Airgain, Inc. (NASDAQ:
AIRG), a leading provider of advanced wireless
connectivity solutions that drive cutting-edge innovation in 5G
technology, today reported financial results for the fourth quarter
and full year ended December 31, 2024.
“Fourth quarter marked a significant milestone as we
successfully completed the first commercial deployment of
Lighthouse, Airgain’s Smart Network-Controlled Repeater,
reinforcing its differentiation in improving outdoor and indoor
wireless coverage,” said Jacob Suen, President and CEO of Airgain.
“With fourth-quarter sales of $15.1 million, up 50% year-over-year
but down 6% sequentially due to excess customer inventories and
project delays, we remain focused on executing our strategic
initiatives for sustainable long-term growth. Our strategic
partnership with Omantel expands our global 5G footprint, and the
additional carrier certification for AirgainConnect Fleet
strengthens our leadership in advanced wireless solutions. With a
robust pipeline of product launches, we are well-positioned to
capitalize on emerging opportunities in 2025.”
Fourth Quarter 2024 and Recent Operational Highlights
- Completed first Lighthouse commercial deployment in December
2024
- Secured a multi-year, multi-million-dollar strategic
partnership with Omantel, the leading telecommunications provider
in Oman, to redefine 5G connectivity across the Middle East and
North Africa (MENA) region
- Received certification for AirgainConnect Fleet 5G vehicle
gateway from AT&T, along with T-Mobile and industry bodies for
use across North America
Fourth Quarter 2024 Financial Highlights
GAAP
- Sales of $15.1 million
- GAAP gross margin of 42.2%
- GAAP operating expenses of $8.3 million
- GAAP net loss of $2.0 million or $(0.17) per share
Non-GAAP
- Non-GAAP gross margin of 43.4%
- Non-GAAP operating expenses of $6.5 million
- Non-GAAP net income of $33,000 or $0.00 per share
- Adjusted EBITDA of $0.2 million
Fourth Quarter 2024 Financial Results
Sales for the fourth quarter of 2024 were $15.1 million, of
which $6.5 million was generated from the consumer market, $5.3
million from the enterprise market, and $3.3 million from the
automotive market. Sales decreased by 6.3%, or $1.0 million in the
fourth quarter of 2024 compared to $16.1 million in the third
quarter of 2024. Consumer sales decreased by $0.3 million from the
third quarter of 2024 driven by lower sales to cable operators.
Enterprise sales decreased by $1.4 million from the third quarter
of 2024 primarily due to lower embedded modems and custom products
sales. Automotive sales increased by $0.7 million from the third
quarter of 2024 driven by higher shipments of AirgainConnect Fleet.
Sales for the fourth quarter of 2024 increased by 49.8%, or $5.0
million from $10.1 million in the same quarter a year ago primarily
due to higher sales of $3.3 million from the consumer market, $1.0
million from the automotive market, and $0.7 million from the
enterprise market.
GAAP gross profit for the fourth quarter of 2024 was $6.4
million, compared to $6.7 million for the third quarter of 2024 and
$2.9 million for the same quarter a year ago. Non-GAAP gross profit
for the fourth quarter of 2024 was $6.5 million, compared to $6.9
million for the third quarter of 2024 and $3.1 million for the same
quarter a year ago (see note regarding "Use of Non-GAAP Financial
Measures" below for further discussion of this non-GAAP
measure).
GAAP gross margin for the fourth quarter of 2024 was 42.2%,
compared to 41.7% for the third quarter of 2024 and 29.1% for the
same quarter a year ago. The increase in gross margin compared to
the third quarter of 2024 was primarily due to operational
efficiencies. The increase in gross margin compared to the same
quarter a year ago was due to improved automotive and enterprise
product margins, along with a material excess and obsolete
inventory charge recorded in the fourth quarter of 2023. Non-GAAP
gross margin for the fourth quarter of 2024 was 43.4% compared to
42.8% for the third quarter of 2024 and 30.3% for the same quarter
a year ago (see note regarding "Use of Non-GAAP Financial Measures"
below for further discussion of this non-GAAP measure).
