Airgain Reports Fourth Quarter and Full Year 2016 Results
SAN DIEGO, CA -- (Marketwired) -- 02/16/17 -- Airgain, Inc. (NASDAQ: AIRG), a leading provider of embedded antenna technologies used to enable high performance wireless networking, today reported unaudited results for the fourth quarter and full year ended December 31, 2016.
Fourth Quarter 2016 Financial Results
Sales increased 35% to $12.6 million from $9.3 million in the same year-ago period. The increase was primarily driven by an increase in product sales.
Gross profit increased 43% to $5.5 million (43.4% of sales) from $3.8 million (41.2% of sales) in the same year-ago period. The increase in gross profit as a percentage of sales was primarily driven by an increase in the sales of board-mounted antennas, which tend to have lower per unit pricing and higher gross margins.
Total operating expenses increased 19% to $4.3 million from $3.6 million in the same year-ago period. The increase was primarily due to higher personnel expenses to support the company's sales and marketing and research and development initiatives. The increase was also due to higher administrative expenses incurred as a public company, including expenses related to the company's public equity offerings.
Net income attributable to common stockholders totaled $1.1 million or $0.12 per diluted share, an improvement from a net loss attributable to common stockholders of $(660) thousand or $(0.99) per diluted share in the same year-ago period.
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, fair market value for adjustments of warrants, and share-based compensation) increased to $1.4 million from $837 thousand in the same year-ago period (see note regarding "Use of Non-GAAP Financial Measures," below for further discussion of this non-GAAP measure).
Fourth Quarter 2016 Key Performance Indicators (compared to same year-ago period)
- Total customer devices increased 29% or 3.4 million devices to 14.9 million devices
- The average number of antennas per device increased 11% to 2.96
- The average selling price per device increased 7% to $0.83
Full Year 2016 Financial Results
Sales increased 56% to $43.4 million from $27.8 million in the same year-ago period. The increase was primarily driven by an increase in product sales.
Gross profit increased 66% to $19.3 million (44.4% of sales) from $11.6 million (41.9% of sales) in the same year-ago period. The increase in gross profit as a percentage of sales was primarily driven by an increase in the sales of board-mounted antennas, which tend to have lower per unit pricing and higher gross margins.
Total operating expenses increased 32% to $15.8 million from $12.0 million in the same year-ago period. The increase was primarily due to higher personnel expenses to support the company's sales and marketing and research and development initiatives. The increase was also due to higher administrative expenses incurred as a public company, including expenses related to the company's public equity offerings.
Net income attributable to common stockholders totaled $2.2 million or $0.40 per diluted share, an improvement from net loss attributable to common stockholders of $(2.7) million or $(4.30) per diluted share in the same year-ago period.
Adjusted EBITDA increased to $4.6 million from $1.2 million in the same year-ago period (see note regarding "Use of Non-GAAP Financial Measures," below for further discussion of this non-GAAP measure).
Full Year 2016 Key Performance Indicators (compared to same year-ago period)
- Total customer devices increased 55% or 19.0 million devices to 53.6 million devices
- The average number of antennas per device increased 18% to 2.97
- The average selling price per device increased 1% to $0.79
Management Commentary
"2016 was an exciting year for Airgain," said Airgain president and CEO, Charles Myers. "First and foremost, we became a publicly traded company listed on the NASDAQ stock exchange. Operationally, we experienced continued growth in our core gateway and set-top-box markets, while making accelerated progress in some of our key emerging markets, and even expanding into newer markets, like automotive and small cell. This led to impressive results across the board, with our sales up 56%, gross profit up 66%, and adjusted EBITDA more than tripling for the year. On top of that, we generated $2.2 million of net income, or $0.40 per share on a fully diluted basis."
"Q4 echoed the positive performance throughout the year, especially in terms of our top and bottom-line growth. From a customer and operations standpoint, we continued to gain traction in products targeting cable operators, with increasing demand and new design wins in the gateway and set-top-box markets. We are also experiencing demand for our products in the enterprise and retail WLAN segments."
