Business
Airgain Reports Second 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 $0.7 million and GAAP EPS of $(0.08) for the three months ended June 30, 2020 (Q2-20). The Q2-20 net loss decreased $0.5 million from net loss of $1.2 million for the three months ended March 31, 2020 (Q1-20). Q2-20 non-GAAP net income totaled $0.2 million or $0.02 per share compared to non-GAAP net loss of $0.5 million or $(0.05) per share in Q1-20. Adjusted EBITDA increased to $0.3 million in Q2-20 compared to Adjusted EBITDA of $(0.4) million in Q1-20 (see note regarding \"Use of Non-GAAP Financial Measures\" below for further discussion of this non-GAAP measure).\n\n\n“I am pleased that we exceeded our expectations for Q2 financial results and are seeing very strong demand for our products in the third quarter, even in this very challenging environment. We also delivered on reducing manufacturing risk away from China by expanding our contract manufacturing to southeast Asia with a very solid and experienced antenna manufacturer,” said Airgain’s Chief Executive Officer and President, Jacob Suen. “More importantly, our progress on our game changing new platform, AirgainConnect, has already begun drawing attention from potential customers and our field testing shows that our first product is performing to our expectations. We also successfully delivered on attaining device certification on the AT&T network.”\n\n\nSecond Quarter 2020 Financial Highlights\n\n\n\nSales of $11.4 million\n\n\nGross margin of 47.1%\n\n\nNet loss of $0.7 million\n\n\nGAAP earnings per share of $(0.08)\n\n\nNon-GAAP earnings per share of $0.02\n\n\nAdjusted EBITDA of $0.3 million\n\n\n\nSecond Quarter 2020 Financial Results\n\n\nSales increased 2.1% to $11.4 million in Q2-20 compared to $11.2 million in Q1-20. This increase was primarily due to partial recovery from COVID-19 related revenue declines from carriers in Q1‑20. Our Q2-20 sales decreased $3.1 million compared to sales of $14.5 million in the three months ended June 30, 2019 (Q2-19). The lower sales were primarily driven by impacts from COVID-19 and a product cycle transition for several large volume embedd...