Business
Airgain® Reports Third Quarter 2021 Financial Results
SAN DIEGO--(BUSINESS WIRE)-- Airgain, Inc. (Nasdaq: AIRG), a leading provider of advanced wireless connectivity solutions and technologies used to enable
About this update from Airgain, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nAirgain, Inc. (Nasdaq: AIRG), a leading provider of advanced wireless connectivity solutions and technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive, today reported financial results for the third quarter ended September 30, 2021.\n\n“We are excited about Airgain’s prospects for growth in 2022 and beyond despite the transitory industry-wide global supply shortage, which has impacted our top line revenue and gross margin,” said Airgain’s President and Chief Executive Officer, Jacob Suen. “End customer demand for our products remains very strong, especially in our largest growth markets, Enterprise and Automotive. This follows our strategy to grow our integrated wireless systems revenue with our industrial IoT, traditional enterprise Wi-Fi systems, and our AirgainConnect® platform products. We generated growth across each of those markets during the first nine months of 2021 and expect that growth to continue into 2022. We continue to invest in our integrated wireless systems product portfolio as we navigate through the volatile and dynamic macro environment. Our strategy to pivot toward providing system solutions is working, and we remain confident in our future and ability to create long-term shareholder value.\"\n\nThird Quarter 2021 Financial Highlights\n\n\nSales of $15.5 million\n\n\nGAAP gross margin of 35.9%\n\n\nNon-GAAP gross margin of 36.5%\n\n\nGAAP operating expenses of $8.6 million\n\n\nNon-GAAP operating expenses of $6.8 million\n\n\nGAAP net loss of $3.1 million or $0.30 per share\n\n\nNon-GAAP net loss of $1.1 million or $0.11 per share\n\n\nAdjusted EBITDA of $(1.0) million\n\n\nThird Quarter 2021 Financial Results\n\nSales for the third quarter of 2021 were $15.5 million, of which $4.6 million was generated from the consumer market, $8.7 million from the enterprise market and $2.2 million from the automotive market. Sales decreased by 10.6%, or $1.8 million in the third quarter of 2021 compared to $17.3 million in the second quarter of 2021. Consumer sales declined from the second quarter of 2021 by $4.3 million primarily due to continuing weakness from the global supply shortage impacting our ODM/OEM customers who provide consumer products to our service provider end customers....