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 fourth quarter and
full year ended December 31, 2023.
“Our team delivered quarterly sales of $10.1 million, closing
out 2023 with sales of $56.0 million,” said Airgain’s President and
Chief Executive Officer, Jacob Suen. “We believe that the fourth
quarter was the trough for our business after sequential declines
through the year. As we turn to 2024, we anticipate a year of
gradual growth driven by recoveries in our end markets, investments
in product innovations, and launches of our 5-G connectivity
initiatives. We remain relentlessly focused on execution and
long-term value for our stakeholders.”
Fourth Quarter 2023 Financial Highlights
GAAP
- Sales of $10.1 million
- GAAP gross margin of 29.1%
- GAAP operating expenses of $8.4 million
- GAAP net loss of $5.5 million or $(0.52) per share
Non-GAAP
- Non-GAAP gross margin of 30.3%
- Non-GAAP operating expenses of $6.5 million
- Non-GAAP net loss of $3.5 million or $(0.33) per share
- Adjusted EBITDA of $(3.3) million
Fourth Quarter 2023 Financial Results
Sales for the fourth quarter of 2023 were $10.1 million, of
which $4.6 million was generated from the enterprise market, $3.2
million from the consumer market and $2.3 million from the
automotive market. Sales decreased by $3.6 million or 26.5%,
compared to $13.7 million in the third quarter of 2023. Enterprise
product sales decreased from the third quarter of 2023 by $2.2
million driven by lower enterprise WiFi and industrial IoT product
sales. Consumer sales declined $1.2 million from the third quarter
of 2023 driven by lower sales to cable operators. Automotive sales
decreased $0.2 million from the third quarter of 2023 on lower
aftermarket sales. Sales for the fourth quarter of 2023 decreased
by $9.8 million or 49.4% from $19.9 million in the same year-ago
period due to decreased sales of $5.4 million from the enterprise
market, $3.2 million from the consumer market and $1.2 million from
the automotive market.
GAAP gross profit for the fourth quarter of 2023 was $2.9
million compared to $5.2 million for the third quarter of 2023 and
$5.9 million in the same year-ago period. Non-GAAP gross profit for
the fourth quarter of 2023 was $3.1 million, compared to $5.4
million for the third quarter of 2023 and $6.1 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).
GAAP gross margin for the fourth quarter of 2023 was 29.1%,
compared to 38.2% for the third quarter of 2023 and 29.6% in the
same year-ago period. The decrease in gross margin compared to the
third quarter of 2023 was primarily due to an excess and obsolete
inventory charge. Non-GAAP gross margin for the fourth quarter of
2023 was 30.3% compared to 39.1% for the third quarter of 2023 and
30.5% in the same year-ago period (see note regarding "Use of
Non-GAAP Financial Measures" below for further discussion of this
non-GAAP measure).
GAAP operating expenses for the fourth quarter of 2023 were $8.4
million, compared to $7.1 million for the third quarter of 2023 and
$9.2 million in the same year-ago period. Operating expenses were
higher for the fourth quarter of 2023 compared to the third quarter
of 2023 primarily due to higher personnel compensation and
engineering project expenses. Non-GAAP operating expenses for the
fourth quarter of 2023 were $6.5 million compared to $6.0 million
in the third quarter of 2023 and $7.2 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).
GAAP net loss for the fourth quarter of 2023 was $5.5 million or
$(0.52) per share (based on 10.5 million shares), compared to $1.9
million or $(0.18) per share (based on 10.4 million shares) for the
third quarter of 2023 and a net loss of $3.2 million or $(0.31) per
share (based on 10.2 million shares) in the same year-ago period.
The increase in net loss compared to the third quarter of 2023 was
due to lower sales, higher expenses and a fourth quarter excess and
obsolete inventory charge. Non-GAAP net loss for the fourth quarter
of 2023 was $3.5 million or $(0.33) per share (based on 10.5
million shares), compared to a net loss of $0.7 million or $(0.06)
per share (based on 10.4 million shares) for the third quarter of
2023 and a non-GAAP net loss of $1.1 million or $(0.11) per share
(based on 10.2 million shares) for the same year-ago period (see
note regarding "Use of Non-GAAP Financial Measures" below for
further discussion of this non-GAAP measure).