GAAP operating expenses for the fourth quarter of 2024 were $8.3
million, compared to $8.5 million for the third quarter of 2024 and
$8.4 million for the same quarter a year ago. Operating expenses
for the fourth quarter of 2024 compared to the third quarter of
2024 decreased primarily due to lower variable compensation
expenses. Operating expenses were relatively flat for the fourth
quarter of 2024 compared to the same quarter a year ago. Non-GAAP
operating expenses for the fourth quarter of 2024 were $6.5 million
compared to $6.9 million in the third quarter of 2024 and $6.5
million for the same quarter a year ago (see note regarding "Use of
Non-GAAP Financial Measures" below for further discussion of this
non-GAAP measure).
GAAP net loss for the fourth quarter of 2024 was $2.0 million or
($0.17) per share (based on 11.4 million shares), compared to net
loss of $1.8 million or ($0.16) per share (based on 11.3 million
shares) for the third quarter of 2024 and net loss of $5.5 million
or ($0.52) per share (based on 10.5 million shares) for the same
quarter a year ago. Non-GAAP net income for the fourth quarter of
2024 was $33,000 or $0.00 per share (based on 12.3 million diluted
shares), compared to a non-GAAP net income of $6,000 or $0.00 per
share (based on 12.0 million shares) for the third quarter of 2024
and a non-GAAP net loss of $3.5 million or ($0.33) per share (based
on 10.5 million shares) for the same quarter a year ago (see note
regarding "Use of Non-GAAP Financial Measures" below for further
discussion of this non-GAAP measure).
Adjusted EBITDA for the fourth quarter of 2024 was $0.2 million,
compared to $0.1 million for the third quarter of 2024 and ($3.3)
million for the same quarter a year ago (see note regarding "Use of
Non-GAAP Financial Measures" below for further discussion of this
non-GAAP measure).
Full Year 2024 Financial Highlights
GAAP
- Sales of $60.6 million
- GAAP gross margin of 40.9%
- GAAP operating expenses of $33.7 million
- GAAP net loss of $8.7 million or ($0.79) per share
Non-GAAP
- Non-GAAP gross margin of 42.0%
- Non-GAAP operating expenses of $26.8 million
- Non-GAAP net loss of $1.4 million or ($0.12) per share
- Adjusted EBITDA of ($0.8) million
Full Year 2024 Financial Results
Sales for the full year of 2024 were $60.6 million, of which
$29.5 million was generated from the enterprise market, $21.7
million from the consumer market and $9.4 million from the
automotive market. Sales increased by $4.6 million or 8.1% for 2024
compared to $56.0 million in 2023. Enterprise sales increased by
$2.3 million from $27.2 million in 2023 primarily driven by higher
embedded modem sales. Consumer sales increased by $2.8 million from
$18.9 million in 2023 primarily driven by higher sales to cable and
mobile network operators. Automotive sales decreased $0.5 million
from $9.9 million in 2023 due to lower aftermarket sales, partially
offset by shipments of AirgainConnect Fleet.
GAAP gross profit for the full year of 2024 was $24.8 million
compared to $20.8 million in 2023. Non-GAAP gross profit for the
full year of 2024 was $25.5 million compared to $21.2 million in
2023 (see note regarding "Use of Non-GAAP Financial Measures" below
for further discussion of this non-GAAP measure).
GAAP gross margin for the full year of 2024 was 40.9%, compared
to 37.1% in 2023. The increase in gross margin in 2024 was
primarily driven by improved automotive and enterprise product
margins. Non-GAAP gross margin for the full year of 2024 was 42.0%,
compared to 37.9% in 2023 (see note regarding "Use of Non-GAAP
Financial Measures" below for further discussion of this non-GAAP
measure).
GAAP operating expenses for the full year of 2024 were $33.7
million, compared to $33.2 million in 2023. The increase in
operating expense was due to higher engineering expenses developing
the company’s product roadmap, partially offset by lower general
and administrative expenses due to operational efficiencies.
