Airgain® Reports Fourth Quarter and Full Year 2024 Financial Results
Airgain (NASDAQ: AIRG) reported Q4 2024 financial results with sales of $15.1 million, up 50% year-over-year but down 6% sequentially. The company achieved a significant milestone with the first commercial deployment of Lighthouse, their Smart Network-Controlled Repeater.
Q4 2024 financial highlights include a GAAP gross margin of 42.2% and a GAAP net loss of $2.0 million ($(0.17) per share). The quarter saw market distribution of sales: $6.5M from consumer, $5.3M from enterprise, and $3.3M from automotive segments.
For full year 2024, Airgain reported total sales of $60.6 million, an 8.1% increase from 2023, with a GAAP net loss of $8.7 million. The company secured a strategic partnership with Omantel and received AT&T certification for AirgainConnect Fleet. Q1 2025 outlook projects sales between $11.0-13.0 million with expected GAAP net loss per share of $(0.11) at midpoint.
Airgain (NASDAQ: AIRG) ha riportato i risultati finanziari del quarto trimestre 2024 con vendite di 15,1 milioni di dollari, in aumento del 50% rispetto all'anno precedente, ma in calo del 6% rispetto al trimestre precedente. L'azienda ha raggiunto un traguardo significativo con il primo dispiegamento commerciale di Lighthouse, il loro ripetitore controllato da rete intelligente.
I punti salienti finanziari del quarto trimestre 2024 includono un margine lordo GAAP del 42,2% e una perdita netta GAAP di 2,0 milioni di dollari ($(0,17) per azione). Durante il trimestre, la distribuzione delle vendite è stata: 6,5 milioni di dollari dal segmento consumer, 5,3 milioni di dollari dal segmento enterprise e 3,3 milioni di dollari dal segmento automotive.
Per l'intero anno 2024, Airgain ha riportato vendite totali di 60,6 milioni di dollari, con un aumento dell'8,1% rispetto al 2023, e una perdita netta GAAP di 8,7 milioni di dollari. L'azienda ha assicurato una partnership strategica con Omantel e ha ricevuto la certificazione AT&T per AirgainConnect Fleet. Le previsioni per il primo trimestre 2025 stimano vendite tra 11,0 e 13,0 milioni di dollari, con una perdita netta GAAP per azione prevista di $(0,11) a metà strada.
Airgain (NASDAQ: AIRG) reportó los resultados financieros del cuarto trimestre de 2024 con ventas de 15,1 millones de dólares, un aumento del 50% interanual, pero una disminución del 6% secuencialmente. La compañía logró un hito significativo con el primer despliegue comercial de Lighthouse, su repetidor controlado por red inteligente.
Los aspectos destacados financieros del cuarto trimestre de 2024 incluyen un margen bruto GAAP del 42,2% y una pérdida neta GAAP de 2,0 millones de dólares ($(0,17) por acción). Durante el trimestre, la distribución de ventas fue: 6,5 millones de dólares del segmento de consumo, 5,3 millones de dólares del segmento empresarial y 3,3 millones de dólares del segmento automotriz.
Para el año completo 2024, Airgain reportó ventas totales de 60,6 millones de dólares, un aumento del 8,1% con respecto a 2023, con una pérdida neta GAAP de 8,7 millones de dólares. La compañía aseguró una asociación estratégica con Omantel y recibió la certificación de AT&T para AirgainConnect Fleet. Las proyecciones para el primer trimestre de 2025 prevén ventas entre 11,0 y 13,0 millones de dólares, con una pérdida neta GAAP por acción esperada de $(0,11) en el punto medio.
Airgain (NASDAQ: AIRG)는 2024년 4분기 재무 결과를 보고하며 매출이 1510만 달러로, 전년 대비 50% 증가했지만, 전분기 대비 6% 감소했다고 발표했습니다. 이 회사는 스마트 네트워크 제어 리피터인 Lighthouse의 첫 상업적 배포로 중요한 이정표를 달성했습니다.
