Airgain Inc (AIRG) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to Airgain's second quarter 2025 conference call. My name is Ina, 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 Investor Relations section of Airgain's website at investors.airgain.com.

午安.歡迎參加 Airgain 2025 年第二季電話會議。我叫伊娜，今天我將擔任您的電話接線生。今天與我們一起出席的有 Airgain 總裁兼執行長 Jacob Suen 和財務長 Michael Elbaz。提醒一下，本次電話會議將會被錄音，並可透過 Airgain 網站 investors.airgain.com 投資者關係部分的連結重播。

Following management's prepared remarks, the call will be open 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.

在管理層發表準備好的演講之後，電話會議將開放給 Airgain 的分析師提問。我提醒聽眾，在本次電話會議中，Airgain 管理層將對未來事件以及 Airgain 的業務策略和未來財務和營運績效做出前瞻性陳述。

Actual results could differ materially from those stated or implied by these forward-looking statements, future 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.

實際結果可能與這些前瞻性陳述、與公司業務相關的未來風險和不確定性所明示或暗示的結果有重大差異。這些前瞻性陳述受到今天的收益報告和 Airgain 的 SEC 文件中包含的警告聲明的限制。

This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, August 6, 2025. 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 will include a discussion of non-GAAP financial measures. Please see today's earnings release for further details, including a reconciliation of GAAP to non-GAAP results.

本次電話會議包含時間敏感訊息，這些資訊僅在本次直播之日（2025 年 8 月 6 日）準確。Airgain 不承擔修改或更新任何前瞻性陳述以反映本次電話會議日期之後的事件或情況的義務。此外，本次電話會議也將討論非公認會計準則財務指標。請參閱今天的收益報告以了解更多詳細信息，包括 GAAP 與非 GAAP 結果的對帳。

Now I'd like to turn the call over to Airgain's CEO, Jacob Suen. Thank you. Please go ahead.

現在我想把電話轉給 Airgain 的執行長 Jacob Suen。謝謝。請繼續。

Thank you, operator, and hello, everyone. Airgain entered 2025 with a clear strategy to scale our growth platforms, strengthen our existing markets and maintain disciplined operational and financial execution. In the second quarter, we put that strategy into action, delivering sequential revenue growth, reducing operating expenses and achieving key milestones that set the stage for second half profitability and growth inflection in 2026.

謝謝接線員，大家好。Airgain 在進入 2025 年時制定了明確的策略，即擴大我們的成長平台、加強我們現有的市場並保持嚴格的營運和財務執行。在第二季度，我們將該策略付諸實施，實現了收入的連續成長，降低了營運費用，並實現了關鍵里程碑，為 2026 年下半年的獲利和成長轉折點奠定了基礎。

Today, I plan to cover 3 key topics. First, our second quarter business performance, including trends in our consumer, enterprise and automotive markets. Second, progress on our growth platforms, AirgainConnect and Lighthouse with an update on milestones, customers' traction and the timing of certifications and deployments and finally, our strategic outlook, including our path to profitability and the 2026 growth inflection of our platforms scale.

今天，我計劃討論三個關鍵主題。首先，我們第二季的業務表現，包括我們的消費者、企業和汽車市場的趨勢。其次，我們的成長平台 AirgainConnect 和 Lighthouse 取得了進展，包括里程碑、客戶吸引力以及認證和部署的時間更新；最後，我們的策略展望，包括我們的獲利之路和 2026 年平台規模的成長轉折點。

Let me start with our operating environment in existing businesses, which forms the foundation of our strategy. The tariff environment remains fluid, but we have not experienced a material impact on our gross margin or end customer demand. Our [published] model supported by seven global contract manufacturing partners gives us flexibility to navigate this challenging environment while maintaining a lean cost structure, an important advantage as we focus on profitability.

首先，我要介紹我們現有業務的營運環境，它構成了我們策略的基礎。關稅環境仍然不穩定，但我們的毛利率或最終客戶需求並未受到重大影響。我們的[已發布]模型得到了七個全球合約製造合作夥伴的支持，這使我們能夠靈活地應對這一充滿挑戰的環境，同時保持精益的成本結構，這對於我們專注於盈利能力而言是一個重要的優勢。

Our existing markets remain stable and relatively predictable. In our consumer market, Wi-Fi seven shipments to Tier 1 MSOs including a leading US cable provider that launched its Wi-Fi seven offering in April, continued to ramp in the quarter. Demand is normalizing at healthy levels, well above the 2023 trial, providing a stable revenue foundation. At the same time, we are investing in the growth areas within this market to expand our customer base and capitalize on the long-term connected device trends.

