Quantenna Communications (QTNA) 8-K Quantenna Announces First Quarter 2018 Financial Results

Financial Commentary Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Jun 26 '16 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 802.11n 19% 29% 15% 18% 17% 15% 9% 4% 802.11ac Wave 2 80% 71% 84% 79% 79% 72% 83% 83% 802.11ac Wave 3 (10G) 0% 0% 1% 3% 4% 13% 6% 13% Total Semi Revenue 99% 100% 100% 100% 100% 100% 98% 100% Other 1% 0% 0% 0% 0% 0% 2% 0% Total Revenue 100% 100% 100% 100% 100% 100% 100% 100% First Quarter Fiscal 2018 Quantenna Communications Period Ending April 30, 2018 Quantenna Communications, Inc. Revenue Segmentation by WiFi Technology (in percentage of revenue, unaudited) Key Financial Metrics from the Quarter • Revenue of $45.1 million vs: ▪ $37.9 million in Q1'FY17 grew 19% Y/Y ▪ $41.3 million in Q4'FY17 grew 9% Q/Q • GAAP gross margin of 50.5% • Non-GAAP gross margin of 50.5% vs: ▪ 49.2% in Q1'FY17 increased 130bps Y/Y ▪ 51.7% in Q4'FY17 declined 120bps Q/Q • Operating margin in Q1'FY18: ▪ (7.8%) GAAP ▪ 2.4% Non-GAAP • GAAP diluted EPS ($0.09) in Q1'FY18 • Non-GAAP diluted EPS $0.03 in Q1'FY18 vs: ▪ $0.03 in Q1'FY17 ▪ $0.01 in Q4'FY17 • Operating cash flow of $6.8 million vs: ▪ ($0.4) million in Q1'FY017 ▪ ($7.6) million in Q4'2017 • Cash, cash equivalents & marketable securities $120.1 million • DSO 52 days, down 6 days Q/Q • Annualized inventory turns 4.8x, down from 6.3x Q/Q Second Quarter FY 2018 Guidance • Revenue: $51.0 to $53.0 million • GAAP gross margin: 48%, +/- 100bps • Non-GAAP gross margin: 48%, +/- 100bps • GAAP OPEX: flat to up 4% Q/Q • Non-GAAP OPEX: flat to up 5% Q/Q • Non-GAAP Tax Exp: Approximately $200,000 • GAAP loss per share: ($0.04) - ($0.02) • Non-GAAP earnings per share: $0.07 to $0.09 Key Highlights from the Quarter and Fiscal Year • Wave 3 10G continues its leadership position in Q1 with a MSO initiating a full volume rollout using our technology exclusively in their flagship next generation gateway. • Our cable MSO customers using our Wave 3 10G solutions are now sourcing their next generation gateways through two separate OEM partners, which adds substantial capacity to serve subscriber demand while diversifying the supply chain. • Partnered with Canal+ Group to deliver an end-to-end solution that enables wireless HD video redistribution from set-top box to a companion Over-The-Top (OTT) set-top box. • Announced enhanced Wi-Fi features on the Wave 3 QSR10G chipset family targeting gateways and access points that significantly improve the user experience of mobile Wi-Fi clients. • Partnered with Greenwave Systems, Inc., to deliver a full duplex 4x4 802.11ac Wave 2 Wi-Fi extender for superior whole-home coverage. • Collaborated with Icotera to deliver innovative next- generation fiber gateway and Wi-Fi access point solutions to the European market. Financial Results Call and Webcast Our Q1 financial results webcast and call will commence on April 30, 2018 at 2:00 p.m. PT (5:00 p.m. ET). The webcast may be accessed at http://ir.quantenna.com/. An archive of the webcast will be available for 90 days from the date of this release. April 30, 2018 Quantenna Q1 2018 Financial Results Page 1 of 4

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Jun 26 '16 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Revenue 33,035$ 34,105$ 37,492$ 37,891$ 47,085$ 50,108$ 41,275$ 45,117$ COGS 16,671 17,247 18,188 19,307 23,314 25,591 19,996 22,352 Gross Margin 16,364 16,858 19,304 18,584 23,771 24,517 21,279 22,765 GM % of revenue 49.5% 49.4% 51.5% 49.0% 50.5% 48.9% 51.6% 50.5% R&D 11,524 11,162 13,691 12,633 16,055 15,011 16,048 17,601 S&M 1,769 2,172 2,520 2,914 3,276 3,363 4,487 4,495 G&A 2,993 3,248 2,757 3,389 4,106 3,735 4,069 4,198 OPEX 16,286 16,582 18,968 18,936 23,437 22,109 24,604 26,294 OPEX % of revenue 