Non-GAAP operating expense for the full year of 2024 was $26.8
million, compared to $26.4 million in 2023 (see note regarding "Use
of Non-GAAP Financial Measures" below for further discussion of
this non-GAAP measure).
GAAP net loss for 2024 was $8.7 million or ($0.79) per share
(based on 11.1 million shares), compared to a net loss of $12.4
million or ($1.20) per share (based on 10.4 million shares) in
2023. The $3.7 million decrease in net loss was primarily due to
increases in sales and gross margin rate. Non-GAAP net loss for
2024 was $1.4 million or ($0.12) per share (based on 11.1 million
shares), compared to a net loss of $5.1 million or ($0.50) per
share (based on 10.4 million diluted shares) in 2023 (see note
regarding "Use of Non-GAAP Financial Measures" below for further
discussion of this non-GAAP measure).
Adjusted EBITDA for the full year of 2024 was ($0.8) million,
compared to ($4.5) million in 2023 (see note regarding "Use of
Non-GAAP Financial Measures" below for further discussion of this
non-GAAP measure).
First Quarter 2025 Financial Outlook
GAAP
- Sales are expected to be in the range of $11.0 million to $13.0
million, or $12.0 million at the midpoint
- GAAP gross margin is expected to be in the range of 40.6% to
43.8%
- GAAP operating expense is expected to be approximately
$8.0
- GAAP net loss per share is expected to be $(0.11) at the
midpoint
Non-GAAP
- Non-GAAP gross margin is expected to be in the range of 42.0%
to 45.0%
- Non-GAAP operating expense is expected to be approximately $6.5
million
- Non-GAAP net loss per share is expected to be $(0.10) at the
midpoint
- Adjusted EBITDA is expected to be $(1.1) million at the
midpoint
Our financial outlook for the three months ending March 31,
2025, including reconciliations of GAAP to non-GAAP measures can be
found at the end of this press release.
Conference Call
Airgain management will hold a conference call on Thursday
February 27, 2025, at 5:00 PM Eastern Time (2:00 PM Pacific Time)
to discuss financial results for the fourth quarter and year ended
December 31, 2024.
Airgain management will host the presentation, followed by a
question and answer period.
Date: February 27, 2025 Time: 5:00 p.m. Eastern time (2:00 p.m.
Pacific time) Dial-In: 877 407-2988 or 201 389-0923 or Call Me
Confirmation #: 13751692
The conference call will be broadcast simultaneously and be
available for replay via the investor section of the company’s
website at investors.airgain.com.
For webcast access, please follow the web address below to
register for the conference call.
Registration: Here
A replay of the webcast will be available via the registration
link after 8:00 PM Eastern Time until February 27, 2026.
About Airgain, Inc.
Headquartered in San Diego, California, Airgain, Inc. (NASDAQ:
AIRG) is a leading provider of advanced wireless connectivity
solutions that drive cutting-edge innovation in 5G technology. We
are committed to delivering high-performance, cost-effective, and
energy-efficient wireless solutions that enable rapid market
deployment. Our mission is to connect the world through integrated,
innovative, and optimized wireless solutions. Our diverse product
portfolio serves three primary markets: enterprise, automotive, and
consumer. For more information, visit airgain.com, or follow us on
LinkedIn and X.
Airgain, AirgainConnect, and the Airgain logo are trademarks or
registered trademarks of Airgain, Inc. All other trademarks are the
property of their respective owner.
