBITDA for the fourth quarter of 2021 was
Full Year 2021 Financial Highlights
GAAP
-
Sales of
$64.3 million -
GAAP gross margin of
38.3% -
GAAP operating expense of
$36.7 million -
GAAP net loss of
$10.1 million $(1.01)
Non-GAAP
-
Non-GAAP gross margin of
39.4% -
Non-GAAP operating expense of
$27.8 million -
Non-GAAP net loss of
$2.5 million $(0.25) -
Adjusted EBITDA of
$(2.0) million
Full Year 2021 Financial Results
Sales for the full year of 2021 were
GAAP gross profit for the full year of 2021 was
GAAP gross margin for the full year of 2021 was
GAAP operating expenses for the full year of 2021 were
GAAP net loss for the full year of 2021 was
Adjusted EBITDA for the full year of 2021 was
First Quarter 2022 Financial Outlook
GAAP
-
Sales are expected to be in the range of
$16.5 million $18.0 million $17.25 million -
GAAP gross margin is expected to be in the range of
35.0% to37.0% -
GAAP operating expense is expected to be
$9.6 million $0.1 million -
GAAP net loss per share is expected to be
$0.33
Non-GAAP
-
Non-GAAP gross margin is expected to be in the range of
36.0% to38.0% -
Non-GAAP operating expense is expected to be
$7.5 million $0.1 million -
Non-GAAP net loss per share is expected to be
$0.11 -
Adjusted EBITDA is expected to be
$(1.0) million
Our financial outlook for the three months ending
Conference Call
Date:
Time:
Please follow the below web address to register for the 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.incommglobalevents.com/registration/q4inc/10018/airgain-fourth-quarter-and-full-year-2021-earnings-call/
The conference call will be broadcast simultaneously and available for replay via the investor relations section of the company's website at investors.airgain.com.
A replay of the call is available after
Conference ID: 625525
Webcast URL: https://events.q4inc.com/attendee/601180595
About
Forward-Looking Statements
Note Regarding Use of Non-GAAP Financial Measures
To supplement our condensed financial statements presented in accordance with
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; interest income, net of interest expense offset by other expense; depreciation and/or amortization; change in the fair value of contingent consideration, 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, amortization of intangibles, change in the fair value of contingent consideration and acquisition-related expenses. In computing non-GAAP gross profit and 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, non-GAAP gross profit 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.
Consolidated Balance Sheets (in thousands, except par value) (unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
2021 |
|
|
2020 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
14,511 |
|
|
$ |
38,173 |
|
Trade accounts receivable, net |
|
|
10,757 |
|
|
|
4,782 |
|
Inventory |
|
|
8,949 |
|
|
|
1,016 |
|
Prepaid expenses and other current assets |
|
|
1,272 |
|
|
|
1,462 |
|
Total current assets |
|
|
35,489 |
|
|
|
45,433 |
|
Property and equipment, net |
|
|
2,698 |
|
|
|
2,377 |
|
Leased right-of-use assets |
|
|
2,777 |
|
|
|
— |
|
|
|
|
10,845 |
|
|
|
3,700 |
|
Intangible assets, net |
|
|
14,229 |
|
|
|
3,168 |
|
Other assets |
|
|
352 |
|
|
|
249 |
|
Total assets |
|
$ |
66,390 |
|
|
$ |
54,927 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
5,474 |
|
|
$ |
2,975 |
|
Accrued compensation |
|
|
2,013 |
|
|
|
2,655 |
|
Accrued liabilities and other |
|
|
2,833 |
|
|
|
1,187 |
|
Short-term lease liabilities |
|
|
841 |
|
|
|
— |
|
