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

Quantenna Communications Second Quarter Fiscal 2018 Financial Commentary July 30, 2018 Key Financial Metrics from the Quarter Key Highlights from the Quarter • Revenue of $53.4 million vs: • Record revenue of $53.4 million, representing Y/Y ▪ $47.1 million in Q2'FY17 grew 13% Y/Y growth of 13% over Q2'FY17 and 18% Q/Q growth over ▪ $45.1 million in Q1'FY18 grew 18% Q/Q Q1'FY18. • GAAP gross margin of 48.4% • GAAP diluted EPS of $0.03 compares to $0.00 in the • Non-GAAP gross margin of 48.5% vs: Q2'FY17. Second quarter non-GAAP diluted EPS of ▪ 50.6% in Q2'FY17 declined 210bps Y/Y $0.12 compares to $0.07 in Q2'FY17. ▪ 50.5% in Q1'FY18 declined 200bps Q/Q • GAAP operating income declined 15% Y/Y compared • Operating margin in Q2'FY18: to Q2'FY17. Non-GAAP operating income grew 59% ▪ 0.5% GAAP compared to the Q2'FY17. ▪ 8.6% Non-GAAP • GAAP diluted EPS $0.03 in Q2'FY18 vs: • Record revenue from both our Wave 3 10G and Wave 2 product segments. ▪ $0.00 in Q2'FY17 ▪ ($0.09) in Q1'FY18 • Quantenna’s Spartan solutions are now successfully • Non-GAAP diluted EPS $0.12 in Q2'FY18 vs: integrated into more than 20 shipping OEM designs ▪ $0.07 in Q2'FY17 targeting turnkey implementation by service ▪ $0.03 in Q1'FY18 providers. • Operating cash flow of ($2.9) million vs: • The latest cable MSO initiated a full volume rollout ▪ $7.4 million in Q2'FY017 using our Wave 3 10G technology in their next ▪ $6.8 million in Q1'2018 generation gateway. • Cash, cash equivalents & marketable • Introduced ViSiON, an innovative cloud-based service securities $120.1 million for Quantenna enabled devices using advanced • DSO 50 days, down 2 days Q/Q analytics to accelerate and improve service provider • Annualized inventory turns 5.1x, up from deployments of best-in-class Wi-Fi devices. 4.8x Q/Q • Announced the new QSR10GU-AX Plus targeting Third Quarter FY 2018 Guidance gateways and access points based on the draft IEEE • Revenue: $57.0 to $59.0 million 802.11ax standard that incorporates many unique • GAAP gross margin: 48.64% +/- 50bps performance features only offered by Quantenna. • Non-GAAP gross margin: 48.75% +/- 50bps Financial Results Call and Webcast • GAAP OPEX: $26.0 to $27.0 million Our Q2 financial results webcast and call will commence • Non-GAAP OPEX: $22.0 to $23.0 million on July 30, 2018 at 1:30 p.m. PT (4:30 p.m. ET). The • Non-GAAP Tax Exp: Approximately $200,000 webcast may be accessed at http://ir.quantenna.com/. • GAAP earnings per share: $0.04 to $0.06 • Non-GAAP earnings per share: $0.14 to $0.16 An archive of the webcast will be available for 90 days Quantenna Communications, Inc. Revenue Segmentation by WiFi Technology (in percentage of revenue, unaudited) Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Period Ending Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Jul 01 '18 802.11n 29% 15% 18% 17% 15% 9% 4% 3% 802.11ac Wave 2 71% 84% 79% 79% 72% 83% 83% 71% 802.11ac Wave 3 (10G) 0% 1% 3% 4% 13% 6% 13% 26% Total Semi Revenue 100% 100% 100% 100% 100% 98% 100% 100% Other 0% 0% 0% 0% 0% 2% 0% 0% Total Revenue 100% 100% 100% 100% 100% 100% 100% 100% July 30, 2018 Quantenna Q2 2018 Financial Results Page 1 of 4

Quantenna Communications, Inc. Consolidated Statements of Operations (GAAP) (in thousands, unaudited) Period Ending Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Jul 01 '18 Revenue 34,105$ 37,492$ 37,891$ 47,085$ 50,108$ 41,275$ 45,117$ 53,427$ COGS 17,247 18,188 19,307 23,314 25,591 19,996 22,352 27,563 Gross Margin 16,858 19,304 18,584 23,771 24,517 21,279 22,765 25,864 GM % of revenue 49.4% 51.5% 49.0% 50.5% 48.9% 51.6% 50.5% 48.4% R&D 11,162 13,691 12,633 16,055 15,011 16,048 17,601 17,084 S&M 2,172 2,520 2,914 3,276 3,363 4,487 4,495 3,979 G&A 3,248 2,757 3,389 4,106 3,735 4,069 4,198 4,518 OPEX 16,582 18,968 18,936 23,437 22,109 24,604 26,294 25,581 OPEX % of revenue 48.6% 50.6% 50.0% 49.8% 44.1% 