Sales increased 63 percent to $9.9 million. Gross profit rose 79 percent to $4.5 million (46.1 percent of sales) from $2.5 million (42.0 percent of sales) in the same year-ago period. The increase in gross margin was driven by higher sales of board-mounted antennas, which typically carry higher gross margins.
The company said leading volume applications were smart TVs and service provider home gateways.
"We expect similar applications to drive the current quarter, but with sequential volume decline associated with summer seasonality and IPO expenses burdening G&A," analyst Matthew Robison wrote in a note.
"Longer-term, we expect Airgain to grow revenue faster than peers and expenses and achieve this growth with higher gross margins than many in the broader peer group. We model 3–5 year income grow that 28 percent with present value implication defining our target," Robison added.
Shares of Airgain closed Tuesday's regular trading session at $16.12. In the pre-market hours Wednesday, they fell 5.4 percent to $15.25.
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