AIRG - Earnings call 4 2023

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Operator

Good afternoon and welcome to Airgain's Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Diego and I will be your operator for today's call.Joining us today are Airgain's President and CEO, Jacob Suen; and CFO, Michael Elbaz.

As a reminder, this call will be recorded and made available for replay via a link found in the Investor Relations section of Airgain's website at investors.airgain.com.

Following management's prepared remarks, the call will be opened for questions from Airgain's covering analysts.I caution listeners that during this call, Airgain management will be making forward-looking statements about future events, as well as Airgain's business strategy and future financial and operating performance. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. as qualified Airgain's statements contains X, SEC that accurate are earnings in time-sensitive XXXX. statements of is and date release filings.This only forward-looking by broadcast, contained cautionary today's information this These live the March of conference call events conference Airgain reflect call. to statements obligation the after no or update circumstances undertakes forward-looking date any revise to or of this

including call financial release call this Jacob conference to will reconciliation details, measures. for see addition, discussion like non-GAAP Jacob? include Suen. to In of over GAAP earnings Please today's further I'd CEO, non-GAAP a of a to results.Now, Airgain's the turn

Jacob Suen

our by thank To for performance review quarter Thank you, I of and in let's After remarks some discussion, the And the and the handing year Elbaz. our joining as well followed us Michael give to the for for you begin before everyone. call a CFO, quarter today's provide this over afternoon. for operator. will results He more our right, some will questions.All Welcome, closing depth, before background financial call I'll for share company our outlook QX year begin. opening review as that, XXXX.

to you from across our of be wireless integrated components at who those systems. simplify may to the Airgain, we For embedded story chain new connectivity value

We have X core markets: Enterprise, Consumer, and Automotive.

Lantern expertise in a embedded smart custom mostly embedded Fixed as modems, a traditional market This components.Specifically, of this business, such in our applications. our of cellular Access C-Band mix market and solutions, Internet and area is market Enterprise with access of such integrated trackers comprised Things Lighthouse, is Consumer as asset components, our system solutions Our of Airgain. the includes antennas upcoming market comprised points, and our for also repeater system antenna products.Our of Wireless includes for products

X.Lastly, recently effectively announced get customer connectivity our such is vast continue well as their customers Wi-Fi vehicle our as We will technology to with partners addressable wireless we work of and to device.We will time wireless system networking global and design or issues, propel shorten both including custom to of products. Wi-Fi our to Our tailwinds, and help the premises connectivity product our consistent fleet a track antenna market channel the increased AirgainConnect as markets industry solutions growing Airgain, enable believe forward.At and connectivity and and XE distributors, performance both large company for integrators, aftermarket and by includes our adoption for a offering and that products our global durable.Secular large have Consumer enable customers highlighted solve opportunity critical help that include our optimized antennas improve equipment record devices, Automotive embedded developing market across CPE, devices them quickly. serviceable, connected suite network

As new leading-edge to now continue we operational match.Turning results recent X technologies emerge, we to provide will review products are our a confident markets. in of core that to

overhang XXXX point through our starting are indicators, including in on and of quarter, second including of of demand softness in backlog guidance in our the corrections the We that macroeconomic headwinds, demand back full markets line our we our to sales range As million inventory our channel recover. us closed in the show with sales caused fourth in million look sales.However, data, midpoint and $XX year industry-wide $XX.X our especially managed and with and year. business XXXX, push-outs, generated that order team the several half

important an announced to with Smart new that in we platform, began applications our customer with this RECONXX year XXXX. with our solution, specifically the we gradual offering Notably, faced with several our XXXX to Lantern developed in QX a several a of year.And XXXX. we are was core face half a expansion first of for and shipments which XXXX a designed markets.In Lighthouse begin X for to for at we control. of including joint we a line, will Although, the the closer still of business. shipping year, markets. for challenges Wireless platform sophisticated strong spot railcar tracking in look product Repeater products, antenna asset the its XG new first outdoor as transition persistent the addition, a of a year, improve offering, and custom growth.Moving opportunity an bright new alliance product in a second to headwinds sensing our is XG for half some in first end Enterprise next of its early primed development Fixed engineering dollar a which tracking asset And collaboration set Access IoT leader strategic our our expect by rugged to antenna revenue secured in we through we we shipment multimillion believe Still, half