2024년 4분기 재무 주요 사항에는 GAAP 총 마진 42.2%와 200만 달러의 GAAP 순손실 ($(0.17) 주당)이 포함됩니다. 이번 분기 동안 매출 분포는 소비자 부문에서 650만 달러, 기업 부문에서 530만 달러, 자동차 부문에서 330만 달러였습니다.
2024년 전체 연도 동안 Airgain은 총 매출 6060만 달러를 보고했으며, 이는 2023년 대비 8.1% 증가한 수치로, GAAP 순손실은 870만 달러에 달했습니다. 이 회사는 Omantel과 전략적 파트너십을 체결하고 AirgainConnect Fleet에 대한 AT&T 인증을 받았습니다. 2025년 1분기 전망은 매출이 1100만 달러에서 1300만 달러 사이로 예상되며, 중간값 기준으로 주당 GAAP 순손실은 $(0.11)로 예상됩니다.
Airgain (NASDAQ: AIRG) a annoncé les résultats financiers du quatrième trimestre 2024 avec des ventes de 15,1 millions de dollars, en hausse de 50 % par rapport à l'année précédente, mais en baisse de 6 % par rapport au trimestre précédent. L'entreprise a atteint une étape importante avec le premier déploiement commercial de Lighthouse, leur répéteur contrôlé par réseau intelligent.
Les points forts financiers du quatrième trimestre 2024 incluent une marge brute GAAP de 42,2% et une perte nette GAAP de 2,0 millions de dollars ($(0,17) par action). Au cours du trimestre, la distribution des ventes était : 6,5 millions de dollars du secteur grand public, 5,3 millions de dollars du secteur entreprise et 3,3 millions de dollars du secteur automobile.
Pour l'année entière 2024, Airgain a rapporté des ventes totales de 60,6 millions de dollars, soit une augmentation de 8,1 % par rapport à 2023, avec une perte nette GAAP de 8,7 millions de dollars. L'entreprise a sécurisé un partenariat stratégique avec Omantel et a reçu la certification AT&T pour AirgainConnect Fleet. Les prévisions pour le premier trimestre 2025 projettent des ventes entre 11,0 et 13,0 millions de dollars, avec une perte nette GAAP par action attendue de $(0,11) à la moyenne.
Airgain (NASDAQ: AIRG) hat die finanziellen Ergebnisse für das vierte Quartal 2024 veröffentlicht, mit einem Umsatz von 15,1 Millionen Dollar, was einem Anstieg von 50% im Jahresvergleich entspricht, jedoch einem Rückgang von 6% im Vergleich zum vorherigen Quartal. Das Unternehmen erreichte einen bedeutenden Meilenstein mit dem ersten kommerziellen Einsatz von Lighthouse, ihrem intelligenten netzwerkgesteuerten Repeater.
Die finanziellen Highlights des vierten Quartals 2024 umfassen eine GAAP-Bruttomarge von 42,2% und einen GAAP-Nettoverlust von 2,0 Millionen Dollar ($(0,17) pro Aktie). Im Quartal betrugen die Vertriebsverteilungen: 6,5 Millionen Dollar aus dem Verbrauchermarkt, 5,3 Millionen Dollar aus dem Unternehmensbereich und 3,3 Millionen Dollar aus dem Automobilsektor.
Für das gesamte Jahr 2024 meldete Airgain einen Gesamtumsatz von 60,6 Millionen Dollar, was einem Anstieg von 8,1% im Vergleich zu 2023 entspricht, mit einem GAAP-Nettoverlust von 8,7 Millionen Dollar. Das Unternehmen sicherte sich eine strategische Partnerschaft mit Omantel und erhielt die AT&T-Zertifizierung für AirgainConnect Fleet. Der Ausblick für das erste Quartal 2025 prognostiziert einen Umsatz zwischen 11,0 und 13,0 Millionen Dollar mit einem erwarteten GAAP-Nettoverlust pro Aktie von $(0,11) im Durchschnitt.
