Financial Data and Key Metrics Changes - Q4 2020 revenue was $12.8 million, consistent with preliminary results and above the midpoint of previous guidance [15] - Consumer revenue decreased to $9.6 million from $10.4 million in Q3, primarily due to inventory builds [15] - Enterprise revenue increased to $1.3 million from $800,000 in Q3, reflecting new design wins and recovery in M2M antennas [15] - Automotive revenue slightly increased to $1.9 million from $1.8 million in Q3, driven by AirgainConnect product sales [15] - Q4 gross margin was 45.5%, at the low end of guidance due to product mix [15] - Non-GAAP net income for Q4 was $162,000, while GAAP net loss was $1.1 million [16] Business Line Data and Key Metrics Changes - Consumer products saw momentum in Wi-Fi embedded antenna solutions, with volume orders from OEMs for Wi-Fi 6 gateway programs [12] - Enterprise market secured a new five-year LP LAN design for industrial IoT applications, with expected volume shipments ramping in Q2 [13] - Automotive market continued to show momentum with multiple design wins in the fleet products sector [13] Market Data and Key Metrics Changes - NimbeLink's historical revenue was primarily US-based, with opportunities for international expansion through Airgain's sales force [7] - Demand for NimbeLink products in Q1 is expected to exceed $3 million, but supply constraints may limit revenue to $2.7 million [18][55] Company Strategy and Development Direction - The acquisition of NimbeLink is aimed at expanding market diversification, particularly in the industrial IoT space [5] - Airgain is transitioning from a consumer-focused company to an enterprise and multi-market approach, with a focus on integrated wireless systems [10] - The company expects significant growth from the automotive market, particularly with the launch of the AirgainConnect platform [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth in 2021, driven by new product launches and the integration of NimbeLink [29] - There are concerns about supply chain constraints affecting revenue, particularly in the automotive and enterprise sectors [23] - Management highlighted the importance of addressing supply issues early to meet demand [58] Other Important Information - The company announced the retirement of Senior Vice President of Engineering Kevin Thill and the promotion of Morad Sbahi to Senior Vice President of Global Product and Marketing [30][31] - The integration of NimbeLink is expected to enhance Airgain's product offerings and market reach [28] Q&A Session Summary Question: How does channel inventory play into the first quarter outlook? - Management indicated that channel partners have some stocking inventory and supply chain constraints are minimal for the traditional consumer business [36] Question: What is the strategy regarding pricing and volume commitments? - Management noted that pricing strategies depend on the markets and products, with a focus on maximizing value [38] Question: Can NimbeLink hit the $13 million revenue target in 2021? - Management did not provide specific guidance but expressed confidence in growth based on historical performance [41] Question: What are the expectations for gross margins in Q2? - Management indicated that improvements in NimbeLink's gross margins are expected, but overall corporate gross margins may not vary dramatically [44] Question: What is the demand outlook for AirgainConnect? - Management reported strong demand for AirgainConnect, with hundreds of leads in the pipeline following its launch [50] Question: Are there any near-term issues related to component availability? - Management acknowledged supply constraints affecting NimbeLink revenue but expressed confidence in addressing these issues [55]

Business Growth - Airgain's annual sales grew from $18.2 million in 2012 to $60.6 million in 2018, indicating significant business growth[15] - The company estimates a total addressable market exceeding $12 billion by 2022, focusing on consumer, enterprise, and automotive markets[44] - The company sold products to over 90 end-customers in 2020, focusing on expanding sales to existing customers[56] Product Portfolio and Market Opportunities - The company has over 1,000 antenna products in its portfolio, implemented across millions of devices worldwide[15] - The AirgainConnect AC-HPUE antenna-modem targets a $500 million addressable market in the U.S. for first responder vehicles, with an average selling price around $1,000[18] - The global total addressable market for the AirgainConnect platform is estimated at $4 billion, based on ABI data for 2021 global modem shipments[19] Strategic Acquisitions - Airgain acquired NimbeLink Corp. on January 7, 2021, enhancing its capabilities in the industrial IoT space[21] - The acquisition of NimbeLink supports Airgain's strategy to broaden market diversification, particularly in the IIoT sector[24] - NimbeLink's Skywire® modems are certified as "end-devices," reducing the need for further FCC or carrier certifications, thus speeding up time to market[22] Transition to Wireless Solutions - Airgain's transition to a wireless