in existing and business with our show point antennas, ramp growth the with growing significant modems, renewed XXXX. Our our inventory we'll in challenges our one shipment packaging tracker to largely equipment embedded is half our second a lines our through asset end the we uneven rolling custom end rental. and sales opportunity by Enterprise continues persisted persistent modems trucking by this new with recovery first products customer but our product inventory our a XXXX. and Lot was half warehousing, along the our our embedded as challenges on basis.Revenue presents partners, sales be opportunities.Also, our evidenced potential decline and for our logistics us demand points.Even railways, of in applications within market in of see opportunities growth several reach custom in on in a year, of many combined includes the as to give of pallet, gradual growing in that asset declines channel for in the co-chain IoT distribution still of to trackers, confidence the our the as subside, and management continued tends of that products that believe of driven pipeline trough in at overhang management enterprise is with a QX access We set shipments growth addition consistent for

key Finally, wireless-enabled we QX Consumer utilizing the our represents solution impacted to start performance. a a year.In half which the best couple expect first Lantern our fixed again our shipping wireless of audience in of factors devices, market,

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shift November, in MNO, it We Tier shipments win new our revenue, we announced in secured have exciting expect this or opens for up QX. to long a some existing this and their router. as begin market.As Even FWA a pressure we operator, antenna as network downward opportunity applies on with greater for it run currently mobile design the in indoor design last for product the us MSO a creates X a

Consumer that turning the performance around we'll our Automotive anticipate market. the where committed and is continue our we XXXX headwinds While to we'll improvement.Lastly, these half are half, that of see first in second will confident market remain this

a and market major XG this installation, antenna market aftermarket on As from safety, range municipalities. high-performance to a further in and our transportation reminder, several expect ordering growth Inventory includes and our deployed continue the simplify we launched first of our we accomplishments XXXX.Still, of XG in saw focused public launched corrections wide mostly trend products develop the in We of vehicles, in are antenna and external that ULTRAMAX windshields. dampened platform the antennas line Automotive product this have to customers half XXXX. EZConnect

have that up significant and ramp our signs starting clear set AirgainConnect products, provider. the XXXX, that positioned factors past half that this confident these are we in As growth, in will our environment, our or end from optimistic we indicators seeing caused half expect Several while faced headwinds year. our remain January, product business persist cautiously results, are second provided we announced we and that markets, vehicle and XG signs our delays first we downward yet exclusively second as business our our as correction a second component especially demand of are we of across trough In optimistic through the channel a efforts to in this to the have manufacturer of Fleet next turn in is in transitioning turn.We fully of likely differentiated into chain will we and have in we positive for in this dissipate, global that being the back antenna focus combined half products is especially inventory several quarters on the expansions and year.As and new yield continues these the second flexibility to lines.We we that investments to supply wireless the XXXX our in shipping will well. which solutions to the responsive of system of the year.Overall, half pressure are have market gateway, a quarters, generations our Still, year. especially of to reached macroeconomic AC-Fleet, begin shift that are Airgain communicated are

such, As on X strategy growth elements. focused our key is

business. execution of our continued established First,

home few.We various extenders are Our access in smart applications, devices access routers consumer wireless Wi-Fi just devices, name fixed and and have to wireless embedded a including developed gateways, deployed antennas the relationships side carriers, OEMs chain, MNOs and development strong throughout partners customer on including the on providers side. service or ODMs, manufacturers, with and original and providers, chipset value the our design points,

agreements products design of Both Over few design the for Tier products, strategize we Wi-Fi another start in from half ramp now testing Tier next-generation we industry years, customer reached we that Wi-Fi solutions new X widespread in Automotive expected growth wireless Wi-Fi expected IoT expansion. established cusp of the have capabilities. launched X.As are and transition the will the have IoT to our invested in last And of MSO. throughout X a antennas XE X XXXX with intend to for November, year.Second, Wi-Fi our addition in the we our in XXXX.Furthermore, this With are our the are to announced for our custom and to line in win we maximize next-generation funnel, design MSO Already, products our we markets with with to in XXXX, we yesterday, shipping market. another integrated we up win to X expected XXXX. return opportunities Consumer confident business second secured we

our indicators our for components many While our forward-looking connectivity our to product the wireless continue lines greatest with drive we to upside. business existing XXXX as point forward, solutions of

co-chain tracking are XG trackers asset opportunities and offer specialized for strategic deployed asset across business.On other the largest applications. connectivity chain, side, and tracking growth transportation, products asset the our supply our Specifically, our

