Airgain® Reports First Quarter 2024 Financial Results

SAN DIEGO--(BUSINESS WIRE)-- Airgain, Inc. (NASDAQ: AIRG), a leading provider of wireless connectivity solutions that creates and delivers embedded components, external antennas, and integrated systems across the globe, today reported financial results for the first quarter ended March 31, 2024.

“We are pleased to report strong sequential revenue growth as we continue to effectively navigate a challenging macro-economic environment,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “We delivered sales of $14.2 million in the first quarter, driven by sequential and year-over-year revenue growth in our enterprise market. As we look to the rest of 2024, we remain focused on the launch of our 5-G connectivity initiatives and are confident that we can build on this momentum to continue executing on our strategy.”

First Quarter 2024 Financial Highlights

GAAP

  • Sales of $14.2 million
  • GAAP gross margin of 39.2%
  • GAAP operating expenses of $8.2 million
  • GAAP net loss of $2.5 million or $(0.23) per share

Non-GAAP

  • Non-GAAP gross margin of 40.2%
  • Non-GAAP operating expenses of $6.6 million
  • Non-GAAP net loss of $0.8 million or $(0.08) per share
  • Adjusted EBITDA of $(0.7) million

First Quarter 2024 Financial Results

Sales for the first quarter of 2024 were $14.2 million, of which $8.9 million was generated from the enterprise market, $3.5 million from the consumer market, and $1.8 million from the automotive market. Sales increased by 41.3%, or $4.1 million in the first quarter of 2024 compared to $10.1 million in the fourth quarter of 2023. Sequentially, enterprise sales increased by $4.2 million driven by higher industrial IoT product sales. Consumer sales increased by $0.3 million from the fourth quarter of 2023 driven by a Tier 1 Mobile Network Operator antenna shipments. Automotive sales decreased by $0.4 million from the fourth quarter of 2023 due to customer excess inventory correction. Sales for the first quarter of 2024 decreased by 13.5%, or $2.2 million from $16.4 million in the same quarter a year-ago primarily due to lower sales of $1.6 million from the consumer market and $1.1 million from the automotive market, partially offset by higher sales of $0.5 million from the enterprise market.

GAAP gross profit for the first quarter of 2024 was $5.6 million, compared to $2.9 million for the fourth quarter of 2023 and $6.3 million for the same quarter a year ago. Non-GAAP gross profit for the first quarter of 2024 was $5.7 million, compared to $3.1 million for the fourth quarter of 2023 and $6.4 million for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).

GAAP gross margin for the first quarter of 2024 was 39.2%, compared to 29.1% for the fourth quarter of 2023 and 38.4% for the same quarter a year ago. The increase in gross margin compared to the fourth quarter of 2023 was due to an inventory charge in the fourth quarter of 2023. Non-GAAP gross margin for the first quarter of 2024 was 40.2% compared to 30.3% for the fourth quarter of 2023 and 39.1% for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).

GAAP operating expenses for the first quarter of 2024 were $8.2 million, compared to $8.4 million for the fourth quarter of 2023 and $9.1 million for the same quarter a year ago. Operating expenses were lower for the first quarter of 2024 compared to the fourth quarter of 2023 primarily due to lower stock-based compensation and general and administrative expenses, offset by higher engineering project and trade show expenses. Non-GAAP operating expenses for the first quarter of 2024 were $6.6 million compared to $6.5 million in the fourth quarter of 2023 and $7.3 million for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).

GAAP net loss for the first quarter of 2024 was $2.5 million or $(0.23) per share (based on 10.5 million shares), compared to a net loss of $5.5 million or $(0.52) per share (based on 10.5 million shares) for the fourth quarter of 2023 and a net loss of $2.9 million or $(0.28) per share (based on 10.3 million shares) for the same quarter a year ago. The decrease in net loss compared to the fourth quarter of 2023 was driven by higher sales and higher gross margin due to a fourth quarter inventory charge. Non-GAAP net loss for the first quarter of 2024 was $0.8 million or $(0.08) per share (based on 10.5 million shares), compared to a non-GAAP net loss of $3.5 million or $(0.33) per share (based on 10.5 million shares) for the fourth quarter of 2023 and a non-GAAP net loss of $0.9 million or $(0.08) per share (based on 10.3 million diluted shares) for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).

