Airgain® Reports Fourth Quarter and Full Year 2022 Financial Results
Airgain, Inc. (AIRG) reported fourth quarter 2022 sales of $19.9 million, up 4% sequentially and 41% year-over-year, contributing to fiscal year sales of $75.9 million, an 18% increase from 2021. Significant growth was noted in the enterprise market, with Q4 sales driven by $10.0 million from enterprise, $3.4 million from automotive, and $6.5 million from consumer markets. The company incurred a GAAP net loss of $3.2 million in Q4, down from a loss of $1.3 million in Q3. Looking ahead, Q1 2023 sales are projected between $15.7 million and $17.3 million.
- Fourth quarter sales increased 41% year-over-year.
- Full year sales reached $75.9 million, an 18% increase from 2021.
- Enterprise product sales increased by $7.1 million compared to 2021.
- GAAP net loss of $3.2 million in Q4 2022, worsening from Q3 2022.
- GAAP gross margin decreased to 29.6% in Q4 2022 from 38.8% in Q3.
- Automotive sales decreased by $1.7 million from Q3 2022.
“Fourth quarter was another record sales quarter at
Fourth Quarter 2022 Financial Highlights
GAAP
-
Sales of
$19.9 million -
GAAP gross margin of
29.6% -
GAAP operating expenses of
$9.2 million -
GAAP net loss of
$3.2 million $(0.31)
Non-GAAP
-
Non-GAAP gross margin of
30.5% -
Non-GAAP operating expenses of
$7.2 million -
Non-GAAP net loss of
$1.1 million $(0.11) -
Adjusted EBITDA of
$(0.9) million
Fourth Quarter 2022 Financial Results
Sales for the fourth quarter of 2022 were
GAAP gross profit for the fourth quarter of 2022 was
GAAP gross margin for the fourth quarter of 2022 was
GAAP operating expenses for the fourth quarter of 2022 were
GAAP net loss for the fourth quarter of 2022 was
Adjusted EBITDA for the fourth quarter of 2022 was
Full Year 2022 Financial Highlights
GAAP
-
Sales of
$75.9 million -
GAAP gross margin of
36.9% -
GAAP operating expense of
$36.6 million -
GAAP net loss of
$8.7 million $(0.85)
Non-GAAP
-
Non-GAAP gross margin of
37.6% -
Non-GAAP operating expense of
$29.1 million -
Non-GAAP net loss of
$0.6 million $(0.06) -
Adjusted EBITDA of
$0.1 million
Full Year 2022 Financial Results
Sales for the full year of 2022 were
GAAP gross profit for the full year of 2022 was
GAAP gross margin for the full year of 2022 was
GAAP operating expenses for the full year of 2022 were
GAAP net loss for the full year of 2022 was
Adjusted EBITDA for the full year of 2022 was
First Quarter 2023 Financial Outlook
GAAP
-
Sales are expected to be in the range of
$15.7 million $17.3 million $16.5 million -
GAAP gross margin is expected to be in the range of
36.7% to39.7% -
GAAP operating expense is expected to be approximately
$9.2 million -
GAAP net loss per share is expected to be
$0.28
Non-GAAP
-
Non-GAAP gross margin is expected to be in the range of
37.5% to40.5% -
Non-GAAP operating expense is expected to be approximately
$7.0 million -
Non-GAAP net loss per share is expected to be
$0.06 -
Adjusted EBITDA is expected to be
$(0.4) million
Our financial outlook for the three months ending
Conference Call
Date:
Time:
Dial-In: (877) 407-2988 or +1 (201) 389-0923
The conference call will be broadcast simultaneously and be available for replay via the investor section of the company’s website at www.airgain.com.
For webcast access, please follow the below web address below to register for the conference call.