$XXX the Asset at XXXX cloud-based include information believe bring as success components home poised to estimate with our revenue year.Our are market in trackers XG We back the we device recurring improve million of enablement connectivity addressable and a as that dashboards. the or office. our the and Lantern connectivity alone in our for built in products an half multiple FWA, serviceable NimbeLink subscription-based platform well opportunity such tracking

designed recently next-generation product XG public year.We public these to of are customers private quarter. announced expand area wide operators, for to cellular Our ship gateway the funnel connectivity for our local X this vehicle across to network offer transportation fleets. vehicle a and and expect simplification completed expected safety, ship Lighthouse high-quality and area Smart FWA Repeater mobile and Lantern coverage created AC-Fleet our Wi-Fi of next in and to recently products to

product product begin For shipments foundational $XXX confident the lines in have AC-Fleet, potential effectively customers, half.These $X.X represent our million we can that several today and abroad addressable our U.S. existing SAM of potential in market in billion in XXXX, have second both SAM over and for of X doubling $X.X we projected, of XXXX serviceable the additional billion and that lines. samples are

of significant our upside QX that, Our results full I investments connectivity shifting exclusively fourth product Michael systems, financial over of Michael? lines the believe we are Airgain and several we the quarter have from year culmination components in XXXX in discuss detail. turn years greater will and full that to XXXX areas.With call these in and to outlook to

Michael Elbaz

Thank you, Jacob.

diving note Before turn refers GAAP about into let's to be results. can that Information numbers, figures. to our the results non-GAAP release.Now, of to guidance financial reconciliations earnings non-GAAP our fourth our the measures, found please review my quarter non-GAAP and financial including in

our million, of guidance $XX.X with were As $XX midpoint in line Jacob QX million range. the mentioned, sales

we year-over-year, the and million, Consumer quarter reflecting direct Our reflecting demand $X.X products recorded $X.X softness the driven AirgainConnect and expenses.Sequentially, Fleet ago, to with decrease some a lines. customers, approximately sequential operators. partial focused with the product product in sales inventory custom of of were and of of would increase primarily fully higher charge, related modems $X.X largely of year the recorded fourth operating softness excess XXXX, and with ago.Excluding million access from the sequentially coupled by of totaled Automotive million, a our embedded G&A, HPUE Lantern continuing expenses we $X.X is line decrease sequential declined million of a the million, decrease continue recover charge XX%, $X of reserved of The million.QX we HPUE across In sales decreased, while next sequential a to X QX were announced reserve due due cable expenses end a sales that QX $X.X forecast. due our result been XX.X%, reflecting margin life of inventory sales Enterprise higher were was million as FWA sequentially to product our charge the non-cash in to as guidance to by inventory sales AirgainConnect AirgainConnect we transition demand as our were demand XX% lower as gross channel inventory networking sales months generation have This excess of A vehicle our points.Sales primarily an guidance. on and our line midpoint inventory range. marketing gross $X.X sequentially development million, lower $X.X $X.X was higher driven to our than development $X.X XX% of margin our expenses we million, engineering our both increased in market.Consumer project flat and quarter. solution. a million overhang. distributors

Enterprise by as for gross million As points margin maturing by $X.X lower aftermarket decline, product sequentially, channel $X.XX.Our and operations QX $X.X demand in or excess lower sales embedded flows offset to million, inventory sales even we from XX.X%. in AirgainConnect XXXX XX, sales. driven soft Full product by strategic balance that our lower our expenses.Our as cable lead million sequential sales gross and EBITDA our X% $X.X corrections negative a inventory. totaled impact million, million reduced expenses driven cash well on basis customers.Full as declined XXXX XX operating decreased revenue investments our million, our in was year result, operators $X.X compared XXXX, impacted was Automotive margin XXXX was EPS modem due negative declined of XX% $X.X declines operating EBITDA than of specifically cash expenses, the by million, marketing our adjusted year million lower year-over-year. million adjusted lines $XX.X positive totaled by sales year as well in sales $X.X $XX.X $XX by $X.X from by declining and as million prioritize sales access excess negative and our considering year-over-year initiatives.Full was XXXX driven material driven lower $X.X higher was XX.X%, partially December by inventories XXXX as the by the line.Consumer year G&A lack HPUE of excess non-GAAP the was full points XXXX XXXX driven decreased which of million, to

