Business
Airgain® Reports Second 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 second quarter ended June 30, 2023.\n\n\n“Our team continues to execute on our three major product initiatives, expand our customer base, and launch new products, as these lay the foundation of our revenue growth when market conditions improve,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “We delivered quarterly sales of $15.8 million while remaining focused on increasing our operational efficiency and delivering adjusted EBITDA profitability.”\n\n\nSecond Quarter 2023 Financial Highlights\n\n\nGAAP\n\n\n\nSales of $15.8 million\n\n\n\nGAAP gross margin of 39.7%\n\n\n\nGAAP operating expenses of $8.5 million\n\n\n\nGAAP net loss of $2.2 million or $(0.21) per share\n\n\n\nNon-GAAP\n\n\n\nNon-GAAP gross margin of 40.4%\n\n\n\nNon-GAAP operating expenses of $6.5 million\n\n\n\nNon-GAAP net loss of $0.1 million or $(0.01) per share\n\n\n\nAdjusted EBITDA of $37,000\n\n\n\nSecond Quarter 2023 Financial Results\n\n\nSales for the second quarter of 2023 were $15.8 million, of which $7.3 million was generated from the enterprise market, $6.2 million from the consumer market, and $2.3 million from the automotive market. Sales decreased by 3.7%, or $0.6 million in the second quarter of 2023 compared to $16.4 million in the first quarter of 2023. Sequentially from the first quarter of 2023, enterprise sales decreased by $1.1 million and automotive sales decreased $0.6 million, but they were partially offset by an increase in consumer sales of $1.1 million. Sales for the second quarter of 2023 decreased by 17.9%, or $3.5 million from $19.3 million in the same quarter a year-ago primarily driven by to lower sales of $1.9 million from the automotive market and $1.8 million from the enterprise market.\n\n\nGAAP gross profit for the second quarter of 2023 was $6.3 million, compared to $6.3 million for the first quarter of 2023 and $7.5 million for the same quarter a year ago. Non-GAAP gross profit for the second quarter of 2023 was $6.4 million, compared to $6.4 million for the first quarter of 2023 and $7.6 million for the same quarter a year ago (see note regard...