"As we move in to 2017, we will continue forward with our strategy of growing organically as well as inorganically when and where it makes strategic and financial sense. Our continued focus on R&D initiatives will enable us to not only bring new solutions to the market, but also to continue expanding into other strategic markets."
Conference Call
Airgain management will hold a conference call today (February 16, 2017) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results and provide an update on business conditions.
Company president and CEO, Charles Myers, and CFO, Leo Johnson, will host the call, followed by a question and answer period.
Date: Thursday, February 16, 2017
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 1-877-451-6152
International dial-in number: 1-201-389-0879
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios Group at 1-949-574-3860.
The conference call will be broadcast live and available for replay in the investor relations section of the company's website.
A replay of the conference call will be available after 7:30 p.m. Eastern Time through March 16, 2017
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13655519
About Airgain, Inc.
Airgain is a leading provider of embedded antenna technologies used to enable high performance wireless networking across a broad range of home, enterprise, and industrial devices. Our innovative antenna systems open up exciting new possibilities in wireless services requiring high speed throughput, broad coverage footprint, and carrier grade quality. Our antennas are found in devices deployed in carrier, enterprise, and residential wireless networks and systems, including set-top boxes, access points, routers, gateways, media adapters, digital televisions, and Internet of Things (IoT) devices. Airgain partners with and supplies the largest blue chip brands in the world, including original equipment and design manufacturers, chipset makers, and global operators. Airgain is headquartered in San Diego, California, and maintains design and test centers in San Diego, Cambridge, United Kingdom, and Suzhou and Shenzhen, China. For more information, visit airgain.com.
Airgain and the Airgain logo are registered trademarks of Airgain, Inc.
Forward-Looking Statements
Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company's current beliefs and expectations. These forward-looking statements include statements regarding our future organic and inorganic growth, focus on R&D initiatives, expansion into other strategic markets and our ability to execute on our key strategic initiatives. In addition, the unaudited financial results for the fourth quarter and year ended December 31, 2016 included in this press release are preliminary and represent the most current information available to management. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: adjustments to the unaudited financial results reported for the fourth quarter and year ended December 31, 2016 in connection with the completion of the company's final closing process and procedures, final adjustments, completion of the audit by the company's independent registered accounting firm and other developments that may arise during the preparation of our Annual Report on Form 10-K; the market for our antenna products is developing and may not develop as we expect; our operating results may fluctuate significantly, including based on seasonal factors, which makes future operating results difficult to predict and could cause our operating results to fall below expectations or guidance; our products are subject to intense competition, including competition from the customers to whom we sell, and competitive pressures from existing and new companies may harm our business, sales, growth rates and market share; our future success depends on our ability to develop and successfully introduce new and enhanced products for the wireless market that meet the needs of our customers; we sell to customers who are extremely price conscious, and a few customers represent a significant portion of our sales, and if we lose any of these customers, our sales could decrease significantly; we rely on a few contract manufacturers to produce and ship all of our products, a single or limited number of suppliers for some components of our products and channel partners to sell and support our products, and the failure to manage our relationships with these parties successfully could adversely affect our ability to market and sell our products; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in our final prospectus. You are cautioned not to place undue reliance on these forward looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Note Regarding Use of Non-GAAP Financial Measures
To supplement Airgain's condensed financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA). We believe Adjusted EBITDA provides useful information to investors with which to analyze our operating trends and performance. In computing Adjusted EBITDA, we also exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock options and other non-cash awards granted to employees, as well as the fair market value adjustments for warrants. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company's non-cash operating expenses, we believe that providing a non-GAAP financial measure that excludes non-cash expense allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.
Our Adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA is not a measurement of financial performance under GAAP, and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider Adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results. A reconciliation of specific adjustments to GAAP results is provided in the last table at the end of this release.
Airgain, Inc.
