$AIRG
AIRGAIN INC

2019 Q1 Form 10-Q Financial Statement

#000156459019018194 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $15.11M $13.31M
YoY Change 13.54% 18.24%
Cost Of Revenue $8.320M $7.111M
YoY Change 17.0% 19.23%
Gross Profit $6.785M $6.194M
YoY Change 9.54% 17.12%
Gross Profit Margin 44.91% 46.55%
Selling, General & Admin $4.269M $5.089M
YoY Change -16.11% 55.8%
% of Gross Profit 62.92% 82.16%
Research & Development $2.338M $2.269M
YoY Change 3.05% 42.1%
% of Gross Profit 34.46% 36.63%
Depreciation & Amortization $177.4K $121.4K
YoY Change 46.1% 5.17%
% of Gross Profit 2.61% 1.96%
Operating Expenses $6.607M $7.358M
YoY Change -10.21% 51.31%
Operating Profit $178.4K -$1.164M
YoY Change -115.33% -373.5%
Interest Expense $600.00 $13.90K
YoY Change -95.68% -54.8%
% of Operating Profit 0.34%
Other Income/Expense, Net $187.4K $96.53K
YoY Change 94.15% 1399.57%
Pretax Income $365.8K -$1.067M
YoY Change -134.28% -347.07%
Income Tax $29.00K $38.65K
% Of Pretax Income 7.93%
Net Earnings $337.0K -$1.106M
YoY Change -130.47% -387.21%
Net Earnings / Revenue 2.23% -8.31%
Basic Earnings Per Share $0.03 -$0.12
Diluted Earnings Per Share $0.03 -$0.12
COMMON SHARES
Basic Shares Outstanding 9.626M 9.480M
Diluted Shares Outstanding 9.961M 9.480M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.89M $32.98M
YoY Change -0.27% -21.21%
Cash & Equivalents $11.75M $15.46M
Short-Term Investments $21.14M $17.52M
Other Short-Term Assets $920.0K $1.180M
YoY Change -22.03% 268.75%
Inventory $1.280M $520.0K
Prepaid Expenses
Receivables $7.980M $8.180M
Other Receivables $0.00 $0.00
Total Short-Term Assets $43.06M $42.86M
YoY Change 0.47% -13.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.380M $1.420M
YoY Change -2.82% 75.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $210.0K $290.0K
YoY Change -27.59% 52.63%
Total Long-Term Assets $9.580M $10.36M
YoY Change -7.53% 96.96%
TOTAL ASSETS
Total Short-Term Assets $43.06M $42.86M
Total Long-Term Assets $9.580M $10.36M
Total Assets $52.64M $53.22M
YoY Change -1.09% -3.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.640M $4.220M
YoY Change 9.95% 5.76%
Accrued Expenses $1.660M $1.800M
YoY Change -7.78% 28.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M
YoY Change -24.81%
Total Short-Term Liabilities $6.380M $8.100M
YoY Change -21.23% 3.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $170.0K $320.0K
YoY Change -46.88% -23.81%
Total Long-Term Liabilities $170.0K $320.0K
YoY Change -46.88% -77.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.380M $8.100M
Total Long-Term Liabilities $170.0K $320.0K
Total Liabilities $6.600M $8.430M
YoY Change -21.71% -8.86%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $94.33M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.05M $44.80M
YoY Change
Total Liabilities & Shareholders Equity $52.64M $53.22M
YoY Change -1.09% -3.35%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $337.0K -$1.106M
YoY Change -130.47% -387.21%
Depreciation, Depletion And Amortization $177.4K $121.4K
YoY Change 46.1% 5.17%
Cash From Operating Activities -$875.0K -$1.827M
YoY Change -52.1% -41.45%
INVESTING ACTIVITIES
Capital Expenditures $159.1K $503.2K
YoY Change -68.38% 321.76%
Acquisitions
YoY Change
Other Investing Activities -$880.0K $3.780M
YoY Change -123.28%
Cash From Investing Activities -$1.036M $3.273M
YoY Change -131.65% -2827.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$38.00K $779.9K
YoY Change -104.87%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 38.00K -1.010M
YoY Change -103.76% 1582.57%
NET CHANGE
Cash From Operating Activities -875.0K -1.827M
Cash From Investing Activities -1.036M 3.273M
Cash From Financing Activities 38.00K -1.010M
Net Change In Cash -1.873M 436.4K
YoY Change -529.16% -113.23%
FREE CASH FLOW
Cash From Operating Activities -$875.0K -$1.827M
Capital Expenditures $159.1K $503.2K
Free Cash Flow -$1.034M -$2.330M
YoY Change -55.62% -28.08%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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ResearchAndDevelopmentExpense
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CY2019Q1 us-gaap General And Administrative Expense
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CY2019Q1 us-gaap Operating Income Loss
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CY2019Q1 us-gaap Other Nonoperating Income
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CY2019Q1 us-gaap Interest Expense
InterestExpense
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CY2019Q1 us-gaap Other Nonoperating Income Expense
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CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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365807
CY2019Q1 us-gaap Income Tax Expense Benefit
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CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q1 us-gaap Depreciation
Depreciation
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CY2019Q1 us-gaap Amortization Of Intangible Assets
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163763
CY2018Q1 us-gaap Amortization Of Intangible Assets
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CY2019Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2018Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2019Q1 us-gaap Share Based Compensation
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CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q1 us-gaap Profit Loss
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CY2018Q1 us-gaap Profit Loss
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CY2019Q1 us-gaap Depreciation
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CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
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CY2019Q1 airg Cash And Cash Equivalents At Carrying Value Available And Available For Sale Debt Securities Amortized Cost Basis
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CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities
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CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018Q1 us-gaap Repayments Of Notes Payable
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CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
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CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q1 us-gaap Interest Paid Net
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CY2019Q1 us-gaap Income Taxes Paid Net
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CY2018Q1 us-gaap Income Taxes Paid Net
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CY2019Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Proceeds From Stock Options Exercised
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CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.</font></p>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<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-bottom:0pt;margin-top: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 intangible assets and goodwill.</p>
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2019Q1 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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CY2019Q1 airg Share Based Compensation Arrangement By Share Based Payment Award Options Cancelled Weighted Average Remaining Contractual Term1
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2019Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2019Q1 us-gaap Number Of Operating Segments
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CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q1 us-gaap Cash
Cash
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CY2018Q4 us-gaap Cash
Cash
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CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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CY2019Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
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CY2019Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
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CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
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CY2019Q1 us-gaap Property Plant And Equipment Gross
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CY2018Q4 us-gaap Property Plant And Equipment Gross
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CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2019Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1742040
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
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CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2018Q4 us-gaap Finite Lived Intangible Assets Net
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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597701
CY2019Q1 us-gaap Additional Paid In Capital Common Stock
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CY2018Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
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CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2019Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2232116
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
30217
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2035463

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