- 50% year-over-year revenue growth in Q4
- Gross margin improved to 42.2% from 29.1% YoY
- First commercial deployment of Lighthouse completed
- Strategic partnership with Omantel secured
- AT&T certification received for AirgainConnect Fleet
- 6.3% sequential revenue decline in Q4
- Q4 GAAP net loss of $2.0 million
- Full year 2024 net loss of $8.7 million
- Q1 2025 guidance shows revenue decline to $11-13M
- Operating expenses increased year-over-year
Insights
Airgain's Q4 results demonstrate a company at an inflection point, with 50% year-over-year revenue growth to
The company's margin profile shows significant improvement, with Q4 non-GAAP gross margins reaching
Strategically, Airgain has achieved three critical milestones that position it for future growth:
- First commercial deployment of Lighthouse, their Smart Network-Controlled Repeater technology that solves the critical "last mile" connectivity challenge for 5G networks
- Multi-year, multi-million dollar partnership with Omantel, providing entry into the MENA region
- AT&T certification for AirgainConnect Fleet, completing major carrier approvals (T-Mobile previously certified) and enabling full North American market access
The automotive segment showed particular strength with
The weak Q1 2025 guidance suggests ongoing inventory adjustments and project timing issues will persist before recovery. With a non-GAAP operating expense run rate of approximately
“Fourth quarter marked a significant milestone as we successfully completed the first commercial deployment of Lighthouse, Airgain’s Smart Network-Controlled Repeater, reinforcing its differentiation in improving outdoor and indoor wireless coverage,” said Jacob Suen, President and CEO of Airgain. “With fourth-quarter sales of
Fourth Quarter 2024 and Recent Operational Highlights
- Completed first Lighthouse commercial deployment in December 2024
-
Secured a multi-year, multi-million-dollar strategic partnership with Omantel, the leading telecommunications provider in
Oman , to redefine 5G connectivity across theMiddle East andNorth Africa (MENA) region -
Received certification for AirgainConnect Fleet 5G vehicle gateway from AT&T, along with T-Mobile and industry bodies for use across
North America
Fourth Quarter 2024 Financial Highlights
GAAP
-
Sales of
$15.1 million -
GAAP gross margin of
42.2% -
GAAP operating expenses of
$8.3 million -
GAAP net loss of
$2.0 million $(0.17)
Non-GAAP
-
Non-GAAP gross margin of
43.4% -
Non-GAAP operating expenses of
$6.5 million -
Non-GAAP net income of
$33,000 $0.00 -
Adjusted EBITDA of
$0.2 million
Fourth Quarter 2024 Financial Results
Sales for the fourth quarter of 2024 were
GAAP gross profit for the fourth quarter of 2024 was
GAAP gross margin for the fourth quarter of 2024 was
GAAP operating expenses for the fourth quarter of 2024 were
GAAP net loss for the fourth quarter of 2024 was
Adjusted EBITDA for the fourth quarter of 2024 was
Full Year 2024 Financial Highlights
GAAP
-
Sales of
$60.6 million -
GAAP gross margin of
40.9% -
GAAP operating expenses of
$33.7 million -
GAAP net loss of
$8.7 million $0.79
Non-GAAP
-
Non-GAAP gross margin of
42.0% -
Non-GAAP operating expenses of
$26.8 million -
Non-GAAP net loss of
$1.4 million $0.12 -
Adjusted EBITDA of
( $0.8) million
Full Year 2024 Financial Results
Sales for the full year of 2024 were
GAAP gross profit for the full year of 2024 was
GAAP gross margin for the full year of 2024 was
GAAP operating expenses for the full year of 2024 were
GAAP net loss for 2024 was
Adjusted EBITDA for the full year of 2024 was
First Quarter 2025 Financial Outlook
GAAP
-
Sales are expected to be in the range of
$11.0 million $13.0 million $12.0 million -
GAAP gross margin is expected to be in the range of
40.6% to43.8% -
GAAP operating expense is expected to be approximately
$8.0 -
GAAP net loss per share is expected to be
$(0.11)
Non-GAAP
-
Non-GAAP gross margin is expected to be in the range of
42.0% to45.0% -
Non-GAAP operating expense is expected to be approximately
$6.5 million -
Non-GAAP net loss per share is expected to be
$(0.10) -
Adjusted EBITDA is expected to be
$(1.1) million
Our financial outlook for the three months ending March 31, 2025, 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 on Thursday February 27, 2025, at 5:00 PM Eastern Time (2:00 PM Pacific Time) to discuss financial results for the fourth quarter and year ended December 31, 2024.