Registration: https://event.choruscall.com/mediaframe/webcast.html?webcastid=teqTtvJe
A replay of the webcast will be available via the registration link after
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) |
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|
|
||||||
|
|
As of |
||||||
|
|
2022 |
|
2021 |
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
11,903 |
|
|
$ |
14,511 |
|
Trade accounts receivable, net |
|
|
8,741 |
|
|
|
10,757 |
|
Inventories |
|
|
4,226 |
|
|
|
8,949 |
|
Prepaid expenses and other current assets |
|
|
2,284 |
|
|
|
1,272 |
|
Total current assets |
|
|
27,154 |
|
|
|
35,489 |
|
Property and equipment, net |
|
|
2,765 |
|
|
|
2,698 |
|
Leased right-of-use assets |
|
|
2,217 |
|
|
|
2,777 |
|
|
|
|
10,845 |
|
|
|
10,845 |
|
Intangible assets, net |
|
|
11,203 |
|
|
|
14,229 |
|
Other assets |
|
|
216 |
|
|
|
352 |
|
Total assets |
|
$ |
54,400 |
|
|
$ |
66,390 |
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
6,507 |
|
|
$ |
5,474 |
|
Accrued compensation |
|
|
2,874 |
|
|
|
2,013 |
|
Accrued liabilities and other |
|
|
2,615 |
|
|
|
2,833 |
|
Short-term lease liabilities |
|
|
904 |
|
|
|
841 |
|
Deferred purchase price liabilities |
|
|
- |
|
|
|
8,726 |
|
Total current liabilities |
|
|
12,900 |
|
|
|
19,887 |
|
Deferred tax liability |
|
|
139 |
|
|
|
109 |
|
Other long-term lease liability |
|
|
— |
|
|
|
— |
|
Long-term lease liabilities |
|
|
1,536 |
|
|
|
2,221 |
|
Total liabilities |
|
|
14,575 |
|
|
|
22,217 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock and additional paid-in capital, par value |
|
|
111,282 |
|
|
|
106,971 |
|
|
|
|
(5,364 |
) |
|
|
(5,364 |
) |
Accumulated deficit |
|
|
(66,093 |
) |
|
|
(57,434 |
) |
Total stockholders’ equity |
|
|
39,825 |
|
|
|
44,173 |
|
Total liabilities and stockholders’ equity |
$ |
54,400 |
$ |
66,390 |
||||
Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
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|
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|
Three months ended |
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|
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|
|
|
|
Years Ended |
||||||||||||
|
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Sales |
|
$ |
19,889 |
|
|
$ |
19,198 |
|
|
$ |
14,144 |
|
|
$ |
75,895 |
|
|
$ |
64,273 |
|
Cost of goods sold |
|
|
14,009 |
|
|
|
11,755 |
|
|
|
9,279 |
|
|
|
47,923 |
|
|
|
39,666 |
|
Gross profit |
|
|
5,880 |
|
|
|
7,443 |
|
|
|
4,865 |
|
|
|
27,972 |
|
|
|
24,607 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development |
|
|
2,240 |
|
|
|
2,901 |
|
|
|
2,790 |
|
|
|
11,345 |
|
|
|
10,920 |
|
Sales and marketing |
|
|
2,623 |
|
|
|
2,808 |
|
|
|
2,797 |
|
|
|
11,174 |
|
|
|
10,209 |
|
General and administrative |
|
|
4,294 |
|
|
|
2,998 |
|
|
|
3,361 |
|
|
|
14,033 |
|
|
|
13,562 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
380 |
|
|
|
— |
|
|
|
2,040 |
|
Total operating expenses |
|
|
9,157 |
|
|
|
8,707 |
|
|
|
9,328 |
|
|
|
36,552 |
|
|
|
36,731 |
|
Loss from operations |
|
|
(3,277 |
) |
|
|
(1,264 |
) |
|
|
(4,463 |
) |
|
|
(8,580 |
) |
|
|
(12,124 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income, net |
|
|
(26 |
) |
|
|
(26 |
) |
|
|
(5 |
) |
|
|
(63 |
) |
|
|
(26 |
) |
Other expense |
|
|
16 |
|
|
|
9 |
|
|
|
23 |
|
|
|
58 |
|
|
|
38 |
|
Total other (income) expense |
|
|
(10 |
) |
|
|
(17 |
) |
|
|
18 |
|
|
|
(5 |
) |
|
|
12 |
|
Loss before income taxes |
|
|
(3,267 |
) |
|
|
(1,247 |
) |
|
|
(4,481 |
) |
|
|
(8,575 |
) |
|
|
(12,136 |
) |
Provision (benefit) for income taxes |
|
|
(47 |
) |
|
|
52 |
|
|
|
165 |
|
|
|
84 |
|
|
|
(2,049 |
) |
Net loss |
|
$ |
(3,220 |
) |
|
$ |
(1,299 |
) |
|
$ |
(4,646 |
) |
|
$ |
(8,659 |
) |
|
$ |