49.3% 48.6% 50.6% 50.0% 49.8% 44.1% 59.6% 58.3% Operating Income (loss) 78$ 276$ 336$ (352)$ 334$ 2,408$ (3,325)$ (3,529)$ OpInc % of revenue 0.2% 0.8% 0.9% -0.9% 0.7% 4.8% -8.1% -7.8% Interest & Other Income (loss) (291) (241) 10 3 45 120 237 334 Pretax Income (loss) (213) 35 346 (349) 379 2,528 (3,088) (3,195) Taxes 21 14 314 535 210 (274) (35,413) 52 Tax Rate -10% 40% 91% -153% 55% -11% 1147% -2% Net Income (loss) (234)$ 21$ 32$ (884)$ 169$ 2,802$ 32,325$ (3,247)$ Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Jun 26 '16 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Revenue 33,035$ 34,105$ 37,492$ 37,891$ 47,085$ 50,108$ 41,275$ 45,117$ COGS 16,668 17,238 18,170 19,264 23,272 25,553 19,954 22,318 Gross Margin 16,367 16,867 19,322 18,627 23,813 24,555 21,321 22,799 GM % of revenue 49.5% 49.5% 51.5% 49.2% 50.6% 49.0% 51.7% 50.5% R&D 11,402 10,931 13,234 11,428 14,641 13,644 14,418 15,208 S&M 1,739 2,112 2,392 2,561 2,866 2,947 3,704 3,511 G&A 2,262 2,514 2,494 2,886 3,398 2,787 3,089 3,017 OPEX 15,403 15,557 18,120 16,875 20,905 19,378 21,211 21,736 OPEX % of revenue 46.6% 45.6% 48.3% 44.5% 44.4% 38.7% 51.4% 48.2% Operating Income (loss) 964$ 1,310$ 1,202$ 1,752$ 2,908$ 5,177$ 110$ 1,063$ OpInc % of revenue 2.9% 3.8% 3.2% 4.6% 6.2% 10.3% 0.3% 2.4% Interest & Other Income (loss) (291) (241) 10 3 45 120 237 334 Pretax Income (loss) 673 1,069 1,212 1,755 2,953 5,297 347 1,397 Taxes 21 14 314 535 210 (274) (108) 237 Tax Rate 3% 1% 26% 30% 7% -5% -31% 17% Net Income (loss) 652$ 1,055$ 898$ 1,220$ 2,743$ 5,571$ 455$ 1,160$ Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Jun 26 '16 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Stock Based Compensation COGS 3$ 9$ 18$ 43$ 42$ 38$ 42$ 34$ R&D 122 231 457 1,205 1,414 1,367 1,630 2,393 S&M 30 60 128 353 410 416 584 984 G&A 731 734 263 503 708 948 980 1,181 Total 886$ 1,034$ 866$ 2,104$ 2,574$ 2,769$ 3,236$ 4,592$ Non-Recurring Items S&M 199$ Income Taxes (35,305)$ 185$ Quantenna Communications, Inc. Consolidated Statements of Operations (GAAP) (in thousands, unaudited) Period Ending Period Ending Period Ending Consolidated Statements of Operations (Non-GAAP) GAAP to Non-GAAP Reconciling Items (in thousands, unaudited) (in thousands, unaudited) April 30, 2018 Quantenna Q1 2018 Financial Results Page 2 of 4

Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Period Ending Jun 26 '16 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Assets Current assets Cash, cash equivalents & marketable securities 16,943$ 17,822$ 117,045$ 114,401$ 124,389$ 126,866$ 118,627$ 120,143$ Accounts receivable 20,813 17,306 14,480 17,812 17,696 22,820 26,786 26,310 Inventory 7,449 10,268 15,820 13,361 20,985 23,700 12,662 18,420 Restricted Cash 1,500 1,559 - - - - - - Prepaid expenses and other current assets 1,666 1,842 2,470 3,745 4,332 2,444 2,744 2,949 Total current assets 48,371 48,797 149,815 149,319 167,402 175,830 160,819 167,822 Deferred tax asset - - - - - - 35,422 35,602 Property and equipment, net 3,548 3,842 4,742 6,025 6,380 11,215 12,511 12,415 Intangible and other assets, net 1,311 2,443 232 743 769 4,296 3,952 4,215 Total assets 53,230$ 55,082$ 154,789$ 156,087$ 174,551$ 191,341$ 212,704$ 220,054$ Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) Current liabilities Accounts payable 3,778$ 6,038$ 7,776$ 1,896$ 10,527$ 12,918$ 2,077$ 10,696$ Accrued liabilities and other current liabilities 10,626 11,910 11,801 18,163 22,021 27,941 22,742 23,531 Long-term debt, current portion 2,102 2,218 2,257 2,288 2,563 2,487 3,943 - Total current liabilities 16,506 20,166 21,834 22,347 35,111 43,346 28,762 34,227 Long-term debt 7,967 4,342 3,680 3,539 2,445 1,900 - - Other long term liabilities - 578 527 - 425 3,413 3,339 3,222 Convertible preferred stock warrant liability 300 364 - - - - Total