Exhibit 99.1

 

 

3611 Valley Centre Drive, Suite 150

San Diego, CA 92130 USA

+1 760 579 0200

 

 

 

 

 

 

 

 

Company Contact

Anil Doradla, Chief Financial Officer

Airgain, Inc.

Investors@airgian.com

 

 

 

Airgain Reports Record Fourth Quarter Sales, Net Income of $1.3M and Full Year 2018 Financial Results

 

San Diego, CA, February 14, 2019 –

Airgain, Inc. (NASDAQ: AIRG), a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of devices and markets, including consumer, enterprise and automotive, today announced record sales for the fourth quarter 2018 and GAAP net income of $1.3 million or GAAP diluted EPS of $0.13.

 

“Overall, we are pleased with our fourth quarter and full year 2018 results. Our fourth quarter results mark another milestone in the company’s performance, both on the sales and profitability front. On the sales front, we delivered another record sales quarter and reported 29% year-over-year growth. Additionally, this was the fourth consecutive quarter of record sales for the company which was driven by a combination of continued robust demand for complex antenna systems combined with strong execution. On the profitability front, our continued efforts around efficiency improvements paid off. In the past six months, we have gone from a net loss of $3.2 million in the second quarter 2018 to net income of $1.3 million and Adjusted EBITDA of $1.8 million or 11% of sales in the fourth quarter 2018. Furthermore, we reported fourth quarter GAAP and non-GAAP diluted earnings per share of $0.13 and $0.17, respectively, well ahead of our prior expectations. As we look into 2019, there are multiple reasons to be positive and we are excited with the opportunities in the Consumer, Enterprise, and Automotive markets. Furthermore, with the promotion of Jacob Suen to President, Kevin Thill to Senior Vice President of Engineering, combined with our recent hire of Kathy Pearson, as Vice President of Global Administration and Human Resources, we enter the new year as a stronger company,” said Airgain’s Interim Chief Executive Officer, Jim Sims.      

 

Fourth Quarter 2018 Financial Highlights

 

Sales of $16.6 million

 

Gross margin of 41%

 

Net income of $1.3 million

 

GAAP earnings per diluted share of $0.13

 

Non-GAAP earnings per diluted share of $0.17

 

Adjusted EBITDA of $1.8 million

 

Fourth Quarter 2018 Financial Results

Sales increased 29% to $16.6 million compared to $12.8 million in the same year-ago period.  The increase in sales was primarily driven by a ramp in existing programs as well as contributions from new designs.

 


The following information was filed by Airgain Inc (AIRG) on Thursday, February 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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