(10,087 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
(0.31 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.85 |
) |
|
$ |
(1.01 |
) |
Diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.46 |
) |
|
$ |
(0.85 |
) |
|
$ |
(1.01 |
) |
Weighted average shares used in calculating loss per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
10,225 |
|
|
|
10,210 |
|
|
|
10,121 |
|
|
|
10,190 |
|
|
|
10,019 |
|
Diluted |
10,225 |
10,210 |
10,121 |
|
10,190 |
|
|
10,019 |
||||||||||||
Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
|
|
||||||
|
|
For the Years Ended |
||||||
|
|
2022 |
|
2021 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(8,659 |
) |
|
$ |
(10,087 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation |
|
|
675 |
|
|
|
546 |
|
Loss on disposal of property and equipment |
|
|
4 |
|
|
|
21 |
|
Amortization of intangible assets |
|
|
3,026 |
|
|
|
3,004 |
|
Stock-based compensation |
|
|
4,978 |
|
|
|
4,049 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
2,040 |
|
Deferred tax liability |
|
|
30 |
|
|
|
(2,279 |
) |
Trade accounts receivable |
|
|
2,015 |
|
|
|
(4,848 |
) |
Inventories |
|
|
4,723 |
|
|
|
(6,261 |
) |
Prepaid expenses and other current assets |
|
|
(1,012 |
) |
|
|
371 |
|
Other assets |
|
|
137 |
|
|
|
50 |
|
Accounts payable |
|
|
1,037 |
|
|
|
1,817 |
|
Accrued compensation |
|
|
(35 |
) |
|
|
(781 |
) |
Accrued liabilities and other |
|
|
(370 |
) |
|
|
1,214 |
|
Payments of contingent consideration fair value changes |
|
|
(2,040 |
) |
|
|
— |
|
Lease liabilities |
|
|
(63 |
) |
|
|
(26 |
) |
Net cash provided by (used in) operating activities |
|
|
4,446 |
|
|
|
(11,170 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Cash paid for acquisition, net of cash acquired |
|
|
— |
|
|
|
(14,185 |
) |
Purchases of property and equipment |
|
|
(763 |
) |
|
|
(736 |
) |
Proceeds from sale of equipment |
|
|
13 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(750 |
) |
|
|
(14,921 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Cash paid for business acquisition contingent consideration |
|
|
(6,532 |
) |
|
|
— |
|
Repurchases of common stock |
|
|
— |
|
|
|
(97 |
) |
Issuance of common stock, net |
|
|
228 |
|
|
|
2,526 |
|
Net cash (used in) provided by financing activities |
|
|
(6,304 |
) |
|
|
2,429 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(2,608 |
) |
|
|
(23,662 |
) |
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
14,686 |
|
|
|
38,348 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
12,078 |
|
|
$ |
14,686 |
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Taxes paid |
|
$ |
197 |
|
|
$ |
153 |
|
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 |
|
|
|
|
|
|
||||
Cash and cash equivalents and restricted cash |
|
$ |
11,903 |
|
|
$ |
14,511 |
|
Restricted cash included in other assets |
|
|
175 |
|
|
$ |
175 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
12,078 |
|
|
$ |
14,686 |
|
Sales by Target Market (in thousands) (unaudited) |
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|
|
Three months ended |
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|
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|
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|
|
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Years Ended |
|
||||||||
Target Market |
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
Consumer |
|
$ |
6,438 |
|
|
$ |
7,334 |
|
|
$ |
2,475 |
|
|
$ |
25,793 |
|
|
$ |
26,275 |
|
Enterprise |
|
|
10,015 |
|
|
|
6,747 |
|
|
|
8,148 |
|
|
|
34,533 |
|
|
|
27,379 |
|
Automotive |
|
|
3,436 |
|
|
|
5,117 |
|
|
|
3,521 |
|
|
|
15,569 |
|
|
|
10,619 |
|
Total sales |
|
$ |
19,889 |
|
|
$ |
19,198 |
|
|
$ |
14,144 |
|
|
$ |
75,895 |
|
|
$ |
64,273 |
|
