Airgain® Reports Third Quarter 2021 Financial Results
Airgain, Inc. (Nasdaq: AIRG) reported its third quarter 2021 financial results, revealing a total revenue of $15.5 million, down 10.6% from the prior quarter. The company experienced a GAAP net loss of $3.1 million or $0.30 per share. Despite these challenges, growth was noted in enterprise and automotive markets, driven by industrial IoT and Wi-Fi solutions. Sales for the first nine months of 2021 reached $50.1 million, reflecting a 40.5% increase year-over-year. Looking ahead, Airgain expects Q4 sales between $13.5 million and $14.5 million, with a projected GAAP gross margin of 32.5% to 34.5%.
- Sales increased by 40.5% in the first nine months of 2021 compared to the same period last year.
- Enterprise product sales increased by $2.5 million from the previous quarter.
- Third quarter sales decreased by 10.6% from $17.3 million in Q2 2021.
- GAAP gross margin dropped to 35.9% from 42.2% in the previous quarter.
“We are excited about Airgain’s prospects for growth in 2022 and beyond despite the transitory industry-wide global supply shortage, which has impacted our top line revenue and gross margin,” said Airgain’s President and Chief Executive Officer,
Third Quarter 2021 Financial Highlights
-
Sales of
$15.5 million -
GAAP gross margin of
35.9% -
Non-GAAP gross margin of
36.5% -
GAAP operating expenses of
$8.6 million -
Non-GAAP operating expenses of
$6.8 million -
GAAP net loss of
$3.1 million $0.30 -
Non-GAAP net loss of
$1.1 million $0.11 -
Adjusted EBITDA of
$(1.0) million
Third Quarter 2021 Financial Results
Sales for the third quarter of 2021 were
GAAP gross profit for the third quarter of 2021 was
GAAP gross margin for the third quarter of 2021 was
Total GAAP operating expenses for the third quarter of 2021 were
GAAP net loss for the third quarter of 2021 was
Adjusted EBITDA for the third quarter of 2021 was
First Nine Months 2021 Financial Highlights
-
Sales of
$50.1 million -
GAAP gross margin of
39.4% -
Non-GAAP gross margin of
40.6% -
GAAP operating expense of
$27.4 million -
Non-GAAP operating expense of
$20.6 million -
GAAP net loss of
$5.4 million $0.54 -
Non-GAAP net loss of
$0.2 million $0.02 -
Adjusted EBITDA of
$0.2 million
First Nine Months 2021 Financial Results
Sales for the first nine months of 2021 were
GAAP gross profit for the first nine months of 2021 was
GAAP gross margin for the first nine months of 2021 was
Total GAAP operating expenses for the first nine months of 2021 were
GAAP net loss for the first nine months of 2021 was
Adjusted EBITDA for the first nine months of 2021 was
Fourth Quarter 2021 Financial Outlook
-
Sales are expected to be in the range of
$13.5 million $14.5 million -
GAAP gross margin is expected to be in the range of
32.5% to34.5% -
Non-GAAP gross margin is expected to be in the range of
33% to35% -
GAAP operating expense is expected to be
$9.1 million $0.1 million -
Non-GAAP operating expense is expected to be
$7.0 million $0.1 million -
GAAP net loss per share is expected to be
$0.44 -
Non-GAAP net loss per share is expected to be
$0.22 -
Adjusted EBITDA is expected to be
$(2.1) million
Our financial outlook for the three months ending
Conference Call
Date:
Time:
Please follow the below web address to register for the Third 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.incommglobalevents.com/registration/q4inc/9027/airgain-q3-2021-earnings-call/
The conference call will be broadcast simultaneously and available for replay via the investor relations section of the company's website at www.airgain.com.
A replay of the call is available after
International replay dial-in: +44 204 525 0658
Conference ID: 310211
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; other income as well as interest income offset by interest 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.
