Business
Airgain® Reports Second Quarter 2024 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, 2024.\n\n\n“We are pleased to report sequential revenue growth as we continue to effectively navigate macro-economic challenges,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “We delivered sales of $15.2 million in the second quarter, marking a 7% increase over the prior quarter, above the midpoint of our guidance range. The growth was driven by increased sales of embedded antennas to MNO and MSO customers, including the delivery of our first Wi-Fi 7 router antenna systems to a tier-one MSO partner. We successfully completed and launched our Fixed Wireless Access (FWA) Lantern product. As we move into the second half of 2024, we are focused on our AirgainConnect Fleet launch and continued Lighthouse customer trials. The introduction of our 5G connectivity products, along with the expansion of our antenna and IoT product portfolios and design wins, strengthen our confidence in our ability to address high-growth markets with cutting edge innovation.”\n\n\nSecond Quarter 2024 Financial Highlights\n\n\nGAAP\n\n\n\nSales of $15.2 million\n\n\n\nGAAP gross margin of 40.5%\n\n\n\nGAAP operating expenses of $8.7 million\n\n\n\nGAAP net loss of $2.5 million or $(0.23) per share\n\n\n\nNon-GAAP\n\n\n\nNon-GAAP gross margin of 41.5%\n\n\n\nNon-GAAP operating expenses of $6.9 million\n\n\n\nNon-GAAP net loss of $0.6 million or $(0.05) per share\n\n\n\nAdjusted EBITDA of $(0.4) million\n\n\n\nSecond Quarter 2024 Financial Results\n\n\nSales for the second quarter of 2024 were $15.2 million, of which $8.6 million was generated from the enterprise market, $4.8 million from the consumer market, and $1.7 million from the automotive market. Sales increased by 6.7%, or $1.0 million in the second quarter of 2024 compared to $14.2 million in the first quarter of 2024. Sequentially, consumer sales increased by $1.3 million from the first quarter of 2024 driven by higher sales to cable, broadband and mobile network operators. Enterprise sales decreased by $0.3 million driven by lower custom product sales, partially offset by higher asset track...