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 our first quarter 2025 financial outlook, the
expected impact of product launches, and expectations regarding our
strategic partnership with Omantel. 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 risks and uncertainties inherent in our
business, including, without limitation: the market for our
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; supply constraints on our and our
customers' ability to obtain necessary components in our respective
supply chains may negatively affect our sales and operating
results; risks associated with the performance of our products,
including bundled solutions with third-party products; our products
are subject to intense competition, and competitive pressures from
existing and new companies may harm our business, sales, growth
rates, and market share; the potential for the strategic
partnership with Omantel to not meet expectations; risks associated
with quality and timing in manufacturing our products and our
reliance on third-party manufacturers; we may not be able to
maintain strategic collaborations under which our bundled solutions
are offered; overall global supply shortages and logistics delays
within the supply chain that our products 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; any rise in interest rates and inflation may adversely
impact our margins, the supply chain and our customers’ sales,
which may negatively affect our sales and operating results; 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; we sell
to customers who are 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
limited number of contract manufacturers to produce and ship all of
our products, and our contract manufacturers rely on 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 or a
failure of these parties to perform could adversely affect our
ability to market and sell our products; 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 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 net income (loss) per (basic or diluted) share
(non-GAAP EPS), non-GAAP operating expense, non-GAAP gross profit
and non-GAAP gross margin. 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;
interest income, net of interest expense offset by other expense,
depreciation and amortization, workforce reduction severance and
exit costs, and provision (benefit) for income taxes. In computing
non-GAAP operating expense, we exclude stock-based compensation
expense, amortization of intangibles, workforce reduction
severance, and exit costs. In computing non-GAAP gross profit and
non-GAAP gross margin, we exclude stock-based compensation expense,
and amortization of intangible assets. 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 considerable
number of factors that are outside of our control and are not
necessarily reflective of operational performance during a
period.
Our non-GAAP 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, non-GAAP operating expense, non-GAAP
gross profit and non-GAAP gross margin 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.
Consolidated Balance
Sheets
(in thousands, except par
value)
(unaudited)
As of December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
8,510
$
7,881
Trade accounts receivable, net
11,671
7,375
Inventories
3,952
2,403
Prepaid expenses and other current
assets
1,698
1,422
Total current assets
25,831
19,081
Property and equipment, net
1,993
2,507
Leased right-of-use assets
3,901
1,392
Goodwill
10,845
10,845
Intangible assets, net
5,799
8,234
Other assets
74
170
Total assets
$
48,443
$
42,229
Liabilities and stockholders’
equity
Current liabilities:
Accounts payable
$
9,499
$
6,472
Accrued compensation
2,041
728
Accrued liabilities and other
1,872
1,926
Short-term lease liabilities
89
865
Total current liabilities
13,501
9,991
Deferred tax liability
163
151
Long-term lease liabilities
3,810
674
Total liabilities
17,474
10,816
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in
capital, par value $0.0001, 200,000 shares authorized; 12,070
shares issued and 11,529 shares outstanding at December 31, 2024;
and 11,010 shares issued and 10,469 shares outstanding at December
31, 2023
123,546
115,295
Treasury stock, at cost: 541 shares at
December 31, 2024 and 2023
(5,364
)
(5,364
)
Accumulated deficit
(87,209
)
(78,521
)
Accumulated other comprehensive (loss)
income
(4
)
3
Total stockholders’ equity
30,969
31,413
Total liabilities and stockholders’
equity
$
48,443
$
42,229
Airgain, Inc.
Consolidated Statements of
Operations
(in thousands, except per
share data)
(unaudited)
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2024
2024
2023
2024
2023
Sales
$
15,083
$
16,101
$
10,070
$
60,599
$
56,040
Cost of goods sold
8,719
9,387
7,139
35,797
35,277
Gross profit
6,364
6,714
2,931
24,802
20,763
Operating expenses:
Research and development
2,773
2,855
3,169
11,864
10,505
Sales and marketing
2,301
2,395
2,251
9,203
9,126
General and administrative
3,270
3,278
2,999
12,663
13,532
Total operating expenses
8,344
8,528
8,419
33,730
33,163
Loss from operations
(1,980
)
(1,814
)
(5,488
)
(8,928
)
(12,400
)
Other (income) expense:
Interest income, net
(33
)
(29
)
(41
)
(115
)
(109
)
Other expense, net
23
11
(7
)
27
9
Total other income, net
(10
)
(18
)
(48
)
(88
)
(100
)
Loss before income taxes
(1,970
)
(1,796
)
(5,440
)
(8,840
)
(12,300
)
Income tax (benefit) expense
(7
)
(39
)
44
(152
)
128
Net loss
$
(1,963
)
$
(1,757
)
$
(5,484
)
$
(8,688
)
$
(12,428
)
Net loss per share:
Basic
$
(0.17
)
$
(0.16
)
$
(0.52
)
$
(0.79
)
$
(1.20
)
Diluted
$
(0.17
)
$
(0.16
)
$
(0.52
)
$
(0.79
)
$
(1.20
)
Weighted average shares used in
calculating loss per share:
Basic
11,416
11,315
10,455
11,053
10,392
Diluted
11,416
11,315
10,455
11,053
10,392
Airgain, Inc.