systems solution provider is driven by the increasing demand for mobile network connectivity and 5G technology[25] - The company aims to leverage its experience in embedded antenna solutions to expand into the enterprise and automotive markets[13] - The AirgainConnect platform is expected to play a key role in the company's future strategy for 5G solutions internationally[17] Market Trends and Projections - By 2023, Wi-Fi 4 and 5 standards will represent 66.8% of all WLAN endpoints, enabling medium-resolution video streaming due to higher throughput[27] - The number of global mobile subscribers is projected to grow from 5.1 billion (66% of the population) in 2018 to 5.7 billion (71% of the population) by 2023[29] - The total addressable market for antennas in the consumer service provider segment is expected to grow at a CAGR of 6% from 2021 to 2024[30] Competitive Landscape - The antenna and wireless solutions market is highly competitive, with significant pricing pressure from competitors operating at less than 20% gross product margins[70] - The markets for antenna solutions are characterized by intense competition, with pricing pressure and reduced profit margins posing risks to the company's market position[95] - The company may face pressure to reduce prices due to intense competition and customer demand for cost-effective solutions[107] Research and Development - Research and development represents approximately 36% of the workforce, with 47 employees dedicated to enhancing antenna design and system integration capabilities[74] - The company anticipates significant investment in research and development to stay competitive in the rapidly evolving wireless market, which is critical for future success[98] - The company targets research and development investments in enterprise and automotive markets to leverage its experience in embedded antenna solutions[13] Supply Chain and Manufacturing - The company outsources manufacturing for most products to contract manufacturers in China and Myanmar, maintaining long-term relationships to ensure quality and supply[71] - The company relies on a limited number of contract manufacturers and suppliers, which poses risks to its ability to market and sell products effectively[87] - Recent shortages of electronic components have resulted in longer lead times for manufacturing, potentially impacting the company's ability to meet customer demand[116] Financial Performance and Risks - An accumulated deficit of $47.3 million was reported as of December 31, 2020, indicating a history of losses and uncertainty regarding future profitability[87] - The COVID-19 pandemic has caused significant disruptions to business operations, including restrictions on travel and temporary closures of office buildings, negatively impacting sales and operating results, particularly in the first quarter[82] - The company may experience limitations on utilizing net operating loss carryforwards due to potential ownership changes, which could adversely impact financial condition[132] Customer Relationships and Sales Strategy - Sales efforts include direct and indirect sales teams, with a focus on building strong customer relationships and improving market awareness[62] - The top two customers, Synnex Technology International (HK) Ltd. and Syntech Asia Ltd., accounted for approximately 34% and 12% of total sales for the year ended December 31, 2020[58] - Sales cycles for some products can last several months to a year or longer, which may lead to customer cancellations and impact financial performance[102] Regulatory and Compliance Issues - The company has established policies and procedures to monitor compliance with anti-bribery laws, but cannot assure protection from potential violations[162] - The company is subject to various risks related to international operations, including legal compliance and increased operational costs[151] - The company faces potential increased costs and liabilities due to compliance with environmental and worker health and safety laws[138] Future Outlook - The company is focusing on expanding into the enterprise and automotive markets, which may develop at varying growth rates and depend on competitive factors[88] - The introduction of the AirgainConnect platform and AirgainConnect AC-HPUE is underway, with certification from AT&T for operating on its LTE network, but the success of this launch is contingent on AT&T's technical execution[89] - The company anticipates significant expansion of its operations, which may strain management and financial resources[140]