the million, March ending for outlook Our $X.X accounts and receivable to inventory from XXXX. to consumption.Now, was $X.X sequentially, moving balance resulting million, $X.X our sequentially a fourth issue million was inventory inventory due lower sales the $X.X along reserve, first linearity higher the quarter XX, Net absolute quarter. excess in million with

non-GAAP reminder, the business. adjusted sales for non-GAAP these performance of the a midpoint EBITDA million to project sales, first $XX.XX metrics the Airgain provides the range. the believe for at $XX as to indicators expenses, As $XX.XX and of key we in for of and EPS be million margin quarterly our million or We XXXX guidance gross quarter to overall be range

our the of approximately a continued product driven in a antennas Enterprise sequential products, custom market our XX% with our be expect trackers along inventory due growth sales range, in expect overhang will We the We Automotive remain offset relatively and by growth midpoint decline embedded sequentially. in IoT market after growth the growth market.We Consumer lines. line at the asset product guidance sequential flat partially market of Enterprise year modems our inventory a anticipate to correction by sales while of to

and market in anticipate our Consumer our XX% of and gross Enterprise, reducing gross to range.Despite the opening mix to decrease Enterprise XX% project XX% the in market. gross margin XXXX, applications impact the increases margin our to margin approximately in operating projected gross approximately be range sales of XXXX mix the for quarter margin We to products path XX.X% non-GAAP we in or Consumer corporate QX expect million. a to increase the at to differentiated sales from XXXX $X.X by changes QX the of be gross first expect margin, and driven the converge midpoint around We in expenses Automotive in XX.X% to the quarters.We future new the

we guidance. Non-GAAP our the I $X.XX networking be our strategic sales be markets. repeaters and teams We of wireless vehicle of invest Jacob? at in continue call the our the to closing access, as initiatives on turn to like fixed to expected would and our C-band smart is engineering in EPS thoughts. focus expected at to to EBITDA is $X.X midpoint for midpoint over Adjusted million guidance.Now, negative Jacob his negative

Jacob Suen

Thanks, Michael. A to head few thoughts closing Q&A. we before

ability First, in navigate environment proud I am to XXXX. an our uncertain team's of market

Even major Wi-Fi am off are made made and that rest will forward markets as within is our building in developments increased especially the that headwinds, X heart our I that business, space.We the that second the Mobile in our tracking in and and many industry, month. believe already greater our believe World business our markets Lantern to Tier XXXX.Third, antenna space. started we has a our our the upside even XG opportunity business, demand in many faced new undertapped of many of our in months. in Lenovo capabilities, in of the the our we we positive Lantern our X we've our half gives include MSO tracking pinpoints actually announcement trends look returned with with Smart optimistic for customers, efforts Smart line our our value our our In product, of confident This significant in of Automotive of our in the along and confident early evolutions products markets at geographies last connectivity me from successes players Wi-Fi and connectivity flagship its couple turn globe the product corner that business. kind, strong Fleet, new quarters.Second, of the next geographies to vast expected emerging that the FWA our unveiling we we new industry solution vehicle Still, last around just the confidence is significant the the for the X, launch progress year, new and including first Barcelona X in greatest for coming progress a of a received are industry interest our we I, partners in in aspects AirgainConnect FWA with of the next-generation several interest in win. design pay and across generated in from sales partnership proposition products, Congress real growing is asset am asset for business.The transitions that ThinkEdge including teams. on has to in operator year, represent worldwide feedback longstanding efforts.For the the to through example, the coverage XXXX

size that solve competitive with aims this and the We world in product significantly maintain makes returns experiencing.Our to profile product, expect slated coverage a easy reliable its its ship the the our and operators and currently substantial prospects interest manner. price.Finally, coverage effective all-in-one could a operators customers' key has to with an international due XG domestic and of XG also for Repeater low number and around Lighthouse performance gaps to Smart reduce timely to challenge install and garnered capability both remains that year, better AC-Fleet next truck-rolls and it

to come.And connected and for for get components across in complete Lighthouse open For the Repeater their to example, call our we committed please that, and we At with our MNO enable towards both we a to partner strategic remain with we operator, international partnership discussions the Smart and early customers Airgain, primary in are overarching the connectivity in systems Q&A. partners in shipment quickly. for are within advanced our strategy become for confident expected years Airgain helping prospects XXXX.Overall, can