我們現有的市場保持穩定且相對可預測。在我們的消費市場中，本季對一級 MSO 的 Wi-Fi 7 出貨量持續增加，其中包括一家領先的美國有線電視供應商，該供應商於 4 月推出了 Wi-Fi 7 產品。需求正在恢復到健康水平，遠高於 2023 年的試驗水平，提供了穩定的收入基礎。同時，我們正在投資該市場內的成長領域，以擴大我們的客戶群並利用長期互聯設備趨勢。

In our enterprise market, Airgain's NimbeLink embedded modem line was a strong performer in Q2 and is well positioned to maintain its momentum in the second half of the year. Adoption has been highest among industrial IoT system integrators who need a turnkey cellular solution that simplifies certification, reduces engineering effort and shortens time to market. We have seen the greatest success in utility infrastructure monitoring, including energy management, oil and gas and electrical grid applications.

在我們的企業市場中，Airgain 的 NimbeLink 嵌入式調變解調器系列在第二季表現強勁，並有望在下半年保持其發展勢頭。工業物聯網系統整合商的採用率最高，他們需要一個交鑰匙蜂窩解決方案，以簡化認證、減少工程工作量並縮短上市時間。我們在公用事業基礎設施監控方面取得了最大的成功，包括能源管理、石油和天然氣以及電網應用。

Additionally, in June, we launched our Skywire Cat 1-bis embedded modem, pre-certified for end-application use and designed to streamline IoT deployments by reducing certification hurdles and accelerating IoT deployment timelines.

此外，我們於 6 月推出了 Skywire Cat 1-bis 嵌入式調變解調器，該調變解調器已透過終端應用預先認證，旨在透過減少認證障礙和加快物聯網部署時間來簡化物聯網部署。

This innovation broadens our reach in industrial IoT markets. Conditions remain soft in our automotive aftermarket and asset tracking markets. Aftermarket antenna sales growth continues to be weighed down by channel inventory overhang, which we expect to persist through the second half of the year.

這項創新擴大了我們在工業物聯網市場的影響力。我們的汽車售後市場和資產追蹤市場狀況依然疲軟。售後天線銷售成長持續受到通路庫存過剩的拖累，我們預計這種情況將持續到今年下半年。

Asset tracking sales have also moderated this year, reflecting a lack of traction on key projects. Our revenue in this area is now comprised of orders from existing customers along with stable recurring revenue. Together, these existing markets provide a steady revenue foundation enabling us to drive our growth platform initiatives.

今年資產追蹤銷售也出現放緩，反映出關鍵項目缺乏吸引力。我們在該領域的收入目前包括現有客戶的訂單以及穩定的經常性收入。這些現有市場共同提供了穩定的收入基礎，使我們能夠推動成長平台計畫。

Now let's turn to AirgainConnect, our mission-critical mobile connectivity platform. AirgainConnect, AC-Fleet combines an integrated 5G modem Wi-Fi 6 router and high-performance antenna to deliver reliable broadband for utility and public safety fleets. AC-Fleet is progressing to key carrier certifications, which are essential for unlocking larger Tier 1 in government opportunities. We continue to make important progress on this platform.

現在讓我們來談談我們的關鍵任務行動連線平台 AirgainConnect。AirgainConnect、AC-Fleet 結合了整合式 5G 數據機 Wi-Fi 6 路由器和高效能天線，為公用事業和公共安全車隊提供可靠的寬頻。AC-Fleet 正在爭取關鍵營運商認證，這對於開啟更大的一級政府機會至關重要。我們在這個平台上不斷取得重要進展。

In May, we achieved FirstNet Trusted certification for AC-Fleet, a critical milestone that opened access to FirstNet's dedicated public safety network, accelerates procurement with government and municipal agencies and serves as a key gating factor for large-scale utility and first responder deployments. In short, this moves AC-Fleet from pilot programs to being fully deployable in mission-critical environments.

