Airgain reports record Q1 2018 sales

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 first quarter 2018 sales, the company said.

The company also initiated a CEO succession process with the departure of the company´s President and Chief Executive Officer Chuck Myers, effective May 2, 2018.

After more than seven years of Airgain and serving on its board of directors, President and Chief Executive Officer Charles Myers will be leaving the company to pursue other opportunities, effective May 2, 2018.

Effective May 2, 2018, Airgain Chairman James K. Sims will assume the role of Interim Chief Executive Officer as the company searches for a new permanent CEO.

Sales totaled USD 13.3 million compared to USD 11.3 million in the same year-ago period.

Gross profit grew 17% to USD 6.2 million from USD 5.3 million in Q1 of last year. Gross margin as a percentage of sales was 47% in the first quarter of 2018, consistent with the same year-ago period.

Total operating expenses for the first quarter of 2018 grew 51% to USD 7.4 million from USD 4.9 million in Q1 of last year. The increase was primarily due to increased expenses to support the company´s sales, marketing, and R&D initiatives.

Net loss totaled USD 1.1 million or USD (0.12) per diluted share (based on 9.5 million shares), compared to net income of USD 0.4 million or USD 0.04 per diluted share (based on 10.2 million shares) in the same year-ago period.

Non-GAAP net loss totaled USD 0.6 million or USD (0.07) per diluted share (based on 9.5 million shares), compared to non-GAAP net income of USD 0.6 million or USD 0.06 per diluted share (based on 10.2 million shares) in the same year-ago period (see note regarding “Use of Non-GAAP Financial Measures,” below for further discussion of this non-GAAP measure).

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). Combining design-led thinking with testing and development, Airgain works in partnership with the entire ecosystem, including carriers, chipset suppliers, OEMs, and ODMs. For more information, visit airgain.com, or follow us on LinkedIn and Twitter.