Airgain management will host the presentation, followed by a question and answer period.
Date: February 27, 2025
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Dial-In: 877 407-2988 or 201 389-0923 or Call Me
Confirmation #: 13751692
The conference call will be broadcast simultaneously and be available for replay via the investor section of the company’s website at investors.airgain.com.
For webcast access, please follow the web address below to register for the conference call.
Registration: Here
A replay of the webcast will be available via the registration link after 8:00 PM Eastern Time until February 27, 2026.
About Airgain, Inc.
Headquartered in
Airgain, AirgainConnect, and the Airgain logo are trademarks or registered trademarks of Airgain, Inc. All other trademarks are the property of their respective owner.
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 our first quarter 2025 financial outlook, the expected impact of product launches, and expectations regarding our strategic partnership with Omantel. 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 risks and uncertainties inherent in our business, including, without limitation: the market for our products is developing and may not develop as we expect; 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; supply constraints on our and our customers' ability to obtain necessary components in our respective supply chains may negatively affect our sales and operating results; risks associated with the performance of our products, including bundled solutions with third-party products; our products are subject to intense competition, and competitive pressures from existing and new companies may harm our business, sales, growth rates, and market share; the potential for the strategic partnership with Omantel to not meet expectations; risks associated with quality and timing in manufacturing our products and our reliance on third-party manufacturers; we may not be able to maintain strategic collaborations under which our bundled solutions are offered; overall global supply shortages and logistics delays within the supply chain that our products are used in, as well as adversely affecting the general
Note Regarding Use of Non-GAAP Financial Measures
To supplement our 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 amortization, workforce reduction severance and exit costs, and provision (benefit) for income taxes. In computing non-GAAP operating expense, we exclude stock-based compensation expense, amortization of intangibles, workforce reduction severance, and exit costs. In computing non-GAAP gross profit and non-GAAP gross margin, we exclude stock-based compensation expense, 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 considerable 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.
Airgain, Inc. |
||||||||
Consolidated Balance Sheets |
||||||||
(in thousands, except par value) |
||||||||
(unaudited) |
||||||||
|
|
As of December 31, |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
8,510 |
|
|
$ |
7,881 |
|
Trade accounts receivable, net |
|
|
11,671 |
|
|
|
7,375 |
|
Inventories |
|
|
3,952 |
|
|
|
2,403 |
|
Prepaid expenses and other current assets |
|
|