59.6% 58.3% 47.9% Operating Income (loss) 276$ 336$ (352)$ 334$ 2,408$ (3,325)$ (3,529)$ 283$ OpInc % of revenue 0.8% 0.9% -0.9% 0.7% 4.8% -8.1% -7.8% 0.5% Interest & Other Income (loss) (241) 10 3 45 120 237 334 230 Pretax Income (loss) 35 346 (349) 379 2,528 (3,088) (3,195) 513 Taxes 14 314 535 210 (274) (35,413) 52 (519) Tax Rate 40% 91% -153% 55% -11% 1147% -2% -101% Net Income (loss) 21$ 32$ (884)$ 169$ 2,802$ 32,325$ (3,247)$ 1,032$ Consolidated Statements of Operations (Non-GAAP) (in thousands, unaudited) Period Ending Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Jul 01 '18 Revenue 34,105$ 37,492$ 37,891$ 47,085$ 50,108$ 41,275$ 45,117$ 53,427$ COGS 17,238 18,170 19,264 23,272 25,553 19,954 22,318 27,501 Gross Margin 16,867 19,322 18,627 23,813 24,555 21,321 22,799 25,926 GM % of revenue 49.5% 51.5% 49.2% 50.6% 49.0% 51.7% 50.5% 48.5% R&D 10,931 13,234 11,428 14,641 13,644 14,418 15,208 14,555 S&M 2,112 2,392 2,561 2,866 2,947 3,704 3,511 3,386 G&A 2,514 2,494 2,886 3,398 2,787 3,089 3,017 3,373 OPEX 15,557 18,120 16,875 20,905 19,378 21,211 21,736 21,314 OPEX % of revenue 45.6% 48.3% 44.5% 44.4% 38.7% 51.4% 48.2% 39.9% Operating Income 1,310$ 1,202$ 1,752$ 2,908$ 5,177$ 110$ 1,063$ 4,612$ OpInc % of revenue 3.8% 3.2% 4.6% 6.2% 10.3% 0.3% 2.4% 8.6% Interest & Other Income (loss) (241) 10 3 45 120 237 334 230 Pretax Income 1,069 1,212 1,755 2,953 5,297 347 1,397 4,842 Taxes 14 314 535 210 (274) (108) 237 218 Tax Rate 1% 26% 30% 7% -5% -31% 17% 5% Net Income 1,055$ 898$ 1,220$ 2,743$ 5,571$ 455$ 1,160$ 4,624$ GAAP to Non-GAAP Reconciling Items (in thousands, unaudited) Period Ending Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Jul 01 '18 Stock Based Compensation COGS 9$ 18$ 43$ 42$ 38$ 42$ 34$ 62$ R&D 231 457 1,205 1,414 1,367 1,630 2,393 2,529 S&M 60 128 353 410 416 584 984 593 G&A 734 263 503 708 948 980 1,181 1,145 Total 1,034$ 866$ 2,104$ 2,574$ 2,769$ 3,236$ 4,592$ 4,329$ Non-Recurring Items S&M 199$ Income Taxes (35,305)$ 185$ 737$ July 30, 2018 Quantenna Q2 2018 Financial Results Page 2 of 4

Quantenna Communications, Inc. Condensed Consolidated Balance Sheet (in thousands, unaudited) Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Period Ending Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Jul 01 '18 Assets Current assets Cash, cash equivalents & marketable securities 17,822$ 117,045$ 114,401$ 124,389$ 126,866$ 118,627$ 120,143$ 120,082$ Accounts receivable 17,306 14,480 17,812 17,696 22,820 26,786 26,310 29,700 Inventory 10,268 15,820 13,361 20,985 23,700 12,662 18,420 21,391 Restricted Cash 1,559 - - - - - - - Prepaid expenses and other current assets 1,842 2,470 3,745 4,332 2,444 2,744 2,949 2,369 Total current assets 48,797 149,815 149,319 167,402 175,830 160,819 167,822 173,542 Deferred tax assets - - - - - 35,422 35,602 36,482 Property and equipment, net 3,842 4,742 6,025 6,380 11,215 12,511 12,415 12,838 Intangible and other assets, net 2,443 232 743 769 4,296 3,952 4,215 3,901 Total assets 55,082$ 154,789$ 156,087$ 174,551$ 191,341$ 212,704$ 220,054$ 226,763$ Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit) Current liabilities Accounts payable 6,804$ 8,936$ 4,658$ 13,401$ 13,805$ 3,754$ 11,833$ 8,904$ Accrued liabilities and other current liabilities 11,144 10,641 15,401 19,147 27,054 21,065 22,394 23,155 Long-term debt, current portion 2,218 2,257 2,288 2,563 2,487 3,943 - - Total current liabilities 20,166 21,834 22,347 35,111 43,346 28,762 34,227 32,059 Long-term debt 4,342 3,680 3,539 2,445 1,900 - - - Other long term liabilities 578 527 - 425 3,413 3,339 3,222 3,214 Convertible preferred stock warrant liability 364 - - - - Total liabilities 25,450 26,041 25,886 37,981 48,659 32,101 37,449 35,273 Convertible preferred stock 184,704 - - - - - - - Stockholders’ equity (deficit) Common stock - 3 3 3 3 3 3 3 Additional paid-in capital 6,534 290,319 292,710 298,943 302,240 308,023 313,503 321,669 Accumulated deficit (161,606) (161,574) (162,512) (162,376) (159,561) (127,423) (130,901) (130,182) Total stockholders’ equity (deficit) (155,072) 128,748 130,201 136,570 142,682 180,603 182,605 191,490 Total liabilities, conv prfrrd stock and stockholders' equity 55,082$ 154,789$ 156,087$ 174,551$ 191,341$ 212,704$ 220,054$ 226,763$ Condensed Consolidated Cash Flows (in thousands, unaudited) Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Period Ending Sep 25 '16 Jan 01 '17 Apr 02 '17 Jul 02 '17 Oct 01 '17 Dec 31 '17 Apr 01 '18 Jul 01 '18 Cash flows from operating activities Net income (loss) 21$ 32$ (884)$ 169$ 2,802$ 32,325$ (3,247)$ 1,032$ Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities Depreciation and amortization 343 398 479 545 542 1,103 1,125 1,138 Stock-based compensation expense 1,034 866 2,104 2,574 2,769 3,236 4,592 4,329 Deferred income taxes - - - - - (35,333) (733) Other 174 160 135 62 150 288 (50) 117 Changes in assets and liabilities Accounts receivable 3,508 2,826 (3,332) 116 (5,124) (3,966) 476 (3,390) Inventory (2,819) (5,552) 2,459 (7,624) (2,715) 11,038 (5,758) (2,971) Prepaid expenses and other current assets (241) (618) (1,324) (574) 1,876 (313) (205) 580 Other assets 71 (66) (511) (27) (252) 323 58 43 Accounts payable 3,219 4,100 (4,268) 10,236 2,194 (10,354) 8,185 (3,213) Accrued liabilities 361 (1,539) 4,707 1,890 5,020 (5,912) 1,593 150 Net cash provided by (used in) operating activities 5,671 607 (435) 7,367 7,262 (7,565) 6,769 (2,918) Cash flows from investing activities Purchase of property and equipment (995) (1,103) (1,700) (746) (4,515) (2,009) (924) (454) Purchase of long-term investments & marketable securities - - - (71,169) (32,875) (27,746) (13,801) (25,787) Proceeds from sale and maturities of marketable securities - - - 4,994 10,915 21,215 11,515 24,605 Restricted cash (59) 1,500 - - - - - - Net cash provided by (used in) investing activities (1,054) 397 (1,700) (66,921) (26,475) (8,540) (3,210) (1,636) Cash flows from financing activities Proceeds from issuance of common stock, net of issuance cost 697 406 194 3,882 477 3,122 1,438 3,874 Proceeds from initial public offering, net of issuance costs - 97,483 - - - - - - Principal payments on debt (554) (551) (672) (433) (651) (650) (3,943) - Other (3,881) 881 (31) (65) - (892) (873) (360) Net cash provided by (used in) financing activities (3,738) 98,219 (509) 3,384 (174) 1,580 (3,378) 3,514 Effect of exchange rate changes on cash & cash equivalents - - - - - 113 - (152) Net increase (decrease) in cash and cash equivalents 879 99,223 (2,644) (56,170) (19,387) (14,412) 181 (1,192) Cash and cash equivalents Beginning of period 16,943 17,822 117,045 114,401 58,231 38,844 24,432 24,613 End of period 17,822 117,045 114,401 58,231 38,844 24,432 24,613 23,421 *Reclassifications of certain prior period amounts in the condensed consolidated financial statements have been made to conform to the current period presentation. July 30, 2018 Quantenna Q2 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 second quarter ended July 1, 2018, forecasted financial results for the third quarter of fiscal 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; risks related to international operations, including the uncertainty and potential impact regarding increased tariffs and escalating trade tensions among countries; dependence of our customers on components from other third parties; risks that Quantenna may not be able to manage strains associated with its growth; dependence on key personnel; stock price volatility; the cyclical nature of the semiconductor industry; potential changes in tax and other laws affecting Quantenna’s business; adjustments to the preliminary financial results reported in this financial commentary and related earnings call announcement and materials for the second 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. July 30, 2018 Quantenna Q2 2018 Financial Results Page 4 of 4