Adjusted EBITDA for the first quarter of 2024 was $(0.7) million, compared to $(3.3) million for the fourth quarter of 2023 and $(0.7) million for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).

Second Quarter 2024 Financial Outlook

GAAP

  • Sales are expected to be in the range of $14.25 million to $15.75 million, or $15.0 million at the midpoint
  • GAAP gross margin is expected to be in the range of 38.7% to 41.7%
  • GAAP operating expense is expected to be approximately $8.4 million
  • GAAP net loss per share is expected to be $0.22 at the midpoint

Non-GAAP

  • Non-GAAP gross margin is expected to be in the range of 39.5% to 42.5%
  • Non-GAAP operating expense is expected to be approximately $6.8 million
  • Non-GAAP net loss per share is expected to be $(0.06) at the midpoint
  • Adjusted EBITDA is expected to be a loss of $0.5 million

Our financial outlook for the three months ending June 30, 2024, including reconciliations of GAAP to non-GAAP measures can be found at the end of this press release.

Conference Call

Airgain, Inc. management will hold a conference call today, Wednesday, May 8, 2024, at 5:00 PM Eastern Time (2:00 PM Pacific Time) to discuss financial results for the first quarter ended March 31, 2024.

Airgain management will host the presentation, followed by a question and answer period.

Date: May 8, 2024
Time: 5:00 PM Eastern Time (2:00 PM Pacific Time)
Dial-In: (877) 407-2988 or +1 (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 on the same day until May 8, 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 San Diego, California. For more information, visit airgain.com, or follow Airgain on LinkedIn and Twitter.

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 second quarter 2024 financial outlook, expected recovery of markets the company serves, expected launches of company initiatives, 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 U.S. and global economic conditions and financial markets, and, ultimately, our sales and operating results; any rise in interest rates and inflation may adversely impact our margins, the supply chain and our customers’ sales, which may negatively affect our sales and operating results; our future success depends on our ability to develop and successfully introduce new and enhanced products for the wireless market that meet the needs of our customers, including our ability to transition to provide a more diverse solutions capability; we sell to customers who are price conscious, and a few customers represent a significant portion of our sales, and if we lose any of these customers, our sales could decrease significantly; we rely on a limited number of contract manufacturers to produce and ship all of our products, and our contract manufacturers rely on a single or limited number of suppliers for some components of our products and channel partners to sell and support our products, and the failure to manage our relationships with these parties successfully or a failure of these parties to perform could adversely affect our ability to market and sell our products; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Note Regarding Use of Non-GAAP Financial Measures

To supplement our condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) attributable to common stockholders (non-GAAP net income (loss)), non-GAAP net income (loss) per (basic or diluted) share (non-GAAP EPS), non-GAAP operating expense, non-GAAP gross profit and non-GAAP gross margin. We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance.

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, 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, and 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)

 

 

 

March 31, 2024

 

December 31, 2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

7,169

 

 

$

7,881

 

Trade accounts receivable, net

 

 

9,644

 

 

 

7,375

 

Inventories

 

 

2,588

 

 

 

2,403

 

Prepaid expenses and other current assets

 

 

1,419

 

 

 

1,422

 

Total current assets

 

 

20,820

 

 

 

19,081

 

Property and equipment, net

 

 

2,305

 

 

 

2,507

 

Leased right-of-use assets

 

 

1,180

 

 

 

1,392

 

Goodwill

 

 

10,845

 

 

 

10,845

 

Intangible assets, net

 

 

7,493

 

 

 