Adjusted EBITDA for the fourth quarter of 2023 was $(3.3)
million, compared to $(0.5) million for the third quarter of 2023
and $(0.9) 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 2023 Financial Highlights
GAAP
- Sales of $56.0 million
- GAAP gross margin of 37.1%
- GAAP operating expense of $33.2 million
- GAAP net loss of $12.4 million or $(1.20) per share
Non-GAAP
- Non-GAAP gross margin of 37.9%
- Non-GAAP operating expense of $26.4 million
- Non-GAAP net loss of $5.1 million or $(0.50) per share
- Adjusted EBITDA of $(4.5) million
Full Year 2023 Financial Results
Sales for the full year of 2023 were $56.0 million, of which
$27.2 million was generated from the enterprise market, $18.9
million from the consumer market and $9.9 million from the
automotive market. Sales decreased by $19.9 million or 26.2% for
the full year of 2023 compared to $75.9 million in 2022. Enterprise
sales decreased $7.3 million from $34.5 million in 2022 primarily
due to channel excess inventory correction impacting our IIoT
products sales. Consumer sales declined by $6.9 million from $25.8
million in 2022 primarily due to weaker end demand, coupled with
excess inventory, with cable operators customers. Automotive sales
decreased $5.7 million from $15.6 million in 2022 driven by the
discontinued AC-HPUE product line and excess inventory correction
impacting our aftermarket antenna sales.
GAAP gross profit for the full year of 2023 was $20.8 million
compared to $28.0 million in 2022. Non-GAAP gross profit for the
full year of 2023 was $21.2 million compared to $28.5 million in
2022 (see note regarding "Use of Non-GAAP Financial Measures" below
for further discussion of this non-GAAP measure).
GAAP gross margin for the full year of 2023 was 37.1%, compared
to 36.9% in 2022. Non-GAAP gross margin for the full year of 2023
was 37.9%, compared to 37.6% in 2022 (see note regarding "Use of
Non-GAAP Financial Measures" below for further discussion of this
non-GAAP measure).
GAAP operating expenses for the full year of 2023 were $33.2
million, compared to $36.6 million in 2022. The lower operating
expenses were due lower personnel expenses, partially offset by
higher project expenses. Non-GAAP operating expense for the full
year of 2023 was $26.4 million, compared to $29.1 million in 2022
(see note regarding "Use of Non-GAAP Financial Measures" below for
further discussion of this non-GAAP measure).
GAAP net loss for the full year of 2023 was $12.4 million or
$(1.20) per share (based on 10.4 million shares), compared to a net
loss of $8.7 million or $(0.85) per share (based on 10.2 million
shares) in 2022. The increase in net loss was primarily due to a
decrease of $7.2 million in gross profit on lower sales, partially
offset by a $3.4 million decrease in operating expenses. Non-GAAP
net loss for the full year of 2023 was $5.1 million or $(0.50) per
share (based on 10.4 million shares), compared to $0.6 million or
$(0.06) per share (based on 10.2 million diluted shares) in 2022
(see note regarding "Use of Non-GAAP Financial Measures" below for
further discussion of this non-GAAP measure).
Adjusted EBITDA for the full year of 2023 was $(4.5) million,
compared to 0.1 million in 2022 (see note regarding "Use of
Non-GAAP Financial Measures" below for further discussion of this
non-GAAP measure).
First Quarter 2024 Financial Outlook
GAAP
- Sales are expected to be in the range of $13.3 million to $14.7
million, or $14.0 million at the midpoint
- GAAP gross margin is expected to be in the range of 38.6% to
41.6%
- GAAP operating expense is expected to be approximately $8.1
million
- GAAP net loss per share is expected to be $(0.24) at
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 $6.4
million
- Non-GAAP net loss per share is expected to be $(0.06) at
midpoint
- Adjusted EBITDA is expected to be $(0.5) million at
midpoint
Our financial outlook for the three months ending March 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 Wednesday,
March 6, 2024 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to
discuss financial results for the fourth quarter and full year
ended December 31, 2023.