Deferred purchase price liabilities |
|
|
8,726 |
|
|
|
— |
|
Current portion of deferred rent obligation under operating lease |
|
|
— |
|
|
|
39 |
|
Total current liabilities |
|
|
19,887 |
|
|
|
6,856 |
|
Deferred tax liability |
|
|
109 |
|
|
|
58 |
|
Long-term lease liabilities |
|
|
2,221 |
|
|
|
— |
|
Deferred rent obligation under operating lease |
|
|
— |
|
|
|
271 |
|
Total liabilities |
|
|
22,217 |
|
|
|
7,185 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock and additional paid-in capital, par value |
|
|
106,971 |
|
|
|
100,356 |
|
|
|
|
(5,364 |
) |
|
|
(5,267 |
) |
Accumulated deficit |
|
|
(57,434 |
) |
|
|
(47,347 |
) |
Total stockholders’ equity |
|
|
44,173 |
|
|
|
47,742 |
|
Total liabilities and stockholders’ equity |
$ | 66,390 |
$ | 54,927 |
||||
Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
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Three months ended |
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Years Ended |
|||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||
Sales |
|
$ |
14,144 |
|
$ |
15,455 |
|
$ |
12,830 |
|
$ |
64,273 |
|
$ |
48,502 |
Cost of goods sold |
|
|
9,279 |
|
|
9,909 |
|
|
6,993 |
|
|
39,666 |
|
|
25,917 |
Gross profit |
|
|
4,865 |
|
|
5,546 |
|
|
5,837 |
|
|
24,607 |
|
|
22,585 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|||||
Research and development |
|
|
2,790 |
|
|
2,698 |
|
|
2,284 |
|
|
10,920 |
|
|
9,157 |
Sales and marketing |
|
|
2,797 |
|
|
2,484 |
|
|
1,538 |
|
|
10,209 |
|
|
6,141 |
General and administrative |
|
|
3,361 |
|
|
3,307 |
|
|
3,091 |
|
|
13,562 |
|
|
10,471 |
Change in fair value of contingent consideration |
|
|
380 |
|
|
103 |
|
|
— |
|
|
2,040 |
|
|
— |
Total operating expenses |
|
|
9,328 |
|
|
8,592 |
|
|
6,913 |
|
|
36,731 |
|
|
25,769 |
Loss from operations |
|
|
(4,463) |
|
|
(3,046) |
|
|
(1,076) |
|
|
(12,124) |
|
|
(3,184) |
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|||||
Interest income, net |
|
|
(5) |
|
|
(6) |
|
|
(3) |
|
|
(26) |
|
|
(197) |
Other expense |
|
|
23 |
|
|
(1) |
|
|
8 |
|
|
38 |
|
|
19 |
Total other expense (income) |
|
|
18 |
|
|
(7) |
|
|
5 |
|
|
12 |
|
|
(178) |
Loss before income taxes |
|
|
(4,481) |
|
|
(3,039) |
|
|
(1,081) |
|
|
(12,136) |
|
|
(3,006) |
Provision (benefit) for income taxes |
|
|
165 |
|
|
30 |
|
|
(1) |
|
|
(2,049) |
|
|
273 |
Net loss |
|
$ |
(4,646) |
|
$ |
(3,069) |
|
$ |
(1,080) |
|
$ |
(10,087) |
|
$ |
(3,279) |
Net income loss per share: |
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
(0.46) |
|
$ |
(0.30) |
|
$ |
(0.11) |
|
$ |
(1.01) |
|
$ |
(0.34) |
Diluted |
|
$ |
(0.46) |
|
$ |
(0.30) |
|
$ |
(0.11) |
|
$ |
(1.01) |
|
$ |
(0.34) |
Weighted average shares used in calculating income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
10,121 |
|
|
10,082 |
|
|
9,771 |
|
|
10,019 |
|
|
9,714 |
Diluted |
10,121 |
10,082 |
9,771 |
10,019 |
9,714 |
||||||||||
Consolidated Statements of Cash Flows (in thousands) (unaudited) |
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|
|
For the Years Ended |
||||||
|
|
2021 |
|
2020 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(10,087 |
) |
|
$ |
(3,279 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation |
|
|
546 |
|
|
|
463 |
|
Loss on disposal of property and equipment |
|
|
21 |
|
|
|
11 |
|
Amortization of intangible assets |
|
|
3,004 |
|
|
|
629 |
|
Amortization of premium on investments, net |
|
|
— |
|
|
|
64 |
|
Stock-based compensation |
|
|
4,049 |
|
|
|
2,564 |
|
Change in fair value of contingent consideration |
