Airgain® Reports Third Quarter 2024 Financial Results
“We achieved solid sequential revenue growth this quarter, even as we navigate a challenging macroeconomic environment,” said Jacob Suen, president and CEO of Airgain. “With third-quarter sales reaching
Third Quarter 2024 Financial Highlights
GAAP
-
Sales of
$16.1 million -
GAAP gross margin of
41.7% -
GAAP operating expenses of
$8.5 million -
GAAP net loss of
$1.8 million $(0.16)
Non-GAAP
-
Non-GAAP gross margin of
42.8% -
Non-GAAP operating expenses of
$6.9 million -
Non-GAAP net income of
$6,000 $0.00 -
Adjusted EBITDA of
$0.1 million
Third Quarter 2024 Financial Results
Sales for the third quarter of 2024 were
GAAP gross profit for the third quarter of 2024 was
GAAP gross margin for the third quarter of 2024 was
GAAP operating expenses for the third quarter of 2024 were
GAAP net loss for the third quarter of 2024 was
Adjusted EBITDA for the third quarter of 2024 was
Fourth Quarter 2024 Financial Outlook
GAAP
-
Sales are expected to be in the range of
$16.2 million $18.2 million $17.2 million -
GAAP gross margin is expected to be in the range of
40.4% to43.4% -
GAAP operating expense is expected to be approximately
$8.8 million -
GAAP net loss per share is expected to be
$(0.13)
Non-GAAP
-
Non-GAAP gross margin is expected to be in the range of
41.5% to44.5% -
Non-GAAP operating expense is expected to be approximately
$7.2 million -
Non-GAAP net income per share is expected to be
$0.02 -
Adjusted EBITDA is expected to be
$0.3 million
Our financial outlook for the three months ending December 31, 2024, 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 today, Tuesday, November 12, 2024, at 5:00 PM Eastern Time (2:00 PM Pacific Time) to discuss financial results for the third quarter ended September 30, 2024.
Airgain management will host the presentation, followed by a question and answer period.
Date: November 12, 2024
Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)
Dial-In: (877) 407-2988 or (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 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 November 12, 2025.
About Airgain, Inc.
Airgain is a premier provider of wireless connectivity solutions, offering a range of embedded components, external antennas, and integrated systems worldwide. We streamline wireless connectivity across devices and markets, with a focus on solving complex connectivity challenges, expediting time to market, and optimizing wireless signals. Our mission is to connect the world through optimized, integrated wireless solutions. Our product portfolio focuses on three key markets: enterprise, consumer, and automotive. Airgain is 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 fourth quarter 2024 financial outlook, our ability to navigate the macro-economic environment, expected launches of company initiatives and the ability to increase market share and growth in markets and overall strategy. 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; 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 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 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. Condensed Consolidated Balance Sheets (in thousands, except par value) (unaudited) |
