Business
Airgain® Reports First Quarter 2023 Financial Results
SAN DIEGO--(BUSINESS WIRE)-- Airgain, Inc. (Nasdaq: AIRG), a leading provider of wireless connectivity solutions that creates and delivers embedded
About this update from Airgain, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nAirgain, 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 first quarter ended March 31, 2023.\n\n\n“We are pleased with our execution in the first quarter in the face of difficult macroeconomic conditions,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “We delivered quarterly sales of $16.4 million, and we announced several new products this past quarter. Our priorities are to deliver on our long-term strategy while achieving adjusted EBITDA profitability.”\n\n\nFirst Quarter 2023 Financial Highlights\n\n\nGAAP\n\n\n\nSales of $16.4 million\n\n\n\nGAAP gross margin of 38.4%\n\n\n\nGAAP operating expenses of $9.1 million\n\n\n\nGAAP net loss of $2.9 million or $(0.28) per share\n\n\n\nNon-GAAP\n\n\n\nNon-GAAP gross margin of 39.1%\n\n\n\nNon-GAAP operating expenses of $7.3 million\n\n\n\nNon-GAAP net loss of $0.9 million or $(0.08) per shares\n\n\n\nAdjusted EBITDA of $(0.7) million\n\n\n\nFirst Quarter 2023 Financial Results\n\n\nSales for the first quarter of 2023 were $16.4 million, of which $8.4 million was generated from the enterprise market, $5.1 million from the consumer market, and $2.9 million from the automotive market. Sales decreased by 17.3%, or $3.4 million in the first quarter of 2023 compared to $19.9 million in the fourth quarter of 2022. Enterprise sales decreased from the fourth quarter of 2022 by $1.6 million driven by lower enterprise WiFi and industrial IoT product sales. Consumer sales declined from the fourth quarter of 2022 by $1.3 million, primarily due to demand softness. Automotive sales decreased $0.5 million from the fourth quarter of 2022. Sales for the first quarter of 2023 decreased by 6.2%, or $1.1 million from $17.5 million in the same quarter a year-ago due to lower sales of $0.9 million from the consumer market and $0.2 million from the enterprise market.\n\n\nGAAP gross profit for the first quarter of 2023 was $6.3 million, compared to $5.9 million for the fourth quarter of 2022 and $7.2 million for the same quarter a year ago. Non-GAAP gross profit for the first quarter of 2023 was $6.4 million, compared to $6.1 million for the fourth quarter of 2022 and $7.3 million fo...