Airgain® Reports Third Quarter 2022 Financial Results
Airgain, Inc. (Nasdaq: AIRG) reported third-quarter 2022 revenue of $19.2 million, marking a 24% year-over-year increase. Adjusted EBITDA for the quarter was $0.8 million, with a GAAP net loss of $1.3 million, or $0.13 per share. Sales from Consumer, Enterprise, and Automotive markets contributed significantly, with notable increases in Consumer and Automotive sales. The company also announced management changes, appointing Michael Elbaz as CFO and promoting Morad Sbahi to Chief Revenue Officer. Fourth-quarter sales are projected between $19.7 million and $21.1 million.
- 24% year-over-year revenue growth to $19.2 million
- Second consecutive quarter of adjusted EBITDA profitability at $0.8 million
- Strengthened management team with new CFO and Chief Revenue Officer appointments
- Increased Consumer and Automotive sales compared to Q2 2022
- GAAP net loss of $1.3 million or $0.13 per share
- Enterprise sales decreased by $2.4 million compared to Q2 2022 due to lower industrial IoT product sales
“We are very pleased to report strong revenue and adjusted EBITDA results in our third quarter that built upon the momentum we established in Q2,” said Airgain’s President and Chief Executive Officer,
"In addition, we strengthened our executive team with the appointment of
Management Team Update
Over the past 12 months, the Company has strengthened its management team and organization by bringing in seasoned team members at key positions.
The Company's new management position, Chief Revenue Officer combines the global marketing and sales functions into one position in charge of delivering the Company’s revenue plans.
Third Quarter 2022 Financial Highlights
GAAP
-
Sales of
$19.2 million -
GAAP gross margin of
38.8% -
GAAP operating expenses of
$8.7 million -
GAAP net loss of
$1.3 million $0.13
Non-GAAP
-
Non-GAAP gross margin of
39.4% -
Non-GAAP operating expenses of
$7.0 million -
Non-GAAP net income of
$0.6 million $0.06 -
Adjusted EBITDA of
$0.8 million
Third Quarter 2022 Financial Results
Sales for the third quarter of 2022 were
GAAP gross profit for each of the third quarter of 2022 was
GAAP gross margin for the third quarter of 2022 was
Non-GAAP gross margin for the third quarter of 2022 was
GAAP operating expenses for the third quarter of 2022 was
GAAP net loss for the third quarter of 2022 was
Adjusted EBITDA for the third quarter of 2022 was
First Nine Months 2022 Financial Highlights
GAAP
-
Sales of
$56.0 million -
GAAP gross margin of
39.5% -
GAAP operating expenses of
$27.4 million -
GAAP net loss of
$5.4 million $(0.53)
Non-GAAP
-
Non-GAAP gross margin of
40.1% -
Non-GAAP operating expenses of
$21.9 million -
Non-GAAP net income of
$0.5 million $0.05 -
Adjusted EBITDA of
$1.0 million
First Nine Months 2022 Financial Results
Sales for the first nine months of 2022 were
GAAP gross profit for the first nine months of 2022 was
GAAP gross margin for the first nine months of 2022 was
GAAP operating expenses for the first nine months of 2022 was
GAAP net loss for the first nine months of 2022 was
Adjusted EBITDA for the first nine months of 2022 was
Fourth Quarter 2022 Financial Outlook
GAAP
-
Sales are expected to be in the range of
$19.7 million $21.1 million $20.4 million -
GAAP gross margin is expected to be in the range of
37.0% to40.0% -
GAAP operating expense is expected to be approximately
$9.2 million -
GAAP net loss per share is expected to be
$(0.14)
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
$7.4 million -
Non-GAAP net income per share is expected to be
$0.05 -
Adjusted EBITDA is expected to be
$0.7 million
Our financial outlook for the three months ending
Conference Call
Date:
Time:
Participant Dial-In: (877) 407-2988 or +1 (201) 389-0923
The conference call will be broadcast simultaneously and available here and for replay via the investor relations section of the company's website at investors.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=zDU7hjkG
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.
