Airgain, Inc.

Good afternoon. Welcome to Airgain's first quarter 2021 earnings conference call. My name is Jody, and I will be your coordinator for today's call. Joining us for today's call are Airgain's CEO, Jacob Suen, CFO, David Lyle, and Senior Vice President of Product and Marketing, Morad Sahi. As a reminder, this call will be recorded and made available for replay via a link available in the investor relations section of Airgain's website at www.airgain.com. Following management's prepared remarks, the call will be opened up for questions from Airgain's publishing sell-side analysts. I would now like to turn the call over to Mr. Lyles.

Thank you and good afternoon to everyone. I caution listeners that during this call, Aergain Management will be making forward-looking statements about future events and Aergain'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 Ergain's SEC filings. This conference call contains time-sensitive information and is accurate only as of the date of this live broadcast, May 6, 2021. Ergain 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 further details. including a reconciliation of the gap to non-gap results. Now I'd like to turn the call over to our CEO, Jacob Soon. Jacob?

Thank you, Dave. Welcome, everyone, and thank you for joining us on the call today. I'll start with an update on the progress we've made on many fronts since the beginning of the year and review how we see our strategy playing out. They will then provide Q1 financial details as well as our Q2 2021 outlook in color of how we expect the year to play out. But before I begin, I would like to point you to some exciting news we just released. Earlier this week, we announced that Dr. Ali Sajri has joined the management team as Senior Vice President of Engineering. Dr. Satri is a CSUN engineering executive and will help drive the next phase of growth for AirGain by bringing over 25 years of experience developing cutting-edge technology, most importantly in millimeter wave technology for 5G and Wi-Fi. Prior to joining AirGain, Dr. Satri held several executive positions at leading technology companies. and most prominently at Intel, where he spent over 18 years and served as head of the millimeter wave advanced technology development group. Most recently, he served as vice president of engineering at Solid, Inc., with company's millimeter wave product strategy and development. In addition to his professional career, Dr. Satri serves as an industry international advisor at Tokyo Institute of Technology and earlier served as a visiting assistant professor at Duke University. Prior to Intel, Dr. Satri held executive positions at Weigach Alliance as founder and chairman of the board and as director of communications standards at IBM. Dr. Satri received his Ph.D. in electrical engineering with a minor in business from North Carolina State University and is a named inventor on over 150 domestic and international patents. We are very excited and fortunate to be able to attract such amazing talent as it is a testament to the innovations and talent we have here at AirGain. Ali's presence will be a force that pushes AirGain into future generations of integrated wireless solutions, and particularly for 5G millimeter wave technologies. Now let's move on to quarter-end commentary. Let's begin with an update on the progress with our game-changing AirGain Connect platform's first product, which represents a $500 million market opportunity for AirGain. AT&T turned on and formally launched the HPE portions of the first network on January the 26th of this year. AT&T rebranded the HPE network mega-range. So we will use those terms interchangeably. In turn, AirGain released our first AirGain Connect product into general availability. Our product is specifically designed to work on the HPE network and is the only antenna modem product that currently works on that network. Since the January 26 launch, we have been providing products to prospective customers for demo purposes and have generated an extensive and growing opportunity funnel. We are seeing particular interest from large private ambulance companies, fire and rescue organizations focused on preparing for the upcoming firefighting season, sheriff departments, federal and state governmental related agencies, as well as energy companies. We are starting to see a real uptick in lease, demos, and sell-through in the past few weeks and believe it will translate to solid growth in the second half of the year. In Q2, we expect to generate approximately $1.5 million in revenue from A-Gain Connect. On April 28, we announced A-Gain Connect's availability on Cenex Corporation's GSA schedule contract. Cenex is a Fortune 200 corporation with its resellers serving government customers at the federal, state, and local levels. The availability of air game products through the U.S. government's GSA or General Services Administration's schedule program deepens Agen's nationwide reach within the public sector and strengthens our channel program by enabling more customers to procure AgenConnect through resellers. Let's now move on to the progress we are making with our recent acquisitions of NimbleLink, which closed on January 7th of this year. If you are new to our story, we have been at a critical inflection point in our transition towards becoming a more system-level company by providing even higher levels of innovative solutions. The acquisition of Blink plays an important role in our overall growth strategy to broaden market diversification, especially within the industrial IoT space. Nimblink has significantly advanced our strategic mission to deliver higher levels of integrated wireless system solutions globally. We have made excellent progress with Nimblink's integration and believe we will see continued positive results throughout the year. From a product perspective, on March 31st, we announced the commercial availability of Nimblink's AT6 asset tracking device. a fully-featured cellular-based asset tracker enabling monitoring of assets in remote locations while intrinsic and outside of normal infrastructure. The AT6 is also a battery-powered Bluetooth BLE gateway, facilitating hub and spoke implementations with BLE tags. making the AT6 well-suited for supply chain logistics and reusable packaging applications, where both individual packages as well as aggregate pallet or container tracking is desired. As we announced last month, our AT6 asset tracking device received a 2021 Industrial IoT Product of the Year award by IoT Evolution World. the leading magazine and website covering IoT technologies. We believe notable industry awards like this demonstrate the strength and capability of the NimbleLink team and its products. From a revenue perspective, NimbleLink outperformed our expectations in Q1, and we are seeing solid growth and momentum so far in Q2. we believe we will continue to see revenue growth from neighboring products through this year and beyond, despite pressure from the global chip shortage issue. Regarding leveraging our international sales force, we have already secured a new design win and expect more to come. In terms of the integration effort, we are right on schedule and our employees are excited about the prospects of the combined companies. We are also making good progress bundling air-gain antennas with neighboring Skywire modems and asset trackers, and expect to have offerings across multiple products in the coming months. Now, let's move on to our strategy. Over the past few years, we've been transitioning the company from primarily a consumer market-focused company towards the enterprise and automotive markets. In parallel, we have also been broadening our capabilities beyond antennas and into integrated wireless systems. We believe we have successfully executed on that plan and are already seeing growth this year. We expect we'll see growth from our enterprise and automotive markets, especially with the introductions of the AirGain Connect platform, as well as with the additions of NimbleLink. If you look beyond those two major growth drivers, we believe we will see growth from our enterprise market as we begin to rent product from the design lens with our two traditional Wi-Fi enterprise global customers. As we announced on April 13, Dagan was chosen by one of the world's leading enterprise networking equipment manufacturers as its connectivity provider for its first 5G enterprise network platform. AIGAN designed and validated an innovative antenna system solution for a powerful new 5GFR1 enterprise software-defined wide area networking or SD-WAN branch router. With multi-gigabit capabilities, It is designed for large indoor enterprise deployments where commercial 5G services with high throughput and low latency network services are required. It's worth noting that our antenna solution was selected from competing solutions due to its optimized throughput and coverage performance, enabling enterprise grade in building connectivity. orders in the second half of the year and start generating meaningful revenue beginning in 2022. Moving on to our auto market, following a refresh of our automotive fleet aftermarket products portfolio to 5G, and with a renewed focus on selling our products into that market, we believe we will see growth out of our historical automotive fleet revenue this year as well. In summary, With the additions of NimbleLink in the production lounge of AirGain Connect, together with growth opportunities across our addressable markets, we believe AirGain is well positioned for accelerated growth in 2021 and the years ahead. Now, I would like to turn the call back over to Dave, who will walk us through financial highlights. Dave?