Condensed Balance Sheets
(unaudited)
As of December 31,
----------------------------
2016 2015
------------- -------------
Assets
Current assets:
Cash and cash equivalents $ 45,161,403 $ 5,335,913
Trade accounts receivable, net 5,154,996 3,731,998
Inventory 146,815 119,733
Prepaid expenses and other current assets 349,550 191,502
------------- -------------
Total current assets 50,812,764 9,379,146
Property and equipment, net 807,086 1,026,784
Goodwill 1,249,956 1,249,956
Customer relationships, net 2,822,918 3,137,918
Intangible assets, net 286,719 345,069
Other assets 84,060 121,541
------------- -------------
Total assets $ 56,063,503 $ 15,260,414
============= =============
Liabilities, preferred redeemable convertible
stock, and stockholders' equity (deficit)
Current liabilities:
Accounts payable $ 3,949,005 $ 2,873,471
Accrued bonus 1,748,551 1,335,500
Accrued liabilities 1,072,242 660,987
Deferred purchase price 1,000,000 1,000,000
Current portion of long-term notes payable 1,388,563 1,625,030
Current portion of deferred rent obligation
under operating lease 81,332 81,332
------------- -------------
Total current liabilities 9,239,693 7,576,320
Preferred stock warrant liability — 709,504
Long-term notes payable 1,333,333 2,721,865
Deferred tax liability 6,166 —
Deferred rent obligation under operating lease 451,909 558,641
------------- -------------
Total liabilities 11,031,101 11,566,330
Preferred redeemable convertible stock:
Series E preferred redeemable convertible
stock— 10,500,000 shares authorized at
December 31, 2015; no shares issued and
outstanding at December 31, 2016 and
8,202,466 shares issued and outstanding at
December 31, 2015; aggregate liquidation
preference of $0 and $16,274,823 at December
31, 2016 and December 31, 2015, respectively — 16,274,823
Series F preferred redeemable convertible
stock— 5,000,000 shares authorized at
December 31, 2015; no shares issued and
outstanding at December 31, 2016 and
4,734,374 shares issued and outstanding at
December 31, 2015; aggregate liquidation
preference of $0 and $10,517,081 at December
31, 2016 and December 31, 2015, respectively — 10,517,081
Series G preferred redeemable convertible
stock— 23,500,000 shares authorized at
December 31, 2015; no shares issued and
authorized at December 31, 2016 and
10,334,862 shares issued and outstanding at
December 31, 2015; aggregate liquidation
preference of $0 and $17,987,553 at December
31, 2016 and December 31, 2015, respectively — 16,315,002
Stockholders' equity (deficit):
Preferred convertible stock:
Series A preferred convertible stock— 313,500
shares authorized, issued and outstanding at
December 31, 2015 and no shares issued and
outstanding at December 31, 2016; aggregate
liquidation preference of $0 and $2,416,194
at December 31, 2016 and December 31, 2015,
respectively — 976,000
Series B preferred convertible stock—
1,183,330 shares authorized at December 31,
2015; no shares issued and outstanding at
December 31, 2016 and 1,157,606 shares
issued and outstanding at December 31, 2015;
aggregate liquidation preference of $0 and
$5,081,890 at December 31, 2016 and December
31, 2015, respectively — 2,457,253
Series C preferred convertible stock— 682,000
shares authorized at December 31, 2015; no
shares and 682,000 shares issued and
outstanding at December 31, 2016 and
December 31, 2015, respectively; aggregate
liquidation preference of $0 and $682,000 at
December 31, 2016 and December 31, 2015,
respectively — 549,010
Series D preferred convertible stock—
4,276,003 shares authorized at December 31,
2015; no shares issued and outstanding at
December 31, 2016 and 4,091,068 shares
issued and outstanding at December 31, 2015;
aggregate liquidation preference of $0 and
$4,516,013 at December 31, 2016 and December
31, 2015, respectively — 1,986,286
Common shares, par value $0.0001, 200,000,000
and 80,000,000 shares authorized at December
31, 2016 and December 31, 2015, respectively;
9,275,062 and 665,842 shares issued and
outstanding at December 31, 2016 and December
31, 2015, respectively 928 1,094,375
Additional paid in capital 88,582,470 —
Accumulated deficit (43,550,996) (46,475,746)
------------- -------------
Total stockholders' equity (deficit) 45,032,402 (39,412,822)
Commitments and contingencies
------------- -------------
Total liabilities, preferred redeemable
convertible stock and stockholders' equity
(deficit) $ 56,063,503 $ 15,260,414
------------- -------------
Airgain, Inc.
