Airgain Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Airgain Inc. filed its Q1 2024 10-Q report on May 8, 2024, detailing financial performance and operational data.</b>

AI Summary

AIRGAIN INC (AIRG) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Airgain Inc. filed a 10-Q report on May 8, 2024, for the period ending March 31, 2024. The filing covers financial information for the first quarter of 2024. Key financial statement items and dates are referenced throughout the document. The company's business address is located at 3611 Valley Centre Drive, Suite 150, San Diego, CA 92130. The filing includes details on stock awards, revenue, and cost of sales for various periods.

Why It Matters

For investors and stakeholders tracking AIRGAIN INC, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial results and operational updates for Airgain Inc., crucial for assessing the company's current health and future prospects. Understanding the specific figures and disclosures in this report allows stakeholders to make informed investment decisions and evaluate management's performance.

Risk Assessment

Risk Level: medium — AIRGAIN INC shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but lacks forward-looking guidance or significant strategic shifts that would indicate higher risk.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Airgain Inc.'s performance and potential challenges in the current quarter.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-08 — Filing Date (Filed as of date)
• Q1 — Reporting Quarter (Form type)
• 3611 VALLEY CENTRE DRIVE, SUITE 150 — Business Address (Company address details)
• 954523882 — IRS Number (Company tax information)

Key Players & Entities

• AIRGAIN INC (company) — Filer name
• 0000950170-24-055887 (other) — Accession number
• 20240331 (date) — Conformed period of report
• 20240508 (date) — Filed as of date
• 3611 VALLEY CENTRE DRIVE (address) — Business address street 1
• SAN DIEGO (location) — Business address city
• CA (location) — Business address state
• 92130 (postal_code) — Business address zip

FAQ

Industry Context

Airgain Inc. operates in the radio and TV broadcasting & communications equipment industry, providing embedded antenna solutions and related technologies.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends, cost of sales, and net income for Q1 2024.
2. Examine any disclosed customer concentration risks and their potential impact on revenue.
3. Review executive compensation details if available in the full filing to understand management incentives.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing the most recent quarterly financial data for Airgain Inc.

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share AIRG Nasdaq Capital Marke

Filing Documents

• airg-20240331.htm (10-Q) — 1513KB
• airg-ex31_1.htm (EX-31.1) — 12KB
• airg-ex31_2.htm (EX-31.2) — 11KB
• airg-ex32_1.htm (EX-32.1) — 9KB
• airg-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-055887.txt (&nbsp;) — 7613KB
• airg-20240331.xsd (EX-101.SCH) — 1281KB
• airg-20240331_htm.xml (XML) — 1314KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 30

Controls and Procedures

Item 4. Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 31

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

FINA NC IAL STATEMENTS

ITEM 1. FINA NC IAL STATEMENTS Airgain, Inc. Condensed Consolidated Ba lance Sheets (In thousands, except par value) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 7,169 $ 7,881 Trade accounts receivable, net 9,644 7,375 Inventories 2,588 2,403 Prepaid expenses and other current assets 1,419 1,422 Total current assets 20,820 19,081 Property and equipment, net 2,305 2,507 Leased right-of-use assets 1,180 1,392 Goodwill 10,845 10,845 Intangible assets, net 7,493 8,234 Other assets 155 170 Total assets $ 42,798 $ 42,229 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 7,156 $ 6,472 Accrued compensation 799 728 Accrued liabilities and other 2,848 1,926 Short-term lease liabilities 848 865 Total current liabilities 11,651 9,991 Deferred tax liability 158 151 Long-term lease liabilities 476 674 Total liabilities 12,285 10,816 Commitments and contingencies (Note 13) Stockholders' equity: Common stock and additional paid-in capital, par value $ 0.0001 , 200,000 shares authorized; 11,302 shares issued and 10,761 shares outstanding at March 31, 2024; and 11,010 shares issued and 10,469 shares outstanding at December 31, 2023. 116,852 115,295 Treasury stock, at cost: 541 shares at March 31, 2024 and December 31, 2023. ( 5,364 ) ( 5,364 ) Accumulated deficit ( 80,976 ) ( 78,521 ) Accumulated other comprehensive income 1 3 Total stockholders' equity 30,513 31,413 Total liabilities and stockholders' equity $ 42,798 $ 42,229 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Airgain, Inc. Condensed Consolidated Stateme nts of Operations (In thousands, except per share data) (Unaudited) Three months ended March 31, 2024 2023 Sales $ 14,231

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View this 10-Q filing on SEC EDGAR