8,234

 

Other assets

 

 

155

 

 

 

170

 

Total assets

 

$

42,798

 

 

$

42,229

 

Liabilities and stockholders’ equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

7,156

 

 

$

6,472

 

Accrued compensation

 

 

799

 

 

 

728

 

Accrued liabilities and other

 

 

2,848

 

 

 

1,926

 

Short-term lease liabilities

 

 

848

 

 

 

865

 

Total current liabilities

 

 

11,651

 

 

 

9,991

 

Deferred tax liability

 

 

158

 

 

 

151

 

Long-term lease liabilities

 

 

476

 

 

 

674

 

Total liabilities

 

 

12,285

 

 

 

10,816

 

Commitments and contingencies (Note 13)

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 11,302 shares issued and 10,761 shares outstanding at March 31, 2024; and 11,010 shares issued and 10,469 shares outstanding at December 31, 2023.

 

 

116,852

 

 

 

115,295

 

Treasury stock, at cost: 541 shares at March 31, 2024 and December 31, 2023.

 

 

(5,364

)

 

 

(5,364

)

Accumulated deficit

 

 

(80,976

)

 

 

(78,521

)

Accumulated other comprehensive income

 

 

1

 

 

 

3

 

Total stockholders’ equity

 

 

30,513

 

 

 

31,413

 

Total liabilities and stockholders’ equity

 

$

42,798

 

 

$

42,229

 

 

Airgain, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

 

 

Three months ended March 31,

 

 

2024

 

 

2023

 

Sales

 

$

14,231

 

 

$

16,444

 

Cost of goods sold

 

 

8,655

 

 

 

10,126

 

Gross profit

 

 

5,576

 

 

 

6,318

 

Operating expenses:

 

 

 

 

Research and development

 

 

3,120

 

 

 

2,449

 

Sales and marketing

 

 

2,158

 

 

 

2,866

 

General and administrative

 

 

2,927

 

 

 

3,793

 

Total operating expenses

 

 

8,205

 

 

 

9,108

 

Loss from operations

 

 

(2,629

)

 

 

(2,790

)

Other (income) expense:

 

 

 

 

Interest income, net

 

 

(26

)

 

 

(18

)

Other (income) expense

 

 

(8

)

 

 

4

 

Total other income

 

 

(34

)

 

 

(14

)

Loss before income taxes

 

 

(2,595

)

 

 

(2,776

)

Income tax (benefit) expense

 

 

(140

)

 

 

82

 

Net loss

 

$

(2,455

)

 

$

(2,858

)

Net loss per share:

 

 

 

 

Basic

 

$

(0.23

)

 

$

(0.28

)

Diluted

 

$

(0.23

)

 

$

(0.28

)

Weighted average shares used in calculating loss per share:

 

 

 

 

Basic

 

 

10,532

 

 

 

10,266

 

Diluted

 

 

10,532

 

 

 

10,266

 

 

Airgain, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Three months ended March 31,

 

 

2024

 

 

2023

 

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(2,455

)

 

$

(2,858

)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

 

 

 

 

Depreciation

 

 

145

 

 

 

157

 

Amortization of intangible assets

 

 

742

 

 

 

743

 

Stock-based compensation

 

 

1,046

 

 

 

981

 

Deferred tax liability

 

 

7

 

 

 

3

 

Amortization of prepaid assets

 

 

132

 

 

 

 

Accrual of property and equipment

 

 

(15

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

Trade accounts receivable

 

 

(2,269

)

 

 

593

 

Inventories

 

 

(185

)

 

 

(255

)

Prepaid expenses and other current assets

 

 

3

 

 

 

555

 

Other assets

 

 

15

 

 

 

 

Accounts payable

 

 

684

 

 

 

250

 

Accrued compensation

 

 

72

 

 

 

(1,109

)

Accrued liabilities and other

 

 

963

 

 

 

(459

)

Lease liabilities

 

 