|
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(in thousands, except par value) |
||||||||
(unaudited) |
||||||||
|
|
|
|
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
9,190 |
|
|
$ |
14,511 |
|
Trade accounts receivable, net |
|
|
9,452 |
|
|
|
10,757 |
|
Inventory |
|
|
9,345 |
|
|
|
8,949 |
|
Prepaid expenses and other current assets |
|
|
2,005 |
|
|
|
1,272 |
|
Total current assets |
|
|
29,992 |
|
|
|
35,489 |
|
Property and equipment, net |
|
|
2,816 |
|
|
|
2,698 |
|
Leased right-of-use assets |
|
|
2,437 |
|
|
|
2,777 |
|
|
|
|
10,845 |
|
|
|
10,845 |
|
Intangible assets, net |
|
|
11,960 |
|
|
|
14,229 |
|
Other assets |
|
|
243 |
|
|
|
352 |
|
Total assets |
|
$ |
58,293 |
|
|
$ |
66,390 |
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
7,827 |
|
|
$ |
5,474 |
|
Accrued compensation |
|
|
2,492 |
|
|
|
2,013 |
|
Accrued liabilities and other |
|
|
3,007 |
|
|
|
2,833 |
|
Short-term lease liabilities |
|
|
888 |
|
|
|
841 |
|
Deferred purchase price liabilities |
|
|
153 |
|
|
|
8,726 |
|
Total current liabilities |
|
|
14,367 |
|
|
|
19,887 |
|
Deferred tax liability |
|
|
132 |
|
|
|
109 |
|
Long-term lease liabilities |
|
|
1,782 |
|
|
|
2,221 |
|
Total liabilities |
|
|
16,281 |
|
|
|
22,217 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock and additional paid-in capital, par value |
|
|
110,249 |
|
|
|
106,971 |
|
|
|
|
(5,364 |
) |
|
|
(5,364 |
) |
Accumulated deficit |
|
|
(62,873 |
) |
|
|
(57,434 |
) |
Total stockholders’ equity |
|
|
42,012 |
|
|
|
44,173 |
|
Total liabilities and stockholders’ equity |
|
$ |
58,293 |
|
|
$ |
66,390 |
|
|
||||||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Sales |
|
$ |
19,198 |
|
|
$ |
19,286 |
|
|
$ |
15,455 |
|
|
$ |
56,006 |
|
|
$ |
50,129 |
|
Cost of goods sold |
|
|
11,755 |
|
|
|
11,793 |
|
|
|
9,909 |
|
|
|
33,902 |
|
|
|
30,387 |
|
Gross profit |
|
|
7,443 |
|
|
|
7,493 |
|
|
|
5,546 |
|
|
|
22,104 |
|
|
|
19,742 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development |
|
|
2,901 |
|
|
|
2,962 |
|
|
|
2,698 |
|
|
|
9,117 |
|
|
|
8,130 |
|
Sales and marketing |
|
|
2,808 |
|
|
|
2,889 |
|
|
|
2,484 |
|
|
|
8,552 |
|
|
|
7,412 |
|
General and administrative |
|
|
2,998 |
|
|
|
3,255 |
|
|
|
3,307 |
|
|
|
9,738 |
|
|
|
10,201 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
1,660 |
|
Total operating expenses |
|
|
8,707 |
|
|
|
9,106 |
|
|
|
8,592 |
|
|
|
27,407 |
|
|
|
27,403 |
|
Loss from operations |
|
|
(1,264 |
) |
|
|
(1,613 |
) |
|
|
(3,046 |
) |
|
|
(5,303 |
) |
|
|
(7,661 |
) |
Other expense (income): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income, net |
|
|
(26 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(37 |
) |
|
|
(21 |
) |
Other expense (income) |
|
|
9 |
|
|
|
15 |
|
|
|
(1 |
) |
|
|
39 |
|
|
|
15 |
|
Total other expense (income) |
|
|
(17 |
) |
|
|
9 |
|
|
|
(7 |
) |
|
|
2 |
|
|
|
(6 |
) |
Loss before income taxes |
|
|
(1,247 |
) |
|
|
(1,622 |
) |
|
|
(3,039 |
) |
|
|
(5,305 |
) |
|
|
(7,655 |
) |
Income tax expense (benefit) |
|
|
52 |
|
|
|
(3 |
) |
|
|
30 |
|
|
|
134 |
|
|
|
(2,214 |
) |
Net loss |
|
$ |
(1,299 |
) |
|
$ |
(1,619 |
) |
|
$ |
(3,069 |
) |
|
$ |
(5,439 |
) |
|
$ |
(5,441 |
) |
Net income loss per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
(0.13 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.54 |
) |
Diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.54 |
) |
Weighted average shares used in calculating income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