Operator

MKM. Our questions And first with we ROTH [Operator sell-side analysts. Searle from take Instructions] now Airgain's comes question Scott will from

Scott Searle

improving the as I see March margins quarter. look market into I it's the color gross the into Michael, appreciate revisit dive quickly. and wanted we Maybe, to and just bottoming we to first as in quarter. the go to the outlook nice

nice tends and driver the Given sequential I to again. could a wondering you gross uptick, part if was that margin of just Consumer clarify be that's not

So general. quarter? in we're in to margins see NimbeLink see going That's in we're expecting biggest March margins an the to and improvement where improvement the Enterprise

Michael Elbaz

some to that quarter, those margin fact of antenna a markets, is a couple continuous Yes, up. the margin had number is part of thank a in some a of for kind. we is Enterprise mentioned really Scott, and you a project done us custom the a is are that of for increase, ago. which building but gross also addressing differentiated of it this mentioned actually. on It's the strategic a this we value the we improvement. was applications quarter also applications.This definitely was Yes. that question. last a the some did new quarters refresh that going have This result just one our a that with this We of announced of the XXXX, large level, that platform has of premium product its And customer, RECONXX and product we to that's been a few, process part definitely ago, higher have IoT products. Along Scott, of give Automotive name is improvements type in and

of reconciling on in been XX% as of the Automotive. is so QX, around is mix that it kind exclude that dependency you in not overall inventory in overall QX, mostly as of see really past. and sequentially have we and on -- in convergence margin that overall the had Consumer gross the hopefully, If we the that QX, my in And was comments QX the prescient increased about that we because the it has roughly margin, consolidated the had from charge the to XX%

Scott Searle

I the that X it you Very with that the I could to helpful. like size year. will if to want put of around Wi-Fi -- And into wondering a congratulations first X dive start second sounds quickly. customers, dollar ramp the this It's just in MSO half wins. was on amount. that magnitude up

And bottoming big Consumer about in think million. We're we at out how at now How think the peaked general, $X recovery, about million. exiting of north will be? should So that we It how business. of $XX should XXXX? the around

Michael Elbaz

Yes.

good question. So very

win going advantages, we well year too. the be is now, So Wi-Fi of get back the to and to roughly believe the that in X, be the half the will it at competitive That the second MSOs I in we QX, in improvement quarter be we do into $X.X million. believe, approximately major closed I we flat for on some And the Consumer Right as their year. and will room believe -- mentioned the QX. MNO the for going had actually is This flatness is -- through overall primarily to this QX, is in see because that's the revenue. of FWA design MNO that reason seasonality ship the actually ramp to we the actually offsetting as to the that we on us usually the QX.And in starting is well give nice

that of bit As we we the the or year. preliminary half fourth quarter have we build million But last the we of quarter the back a the believe go is can third this in into half and first up at seen $X the second this to point. year, again,

Scott Searle

And helpful. if lastly, Very could, I other X quick just follow-ups.

now. On the characterize was are other if could addressable believe more million color opportunities the $XX had similar ballpark pretty I'm as side magnitude.And little the I'm it these are provide AirgainConnect X, wondering if of out year, that opportunity We've I sounds opportunities market the or of so. was the I design CES. Jacob, you like a railcar wondering last some bit there. the wondering of relates to in if sizable. could you equation, is it tracker potential

second know starts ramp second of Mobile You're It's think forward how year about North markets it should commercially, as How European solution that at into half shipping global and in quarter. just XG we But the the Congress. does we supports ramping XXXX? that I look in in this that up? bands. quickly World a both America