(4

)

 

 

(35

)

Net cash used in operating activities

 

 

(1,119

)

 

 

(1,434

)

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

 

(60

)

 

 

(89

)

Net cash used in investing activities

 

 

(60

)

 

 

(89

)

Cash flows from financing activities:

 

 

 

 

Proceeds from at-the-market common stock offering, net of offering costs

 

 

488

 

 

 

 

Payments for withholding taxes related to net share settlement of equity awards

 

 

(95

)

 

 

(678

)

Proceeds from employee stock purchase and option exercises

 

 

76

 

 

 

137

 

Net cash provided by (used in) financing activities

 

 

469

 

 

 

(541

)

 

 

 

 

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(2

)

 

 

 

 

 

 

 

 

Net decrease in cash, cash equivalents and restricted cash

 

 

(712

)

 

 

(2,064

)

Cash, cash equivalents, and restricted cash; beginning of period

 

 

7,976

 

 

 

12,078

 

Cash, cash equivalents, and restricted cash; end of period

 

$

7,264

 

 

$

10,014

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Income taxes paid

 

$

7

 

 

$

 

Income taxes refunded

 

$

50

 

 

$

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

Operating lease liabilities resulting from right-of-use assets

 

$

 

 

$

11

 

Accrual of property and equipment

 

$

 

 

$

13

 

Offering costs charged against proceeds from sale of common stock

 

$

164

 

 

$

 

 

 

 

 

 

Cash, cash equivalents, and restricted cash:

 

 

 

 

Cash and cash equivalents

 

$

7,169

 

 

$

9,839

 

Restricted cash included in prepaid expenses and other current assets and other assets long term

 

 

95

 

 

 

175

 

Total cash, cash equivalents, and restricted cash

 

$

7,264

 

 

$

10,014

 

 

Airgain, Inc.

(in thousands)

(unaudited)

 

Sales by Target Market

 

 

Three months ended

 

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Consumer

 

$

3,511

 

$

3,209

 

$

5,132

Enterprise

 

 

8,879

 

 

4,615

 

 

8,437

Automotive

 

 

1,841

 

 

2,246

 

 

2,875

Total sales

 

$

14,231

 

$

10,070

 

$

16,444

 

Reconciliation of GAAP to non-GAAP Gross Profit

 

Three months ended

 

 

March 31, 2024

 

 

December 31, 2023

 

 

March 31, 2023

 

Gross profit

$

5,576

 

 

$

2,931

 

 

$

6,318

 

Stock-based compensation

 

58

 

 

 

34

 

 

 

15

 

Amortization of intangible assets

 

89

 

 

 

89

 

 

 

89

 

Non-GAAP gross profit

$

5,723

 

 

$

3,054

 

 

$

6,422

 

 

Reconciliation of GAAP to non-GAAP Gross Margin

 

Three months ended

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Gross margin

 

39.2

%

 

 

29.1

%

 

 

38.4

%

Stock-based compensation

 

0.4

%

 

 

0.3

%

 

 

0.1

%

Amortization of intangible assets

 

0.6

%

 

 

0.9

%

 

 

0.6

%

Non-GAAP gross margin

 

40.2

%

 

 

30.3

%

 

 

39.1

%

 

Reconciliation of GAAP to non-GAAP Operating Expenses

 

Three months ended

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Operating expenses

$

8,205

 

 

$

8,419

 

 

$

9,108

 

Stock-based compensation expense

 

(988

)

 

 

(1,175

)

 

 

(966

)

Amortization of intangible assets

 

(653

)

 

 

(653

)

 

 

(654

)

Severance and exit costs

 

 

 

 

(64

)

 

 

(205

)

Non-GAAP operating expenses

$

6,564

 

 

$

6,527

 

 

$

7,283

 

 

Airgain, Inc.

