Exhibit 99.1

 

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Investor Relations Contact

Matt Glover or Najim Mostamand

Liolios Group, Inc.

+1 949 574 3860

AIRG@liolios.com

  

Airgain Public Relations Contact

Jules M. Cassano

Director of Marketing, Airgain, Inc.

+1 760 444 6008

media@airgain.com

Airgain Reports Fourth Quarter and Full Year 2016 Results

San Diego, California, February 16, 2017 – Airgain, Inc. (NASDAQ: AIRG), a leading provider of embedded antenna technologies used to enable high performance wireless networking, today reported unaudited results for the fourth quarter and full year ended December 31, 2016.

Fourth Quarter 2016 Financial Results

Sales increased 35% to $12.6 million from $9.3 million in the same year-ago period. The increase was primarily driven by an increase in product sales.

Gross profit increased 43% to $5.5 million (43.4% of sales) from $3.8 million (41.2% of sales) in the same year-ago period. The increase in gross profit as a percentage of sales was primarily driven by an increase in the sales of board-mounted antennas, which tend to have lower per unit pricing and higher gross margins.

Total operating expenses increased 19% to $4.3 million from $3.6 million in the same year-ago period. The increase was primarily due to higher personnel expenses to support the company’s sales and marketing and research and development initiatives. The increase was also due to higher administrative expenses incurred as a public company, including expenses related to the company’s public equity offerings.

Net income attributable to common stockholders totaled $1.1 million or $0.12 per diluted share, an improvement from a net loss attributable to common stockholders of $(660) thousand or $(0.99) per diluted share in the same year-ago period.

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, fair market value for adjustments of warrants, and share-based compensation) increased to $1.4 million from $837 thousand in the same year-ago period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Fourth Quarter 2016 Key Performance Indicators (compared to same year-ago period)

 

    Total customer devices increased 29% or 3.4 million devices to 14.9 million devices

 

    The average number of antennas per device increased 11% to 2.96

 

    The average selling price per device increased 7% to $0.83

Full Year 2016 Financial Results

Sales increased 56% to $43.4 million from $27.8 million in the same year-ago period. The increase was primarily driven by an increase in product sales.

Gross profit increased 66% to $19.3 million (44.4% of sales) from $11.6 million (41.9% of sales) in the same year-ago period. The increase in gross profit as a percentage of sales was primarily driven by an increase in the sales of board-mounted antennas, which tend to have lower per unit pricing and higher gross margins.

 

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Total operating expenses increased 32% to $15.8 million from $12.0 million in the same year-ago period. The increase was primarily due to higher personnel expenses to support the company’s sales and marketing and research and development initiatives. The increase was also due to higher administrative expenses incurred as a public company, including expenses related to the company’s public equity offerings.

Net income attributable to common stockholders totaled $2.2 million or $0.40 per diluted share, an improvement from net loss attributable to common stockholders of $(2.7) million or $(4.30) per diluted share in the same year-ago period.

Adjusted EBITDA increased to $4.6 million from $1.2 million in the same year-ago period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Full Year 2016 Key Performance Indicators (compared to same year-ago period)

 

    Total customer devices increased 55% or 19.0 million devices to 53.6 million devices

 

    The average number of antennas per device increased 18% to 2.97

 

    The average selling price per device increased 1% to $0.79

Management Commentary

“2016 was an exciting year for Airgain,” said Airgain president and CEO, Charles Myers. “First and foremost, we became a publicly traded company listed on the NASDAQ stock exchange. Operationally, we experienced continued growth in our core gateway and set-top-box markets, while making accelerated progress in some of our key emerging markets, and even expanding into newer markets, like automotive and small cell. This led to impressive results across the board, with our sales up 56%, gross profit up 66%, and adjusted EBITDA more than tripling for the year. On top of that, we generated $2.2 million of net income, or $0.40 per share on a fully diluted basis.”

“Q4 echoed the positive performance throughout the year, especially in terms of our top and bottom-line growth. From a customer and operations standpoint, we continued to gain traction in products targeting cable operators, with increasing demand and new design wins in the gateway and set-top-box markets. We are also experiencing demand for our products in the enterprise and retail WLAN segments.”

“As we move in to 2017, we will continue forward with our strategy of growing organically as well as inorganically when and where it makes strategic and financial sense. Our continued focus on R&D initiatives will enable us to not only bring new solutions to the market, but also to continue expanding into other strategic markets.”