五月，我們的 AC-Fleet 獲得了 FirstNet Trusted 認證，這是一個重要的里程碑，它打開了 FirstNet 專用公共安全網路的存取權限，加快了與政府和市政機構的採購，並成為大規模公用事業和急救人員部署的關鍵門控因素。簡而言之，這使得 AC-Fleet 從試點專案邁向在關鍵任務環境中全面部署。

In June, we introduced the AirgainConnect Go-Kit Pro, a rugged TCA compliant 5G mobile connectivity kit with a built-in battery Wi-Fi 6 GPS and multi-carrier easing. It is purpose built for first responders and remote teams, enabling secure broadband deployment in seconds and complements AC-Fleet by extending connectivity beyond the vehicle to field and temporary operations. Also in June, we secured a new Tier 2 utility deployment with a Mid-Western electric utility, marking another AC-Fleet win in demonstrating the value of our AC-Fleet solution to the utility market.

6 月，我們推出了 AirgainConnect Go-Kit Pro，這是一款堅固耐用、符合 TCA 標準的 5G 行動連線套件，配備內建電池、Wi-Fi 6 GPS 和多電信商連線功能。它專為急救人員和遠端團隊打造，可在幾秒鐘內實現安全的寬頻部署，並透過將連接範圍從車輛擴展到現場和臨時操作來補充 AC-Fleet。同樣在 6 月份，我們與中西部電力公司簽訂了新的 Tier 2 公用事業部署協議，這標誌著 AC-Fleet 再次獲勝，證明了我們的 AC-Fleet 解決方案對公用事業市場的價值。

This market values AC-Fleet for its ability to provide real-time connectivity to crews in the field, improve situational awareness during outages and emergency response and reduce the cost and complexity of network installations across widely distributed fleets while multiple Tier 3 customers have deployed AC-Fleet. This is the first Tier 2 customer deploying AC-Fleet today as part of its fleet modernization initiative.

該市場重視 AC-Fleet，因為它能夠為現場工作人員提供即時連接，提高停電和緊急應變期間的態勢感知能力，並降低廣泛分佈的車隊的網路安裝成本和複雜性，同時多個 Tier 3 客戶已經部署了 AC-Fleet。這是目前第一個部署 AC-Fleet 的二級客戶，也是其車隊現代化計畫的一部分。

As I have shared on prior calls, the AC-Fleet sales cycle varies by fleet size and directly impacts the timing of revenue recognition. Tier 3 customers under 50 vehicles typically move the fastest with a sales cycle of roughly three months, providing near-term revenue opportunities.

正如我在之前的電話會議中分享的那樣，AC-Fleet 銷售週期因車隊規模而異，並直接影響收入確認的時間。擁有 50 輛以下車輛的三級客戶通常行動最快，銷售週期約為三個月，可提供短期收入機會。

Tier 2 customers 50 to 500 vehicles, generally takes 6 to 12 months from engagement to deployment. Tier 1 customers, over 500 vehicles have the longest cycle, 12 to 18 months and often require a formal RFP process.

二級客戶擁有 50 至 500 輛汽車，從接觸到部署通常需要 6 至 12 個月。一級客戶，超過 500 輛汽車，週期最長，為 12 至 18 個月，通常需要正式的 RFP 流程。

We currently have roughly 40 sales opportunities in our pipeline with a primary focus on the first responder in utility markets. Net of our design wins in Q2, our sales opportunities pipeline grew approximately 20% in the second quarter. Our strategy is to maintain a broad, well-balanced pipeline that positions the platform for meaningful scaling in 2026.

我們目前有大約 40 個銷售機會，主要關注公用事業市場中的第一個響應者。扣除第二季的設計勝利，我們的銷售機會管道在第二季度成長了約 20%。我們的策略是維持廣泛、均衡的管道，為 2026 年平台的有意義擴展做好準備。

We remain on track for T-mobile priority 1 certification in Q3 for the Verizon Frontline certification in Q4 2025, and European certification in Q1 2026, all of which expand our addressable market, open access to Tier 1 and government contracts and enable larger multi-fleet deployments.

我們仍有望在 2025 年第三季度獲得 T-mobile 優先認證，在 2025 年第四季度獲得 Verizon Frontline 認證，並在 2026 年第一季度獲得歐洲認證，所有這些都將擴大我們的目標市場，開放一級和政府合同，並實現更大規模的多車隊部署。

Customers are selecting AC-Fleet because it is a true all-in-one solution with integrated eSIM technology, simplifying installation, enabling seamless carrier switching without power changes and lowering total cost of ownership for utilities, law enforcement and emergency response agencies. This eSIM capability is a key differentiator, giving fleet the flexibility to select the best available network and maintain connectivity in mission-critical scenarios.

