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PCTEL Reports Fourth Quarter and Full Year 2022 Financial Results

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PCTEL reported 2022 revenues of $99.4 million, reflecting a 13.2% increase year-over-year. In Q4 2022, revenues reached $25.9 million, with a GAAP gross profit margin of 50.3% and net income of $2.1 million (or $0.11 per diluted share). Adjusted EBITDA for the year grew 26.8% to $10.7 million, with strong performance in Test & Measurement products. While the antennas and IIoT revenue fell 14.2% due to high customer inventory, overall gross margin remained stable. For Q1 2023, PCTEL forecasts revenues between $22.0 million and $23.0 million.

Positive
  • 2022 revenues increased by 13.2% year-over-year to $99.4 million.
  • Adjusted EBITDA in 2022 increased by 26.8% to $10.7 million.
  • Fourth quarter gross profit margin improved to 50.3%.
Negative
  • Fourth quarter antennas and IIoT revenue decreased by 14.2% year-over-year.
  • First quarter 2023 revenue is expected to decrease due to seasonality.

PCTEL achieved 2022 revenues of $99.4 million, up 13%, and gross profit margin of 46%

Strong expansion in net income and Adjusted EBITDA in the fourth quarter and fiscal year 2022

BLOOMINGDALE, Ill.--(BUSINESS WIRE)-- PCTEL, Inc. (Nasdaq: PCTI) (“PCTEL” or the “Company”), a leading global provider of wireless technology solutions, today reported results for the fourth quarter and full year ended December 31, 2022.

Fourth Quarter 2022 Highlights

  • Revenues of $25.9 million, equivalent to the fourth quarter 2021
  • GAAP gross profit margin of 50.3%
  • GAAP net income of $2.1 million or $0.11 per diluted share
  • Non-GAAP net income of $3.0 million or $0.16 per diluted share
  • Adjusted EBITDA increased 21.7% year-over-year to $3.7 million
  • Launched new features in the SeeHawk™ Central cloud platform which simplifies the tracking, review and approval of public safety network coverage testing

Full Year 2022 Highlights

  • Revenues of $99.4 million were 13.2% higher compared to the prior year
  • GAAP gross profit margin of 46.0%
  • GAAP net income of $2.9 million or $0.15 per diluted share
  • Non-GAAP net income of $7.7 million or $0.41 per diluted share
  • Adjusted EBITDA increased 26.8% year-over-year to $10.7 million
  • Released multiple mission critical application products throughout the year, targeting diverse end markets including rail, electric vehicles and agriculture applications
  • Streamlined sales organization to gain scale as well as support global distribution networks

David Neumann, Chief Executive Officer, commented, “I am very proud of our team’s performance in 2022, which reflected a year of sales growth driven by demand strength and strong execution through challenging macroeconomic conditions. We enjoyed numerous successes over the course of the year supported by the ongoing execution of our three-pronged growth strategy, including the launch of innovative products, expansion of our sales channels globally, and an increase in our market share by strong adoption of our integrated solutions by our customers. We released a major update to the SeeHawk™ Central cloud-based software platform to improve support for public safety testing, along with multiple new, high-reliability and mission critical products including our MultiFin 7-in-1 antenna, and CMTA antenna portfolio. Additionally, we have grown our international customer base and distribution network, particularly in the European market, expanding PCTEL’s customer reach and end market opportunities. In 2023, we look forward to growing our Company while remaining on the forefront of innovation in the wireless technology space.”

Fourth Quarter & Full Year 2022 Financial Summary

Summary Financials

Q4’22

Q4’21

Change

FY’22

FY’21

Change

Revenue (000’s)

$25,922

$26,008

(0.3%)

$99,428

$87,807

13.2%

Gross Profit Margin %

50.3%

45.9%

440 bps

46.0%

46.1%

(10 bps)

Adjusted EBITDA (000’s)

