Second Quarter 2016 Financial Results
Sales increased 63% to $9.9 million from $6.1 million in the same year-ago period. The increase was primarily driven by an increase in product sales.
Gross profit increased 79% to $4.5 million (46.1% of sales) from $2.5 million (42.0% of sales) in the same year-ago period. The increase in gross profit as a percentage of sales was driven by an increase in the sales of board-mounted antennas, which typically carry higher gross margins.
Total operating expenses increased 31% to $3.6 million from $2.7 million in the same year-ago period. The increase was primarily due to higher personnel expenses to support the company's sales and marketing and R&D initiatives.
Net income attributable to common stockholders totaled $700,428, or $0.15 per diluted share, an improvement from net loss attributable to common stockholders of $781,689, or $(1.22) per diluted share, in the same year-ago period.
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, fair market value for adjustments of warrants, and share-based compensation) increased to $1.3 million from $71,165 in the same year-ago period (see note regarding "Use of Non-GAAP Financial Measures," below for further discussion of this non-GAAP measure).
Second Quarter 2016 Key Performance Indicators (compared to same year-ago period)
Total customer devices increased 62% or 4.6 million devices to 12.0 million devices
The average number of antennas per device increased 24% to 3.07
The average selling price per device decreased 1% to $0.79
Management Commentary
"Our second quarter financial results are largely reflective of the numbers contained in our S-1 filing in July and we're very pleased with our performance for the quarter," said Airgain president and CEO, Charles Myers. "We're also excited to have recently become public and be able to scale our organization even further with a much larger and more diversified shareholder base. Looking ahead to the rest of the year, we look to build on this progress by continuing to execute on our key strategic initiatives."