Conference Call

Airgain management will hold a conference call today (February 16, 2017) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results and provide an update on business conditions.

Company president and CEO, Charles Myers, and CFO, Leo Johnson, will host the call, followed by a question and answer period.

Date: Thursday, February 16, 2017

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

U.S. dial-in number: 1-877-451-6152

International dial-in number: 1-201-389-0879

 

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Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.

The conference call will be broadcast live and available for replay in the investor relations section of the company’s website.

A replay of the conference call will be available after 7:30 p.m. Eastern Time through March 16, 2017

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 13655519

About Airgain, Inc.

Airgain is a leading provider of embedded antenna technologies used to enable high performance wireless networking across a broad range of home, enterprise, and industrial devices. Our innovative antenna systems open up exciting new possibilities in wireless services requiring high speed throughput, broad coverage footprint, and carrier grade quality. Our antennas are found in devices deployed in carrier, enterprise, and residential wireless networks and systems, including set-top boxes, access points, routers, gateways, media adapters, digital televisions, and Internet of Things (IoT) devices. Airgain partners with and supplies the largest blue chip brands in the world, including original equipment and design manufacturers, chipset makers, and global operators. Airgain is headquartered in San Diego, California, and maintains design and test centers in San Diego, Cambridge, United Kingdom, and Suzhou and Shenzhen, China. For more information, visit airgain.com.

Airgain and the Airgain logo are registered trademarks of Airgain, Inc.

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 future organic and inorganic growth, focus on R&D initiatives, expansion into other strategic markets and our ability to execute on our key strategic initiatives. In addition, the unaudited financial results for the fourth quarter and year ended December 31, 2016 included in this press release are preliminary and represent the most current information available to management. 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 risk and uncertainties inherent in our business, including, without limitation: adjustments to the unaudited financial results reported for the fourth quarter and year ended December 31, 2016 in connection with the completion of the company’s final closing process and procedures, final adjustments, completion of the audit by the company’s independent registered accounting firm and other developments that may arise during the preparation of our Annual Report on Form 10-K; the market for our antenna 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; our products are subject to intense competition, including competition from the customers to whom we sell, and competitive

 

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pressures from existing and new companies may harm our business, sales, growth rates and market share; 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; we sell to customers who are extremely 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 few contract manufacturers to produce and ship all of our products, 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 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, including under the heading “Risk Factors” in our final prospectus. 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 Airgain’s 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 and Amortization (Adjusted EBITDA). We believe Adjusted EBITDA provides useful information to investors with which to analyze our operating trends and performance. In computing Adjusted EBITDA, we also exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock options and other non-cash awards granted to employees, as well as the fair market value adjustments for warrants. 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 a non-GAAP financial measure that excludes 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.

Our Adjusted EBITDA measure 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 is not a measurement of financial performance under GAAP, and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of specific adjustments to GAAP results is provided in the last table at the end of this release.

 

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Airgain, Inc.

Condensed Balance Sheets

(unaudited)

 

     As of December 31,  
     2016     2015  

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 45,161,403      $ 5,335,913   

Trade accounts receivable, net

     5,154,996        3,731,998   

Inventory

     146,815        119,733   

Prepaid expenses and other current assets

     349,550        191,502   
  

 

 

   

 

 

 

Total current assets

     50,812,764        9,379,146   

Property and equipment, net

     807,086        1,026,784   

Goodwill

     1,249,956        1,249,956   

Customer relationships, net

     2,822,918        3,137,918   

Intangible assets, net

     286,719        345,069   

Other assets

     84,060        121,541   
  

 

 

   

 

 

 

Total assets

   $ 56,063,503      $ 15,260,414   
  

 

 

   

 

 

 

Liabilities, preferred redeemable convertible stock, and stockholders’ equity (deficit)

    

Current liabilities:

    

Accounts payable

   $ 3,949,005      $ 2,873,471   

Accrued bonus

     1,748,551        1,335,500   

Accrued liabilities

     1,072,242        660,987   

Deferred purchase price

     1,000,000        1,000,000   

Current portion of long-term notes payable

     1,388,563        1,625,030   

Current portion of deferred rent obligation under operating lease

     81,332        81,332   
  

 

 

   

 

 

 