||||||||
|
|
September 30, 2024 |
|
|
December 31, 2023 |
|
||
|
|
(Unaudited) |
|
|
|
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
7,346 |
|
|
$ |
7,881 |
|
Trade accounts receivable, net |
|
|
11,800 |
|
|
|
7,375 |
|
Inventories |
|
|
2,618 |
|
|
|
2,403 |
|
Prepaid expenses and other current assets |
|
|
1,501 |
|
|
|
1,422 |
|
Total current assets |
|
|
23,265 |
|
|
|
19,081 |
|
Property and equipment, net |
|
|
2,128 |
|
|
|
2,507 |
|
Leased right-of-use assets |
|
|
938 |
|
|
|
1,392 |
|
Goodwill |
|
|
10,845 |
|
|
|
10,845 |
|
Intangible assets, net |
|
|
6,009 |
|
|
|
8,234 |
|
Other assets |
|
|
69 |
|
|
|
170 |
|
Total assets |
|
$ |
43,254 |
|
|
$ |
42,229 |
|
Liabilities and stockholders’ equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
7,438 |
|
|
$ |
6,472 |
|
Accrued compensation |
|
|
1,760 |
|
|
|
728 |
|
Accrued liabilities and other |
|
|
2,053 |
|
|
|
1,926 |
|
Short-term lease liabilities |
|
|
848 |
|
|
|
865 |
|
Total current liabilities |
|
|
12,099 |
|
|
|
9,991 |
|
Deferred tax liability |
|
|
163 |
|
|
|
151 |
|
Long-term lease liabilities |
|
|
181 |
|
|
|
674 |
|
Total liabilities |
|
|
12,443 |
|
|
|
10,816 |
|
Commitments and contingencies (Note 13) |
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
|
||
Common stock and additional paid-in capital, par value |
|
|
121,412 |
|
|
|
115,295 |
|
Treasury stock, at cost: 541 shares at September 30, 2024 and December 31, 2023. |
|
|
(5,364 |
) |
|
|
(5,364 |
) |
Accumulated deficit |
|
|
(85,246 |
) |
|
|
(78,521 |
) |
Accumulated other comprehensive income |
|
|
9 |
|
|
|
3 |
|
Total stockholders’ equity |
|
|
30,811 |
|
|
|
31,413 |
|
Total liabilities and stockholders’ equity |
|
$ |
43,254 |
|
|
$ |
42,229 |
|
Airgain, Inc. Condensed Consolidated Statements of Operations (in thousands, except per share data) (unaudited) |
||||||||||||||||
|
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Sales |
|
$ |
16,101 |
|
|
$ |
13,696 |
|
|
$ |
45,516 |
|
|
$ |
45,970 |
|
Cost of goods sold |
|
|
9,387 |
|
|
|
8,460 |
|
|
|
27,078 |
|
|
|
28,137 |
|
Gross profit |
|
|
6,714 |
|
|
|
5,236 |
|
|
|
18,438 |
|
|
|
17,833 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
2,855 |
|
|
|
2,298 |
|
|
|
9,091 |
|
|
|
7,337 |
|
Sales and marketing |
|
|
2,395 |
|
|
|
1,704 |
|
|
|
6,902 |
|
|
|
6,875 |
|
General and administrative |
|
|
3,278 |
|
|
|
3,144 |
|
|
|
9,393 |
|
|
|
10,533 |
|
Total operating expenses |
|
|
8,528 |
|
|
|
7,146 |
|
|
|
25,386 |
|
|
|
24,745 |
|
Loss from operations |
|
|
(1,814 |
) |
|
|
(1,910 |
) |
|
|
(6,948 |
) |
|
|
(6,912 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
|
||||||||
Interest income, net |
|
|
(29 |
) |
|
|
(34 |
) |
|
|
(82 |
) |
|
|
(68 |
) |
Other expense, net |
|
|
11 |
|
|
|
1 |
|
|
|
4 |
|
|
|
16 |
|
Total other income, net |
|
|
(18 |
) |
|
|
(33 |
) |
|
|
(78 |
) |
|
|
(52 |
) |
Loss before income taxes |
|
|
(1,796 |
) |
|
|
(1,877 |
) |
|
|
(6,870 |
) |
|
|
(6,860 |
) |
Income tax (benefit) expense |
|
|
(39 |
) |
|
|
4 |
|
|
|
(145 |
) |
|
|
84 |
|
Net loss |
|
$ |
(1,757 |
) |
|
$ |
(1,881 |
) |
|
$ |
(6,725 |