1,698 |
|
|
|
1,422 |
|
Total current assets |
|
|
25,831 |
|
|
|
19,081 |
|
Property and equipment, net |
|
|
1,993 |
|
|
|
2,507 |
|
Leased right-of-use assets |
|
|
3,901 |
|
|
|
1,392 |
|
Goodwill |
|
|
10,845 |
|
|
|
10,845 |
|
Intangible assets, net |
|
|
5,799 |
|
|
|
8,234 |
|
Other assets |
|
|
74 |
|
|
|
170 |
|
Total assets |
|
$ |
48,443 |
|
|
$ |
42,229 |
|
Liabilities and stockholders’ equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
9,499 |
|
|
$ |
6,472 |
|
Accrued compensation |
|
|
2,041 |
|
|
|
728 |
|
Accrued liabilities and other |
|
|
1,872 |
|
|
|
1,926 |
|
Short-term lease liabilities |
|
|
89 |
|
|
|
865 |
|
Total current liabilities |
|
|
13,501 |
|
|
|
9,991 |
|
Deferred tax liability |
|
|
163 |
|
|
|
151 |
|
Long-term lease liabilities |
|
|
3,810 |
|
|
|
674 |
|
Total liabilities |
|
|
17,474 |
|
|
|
10,816 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders’ equity: |
|
|
|
|
||||
Common stock and additional paid-in capital, par value |
|
|
123,546 |
|
|
|
115,295 |
|
Treasury stock, at cost: 541 shares at December 31, 2024 and 2023 |
|
|
(5,364 |
) |
|
|
(5,364 |
) |
Accumulated deficit |
|
|
(87,209 |
) |
|
|
(78,521 |
) |
Accumulated other comprehensive (loss) income |
|
|
(4 |
) |
|
|
3 |
|
Total stockholders’ equity |
|
|
30,969 |
|
|
|
31,413 |
|
Total liabilities and stockholders’ equity |
|
$ |
48,443 |
|
|
$ |
42,229 |
|
Airgain, Inc. |
||||||||||||||||||||
Consolidated Statements of Operations |
||||||||||||||||||||
(in thousands, except per share data) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
||||||||||||||||
|
|
December 31, |
|
September 30, |
|
December 31, |
|
Years Ended
|
||||||||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Sales |
|
$ |
15,083 |
|
|
$ |
16,101 |
|
|
$ |
10,070 |
|
|
$ |
60,599 |
|
|
$ |
56,040 |
|
Cost of goods sold |
|
|
8,719 |
|
|
|
9,387 |
|
|
|
7,139 |
|
|
|
35,797 |
|
|
|
35,277 |
|
Gross profit |
|
|
6,364 |
|
|
|
6,714 |
|
|
|
2,931 |
|
|
|
24,802 |
|
|
|
20,763 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Research and development |
|
|
2,773 |
|
|
|
2,855 |
|
|
|
3,169 |
|
|
|
11,864 |
|
|
|
10,505 |
|
Sales and marketing |
|
|
2,301 |
|
|
|
2,395 |
|
|
|
2,251 |
|
|
|
9,203 |
|
|
|
9,126 |
|
General and administrative |
|
|
3,270 |
|
|
|
3,278 |
|
|
|
2,999 |
|
|
|
12,663 |
|
|
|
13,532 |
|
Total operating expenses |
|
|
8,344 |
|
|
|
8,528 |
|
|
|
8,419 |
|
|
|
33,730 |
|
|
|
33,163 |
|
Loss from operations |
|
|
(1,980 |
) |
|
|
(1,814 |
) |
|
|
(5,488 |
) |
|
|
(8,928 |
) |
|
|
(12,400 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest income, net |
|
|
(33 |
) |
|
|
(29 |
) |
|
|
(41 |
) |
|
|
(115 |
) |
|
|
(109 |
) |
Other expense, net |
|
|
23 |
|
|
|
11 |
|
|
|
(7 |
) |
|
|
27 |
|
|
|
9 |
|
Total other income, net |
|
|
(10 |
) |
|
|
(18 |
) |
|
|
(48 |
) |
|
|
(88 |
) |
|
|
(100 |
) |
Loss before income taxes |
|
|
(1,970 |
) |
|
|
(1,796 |
) |
|
|
(5,440 |
) |
|
|
(8,840 |
) |
|
|
(12,300 |
) |
Income tax (benefit) expense |
|
|
(7 |
) |
|
|
(39 |
) |
|
|
44 |
|
|
|
(152 |
) |
|
|
128 |
|
Net loss |
|
$ |
(1,963 |
) |
|
$ |
(1,757 |
) |
|
$ |
(5,484 |
) |
|
$ |
(8,688 |
) |
|
$ |
(12,428 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