Stock-Based Compensation Expense by Department (in thousands) (unaudited) |
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|
|
|
|
|
|
|
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|
|
Three months ended |
|
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|
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|
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|
|
|
|
|
|
|
|
Years Ended |
|
||||||||
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
Cost of goods sold |
|
$ |
98 |
|
|
$ |
36 |
|
|
$ |
— |
|
|
$ |
181 |
|
|
$ |
3 |
|
Research and development |
|
|
268 |
|
|
|
255 |
|
|
|
186 |
|
|
|
1,056 |
|
|
|
777 |
|
Sales and marketing |
|
|
339 |
|
|
|
273 |
|
|
|
261 |
|
|
|
1,195 |
|
|
|
919 |
|
General and administrative |
|
|
698 |
|
|
|
556 |
|
|
|
598 |
|
|
|
2,546 |
|
|
|
2,350 |
|
Total stock-based compensation expense |
|
$ |
1,403 |
|
|
$ |
1,120 |
|
|
$ |
1,045 |
|
|
$ |
4,978 |
|
|
$ |
4,049 |
|
(in thousands) (unaudited) |
Reconciliation of GAAP to non-GAAP Gross Profit
|
Three months ended |
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
Years Ended |
|
||||||||
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|||||
Gross profit |
$ |
5,880 |
|
|
$ |
7,443 |
|
|
$ |
4,865 |
|
|
$ |
27,972 |
|
|
$ |
24,607 |
|
Stock-based compensation |
|
98 |
|
|
|
36 |
|
|
|
— |
|
|
|
181 |
|
|
|
3 |
|
Amortization of intangible assets |
|
89 |
|
|
|
89 |
|
|
|
93 |
|
|
|
355 |
|
|
|
369 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Non-GAAP gross profit |
$ |
6,067 |
|
|
$ |
7,568 |
|
|
$ |
4,958 |
|
|
$ |
28,508 |
|
|
$ |
25,331 |
|
Reconciliation of GAAP to non-GAAP Gross Margin
|
Three months ended |
|
|
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|
|
|
|
|
|
|
Years Ended |
||||||||||||
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Gross margin |
|
29.6 |
% |
|
|
38.8 |
% |
|
|
34.4 |
% |
|
|
36.9 |
% |
|
|
38.3 |
% |
Stock-based compensation |
|
0.5 |
% |
|
|
0.2 |
% |
|
|
0.0 |
% |
|
|
0.2 |
% |
|
|
0.0 |
% |
Amortization of intangible assets |
|
0.4 |
% |
|
|
0.4 |
% |
|
|
0.7 |
% |
|
|
0.5 |
% |
|
|
0.6 |
% |
Amortization of inventory step-up |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.5 |
% |
Non-GAAP gross margin |
|
30.5 |
% |
|
|
39.4 |
% |
|
|
35.1 |
% |
|
|
37.6 |
% |
|
|
39.4 |
% |
Reconciliation of GAAP to non-GAAP Operating Expenses
|
Three months ended |
|
|
||||||||||||||||
|
|
|
|
|
|
|
Years Ended |
||||||||||||
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Operating expenses |
$ |
9,157 |
|
|
$ |
8,707 |
|
|
$ |
9,328 |
|
|
$ |
36,552 |
|
|
$ |
36,731 |
|
Stock-based compensation expense |
|
(1,305 |
) |
|
|
(1,084 |
) |
|
|
(1,045 |
) |
|
|
(4,797 |
) |
|
|
(4,046 |
) |
Amortization of intangible assets |
|
(668 |
) |
|
|
(668 |
) |
|
|
(663 |
) |
|
|
(2,671 |
) |
|
|
(2,635 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
(380 |
) |
|
|
— |
|
|
|
(2,040 |
) |
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(189 |
) |
Non-GAAP operating expenses |
$ |
7,184 |
|
|
$ |
6,955 |
|
|
$ |
7,240 |
|
|
$ |
29,084 |
|
|
$ |
27,821 |
|
(in thousands, except per share data) (unaudited) Reconciliation of GAAP to non-GAAP Net Income (Loss) |
|||||||||||||||||||
|
|
|
|
||||||||||||||||
|
Three months ended |
|
|
||||||||||||||||
|
|
|
|
|
|
|
Years Ended |
||||||||||||
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Net loss |
$ |
(3,220 |
) |
|
$ |
(1,299 |
) |
|
$ |
(4,646 |
) |
|
$ |
(8,659 |
) |
|
$ |
(10,087 |
) |
Stock-based compensation expense |
|
1,403 |
|
|
|
1,120 |
|
|
|
1,045 |
|
|
|
4,978 |
|
|
|
4,049 |
|
Amortization of intangible assets |
|
757 |
|
|
|
755 |
|
|
|
756 |
|
|
|
3,026 |
|
|
|
3,004 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
380 |
|
|