) |
|
$ |
(6,944 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.16 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.62 |
) |
|
$ |
(0.67 |
) |
Diluted |
|
$ |
(0.16 |
) |
|
$ |
(0.18 |
) |
|
$ |
(0.62 |
) |
|
$ |
(0.67 |
) |
Weighted average shares used in calculating loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
11,315 |
|
|
|
10,430 |
|
|
|
10,930 |
|
|
|
10,370 |
|
Diluted |
|
|
11,315 |
|
|
|
10,430 |
|
|
|
10,930 |
|
|
|
10,370 |
|
Airgain, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
|
Nine months ended September 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(6,725 |
) |
|
$ |
(6,944 |
) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |
|
|
|
|
||||
Depreciation |
|
|
418 |
|
|
|
500 |
|
Amortization of intangible assets |
|
|
2,233 |
|
|
|
2,227 |
|
Stock-based compensation |
|
|
3,334 |
|
|
|
2,472 |
|
Deferred tax liability |
|
|
12 |
|
|
|
7 |
|
Amortization of prepaid assets |
|
|
132 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Trade accounts receivable |
|
|
(4,426 |
) |
|
|
2,469 |
|
Inventories |
|
|
(214 |
) |
|
|
276 |
|
Prepaid expenses and other current assets |
|
|
(119 |
) |
|
|
203 |
|
Other assets |
|
|
101 |
|
|
|
6 |
|
Accounts payable |
|
|
965 |
|
|
|
(1,100 |
) |
Accrued compensation |
|
|
707 |
|
|
|
(1,338 |
) |
Accrued liabilities and other |
|
|
138 |
|
|
|
(102 |
) |
Lease liabilities |
|
|
(57 |
) |
|
|
(40 |
) |
Net cash used in operating activities |
|
|
(3,501 |
) |
|
|
(1,364 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(177 |
) |
|
|
(172 |
) |
Net cash used in investing activities |
|
|
(177 |
) |
|
|
(172 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Proceeds from at-the-market common stock offering, net of offering costs |
|
|
3,006 |
|
|
|
— |
|
Payments for withholding taxes related to net share settlement of equity awards |
|
|
(95 |
) |
|
|
(690 |
) |
Proceeds from employee stock purchase and option exercises |
|
|
187 |
|
|
|
232 |
|
Net cash provided by (used in) financing activities |
|
|
3,098 |
|
|
|
(458 |
) |
|
|
|
|
|
||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
5 |
|
|
|
— |
|
|
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash |
|
|
(575 |
) |
|
|
(1,994 |
) |
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
7,976 |
|
|
|
12,078 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
7,401 |
|
|
$ |
10,084 |
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information: |
|
|
|
|
||||
Income taxes paid |
|
$ |
42 |
|
|
$ |
78 |
|
Income taxes refunded |
|
$ |
50 |
|
|
$ |
— |
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
||||
Operating lease liabilities resulting from right-of-use assets |
|
$ |
179 |
|
|
$ |
11 |
|
Accrual of property and equipment |
|
$ |
— |
|
|
$ |
17 |
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
7,346 |
|
|
$ |
9,989 |
|
Restricted cash included in prepaid expenses and other current assets and other assets long term |
|
$ |
55 |
|
|
$ |
95 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
7,401 |
|
|
$ |
10,084 |
|
Airgain, Inc. (in thousands) (unaudited) |
||||||||||||||||||||
Sales by Target Market |
||||||||||||||||||||
|