Airgain management will host the presentation, followed by a
question and answer period.
Date: Wednesday, March 6, 2024 Time: 5:00 p.m. Eastern Time
(2:00 p.m. Pacific Time) Participant Dial-In: (877) 407-2988 or +1
(201) 389-0923
The conference call will be broadcast simultaneously and
available here and for replay via the investor relations section of
the company's website at investors.airgain.com.
A replay of the webcast will be available via the registration
link after 8:00 p.m. Eastern Time on the same day until March 6,
2025.
About Airgain, Inc.
Airgain simplifies wireless connectivity across a diverse set of
devices and markets, from solving complex connectivity issues to
speeding time to market to enhancing wireless signals. Our products
are offered in three distinct sub-brands: Airgain Embedded, Airgain
Integrated and Airgain Antenna+. Our mission is to connect the
world by making wireless simple. Airgain's expertise in custom
cellular and antenna system design pairs with our focus on
high-growth technologies and our dedication to simplify the growing
complexity of wireless. With a broad portfolio of products across
the value chain, from embedded components to fully integrated
products, we are equipped to solve critical connectivity needs in
both the design process and the operating environment across the
enterprise, automotive, and consumer markets. 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 first quarter and 2024 financial outlook,
expected recovery of markets the company serves, expected launches
of company initiatives, and overall long-term strategy and
priorities. 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.
Consolidated Balance
Sheets
(in thousands, except par
value)
(unaudited)
As of December 31,
2023
2022
Assets
Current assets:
Cash and cash equivalents
$
7,881
$
11,903
Trade accounts receivable, net
7,375
8,741
Inventories
2,403
4,226
Prepaid expenses and other current
assets
1,422
2,284
Total current assets
19,081
27,154
Property and equipment, net
2,507
2,765
Leased right-of-use assets
1,392
2,217
Goodwill
10,845
10,845
Intangible assets, net
8,234
11,203
Other assets
170
216
Total assets
$
42,229
$
54,400
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
6,472
$
6,507
Accrued compensation
728
2,874
Accrued liabilities and other
1,926
2,615
Short-term lease liabilities
865
904
Total current liabilities
9,991
12,900
Deferred tax liability
151
139
Long-term lease liabilities
674
1,536
Total liabilities
10,816
14,575
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in
capital, par value $0.0001, 200,000 shares authorized; 11,010
shares issued and 10,469 shares outstanding at December 31, 2023;
and 10,767 shares issued and 10,226 shares outstanding at December
31, 2022
115,295
111,282
Treasury stock, at cost: 541 shares at
December 31, 2023 and 2022
(5,364
)
(5,364
)
Accumulated deficit
(78,521
)
(66,093
)
Accumulated other comprehensive income
3
—
Total stockholders’ equity
31,413
39,825
Total liabilities and stockholders’
equity
$
42,229
$
54,400
Airgain, Inc.
Consolidated Statements of
Operations
(in thousands, except per
share data)
(unaudited)
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2023
2023
2022
2023
2022
Sales
$
10,070
$
13,696
$
19,889
$
56,040
$
75,895
Cost of goods sold
7,139
8,460
14,009
35,277
47,923
Gross profit
2,931
5,236
5,880
20,763
27,972
Operating expenses:
Research and development
3,169
2,298
2,240
10,505
11,345
Sales and marketing
2,251
1,704
2,623
9,126
11,174
General and administrative
2,999
3,144
4,294
13,532
14,033
Total operating expenses
8,419
7,146
9,157
33,163
36,552
Loss from operations
(5,488
)
(1,910
)
(3,277
)
(12,400
)
(8,580
)
Other expense (income):
Interest income, net
(41
)
(34
)
(26
)
(109
)
(63
)
Other expense
(7
)
1
16
9
58
Total other (income) expense
(48
)
(33
)
(10
)
(100
)
(5
)
Loss before income taxes
(5,440
)
(1,877
)
(3,267
)
(12,300
)
(8,575
)
Provision (benefit) for income taxes
44
4
(47
)
128
84
Net loss
$
(5,484
)
$
(1,881
)
$
(3,220
)
$
(12,428
)
$
(8,659
)
Net loss per share:
Basic
$
(0.52
)
$
(0.18
)
$
(0.31
)
$
(1.20
)
$
(0.85
)
Diluted
$
(0.52
)
$
(0.18
)
$
(0.31
)
$
(1.20
)
$
(0.85
)
Weighted average shares used in
calculating loss per share:
Basic
10,455
10,430
10,225
10,392
10,190
Diluted
10,455
10,430
10,225
10,392
10,190
Airgain, Inc.
