Business
Airgain Reports Third 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 $0.3 million and GAAP EPS of $(0.03) for the three months ended September 30, 2020 (Q3-20). The Q3-20 GAAP net loss decreased $0.4 million from net loss of $0.7 million for the three months ended June 30, 2020 (Q2-20). Q3-20 non-GAAP net income totaled $0.6 million or $0.06 per diluted share compared to non-GAAP net income of $0.2 million or $0.02 per diluted share in Q2-20. Adjusted EBITDA increased to $0.7 million in Q3-20 compared to Adjusted EBITDA of $0.3 million in Q2-20 (see note regarding \"Use of Non-GAAP Financial Measures\" below for further discussion of this non-GAAP measure).\n\n“I am pleased we executed to our previous financial guidance for the third quarter and equally excited about the prospects for growth across our markets in 2021,” said Airgain’s Chief Executive Officer and President, Jacob Suen. “We are seeing very positive responses from prospective customers for our new product platform, AirgainConnect, which is expected to drive material growth in 2021.”\n\nThird Quarter 2020 Financial Highlights\n\n\nSales of $13.0 million\n\n\nGross margin of 46.3%\n\n\nNet loss of $0.3 million\n\n\nGAAP earnings per share of $(0.03)\n\n\nNon-GAAP earnings per diluted share of $0.06\n\n\nAdjusted EBITDA of $0.7 million\n\n\nThird Quarter 2020 Financial Results\n\nSales increased 13.7% to $13.0 million in Q3-20 compared to $11.4 million in Q2-20. This increase was primarily due to partial recovery from COVID-19 related revenue declines from carriers in Q2‑20. Our Q3-20 sales decrease of $0.1 million from $13.1 million in the three months ended September 30, 2019 (Q3-19) was due to a significantly larger order of an automotive product in Q3-19, as offset by an increase in revenue from several large volume embedded antenna products in Q3-20.\n\nGross profit increased 11.8% in Q3-20 to $6.0 million from $5.4 million in Q2-20. Gross margin was 46.3% in Q3-20, which decreased from 47.1% in Q2-20 largely due to unfavorable product sales mix. Q3-20 gross margin increased 0.1% from 46.2% in Q3-19.\n\nTotal operating expenses of $6.2 million f...