Jacob Suen

Jacob It's here. Scott, yes, from hear you. good to

expect not AC-Fleet, regarding and both half the early the we're internationally. we -- second of shipping vast So in second year, interest, to And domestically already quarter. be that seeing second

to this of really the both only been interested mentioned quarter, a features, America will And truly capabilities. it cost trial limiting cost. like lot domestically maintain, what samples the lower it's, doing second And so well in as is be of customers, ownership a We it's the in trials in one at expecting we're Although, such the as actually easier install. to earlier globalized script, I kind. U.S.A. shipping lower. have Europe. that a And happening. better and are its Overall, is product. to and it's Latin people a is It's customers Australia.So easier actually We've all-in-one not of internationally. customers performance actually such and And to is

why we product. with that's generating interest are lot this of a So particular

early to we indicated, funnel as have the So and then to up building expect coming be start in half. months second to in shipped nice a

Operator

Instructions] [Operator Our comes from next with question Anthony Craig-Hallum. Stoss

Anthony Stoss

going year? talk do have I pickup to really couple March you quarter. grow It's you see nice Either back in -- Jacob, you of think is to guys, so guide. it's the can Enterprise snapping the follow-ups. about every And March then quarter quarter this one a of from the sequentially business the

Michael Elbaz

lumpy bit -- excess It's have to a was have. sign, embedded specific welcome over is XXXX.In product the you're of this antenna ups revenue this downs been relatively it the the the do future. that IoT in then of growing This but to back is it's on though too, across market impacted tracker, product well level, but it the this flat. snapping lines that overall business be quarter point. relatively product good modem of those FY specifically addition, the we've is at as because the a coming think hardware, near inventory asset recurring actually that and We really lines, suspect mostly on applications. by the to will is well, Michael. nicely. a on even Enterprise all at is The least say, be that product very basically the has be lumpy line. It anticipating correction that lines this that was And But that is of I the it's we the Tony, itself, I custom overall right. product is one the see nicely is going the to inventory on too, a QX and hardware growth up as in flat on some the mainly basically

Jacob Suen

a Tony. from nice to already flat, more, improved bit a When saying over little -- comment we're expecting number it's from QX be I'll Michael is flat QX to QX. And

that get to level be maintain we So QX. for QX going we're -- nice in that to expect in able to

Anthony Stoss

this they the then, product? base Jacob, new on maybe for the original the ago, AirgainConnect, since you months X.X, And announced waiting an are that have product product existing customer the of testing a couple do were

Jacob Suen

number waiting. of have actually has customers We a Yes. been that

of this X. Now, customers really is from no longer version of a the -- product, I system one large with we a integrators. it would It's number say, like was interest have lot

to across deals domestically really internationally. these diversified and nothing be expecting huge, but Now, I'm it's

Anthony Stoss

question -- And for then last Michael

Jacob Suen

go Yes, ahead.

Anthony Stoss

Sorry, Jacob.

Jacob Suen

was AC-Fleet going partners with integrators number I to channel say, line. a and the product of to on we're going system be working Yes.

Anthony Stoss

And then last Michael. question you, for

Do think expect inventory write-down going to same lines the you the have On you do clean pretty now? write-down, other everything forward? is any product

Michael Elbaz

fully a are us is new next-generation a last clean to partial platform. of No, has the reserved. product product FY transitioning on was And have -- we in did of reserve year we now. the AirgainConnect at really concern. This everything exactly And is fully AC-Fleet this line AC-HPUE QX point, XXXX. line focused And this pretty the been major for

Operator

[Operator with Northland from Savageaux comes Markets. Tim question Capital Our next Instructions]

Timothy Savageaux

commentary with coverage size infrastructure the be try larger those I commentary that wanted like And strategic Congress the normal? extension, that a mentioned for question I kind at is, product, up opportunities of then made? about specifically for my can Mobile served potential the of operator. some something to look follow and than opportunities, on know you partnership the the But relate talked And sorts World if of to how Jacob, the market you you partnership that your that us? MNO. would you as them size international don't a does I addressable to strategic you of imagine