客戶選擇 AC-Fleet 是因為它是一個真正的一體化解決方案，整合了 eSIM 技術，簡化了安裝，無需更換電源即可實現無縫運營商切換，並降低了公用事業、執法和應急響應機構的總體擁有成本。這種 eSIM 功能是一個關鍵的區別因素，它使車隊能夠靈活地選擇最佳可用網路並在關鍵任務場景中保持連線。

We are also investing in AC-Fleet's go-to-market strategy, strengthening our marketing efforts and participating in industry events such as the FirstNet from T-Mobile fleet in Verizon line. Our multipronged sales strategy of expanding our dedicated fleet force sales team from coast to coast, identifying [VAS] in working closely with our distribution partners are designed to accelerate trial conversions and drive platform adoption into 2026.

我們也投資了 AC-Fleet 的行銷策略，加強了我們的行銷力度，並參與了產業活動，例如 Verizon 系列中 T-Mobile 車隊的 FirstNet。我們的多管齊下的銷售策略包括從東海岸到西海岸擴大我們專門的車隊銷售團隊，與我們的分銷合作夥伴密切合作以確定 [VAS]，旨在加速試用轉換並推動平台採用到 2026 年。

Turning to Lighthouse. Our 5G smart network repeater platform serving both U.S. and international markets. Lighthouse delivers a unique connectivity solution for expanding 5G connectivity and uploading capacity when networks are underutilized.

轉向燈塔。我們的5G智慧網路中繼器平台服務於美國和國際市場。Lighthouse 提供獨特的連接解決方案，用於在網路利用率不足時擴展 5G 連接和上傳容量。

Lighthouse stands out by significantly reducing the total cost of ownership compared to traditional micro and macro cells with the capability to be deployed in hours rather than months. Lighthouse offers a cost-effective, low complexity and environmentally sustainable solution, especially with its solar-enhanced package.

與傳統的微型和大型基地台相比，Lighthouse 的優勢在於它能夠顯著降低總體擁有成本，並且能夠在數小時內（而不是數月）完成部署。Lighthouse 提供了一種經濟高效、低複雜性和環境永續的解決方案，尤其是其太陽能增強套件。

Our go-to-market strategy is dual prong. Internationally, we collaborate closely with mobile network operators like Omantel, where sales cycles typically extend 12 to 18 months from design to deployment. In the US we are initially targeting system integrators that serve enterprises where the sales cycle can be significantly shorter. This approach allows us to generate revenue sooner while establishing long-term relationships with MNOs for larger network-wide deployments.

我們的行銷策略是雙管齊下的。在國際上，我們與阿曼電信等行動網路營運商密切合作，其銷售週期從設計到部署通常為 12 至 18 個月。在美國，我們最初的目標是服務銷售週期可以顯著縮短的企業的系統整合商。這種方法使我們能夠更快地創造收入，同時與 MNO 建立長期關係，以實現更大規模的網路部署。

We are actively investing in the US market, including the hiring of a dedicated business development leader to expand our system integrator network. By working with system integrators, we aim to address both outdoor and indoor connectivity pain points, accelerate deployments and create a more predictable domestic revenue stream. We are scheduled for multiple trials by the end of the year across several regions, including the US Latin America, Southeast Asia, Europe and the Middle East.

我們正在積極投資美國市場，包括聘請專門的業務發展負責人來擴大我們的系統整合商網路。透過與系統整合商合作，我們旨在解決室外和室內連接痛點，加快部署並創造更可預測的國內收入流。我們計劃在今年年底前在多個地區進行多次試驗，包括美國、拉丁美洲、東南亞、歐洲和中東。

Our focus remains on completing certifications, conducting and converting trials to design wins and design stages in scaling our channel and sales infrastructure for broader adoption.

我們的重點仍然是完成認證、進行試驗並將其轉化為設計勝利和設計階段，以擴大我們的通路和銷售基礎設施，從而實現更廣泛的應用。

With that, I will hand the call over to Michael for a deeper review of our second quarter financial results. Michael?

說完這些，我將把電話交給邁克爾，讓他更深入地審查我們第二季的財務表現。麥可？

Thank you, Jacob. Before I dive into the numbers, I will note that my remarks refer to non-GAAP figures unless otherwise indicated. Reconciliations to GAAP results can be found in today's earnings release. Second quarter revenue came in at $13.6 million, slightly above the midpoint of our guidance and up 13% sequentially from the first quarter. Breaking this down by market. Enterprise revenue was $7.2 million, increasing $2.8 million sequentially. The growth was driven by strong demand for embedded modems and custom IoT solutions, specifically by end customers in the utility infrastructure monitoring market including energy management and electrical grid applications. These customers can focus on their core expertise while accelerating their product development timelines with our modem solutions.