10,210 |
|
|
|
10,219 |
|
|
|
10,082 |
|
|
|
10,179 |
|
|
|
9,993 |
|
Diluted |
10,210 |
|
|
|
10,219 |
|
|
10,082 |
|
|
10,179 |
|
|
|
9,993 |
|
||||
|
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
|
||||||
|
|
Nine months ended |
||||||
|
|
2022 |
|
|
2021 |
|
||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(5,439 |
) |
|
$ |
(5,441 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
||||
Depreciation |
|
|
502 |
|
|
|
389 |
|
Loss on disposal of property and equipment |
|
|
3 |
|
|
|
- |
|
Amortization of intangible assets |
|
|
2,269 |
|
|
|
2,248 |
|
Stock-based compensation |
|
|
3,575 |
|
|
|
3,004 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
1,660 |
|
Deferred tax liability |
|
|
24 |
|
|
|
(2,285 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade accounts receivable |
|
|
1,305 |
|
|
|
(4,442 |
) |
Inventory |
|
|
(396 |
) |
|
|
(3,859 |
) |
Prepaid expenses and other current assets |
|
|
(733 |
) |
|
|
104 |
|
Other assets |
|
|
109 |
|
|
|
(31 |
) |
Accounts payable |
|
|
2,353 |
|
|
|
2,217 |
|
Accrued compensation |
|
|
(54 |
) |
|
|
(1,041 |
) |
Accrued liabilities and other |
|
|
(1,383 |
) |
|
|
568 |
|
Lease liabilities |
|
|
(52 |
) |
|
|
(12 |
) |
Net cash provided by (used in) operating activities |
|
|
2,083 |
|
|
|
(6,921 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Cash paid for acquisition, net of cash acquired |
|
|
— |
|
|
|
(14,185 |
) |
Purchases of property and equipment |
|
|
(634 |
) |
|
|
(542 |
) |
Proceeds from sale of equipment |
|
|
10 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(624 |
) |
|
|
(14,727 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Repurchases of common stock |
|
|
— |
|
|
|
(97 |
) |
Cash paid for business acquisition |
|
|
(7,015 |
) |
|
|
— |
|
Proceeds from issuance of common stock, net |
|
|
235 |
|
|
|
2,526 |
|
Net cash (used in) provided by financing activities |
|
|
(6,780 |
) |
|
|
2,429 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(5,321 |
) |
|
|
(19,219 |
) |
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
14,686 |
|
|
|
38,348 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
9,365 |
|
|
$ |
19,129 |
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Taxes paid |
|
$ |
196 |
|
|
$ |
89 |
|
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 |
|
Operating lease liabilities resulting from right-of-use assets |
|
$ |
364 |
|
|
$ |
— |
|
Accrual of property and equipment |
|
$ |
19 |
|
|
$ |
21 |
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
9,190 |
|
|
$ |
18,954 |
|
Restricted cash included in prepaid expenses and other current assets and other assets long term |
|
$ |
175 |
|
|
|
175 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
9,365 |
|
$ |
19,129 |
||
|
||||||||||||||||||||
Sales by Target Market |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|||||
Consumer |
|
$ |
7,334 |
|
|
$ |
5,981 |
|
|
$ |
4,599 |
|
|
$ |
19,377 |
|
|
$ |
23,800 |
|
Enterprise |
|
|
6,747 |
|
|
|
9,120 |
|
|
|
8,698 |
|
|
|
24,496 |
|
|
|
19,231 |
|
Automotive |
|
|
5,117 |
|
|
|
4,185 |
|
|
|
2,158 |
|
|
|
12,133 |
|
|
|
7,098 |
|
Total sales |
|
$ |
19,198 |
|
|
$ |
19,286 |
|
|
$ |
15,455 |
|
|
$ |
56,006 |
|
|
$ |
50,129 |
|
|
||||||||||||||||||||
Stock-Based Compensation Expense by Department |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||
|
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|||||
Cost of goods sold |
|
$ |
36 |
|
|
$ |
22 |
|
|
$ |
1 |
|
|
$ |
71 |
|
|
$ |
3 |
|