Total current liabilities

     9,239,693        7,576,320   

Preferred stock warrant liability

     —          709,504   

Long-term notes payable

     1,333,333        2,721,865   

Deferred tax liability

     6,166        —     

Deferred rent obligation under operating lease

     451,909        558,641   
  

 

 

   

 

 

 

Total liabilities

     11,031,101        11,566,330   

Preferred redeemable convertible stock:

    

Series E preferred redeemable convertible stock— 10,500,000 shares authorized at December 31, 2015; no shares issued and outstanding at December 31, 2016 and 8,202,466 shares issued and outstanding at December 31, 2015; aggregate liquidation preference of $0 and $16,274,823 at December 31, 2016 and December 31, 2015, respectively

     —          16,274,823   

Series F preferred redeemable convertible stock— 5,000,000 shares authorized at December 31, 2015; no shares issued and outstanding at December 31, 2016 and 4,734,374 shares issued and outstanding at December 31, 2015; aggregate liquidation preference of $0 and $10,517,081 at December 31, 2016 and December 31, 2015, respectively

     —          10,517,081   

Series G preferred redeemable convertible stock— 23,500,000 shares authorized at December 31, 2015; no shares issued and authorized at December 31, 2016 and 10,334,862 shares issued and outstanding at December 31, 2015; aggregate liquidation preference of $0 and $17,987,553 at December 31, 2016 and December 31, 2015, respectively

     —          16,315,002   

Stockholders’ equity (deficit):

    

Preferred convertible stock:

    

Series A preferred convertible stock— 313,500 shares authorized, issued and outstanding at December 31, 2015 and no shares issued and outstanding at December 31, 2016; aggregate liquidation preference of $0 and $2,416,194 at December 31, 2016 and December 31, 2015, respectively

     —          976,000   

Series B preferred convertible stock— 1,183,330 shares authorized at December 31, 2015; no shares issued and outstanding at December 31, 2016 and 1,157,606 shares issued and outstanding at December 31, 2015; aggregate liquidation preference of $0 and $5,081,890 at December 31, 2016 and December 31, 2015, respectively

     —          2,457,253   

Series C preferred convertible stock— 682,000 shares authorized at December 31, 2015; no shares and 682,000 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively; aggregate liquidation preference of $0 and $682,000 at December 31, 2016 and December 31, 2015, respectively

     —          549,010   

Series D preferred convertible stock— 4,276,003 shares authorized at December 31, 2015; no shares issued and outstanding at December 31, 2016 and 4,091,068 shares issued and outstanding at December 31, 2015; aggregate liquidation preference of $0 and $4,516,013 at December 31, 2016 and December 31, 2015, respectively

     —          1,986,286   

Common shares, par value $0.0001, 200,000,000 and 80,000,000 shares authorized at December 31, 2016 and December 31, 2015, respectively; 9,275,062 and 665,842 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively

     928        1,094,375   

Additional paid in capital

     88,582,470        —     

Accumulated deficit

     (43,550,996     (46,475,746
  

 

 

   

 

 

 

Total stockholders’ equity (deficit)

     45,032,402        (39,412,822

Commitments and contingencies

    
  

 

 

   

 

 

 

Total liabilities, preferred redeemable convertible stock and stockholders’ equity (deficit)

   $ 56,063,503      $ 15,260,414   
  

 

 

   

 

 

 


Airgain, Inc.

Condensed Statements of Operations

(unaudited)

 

     For the Three Months Ended
December 31,
    For the Year Ended
December 31,
 
     2016     2015     2016     2015  

Sales

   $ 12,625,966      $ 9,333,483      $ 43,433,867      $ 27,793,073   

Cost of goods sold

     7,149,563        5,490,667        24,156,792        16,148,163   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     5,476,403        3,842,816        19,277,075        11,644,910   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Research and development

     1,525,462        1,158,320        5,622,132        4,257,400   

Sales and marketing

     1,592,376        1,231,666        5,670,625        4,035,591   

General and administrative

     1,227,360        1,278,975        4,532,151        3,453,288   

IPO costs

     —          (26,376     —          229,332   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     4,345,198        3,642,585        15,824,908        11,975,611   
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from operations

     1,131,205        200,231        3,452,167        (330,701

Other expense (income):

        

Interest income

     (6,067     —          (7,803     —     

Interest expense

     36,867        14,489        178,371        39,489   

Fair market value adjustment—warrants

     —          236,501        (460,289     (85,325

Exercise and expiration of warrants

     —          —          —          (15,145
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense (income)