$3,741

$3,074

21.7%

$10,725

$8,458

26.8%

GAAP Diluted EPS

$0.11

$0.02

$0.09

$0.15

$0.01

$0.14

Non-GAAP Diluted EPS

$0.16

$0.12

$0.04

$0.41

$0.27

$0.14

Fourth quarter 2022 revenues were $25.9 million, equivalent to the fourth quarter 2021. Fourth quarter 2022 antennas and industrial IoT device revenue was $16.4 million, a decrease of 14.2% year-over-year, partially due to high customer inventory levels. Fourth quarter 2022 Test & Measurement revenue was $9.9 million, an increase of 37.7% year-over-year due to higher revenues for 5G products in the U.S. Fiscal 2022 revenues were $99.4 million, an increase of 13.2% compared to $87.8 million in fiscal 2021. The increase in revenue for fiscal 2022 was driven by double-digit growth in both segments. Fiscal 2022 Antennas and IIoT Devices revenue was $69.7 million, an increase of 10.5% year-over-year. Fiscal 2022 Test & Measurement revenue was $30.6 million, an increase of 18.9% year-over-year.

Fourth quarter 2022 GAAP gross profit margin was 50.3%, compared to 45.9% in the fourth quarter of 2021. The higher gross profit margin was due to a higher mix of Test & Measurement products. Fiscal 2022 gross profit margin was 46.0%, compared to 46.1% in fiscal 2021.

Adjusted EBITDA in the fourth quarter increased to $3.7 million compared to $3.1 million in the fourth quarter of 2021. Adjusted EBITDA in fiscal 2022 increased to $10.7 million compared to $8.5 million in fiscal 2021.

Fourth quarter 2022 GAAP net income was $2.1 million or diluted earnings per share of $0.11 compared to GAAP net income of $0.3 million or $0.02 per share in the fourth quarter of 2021. A reversal of allowances related to deferred income taxes contributed $0.02 per share during the fourth quarter 2022. Non-GAAP net income was $3.0 million, or $0.16 diluted earnings per share, compared to $2.1 million or $0.12 per share in the fourth quarter of 2021.

Fiscal 2022 GAAP net income was $2.9 million or diluted earnings per share of $0.15 compared to GAAP net income of $0.2 million or $0.01 per share during fiscal 2021. A reversal of allowances related to deferred income taxes contributed $0.04 per share during the full year 2022. Non-GAAP net income was $7.7 million, or $0.41 diluted earnings per share, compared to $5.0 million or $0.27 per share during fiscal 2021.

Cash, cash equivalents and investments were $30.0 million as of December 31, 2022, a decrease of approximately $0.8 million as compared to December 31, 2021.

First Quarter 2023 Outlook

The following ranges represent PCTEL’s current expectations for the first quarter 2023 based upon available data and estimates.

  • Revenue: $22.0 million to $23.0 million
  • Non-GAAP Gross Margin: 47% to 48%
  • Non-GAAP EPS: $0.05 to $0.07

Kevin McGowan, Chief Financial Officer, explained, “We are pleased with the underlying strength with which we exited the fourth quarter and progress into 2023. Our leading wireless technology solutions enable us to serve customers in the utilities, rail, 5G and public safety sectors, supporting critical applications that require reliable connectivity. For the first quarter of 2023, we anticipate lower sequential revenue due to typical seasonality effects; however, we maintain a positive outlook for the remainder of the year. Our healthy balance sheet provides us with the financial flexibility to support the growth of our business and execution of our strategy.”

CONFERENCE CALL / WEBCAST

PCTEL’s management team will discuss the Company’s results today at 4:30 p.m. ET. The call will also be webcast at https://investor.pctel.com/news-events/webcasts-events. The call can also be accessed by dialing (888) 506-0062 (United States/Canada) or (973) 528-0011 (International), access code: 209567.

Replay: A replay will be available for two weeks after the call on either the website listed above or by calling (877) 481-4010 (United States/Canada), or (919) 882-2331 (International), access code: 47628.

About PCTEL

PCTEL is a leading global provider of wireless technology solutions, including purpose-built Industrial IoT devices, antenna systems, and test and measurement products. Trusted by our customers for over 29 years, we solve complex wireless challenges to help organizations stay connected, transform, and grow.

