Q2 2024 Airgain Inc Earnings Call Transcript
Key Points
- Airgain Inc (AIRG) reported $15.2 million in sales for Q2 2024, exceeding the midpoint of their guidance range and marking a 7% increase over the prior quarter.
- The company successfully delivered its first shipments of WiFi-7 antennas to a Tier 1 MSO partner, marking a significant milestone.
- Airgain Inc (AIRG) secured multiple design wins for embedded modems in 5G, automotive, and enterprise antennas, indicating strong market traction.
- The company's RECON13 5G antenna gained significant market traction in automotive applications, helping to offset inventory challenges.
- Airgain Inc (AIRG) is optimistic about its strategic transition from a component manufacturer to a comprehensive wireless system solutions provider, with significant growth potential in asset tracking and 5G connectivity solutions.
- Despite the sequential sales increase, Airgain Inc (AIRG) experienced a 4% year-over-year decline in sales due to ongoing excess inventory challenges.
- Enterprise sales decreased by 3% sequentially, primarily due to a large shipment of custom products in Q1 and subsequent inventory adjustments.
- The automotive sector faced persistent industry-wide excess inventory challenges, which are expected to continue through the end of the year.
- Q2 adjusted EBITDA was negative $0.4 million, and non-GAAP EPS was negative $0.05, indicating financial challenges.
- The company anticipates a slower quarter for design wins in Q3 due to product timelines and inventory normalization with a strategic custom products customer.
Good afternoon. Welcome to Airgain's second quarter 2024 earnings conference call. My name is Joe, and I will be your operator for today's call. Joining us today are Airgain's President and CEO, Jacob Suen; and CFO, Michael Elbaz.
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.airgain.com. Following management's prepared remarks, the call will be open 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 performance. Actual results could differ materially from those stated or implied by these or 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
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