Airgain reports Q2 2018 financial results

Airgain, Inc. (NASDAQ: AIRG), a provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including connected home, enterprise, automotive and Internet of Things (IoT), has announced record second quarter 2018 sales and announced an extension to its existing share repurchase program for an additional twelve months, the company said.

Sales totaled USD 15.0 million compared to USD 13.0 million in the same year-ago period.

Gross profit increased 8% to USD 6.6 million from USD 6.1 million in Q2 of last year. Gross margin as a percentage of sales was 44% in the second quarter of 2018, which is slightly below gross margins of 47% in the same year-ago period.

Total operating expenses for the second quarter of 2018 increased 64% to USD 10.3 million from USD 6.2 million in Q2 of last year. The increase was primarily due to USD 1.2 million in additional stock compensation expense due to the acceleration of options for former executives and USD 2.0 million in non-recurring items associated with the realignment of sales and marketing initiatives combined with executive severance. The remaining increase is due to an increase in expenses to support the company´s strategic initiatives.

Net loss totaled USD 3.2 million or USD (0.34) per diluted share (based on 9.4 million shares), compared to net loss of USD 0.1 million or USD (0.01) per diluted share (based on 9.5 million shares) in the same year-ago period. During the quarter, the impact of non-recurring items to our GAAP earnings was USD 0.21 which included realignment of sales and marketing combined with executive severance.

Airgain is a provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including connected home, enterprise, automotive and Internet of Things (IoT).