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
For the Years Ended December
31,
2024
2023
Cash flows from operating
activities:
Net loss
$
(8,688
)
$
(12,428
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation
548
661
Amortization of intangible assets
3,029
2,969
Stock-based compensation
4,635
3,681
Deferred tax liability
11
12
Amortization of prepaid assets
132
—
Changes in operating assets and
liabilities:
Trade accounts receivable
(4,297
)
1,367
Inventories
(1,549
)
1,823
Prepaid expenses and other current
assets
(316
)
822
Other assets
96
6
Accounts payable
2,928
(93
)
Accrued compensation
668
(1,253
)
Accrued liabilities and other
(576
)
(793
)
Lease liabilities
(148
)
(75
)
Net cash used in operating activities
(3,527
)
(3,301
)
Cash flows from investing
activities:
Purchases of property and equipment
(178
)
(346
)
Net cash used in investing activities
(178
)
(346
)
Cash flows from financing
activities:
Proceeds from at-the-market common stock
offering, net of offering costs
4,116
—
Payments for withholding taxes related to
net share settlement of equity awards
(94
)
(690
)
Issuance of shares for stock purchase and
option plans
279
232
Net cash provided by (used in) financing
activities
4,301
(458
)
Effect of foreign currency exchange rate
changes on cash, cash equivalents and restricted cash
(7
)
3
Net increase (decrease) in cash, cash
equivalents and restricted cash
589
(4,102
)
Cash, cash equivalents, and restricted
cash; beginning of period
7,976
12,078
Cash, cash equivalents, and restricted
cash; end of period
$
8,565
$
7,976
Airgain, Inc.
(in thousands)
(unaudited)
Sales by Target Market
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
Target
Market
2024
2024
2023
2024
2023
Consumer
$
6,499
$
6,854
$
3,209
$
21,691
$
18,934
Enterprise
5,338
6,665
4,615
29,497
27,209
Automotive
3,246
2,582
2,246
9,411
9,897
Total sales
$
15,083
$
16,101
$
10,070
$
60,599
$
56,040
Reconciliation of GAAP to
Non-GAAP Gross Profit
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2024
2024
2023
2024
2023
Gross profit
$
6,364
$
6,714
$
2,931
$
24,802
$
20,763
Stock-based compensation
91
97
34
311
107
Amortization of intangible assets
89
88
89
355
355
Non-GAAP gross profit
$
6,544
$
6,899
$
3,054
$
25,468
$
21,225
Reconciliation of GAAP to
Non-GAAP Gross Margin
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2024
2024
2023
2024
2023
Gross margin
42.2
%
41.7
%
29.1
%
40.9
%
37.1
%
Stock-based compensation
0.6
%
0.6
%
0.3
%
0.5
%
0.2
%
Amortization of intangible assets
0.6
%
0.5
%
0.9
%
0.6
%
0.6
%
Non-GAAP gross margin
43.4
%
42.8
%
30.3
%
42.0
%
37.9
%
Reconciliation of GAAP to
Non-GAAP Operating Expenses
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2024
2024
2023
2024
2023
Operating expenses
$
8,344
$
8,528
$
8,419
$
33,730
$
33,163
Stock-based compensation expense
(1,210
)
(984
)
(1,175
)
(4,324
)
(3,574
)
Amortization of intangible assets
(646
)
(660
)
(653
)
(2,613
)
(2,614
)
Severance and exit costs
—
—
(64
)
—
(612
)
Non-GAAP operating expenses
$
6,488
$
6,884
$
6,527
$
26,793
$
26,363
Airgain, Inc.
