Business
Airgain Reports First Quarter 2020 Financial Results
SAN DIEGO--(BUSINESS WIRE)-- Airgain, Inc. (NASDAQ: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless
About this update from Airgain, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nAirgain, Inc. (NASDAQ: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive, today announced GAAP net loss of $1.2 million and GAAP EPS of $(0.12) for the three months ended March 31, 2020 (Q1-20). The Q1-20 net income decreased $1.3 million from the net income of $0.1 million for the three months ended December 31, 2019 (Q4-19).\n\n\n“I am pleased that we were able to deliver on our previous financial guidance given the dynamic environment we are operating in,” said Airgain’s Chief Executive Officer and President, Jacob Suen. “More importantly, the launch of AirgainConnect™ serves not only as a critical pivot-point in our company towards our transition to a more diverse solutions capability, delivering higher levels of integration, but also as an example of how our team can make significant innovations in the face of a rapidly evolving market.”\n\n\n2020 Q1 Financial Highlights\n\n\n\nSales of $11.2 million\n\n\nGross margin of 47.5%\n\n\nNet loss of $1.2 million\n\n\nGAAP earnings per share of $(0.12)\n\n\nNon-GAAP earnings per share of $(0.05)\n\n\nAdjusted EBITDA of $(0.4) million\n\n\n\n2020 Q1 Financial Results\n\n\nSales decreased 14% to $11.2 million in Q1-20 compared to $13.0 million in Q4-19. The lower sales were primarily driven by impacts from COVID-19 and more modestly by typical seasonal softness in our products sales. Our Q1-20 sales decreased $3.9 million compared to sales of $15.1 million in the three months ended March 31, 2019 (Q1-19). The lower sales were primarily driven by impacts from COVID-19 and a product cycle transition for several large volume embedded antenna products.\n\n\nGross profit decreased 8% in Q1-20 to $5.3 million from $5.8 million in Q4-19. Gross margin was 47.5% in Q1-20, which increased from 44.4% in Q4-19 largely due to manufacturing efficiencies and to a lesser extent favorable product sales mix. Q1-20 gross margin increased 2.6% from 44.9% in Q1-19 due to a favorable change in the product sales mix.\n\n\nTotal operating expenses of $6.6 million for Q1-20 increased 13% compared to $5.9 million in Q4-19 primarily due to changes in personnel expenses. Q1-20 operating expenses were slightly higher than the $6.6...