|
|
2,040 |
|
|
|
— |
|
Deferred tax liability |
|
|
(2,279 |
) |
|
|
6 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade accounts receivable |
|
|
(4,848 |
) |
|
|
2,874 |
|
Inventory |
|
|
(6,261 |
) |
|
|
177 |
|
Prepaid expenses and other current assets |
|
|
371 |
|
|
|
(164 |
) |
Other assets |
|
|
50 |
|
|
|
— |
|
Accounts payable |
|
|
1,817 |
|
|
|
(862 |
) |
Accrued compensation |
|
|
(781 |
) |
|
|
163 |
|
Accrued liabilities and other |
|
|
1,214 |
|
|
|
843 |
|
Lease liabilities |
|
|
(26 |
) |
|
|
— |
|
Deferred obligation under operating lease |
|
|
— |
|
|
|
215 |
|
Net cash provided by (used in) operating activities |
|
|
(11,170 |
) |
|
|
3,704 |
|
Cash flows from investing activities: |
|
|
|
|
||||
Cash paid for acquisition, net of cash acquired |
|
|
(14,185 |
) |
|
|
— |
|
Purchases of available-for-sale securities |
|
|
— |
|
|
|
(753 |
) |
Maturities of available-for-sale securities |
|
|
— |
|
|
|
22,366 |
|
Purchases of property and equipment |
|
|
(736 |
) |
|
|
(727 |
) |
Net cash provided by (used in) investing activities |
|
|
(14,921 |
) |
|
|
20,886 |
|
Cash flows from financing activities: |
|
|
|
|
||||
Repurchases of common stock |
|
|
(97 |
) |
|
|
(608 |
) |
Proceeds from issuance of common stock, net |
|
|
2,526 |
|
|
|
1,169 |
|
Net cash provided by financing activities |
|
|
2,429 |
|
|
|
561 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(23,662 |
) |
|
|
25,151 |
|
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
38,348 |
|
|
|
13,197 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
14,686 |
|
|
$ |
38,348 |
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Interest paid |
|
$ |
— |
|
|
$ |
— |
|
Taxes paid |
|
$ |
153 |
|
|
$ |
164 |
|
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 |
|
$ |
4 |
|
|
$ |
2 |
|
|
|
|
|
|
||||
Cash and cash equivalents and restricted cash |
|
$ |
14,511 |
|
|
$ |
38,173 |
|
Restricted cash included in other assets |
|
|
175 |
|
|
|
175 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
14,686 |
|
|
$ |
38,348 |
|
Sales by Target Market (in thousands) (unaudited) |
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|
|
Three months ended |
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|
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|
|
Years Ended |
|
|||||||
Target Market |
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||
Consumer |
|
$ |
2,475 |
|
$ |
4,599 |
|
$ |
9,640 |
|
$ |
26,275 |
|
$ |
37,129 |
|
Enterprise |
|
|
8,148 |
|
|
8,698 |
|
|
1,335 |
|
|
27,379 |
|
|
3,910 |
|
Automotive |
|
|
3,521 |
|
|
2,158 |
|
|
1,855 |
|
|
10,619 |
|
|
7,463 |
|
Total sales |
|
$ |
14,144 |
|
$ |
15,455 |
|
$ |
12,830 |
|
$ |
64,273 |
|
$ |
48,502 |
|
Stock-Based Compensation Expense by Department (in thousands) (unaudited) |
||||||||||||||||
|
|
Three months ended |
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
Years Ended |
|
|||||||
|
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||
Cost of goods sold |
|
$ |
— |
|
$ |
1 |
|
$ |
2 |
|
$ |
3 |
|
$ |
2 |
|
Research and development |
|
|
186 |
|
|
211 |
|
|
124 |
|
|
777 |
|
|
548 |
|
Sales and marketing |
|
|
261 |
|
|
230 |
|
|
101 |
|
|
919 |
|
|
390 |
|
General and administrative |
|
|
598 |
|
|
626 |
|
|
381 |
|
|
2,350 |
|
|
1,624 |
|
Total stock-based compensation expense |
|
$ |
1,045 |
|
$ |
1,068 |
|
$ |
608 |
|
$ |
4,049 |
|
$ |
2,564 |
|
(in thousands) (unaudited) |
|||||||||||||||
Reconciliation of GAAP to non-GAAP Gross Profit |
