Airgain Reports Second Quarter 2020 Financial Results

SAN DIEGO–(BUSINESS WIRE)–$AIRG #AirgainEarningsAirgain, Inc. (Nasdaq: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive, today announced GAAP net loss of $0.7 million and GAAP EPS of $(0.08) for the three months ended June 30, 2020 (Q2-20). The Q2-20 net loss decreased $0.5 million from net loss of $1.2 million for the three months ended March 31, 2020 (Q1-20). Q2-20 non-GAAP net income totaled $0.2 million or $0.02 per share compared to non-GAAP net loss of $0.5 million or $(0.05) per share in Q1-20. Adjusted EBITDA increased to $0.3 million in Q2-20 compared to Adjusted EBITDA of $(0.4) million in Q1-20 (see note regarding “Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP measure).

“I am pleased that we exceeded our expectations for Q2 financial results and are seeing very strong demand for our products in the third quarter, even in this very challenging environment. We also delivered on reducing manufacturing risk away from China by expanding our contract manufacturing to southeast Asia with a very solid and experienced antenna manufacturer,” said Airgain’s Chief Executive Officer and President, Jacob Suen. “More importantly, our progress on our game changing new platform, AirgainConnect, has already begun drawing attention from potential customers and our field testing shows that our first product is performing to our expectations. We also successfully delivered on attaining device certification on the AT&T network.”

Second Quarter 2020 Financial Highlights

  • Sales of $11.4 million
  • Gross margin of 47.1%
  • Net loss of $0.7 million
  • GAAP earnings per share of $(0.08)
  • Non-GAAP earnings per share of $0.02
  • Adjusted EBITDA of $0.3 million

Second Quarter 2020 Financial Results

Sales increased 2.1% to $11.4 million in Q2-20 compared to $11.2 million in Q1-20. This increase was primarily due to partial recovery from COVID-19 related revenue declines from carriers in Q1‑20. Our Q2-20 sales decreased $3.1 million compared to sales of $14.5 million in the three months ended June 30, 2019 (Q2-19). The lower sales were primarily driven by impacts from COVID-19 and a product cycle transition for several large volume embedded antenna products.

Gross profit increased 1.3% in Q2-20 to $5.4 million from $5.3 million in Q1-20. Gross margin was 47.1% in Q2-20, which decreased from 47.5% in Q1-20 largely due to unfavorable product sales mix. Q2-20 gross margin increased 0.9% from 46.2% in Q2-19 due to a favorable change in the product sales mix and manufacturing costs improvement efforts.

Total operating expenses of $6.0 million for Q2-20 decreased 9.7% compared to $6.6 million in Q1‑20 primarily due to a decrease in personnel-related expenses and lower travel expenses. Q2‑20 operating expenses decreased 3.2% from $6.2 million in Q2-19. The decrease was primarily due to a decrease in personnel-related expenses, lower travel expenses, and tradeshow cancellations. Q2‑20 non-GAAP operating expenses totaled $5.2 million compared to non-GAAP operating expenses of $5.8 million in Q1-20. Non-GAAP operating expenses for Q2-19 were $5.5 million (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Net loss totaled $0.7 million or $(0.08) per share (based on 9.7 million shares), compared to a net loss of $1.2 million or $(0.12) per share (based on 9.7 million shares) in Q1-20. The Q2-20 net loss increased $1.4 million as compared to the Q2-19 net income of $0.7 million or $0.07 per share (based on 10.1 million diluted shares). Q2-20 non-GAAP net income totaled $0.2 million or $0.02 per share (based on 9.9 million diluted shares), compared to non-GAAP net loss of $0.5 million or $(0.05) per share (based on 9.7 million shares) in Q1-20. Non-GAAP net income in Q2-19 was $1.2 million or $0.12 per share (based on 10.1 million diluted shares) (see note regarding “Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP measure).

Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, and stock-based compensation) increased to $0.3 million in Q2-20 compared to Adjusted EBITDA of $(0.4) million in Q1-20. The Q2-19 Adjusted EBITDA was $1.3 million (see note regarding “Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP measure).

