Airgain(AIRG) - 2024 Q3 - Quarterly Results

Sales Performance - Third-quarter 2024 sales reached $16.1 million, a 6.0% increase from the previous quarter and a 17.6% increase year-over-year[1] - Consumer market sales contributed$ 6.8 million, enterprise market sales contributed $6.7 million, and automotive market sales contributed$ 2.6 million in Q3 2024[2] - Total sales for the three months ended September 30, 2024, were $16,101,000, representing a 17.8% increase from$ 13,696,000 in the same period of 2023[15] - Fourth-quarter 2024 sales are expected to be in the range of $16.2 million to$ 18.2 million, with a midpoint of $17.2 million[5] Gross Margin - GAAP gross margin for Q3 2024 was 41.7%, up from 40.5% in Q2 2024 and 38.2% in Q3 2023[3] - Non-GAAP gross margin for Q3 2024 was 42.8%, compared to 41.5% in Q2 2024 and 39.1% in Q3 2023[3] - Gross profit for the three months ended September 30, 2024, was$ 6,714,000, up from $5,236,000 in the prior year, resulting in a gross margin of 41.7%[19][20] - Non-GAAP gross profit for the three months ended September 30, 2024, was$ 6,899,000, compared to $5,354,000 in the same period of 2023[19] Net Income and Loss - GAAP net loss for Q3 2024 was$ 1.8 million, or $(0.16) per share, an improvement from a net loss of$ 2.5 million in Q2 2024[4] - Non-GAAP net income for Q3 2024 was $6,000, or$ 0.00 per share, compared to a non-GAAP net loss of $0.6 million in Q2 2024[4] - The company reported a basic net loss per share of$ 0.16 for the three months ended September 30, 2024, compared to a loss of $0.18 in the same period of 2023[15] - Non-GAAP net loss attributable to common stockholders was$ 557 million for the three months ended September 30, 2024, compared to a loss of $668 million in the same period of 2023, reflecting a 16.6% improvement[23] - The company reported a total net loss of$ 6.725 billion for the nine months ended September 30, 2024, compared to a loss of $6.944 billion for the same period in 2023, indicating a decrease of about 3.2%[23] Operating Expenses - Non-GAAP operating expenses for Q4 2024 are expected to be approximately$ 7.2 million[5] - Total operating expenses for the three months ended September 30, 2024, were $8,528,000, compared to$ 7,146,000 in the same period of 2023, indicating an increase of 19.3%[15] - Research and development expenses increased to $2,855,000 for the three months ended September 30, 2024, compared to$ 2,298,000 in the same period of 2023, reflecting a 24.2% rise[15] - The company anticipates GAAP operating expenses of $8.8 billion for the three months ended December 31, 2024, with non-GAAP operating expenses projected at$ 7.2 billion[26] Future Projections - GAAP net loss per share for Q4 2024 is expected to be $(0.13) at the midpoint[5] - Non-GAAP net income is projected to be$ 200 million for the three months ended December 31, 2024, with a non-GAAP net income per share of $0.02[27] - The GAAP gross margin for the three months ended December 31, 2024, is projected to be 41.9%, with a non-GAAP gross margin expected to be 43.0%[26]