Q1 2024 Airgain Inc Earnings Call Transcript
Key Points
- Airgain Inc (AIRG) reported Q1 sales of $14.2 million, exceeding the midpoint of their guidance and marking a 41% increase over the previous quarter.
- The company has seen positive signs of recovery in both enterprise and consumer markets, indicating potential growth opportunities for the rest of the year.
- Airgain Inc (AIRG) has successfully secured significant design wins, including a Tier one MSO for WiFi 7 antenna technology, which is expected to drive future revenue.
- The company is actively expanding its product lines, including the launch of new IoT and 5G connectivity products, which are expected to significantly increase the serviceable addressable market.
- Airgain Inc (AIRG) has maintained a strong focus on R&D and sales efforts, which are crucial for long-term growth and maintaining competitive edge in the industry.
- Despite the sequential increase in sales, Q1 sales were still down 13.5% year-over-year due to ongoing challenges in consumer and automotive markets.
- Airgain Inc (AIRG) reported a negative adjusted EBITDA of $0.7 million and a non-GAAP EPS of negative $0.08 in Q1.
- The automotive market continues to face industry-wide headwinds, impacting the sales and growth in this sector for Airgain Inc (AIRG).
- There are ongoing excess inventory issues in the automotive sector, which are expected to continue affecting sales performance in the upcoming quarter.
- The company's cash balance decreased sequentially, with a negative cash flow from operations, indicating potential financial challenges.
Good afternoon, and welcome to Airgain's First Quarter 2024 earnings conference. My name is Molly, and I will be your operator for today's call. Joining us today are Airgain's President and CEO, Jacobson and CFO, Michael Hill.
As a reminder, this call will be recorded and made available for replay via a link found in the Investor Relations section of Airgain's website at investors dot AirGate. Following management's prepared remarks, the call will be opened for questions from Airgain's covering analysts. I caution listeners that during this call, Airgain management will be making forward-looking statements about future events as well as Airgain's business strategy and future financial and operating Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business. These forward-looking statements are qualified by the cautionary statements contained in today's earnings release and Airgain's SEC filings.
This conference call contains time-sensitive information that is accurate only
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