The following is a summary of the Airgain, Inc. (AIRG) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Airgain reported Q3 revenue of $16.1 million, meeting guidance expectations with 6% sequential growth and 18% year-over-year.

• Significant revenue contributions from Tier 1 MSO shipments for Wi-Fi 7 antennas and Tier 1 MNO embedded antennas, achieving $6.9 million in sales.

• Q3 gross margin improved to 42.8%, driven by favorable sales mix and cost reduction efforts.

• Non-GAAP breakeven EPS.

Business Progress:

• Strengthening leadership in Wi-Fi 7 with increased Tier 1 MSO deployments and expect new MSO launches in early 2025.

• Expansion in automotive aftermarket solutions, with increased sales driven by RECON13 antennas and initial shipments of AirgainConnect Fleet.

• Leveraging AI in healthcare IoT applications with the new AT-Flight asset tracker, showcasing increased interest from the healthcare sector.

• Advancing product initiatives like Lighthouse and AC-Fleet with ongoing customer trials and new international orders.

Opportunities:

• Growing demand for advanced connectivity paves the way for expanding product portfolio in consumer and automotive markets, as well as enterprise solutions like 5G connectivity.

• Anticipated robust growth prospects driven by the ongoing transition in Wi-Fi 7 technology and the accelerated adoptions in MNO solutions.

• Expanding significant market opportunities, projected SAM reaching $5.5 billion by 2028, with strategic entries into high-growth markets like smart network repeaters and vehicle gateways.

Risks:

• Seasonal impacts and inventory challenges are anticipated to affect sales, particularly noted in the enterprise segment with ongoing excess inventory pressures possibly extending into H1 2025.

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