Financial Performance - First quarter 2025 sales were $12.0 million, a decrease of 20.4% from $15.1 million in Q4 2024 and a decrease of 15.6% from $14.2 million in Q1 2024[7] - Total sales for Q1 2025 were $12,013,000, a decrease of 15.5% compared to $14,231,000 in Q1 2024[27] - Sales from the consumer market in Q1 2025 were $6.4 million, while enterprise and automotive markets generated $4.3 million and $1.3 million, respectively[7] Profitability Metrics - GAAP gross margin for Q1 2025 was 43.0%, up from 42.2% in Q4 2024 and 39.2% in Q1 2024, primarily due to improved enterprise product margins[9] - Non-GAAP gross margin for Q1 2025 was 44.3%, compared to 43.4% in Q4 2024 and 40.2% in Q1 2024[9] - Gross profit for Q1 2025 was $5,160,000, down from $5,576,000 in Q1 2024, resulting in a gross margin of 43.0%[27][35] Net Loss - GAAP net loss for Q1 2025 was $1.5 million or $(0.13) per share, compared to a net loss of $2.0 million or $(0.17) per share in Q4 2024[11] - Net loss for Q1 2025 was $1,546,000, an improvement from a net loss of $2,455,000 in Q1 2024[27][38] - The company reported a non-GAAP net loss of $1,319,000 for Q1 2025, compared to a non-GAAP net loss of $833,000 in Q1 2024[38] Operating Expenses - GAAP operating expenses for Q1 2025 were $8.3 million, unchanged from Q4 2024[10] - Operating expenses for Q1 2025 totaled $8,256,000, slightly higher than $8,205,000 in Q1 2024[27] - Total operating expenses under GAAP are $8.3 million, while non-GAAP operating expenses are $6.6 million[43] Cash and Assets - Cash and cash equivalents at the end of Q1 2025 were $7,401,000, down from $8,510,000 at the end of Q4 2024[25] - Total assets decreased to $46,116,000 in Q1 2025 from $48,443,000 in Q4 2024[25] - Total liabilities decreased to $15,790,000 in Q1 2025 from $17,474,000 in Q4 2024[25] Strategic Initiatives - The company secured a strategic partnership with Omantel in January 2025 to deliver smart repeater solutions in Oman and the Middle East[6] - Lighthouse Solar™, a fully solar-powered 5G smart repeater, was introduced in February 2025 to address off-grid connectivity needs[6] Future Outlook - The company expects Q2 2025 sales to be in the range of $12.5 million to $14.5 million, with a midpoint of $13.5 million[14] Other Income and Adjustments - The company generated $1,494,000 from employee retention credit refunds in Q1 2025, contributing to other income[27] - Other income is reported at $(0.5) million, affecting net loss calculations[43] - Stock-based compensation impacts GAAP net loss by $1.1 million and non-GAAP net loss by $0.10 per share[43] - Amortization contributes $0.8 million to both GAAP and non-GAAP net loss calculations[43] - Adjusted EBITDA for Q1 2025 was $(1.2) million, compared to $0.2 million in Q4 2024[12] - Adjusted EBITDA is recorded at $(0.6) million[43]
Airgain(AIRG) - 2025 Q1 - Quarterly Results