謝謝你，雅各。在深入研究這些數字之前，我要指出的是，除非另有說明，否則我的評論指的是非 GAAP 數據。在今天的收益報告中可以找到與 GAAP 結果的對帳。第二季營收為 1,360 萬美元，略高於我們預期的中位數，環比第一季成長 13%。按市場細分。企業營收為 720 萬美元，比上一季增加 280 萬美元。這一成長是由對嵌入式調變解調器和客製化物聯網解決方案的強勁需求推動的，特別是公用事業基礎設施監控市場（包括能源管理和電網應用）的終端客戶。這些客戶可以專注於他們的核心專業知識，同時利用我們的數據機解決方案來加快他們的產品開發時間表。

Consumer revenue was $5.6 million, down $0.8 million sequentially, consistent with our expectations following the inventory pull forward tied to tariffs in Q1. Demand continues to normalize at healthy levels, providing a stable baseline for the company. Automotive revenue was $0.8 million, down $0.4 million sequentially, reflecting softer demand.

消費者收入為 560 萬美元，比上一季下降 80 萬美元，與我們在第一季與關稅掛鉤的庫存提前下調後的預期一致。需求繼續在健康水平上恢復正常，為公司提供了穩定的基礎。汽車業務收入為 80 萬美元，比上一季下降 40 萬美元，反映出需求疲軟。

Second quarter non-GAAP gross margin was 43.8%, down slightly from 44.3% in Q1. On a year-over-year basis, gross margin increased 230 basis points, primarily driven by improved enterprise product margins. Second quarter non-GAAP operating expenses were $6.5 million, lower both sequentially and year-over-year, reflecting continued OpEx discipline. Adjusted EBITDA improved to a loss of $0.4 million compared to a loss of $1.2 million in Q1. Q2 non-GAAP net loss was $0.5 million or $0.04 per share. We ended the quarter with $7.7 million in cash and equivalents, up $0.3 million sequentially.

第二季非公認會計準則毛利率為 43.8%，較第一季的 44.3% 略有下降。與去年同期相比，毛利率增加了 230 個基點，主要得益於企業產品利潤率的提高。第二季非公認會計準則營運費用為 650 萬美元，季減和年比均有所下降，反映出持續的營運支出紀律。調整後的 EBITDA 虧損從第一季的 120 萬美元改善至 40 萬美元。第二季非公認會計準則淨虧損為 50 萬美元，即每股 0.04 美元。本季末，我們的現金及等價物為 770 萬美元，比上一季增加 30 萬美元。

This increase reflects disciplined working capital management, underscoring our focus on cash optimization as we drive second half profitability. Year-to-date, we received $2.1 million in net proceeds from the employee retention credits we applied for two years ago. The ERC credits helped offset the impact of $1.8 million year-to-date non-GAAP operating loss on our cash balance.

這一增長反映了嚴格的營運資本管理，強調了我們在推動下半年獲利時對現金優化的關注。年初至今，我們從兩年前申請的員工保留抵免中獲得了 210 萬美元的淨收益。ERC 信貸有助於抵銷年初至今 180 萬美元非 GAAP 營運虧損對我們現金餘額的影響。

Looking ahead to the third quarter, we expect revenue in the range of $30 million to $50 million, with a midpoint of $40 million, representing approximately 3% sequential growth. We expect the sequential growth will be driven by initial contributions from our platform products, including AC-Fleet and early Lighthouse alongside a stable existing business in consumer and enterprise.

展望第三季度，我們預計營收將在 3,000 萬美元至 5,000 萬美元之間，中間值為 4,000 萬美元，環比成長約 3%。我們預計，連續成長將由我們平台產品的初步貢獻推動，包括 AC-Fleet 和早期的 Lighthouse，以及消費者和企業領域現有的穩定業務。

AC- Fleet revenue in Q3 is expected to come from Tier 3 and initial Tier 2 deployments, while Lighthouse will begin contributing modest revenue from early international trial conversions. These early platform contributions are expected to build through the second half of the year and set the stage for meaningful scaling in 2026.

