Business
Airgain Reports Fourth Quarter and Full Year 2019 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 income of $0.1 million and GAAP diluted EPS of $0.01 for the three months ended December 31, 2019 (2019 Q4). The 2019 Q4 net income increased $0.2 million from the net loss of $(0.1) million for the three months ended September 30, 2019 (2019 Q3).\n\n\n“I am pleased that we exceeded our expectations for earnings despite recent revenue headwinds. Our Q4 2019 GAAP and non-GAAP diluted earnings per share of $0.01 and $0.07, respectively, exceeded our prior expected ranges of $(0.03) to $(0.02) on a GAAP basis and $0.04 to $0.05 on a non-GAAP basis,” said Airgain’s Chief Executive Officer and President, Jacob Suen. “More importantly, the ramp in recent design activity we are seeing in our growth markets gives me confidence that we are on the cusp of hitting a real growth curve that will begin to play out in the second half of this year with more significant growth in 2021 and beyond.”\n\n\n2019 Q4 Financial Highlights\n\n\n\nSales of $13.0 million\n\n\nGross margin of 44%\n\n\nNet income of $0.1 million\n\n\nGAAP earnings per diluted share of $0.01\n\n\nNon-GAAP earnings per diluted share of $0.07\n\n\nAdjusted EBITDA of $0.8 million\n\n\n\n2019 Q4 Financial Results\n\n\nSales decreased 21% to $13.0 million compared to $16.6 million in the same year-ago period. The lower sales was primarily driven by our product cycle transitions. Compared to 2019 Q3 our sales decreased $0.1 million from $13.1 million.\n\n\nGross profit decreased 16% to $5.8 million from $6.9 million in the same year-ago period. Gross margin was 44% in 2019 Q4, which increased from 41% in the same year-ago period, largely due to a change in the product mix. 2019 Q4 gross margin decreased from 46% in 2019 Q3 due to an unfavorable change in the product mix.\n\n\nTotal operating expenses of $5.9 million for 2019 Q4 increased $0.1 million compared to the same year-ago period but decreased $0.4 million as compared to $6.3 million in 2019 Q3 primarily due to changes in personnel expenses.\n\n\nNet income totaled $0.1 million or $0.01 per share (based on 10.0 million diluted shares), compared to...