First Six Months 2020 Financial Highlights

  • Sales of $22.7 million
  • Gross margin of 47.3%
  • Net loss of $1.9 million
  • GAAP earnings per share of $(0.20)
  • Non-GAAP earnings per share of $(0.03)
  • Adjusted EBITDA of $(0.03) million

First Six Months 2020 Financial Results

Sales decreased 23.4% to $22.7 million in the first six months of 2020 compared to $29.6 million in the same six month period a year ago. The lower sales were primarily driven by impacts from COVID-19 and a product cycle transition for several large volume embedded antenna products.

Gross profit decreased 20.4% in the first six months of 2020 to $10.7 million from $13.5 million in the same six month period a year ago. Gross margin was 47.3% in the first six months of 2020, which increased from 45.6% in the same six month period a year ago and is largely due to a favorable change in product sales mix and manufacturing costs improvement efforts.

Total operating expenses of $12.6 million for the first six months of 2020 decreased 1.3% compared to $12.8 million in the same six month period a year ago. The decrease was primarily due to lower travel expenses and tradeshow cancellations, but partially offset by an increase in engineering product development costs. Non-GAAP operating expenses totaled $11.0 million in the first six months of 2020 compared to non-GAAP operating expenses of $11.5 million in the same six month period a year ago (see note regarding “Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP measure).

In the first six months of 2020 net loss totaled $1.9 million or $(0.20) per share (based on 9.7 million shares), compared to net income of $1.0 million or $0.10 per share (based on 10.1 million diluted shares) in the same six month period a year ago. For the first six months of 2020 non-GAAP net loss totaled $0.3 million or $(0.03) per share (based on 9.7 million shares), compared to non-GAAP net income of $2.1 million or $0.20 per share (based on 10.1 million diluted shares) in the same six month period a year ago (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Adjusted EBITDA decreased to $(0.03) million in the first six months of 2020 compared to Adjusted EBITDA of $2.3 million in the same six month period a year ago (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

Third Quarter 2020 Financial Outlook

  • Total sales are expected to be in the range of $12.0 million to $13.5 million

    • Expected sales strength from the Consumer market, primarily due to a recovery from COVID-19 slowdown in the first six months of 2020 and including transitions of newer products from two major service providers, as well as strength in Enterprise market sales.
  • Gross margin is expected to be in the range of 46% to 47%
  • Non-GAAP operating expense is expected to be $5.4 million, plus or minus $0.1 million

Our financial outlook for the three months ending September 30, 2020 (Q3-20), including reconciliations of GAAP to non-GAAP and Adjusted EBITDA, can be found at the end of this press release.

Conference Call

Airgain management will hold a conference call today Thursday, August 6, 2020, at 4:30 p.m. Eastern (1:30 p.m. Pacific) to discuss financial results for the second quarter ended June 30, 2020, and to provide an update on business conditions.

Airgain management will host the presentation, followed by a question and answer period.

Date: Thursday, August 6, 2020

Time: 4:30 p.m. Eastern (1:30 p.m. Pacific)

Please follow the below web address to register for the Second Quarter 2020 Conference Call. Upon registering, you will be provided call details with a unique ID. There will be a reminder email sent out to all registered participants. If you are having technical difficulties registering online, please use the phone registration by calling 888- 869-1189 or 706- 643-5902.

Registration: http://www.directeventreg.com/registration/event/1099124

The conference call will be broadcast simultaneously and available for replay via the investor relations section of the company’s website.

A replay of the call is available after 7:30 p.m. Eastern on the same day through September 5, 2020.

U.S. replay dial-in: 855-859-2056 or 404-537-3406

Replay ID: 1099124

About Airgain, Inc.

Airgain is a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise, and automotive. Combining design-led thinking with testing and development, Airgain works in partnership with the entire ecosystem, including carriers, chipset suppliers, OEMs, and ODMs. Airgain’s antennas are deployed in carrier, fleet, enterprise, residential, private, government, and public safety wireless networks and systems, including set-top boxes, access points, routers, modems, gateways, media adapters, portables, digital televisions, sensors, and fleet and asset tracking devices. Airgain is headquartered in San Diego, California, and maintains design and test centers in the U.S., U.K., and China. For more information, visit airgain.com, or follow us on LinkedIn and Twitter.

Airgain and the Airgain logo are registered trademarks of Airgain, Inc.