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
For the Years Ended December
31,
2023
2022
Cash flows from operating
activities:
Net loss
$
(12,428
)
$
(8,659
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation
661
675
Loss on disposal of property and
equipment
—
4
Amortization of intangible assets
2,969
3,026
Stock-based compensation
3,681
4,978
Deferred tax liability
12
30
Changes in operating assets and
liabilities:
Trade accounts receivable
1,367
2,015
Inventories
1,823
4,723
Prepaid expenses and other current
assets
822
(1,012
)
Other assets
6
137
Accounts payable
(93
)
1,037
Accrued compensation
(1,253
)
(35
)
Accrued liabilities and other
(793
)
(370
)
Payments of contingent consideration fair
value changes
—
(2,040
)
Lease liabilities
(75
)
(63
)
Net cash (used in) provided by operating
activities
(3,301
)
4,446
Cash flows from investing
activities:
Purchases of property and equipment
(346
)
(763
)
Proceeds from sale of equipment
—
13
Net cash used in investing activities
(346
)
(750
)
Cash flows from financing
activities:
Cash paid for business acquisition
contingent consideration
—
(6,532
)
Payments for withholding taxes related to
net share settlement of equity awards
(690
)
—
Issuance of shares for stock purchase and
option plans
232
228
Net cash used in financing activities
(458
)
(6,304
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
3
—
Net decrease in cash, cash equivalents and
restricted cash
(4,102
)
(2,608
)
Cash, cash equivalents, and restricted
cash; beginning of period
12,078
14,686
Cash, cash equivalents, and restricted
cash; end of period
$
7,976
$
12,078
Supplemental disclosure of cash flow
information:
Taxes paid
$
112
$
197
Supplemental disclosure of non-cash
investing and financing activities:
Operating lease liabilities resulting from
right-of-use assets
$
11
$
—
Accrual of property and equipment
$
58
$
—
Cash and cash equivalents and restricted
cash
$
7,881
$
11,903
Restricted cash included in other
assets
95
$
175
Total cash, cash equivalents, and
restricted cash
$
7,976
$
12,078
Airgain, Inc.
Sales by Target Market
(in thousands)
(unaudited)
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
Target Market
2023
2023
2022
2023
2022
Consumer
$
3,209
$
4,404
$
6,438
$
18,934
$
25,793
Enterprise
4,615
6,791
10,015
27,209
34,533
Automotive
2,246
2,501
3,436
9,897
15,569
Total sales
$
10,070
$
13,696
$
19,889
$
56,040
$
75,895
Airgain, Inc.
(in thousands)
(unaudited)
Reconciliation of GAAP to
non-GAAP Gross Profit
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2023
2023
2022
2023
2022
Gross profit
$
2,931
$
5,236
$
5,880
$
20,763
$
27,972
Stock-based compensation
34
29
98
107
181
Amortization of intangible assets
89
89
89
355
355
Non-GAAP gross profit
$
3,054
$
5,354
$
6,067
$
21,225
$
28,508
Reconciliation of GAAP to
non-GAAP Gross Margin
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2023
2023
2022
2023
2022
Gross margin
29.1
%
38.2
%
29.6
%
37.1
%
36.9
%
Stock-based compensation
0.3
%
0.2
%
0.5
%
0.2
%
0.2
%
Amortization of intangible assets
0.9
%
0.7
%
0.4
%
0.6
%
0.5
%
Amortization of inventory step-up
0.0
%
0.0
%
0.0
%
0.0
%
0.0
%
Non-GAAP gross margin
30.3
%
39.1
%
30.5
%
37.9
%
37.6
%
Reconciliation of GAAP to non-GAAP Operating
Expenses
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2023
2023
2022
2023
2022
Operating expenses
$
8,419
$
7,146
$
9,157
$
33,163
$
36,552
Stock-based compensation expense
(1,175
)
(494
)
(1,305
)
(3,574
)
(4,797
)
Amortization of intangible assets
(653
)
(654
)
(668
)
(2,614
)
(2,671
)
Severance and exit costs
(64
)
22
—
(612
)
—
Non-GAAP operating expenses
$
6,527
$
6,020
$
7,184
$
26,363
$
29,084
Airgain, Inc.