$ |
(0.17 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.79 |
) |
|
$ |
(1.20 |
) |
Diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.79 |
) |
|
$ |
(1.20 |
) |
Weighted average shares used in calculating loss per share: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
|
11,416 |
|
|
|
11,315 |
|
|
|
10,455 |
|
|
|
11,053 |
|
|
|
10,392 |
|
Diluted |
|
|
11,416 |
|
|
|
11,315 |
|
|
|
10,455 |
|
|
|
11,053 |
|
|
|
10,392 |
|
Airgain, Inc. |
||||||||
Consolidated Statements of Cash Flows |
||||||||
(in thousands) |
||||||||
(unaudited) |
||||||||
|
|
For the Years Ended
|
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(8,688 |
) |
|
$ |
(12,428 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
||||
Depreciation |
|
|
548 |
|
|
|
661 |
|
Amortization of intangible assets |
|
|
3,029 |
|
|
|
2,969 |
|
Stock-based compensation |
|
|
4,635 |
|
|
|
3,681 |
|
Deferred tax liability |
|
|
11 |
|
|
|
12 |
|
Amortization of prepaid assets |
|
|
132 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade accounts receivable |
|
|
(4,297 |
) |
|
|
1,367 |
|
Inventories |
|
|
(1,549 |
) |
|
|
1,823 |
|
Prepaid expenses and other current assets |
|
|
(316 |
) |
|
|
822 |
|
Other assets |
|
|
96 |
|
|
|
6 |
|
Accounts payable |
|
|
2,928 |
|
|
|
(93 |
) |
Accrued compensation |
|
|
668 |
|
|
|
(1,253 |
) |
Accrued liabilities and other |
|
|
(576 |
) |
|
|
(793 |
) |
Lease liabilities |
|
|
(148 |
) |
|
|
(75 |
) |
Net cash used in operating activities |
|
|
(3,527 |
) |
|
|
(3,301 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(178 |
) |
|
|
(346 |
) |
Net cash used in investing activities |
|
|
(178 |
) |
|
|
(346 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from at-the-market common stock offering, net of offering costs |
|
|
4,116 |
|
|
|
— |
|
Payments for withholding taxes related to net share settlement of equity awards |
|
|
(94 |
) |
|
|
(690 |
) |
Issuance of shares for stock purchase and option plans |
|
|
279 |
|
|
|
232 |
|
Net cash provided by (used in) financing activities |
|
|
4,301 |
|
|
|
(458 |
) |
|
|
|
|
|
||||
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(7 |
) |
|
|
3 |
|
|
|
|
|
|
||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
589 |
|
|
|
(4,102 |
) |
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
7,976 |
|
|
|
12,078 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
8,565 |
|
|
$ |
7,976 |
|
Airgain, Inc. |
||||||||||||||||||||
(in thousands) |
||||||||||||||||||||
(unaudited) |
||||||||||||||||||||
|
||||||||||||||||||||
Sales by Target Market |
||||||||||||||||||||
|
|
Three Months Ended |
|
|
|
|
||||||||||||||
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
Years Ended
|
|
||||||||
Target Market |
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Consumer |
|
$ |
6,499 |
|
|
$ |
6,854 |
|
|
$ |
3,209 |
|
|
$ |
21,691 |
|
|
$ |
18,934 |
|
Enterprise |
|
|
5,338 |
|
|
|
6,665 |
|
|
|
4,615 |
|
|
|
29,497 |
|
|
|
27,209 |
|
Automotive |
|
|
3,246 |
|
|
|
2,582 |
|
|
|
2,246 |
|
|
|
9,411 |
|
|
|
9,897 |
|
Total sales |
|
$ |
15,083 |
|
|
$ |
16,101 |
|
|
$ |
10,070 |
|
|
$ |
60,599 |
|
|
$ |
56,040 |
|
Reconciliation of GAAP to Non-GAAP Gross Profit |
