Airgain, Inc.

Good afternoon. Welcome to Airgain's fourth quarter and full year 2022 earnings conference call. My name is Shamali, and I will be your coordinator for today's call. Joining us for today's call are Airgain's president and CEO, Jacob Suen, and CFO, Michael Eldaz. 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. Following management's prepared remarks, the call will be open for questions from Airgain's sell-side analysts. 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 carcenary statements contained in today's earnings release and Ergain's SEC filings. This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, March 9th, 2023. Ergain undertakes no obligation to revise or update any forward-looking statements to reflect the 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 GAAP to non-GAAP results. Now, I'd like to turn the call over to our CEO, Jacob Suen. Jacob?

Thank you, Operator. Welcome, everyone, and thank you for joining us today. For today's call, I will first cover our operational highlights and achievements for Q4 in 2022. Then I will hand it over to Michael to walk you through our financial performance for the fourth quarter and full year. Afterwards, I will provide an update on our strategic product and marketing initiatives and then share our 2023 outlook before opening the call for questions. As you saw from our earnings release, the fourth quarter was another record sales quarter at $19.9 million, up 4% sequentially and 41% year-over-year, bringing our fiscal year sales to $75.9 million. This annual sales milestone reflects an 18% year-over-year increase driven by solid contribution from our enterprise market which accounted for $10 million in the quarter. Our strong results in the enterprise vertical were driven by higher Wi-Fi access points and industrial IoT sales, both vectors that we expect to continue through 2023. Overall, our financial performance in 2022 and solid balance sheet coupled with our expanding product offerings, will enable us to successfully mitigate the near-term headwinds we are experiencing in our current quarter, while positioning our company for even greater success in 2023. A key financial highlight for the fourth quarter was the record sales contribution from the enterprise market. Success came as we capitalize on our expanding backlog, video surveillance as a service offering, and so growth from the connected EV charging market. With market forces driving adoption in these key industries, AirGain has adeptly capitalized by offering solutions and expertise to meet the strong demand to bring products to market quickly. In the quarter, we secure several opportunities in both new and existing markets, further supporting our strategic move into IoT. Now that we have reorganized our sales team around verticals instead of product lines, our teams are gaining traction in cross-selling and upselling new and existing customers.

In addition,