$AIRG
AIRGAIN INC

2016 Q4 Form 10-Q Financial Statement

#000156459016029067 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $12.63M $12.44M $9.333M
YoY Change 35.28% 86.53%
Cost Of Revenue $7.150M $6.863M $5.490M
YoY Change 30.24% 76.26%
Gross Profit $5.476M $5.576M $3.843M
YoY Change 42.51% 100.94%
Gross Profit Margin 43.37% 44.83% 41.17%
Selling, General & Admin $2.820M $2.910M $2.490M
YoY Change 13.25% 64.41%
% of Gross Profit 51.49% 52.19% 64.8%
Research & Development $1.530M $1.433M $1.160M
YoY Change 31.9% 32.65%
% of Gross Profit 27.94% 25.69% 30.19%
Depreciation & Amortization $230.0K $220.0K $240.0K
YoY Change -4.17% 14.29%
% of Gross Profit 4.2% 3.95% 6.25%
Operating Expenses $4.345M $4.346M $3.647M
YoY Change 19.15% 52.7%
Operating Profit $1.131M $1.230M $196.0K
YoY Change 477.29% -1832.09%
Interest Expense -$30.00K $41.74K -$250.0K
YoY Change -88.0% 470.85%
% of Operating Profit -2.65% 3.39% -127.58%
Other Income/Expense, Net
YoY Change
Pretax Income $1.100M $1.190M -$60.00K
YoY Change -1933.33% 242328.11%
Income Tax $0.00 $7.278K -$10.00K
% Of Pretax Income 0.0% 0.61%
Net Earnings $1.100M $1.183M -$42.16K
YoY Change -2709.89% 176737.67%
Net Earnings / Revenue 8.71% 9.51% -0.45%
Basic Earnings Per Share $0.14 $0.21 -$0.99
Diluted Earnings Per Share $0.12 $0.16 -$0.99
COMMON SHARES
Basic Shares Outstanding 7.580M 4.133M
Diluted Shares Outstanding 6.689M

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.16M $16.83M $5.340M
YoY Change 745.69% 48.75%
Cash & Equivalents $45.16M $16.83M $5.336M
Short-Term Investments
Other Short-Term Assets $350.0K $440.0K $190.0K
YoY Change 84.21% 5.56%
Inventory $146.8K $110.0K $119.7K
Prepaid Expenses
Receivables $5.155M $5.770M $3.732M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $50.81M $23.14M $9.379M
YoY Change 441.76% 28.83%
LONG-TERM ASSETS
Property, Plant & Equipment $807.1K $950.0K $1.027M
YoY Change -21.4% -23.94%
Goodwill $1.250M $1.250M
YoY Change 0.0%
Intangibles $286.7K $345.1K
YoY Change -16.91%
Long-Term Investments
YoY Change
Other Assets $84.06K $100.0K $121.5K
YoY Change -30.84% 21.54%
Total Long-Term Assets $5.251M $5.500M $5.881M
YoY Change -10.72% 305.6%
TOTAL ASSETS
Total Short-Term Assets $50.81M $23.14M $9.379M
Total Long-Term Assets $5.251M $5.500M $5.881M
Total Assets $56.06M $28.64M $15.26M
YoY Change 267.38% 74.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.949M $4.180M $2.873M
YoY Change 37.43% 19.23%
Accrued Expenses $1.072M $1.940M $661.0K
YoY Change 62.22% -39.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.390M $1.460M $1.630M
YoY Change -14.72% 503.7%
Total Short-Term Liabilities $9.240M $8.670M $7.576M
YoY Change 21.95% 95.77%
LONG-TERM LIABILITIES
Long-Term Debt $1.330M $1.670M $3.430M
YoY Change -61.22% 195.69%
Other Long-Term Liabilities $450.0K $480.0K $560.0K
YoY Change -19.64% -13.85%
Total Long-Term Liabilities $1.780M $2.150M $3.990M
YoY Change -55.39% 120.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.240M $8.670M $7.576M
Total Long-Term Liabilities $1.780M $2.150M $3.990M
Total Liabilities $11.03M $10.82M $11.57M
YoY Change -4.63% 103.63%
SHAREHOLDERS EQUITY
Retained Earnings -$43.55M -$46.48M
YoY Change -6.29%
Common Stock $928.00 $758.00 $1.094M
YoY Change -99.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.03M $17.82M -$39.41M
YoY Change
Total Liabilities & Shareholders Equity $56.06M $28.64M $15.26M
YoY Change 267.38% 74.8%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $1.100M $1.183M -$42.16K
YoY Change -2709.89% 176737.67%
Depreciation, Depletion And Amortization $230.0K $220.0K $240.0K
YoY Change -4.17% 14.29%
Cash From Operating Activities $2.700M $1.010M $1.650M
YoY Change 63.64% 2650.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$230.0K -$40.00K
YoY Change -100.0% -86.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.000M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$230.0K -$4.040M
YoY Change -100.0% 1203.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.70M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.63M 10.79M 3.870M
YoY Change 562.27% 19250.0%
NET CHANGE
Cash From Operating Activities 2.700M 1.010M 1.650M
Cash From Investing Activities 0.000 -230.0K -4.040M
Cash From Financing Activities 25.63M 10.79M 3.870M
Net Change In Cash 28.33M 11.57M 1.480M
YoY Change 1814.19% -743.48%
FREE CASH FLOW
Cash From Operating Activities $2.700M $1.010M $1.650M
Capital Expenditures $0.00 -$230.0K -$40.00K
Free Cash Flow $2.700M $1.240M $1.690M
YoY Change 59.76% 369.44%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Filer Category
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of the preferred redeemable convertible stock warrant liability and determining the assumptions used in measuring stock-based compensation expense.</p></div>
us-gaap Stockholders Equity Reverse Stock Split
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In July 2016, the Company effected a one-for-ten reverse stock split of its common stock.
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93338
CY2015Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.003
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1500000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1400000
CY2016Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1970269
CY2015Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4947200
CY2012Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
7100000
CY2016Q2 airg Common Stock Issued For Exercise Of Warrants
CommonStockIssuedForExerciseOfWarrants
127143
CY2016Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
0
CY2016Q2 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.20
CY2015 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.21
CY2016Q2 airg Preferred Stock Warrant Liability Fair Value
PreferredStockWarrantLiabilityFairValue
249215
CY2015 airg Preferred Stock Warrant Liability Fair Value
PreferredStockWarrantLiabilityFairValue
709504
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
504550
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
512402
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
24260
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
236000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
756692
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
339315
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
46500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
12240
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1037267
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
623112
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1006525
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.60
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.00
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.18
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.77
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.10
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.90
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.37
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
2.20
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.54
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
1.44
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.86
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.84
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8545416
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
5714093

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