|||||||||||||||||||
|
Three Months Ended |
|
|
|
|
||||||||||||||
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
Years Ended
|
|
||||||||
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Gross profit |
$ |
6,364 |
|
|
$ |
6,714 |
|
|
$ |
2,931 |
|
|
$ |
24,802 |
|
|
$ |
20,763 |
|
Stock-based compensation |
|
91 |
|
|
|
97 |
|
|
|
34 |
|
|
|
311 |
|
|
|
107 |
|
Amortization of intangible assets |
|
89 |
|
|
|
88 |
|
|
|
89 |
|
|
|
355 |
|
|
|
355 |
|
Non-GAAP gross profit |
$ |
6,544 |
|
|
$ |
6,899 |
|
|
$ |
3,054 |
|
|
$ |
25,468 |
|
|
$ |
21,225 |
|
Reconciliation of GAAP to Non-GAAP Gross Margin |
|||||||||||||||||||
|
Three Months Ended |
|
|
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
Years Ended
|
||||||||||||
|
2024 |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||||
Gross margin |
|
42.2 |
% |
|
|
41.7 |
% |
|
|
29.1 |
% |
|
|
40.9 |
% |
|
|
37.1 |
% |
Stock-based compensation |
|
0.6 |
% |
|
|
0.6 |
% |
|
|
0.3 |
% |
|
|
0.5 |
% |
|
|
0.2 |
% |
Amortization of intangible assets |
|
0.6 |
% |
|
|
0.5 |
% |
|
|
0.9 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
Non-GAAP gross margin |
|
43.4 |
% |
|
|
42.8 |
% |
|
|
30.3 |
% |
|
|
42.0 |
% |
|
|
37.9 |
% |
Reconciliation of GAAP to Non-GAAP Operating Expenses |
|||||||||||||||||||
|
Three Months Ended |
|
|
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
Years Ended
|
||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Operating expenses |
$ |
8,344 |
|
|
$ |
8,528 |
|
|
$ |
8,419 |
|
|
$ |
33,730 |
|
|
$ |
33,163 |
|
Stock-based compensation expense |
|
(1,210 |
) |
|
|
(984 |
) |
|
|
(1,175 |
) |
|
|
(4,324 |
) |
|
|
(3,574 |
) |
Amortization of intangible assets |
|
(646 |
) |
|
|
(660 |
) |
|
|
(653 |
) |
|
|
(2,613 |
) |
|
|
(2,614 |
) |
Severance and exit costs |
|
— |
|
|
|
— |
|
|
|
(64 |
) |
|
|
— |
|
|
|
(612 |
) |
Non-GAAP operating expenses |
$ |
6,488 |
|
|
$ |
6,884 |
|
|
$ |
6,527 |
|
|
$ |
26,793 |
|
|
$ |
26,363 |
|
Airgain, Inc. |
|||||||||||||||||||
(in thousands, except per share data) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
|||||||||||||||||||
Reconciliation of GAAP to Non-GAAP Net (Loss) |
|||||||||||||||||||
|
Three Months Ended |
|
|
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
Years Ended
|
||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(1,963 |
) |
|
$ |
(1,757 |
) |
|
$ |
(5,484 |
) |
|
$ |
(8,688 |
) |
|
$ |
(12,428 |
) |
Stock-based compensation expense |
|
1,301 |
|
|
|
1,081 |
|
|
|
1,209 |
|
|
|
4,635 |
|
|
|
3,681 |
|
Amortization of intangible assets |
|
735 |
|
|
|
749 |
|
|
|
742 |
|
|
|
2,968 |
|
|
|
2,969 |
|
Severance and exit costs |
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
|
|
612 |
|
Other income |
|
(33 |
) |
|
|
(28 |
) |
|
|
(47 |
) |
|
|
(115 |
) |
|
|
(109 |
) |
Income tax expense (benefit) |
|
(7 |
) |
|
|
(39 |
) |
|
|
44 |
|
|
|
(152 |
) |
|
|
128 |
|
Non-GAAP net income (loss) attributable to common stockholders |
$ |
33 |
|
|
$ |
6 |
|
|
$ |
(3,472 |
) |
|
$ |
(1,352 |
) |
|
$ |
(5,147 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.33 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.50 |
) |
Diluted |
$ |
0.00 |
|
|
$ |
0.00 |
|
|
$ |