Condensed Statements of Operations
(unaudited)
For the Three Months For the Year Ended
Ended December 31, December 31,
------------------------- -------------------------
2016 2015 2016 2015
------------ ------------ ------------ ------------
Sales $12,625,966 $ 9,333,483 $43,433,867 $27,793,073
Cost of goods sold 7,149,563 5,490,667 24,156,792 16,148,163
------------ ------------ ------------ ------------
Gross profit 5,476,403 3,842,816 19,277,075 11,644,910
------------ ------------ ------------ ------------
Operating expenses:
Research and
development 1,525,462 1,158,320 5,622,132 4,257,400
Sales and marketing 1,592,376 1,231,666 5,670,625 4,035,591
General and
administrative 1,227,360 1,278,975 4,532,151 3,453,288
IPO costs - (26,376) - 229,332
------------ ------------ ------------ ------------
Total operating expenses 4,345,198 3,642,585 15,824,908 11,975,611
------------ ------------ ------------ ------------
Income (loss) from
operations 1,131,205 200,231 3,452,167 (330,701)
Other expense (income):
Interest income (6,067) - (7,803) -
Interest expense 36,867 14,489 178,371 39,489
Fair market value
adjustment - warrants - 236,501 (460,289) (85,325)
Exercise and expiration
of warrants - - - (15,145)
------------ ------------ ------------ ------------
Total other expense
(income) 30,800 250,990 (289,721) (60,981)
Income (loss) before
income taxes 1,100,405 (50,759) 3,741,888 (269,720)
Provision (benefit) for
income taxes 103 (8,600) 8,181 622
------------ ------------ ------------ ------------
Net income (loss) 1,100,302 (42,159) 3,733,707 (270,342)
Accretion of dividends on
preferred convertible
stock - (617,493) (1,537,021) (2,444,954)
------------ ------------ ------------ ------------
Net income (loss)
attributable to common
stockholders $ 1,100,302 $ (659,652) $ 2,196,686 $(2,715,296)
============ ============ ============ ============
Net income (loss) per
share:
Basic $ 0.14 $ (0.99) $ 0.65 $ (4.17)
============ ============ ============ ============
Diluted $ 0.12 $ (0.99) $ 0.40 $ (4.30)
============ ============ ============ ============
Weighted average shares
used in calculating
income (loss) per share
Basic 7,911,185 664,133 3,373,316 651,593
============ ============ ============ ============
Diluted 8,855,433 664,133 4,667,503 651,593
------------ ------------ ------------ ------------
Airgain, Inc.