liabilities 24,773 25,450 26,041 25,886 37,981 48,659 32,101 37,449 Convertible preferred stock 184,704 184,704 - - - - - - Stockholders’ equity (deficit) Common stock - - 3 3 3 3 3 3 Additional paid-in capital 5,381 6,534 290,319 292,710 298,943 302,240 308,023 313,503 Accumulated deficit (161,628) (161,606) (161,574) (162,512) (162,376) (159,561) (127,423) (130,901) Total stockholders’ equity (deficit) (156,247) (155,072) 128,748 130,201 136,570 142,682 180,603 182,605 Total liabilities, conv prfrrd stock and stockholders' equity 53,230$ 55,082$ 154,789$ 156,087$ 174,551$ 191,341$ 212,704$ 220,054$ Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Period Ending Jun 26 '16 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Cash flows from operating activities Net income (loss) (234)$ 21$ 32$ (884)$ 169$ 2,802$ 32,325$ (3,247)$ Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Deferred income taxes - - - - - - (35,333) Depreciation and amortization 268 343 398 479 545 542 1,103 1,125 Stock-based compensation expense 886 1,034 866 2,104 2,574 2,769 3,236 4,592 Other 31 174 160 135 62 150 288 (50) Changes in assets and liabilities Accounts receivable (7,244) 3,508 2,826 (3,332) 116 (5,124) (3,966) 476 Inventory (190) (2,819) (5,552) 2,459 (7,624) (2,715) 11,038 (5,758) Prepaid expenses and other current assets 273 (241) (618) (1,324) (574) 1,876 (313) (205) Other assets (59) 71 (66) (511) (27) (252) 323 58 Accounts payable (3,599) 2,453 2,940 (5,870) 8,522 2,467 (10,871) 8,725 Accrued liabilities 3,109 1,127 (379) 6,309 3,604 4,747 (5,395) 1,053 Net cash provided by (used in) operating activities (6,759) 5,671 607 (435) 7,367 7,262 (7,565) 6,769 Cash flows from investing activities Purchase of property and equipment (612) (995) (1,103) (1,700) (746) (4,515) (2,009) (924) Purchase of long-term investment - - - - - - - (590) Purchase of marketable securities - - - - (71,169) (32,875) (27,746) (13,211) Proceeds from sale of marketable securities - - - - 4,994 (1,324) 7,014 - Maturities of marketable securities - - - - - 12,239 14,201 11,515 Restricted cash (1,500) (59) 1,500 - - - - - Net cash provided by (used in) investing activities (2,112) (1,054) 397 (1,700) (66,921) (26,475) (8,540) (3,210) Cash flows from financing activities Proceeds from issuance of common stock, net of issuance cost 35 697 406 194 3,882 477 3,122 1,438 Proceeds from initial public offering, net of issuance costs - - 97,483 - - - - - Principal payments on debt (1,769) (554) (551) (672) (433) (651) (650) (3,943) Other 6,804 (3,881) 881 (31) (65) - (892) (873) Net cash provided by (used in) financing activities 5,070 (3,738) 98,219 (509) 3,384 (174) 1,580 (3,378) Effect of exchange rate changes on cash & cash equivalents - - - - - - 113 - Net increase (decrease) in cash and cash equivalents (3,801) 879 99,223 (2,644) (56,170) (19,387) (14,412) 181 Cash and cash equivalents Beginning of period 20,744 16,943 17,822 117,045 114,401 58,231 38,844 24,432 End of period 16,943 17,822 117,045 114,401 58,231 38,844 24,432 24,613 Quantenna Communications, Inc. Consolidated Balance Sheet (in thousands, unaudited) Condensed Consolidated Cash Flows (in thousands, unaudited) April 30, 2018 Quantenna Q1 2018 Financial Results Page 3 of 4