Forward-Looking Statements

Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding reducing manufacturing risk out of China; the potential for our AirgainConnect to serve as a game changing platform and the performance thereof; and our Q3-20 financial outlook. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the market for our antenna products is developing and may not develop as we expect; our operating results may fluctuate significantly, including based on seasonal factors, which makes future operating results difficult to predict and could cause our operating results to fall below expectations or guidance; the COVID-19 pandemic may continue to disrupt and otherwise adversely affect our operations and those of our suppliers, partners, distributors and ultimate end customers, and the overall supply chain that our antennas are used in, as well as adversely affecting the general U.S. and global economic conditions and financial markets, and, ultimately, our sales and operating results; our products are subject to intense competition, including competition from the customers to whom we sell and competitive pressures from existing and new companies may harm our business, sales, growth rates, and market share; risks associated with the performance of our products including risks associated with introducing AirgainConnect into the newly licensed Band 14 frequencies; our future success depends on our ability to develop and successfully introduce new and enhanced products for the wireless market that meet the needs of our customers, including our ability to transition to provide a more diverse solutions capability; our ability to identify and consummate strategic acquisitions and partnerships; we sell to customers who are extremely price conscious, and a few customers represent a significant portion of our sales, and if we lose any of these customers, our sales could decrease significantly; we rely on a few contract manufacturers to produce and ship all of our products, a single or limited number of suppliers for some components of our products and channel partners to sell and support our products, and the failure to manage our relationships with these parties successfully could adversely affect our ability to market and sell our products; risks associated with ramping up and relying on a new third-party manufacturer; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Note Regarding Use of Non-GAAP Financial Measures

To supplement our condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) attributable to common stockholders (non-GAAP net income (loss)), non-GAAP earnings per (basic or diluted) share (non-GAAP EPS), and non-GAAP operating expenses. We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance.

In computing Adjusted EBITDA, non-GAAP net income (loss), and non-GAAP EPS, we exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock awards; other income, which includes loss on disposals and/or interest income offset by interest expense; depreciation and/or amortization; and provision for income taxes. In computing non-GAAP operating expenses we exclude stock-based compensation expense and amortization. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash operating expenses; we believe that providing non-GAAP financial measures that exclude non-cash expense allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time. Management considers these types of expenses and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control and are not necessarily reflective of operational performance during a period.

Our Adjusted EBITDA, non-GAAP net income (loss), non-GAAP EPS, and non-GAAP operating expenses measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA, non-GAAP net income (loss), non-GAAP EPS, and non-GAAP operating expenses are not measurements of financial performance under GAAP and should not be considered as an alternative to operating or net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider these non-GAAP measures to be a substitute for, or superior to, the information provided by GAAP financial results. Reconciliations with specific adjustments to GAAP results and outlooks are provided at the end of this release.

Airgain, Inc.

Unaudited Condensed Balance Sheets

(in thousands, except per share data)

 

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,593

 

 

$

13,197

 

Short term investments

 

 

6,520

 

 

 

21,686

 

Trade accounts receivable

 

 

4,587

 

 

 

7,656

 

Inventory

 

 

871

 

 

 

1,193

 

Prepaid expenses and other current assets

 

 

1,162

 

 

 

1,361

 

Total current assets

 

 

41,733

 

 

 

45,093

 

Property and equipment, net

 

 

2,211

 

 

 

2,126

 

Goodwill

 

 

3,700

 

 

 

3,700

 

Customer relationships, net

 

 

2,868

 

 

 

3,110

 

Intangible assets, net

 

 

607

 

 

 

687

 

Other assets

 

 

203

 

 

 

10

 

Total assets

 

$

51,322

 

 

$

54,726

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,258

 

 

$

3,838

 

Accrued bonus

 

 

845

 

 

 

1,385

 

Accrued liabilities and other

 

 

1,355

 

 

 

1,536

 

Total current liabilities

 

 

4,458

 

 

 

6,759

 

Deferred tax liability

 

 

30

 

 

 

52

 

Deferred rent obligation under operating lease

 

 

55

 

 

 

11

 

Total liabilities

 

 

4,543

 

 

 