AC- 第三季的車隊收入預計將來自 Tier 3 和初始 Tier 2 部署，而 Lighthouse 將開始從早期的國際試驗轉換中貢獻適度的收入。這些早期的平台貢獻預計將在今年下半年完成，並為 2026 年的有意義的擴展奠定基礎。

We expect non-GAAP gross margin for the third quarter to be in the range of 42.5% to 45.5% or 44% at the midpoint. We do not anticipate a material impact from tariffs, although this environment remains fluid and may result in supply chain disruption costs. We expect Q3 non-GAAP operating expenses of approximately $6.1 million, reflecting a sequential decrease of roughly 6%.

我們預計第三季非公認會計準則毛利率將在 42.5% 至 45.5% 之間，中間值為 44%。我們預計關稅不會產生重大影響，儘管這種環境仍然不穩定，並可能導致供應鏈中斷成本。我們預計第三季非公認會計準則營運費用約為 610 萬美元，季減約 6%。

The projected decrease reflects expense realignment within our existing product lines and a decrease in G&A expenses. At the same time, we continue to invest in sales, marketing, engineering and customer support to advance our growth platforms.

預計的減少反映了我們現有產品線內的費用調整以及一般行政費用的減少。同時，我們繼續投資銷售、行銷、工程和客戶支持，以推進我們的成長平台。

Our first half non-GAAP engineering expenses decreased by 18% year-over-year. Within that, we estimate the engineering expenses for our existing product lines decrease by approximately 50%, while investment in our AC-Fleet and Lighthouse platforms increased by about 45%. Similarly, first half non-GAAP sales and marketing expenses increased 5% year-over-year, reflecting a roughly 20% decrease in our existing product lines and a 70% increase in our growth platforms.

我們上半年的非公認會計準則工程費用較去年同期下降了 18%。其中，我們估計現有產品線的工程費用將減少約 50%，而對 AC-Fleet 和 Lighthouse 平台的投資將增加約 45%。同樣，上半年非公認會計準則銷售和行銷費用年增 5%，反映出我們現有產品線減少約 20%，而成長平台增加 70%。

We expect this realignment of expenses between existing product lines and new platforms to continue in the second half of the year. At the mid-term of our guidance, we expect positive adjusted EBITDA of approximately $0.2 million and positive non-GAAP EPS of $0.01 per share.

我們預計現有產品線和新平台之間的費用調整將在今年下半年持續。在我們的指導中期，我們預計調整後的 EBITDA 為正值約為 20 萬美元，非 GAAP EPS 為正值 0.01 美元/股。

Now I will turn the call back over to Jacob for his closing remarks. Jacob?

現在我將把電話轉回給雅各布，請他作結束語。雅各？

Thank you, Michael. Looking ahead, our priorities are clear. We expect sequential revenue growth and a return to profitability in the second half of 2025, driven by a stable base in consumer and IoT modem sales, initial contributions from AirgainConnect and continued OpEx discipline.

謝謝你，麥可。展望未來，我們的優先事項很明確。我們預計，在消費者和物聯網數據機銷售的穩定基礎、AirgainConnect 的初步貢獻以及持續的營運支出紀律的推動下，2025 年下半年的收入將實現連續增長並恢復盈利。

As we move into 2026, we expect our platform revenue to scale meaningfully as certifications are completed, global trials convert to deployments and customer budgets are released. Airgain is well on its way to transforming from a component supplier into a platform solutions provider.

隨著我們進入 2026 年，隨著認證的完成、全球試驗轉化為部署以及客戶預算的發布，我們預計我們的平台收入將大幅成長。Airgain 正在順利從零件供應商轉型為平台解決方案提供者。

I want to recognize the strength of our broader leadership team. This highly experienced resource-driven group works together to execute with discipline, engage customers strategically and position Airgain for long-term growth across both domestic and international markets.

我想承認我們更廣泛的領導團隊的實力。這個經驗豐富、資源豐富的團隊齊心協力，嚴格執行紀律，與客戶進行策略性互動，為 Airgain 在國內和國際市場的長期成長奠定基礎。

I would like to especially welcome Gordon Schenk, our new Senior Vice President of Global Sales. Gordon brings more than 25 years of experience in high-technology sales and organizational leadership, including prior CEO and executive roles, driving significant growth in strategic partnerships in the energy and technology sectors. His expertise will be instrumental as we expand our global reach and deepen customer engagement.