(0.33 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.50 |
) |
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
11,416 |
|
|
|
11,315 |
|
|
|
10,455 |
|
|
|
11,053 |
|
|
|
10,392 |
|
Diluted |
|
12,339 |
|
|
|
11,993 |
|
|
|
10,455 |
|
|
|
11,053 |
|
|
|
10,392 |
|
Reconciliation of Net Loss to Adjusted EBITDA |
|||||||||||||||||||
|
Three Months Ended |
|
|
||||||||||||||||
|
December 31, |
|
September 30, |
|
December 31, |
|
Years Ended
|
||||||||||||
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(1,963 |
) |
|
$ |
(1,757 |
) |
|
$ |
(5,484 |
) |
|
$ |
(8,688 |
) |
|
$ |
(12,428 |
) |
Stock-based compensation expense |
|
1,301 |
|
|
|
1,081 |
|
|
|
1,209 |
|
|
|
4,635 |
|
|
|
3,681 |
|
Depreciation and amortization |
|
865 |
|
|
|
883 |
|
|
|
903 |
|
|
|
3,516 |
|
|
|
3,630 |
|
Severance and exit costs |
|
— |
|
|
|
— |
|
|
|
64 |
|
|
|
— |
|
|
|
612 |
|
Other income |
|
(33 |
) |
|
|
(28 |
) |
|
|
(47 |
) |
|
|
(115 |
) |
|
|
(109 |
) |
Income tax (benefit) expense |
|
(7 |
) |
|
|
(39 |
) |
|
|
44 |
|
|
|
(152 |
) |
|
|
128 |
|
Adjusted EBITDA |
$ |
163 |
|
|
$ |
140 |
|
|
$ |
(3,311 |
) |
|
$ |
(804 |
) |
|
$ |
(4,486 |
) |
Q1-2025 Financial Outlook |
||||||||||
|
|
|
|
|
|
|
||||
Reconciliations of GAAP to Non-GAAP Gross Margin, Operating Expense, Net Loss, EPS and to Adjusted EBITDA |
||||||||||
For the Three Months Ended March 31, 2025 |
||||||||||
(in millions, except per share data) |
||||||||||
|
|
|
|
|
|
|
||||
Gross Margin Reconciliation: |
|
|
|
Operating Expense Reconciliation: |
|
|
||||
GAAP gross margin |
|
|
42.3 |
% |
|
GAAP operating expenses |
|
$ |
8.0 |
|
Stock-based compensation |
|
|
0.5 |
% |
|
Stock-based compensation |
|
$ |
(0.9 |
) |
Amortization |
|
|
0.7 |
% |
|
Amortization |
|
$ |
(0.7 |
) |
Non-GAAP gross margin |
|
|
43.5 |
% |
|
Non-GAAP operating expenses |
|
$ |
6.4 |
|
|
|
|
|
|
|
|
||||
Net Loss Reconciliation |
|
|
|
Net Loss per Share Reconciliation(1): |
|
|
||||
GAAP net loss |
|
$ |
(1.4 |
) |
|
GAAP net loss per share |
|
$ |
(0.11 |
) |
Stock-based compensation |
|
$ |
0.9 |
|
|
Stock-based compensation |
|
|
0.08 |
|
Amortization |
|
$ |
0.7 |
|
|
Amortization |
|
|
0.06 |
|
Other income |
|
$ |
(1.6 |
) |
|
Other income |
|
|
(0.13 |
) |
Non-GAAP net loss |
|
$ |
(1.4 |
) |
|
Non-GAAP net loss per share |
|
$ |
(0.10 |
) |
|
|
|
|
|
|
|
||||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(1.4 |
) |
|
|
|
|
||
Stock-based compensation |
|
$ |
0.9 |
|
|
|
|
|
||
Depreciation and amortization |
|
$ |
1.0 |
|
|
|
|
|
||
Other income |
|
$ |
(1.6 |
) |
|
|
|
|
||
Adjusted EBITDA |
|
$ |
(1.1 |
) |
|
|
|
|
||
|
|
|
|
|
|
|
||||
(1) Amounts are based on 12.2 million basic weighted average shares outstanding. |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227958145/en/
Airgain Contact
Michael Elbaz
Chief Financial Officer
investors@airgain.com
Airgain Investor Contact
Matt Glover
Gateway Group, Inc.
+1 949 574 3860
AIRG@gateway-grp.com
Source: Airgain, Inc.
FAQ
What were Airgain's (AIRG) Q4 2024 revenue and growth rates?
How did Airgain's (AIRG) market segments perform in Q4 2024?
What is Airgain's (AIRG) financial guidance for Q1 2025?
What major partnerships did Airgain (AIRG) secure in Q4 2024?