For more information, please visit our website at https://www.pctel.com/

PCTEL Safe Harbor Statement

This press release and our related comments in our earnings conference call contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Specifically, the statements about the Company’s expectations regarding our future financial performance; growth of our antenna and Industrial IoT product line and our test & measurement product line through execution of our three growth strategies; the ability of the Company to continue to innovate new products for its product lines; the impact of development and adoption of wireless solutions in the public safety, rail, logistics, agriculture, utilities, and electric vehicle markets on our revenue generation; our ability to expand our product lines in the European market and through distribution channels; the anticipated demand for certain products, including those related to public safety, industrial IoT, 5G (e.g., the Gflex); and the anticipated growth of public and private wireless systems are forward-looking statements. These statements are based on management’s current expectations and actual results may differ materially from those projected as a result of certain risks and uncertainties, including higher than expected inflation; an economic recession in the Americas or globally; the disruptions to the Company’s workforce, operations, supply chain and customer demand caused by the pandemic and the impact of the pandemic and ensuing supply chain disruption on the Company’s results of operations, financial condition and stock price; the impact of data densification and IoT on capacity and coverage demand; the impact of 5G; customer demand and growth generally in the Company’s defined market segments; the Company’s ability to access the government market and create demand for its products; the Company’s ability to expand its European presence and benefit from additional antenna and Industrial IoT product offerings from Smarteq; and the Company’s ability to grow its business and create, protect and implement new technologies and solutions. These and other risks and uncertainties are detailed in PCTEL's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement, whether as a result of new information, future events or otherwise.

PCTEL, Gflex® and SeeHawk are trademarks or registered trademarks of PCTEL, Inc. © 2023 PCTEL, Inc. All rights reserved.

PCTEL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except share data)
 
 
December 31, December 31,

 

2022

 

 

2021

 

ASSETS
Cash and cash equivalents

$

7,736

 

$

8,192

 

Short-term investment securities

 

22,254

 

 

22,562

 

Accounts receivable, net of allowances of $132 and $64 at December 31, 2022 and December 31, 2021, respectively

18,853

18,905

Inventories, net

 

18,918

 

 

13,691

 

Prepaid expenses and other assets

 

1,861

 

 

1,747

 

Total current assets

 

69,622

 

 

65,097

 

 
Property and equipment, net

 

10,004

 

 

11,949

 

Goodwill

 

5,935

 

 

6,334

 

Intangible assets, net

 

1,045

 

 

1,579

 

Other noncurrent assets

 

3,269

 

 

2,438

 

TOTAL ASSETS

$

89,875

 

$

87,397

 

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable

$

4,648

 

$

5,360

 

Accrued liabilities

 

12,605

 

 

11,117

 

Total current liabilities

 

17,253

 

 

16,477

 

Long-term liabilities

 

3,624

 

 

3,999

 

Total liabilities

 

20,877

 

 

20,476

 

Stockholders’ equity:
Common stock, $0.001 par value, 50,000,000 shares authorized at
December 31, 2022 and December 31, 2021, respectively, and 18,748,529 and 18,238,030
shares issued and outstanding at December 31, 2022 and December 31, 2021

 

19

 

 

18

 

Additional paid-in capital

 

128,370

 

 

123,998

 

Accumulated deficit

 

(57,941

)

 

(56,735

)

Accumulated other comprehensive loss

 

(1,450

)

 

(360

)

Total stockholders’ equity

 

68,998

 

 

66,921

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

89,875

 

$

87,397

 

PCTEL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands, except per share data)
 
Three Months Ended Year Ended
December 31, December 31,

2022

 

2021

 

 

2022

 

 

2021

 

 
REVENUES

$

25,922

$

26,008

 

$

99,428

 

$

87,807

 

COST OF REVENUES

 

12,884

 

14,063

 

 

53,695

 

 

47,329

 

GROSS PROFIT

 

13,038

 

11,945

 

 

45,733

 

 

40,478

 

OPERATING EXPENSES:
Research and development

 

3,050

 

3,604

 

 

12,833

 

 

13,358

 

Sales and marketing

 

3,837

 

3,829

 

 

14,747

 

 

13,327

 

General and administrative

 

4,119

 

3,216

 

 

14,517

 

 

12,444

 

Amortization of intangible assets

 

62

 

76

 

 

263

 

 

210

 

Restructuring expenses

 

0

 