(in thousands, except per
share data)
(unaudited)
Reconciliation of GAAP to
non-GAAP Net Income (Loss)
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2023
2023
2022
2023
2022
Net loss
$
(5,484
)
$
(1,881
)
$
(3,220
)
$
(12,428
)
$
(8,659
)
Stock-based compensation expense
1,209
523
1,403
3,681
4,978
Amortization of intangible assets
742
742
757
2,969
3,026
Severance and exit costs
64
(22
)
—
612
—
Other income expense
(47
)
(34
)
(12
)
(109
)
(11
)
Income tax expense (benefit)
44
4
(50
)
128
84
Non-GAAP net loss income attributable to
common stockholders
$
(3,472
)
$
(668
)
$
(1,122
)
$
(5,147
)
$
(582
)
Non-GAAP net loss income per share:
Basic
$
(0.33
)
$
(0.06
)
$
(0.11
)
$
(0.50
)
$
(0.06
)
Diluted
$
(0.33
)
$
(0.06
)
$
(0.11
)
$
(0.50
)
$
(0.06
)
Weighted average shares used in
calculating non-GAAP net loss income per share:
Basic
10,455
10,430
10,225
10,392
10,190
Diluted
10,455
10,430
10,225
10,392
10,190
Reconciliation of Net Loss to
Adjusted EBITDA
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2023
2023
2022
2023
2022
Net loss
$
(5,484
)
$
(1,881
)
$
(3,220
)
$
(12,428
)
$
(8,659
)
Stock-based compensation expense
1,209
523
1,403
3,681
4,978
Depreciation and amortization
903
900
930
3,630
3,701
Severance and exit costs
64
(22
)
—
612
—
Other (income) expense
(47
)
(34
)
(12
)
(109
)
(11
)
Income tax (benefit) expense
44
4
(50
)
128
84
Adjusted EBITDA
$
(3,311
)
$
(510
)
$
(949
)
$
(4,486
)
$
93
Q1-2024 Financial
Outlook
Reconciliations of GAAP to
Non-GAAP Gross Margin, Operating Expense, Net Loss, EPS and to
Adjusted EBITDA
For the Three Months Ended
March 31, 2024
(in millions, except per share
data)
Gross Margin
Reconciliation:
Operating Expense
Reconciliation:
GAAP gross margin
40.1
%
GAAP operating expenses
$
8.1
Stock-based compensation
0.2
%
Stock-based compensation
$
(1.1
)
Amortization
0.7
%
Amortization
$
(0.6
)
Non-GAAP gross margin
41.0
%
Non-GAAP operating expenses
$
6.4
Net Loss
Reconciliation
Net Loss per Share
Reconciliation(1):
GAAP net loss
$
(2.5
)
GAAP net loss per share
$
(0.24
)
Stock-based compensation
$
1.1
Stock-based compensation
0.11
Amortization
$
0.8
Amortization
0.07
Non-GAAP net loss
$
(0.6
)
Non-GAAP net loss per share
$
(0.06
)
Adjusted EBITDA
Reconciliation
GAAP net loss
$
(2.5
)
Stock-based compensation
$
1.1
Depreciation and amortization
$
0.9
Adjusted EBITDA
$
(0.5
)
(1) Amounts are based on 10.5 million basic weighted average
shares outstanding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240306260517/en/
Airgain Contact Michael Elbaz Chief Financial Officer
Airgain, Inc. investors@airgain.com
Airgain Investor Contact Matt Glover and Chris
Adusei-Poku Gateway Group, Inc. +1 949 574 3860
AIRG@gateway-grp.com
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