我特別歡迎我們新任全球銷售資深副總裁 Gordon Schenk。戈登擁有超過 25 年的高科技銷售和組織領導經驗，包括擔任執行長和執行職務，推動能源和技術領域策略夥伴關係的顯著成長。他的專業知識將對我們擴大全球影響力和深化客戶參與發揮重要作用。

And finally, I want to thank our employees, partners and customers for their commitment and support. We remain confident in our road map, our execution strategy and our ability to deliver sustainable growth and long-term value creation. That concludes our prepared remarks, and we are now ready to take questions from our covering analysts.

最後，我要感謝我們的員工、合作夥伴和客戶的承諾和支持。我們對我們的路線圖、執行策略以及實現永續成長和長期價值創造的能力充滿信心。我們的準備好的發言到此結束，現在我們準備回答我們的報道分析師的提問。

Operator, please provide the instructions for the Q&A session.

接線員，請提供問答環節的說明。

(Operator Instructions)

（操作員指示）

Anthony Stoss from Craig-Hallum.

來自 Craig-Hallum 的 Anthony Stoss。

Hey Jacob, I wanted to focus on, I think you said there was 40 sales opportunities for the AC-Fleet product. When I sat down with Michael a couple of weeks ago, I saw the product was pretty slick, actually. So can you kind of just confirm the 40 opportunities there and how long you think some of those sales will take to either convert or not.

嘿，雅各布，我想重點說一下，我想你說過 AC-Fleet 產品有 40 個銷售機會。幾週前，當我與邁克爾坐在一起時，我發現這款產品確實非常精緻。那麼，您能否確認那裡的 40 個機會，以及您認為其中一些銷售需要多長時間才能轉換。

Yes, hello, Tony, yes so all of these 40 opportunities, these are qualified opportunities already by the sales team. So they're actively engaging with the customers. And I would say about 10% to 15% of these 40 opportunities are the Tier 1 opportunities, the bigger size that's going to take longer. Although some of these opportunities, it's only been happening for several months.

是的，你好，托尼，是的，所有這 40 個機會都是銷售團隊已經認可的合格機會。因此他們積極與客戶互動。我想說，這 40 個機會中大約有 10% 到 15% 是一級機會，規模越大，需要的時間就越長。儘管其中一些機會只出現了幾個月。

And I would say roughly about 30% or so is going to be what we call the Tier 2 opportunities, and one of them will really convert during the quarter. The rest are the Tier 3, which are smaller deals that we are actively pursuing and closing and those are the ones that are going to be more immediate.

我想說大約 30% 左右將是我們所說的二級機會，其中一個將在本季度真正實現轉變。其餘的則是第三級交易，是我們正在積極尋求和達成的較小交易，這些交易將會更加緊迫。

Now to appreciate the fact that you check the device, and I'm sure that you're really impressed by the size and the feature-rich capabilities of the AC-Fleet, and that's the kind of feedback we're getting from the customers as well. They also really enjoy the performance.

現在感謝您檢查設備，我相信您一定會對 AC-Fleet 的尺寸和豐富的功能印象深刻，這也是我們從客戶那裡得到的反饋。他們也非常享受這場表演。

So all in all, we feel very optimistic about the product and that's why we're really expanding our investment in sales and marketing. We are much more entrenched with the partners. But what we're also seeing is that it takes time when it comes to certification, right?

總而言之，我們對該產品非常樂觀，這就是我們真正擴大對銷售和行銷投資的原因。我們與合作夥伴的關係更加緊密。但我們也看到，認證需要時間，對嗎？

And one of the reasons it's because of some of the unique features that we bring to the table. For example, we were very pleased about the AT&T FirstNet Trusted certification was a certification that took us almost a year to obtain, and we were expecting only six months. And one of the main reason is the new eSIM feature, which they don't even have the script to do the testing.

其中一個原因是我們提供了一些獨特的功能。例如，我們對 AT&T FirstNet Trusted 認證感到非常高興，我們花了將近一年的時間才獲得該認證，而我們預計只需要六個月。其中一個主要原因是新的 eSIM 功能，他們甚至沒有腳本來進行測試。

That's why some of the delay was because of the added unique features that we are now bringing to the market with AC-Fleet, but all in all, we are encouraged by the progress, although we're seeing the bigger deals are going to be happening, likely closing the deal but more about deploying in the field in 2026.

這就是為什麼部分延遲是因為我們現在透過 AC-Fleet 向市場推出了一些獨特的功能，但總而言之，我們對進展感到鼓舞，儘管我們看到更大的交易即將發生，可能會完成交易，但更多的是在 2026 年部署到現場。

Got it. And then maybe if I could throw a question to Michael. I'm not looking for a guide, but just kind of give us your thoughts on the December quarter. Typically, it's up sequentially. You think it's going to still be up sequentially? Or do you think it's going to be up significantly? Like what do you see in the pipeline that would impact this number?