841

 

 

1,309

 

 

900

 

Total operating expenses

 

11,068

 

11,566

 

 

43,669

 

 

40,239

 

OPERATING INCOME

 

1,970

 

379

 

 

2,064

 

 

239

 

Other income (expense), net

 

102

 

(37

)

 

431

 

 

(47

)

INCOME BEFORE INCOME TAXES

 

2,072

 

342

 

 

2,495

 

 

192

 

(Benefit) Expense for income taxes

 

22

 

22

 

 

(374

)

 

39

 

NET INCOME

$

2,050

$

320

 

$

2,869

 

$

153

 

 
Net Income per Share:
Basic

 

0.11

 

0.02

 

 

0.16

 

 

0.01

 

Diluted

 

0.11

 

0.02

 

 

0.15

 

 

0.01

 

Weighted Average Shares:
Basic

 

18,265

 

17,899

 

 

18,150

 

 

18,017

 

Diluted

 

18,576

 

17,930

 

 

18,529

 

 

18,122

 

PCTEL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(in thousands)
 
Years Ended December 31,

 

2022

 

 

2021

 

Operating Activities:
Net income

$

2,869

 

$

153

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

 

2,811

 

 

3,027

 

Intangible asset amortization

 

336

 

 

267

 

Stock-based compensation

 

3,988

 

 

2,921

 

Loss on disposal of property and equipment

 

1

 

 

113

 

Restructuring costs

 

(291

)

 

353

 

Bad debt provision

 

85

 

 

(44

)

Changes in operating assets and liabilities:
Accounts receivable

 

(275

)

 

(896

)

Inventories

 

(5,533

)

 

(2,481

)

Prepaid expenses and other assets

 

153

 

 

531

 

Deferred tax assets

 

(909

)

 

0

 

Accounts payable

 

(605

)

 

14

 

Income taxes payable

 

430

 

 

3

 

Other accrued liabilities

 

1,127

 

 

1,417

 

Deferred revenue

 

(39

)

 

295

 

Net cash provided by operating activities

 

4,148

 

 

5,673

 

Investing Activities:
Capital expenditures

 

(809

)

 

(2,330

)

Purchases of investments

 

(25,993

)

 

(25,928

)

Redemptions/maturities of short-term investments

 

26,301

 

 

38,588

 

Cash paid for acquisition, net of cash acquired

 

0

 

 

(6,277

)

Net cash (used in) provided by investing activities

 

(501

)

 

4,053

 

Financing Activities:
Proceeds from issuance of common stock

 

797

 

 

840

 

Payment of withholding tax on stock-based compensation

 

(412

)

 

(786

)

Principal payments on finance leases

 

(61

)

 

(73

)

Purchase of common stock from repurchase program

 

0

 

 

(3,193

)

Cash dividends

 

(4,075

)

 

(4,034

)

Net cash used in financing activities

 

(3,751

)

 

(7,246

)

 
Net (decrease) increase in cash and cash equivalents

 

(104

)

 

2,480

 

Effect of exchange rate changes on cash

 

(352

)

 

(49

)

Cash and cash equivalents, beginning of period

 

8,192

 

 

5,761

 

Cash and Cash Equivalents, End of Period

$

7,736

 

$

8,192

 

PCTEL, INC.
REVENUE AND GROSS PROFIT BY PRODUCT LINE (unaudited)
Reconciliation of GAAP Gross Profit percentage to Non-GAAP Gross Profit percentage
(in thousands)
 
Three Months Ended December 31, 2022 Year Ended December 31, 2022
Antennas and
Industrial IoT
Devices
Test &
Measurement
Products
Corporate Total Antennas and
Industrial IoT
Devices
Test &
Measurement
Products
Corporate Total
REVENUES

$16,352

$9,867

($297)

$25,922

$69,662

$30,565

($799)

$99,428

 
GROSS PROFIT

$5,858

$7,194

($15)

$13,037

$23,293

$22,660

($220)

$45,733

 
GAAP GROSS PROFIT %

35.8%

72.9%

50.3%

33.4%

74.1%

46.0%

 
Non-GAAP adjustments:
Amortization of inventory step-up

0.0%

0.0%

0.0%

0.0%

0.0%

0.0%

Amortization of intangible assets

0.1%

0.0%

0.1%

0.1%

0.0%

0.1%

Stock compensation expenses

0.3%

 

