Business
Airgain® Reports Fourth Quarter and Full Year 2022 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 fourth quarter and full year ended December 31, 2022.\n\n“Fourth quarter was another record sales quarter at $19.9 million, up 4% sequentially and 41% year-over-year, bringing our fiscal year sales to $75.9 million. This annual sales milestone reflects an 18% year-over-year increase driven by solid contribution from our enterprise market,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “While we are experiencing near-term headwinds, we are optimistic about our long-term growth prospects, and we remain focused on increasing our technology leadership and expanding our target markets.”\n\nFourth Quarter 2022 Financial Highlights\n\nGAAP\n\n\nSales of $19.9 million\n\n\nGAAP gross margin of 29.6%\n\n\nGAAP operating expenses of $9.2 million\n\n\nGAAP net loss of $3.2 million or $(0.31) per share\n\n\nNon-GAAP\n\n\nNon-GAAP gross margin of 30.5%\n\n\nNon-GAAP operating expenses of $7.2 million\n\n\nNon-GAAP net loss of $1.1 million or $(0.11) per share\n\n\nAdjusted EBITDA of $(0.9) million\n\n\nFourth Quarter 2022 Financial Results\n\nSales for the fourth quarter of 2022 were $19.9 million, of which $10.0 million was generated from the enterprise market, $3.4 million from the automotive market and $6.5 million from the consumer market. Sales increased by 3.6%, or $0.7 million in the fourth quarter of 2022 compared to $19.2 million in the third quarter of 2022. Enterprise product sales increased from the third quarter of 2022 by $3.2 million driven by higher enterprise WiFi and industrial IoT product sales. Automotive sales decreased $1.7 million from the third quarter of 2022 on lower aftermarket sales. Consumer sales declined $0.8 million from the third quarter of 2022. Sales for the fourth quarter of 2022 increased by 40.6%, or $5.7 million from $14.1 million in the same year-ago period primarily due to increased sales of $4.0 million from the consumer market and $1.8 million from the enterprise market, offset by decreased sales of $0.1 million from the automotive market.\n\nGAAP gross profit for the fourth quarter of 2022 was $5.9 million compared to $7...