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|
Three months ended |
|
|
|
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|
|
|
|
|
|
|
Years Ended |
|
|||||||
|
2021 |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||
Gross profit |
$ |
4,865 |
|
$ |
5,546 |
|
$ |
5,837 |
|
$ |
24,607 |
|
$ |
22,585 |
|
Stock-based compensation |
|
— |
|
|
1 |
|
|
2 |
|
|
3 |
|
|
2 |
|
Amortization of intangible assets |
|
93 |
|
|
93 |
|
|
33 |
|
|
369 |
|
|
132 |
|
Amortization of inventory step-up |
|
— |
|
|
— |
|
|
— |
|
|
352 |
|
|
— |
|
Non-GAAP gross profit |
$ |
4,958 |
|
$ |
5,640 |
|
$ |
5,872 |
|
$ |
25,331 |
|
$ |
22,719 |
|
Reconciliation of GAAP to non-GAAP Gross Margin |
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|
Three months ended |
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
Years Ended |
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Gross margin |
|
34.4 |
% |
|
|
35.9 |
% |
|
|
45.5 |
% |
|
|
38.3 |
% |
|
|
46.6 |
% |
Stock-based compensation |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Amortization of intangible assets |
|
0.7 |
% |
|
|
0.6 |
% |
|
|
0.3 |
% |
|
|
0.6 |
% |
|
|
0.2 |
% |
Amortization of inventory step-up |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.5 |
% |
|
|
0.0 |
% |
Non-GAAP gross margin |
|
35.1 |
% |
|
|
36.5 |
% |
|
|
45.8 |
% |
|
|
39.4 |
% |
|
|
46.8 |
% |
Reconciliation of GAAP to non-GAAP Operating Expenses |
|||||||||||||||||||
|
Three months ended |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Operating expenses |
$ |
9,328 |
|
|
$ |
8,592 |
|
|
$ |
6,913 |
|
|
$ |
36,731 |
|
|
$ |
25,769 |
|
Stock-based compensation expense |
|
(1,045 |
) |
|
|
(1,067 |
) |
|
|
(606 |
) |
|
|
(4,046 |
) |
|
|
(2,562 |
) |
Amortization of intangible assets |
|
(663 |
) |
|
|
(672 |
) |
|
|
(121 |
) |
|
|
(2,635 |
) |
|
|
(497 |
) |
Change in fair value of contingent consideration |
|
(380 |
) |
|
|
(103 |
) |
|
|
— |
|
|
|
(2,040 |
) |
|
|
— |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
(484 |
) |
|
|
(189 |
) |
|
|
(484 |
) |
Non-GAAP operating expenses |
$ |
7,240 |
|
|
$ |
6,750 |
|
|
$ |
5,702 |
|
|
$ |
27,821 |
|
|
$ |
22,226 |
|
(in thousands, except per share data) (unaudited) Reconciliation of GAAP to non-GAAP Net Income (Loss) |
|||||||||||||||||||
|
Three months ended |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Net loss |
$ |
(4,646 |
) |
|
$ |
(3,069 |
) |
|
$ |
(1,080 |
) |
|
$ |
(10,087 |
) |
|
$ |
(3,279 |
) |
Stock-based compensation expense |
|
1,045 |
|
|
|
1,068 |
|
|
|
608 |
|
|
|
4,049 |
|
|
|
2,564 |
|
Amortization of intangible assets |
|
756 |
|
|
|
765 |
|
|
|
154 |
|
|
|
3,004 |
|
|
|
629 |
|
Change in fair value of contingent consideration |
|
380 |
|
|
|
103 |
|
|
|
— |
|
|
|
2,040 |
|
|
|
— |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
484 |
|
|
|
189 |
|
|
|
484 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
Other (income) expense |
|
16 |
|
|
|
(6 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(186 |
) |
Provision (benefit) for income taxes |
|
165 |
|
|
|
30 |
|
|
|
(1 |
) |
|
|
(2,049 |
) |
|
|
273 |
|
Non-GAAP net income (loss) attributable to common stockholders |
$ |
(2,284 |
) |
|
$ |
(1,109 |
) |
|
$ |
162 |
|
|
$ |
(2,507 |
) |
|
$ |
485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
(0.23 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.02 |
|
|
$ |
(0.25 |
) |
|
$ |
0.05 |
|
Diluted |
$ |
(0.23 |
) |
|
$ |
(0.11 |
) |
|
$ |
0.02 |
|
|
$ |
(0.25 |
) |
|
$ |
0.05 |
|
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