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands, except par value) |
||||||||
(Unaudited) |
||||||||
|
||||||||
|
|
|
|
|
|
|
||
|
|
2021 |
|
|
2020 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
18,954 |
|
|
$ |
38,173 |
|
Trade accounts receivable, net |
|
|
10,351 |
|
|
|
4,782 |
|
Inventory |
|
|
6,546 |
|
|
|
1,016 |
|
Prepaid expenses and other current assets |
|
|
1,499 |
|
|
|
1,462 |
|
Total current assets |
|
|
37,350 |
|
|
|
45,433 |
|
Property and equipment, net |
|
|
2,698 |
|
|
|
2,377 |
|
Leased right-of-use assets |
|
|
2,840 |
|
|
|
— |
|
|
|
|
10,845 |
|
|
|
3,700 |
|
Intangible assets, net |
|
|
14,985 |
|
|
|
3,168 |
|
Other assets |
|
|
474 |
|
|
|
249 |
|
Total assets |
|
$ |
69,192 |
|
|
$ |
54,927 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
5,891 |
|
|
$ |
2,975 |
|
Accrued compensation |
|
|
1,753 |
|
|
|
2,655 |
|
Accrued liabilities and other |
|
|
2,187 |
|
|
|
1,187 |
|
Short-term lease liabilities |
|
|
864 |
|
|
|
— |
|
Deferred purchase price liabilities |
|
|
8,346 |
|
|
|
— |
|
Current portion of deferred rent obligation under operating lease |
|
|
— |
|
|
|
39 |
|
Total current liabilities |
|
|
19,041 |
|
|
|
6,856 |
|
Deferred tax liability |
|
|
103 |
|
|
|
58 |
|
Long-term lease liabilities |
|
|
2,274 |
|
|
|
— |
|
Deferred rent obligation under operating lease |
|
|
— |
|
|
|
271 |
|
Total liabilities |
|
|
21,418 |
|
|
|
7,185 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock and additional paid-in capital, par value |
|
|
105,926 |
|
|
|
100,356 |
|
|
|
|
(5,364 |
) |
|
|
(5,267 |
) |
Accumulated deficit |
|
|
(52,788 |
) |
|
|
(47,347 |
) |
Total stockholders’ equity |
|
|
47,774 |
|
|
|
47,742 |
|
Total liabilities and stockholders’ equity |
|
$ |
69,192 |
|
|
$ |
54,927 |
|
|
||||||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Sales |
|
$ |
15,455 |
|
|
$ |
17,297 |
|
|
$ |
13,010 |
|
|
$ |
50,129 |
|
|
$ |
35,672 |
|
Cost of goods sold |
|
|
9,909 |
|
|
|
9,998 |
|
|
|
6,981 |
|
|
|
30,387 |
|
|
|
18,924 |
|
Gross profit |
|
|
5,546 |
|
|
|
7,299 |
|
|
|
6,029 |
|
|
|
19,742 |
|
|
|
16,748 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Research and development |
|
|
2,698 |
|
|
|
2,726 |
|
|
|
2,231 |
|
|
|
8,130 |
|
|
|
6,873 |
|
Sales and marketing |
|
|
2,484 |
|
|
|
2,489 |
|
|
|
1,559 |
|
|
|
7,412 |
|
|
|
4,477 |
|
General and administrative |
|
|
3,307 |
|
|
|
3,261 |
|
|
|
2,439 |
|
|
|
10,201 |
|
|
|
7,506 |
|
Change in fair value of contingent consideration |
|
|
103 |
|
|
|
1,557 |
|
|
|
— |
|
|
|
1,660 |
|
|
|
— |
|
Total operating expenses |
|
|
8,592 |
|
|
|
10,033 |
|
|
|
6,229 |
|
|
|
27,403 |
|
|
|
18,856 |
|
Loss from operations |
|
|
(3,046 |
) |
|
|
(2,734 |
) |
|
|
(200 |
) |
|
|
(7,661 |
) |
|
|
(2,108 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income, net |
|
|
(6 |
) |
|
|
(7 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
|
|
(194 |
) |
Other expense |
|
|
(1 |
) |
|
|
9 |
|
|
|
— |
|
|
|
15 |
|
|
|
11 |
|
Total other income |
|
|
(7 |
) |
|
|
2 |
|
|
|
(23 |
) |
|
|
(6 |
) |
|
|
(183 |
) |
Loss before income taxes |
|
|
(3,039 |
) |
|
|
(2,736 |
) |
|
|
(177 |
) |
|
|
(7,655 |
) |
|
|
(1,925 |
) |
Provision (benefit) for income taxes |
|
|
30 |
|
|
|
(127 |
) |
|
|
84 |
|
|
|
(2,214 |
) |
|
|
274 |
|
Net loss |
|
$ |
(3,069 |
) |
|
$ |
(2,609 |
) |
|
$ |
(261 |
) |
|
$ |
(5,441 |
) |
|
$ |
(2,199 |
) |
Net income loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
(0.30 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.23 |
