Sales Performance - First quarter 2024 sales were $14.2 million, a sequential increase of 41.3% from $10.1 million in Q4 2023[3] - Total sales for Q1 2024 were $14,231,000, a decrease of 13.4% compared to $16,444,000 in Q1 2023[25] - Enterprise market sales contributed $8.9 million, consumer market sales were $3.5 million, and automotive market sales were $1.8 million[3] - For Q2 2024, sales are expected to range from $14.25 million to $15.75 million, with a midpoint of $15.0 million[12] Profitability Metrics - GAAP gross profit for Q1 2024 was $5.6 million, compared to $2.9 million in Q4 2023[4] - GAAP gross margin improved to 39.2% in Q1 2024 from 29.1% in Q4 2023[5] - Gross profit for Q1 2024 was $5,576,000, down from $6,318,000 in Q1 2023, resulting in a gross margin of 39.2%[25][34] - GAAP gross margin reported at 40.2%, with a non-GAAP gross margin of 41.0%[42] Net Loss and Adjusted Metrics - GAAP net loss for Q1 2024 was $2.5 million, or $(0.23) per share, an improvement from a net loss of $5.5 million in Q4 2023[8] - Non-GAAP net loss for Q1 2024 was $0.8 million, or $(0.08) per share, compared to a non-GAAP net loss of $3.5 million in Q4 2023[8] - Net loss for Q1 2024 was $2,455,000, an improvement from a net loss of $2,858,000 in Q1 2023[25][37] - Non-GAAP net loss for Q1 2024 was $833,000, compared to a non-GAAP net loss of $859,000 in Q1 2023[37] Operating Expenses - Operating expenses decreased to $8,205,000 in Q1 2024 from $9,108,000 in Q1 2023, with R&D expenses increasing to $3,120,000[25][35] - Total operating expenses reported at $8.4 million under GAAP, and $6.8 million under non-GAAP[42] - Non-GAAP operating expenses for Q2 2024 are projected to be approximately $6.8 million[12] Cash and Current Assets - Cash and cash equivalents at the end of Q1 2024 were $7,169,000, down from $9,839,000 at the end of Q1 2023[27] - Trade accounts receivable increased to $9,644,000 in Q1 2024 from $7,375,000 in Q4 2023[23] - The company reported a decrease in inventory to $2,588,000 in Q1 2024 from $2,403,000 in Q4 2023[23] Future Outlook and Strategic Focus - The company plans to continue focusing on R&D to drive future growth, with R&D expenses reflecting a strategic investment[25] - GAAP gross margin for Q2 2024 is expected to be between 38.7% and 41.7%[12] Adjusted EBITDA - Adjusted EBITDA for Q1 2024 was $(0.7) million, an improvement from $(3.3) million in Q4 2023[9] - Adjusted EBITDA stands at a loss of $0.5 million[43] - Depreciation and amortization included in adjusted EBITDA reconciliation totaled $0.9 million[43]
Airgain(AIRG) - 2024 Q1 - Quarterly Results