10,121 |
|
|
|
10,082 |
|
|
|
9,771 |
|
|
|
10,019 |
|
|
|
9,714 |
|
Diluted |
|
10,121 |
|
|
|
10,082 |
|
|
|
10,188 |
|
|
|
10,019 |
|
|
|
9,992 |
|
Reconciliation of Net Loss to Adjusted EBITDA |
|||||||||||||||||||
|
Three months ended |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Net loss |
$ |
(4,646 |
) |
|
$ |
(3,069 |
) |
|
$ |
(1,080 |
) |
|
$ |
(10,087 |
) |
|
$ |
(3,279 |
) |
Stock-based compensation expense |
|
1,045 |
|
|
|
1,068 |
|
|
|
608 |
|
|
|
4,049 |
|
|
|
2,564 |
|
Depreciation and amortization |
|
913 |
|
|
|
896 |
|
|
|
269 |
|
|
|
3,550 |
|
|
|
1,092 |
|
Change in fair value of contingent consideration |
|
380 |
|
|
|
103 |
|
|
|
— |
|
|
|
2,040 |
|
|
|
— |
|
Amortization of inventory step-up |
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
Acquisition-related expenses |
|
— |
|
|
|
- |
|
|
|
484 |
|
|
|
189 |
|
|
|
484 |
|
Other (income) expense |
|
16 |
|
|
|
(6 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(186 |
) |
Provision (benefit) for income taxes |
|
165 |
|
|
|
30 |
|
|
|
(1 |
) |
|
|
(2,049 |
) |
|
|
273 |
|
Adjusted EBITDA |
$ |
(2,127 |
) |
|
$ |
(978 |
) |
|
$ |
277 |
|
|
$ |
(1,961 |
) |
|
$ |
948 |
|
Q1-2022 Financial Outlook |
|
|||||||||
|
|
|
|
|
|
|
|
|
||
Reconciliations of GAAP to Non-GAAP Gross Margin, Operating Expense, Net Loss, EPS and to Adjusted EBITDA |
|
|||||||||
For the Three Months Ended |
|
|||||||||
(in millions, except per share data) |
|
|||||||||
|
|
|
|
|
|
|
|
|
||
Gross Margin Reconciliation: |
|
|
|
|
Operating Expense Reconciliation: |
|
|
|
||
GAAP gross margin |
|
|
36.0 |
% |
|
GAAP operating expenses |
|
$ |
9.59 |
|
Stock-based compensation |
|
|
0.1 |
% |
|
Stock-based compensation |
|
|
(1.33 |
) |
Amortization |
|
|
0.5 |
% |
|
Amortization |
|
|
(0.67 |
) |
Restructuring |
|
|
0.4 |
% |
|
Restructuring |
|
|
(0.09 |
) |
Non-GAAP gross margin |
|
|
37.0 |
% |
|
Non-GAAP operating expenses |
|
$ |
7.50 |
|
|
|
|
|
|
|
|
|
|
||
Net Loss Reconciliation |
|
|
|
|
Net Loss per Share Reconciliation(1): |
|
|
|
||
GAAP net loss |
|
$ |
(3.41 |
) |
|
GAAP net loss per share |
|
$ |
(0.33 |
) |
Stock-based compensation |
|
|
1.34 |
|
|
Stock-based compensation |
|
|
0.13 |
|
Amortization |
|
|
0.76 |
|
|
Amortization |
|
|
0.07 |
|
Restructuring |
|
|
0.15 |
|
|
Restructuring |
|
|
0.01 |
|
Interest income, net |
|
|
(0.01 |
) |
|
Interest income, net |
|
|
- |
|
Provision for income taxes |
|
|
0.05 |
|
|
Provision for income taxes |
|
|
0.01 |
|
Non-GAAP net loss |
|
$ |
(1.12 |
) |
|
Non-GAAP net loss per share |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
||
GAAP net loss |
|
$ |
(3.41 |
) |
|
|
|
|
|
|
Stock-based compensation |
|
|
1.34 |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
0.92 |
|
|
|
|
|
|
|
Restructuring |
|
|
0.15 |
|
|
|
|
|
|
|
Interest income, net |
|
|
(0.01 |
) |
|
|
|
|
|
|
Provision for income taxes |
|
|
0.05 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
(0.96 |
) |
|
|
|
|
|
|
(1) Amounts are based on 10.3 million weighted average shares outstanding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220224005892/en/
Airgain Contact
Chief Financial Officer
investors@airgain.com
Airgain Investor Contact
+1 949 574 3860
AIRG@gatewayir.com
Source:
FAQ
What were Airgain's Q4 2021 financial results?
How did Airgain perform in 2021 compared to 2020?
What is Airgain's revenue outlook for Q1 2022?
What were the primary factors affecting Airgain's Q4 2021 performance?
What metrics indicate Airgain's growth in 2021?