0.2%

 

 

 

0.2%

 

0.2%

 

0.2%

 

 

 

0.2%

Non-GAAP GROSS PROFIT %

36.2%

73.1%

50.6%

33.8%

74.3%

46.3%

 
Three Months Ended December 31, 2021 Year Ended December 31, 2022
Antennas and
Industrial IoT
Devices
Test &
Measurement
Products
Corporate Total Antennas and
Industrial IoT
Devices
Test &
Measurement
Products
Corporate Total
REVENUES

$19,054

$7,164

($210)

$26,008

$63,025

$25,704

($922)

$87,807

 
GROSS PROFIT

$6,454

$5,535

($44)

$11,945

$21,031

$19,592

($145)

$40,478

 
GAAP GROSS PROFIT %

33.9%

77.3%

45.9%

33.4%

76.2%

46.1%

 
Non-GAAP adjustments:
Amortization of inventory step-up

0.4%

0.0%

0.3%

0.8%

0.0%

0.6%

Amortization of intangible assets

0.1%

0.0%

0.1%

0.1%

0.0%

0.1%

Stock compensation expenses

0.1%

0.4%

0.3%

0.2%

0.6%

0.3%

Non-GAAP GROSS PROFIT %

34.5%

77.7%

46.6%

34.4%

76.8%

47.0%

 

The Corporate column includes the elimination of intercompany revenues between Antennas and Industrial IoT Devices and Test & Measurement Products and other licensing revenues.

 

This schedule reconciles the Company's GAAP gross profit percentage to its Non-GAAP gross profit percentage. The Company believes that this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods.
The adjustments on this schedule consist of amortization of intangible assets and stock compensation expenses.

Reconciliation of GAAP to Non-GAAP results (unaudited)
(in thousands except per share information)
 
Reconciliation of GAAP operating income to Non-GAAP operating income
 
Three Months Ended December 31, Year Ended December 31,

2022

 

2021

 

2022

 

2021

 

Operating Income

$1,970

 

$379

 

$2,064

 

$239

 

 
(a) Add:
Amortization of inventory step-up to fair value

0

 

78

 

0

 

493

 

Amortization of intangible assets
-Cost of revenues

17

 

21

 

73

 

57

 

-Operating expenses

62

 

76

 

263

 

210

 

Restructuring expenses

0

 

841

 

1,309

 

900

 

Stock compensation expenses:
-Cost of revenues

56

 

82

 

213

 

268

 

-Research and development

160

 

159

 

632

 

543

 

-Sales & marketing

152

 

199

 

845

 

658

 

-General & administrative

613

 

451

 

2,298

 

1,452

 

Acquisition related expenses

131

 

18

 

217

 

611

 

1,191

 

1,925

 

5,850

 

5,192

 

Non-GAAP Operating Income

$3,161

 

$2,304

 

$7,914

 

$5,431

 

% of revenue

12.2

%

8.9

%

8.0

%

6.2

%

 
Reconciliation of GAAP net income to Non-GAAP net income
 
Three Months Ended December 31, Year Ended December 31,

2022

 

2021

 

2022

 

2021

 

Net Income

$2,050

 

$320

 

$2,869

 

$153

 

 
Adjustments:
(a) Non-GAAP adjustments to operating income

1,191

 

1,925

 

5,850

 

5,192

 

(b) Income Taxes

(239

)

(159

)

(1,042

)

(392

)

952

 

1,766

 

4,808

 

4,800

 

Non-GAAP Net Income

$3,002

 

$2,086

 

$7,677

 

$4,953

 

 
Non-GAAP Income per Share:
Basic

$0.16

 

$0.12

 

$0.42

 

$0.27

 

Diluted

$0.16

 

$0.12

 

$0.41

 

$0.27

 

 
Weighed Average Shares:
Basic

18,265

 

17,899

 

18,150

 

18,017

 

Diluted

18,576

 

17,930

 

18,529

 

18,122

 