Condensed Statements of Stockholders' Equity (Deficit)
(unaudited)
Preferred
Convertible Stock Common Stock
-------------------------- -------------------------
Shares Amount Shares Amount
------------ ------------- ----------- -------------
Balance at December
31, 2013 6,244,174 $ 5,968,549 380,566 $ 1,016,783
------------ ------------- ----------- -------------
Stock-based
compensation - - - -
Shares issued
pursuant to stock
awards - - 244,616 -
Exercise of Stock
Options - - 100 220
Issuance of note to
employee - - - -
Effect of accretion
to redemption value - - - -
Net income - - - -
------------ ------------- ----------- -------------
Balance at December
31, 2014 6,244,174 $ 5,968,549 625,282 $ 1,017,003
------------ ------------- ----------- -------------
Stock-based
compensation - - - -
Shares issued
pursuant to stock
awards - - 16,300 -
Exercise of Stock
Options - - 24,260 77,372
Forgiveness of note
to employee - - - -
Effect of accretion
to redemption value - - - -
Net loss - - - -
------------ ------------- ----------- -------------
Balance at December
31, 2015 6,244,174 $ 5,968,549 665,842 $ 1,094,375
------------ ------------- ----------- -------------
Stock-based
compensation - - - -
Conversion of
warrants - - 127,143 -
Exercise of stock
options - - 58,155 112,101
Effect of accretion
to redemption value - - - -
Change in par value
from no par value
to $0.0001 - - - (1,206,391)
Issuance of common
stock upon initial
public offering,
net of issuance
costs - - 1,700,100 170
Issuance of warrants - - - -
Conversion of
preferred
redeemable
convertible stock
to common stock
upon initial public
offering - - 3,778,753 378
Conversion of
preferred
convertible stock
to common stock
upon initial public
offering (6,244,174) (5,968,549) 1,259,187 126
Issuance of common
stock upon
secondary public
offering, net of
issuance costs - - 1,685,882 169
Net income - - - -
------------ ------------- ----------- -------------
Balance at December
31, 2016 - $ - 9,275,062 $ 928
============ ============= =========== =============
Additional Total
Paid-in Note to Accumulated Stockholders'
Equity
Capital Employee Deficit (Deficit)
------------ ----------- -------------- --------------
Balance at December
31, 2013 $ - $ - $ (46,491,004) $ (39,505,672)
------------ ----------- -------------- --------------
Stock-based
compensation 657,730 - - 657,730
Shares issued
pursuant to stock
awards - - - -
Exercise of Stock
Options - - - 220
Issuance of note to
employee - (266,282) - (266,282)
Effect of accretion
to redemption value (657,730) - (1,486,704) (2,144,434)
Net income - - 3,588,300 3,588,300
------------ ----------- -------------- --------------
Balance at December
31, 2014 $ - $ (266,282) $ (44,389,408) $ (37,670,138)
------------ ----------- -------------- --------------
Stock-based
compensation 341,554 - - 341,554
Shares issued
pursuant to stock
awards - - - -
Exercise of Stock
Options - - - 77,372
Forgiveness of note
to employee - 266,282 - 266,282
Effect of accretion
to redemption value (341,554) - (1,815,996) (2,157,550)
Net loss - - (270,342) (270,342)
------------ ----------- -------------- --------------
Balance at December
31, 2015 $ - $ - $ (46,475,746) $ (39,412,822)
------------ ----------- -------------- --------------
Stock-based
compensation 298,535 - - 298,535
Conversion of
warrants 249,215 - - 249,215
Exercise of stock
options 25,302 - - 137,403
Effect of accretion
to redemption value (547,750) - (808,957) (1,356,707)
Change in par value
from no par value
to $0.0001 1,206,391 - - -
Issuance of common
stock upon initial
public offering,
net of issuance
costs 10,816,808 - - 10,816,978
Issuance of warrants 126,218 - - 126,218
Conversion of
preferred
redeemable
convertible stock
to common stock
upon initial public
offering 44,463,235 - - 44,463,613
Conversion of
preferred
convertible stock
to common stock
upon initial public
offering 5,968,423 - - -
Issuance of common
stock upon
secondary public
offering, net of
issuance costs 25,976,093 - - 25,976,262
Net income - - 3,733,707 3,733,707
------------ ----------- -------------- --------------
Balance at December
31, 2016 $88,582,470 $ - $ (43,550,996) $ 45,032,402
============ =========== ============== ==============
Airgain, Inc.