6,822

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.0001, 200,000 shares authorized; 10,188 shares issued and 9,654 shares outstanding at June 30, 2020; and 10,146 shares issued and 9,681 shares outstanding at December 31, 2019

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

98,035

 

 

 

96,622

 

Treasury stock, at cost: 534 shares and 465 shares at June 30, 2020, and December 31, 2019, respectively

 

 

(5,267

)

 

 

(4,659

)

Accumulated other comprehensive income

 

 

16

 

 

 

8

 

Accumulated deficit

 

 

(46,006

)

 

 

(44,068

)

Total stockholders’ equity

 

 

46,779

 

 

 

47,904

 

Commitments and contingencies (note 12)

 

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

51,322

 

 

$

54,726

 

 

Airgain, Inc.

Unaudited Condensed Statements of Operations

(in thousands, except per share data)

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Sales

$

11,446

 

 

$

11,216

 

 

$

14,462

 

 

$

22,662

 

 

$

29,570

 

Cost of goods sold

 

6,052

 

 

 

5,891

 

 

 

7,777

 

 

 

11,943

 

 

 

16,100

 

Gross profit

 

5,394

 

 

 

5,325

 

 

 

6,685

 

 

 

10,719

 

 

 

13,470

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

2,224

 

 

 

2,418

 

 

 

2,203

 

 

 

4,642

 

 

 

4,541

 

Sales and marketing

 

1,379

 

 

 

1,539

 

 

 

2,229

 

 

 

2,918

 

 

 

4,503

 

General and administrative

 

2,389

 

 

 

2,678

 

 

 

1,757

 

 

 

5,067

 

 

 

3,752

 

Total operating expenses

 

5,992

 

 

 

6,635

 

 

 

6,189

 

 

 

12,627

 

 

 

12,796

 

Income (loss) from operations

 

(598

)

 

 

(1,310

)

 

 

496

 

 

 

(1,908

)

 

 

674

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

(47

)

 

 

(124

)

 

 

(189

)

 

 

(171

)

 

 

(376

)

Other expense

 

11

 

 

 

 

 

 

 

 

 

11

 

 

 

 

Total other income

 

(36

)

 

 

(124

)

 

 

(189

)

 

 

(160

)

 

 

(376

)

Income (loss) before income taxes

 

(562

)

 

 

(1,186

)

 

 

685

 

 

 

(1,748

)

 

 

1,050

 

Provision for income taxes

 

174

 

 

 

16

 

 

 

23

 

 

 

190

 

 

 

52

 

Net income (loss)

$

(736

)

 

$

(1,202

)

 

$

662

 

 

 

(1,938

)

 

 

998

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.08

)

 

$

(0.12

)

 

$

0.07

 

 

$

(0.20

)

 

$

0.10

 

Diluted

$

(0.08

)

 

$

(0.12

)

 

$

0.07

 

 

$

(0.20

)

 

$

0.10

 

Weighted average shares used in calculating income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

9,683

 

 

 

9,690

 

 

 

9,697

 

 

 

9,686

 

 

 

9,661

 

Diluted

 

9,683

 

 

 

9,690

 

 

 

10,128

 

 

 

9,686

 

 

 

10,071

 

 

Airgain, Inc.

Unaudited Condensed Statements of Cash Flows

(in thousands)

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(1,938

)

 

$

998

 

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

242

 

 

 

268

 

Loss on disposal of property and equipment

 

 

11

 

 

 

 

Amortization

 

 

322

 

 

 

328

 

Amortization of premium (discounts) on investments, net

 

 

27

 

 

 

(185

)

Stock-based compensation

 

 

1,322

 

 

 

1,056

 

Deferred tax liability

 

 

(22

)

 

 

(8

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Trade accounts receivable

 

 

3,069

 

 

 

(2,709

)

Inventory

 

 

322

 

 

 

256

 

Prepaid expenses and other assets

 

 

188

 

 

 

(41

)

Accounts payable

 

 

(1,576

)

 

 

1,231

 

Accrued bonus

 

 

(540

)

 

 

(1,168

)

Accrued liabilities and other

 

 

(137

)

 

 

198

 

Net cash provided by operating activities

 

 

1,290

 

 

 

224

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of available-for-sale securities

 

 

(752

)

 

 