) |
Diluted |
|
$ |
(0.30 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.54 |
) |
|
$ |
(0.23 |
) |
Weighted average shares used in calculating income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
10,082 |
|
|
|
10,026 |
|
|
|
9,710 |
|
|
|
9,993 |
|
|
|
9,694 |
|
Diluted |
|
|
10,082 |
|
|
|
10,026 |
|
|
|
9,710 |
|
|
|
9,993 |
|
|
|
9,694 |
|
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(Unaudited) |
||||||||
|
||||||||
|
|
Nine months ended |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(5,441 |
) |
|
$ |
(2,199 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
389 |
|
|
|
348 |
|
Loss on disposal of property and equipment |
|
|
— |
|
|
|
11 |
|
Amortization of intangible assets |
|
|
2,248 |
|
|
|
475 |
|
Amortization of premium on investments, net |
|
|
— |
|
|
|
49 |
|
Stock-based compensation |
|
|
3,004 |
|
|
|
1,956 |
|
Change in fair value of contingent consideration |
|
|
1,660 |
|
|
|
— |
|
Deferred tax liability |
|
|
(2,285 |
) |
|
|
(8 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Trade accounts receivable |
|
|
(4,442 |
) |
|
|
3,474 |
|
Inventory |
|
|
(3,859 |
) |
|
|
116 |
|
Prepaid expenses and other current assets |
|
|
104 |
|
|
|
(120 |
) |
Other assets |
|
|
(31 |
) |
|
|
— |
|
Accounts payable |
|
|
2,217 |
|
|
|
(756 |
) |
Accrued compensation |
|
|
(1,041 |
) |
|
|
(433 |
) |
Accrued liabilities and other |
|
|
568 |
|
|
|
564 |
|
Lease liabilities |
|
|
(12 |
) |
|
|
— |
|
Net cash provided by (used in) operating activities |
|
|
(6,921 |
) |
|
|
3,477 |
|
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 |
|
|
— |
|
|
|
20,199 |
|
Purchases of property and equipment |
|
|
(542 |
) |
|
|
(560 |
) |
Net cash provided by (used in) investing activities |
|
|
(14,727 |
) |
|
|
18,886 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Repurchases of common stock |
|
|
(97 |
) |
|
|
(608 |
) |
Proceeds from issuance of common stock, net |
|
|
2,526 |
|
|
|
1,018 |
|
Net cash provided by financing activities |
|
|
2,429 |
|
|
|
410 |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(19,219 |
) |
|
|
22,773 |
|
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
38,348 |
|
|
|
13,197 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
19,129 |
|
|
$ |
35,970 |
|
|
|
|
|
|
|
|
||
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
||
Taxes paid |
|
$ |
89 |
|
|
$ |
137 |
|
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 |
|
$ |
21 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
18,954 |
|
|
$ |
35,795 |
|
Restricted cash included in other assets |
|
|
175 |
|
|
|
175 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
19,129 |
|
|
$ |
35,970 |
|
|
||||||||||||||||||||
Sales by Target Market |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(Unaudited) |
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|
||||||||||||||||||||
|
|
Three months ended |
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|
Nine months ended |
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|
|
|
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|
|
|
|
|
|
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|
||||||||
Target Market |
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Consumer |
|
$ |
4,599 |
|
|
$ |
8,905 |
|
|
$ |
10,381 |
|
|
$ |
23,800 |
|
|
$ |
27,489 |
|
Enterprise |
|
|
8,698 |
|
|
|
6,152 |
|
|
$ |
794 |
|
|
$ |
19,231 |
|
|
$ |
2,575 |
|
Automotive |
|
|
2,158 |
|
|
|
2,240 |
|
|
$ |
1,835 |
|
|
$ |
7,098 |
|
|
$ |
5,608 |
|