(in thousands, except per share data)

(unaudited)

 

Reconciliation of GAAP to non-GAAP Net (Loss)

 

Three months ended

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Net loss

$

(2,455

)

 

$

(5,484

)

 

$

(2,858

)

Stock-based compensation expense

 

1,046

 

 

 

1,209

 

 

 

981

 

Amortization of intangible assets

 

742

 

 

 

742

 

 

 

743

 

Severance and exit costs

 

 

 

 

64

 

 

 

205

 

Other (income) expense

 

(26

)

 

 

(47

)

 

 

(12

)

Income tax (benefit) expense

 

(140

)

 

 

44

 

 

 

82

 

Non-GAAP net (loss) attributable to common stockholders

$

(833

)

 

$

(3,472

)

 

$

(859

)

 

 

 

 

 

 

Non-GAAP net (loss) per share:

 

 

 

 

 

Basic

$

(0.08

)

 

$

(0.33

)

 

$

(0.08

)

Diluted

$

(0.08

)

 

$

(0.33

)

 

$

(0.08

)

Weighted average shares used in calculating non-GAAP net (loss) per share:

 

 

 

 

 

Basic

 

10,532

 

 

 

10,455

 

 

 

10,266

 

Diluted

 

10,532

 

 

 

10,455

 

 

 

10,266

 

 

Reconciliation of Net Loss to Adjusted EBITDA

 

Three months ended

 

March 31, 2024

 

December 31, 2023

 

March 31, 2023

Net loss

$

(2,455

)

 

$

(5,484

)

 

$

(2,858

)

Stock-based compensation expense

 

1,046

 

 

 

1,209

 

 

 

981

 

Depreciation and amortization

 

887

 

 

 

903

 

 

 

900

 

Severance and exit costs

 

-

 

 

 

64

 

 

 

205

 

Other income

 

(26

)

 

 

(47

)

 

 

(12

)

Income tax (benefit) expense

 

(140

)

 

 

44

 

 

 

82

 

Adjusted EBITDA

$

(688

)

 

$

(3,311

)

 

$

(702

)

 

Q2-2024 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 June 30, 2024

(dollars in millions, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Margin Reconciliation:

 

 

 

Operating Expense Reconciliation:

 

 

GAAP gross margin

 

 

40.2

%

 

GAAP operating expenses

 

$

8.4

 

Stock-based compensation

 

 

0.4

%

 

Stock-based compensation

 

 

(1.0

)

Amortization

 

 

0.4

%

 

Amortization

 

 

(0.6

)

Non-GAAP gross margin

 

 

41.0

%

 

Non-GAAP operating expenses

 

$

6.8

 

 

 

 

 

 

 

 

Net (Loss) Income Reconciliation

 

 

 

Net (Loss) Income per Share Reconciliation(1):

 

 

GAAP net loss

 

$

(2.4

)

 

GAAP net loss per share

 

$

(0.22

)

Stock-based compensation

 

 

1.0

 

 

Stock-based compensation

 

 

0.09

 

Amortization

 

 

0.7

 

 

Amortization

 

 

0.07

 

Non-GAAP net loss

 

$

(0.7

)

 

Non-GAAP net loss per share

 

$

(0.06

)

 

 

 

 

 

 

 

Adjusted EBITDA Reconciliation

 

 

 

 

 

 

GAAP net loss

 

$

(2.4

)

 

 

 

 

Stock-based compensation

 

 

1.0

 

 

 

 

 

Depreciation and amortization

 

 

0.9

 

 

 

 

 

Adjusted EBITDA

 

$

(0.5

)

 

 

 

 

 

 

 

 

 

 

 

(1) Amounts are based on 10.8 million basic and 10.8 million diluted weighted average shares outstanding

 

Airgain Contact
Michael Elbaz
Chief Financial Officer
investors@airgain.com

Airgain Investor Contact
Matt Glover and Chris Adusei-Poku
Gateway Group, Inc.
+1 949 574 3860
AIRG@gateway-grp.com

Source: Airgain, Inc.