Research and development |
|
|
255 |
|
|
|
278 |
|
|
|
211 |
|
|
|
800 |
|
|
|
591 |
|
Sales and marketing |
|
|
273 |
|
|
|
296 |
|
|
|
230 |
|
|
|
856 |
|
|
|
658 |
|
General and administrative |
|
|
556 |
|
|
|
618 |
|
|
|
626 |
|
|
|
1,848 |
|
|
|
1,752 |
|
Total stock-based compensation expense |
|
$ |
1,120 |
|
|
$ |
1,214 |
|
|
$ |
1,068 |
|
|
$ |
3,575 |
|
|
$ |
3,004 |
|
(in thousands) (unaudited) |
Reconciliation of GAAP to non-GAAP Gross Profit |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|||||
Gross profit |
$ |
7,443 |
|
|
$ |
7,493 |
|
|
$ |
5,546 |
|
|
$ |
22,104 |
|
|
$ |
19,742 |
|
Stock-based compensation |
|
36 |
|
|
|
22 |
|
|
|
1 |
|
|
|
71 |
|
|
|
3 |
|
Amortization of intangible assets |
|
89 |
|
|
|
89 |
|
|
|
93 |
|
|
|
266 |
|
|
|
276 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Non-GAAP gross profit |
$ |
7,568 |
|
|
$ |
7,604 |
|
|
$ |
5,640 |
|
|
$ |
22,441 |
|
|
$ |
20,373 |
|
Reconciliation of GAAP to non-GAAP Gross Margin |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|||||
Gross margin |
|
38.8 |
% |
|
|
38.9 |
% |
|
|
35.9 |
% |
|
|
39.5 |
% |
|
|
39.4 |
% |
Stock-based compensation |
|
0.2 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.1 |
% |
|
|
0.0 |
% |
Amortization of intangible assets |
|
0.4 |
% |
|
|
0.5 |
% |
|
|
0.6 |
% |
|
|
0.5 |
% |
|
|
0.5 |
% |
Amortization of inventory step-up |
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.7 |
% |
Non-GAAP gross margin |
|
39.4 |
% |
|
|
39.4 |
% |
|
|
36.5 |
% |
|
|
40.1 |
% |
|
|
40.6 |
% |
Reconciliation of GAAP to non-GAAP Operating Expenses |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|||||
Operating expenses |
$ |
8,707 |
|
|
$ |
9,106 |
|
|
$ |
8,592 |
|
|
$ |
27,407 |
|
|
$ |
27,403 |
|
Stock-based compensation expense |
|
(1,084 |
) |
|
|
(1,192 |
) |
|
|
(1,067 |
) |
|
|
(3,504 |
) |
|
|
(3,001 |
) |
Amortization of intangible assets |
|
(668 |
) |
|
|
(667 |
) |
|
|
(672 |
) |
|
|
(2,003 |
) |
|
|
(1,972 |
) |
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
(103 |
) |
|
|
— |
|
|
|
(1,660 |
) |
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(189 |
) |
Non-GAAP operating expenses |
$ |
6,955 |
|
|
$ |
7,247 |
|
|
$ |
6,750 |
|
|
$ |
21,900 |
|
|
$ |
20,581 |
|
|
|||||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
Reconciliation of GAAP to non-GAAP Net Income (Loss) |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
||||||||
Net loss |
$ |
(1,299 |
) |
|
$ |
(1,619 |
) |
|
$ |
(3,069 |
) |
|
$ |
(5,439 |
) |
|
$ |
(5,441 |
) |
Stock-based compensation expense |
|
1,120 |
|
|
|
1,214 |
|
|
|
1,068 |
|
|
|
3,575 |
|
|
|
3,004 |
|
Amortization of intangible assets |
|
755 |
|
|
|
757 |
|
|
|
765 |
|
|
|
2,269 |
|
|
|
2,248 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
— |
|
|
|
103 |
|
|
|
— |
|
|
|
1,660 |
|
Acquisition-related expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
Amortization of inventory step-up |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Other (income) expense |
|
(15 |
) |
|
|
9 |
|
|
|
(6 |
) |
|
|
1 |
|
|
|
(21 |
) |
Provision (benefit) for income taxes |
|
52 |
|
|
|
(3 |
) |
|
|
30 |
|
|
|
134 |
|
|
|
(2,214 |
) |
Non-GAAP net income (loss) attributable to common stockholders |
$ |
613 |
|
|
$ |
358 |
|
|
$ |
(1,109 |
) |
|
$ |
540 |
|
|
$ |
(223 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.06 |
|
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
|
$ |
0.05 |
|
|
$ |
(0.02 |
) |
Diluted |
$ |
0.06 |
|
|
$ |
0.03 |
|
|
$ |
(0.11 |
) |
|