 
This schedule reconciles the Company's GAAP operating income to its Non-GAAP operating income. The Company believes that presentation of this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses these Non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These Non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.
The adjustments to GAAP operating income (a) consist of stock compensation expense, amortization of intangible assets, restructuring expenses, and acquisition related expenses. The adjustments to GAAP net income include the Non-GAAP adjustments to operating income as well as adjustments for (b) non-cash income tax expense.
PCTEL, INC.
Reconciliation of GAAP operating expenses to Non-GAAP operating expenses (unaudited)
(in thousands)
 
Three Months Ended December 31, Year Ended December 31,

2022

2021

2022

2021

GAAP operating expenses

$11,068

$11,566

$43,669

$40,239

Stock compensation expenses

(925)

(809)

(3,775)

(2,653)

Amortization of intangible assets

(62)

(76)

(263)

(210)

Restructuring expenses

0

(841)

(1,309)

(900)

Acquisition related expenses

(131)

(18)

(217)

(611)

Non-GAAP Operating expenses

$9,950

$9,822

$38,105

$35,865

 
This schedule reconciles the Company's GAAP operating expenses to its Non-GAAP operating expenses. The Company believes that this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods.
 
The adjustments on this schedule consist of amortization of intangible assets, stock compensation expenses, restructuring expenses, and acquisition related expenses.
PCTEL, Inc.
Reconciliation of GAAP operating income to adjusted EBITDA (unaudited)
(in thousands)
 
Three Months Ended December 31, Year Ended December 31,

2022

 

2021

 

2022

 

2021

 

 
Operating income

$1,970

 

$379

 

$2,064

 

$239

 

 
Add:
Amortization of inventory step-up to fair value

0

 

78

 

0

 

493

 

Depreciation and amortization

580

 

770

 

2,811

 

3,027

 

Intangible amortization

79

 

97

 

336

 

267

 

Restructuring expenses

0

 

841

 

1,309

 

900

 

Stock compensation expenses

981

 

891

 

3,988

 

2,921

 

Acquisition related expenses

131

 

18

 

217

 

611

 

Adjusted EBITDA

$3,741

 

$3,074

 

$10,725

 

$8,458

 

% of revenue

14.4

%

11.8

%

10.8

%

9.6

%

 
This schedule reconciles the Company's GAAP operating income to Adjusted EBITDA. The Company believes that this schedule provides meaningful supplemental information to both management and investors that is indicative of the Company's core operating results and facilitates comparison of operating results across reporting periods. The Company uses Adjusted EBITDA when evaluating its financial results as well as for internal planning and forecasting purposes. Adjusted EBITDA should not be viewed as a substitute for the Company's GAAP results.
 
Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization and extraordinary expenses. The adjustments on this schedule consist of depreciation, amortization of intangible assets, stock compensation expenses, restructuring expenses, and acquisition related expenses.

 

PCTEL Company Contact

Kevin McGowan

CFO

PCTEL, Inc.

(630) 339-2051

PCTEL Investor Relations Contact

Lisa Fortuna or Ashley Gruenberg

Alpha IR Group

312-445-2870

PCTI@alpha-ir.com

Source: PCTEL, Inc.

FAQ

What were PCTI's Q4 2022 financial results?

PCTI reported Q4 2022 revenues of $25.9 million, GAAP net income of $2.1 million, and an adjusted EBITDA of $3.7 million.

How did PCTI perform in fiscal year 2022?

In fiscal year 2022, PCTI achieved revenues of $99.4 million, a 13.2% increase, and a GAAP net income of $2.9 million.

What is PCTI's outlook for Q1 2023?

PCTI expects Q1 2023 revenues to range from $22.0 million to $23.0 million, with a non-GAAP gross margin of 47% to 48%.

What drove PCTI's revenue growth in 2022?

Revenue growth in 2022 was driven by double-digit growth in both antennas/IIoT devices and Test & Measurement segments.

What were PCTI's key product launches in 2022?

PCTI launched multiple mission-critical application products and released a major update for its SeeHawk™ Central cloud platform.

PCTEL, Inc.

NASDAQ:PCTI

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135.28M
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Communication Equipment
Technology
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United States
Bloomingdale