Airgain, Inc. (NASDAQ:AIRG) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET

Company Participants

Jacob Suen - President, CEO, Chief Revenue Officer & Director

Michael Elbaz - CFO, Secretary and Principal Financial & Accounting Officer

Conference Call Participants

Scott Searle - ROTH MKM

Ethan Widell - B. Riley Securities

Operator

Good afternoon. Welcome to Airgain's First Quarter 2020 earnings conference call. My name is Doug, and I'll be your coordinator for today's call. Joining us for today's call 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 www.airgain.com. [Operator Instructions].

I caution listeners that during this call Airgain management will be making forward-looking statements about future events and 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.

These forward-looking statements are qualified by the cautionary statements contained in today's earnings release and Airgain's SEC filings. This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, May 11, 2023. Airgain undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

In addition, this conference call may include a discussion of non-GAAP financial measures. Please see today's earnings release for future details, including a reconciliation of the GAAP to non-GAAP results.

Now I'd like to turn the call over to our CEO, Jacob Suen. Jacob?

Jacob Suen

Thank you, operator. Welcome, everyone, and thank you for joining us today. For today's call, I'll first cover our operational highlights and achievements for Q1. Then I'll hand it over to Michael to walk you through our financial performance for the first quarter. Afterwards, I will provide an update on our strategic product and marketing initiatives for 2023 before opening the call for questions.

As you saw from our earnings release, the first quarter sales came in at $16.4 million, at the midpoint of our guidance range. As we communicated last quarter, a combination of demand softness and technology transitions in the consumer market contributed to a slight year-over-year first quarter decline. However, we are optimistic that new product introductions and design wins will result in sequential quarterly sales increases in the second half of 2023.