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Enterprise |
|
$ |
6,665 |
|
|
$ |
8,615 |
|
|
$ |
6,791 |
|
|
$ |
24,159 |
|
|
$ |
22,594 |
|
Consumer |
|
|
6,854 |
|
|
|
4,827 |
|
|
|
4,404 |
|
|
|
15,192 |
|
|
|
15,725 |
|
Automotive |
|
|
2,582 |
|
|
|
1,742 |
|
|
|
2,501 |
|
|
|
6,165 |
|
|
|
7,651 |
|
Total sales |
|
$ |
16,101 |
|
|
$ |
15,184 |
|
|
$ |
13,696 |
|
|
$ |
45,516 |
|
|
$ |
45,970 |
|
Reconciliation of GAAP to non-GAAP Gross Profit |
|||||||||||||||||||
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
September 30, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Gross profit |
$ |
6,714 |
|
|
$ |
6,148 |
|
|
$ |
5,236 |
|
|
$ |
18,438 |
|
|
$ |
17,833 |
|
Stock-based compensation |
|
97 |
|
|
|
65 |
|
|
|
29 |
|
|
|
220 |
|
|
|
73 |
|
Amortization of intangible assets |
|
88 |
|
|
|
89 |
|
|
|
89 |
|
|
|
266 |
|
|
|
266 |
|
Non-GAAP gross profit |
$ |
6,899 |
|
|
$ |
6,302 |
|
|
$ |
5,354 |
|
|
$ |
18,924 |
|
|
$ |
18,172 |
|
Reconciliation of GAAP to non-GAAP Gross Margin |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended September 30, |
||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
2024 |
|
2023 |
||||||||||
Gross margin |
|
41.7 |
% |
|
|
40.5 |
% |
|
|
38.2 |
% |
|
|
40.5 |
% |
|
|
38.8 |
% |
Stock-based compensation |
|
0.6 |
% |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
0.5 |
% |
|
|
0.1 |
% |
Amortization of intangible assets |
|
0.5 |
% |
|
|
0.6 |
% |
|
|
0.7 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
Non-GAAP gross margin |
|
42.8 |
% |
|
|
41.5 |
% |
|
|
39.1 |
% |
|
|
41.6 |
% |
|
|
39.5 |
% |
Reconciliation of GAAP to non-GAAP Operating Expenses |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended September 30, |
||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
2024 |
|
2023 |
||||||||||
Operating expenses |
$ |
8,528 |
|
|
$ |
8,653 |
|
|
$ |
7,146 |
|
|
$ |
25,386 |
|
|
$ |
24,745 |
|
Stock-based compensation expense |
|
(984 |
) |
|
|
(1,142 |
) |
|
|
(494 |
) |
|
|
(3,114 |
) |
|
|
(2,399 |
) |
Amortization of intangible assets |
|
(660 |
) |
|
|
(654 |
) |
|
|
(654 |
) |
|
|
(1,967 |
) |
|
|
(1,961 |
) |
Severance and exit costs |
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
(548 |
) |
Non-GAAP operating expenses |
$ |
6,884 |
|
|
$ |
6,857 |
|
|
$ |
6,020 |
|
|
$ |
20,305 |
|
|
$ |
19,837 |
|
Airgain, Inc. (in thousands, except per share data) (unaudited) |
|||||||||||||||||||
Reconciliation of GAAP to non-GAAP Net (Loss) |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended September 30, |
||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
2024 |
|
2023 |
||||||||||
Net loss |
$ |
(1,757 |
) |
|
$ |
(2,513 |
) |
|
$ |
(1,881 |
) |
|
$ |
(6,725 |
) |
|
$ |
(6,944 |
) |
Stock-based compensation expense |
|
1,081 |
|
|
|
1,207 |
|
|
|
523 |
|
|
|
3,334 |
|
|
|
2,472 |
|
Amortization of intangible assets |
|
749 |
|
|
|
742 |
|
|
|
742 |
|
|
|
2,233 |
|
|
|
2,227 |
|
Severance and exit costs |
|
— |
|
|
|
— |
|
|
|
(22 |
) |
|
|
— |
|
|
|
548 |
|
Other income, net |
|
(28 |
) |
|
|
(27 |
) |
|
|
(34 |
) |
|
|
(81 |
) |
|
|
(62 |
) |
Income tax (benefit) expense |
|
(39 |
) |
|
|
34 |
|
|
|
4 |
|
|
|
(145 |
) |
|
