The following is a summary of the Airgain, Inc. (AIRG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Airgain generated $14.2 million in Q1 2024 sales, a 41% increase from the prior quarter.

• The gross margin for Q1 was 40.2%, up significantly from the previous quarter due to inventory adjustments.

• Q1 Adjusted EBITDA was negative $0.7 million and non-GAAP EPS was negative $0.08.

• Enterprise sales in Q1 was $8.9 million, reflecting a sequential increase of 92%, driven by growth in custom products, embedded modems and IoT antennas product lines.

• Consumer sales were $3.5 million, reflecting a sequential increase primarily due to shipments of a Tier 1 MNO antenna design win.

• A promising backlog for Q2 was indicated, particularly in the consumer market, with growth expected in the latter half of the year in the consumer segment, driven by a design win with a major network operator (MNO) and early adoption of Wi-Fi 7 by multiple-system operators (MSOs).

Business Progress:

• Airgain completed significant shipments in Q1 in a few of its product areas, such as custom products and embedded modems.

• Airgain saw early indications of recovery in its enterprise and consumer markets in Q1 and expects this trend to continue.

• The company is investing in its R&D and sales teams as it focuses on strategic initiatives in fixed wireless access, vehicle networking and Smart C-Band repeaters markets.

• New products launched in 2023 for IoT custom products, automotive markets, and industrial IoT antennas are expected to ramp up throughout the year.

• Airgain is developing wireless solutions to help partners and customers get connected quickly and expects to continue providing leading-edge products to the market.

• The company expects its first production purchase order from another Tier 1 MSO in the coming weeks.

• Airgain is developing its business with three key target areas for its AC Fleet: VAR partners, direct target list of around 80 private fleet companies, and strategic partnerships with companies like Exxon, Sierra Wireless, Motorola Solutions, and AT&T.

• Trials for the 5G Lighthouse repeater system are ongoing with full-scale adoption expected later in the year.

• Airgain anticipates revenue growth driven by demand in several applications like fixed wireless access and smart city traffic light applications.

More details: Airgain IR

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