Airgain, Inc. (NASDAQ:AIRG) Q3 2018 Earnings Conference Call - Final Transcript
Nov 01, 2018 • 04:30 pm ET
Good afternoon. Welcome to Airgain's Third Quarter 2018 Earnings Conference Call. My name is Doug, and I will be your coordinator for today's call.
Joining us for today's call are Airgain's Interim CEO, Jim Sims; CFO, Anil Doradla and Senior Vice President, Jacob Suen.
I'd now like to turn the call over to Mr. Doradla, who will provide the necessary cautions regarding the forward-looking statements made by management during today's call.
(Forward-Looking Cautionary Statements)
This conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, November 1, 2018. Airgain undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call. This conference call may include a discussion of non-GAAP financial measures including non-GAAP net income, non-GAAP EPS and adjusted EBITDA. Please see today's earnings release, which is posted on Airgain's website for further details, including the reconciliation of GAAP to non-GAAP results.
Any discussion of non-GAAP measures is not intended to detract from the importance of comparable GAAP measures. Finally, I would like to remind everyone that this call will be recorded and made available for replay via link available in the Investors section of the company's website at www.Airgain.com. Following management's prepared remarks, we will open up the call for questions from Airgain's publishing sell-side analysts.
Now with that, I would like to turn the call over to our Interim CEO, Jim Sims. Jim?
After the market closed, we issued a press release announcing our unaudited results for the third quarter ended September 30, 2018, which is available in the Investor Relations section of our website.
I am very pleased to report another record sale quarter for Airgain. For the third quarter 2018, our sales were $15.8 million, up 5.4% sequentially and 27% year-over-year. Furthermore, in 2018, this marks the third consecutive record sales quarter in the company's history. Like the last couple of quarters, we witnessed strength in our connected home business, where we saw the ramp-up of both new and existing programs.
As you may know, multiple service operators are in the midst of an upgrade to higher broadband bandwidth to consumers which in turn, is fueling the need for more sophisticated antennas from Airgain. Based on these recent trends in the business, combined with our current design win momentum, we remain on target for achieving our key objectives of growth and sustainable profitability.
When I took over as Interim CEO of Airgain in May, I set out a couple of key objectives. While the first was tied to profitability, the second was tied to the company's long-term competitive position and above-average industry growth. In my last quarter's prepared remarks, I highlighted the importance of returning the company to profitability, both on GAAP and a non-GAAP basis. On that front, I am happy to report a GAAP net income of $0.4 million and a GAAP earnings per share of $0.04 a share, well ahead of our prior expectations of breakeven.