Statements of Cash Flows
(unaudited)
For the Year Ended
December 31,
------------------------
2016 2015
----------- -----------
Cash flows from operating activities:
Net income (loss) $ 3,733,707 $ (270,342)
Adjustments to reconcile net income (loss) to net
cash provided by operating activities:
Depreciation 495,347 458,734
Amortization 373,350 14,013
Fair market value adjustment - warrants (460,289) (85,325)
Exercise and expiration of warrants — (15,145)
Stock-based compensation 298,535 341,554
Forgiveness of note to employee — 266,282
Gain on disposal of fixed assets — —
Changes in operating assets and liabilities:
Trade accounts receivable (1,422,998) 210,140
Inventory (27,082) (119,733)
Prepaid expenses and other assets (120,567) (36,265)
Accounts payable 1,075,534 298,920
Accrued bonus 413,051 516,409
Accrued liabilities 411,255 361,067
Deferred tax liability 6,166 —
Deferred obligation under operating lease (106,732) (91,482)
----------- -----------
Net cash provided by operating activities 4,669,277 1,848,827
Cash flows from investing activities:
Cash paid for acquisition — (4,000,000)
Purchases of property and equipment (275,650) (132,854)
Proceeds from sale of equipment — —
----------- -----------
Net cash used in investing activities (275,650) (4,132,854)
Cash flows from financing activities:
Proceeds from notes payable — 4,000,000
Repayment of notes payable (1,624,998) (273,175)
Issuance of note to employee — —
Proceeds from initial public offering 13,600,800 —
Costs related to initial public offering (2,657,604) —
Proceeds from secondary public offering 26,797,094 —
Costs related to secondary public offering (820,832) —
Proceeds from exercise of warrants — 225,000
Proceeds from exercise of stock options 137,403 77,372
----------- -----------
Net cash provided by financing activities 35,431,863 4,029,197
Net increase in cash and cash equivalents 39,825,490 1,745,170
Cash, beginning of period 5,335,913 3,590,745
----------- -----------
Cash, end of period $45,161,403 $ 5,335,915
=========== ===========
Supplemental disclosure of cash flow information
Interest paid $ 177,460 $ 39,489
Income taxes paid $ — $ 6,171
Supplemental disclosure of non-cash investing and
financing activities:
Accretion of Series E, F, and G preferred
redeemable convertible stock to redemption amount $ 1,356,707 $ 2,157,549
Property and equipment acquired through lease
incentives $ — $ —
Conversion of warrants $ 249,215 $ —
Conversion of preferred stock into common stock $50,432,162 $ —
Issuance of warrants to underwriters in connection
with initial public offering $ 126,218 $ —
Airgain, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited)
For the Three Months For the Year Ended
Ended December 31, December 31,
------------------------ -------------------------
2016 2015 2016 2015
----------- ------------ ------------ ------------
Reconciliation of Net
Income (Loss) to
Adjusted EBITDA
Net income (loss) $ 1,100,302 $ (42,159) $ 3,733,707 $ (270,342)
Stock-based
compensation expense 74,496 30,836 298,535 341,554
Depreciation and
amortization 235,267 129,218 868,697 472,747
Non-recurring
expenses (1)(2) - 476,320 - 732,028
Other expense
(income) 30,800 250,990 (289,721) (60,981)
Provision (benefit)
for income taxes 103 (8,600) 8,181 622
----------- ------------ ------------ ------------
Adjusted EBITDA $ 1,440,968 $ 836,605 $ 4,619,399 $ 1,215,628
=========== ============ ============ ============
(1) Non-recurring
expenses for the three
months ended December
31, 2015 consists of
$266,282 related to the
foregiveness of a loan
and $236,414 for taxes
arising from the
forgiveness of the loan
offset by $26,376
related to IPO expenses.
(2) Non-recurring
expenses for the year
ended December 31, 2015
consists of $266,282
related to the
foregiveness of a loan,
$236,414 for taxes
arising from the
forgiveness of the loan
and $229,332 related to
IPO expenses.
Investor Relations Contact Matt Glover or Najim Mostamand Liolios Group, Inc. +1 949 574 3860 [email protected] Public Relations Contact Jules M. Cassano Director of Marketing Airgain, Inc. +1 760 444 6008 [email protected]
Source: Airgain, Inc.