     30,800        250,990        (289,721     (60,981

Income (loss) before income taxes

     1,100,405        (50,759     3,741,888        (269,720

Provision (benefit) for income taxes

     103        (8,600     8,181        622   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

     1,100,302        (42,159     3,733,707        (270,342

Accretion of dividends on preferred convertible stock

     —          (617,493     (1,537,021     (2,444,954
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) attributable to common stockholders

   $ 1,100,302      $ (659,652   $ 2,196,686      $ (2,715,296
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) per share:

        

Basic

   $ 0.14      $ (0.99   $ 0.65      $ (4.17
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

   $ 0.12      $ (0.99   $ 0.40      $ (4.30
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares used in calculating income (loss) per share

        

Basic

     7,911,185        664,133        3,373,316        651,593   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     8,855,433        664,133        4,667,503        651,593   
  

 

 

   

 

 

   

 

 

   

 

 

 


Airgain, Inc.

Condensed Statements of Stockholders’ Equity (Deficit)

(unaudited)

 

     Preferred
Convertible Stock
    Common Stock     Additional
Paid-in
Capital
    Note to
Employee
    Accumulated
Deficit
    Total
Stockholders’
Equity
(Deficit)
 
     Shares     Amount     Shares      Amount          

Balance at December 31, 2013

     6,244,174      $ 5,968,549        380,566       $ 1,016,783      $ —        $ —        $ (46,491,004   $ (39,505,672
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Stock-based compensation

     —          —          —           —          657,730        —          —          657,730   

Shares issued pursuant to stock awards

     —          —          244,616         —          —          —          —          —     

Exercise of Stock Options

     —          —          100         220        —          —          —          220   

Issuance of note to employee

     —          —          —           —          —          (266,282     —          (266,282

Effect of accretion to redemption value

     —          —          —           —          (657,730     —          (1,486,704     (2,144,434

Net income

     —          —          —           —          —          —          3,588,300        3,588,300   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2014

     6,244,174      $ 5,968,549        625,282       $ 1,017,003      $ —        $ (266,282   $ (44,389,408   $ (37,670,138
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Stock-based compensation

     —          —          —           —          341,554        —          —          341,554   

Shares issued pursuant to stock awards

     —          —          16,300         —          —          —          —          —     

Exercise of Stock Options

     —          —          24,260         77,372        —          —          —          77,372   

Forgiveness of note to employee

     —          —          —           —          —          266,282        —          266,282   

Effect of accretion to redemption value

     —          —          —           —          (341,554     —          (1,815,996     (2,157,550

Net loss

     —          —          —           —          —          —          (270,342     (270,342
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2015

     6,244,174      $ 5,968,549        665,842       $ 1,094,375      $ —        $ —        $ (46,475,746   $ (39,412,822
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Stock-based compensation

     —          —          —           —          298,535        —          —          298,535   

Conversion of warrants

     —          —          127,143         —          249,215        —          —          249,215   

Exercise of stock options

     —          —          58,155         112,101        25,302        —          —          137,403   

Effect of accretion to redemption value

     —          —          —           —          (547,750     —          (808,957     (1,356,707

Change in par value from no par value to $0.0001

     —          —          —           (1,206,391     1,206,391        —          —          —     

Issuance of common stock upon initial public offering, net of issuance costs

     —          —          1,700,100         170        10,816,808        —          —          10,816,978   

Issuance of warrants

     —          —          —           —          126,218        —          —          126,218   

Conversion of preferred redeemable convertible stock to common stock upon initial public offering

     —          —          3,778,753         378        44,463,235        —          —          44,463,613   

Conversion of preferred convertible stock to common stock upon initial public offering

     (6,244,174     (5,968,549     1,259,187         126        5,968,423        —          —          —     

Issuance of common stock upon secondary public offering, net of issuance costs

     —          —          1,685,882         169        25,976,093        —          —          25,976,262   

Net income

     —          —          —           —          —          —          3,733,707        3,733,707   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2016

     —        $ —          9,275,062       $ 928      $ 88,582,470      $ —        $ (43,550,996   $ 45,032,402   
  

 

 

   

 

 

   

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 


Airgain, Inc.