Total sales |
|
$ |
15,455 |
|
|
$ |
17,297 |
|
|
$ |
13,010 |
|
|
$ |
50,129 |
|
|
$ |
35,672 |
|
|
||||||||||||||||||||
Stock-Based Compensation Expense by Department |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||
|
||||||||||||||||||||
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Cost of goods sold |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
Research and development |
|
|
211 |
|
|
|
176 |
|
|
|
124 |
|
|
|
591 |
|
|
|
425 |
|
Sales and marketing |
|
|
230 |
|
|
|
213 |
|
|
|
101 |
|
|
|
658 |
|
|
|
291 |
|
General and administrative |
|
|
626 |
|
|
|
618 |
|
|
|
409 |
|
|
|
1,752 |
|
|
|
1,240 |
|
Total stock-based compensation expense |
|
$ |
1,068 |
|
|
$ |
1,008 |
|
|
$ |
634 |
|
|
$ |
3,004 |
|
|
$ |
1,956 |
|
|
|||||||||||||||||||
(in thousands) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
Reconciliation of GAAP to non-GAAP Gross Profit |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Gross profit |
$ |
5,546 |
|
|
$ |
7,299 |
|
|
$ |
6,029 |
|
|
$ |
19,742 |
|
|
$ |
16,748 |
|
Stock-based compensation |
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Amortization of intangible assets |
|
93 |
|
|
|
101 |
|
|
|
32 |
|
|
|
276 |
|
|
|
99 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
5,640 |
|
|
$ |
7,401 |
|
|
$ |
6,061 |
|
|
$ |
20,373 |
|
|
$ |
16,847 |
|
Reconciliation of GAAP to non-GAAP Gross Margin |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Gross margin |
|
35.9 |
% |
|
|
42.2 |
% |
|
|
46.3 |
% |
|
|
39.4 |
% |
|
|
46.9 |
% |
Stock-based compensation |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
Amortization of intangible assets |
|
0.6 |
% |
|
|
0.6 |
% |
|
|
0.3 |
% |
|
|
0.5 |
% |
|
|
0.3 |
% |
Amortization of inventory step-up |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.7 |
% |
|
|
0.0 |
% |
Non-GAAP gross margin |
|
36.5 |
% |
|
|
42.8 |
% |
|
|
46.6 |
% |
|
|
40.6 |
% |
|
|
47.2 |
% |
Reconciliation of GAAP to non-GAAP Operating Expenses |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Operating expenses |
$ |
8,592 |
|
|
$ |
10,033 |
|
|
$ |
6,229 |
|
|
$ |
27,403 |
|
|
$ |
18,856 |
|
Stock-based compensation expense |
|
(1,067 |
) |
|
|
(1,007 |
) |
|
|
(634 |
) |
|
|
(3,001 |
) |
|
|
(1,956 |
) |
Amortization of intangible assets |
|
(672 |
) |
|
|
(666 |
) |
|
|
(121 |
) |
|
|
(1,972 |
) |
|
|
(376 |
) |
Change in fair value of contingent consideration |
|
(103 |
) |
|
|
(1,557 |
) |
|
|
— |
|
|
|
(1,660 |
) |
|
|
— |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(189 |
) |
|
|
— |
|
Non-GAAP operating expenses |
$ |
6,750 |
|
|
$ |
6,803 |
|
|
$ |
5,474 |
|
|
$ |
20,581 |
|
|
$ |
16,524 |
|
|
|||||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||||
(Unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
Reconciliation of GAAP to non-GAAP Net Income (Loss) |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Net loss |
$ |
(3,069 |
) |
|
$ |
(2,609 |
) |
|
$ |
(261 |
) |
|
$ |
(5,441 |
) |
|
$ |
(2,199 |
) |
Stock-based compensation expense |
|
1,068 |
|
|
|
1,008 |
|
|
|
634 |
|
|
|
3,004 |
|
|
|
1,956 |
|
Amortization of intangible assets |
|
765 |
|
|
|
767 |
|
|
|
153 |
|
|
|
2,248 |
|
|
|
475 |
|
Change in fair value of contingent consideration |
|
103 |
|
|
|
1,557 |
|
|
|
— |
|
|
|
1,660 |
|
|
|
— |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
|
|
— |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
Other income |
|
(6 |
) |
|
|
(7 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
|
|
(183 |
) |