|
84 |
|
Non-GAAP net income (loss) attributable to common stockholders |
$ |
6 |
|
|
$ |
(557 |
) |
|
$ |
(668 |
) |
|
$ |
(1,384 |
) |
|
$ |
(1,675 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-GAAP net (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
0.00 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.16 |
) |
Diluted |
$ |
0.00 |
|
|
$ |
(0.05 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.16 |
) |
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
|
11,315 |
|
|
|
10,938 |
|
|
|
10,430 |
|
|
|
10,930 |
|
|
|
10,370 |
|
Diluted |
|
11,993 |
|
|
|
10,938 |
|
|
|
10,430 |
|
|
|
10,930 |
|
|
|
10,370 |
|
Reconciliation of Net Loss to Adjusted EBITDA |
|||||||||||||||||||
|
Three months ended |
|
Nine months ended September 30, |
||||||||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|
2024 |
|
2023 |
||||||||||
Net loss |
$ |
(1,757 |
) |
|
$ |
(2,513 |
) |
|
$ |
(1,881 |
) |
|
$ |
(6,725 |
) |
|
$ |
(6,944 |
) |
Stock-based compensation expense |
|
1,081 |
|
|
|
1,207 |
|
|
|
523 |
|
|
|
3,334 |
|
|
|
2,472 |
|
Depreciation and amortization |
|
883 |
|
|
|
881 |
|
|
|
900 |
|
|
|
2,651 |
|
|
|
2,727 |
|
Severance and exit costs |
|
— |
|
|
|
— |
|
|
|
(22 |
) |
|
|
— |
|
|
|
548 |
|
Other income, net |
|
(28 |
) |
|
|
(27 |
) |
|
|
(34 |
) |
|
|
(81 |
) |
|
|
(62 |
) |
Income tax (benefit) expense |
|
(39 |
) |
|
|
34 |
|
|
|
4 |
|
|
|
(145 |
) |
|
|
84 |
|
Adjusted EBITDA |
$ |
140 |
|
|
$ |
(418 |
) |
|
$ |
(510 |
) |
|
$ |
(966 |
) |
|
$ |
(1,175 |
) |
Q4-2024 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 December 31, 2024 |
||||||||||
(dollars in millions, except per share data) |
||||||||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
Gross Margin Reconciliation: |
|
|
|
Operating Expense Reconciliation: |
|
|
||||
GAAP gross margin |
|
|
41.9 |
% |
|
GAAP operating expenses |
|
$ |
8.8 |
|
Stock-based compensation |
|
|
0.6 |
% |
|
Stock-based compensation |
|
|
(1.0 |
) |
Amortization |
|
|
0.5 |
% |
|
Amortization |
|
|
(0.6 |
) |
Non-GAAP gross margin |
|
|
43.0 |
% |
|
Non-GAAP operating expenses |
|
$ |
7.2 |
|
|
|
|
|
|
|
|
||||
Net (Loss) Income Reconciliation |
|
|
|
Net (Loss) Income per Share Reconciliation(1): |
|
|
||||
GAAP net loss |
|
$ |
(1.6 |
) |
|
GAAP net loss per share |
|
$ |
(0.13 |
) |
Stock-based compensation |
|
|
1.1 |
|
|
Stock-based compensation |
|
|
0.09 |
|
Amortization |
|
|
0.7 |
|
|
Amortization |
|
|
0.06 |
|
Non-GAAP net income |
|
$ |
0.2 |
|
|
Non-GAAP net income per share |
|
$ |
0.02 |
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
||||
GAAP net loss |
|
$ |
(1.6 |
) |
|
|
|
|
||
Stock-based compensation |
|
|
1.1 |
|
|
|
|
|
||
Depreciation and amortization |
|
|
0.8 |
|
|
|
|
|
||
Adjusted EBITDA |
|
$ |
0.3 |
|
|
|
|
|
||
|
|
|
|
|
|
|
||||
(1) Amounts are based on 11.4 million basic and 12.3 million diluted weighted average shares outstanding |
||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112549607/en/
Airgain Contact
Michael Elbaz
Chief Financial Officer
investors@airgain.com
Airgain Investor Contact
Matt Glover and Matt Szot
Gateway Group, Inc.
+1 949 574 3860
AIRG@gateway-grp.com
Source: Airgain, Inc.