Statements Cash Flows

(unaudited)

 

     For the Year Ended
December 31,
 
     2016     2015  

Cash flows from operating activities:

    

Net income (loss)

   $ 3,733,707      $ (270,342

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

    

Depreciation

     495,347        458,734   

Amortization

     373,350        14,013   

Fair market value adjustment - warrants

     (460,289     (85,325

Exercise and expiration of warrants

     —          (15,145

Stock-based compensation

     298,535        341,554   

Forgiveness of note to employee

     —          266,282   

Gain on disposal of fixed assets

     —          —     

Changes in operating assets and liabilities:

    

Trade accounts receivable

     (1,422,998     210,140   

Inventory

     (27,082     (119,733

Prepaid expenses and other assets

     (120,567     (36,265

Accounts payable

     1,075,534        298,920   

Accrued bonus

     413,051        516,409   

Accrued liabilities

     411,255        361,067   

Deferred tax liability

     6,166        —     

Deferred obligation under operating lease

     (106,732     (91,482
  

 

 

   

 

 

 

Net cash provided by operating activities

     4,669,277        1,848,827   

Cash flows from investing activities:

    

Cash paid for acquisition

     —          (4,000,000

Purchases of property and equipment

     (275,650     (132,854

Proceeds from sale of equipment

     —          —     
  

 

 

   

 

 

 

Net cash used in investing activities

     (275,650     (4,132,854

Cash flows from financing activities:

    

Proceeds from notes payable

     —          4,000,000   

Repayment of notes payable

     (1,624,998     (273,175

Issuance of note to employee

     —          —     

Proceeds from initial public offering

     13,600,800        —     

Costs related to initial public offering

     (2,657,604     —     

Proceeds from secondary public offering

     26,797,094        —     

Costs related to secondary public offering

     (820,832     —     

Proceeds from exercise of warrants

     —          225,000   

Proceeds from exercise of stock options

     137,403        77,372   
  

 

 

   

 

 

 

Net cash provided by financing activities

     35,431,863        4,029,197   

Net increase in cash and cash equivalents

     39,825,490        1,745,170   

Cash, beginning of period

     5,335,913        3,590,745   
  

 

 

   

 

 

 

Cash, end of period

   $ 45,161,403      $ 5,335,915   
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information

    

Interest paid

   $ 177,460      $ 39,489   

Income taxes paid

   $ —        $ 6,171   

Supplemental disclosure of non-cash investing and financing activities:

    

Accretion of Series E, F, and G preferred redeemable convertible stock to redemption amount

   $ 1,356,707      $ 2,157,549   

Property and equipment acquired through lease incentives

   $ —        $ —     

Conversion of warrants

   $ 249,215      $ —     

Conversion of preferred stock into common stock

   $ 50,432,162      $ —     

Issuance of warrants to underwriters in connection with initial public offering

   $ 126,218      $ —     


Airgain, Inc.

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(unaudited)

 

     For the Three Months
Ended December 31,
    For the Year Ended
December 31,
 
     2016      2015     2016     2015  

Reconciliation of Net Income (Loss) to Adjusted EBITDA

         

Net income (loss)

   $ 1,100,302       $ (42,159   $ 3,733,707      $ (270,342

Stock-based compensation expense

     74,496         30,836        298,535        341,554   

Depreciation and amortization

     235,267         129,218        868,697        472,747   

Non-recurring expenses (1)(2)

     —           476,320        —          732,028   

Other expense (income)

     30,800         250,990        (289,721     (60,981

Provision (benefit) for income taxes

     103         (8,600     8,181        622   
  

 

 

    

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 1,440,968       $ 836,605      $ 4,619,399      $ 1,215,628   
  

 

 

    

 

 

   

 

 

   

 

 

 

 

(1) Non-recurring expenses for the three months ended December 31, 2015 consists of $266,282 related to the foregiveness of a loan and $236,414 for taxes arising from the forgiveness of the loan offset by $26,376 related to IPO expenses.
(2) Non-recurring expenses for the year ended December 31, 2015 consists of $266,282 related to the foregiveness of a loan, $236,414 for taxes arising from the forgiveness of the loan and $229,332 related to IPO expenses.


CONTACT INFORMATION

Investor Relations Contact

Matt Glover or Najim Mostamand

Liolios Group, Inc.

+1 949 574 3860

AIRG@liolios.com

Airgain Public Relations Contact

Jules M. Cassano

Director of Marketing

Airgain, Inc.

+1 760 444 6008

media@airgain.com