Provision (benefit) for income taxes |
|
30 |
|
|
|
(127 |
) |
|
|
84 |
|
|
|
(2,214 |
) |
|
|
274 |
|
Non-GAAP net income (loss) attributable to common stockholders |
$ |
(1,109 |
) |
|
$ |
589 |
|
|
$ |
587 |
|
|
$ |
(223 |
) |
|
$ |
323 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
(0.11 |
) |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
Diluted |
$ |
(0.11 |
) |
|
$ |
0.05 |
|
|
$ |
0.06 |
|
|
$ |
(0.02 |
) |
|
$ |
0.03 |
|
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
10,082 |
|
|
|
10,026 |
|
|
|
9,710 |
|
|
|
9,993 |
|
|
|
9,694 |
|
Diluted |
|
10,082 |
|
|
|
10,786 |
|
|
|
10,069 |
|
|
|
9,993 |
|
|
|
9,929 |
|
Reconciliation of Net Loss to Adjusted EBITDA |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Net income (loss) |
$ |
(3,069 |
) |
|
$ |
(2,609 |
) |
|
$ |
(261 |
) |
|
$ |
(5,441 |
) |
|
$ |
(2,199 |
) |
Stock-based compensation expense |
|
1,068 |
|
|
|
1,008 |
|
|
|
634 |
|
|
|
3,004 |
|
|
|
1,956 |
|
Depreciation and amortization |
|
896 |
|
|
|
894 |
|
|
|
259 |
|
|
|
2,637 |
|
|
|
823 |
|
Change in fair value of contingent consideration |
|
103 |
|
|
|
1,557 |
|
|
|
— |
|
|
|
1,660 |
|
|
|
— |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
|
|
— |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
|
|
— |
|
Interest income |
|
(6 |
) |
|
|
(7 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
|
|
(194 |
) |
Provision (benefit) for income taxes |
|
30 |
|
|
|
(127 |
) |
|
|
84 |
|
|
|
(2,214 |
) |
|
|
274 |
|
Adjusted EBITDA |
$ |
(978 |
) |
|
$ |
716 |
|
|
$ |
693 |
|
|
$ |
166 |
|
|
$ |
660 |
|
Q4-2021 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: |
|
|
|
|
|
|
|
|
||
GAAP gross margin |
|
|
33.5 |
% |
|
|
|
|
|
|
Amortization |
|
|
0.5 |
% |
|
|
|
|
|
|
Non-GAAP gross margin |
|
|
34.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Operating Expense Reconciliation: |
|
|
|
|
EPS Reconciliation(1): |
|
|
|
||
GAAP operating expenses |
|
$ |
9.12 |
|
|
GAAP EPS |
|
$ |
(0.44 |
) |
Stock-based compensation |
|
|
(1.09 |
) |
|
Stock-based compensation |
|
|
0.11 |
|
Amortization |
|
|
(0.67 |
) |
|
Amortization |
|
|
0.07 |
|
Change in fair value of contingent consideration |
|
|
(0.36 |
) |
|
Change in fair value of contingent consideration |
|
|
0.04 |
|
Non-GAAP operating expenses |
|
$ |
7.00 |
|
|
Non-GAAP EPS |
|
$ |
(0.22 |
) |
|
|
|
|
|
|
|
|
|
||
Net Loss Reconciliation |
|
|
|
|
Adjusted EBITDA Reconciliation |
|
|
|
||
GAAP net loss |
|
$ |
(4.48 |
) |
|
GAAP net loss |
|
$ |
(4.48 |
) |
Stock-based compensation |
|
|
1.09 |
|
|
Stock-based compensation |
|
|
1.09 |
|
Amortization |
|
|
0.76 |
|
|
Depreciation and amortization |
|
|
0.90 |
|
Change in fair value of contingent consideration |
|
|
0.36 |
|
|
Change in fair value of contingent consideration |
|
|
0.36 |
|
Interest income, net |
|
|
(0.01 |
) |
|
Interest income, net |
|
|
(0.01 |
) |
Provision for income taxes |
|
|
0.05 |
|
|
Provision for income taxes |
|
|
0.05 |
|
Non-GAAP net loss |
|
$ |
(2.23 |
) |
|
Adjusted EBITDA |
|
$ |
(2.09 |
) |
|
|
|
|
|
|
|
|
|
||
(1) Amounts are based on 10.2 million weighted average shares outstanding. |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20211109006413/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 Q3 2021 financial results?
How did Airgain's sales perform in Q3 2021 compared to Q2 2021?
What are the sales projections for Airgain in Q4 2021?
What was the net loss per share for Airgain in Q3 2021?
What factors contributed to the decline in Airgain's gross margin?