(21,065

)

Maturities of available-for-sale securities

 

 

15,899

 

 

 

20,870

 

Purchases of property and equipment

 

 

(349

)

 

 

(405

)

Net cash provided by (used in) investing activities

 

 

14,798

 

 

 

(600

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

(608

)

 

 

(193

)

Proceeds from issuance of common stock, net

 

 

91

 

 

 

589

 

Net cash provided by (used in) financing activities

 

 

(517

)

 

 

396

 

Net increase in cash, cash equivalents and restricted cash

 

 

15,571

 

 

 

20

 

Cash, cash equivalents, and restricted cash; beginning of period

 

 

13,197

 

 

 

13,621

 

Cash, cash equivalents, and restricted cash; end of period

 

$

28,768

 

 

$

13,641

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Taxes paid

 

$

59

 

 

$

46

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Accrual of property and equipment

 

$

 

 

$

169

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

28,593

 

 

$

13,641

 

Restricted cash included in other assets

 

 

175

 

 

 

 

Total cash, cash equivalents, and restricted cash

 

$

28,768

 

 

$

13,641

 

 

Airgain, Inc.

(in thousands, except per share data)

Unaudited Reconciliation of GAAP to non-GAAP Net Income (Loss)

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

$

(736

)

 

$

(1,202

)

 

$

662

 

 

$

(1,938

)

 

$

998

 

Stock-based compensation expense

 

654

 

 

 

668

 

 

 

542

 

 

 

1,322

 

 

 

1,056

 

Amortization

 

158

 

 

 

164

 

 

 

164

 

 

 

322

 

 

 

328

 

Other income

 

(36

)

 

 

(124

)

 

 

(189

)

 

 

(160

)

 

 

(376

)

Provision for income taxes

 

174

 

 

 

16

 

 

 

23

 

 

 

190

 

 

 

52

 

Non-GAAP net income (loss) attributable to common stockholders

$

214

 

 

$

(478

)

 

$

1,202

 

 

$

(264

)

 

$

2,058

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.02

 

 

$

(0.05

)

 

$

0.12

 

 

$

(0.03

)

 

$

0.21

 

Diluted

$

0.02

 

 

$

(0.05

)

 

$

0.12

 

 

$

(0.03

)

 

$

0.20

 

Weighted average shares used in calculating non-GAAP income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

9,683

 

 

 

9,690

 

 

 

9,697

 

 

 

9,686

 

 

 

9,661

 

Diluted

 

9,857

 

 

 

9,690

 

 

 

10,128

 

 

 

9,686

 

 

 

10,071

 

Unaudited Reconciliation of GAAP to non-GAAP Operating Expenses

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating expenses

$

5,992

 

 

$

6,635

 

 

$

6,189

 

 

$

12,627

 

 

$

12,796

 

Stock-based compensation expense

 

(654

)

 

 

(668

)

 

 

(542

)

 

 

(1,322

)

 

 

(1,056

)

Amortization

 

(124

)

 

 

(131

)

 

 

(131

)

 

 

(255

)

 

 

(262

)

Non-GAAP operating expenses

$

5,214

 

 

$

5,836

 

 

$

5,516

 

 

$

11,050

 

 

$

11,478

 

Unaudited Reconciliation of Net Income (Loss) to Adjusted EBITDA

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

March 31,

 

 

June 30,

 

 

June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

$

(736

)

 

$

(1,202

)

 

$

662

 

 

$

(1,938

)

 

$

998

 

Stock-based compensation expense

 

654

 

 

 

668

 

 

 

542

 

 

 

1,322

 

 

 

1,056

 

Depreciation and amortization

 

278

 

 

 

286

 

 

 

255

 

 

 

564

 

 

 

596

 

Interest income, net

 

(47

)

 

 

(124

)

 

 

(189

)

 

 

(171

)

 

 

(376

)

Provision for income taxes

 

174

 

 

 

16

 

 

 

23

 

 

 

190

 

 

 

52

 

Adjusted EBITDA

$

323

 

 

$

(356

)

 

$

1,293

 

 

$

(33

)

 

$

2,326

 

 

Contacts

David Lyle

Chief Financial Officer

investors@airgain.com

Read full story here

Related Posts