知道了。然後也許我可以向麥可提出一個問題。我並不是在尋求指南，只是想告訴我們您對 12 月季度的看法。通常，它是按順序進行的。您認為它還會繼續上漲嗎？或者您認為它會大幅上升嗎？您認為哪些因素會影響這個數字？

Hi, Tony. So Q3, Q4, as Jacob mentioned, I think we're going to benefit from a relatively stable existing markets. There are some puts and takes on that. Definitely, the consumer market, the embedded modem market are definitely the bright spots. On the consumer, the Wi- Fi seven transition is currently very much underway, another T1 MSO has launched its Wi-Fi seven offering.

你好，托尼。因此，正如雅各所提到的，我認為我們將受益於相對穩定的現有市場，即第三季和第四季。對此存在一些爭論。毫無疑問，消費市場、嵌入式調變解調器市場絕對是亮點。在消費者方面，Wi-Fi 7 轉型目前正在順利進行，另一家 T1 MSO 已經推出了其 Wi-Fi 7 產品。

So this is giving us quite a bit of confidence that we'll see that market recovery that we've been talking about really underway and pushing through FY26, especially as well as the embedded modem, we do see quite a bit of traction with that utility monitoring sector.

因此，這給了我們很大的信心，我們將看到我們一直在談論的市場復甦真正開始並持續到 26 財年，特別是嵌入式調變解調器，我們確實看到公用事業監控領域有相當大的吸引力。

As Jacob mentioned, the automotive market, we still are hanging on to that excess inventory and also the asset tracker as well too. We do sense very much of a cautious environment with especially government agencies. That's what we're seeing right now on this excess channel inventory, some of the end customer deployment being delayed.

正如雅各所提到的，在汽車市場，我們仍然保留著過剩庫存以及資產追蹤器。我們確實感覺到一個非常謹慎的環境，尤其是政府機構。這就是我們現在看到的通路庫存過剩的情況，一些最終客戶的部署被推遲了。

And so while we are optimistic about 2026, in 2025, we're still monitoring that very carefully as well too. So what remains is really on the Lighthouse and the AC-Fleet that is our full focus, I mentioned on our OpEx discipline.

因此，雖然我們對 2026 年持樂觀態度，但在 2025 年，我們仍會非常密切地關注這一點。因此，剩下的實際上是燈塔和 AC-Fleet，這是我們的全部重點，我提到了我們的 OpEx 紀律。

Those are the two markets that we really are focusing to invest on the sales marketing channel itself the overall engineering certification and just trying to make as much headway as possible. And so the visibility on that all depends

我們真正關注的是這兩個市場，投資於銷售行銷管道本身和整體工程認證，並盡可能取得進展。因此，這一切的可見性取決於

upon those Tier 1 and Tier 2, which is really our focus right now as a number of the trial that takes place on that. So I would say, relatively stable. Hopefully, some small but steady increase, but we're looking at FY26 to really scale meaningfully on those.

針對第 1 層和第 2 層，這是我們目前的重點，因為許多試驗都是針對這一層進行的。所以我想說，相對穩定。希望能夠實現一些小幅但穩定的成長，但我們期待 26 財年能真正實現有意義的成長。

Very good thank you guys.

非常好，謝謝大家。

(Operator Instructions)

（操作員指示）

There are no further questions at this time. I will now hand the call back to Mr. Jacob Suen for any closing remarks.

目前沒有其他問題。現在我將把發言權交還給 Jacob Suen 先生，請他作最後發言。

Thank you all for your thoughtful questions and for your continued interest in Airgain. If I were to leave you with 1 key takeaway from today's call, it is this, Airgain is a more focused, disciplined company positioned to achieve profitability in the second half of 2025 and to scale meaningfully in 2026 as our platform opportunities convert to revenue. Operator, you may now conclude the call.

感謝大家提出的深思熟慮的問題以及對 Airgain 的持續關注。如果我要從今天的電話會議中給你們留下一個關鍵的收穫，那就是，Airgain 是一家更加專注、更加自律的公司，其定位是在 2025 年下半年實現盈利，並在 2026 年隨著我們平台機會轉化為收入而實現有意義的擴大。接線員，您現在可以結束通話了。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。