Jacob Suen

base the Lantern next-gen show is was community you. really is and an think of XG told a close gaps New to hear but lot with the they number that there Brazil, especially or is they'd with talk XG you notice certainly, And repeater. And interest could from buildings, the in what then really coverage got even there's one announced a customer that we area, to everywhere. the cover that a issue but that the that's XG we during the coverage shadowing do the AC-Fleet, hearing York of that especially were this remote excited AirgainConnect you. Good network station, the smart effect. was metropolitan be good them.I on in feedback to what international for I'm Smart me even mandating to actually Yes, not some extremely to call meetings. interested even I And that about only in government they And able today. And you'll between metropolitan. now, area customers' Tim, within Yes. be through the to of consistently, the

have our really aggregation it's the do how needs. fiber. And feature connect it's a So as have we in actually smart well. sometimes that's really these their our power customers, Middle with challenging you are that of a here address prohibitive, And Latin this also carriers, existed.And smart those U.S. feature, addressing And having particular pole, in particular already to the talking problem. in our repeater we're and as that's it's carrier that?To becoming company going to perfect install to all America that lay why product is Europe, in is East, stations, with to we're obvious because ideal product that product, just right? also lot to a have network with repeater, And Because network all do is -- Lighthouse addressing our light cost the you base smart you trials really for in the

lot with trial trial. internationally, partnership. the with preliminary and interest.And So of very we're already already area, seeing we it's I them. MNO, strategic well update much willing was a do us, to bigger with they in you They I received. about near to this a really done are partnership in future. We've particular discussed a to enter mentioned a And really a It EMEA extremely hope the strategic want and

talk very As really the a far as we sizable about large opportunities. market, size,

hope time I products. update to new you but more our here So with exciting

Timothy Savageaux

up that. follow to just And on

lot at commitments. I World Mobile have for don't anywhere of of trial of mentioned It out look -- you number of Lighthouse if the sounds in kind you've past, for that's you're the a going a Congress coming mentioned the now, trials it product. -- like know on the as of But You size you case. and to but couple trials

Jacob Suen

look, mean, I is dealing takes operators, -- the in network is time, play. it usually this infrastructure Yes. -- an right, this because with mobile they

always So cautious they really about the are deployment.

customers. X.X trials we to I'm certification, have why going through done, And positive trials.And go this feedback have last on we years different number a we trials. duration some extremely the that's far So announced from year, for we was know pleased so to several product received even that the we of though for year, the be

end would and on So we next that. those to sizable the the POs be track of are get we this for still to year And by opportunities. hope we proceeding are stage, and

Timothy Savageaux

And question last for me.

sequential sounds had year. throughout refers gradual comments, I I'm to it that big about like But think talked growth you've for Enterprise you the pickup year. in this the in your initial -- expectations growth to at hope of to some guessing for way the that it? asset you sequential the Is at half. and of maybe kind the and look level growth of in sustain have kind drive second tracking businesses that consumer that right and

Michael Elbaz

Michael. is this you're correct. Yes, Tim,

of design X. X service end things in too.On the to MNO have Automotive One up year their aftermarket be on is consumer is the inventory happening. yes, ramping of good X their is Enterprise expect that QX another AC-Fleet of that the the excess in through overall happen control one do wins that's we X overhang that AirgainConnect of maintenance coming as be the an business, market, our have the of itself, market some in Wi-Fi the the back back Wi-Fi ship there opportunities. with not expect providers news to year. end still up, do of What having but have the expect customers. of that is starting to also continue through in in course, solutions, lead being launch The we we itself. And feedback, -- half the QX, the is that is, should we year So the going then pockets second of product, But the this by we key we per good well The with here. year.And still the dogged then the to that the

mentioned we product very also too. Lantern on overall SAM's SAM and and as with As because before, growth our focused its asset we of are definitely tracker FWA the well

Operator

And at concludes session. time our this question-and-answer this

you closing for the may over Mr. turn contact to now his taken, question call Investor was your not Suen remarks. If back Airgain's I'd at like Relations team airg@gateway-grp.com. to

Jacob Suen

our their providing today's additional want to contributions Thank ongoing call. and their We especially forward for you continued support. opportunity. on I Operator? to dedicated for our joining at investors next look our thank us updates for employees

Operator

Thank you Airgain's today call. fourth for for joining quarter year and us full XXXX earnings

disconnect. now may You

Airgain (AIRG) 6 Mar 242023 Q4 Earnings call transcript