|
— |
|
|
|
2,040 |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Other (income) expense |
|
(12 |
) |
|
|
(15 |
) |
|
|
16 |
|
|
|
(11 |
) |
|
|
(5 |
) |
Provision (benefit) for income taxes |
|
(50 |
) |
|
|
52 |
|
|
|
165 |
|
|
|
84 |
|
|
|
(2,049 |
) |
Non-GAAP net (loss) income attributable to common stockholders |
$ |
(1,122 |
) |
|
$ |
613 |
|
|
$ |
(2,284 |
) |
|
$ |
(582 |
) |
|
$ |
(2,507 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP net (loss) income per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
(0.11 |
) |
|
$ |
0.06 |
|
|
$ |
(0.23 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.25 |
) |
Diluted |
$ |
(0.11 |
) |
|
$ |
0.06 |
|
|
$ |
(0.23 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.25 |
) |
Weighted average shares used in calculating non-GAAP net (loss) income per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
10,225 |
|
|
|
10,210 |
|
|
|
10,121 |
|
|
|
10,190 |
|
|
|
10,019 |
|
Diluted |
|
10,225 |
|
|
|
10,524 |
|
|
|
10,121 |
|
|
|
10,190 |
|
|
|
10,019 |
|
Reconciliation of Net Loss to Adjusted EBITDA
|
Three months ended |
|
|
||||||||||||||||
|
|
|
|
|
|
|
Years Ended |
||||||||||||
|
2022 |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||||
Net loss |
$ |
(3,220 |
) |
|
$ |
(1,299 |
) |
|
$ |
(4,646 |
) |
|
$ |
(8,659 |
) |
|
$ |
(10,087 |
) |
Stock-based compensation expense |
|
1,403 |
|
|
|
1,120 |
|
|
|
1,045 |
|
|
|
4,978 |
|
|
|
4,049 |
|
Depreciation and amortization |
|
930 |
|
|
|
921 |
|
|
|
913 |
|
|
|
3,701 |
|
|
|
3,550 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
380 |
|
|
|
— |
|
|
|
2,040 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
Other (income) expense |
|
(12 |
) |
|
|
(15 |
) |
|
|
16 |
|
|
|
(11 |
) |
|
|
(5 |
) |
Provision (benefit) for income taxes |
|
(50 |
) |
|
|
52 |
|
|
|
165 |
|
|
|
84 |
|
|
|
(2,049 |
) |
Adjusted EBITDA |
$ |
(949 |
) |
|
$ |
779 |
|
|
$ |
(2,127 |
) |
|
$ |
93 |
|
|
$ |
(1,961 |
) |
Q1-2023 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 |
|
|
38.2 |
% |
|
GAAP operating expenses |
|
$ |
9.17 |
|
Stock-based compensation |
|
|
0.3 |
% |
|
Stock-based compensation |
|
|
(1.48 |
) |
Amortization |
|
|
0.5 |
% |
|
Amortization |
|
|
(0.65 |
) |
Restructuring |
|
|
0.0 |
% |
|
Restructuring |
|
|
— |
|
Non-GAAP gross margin |
|
|
39.0 |
% |
|
Non-GAAP operating expenses |
|
$ |
7.04 |
|
|
|
|
|
|
|
|
||||
Net Loss Reconciliation |
|
|
|
Net Loss per Share Reconciliation(1): |
|
|
||||
GAAP net loss |
|
$ |
(2.90 |
) |
|
GAAP net loss per share |
|
$ |
(0.28 |
) |
Stock-based compensation |
|
|
1.52 |
|
|
Stock-based compensation |
|
|
0.15 |
|
Amortization |
|
|
0.74 |
|
|
Amortization |
|
|
0.07 |
|
Restructuring |
|
|
— |
|
|
Restructuring |
|
|
— |
|
Interest income, net |
|
|
(0.01 |
) |
|
Interest income, net |
|
|
— |
|
Provision for income taxes |
|
|
0.04 |
|
|
Provision for income taxes |
|
|
— |
|
Non-GAAP net loss |
|
$ |
(0.61 |
) |
|
Non-GAAP net loss per share |
|
$ |
(0.06 |
) |
|
|
|
|
|
|
|
||||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(2.90 |
) |
|
|
|
|
||
Stock-based compensation |
|
|
1.52 |
|
|
|
|
|
||
Depreciation and amortization |
|
|
0.94 |
|
|
|
|
|
||
Restructuring |
|
|
- |
|
|
|
|
|
||
Interest income, net |
|
|
- |
|
|
|
|
|
||
Provision for income taxes |
|
|
- |
|
|
|
|
|
||
Adjusted EBITDA |
|
$ |
(0.44 |
) |
|
|
|
|
||
(1) Amounts are based on 10.2 million weighted average shares outstanding.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230309005784/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 financial results for Q4 2022?
How did Airgain perform in 2022 compared to 2021?
What are Airgain's projected sales for Q1 2023?
What was Airgain's GAAP net loss per share for Q4 2022?