Financial Data and Key Metrics Changes - Q3 2020 revenue was $13 million, exceeding the midpoint of previous guidance of $12.75 million, with a sequential growth of $1.6 million from Q2 to Q3 [18] - Q3 gross margin was 46.3%, within the guidance range of 46% to 47% [18] - Non-GAAP operating expenses for Q3 were just below $5.5 million, within the guidance range of $5.3 million to $5.5 million [19] - Q3 adjusted EBITDA was $693,000, with non-GAAP net income of $587,000, while GAAP net loss was $261,000 [19] - Q3 cash and short-term investments totaled $38 million, an increase of almost $3 million from Q2 [19] Business Line Data and Key Metrics Changes - Consumer market revenue grew due to pre-product ramps and initial inventory builds from large North American service providers, while enterprise and automotive market revenues declined slightly due to conservative buying amid COVID-19 [18] - AirgainConnect product is expected to generate approximately $500,000 in revenue in the current quarter, with purchase orders received from distributors [6][10] - The automotive market remains a core opportunity, particularly with the introduction of AirgainConnect and existing aftermarket fleet products [10][11] Market Data and Key Metrics Changes - The enterprise market is expected to see growth in Q4 due to new product ramps at several customers, while automotive market revenue is anticipated to grow primarily from initial orders of AirgainConnect [20] - Consumer market revenues are expected to decline sequentially in Q4 due to inventory build in Q3, with a potential recovery in Q1 2021 [20][24] Company Strategy and Development Direction - The company aims to leverage its expertise in antenna technology to address opportunities in the enterprise and automotive markets, particularly with the transition to 5G and Wi-Fi 6 technologies [9][10] - AirgainConnect is positioned as a game-changing platform for the automotive market, with a focus on public safety communications [4][10] - The strategy includes exploring inorganic growth opportunities to expedite time to market for new products and gain scale in growth markets [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver long-term value despite the challenges posed by COVID-19, highlighting the importance of 5G and next-generation automotive technologies [25] - The company anticipates growth in 2021, particularly from the automotive market driven by AirgainConnect, while consumer market growth is expected to be modest [22][23] Other Important Information - The company has maintained a solid balance sheet with a strong cash position and no debt, positioning it well for future growth [23] - COVID-19 had minimal impact on supply chain operations, with only a few customer delays reported [24] Q&A Session Summary Question: How do you characterize the positioning of connected home, enterprise, and auto markets in Q4? - Management noted that one large North American service provider's inventory build in Q3 would slow down in Q4, while another provider's new Wi-Fi 6 box launch was delayed, impacting expectations for Q4 [29] Question: Will AirgainConnect contribute significantly in Q1? - Management expects growth from AirgainConnect in Q1, alongside a return of aftermarket fleet revenue and continued growth in the enterprise sector [31] Question: What is the growth potential for 2021? - Management indicated that automotive and enterprise markets are expected to drive significant growth, while consumer market growth may be more modest [35] Question: Will the inventory overhang from Q3 abate by the end of the year? - Management suggested that the inventory buildup could resolve by year-end, with a potential return to growth in Q1 [38] Question: What opportunities exist in the residential Wi-Fi 6 upgrade cycle? - Management acknowledged increased demand for wireless products due to more people working from home, but noted challenges in deployment due to pandemic restrictions [40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-37851 AIRGAIN, INC. (Exact name of registrant as specified in its charter) Delaware 95-4523882 (State or Other Jurisdiction o ...

Airgain, Inc. (NASDAQ:AIRG) Q2 2020 Earnings Conference Call August 6, 2020 4:30 PM ET Company Participants David Lyle - CFO & Secretary Jacob Suen - President, CEO & Director Kevin Thill - SVP, Engineering Conference Call Participants Craig Ellis - B. Riley FBR, Inc. Alessandra Vecchi - William Blair & Company Gus Richard - Northland Capital Management Karl Ackerman - Cowen & Company Operator Good afternoon. Welcome to Airgain's Second Quarter 2020 Earnings Conference Call. My name is Simon, and I will be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-37851 | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------- ...

Airgain, Inc. (NASDAQ:AIRG) Q1 2020 Earnings Conference Call May 7, 2020 4:30 PM ET Company Participants David Lyle - CFO & Secretary Jacob Suen - President, CEO & Director Kevin Thill - SVP, Engineering Conference Call Participants Craig Ellis - B. Riley FBR, Inc. Alessandra Vecchi - William Blair & Company Karl Ackerman - Cowen and Company Operator Good afternoon. Welcome to Airgain's First Quarter 2020 Earnings Conference Call. My name is Ian, and I will be your coordinator for today's call. Joining us t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission file number: 001-37851 AIRGAIN, INC. (Exact name of registrant as specified in its charter) Delaware 95-4523882 (State or Other Jurisdiction of In ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO | --- | --- | --- | |------------------------------------------------------------------------------------------------------------|-------------------------------- ...