$AIRG
AIRGAIN INC

2017 Q1 Form 10-Q Financial Statement

#000156459017010656 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $11.25M $12.63M $8.512M
YoY Change 32.19% 35.28% 48.49%
Cost Of Revenue $5.964M $7.150M $4.835M
YoY Change 23.36% 30.24% 48.76%
Gross Profit $5.288M $5.476M $3.678M
YoY Change 43.8% 42.51% 48.13%
Gross Profit Margin 47.0% 43.37% 43.2%
Selling, General & Admin $3.266M $2.820M $2.239M
YoY Change 45.87% 13.25% 24.4%
% of Gross Profit 61.76% 51.49% 60.89%
Research & Development $1.597M $1.530M $1.322M
YoY Change 20.82% 31.9% 36.26%
% of Gross Profit 30.19% 27.94% 35.94%
Depreciation & Amortization $115.4K $230.0K $117.4K
YoY Change -1.7% -4.17% 6.77%
% of Gross Profit 2.18% 4.2% 3.19%
Operating Expenses $4.863M $4.345M $3.561M
YoY Change 36.57% 19.15% 28.77%
Operating Profit $425.5K $1.131M $116.8K
YoY Change 264.3% 477.29% -141.33%
Interest Expense $30.76K -$30.00K $52.48K
YoY Change -41.37% -88.0% -77.18%
% of Operating Profit 7.23% -2.65% 44.93%
Other Income/Expense, Net $6.437K $26.36K
YoY Change -75.58%
Pretax Income $431.9K $1.100M $143.2K
YoY Change 201.72% -1933.33% -386.31%
Income Tax $46.83K $0.00 $4.000K
% Of Pretax Income 10.84% 0.0% 2.79%
Net Earnings $385.1K $1.100M $139.2K
YoY Change 176.74% -2709.89% -342.01%
Net Earnings / Revenue 3.42% 8.71% 1.63%
Basic Earnings Per Share $0.04 $0.14 -$0.70
Diluted Earnings Per Share $0.04 $0.12 -$0.82
COMMON SHARES
Basic Shares Outstanding 9.360M 7.580M 665.8K
Diluted Shares Outstanding 10.20M 665.8K

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.86M $45.16M $4.040M
YoY Change 936.14% 745.69%
Cash & Equivalents $41.86M $45.16M $4.037M
Short-Term Investments
Other Short-Term Assets $320.0K $350.0K $150.0K
YoY Change 113.33% 84.21%
Inventory $110.0K $146.8K $50.00K
Prepaid Expenses
Receivables $7.510M $5.155M $3.680M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $49.80M $50.81M $7.910M
YoY Change 529.58% 441.76%
LONG-TERM ASSETS
Property, Plant & Equipment $810.0K $807.1K $950.0K
YoY Change -14.74% -21.4%
Goodwill $1.250M
YoY Change 0.0%
Intangibles $286.7K
YoY Change -16.91%
Long-Term Investments
YoY Change
Other Assets $190.0K $84.06K $80.00K
YoY Change 137.5% -30.84%
Total Long-Term Assets $5.260M $5.251M $5.670M
YoY Change -7.23% -10.72%
TOTAL ASSETS
Total Short-Term Assets $49.80M $50.81M $7.910M
Total Long-Term Assets $5.260M $5.251M $5.670M
Total Assets $55.06M $56.06M $13.58M
YoY Change 305.45% 267.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.990M $3.949M $2.520M
YoY Change 58.33% 37.43%
Accrued Expenses $1.400M $1.072M $2.010M
YoY Change -30.35% 62.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.330M $1.390M $1.610M
YoY Change -17.39% -14.72%
Total Short-Term Liabilities $7.810M $9.240M $6.230M
YoY Change 25.36% 21.95%
LONG-TERM LIABILITIES
Long-Term Debt $1.000M $1.330M $2.960M
YoY Change -66.22% -61.22%
Other Long-Term Liabilities $420.0K $450.0K $530.0K
YoY Change -20.75% -19.64%
Total Long-Term Liabilities $1.420M $1.780M $3.490M
YoY Change -59.31% -55.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.810M $9.240M $6.230M
Total Long-Term Liabilities $1.420M $1.780M $3.490M
Total Liabilities $9.250M $11.03M $9.720M
YoY Change -4.84% -4.63%
SHAREHOLDERS EQUITY
Retained Earnings -$43.17M -$43.55M
YoY Change -6.29%
Common Stock $949.00 $928.00
YoY Change -99.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.82M $45.03M $3.860M
YoY Change
Total Liabilities & Shareholders Equity $55.06M $56.06M $13.58M
YoY Change 305.48% 267.38%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income $385.1K $1.100M $139.2K
YoY Change 176.74% -2709.89% -342.01%
Depreciation, Depletion And Amortization $115.4K $230.0K $117.4K
YoY Change -1.7% -4.17% 6.77%
Cash From Operating Activities -$3.120M $2.700M -$850.0K
YoY Change 267.06% 63.64% -15.0%
INVESTING ACTIVITIES
Capital Expenditures $119.3K $0.00 $41.03K
YoY Change 190.79% -100.0% -236.77%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$120.0K $0.00 -$40.00K
YoY Change 200.0% -100.0% 33.33%
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 -60.00K 25.63M -400.0K
YoY Change -85.0% 562.27% 471.43%
NET CHANGE
Cash From Operating Activities -3.120M 2.700M -850.0K
Cash From Investing Activities -120.0K 0.000 -40.00K
Cash From Financing Activities -60.00K 25.63M -400.0K
Net Change In Cash -3.300M 28.33M -1.290M
YoY Change 155.81% 1814.19% 17.27%
FREE CASH FLOW
Cash From Operating Activities -$3.120M $2.700M -$850.0K
Capital Expenditures $119.3K $0.00 $41.03K
Free Cash Flow -$3.239M $2.700M -$891.0K
YoY Change 263.55% 59.76% -8.14%

Facts In Submission

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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;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 stock-based compensation expense, intangible assets and goodwill.</p></div>
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CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.36
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.13
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M26D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y4D
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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4995
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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155520
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
889862
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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494408
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
889862
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2.10
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2.25
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15.85
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.08
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.36
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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2.07
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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2.36
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y7M6D
CY2016 airg Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term1
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P9Y4M24D
CY2016 airg Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Weighted Average Remaining Contractual Term1
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P3Y6M
CY2016 airg Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Weighted Average Remaining Contractual Term1
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P2Y7M6D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2017Q1 airg Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm1
P9Y9M18D
CY2017Q1 airg Share Based Compensation Arrangement By Share Based Payment Award Options Exercised Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedWeightedAverageRemainingContractualTerm1
P6Y18D
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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6470698
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7770086
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4942466
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4569243
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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471071
CY2016Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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522818
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P3Y
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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588922
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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571700
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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525297
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
265940
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1951859

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