Quantenna Communications, Inc. Non-GAAP Financial Measures In addition to GAAP reporting, Quantenna provides information regarding net income, gross profit, gross margin, and operating expenses on a non-GAAP basis. This non-GAAP information excludes stock-based compensation expense and changes to deferred tax balances. These non-GAAP measures are used by the Company’s management for the purposes of evaluating the underlying operating performance of the Company, establishing internal budgets, comparing performance with internal forecasts and goals, strategic planning, benchmarking against other companies, to provide a more consistent basis of comparison and to enable more meaningful period to period comparisons. These non-GAAP measures are provided in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial tables included in this financial commentary. Forward-Looking Statements This financial commentary contains forward-looking statements based on Quantenna’s current expectations, including statements regarding Quantenna’s preliminary financial results for the first quarter ended April 1, 2018, expected future business and financial performance, growth opportunities, product technologies and customer relationships. The words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will" and similar phrases as they relate to Quantenna are intended to identify such forward- looking statements. These forward-looking statements reflect the current views and assumptions of Quantenna and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: challenges developing new and leading edge products on a timely basis that achieve market acceptance; the complexity of the products, including integration requirements with components from other third parties that are outside of our control; quarterly fluctuations in revenues and operating results; intense market competition, including competition from other companies that are larger and have greater resources and broader product ecosystem offerings; ability to accurately predict future revenue and expenses; potential cancellation of customer orders; risks that Quantenna may not be able to maintain its historical growth or achieve similar levels of success with respect to new products; ability to attract and retain customers and service providers; dependence on a limited number of products and customers; intellectual property litigation risks; industry consolidation and risks associated with acquisitions, divestitures and strategic partnerships with respect to Quantenna as well as third parties; product liability risks; difficulties managing international operations; risks that Quantenna may not be able to manage strains associated with its growth; dependence on key personnel; stock price volatility; dependence on, and geographic concentration of, contract manufacturers, customers and end customers, assembly and test providers, and other vendors that subject Quantenna's business and results of operations to risks of natural disasters, epidemics, war and political unrest; the cyclical nature of the semiconductor industry; potential changes in tax and other laws affecting Quantenna’s business; revenue recognition impacts due to ASC 606; adjustments to the preliminary financial results reported in this financial commentary and related earnings call announcement and materials for the first quarter of 2018 in connection with completion of the final closing process and procedures and preparation of our Quarterly Report on Form 10-Q; and other factors that are detailed in the Securities and Exchange (“SEC”) filings of Quantenna, which you may obtain for free at the SEC’s website at http://www.sec.gov. Quantenna disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. About Quantenna Communications Quantenna (Nasdaq:QTNA) is the global leader and innovator of high performance Wi-Fi solutions. Founded in 2006, Quantenna has demonstrated its leadership in Wi-Fi technologies with many industry firsts. Quantenna continues to innovate with the mission to perfect consumer’s Wi-Fi experience by establishing benchmarks for speed, range, efficiency and reliability. Quantenna takes a multidimensional approach, from silicon to system and software, to provide total Wi-Fi network solutions. For more information, visit www.quantenna.com. April 30, 2018 Quantenna Q1 2018 Financial Results Page 4 of 4