$ |
0.05 |
|
|
$ |
(0.02 |
) |
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
10,210 |
|
|
|
10,219 |
|
|
|
10,082 |
|
|
|
10,179 |
|
|
|
9,993 |
|
Diluted |
|
10,524 |
|
|
|
10,385 |
|
|
|
10,082 |
|
|
|
10,468 |
|
|
|
9,993 |
|
Reconciliation of Net Income (Loss) to Adjusted EBITDA |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended |
||||||||||||||||
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
||||||||
Net loss |
$ |
(1,299 |
) |
|
$ |
(1,619 |
) |
|
$ |
(3,069 |
) |
|
$ |
(5,439 |
) |
|
$ |
(5,441 |
) |
Stock-based compensation expense |
|
1,120 |
|
|
|
1,214 |
|
|
|
1,068 |
|
|
|
3,575 |
|
|
|
3,004 |
|
Depreciation and amortization |
|
921 |
|
|
|
925 |
|
|
|
896 |
|
|
|
2,771 |
|
|
|
2,637 |
|
Change in fair value of contingent consideration |
|
— |
|
|
|
- |
|
|
|
103 |
|
|
|
— |
|
|
|
1,660 |
|
Amortization of inventory step-up |
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
352 |
|
Acquisition-related expenses |
|
— |
|
|
|
- |
|
|
|
— |
|
|
|
— |
|
|
|
189 |
|
Other (income) expense |
|
(15 |
) |
|
|
9 |
|
|
|
(6 |
) |
|
|
1 |
|
|
|
(21 |
) |
Provision (benefit) for income taxes |
|
52 |
|
|
|
(3 |
) |
|
|
30 |
|
|
|
134 |
|
|
|
(2,214 |
) |
Adjusted EBITDA |
$ |
779 |
|
|
$ |
526 |
|
|
$ |
(978 |
) |
|
$ |
1,042 |
|
|
$ |
166 |
|
Q4-2022 Financial Outlook |
||||||||||
Reconciliations of GAAP to Non-GAAP Gross Margin, Operating Expense, Net (Loss) Income, EPS and to Adjusted EBITDA |
||||||||||
For the Three Months Ended |
||||||||||
(dollars in millions, except per share data) |
||||||||||
|
|
|
|
|
|
|
|
|||
Gross Margin Reconciliation: |
|
|
|
|
Operating Expense Reconciliation: |
|
|
|||
GAAP gross margin |
|
|
38.4 |
% |
|
GAAP operating expenses |
|
$ |
9.2 |
|
Stock-based compensation |
|
|
0.1 |
% |
|
Stock-based compensation |
|
|
(1.1 |
) |
Amortization |
|
|
0.5 |
% |
|
Amortization |
|
|
(0.7 |
) |
Non-GAAP gross margin |
|
|
39.0 |
% |
|
Non-GAAP operating expenses |
|
$ |
7.4 |
|
|
|
|
|
|
|
|
|
|||
Net (Loss) Income Reconciliation |
|
|
|
|
Net (Loss) Income per Share Reconciliation(1): |
|
|
|||
GAAP net loss |
|
$ |
(1.4 |
) |
|
GAAP net loss per share |
|
$ |
(0.14 |
) |
Stock-based compensation |
|
|
1.1 |
|
|
Stock-based compensation |
|
|
0.11 |
|
Amortization |
|
|
0.8 |
|
|
Amortization |
|
|
0.07 |
|
Interest income, net |
|
|
— |
|
|
Interest income, net |
|
|
— |
|
Income tax expense |
|
|
— |
|
|
Income tax expense |
|
|
0.01 |
|
Non-GAAP net income |
|
$ |
0.5 |
|
|
Non-GAAP net income per share |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|||
GAAP net loss |
|
$ |
(1.4 |
) |
|
|
|
|
||
Stock-based compensation |
|
|
1.1 |
|
|
|
|
|
||
Depreciation and amortization |
|
|
1.0 |
|
|
|
|
|
||
Interest income, net |
|
|
— |
|
|
|
|
|
||
Provision for income taxes |
|
|
— |
|
|
|
|
|
||
Adjusted EBITDA |
|
$ |
0.7 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|||
(1) Amounts are based on 10.3 million basic and 10.3 million diluted weighted average shares outstanding |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005990/en/
Airgain Contact
Chief Executive Officer and President
investors@airgain.com
Airgain Investor Contact
+1 949 574 3860
AIRG@gatewayir.com
Source:
FAQ
What were Airgain's financial results for the third quarter of 2022?
What is Airgain's earnings outlook for Q4 2022?
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How did Airgain's sales perform in the Automotive and Consumer markets?
What was the adjusted EBITDA for Airgain in Q3 2022?