(in thousands, except per
share data)
(unaudited)
Reconciliation of GAAP to
Non-GAAP Net (Loss)
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2024
2024
2023
2024
2023
Net loss
$
(1,963
)
$
(1,757
)
$
(5,484
)
$
(8,688
)
$
(12,428
)
Stock-based compensation expense
1,301
1,081
1,209
4,635
3,681
Amortization of intangible assets
735
749
742
2,968
2,969
Severance and exit costs
—
—
64
—
612
Other income
(33
)
(28
)
(47
)
(115
)
(109
)
Income tax expense (benefit)
(7
)
(39
)
44
(152
)
128
Non-GAAP net income (loss) attributable to
common stockholders
$
33
$
6
$
(3,472
)
$
(1,352
)
$
(5,147
)
Non-GAAP net income (loss) per share:
Basic
$
0.00
$
0.00
$
(0.33
)
$
(0.12
)
$
(0.50
)
Diluted
$
0.00
$
0.00
$
(0.33
)
$
(0.12
)
$
(0.50
)
Weighted average shares used in
calculating non-GAAP net income (loss) per share:
Basic
11,416
11,315
10,455
11,053
10,392
Diluted
12,339
11,993
10,455
11,053
10,392
Reconciliation of Net Loss to
Adjusted EBITDA
Three Months Ended
December 31,
September 30,
December 31,
Years Ended December
31,
2024
2024
2023
2024
2023
Net loss
$
(1,963
)
$
(1,757
)
$
(5,484
)
$
(8,688
)
$
(12,428
)
Stock-based compensation expense
1,301
1,081
1,209
4,635
3,681
Depreciation and amortization
865
883
903
3,516
3,630
Severance and exit costs
—
—
64
—
612
Other income
(33
)
(28
)
(47
)
(115
)
(109
)
Income tax (benefit) expense
(7
)
(39
)
44
(152
)
128
Adjusted EBITDA
$
163
$
140
$
(3,311
)
$
(804
)
$
(4,486
)
Q1-2025 Financial
Outlook
Reconciliations of GAAP to
Non-GAAP Gross Margin, Operating Expense, Net Loss, EPS and to
Adjusted EBITDA
For the Three Months Ended
March 31, 2025
(in millions, except per share
data)
Gross Margin
Reconciliation:
Operating Expense
Reconciliation:
GAAP gross margin
42.3
%
GAAP operating expenses
$
8.0
Stock-based compensation
0.5
%
Stock-based compensation
$
(0.9
)
Amortization
0.7
%
Amortization
$
(0.7
)
Non-GAAP gross margin
43.5
%
Non-GAAP operating expenses
$
6.4
Net Loss
Reconciliation
Net Loss per Share
Reconciliation(1):
GAAP net loss
$
(1.4
)
GAAP net loss per share
$
(0.11
)
Stock-based compensation
$
0.9
Stock-based compensation
0.08
Amortization
$
0.7
Amortization
0.06
Other income
$
(1.6
)
Other income
(0.13
)
Non-GAAP net loss
$
(1.4
)
Non-GAAP net loss per share
$
(0.10
)
Adjusted EBITDA
Reconciliation
GAAP net loss
$
(1.4
)
Stock-based compensation
$
0.9
Depreciation and amortization
$
1.0
Other income
$
(1.6
)
Adjusted EBITDA
$
(1.1
)
(1) Amounts are based on 12.2
million basic weighted average shares outstanding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250227958145/en/
Airgain Contact Michael Elbaz Chief Financial Officer
investors@airgain.com
Airgain Investor Contact Matt Glover Gateway Group, Inc.
+1 949 574 3860 AIRG@gateway-grp.com
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