Airgain Inc ( (AIRG) ) has released its Q3 earnings. Here is a breakdown of the information Airgain Inc presented to its investors.
Airgain, Inc. is a San Diego-based company providing advanced wireless connectivity solutions through embedded components, external antennas, and integrated systems, catering to enterprise, consumer, and automotive markets globally.
In its third-quarter 2024 financial results, Airgain reported a 6.0% sequential revenue increase, reaching $16.1 million, and a year-over-year increase of 17.6%. The company also launched its next-generation AirgainConnect Fleet vehicle gateway, highlighting its ongoing product development efforts.
Key financial metrics included a GAAP gross margin of 41.7% and a non-GAAP gross margin of 42.8%. Operating expenses were reduced slightly from the previous quarter, but the company still experienced a GAAP net loss of $1.8 million. On a non-GAAP basis, Airgain achieved a break-even point with net income of $6,000. The consumer market contributed significantly to the revenue growth, while enterprise sales saw a decline.
Looking forward, Airgain anticipates continued revenue growth, with sales expected to range between $16.2 million and $18.2 million for the next quarter. The company remains focused on reinforcing its leadership in established markets and expanding its product offerings to drive sustainable growth.
