We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Airspan Networks Holdings Inc | AMEX:MIMO | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.113 | 0 | 01:00:00 |
Airspan Networks Holdings Inc. (NYSE American: MIMO), which provides ground-breaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions, today announced results for the fourth quarter and year ended December 31, 2021.
Key Fourth Quarter Financial Highlights
Fourth Quarter Successes and Recognition
Full Year 2021 Financial Highlights
Full Year 2021 Successes and Recognition
Stonestrom Appointed Chairman
Airspan’s CEO Eric Stonestrom has been appointed chairman of the Company’s board of directors. He replaces Tom Huseby, who continues to serve on the board.
Supply Chain Update
Demand for our products is strong, though supply chain challenges are still leading to increasingly long lead times. We continue to work hard in a number of ways to mitigate these challenges, finding alternative components, instituting multiple technological design changes and working closely with our partners. In this environment supply chain pressures center primarily around component availability, higher spot purchase prices for hardware components and increased shipping costs. While we have begun to pass some of these expenses on to customers through price increases, we expect the increased cost impact of components and freight to continue. We anticipate such supply chain challenges to extend through 2022.
Relationships with Some of the Tech World’s Most Admired Companies: AWS, Cisco, Dell, HPE and Qualcomm
“We are seeing an explosion of interest in enterprise 5G private network solutions,” said Airspan Chairman and CEO Eric Stonestrom. “In conjunction, we recently announced several key partnerships and working relationships with some of tech’s most admired companies, while at Mobile World Congress. These partnerships include Amazon Web Services (AWS), Cisco, Dell, HPE and Qualcomm, as we ramp up our private networks capabilities and portfolio.”
New President/COO Named to Execute Growth Strategy
Airspan recently named Glenn Laxdal as its new President and COO, to execute the growth strategy and scale the business, overseeing operations, customer service and product management divisions, along with the Broadband Airspan by Mimosa organization. Laxdal is a senior technology executive with over 25 years of global experience in the wireless, software and computing industries.
“Bringing on the right leaders with the ability and experience to execute on our aggressive plans is a critical component of our strategy for long-term, sustainable growth,” said Stonestrom. “Glenn is focused on accelerating our plans to grow revenue and market share to take advantage of the tremendous market opportunities for 5G, Open RAN, Private Networks and Fixed Wireless Access (FWA) solutions.”
Business Outlook
We anticipate first quarter 2022 revenue of approximately $38 million with gross margin of approximately 32%. Both figures were impacted by significant supply chain costs and challenges from COVID-19 restrictions in Asia.
The information with respect to first quarter 2022 above is preliminary, based upon Airspan’s estimated and currently available information and is subject to revision based upon, among other things, Airspan’s financial closing procedures. The Company’s actual results may differ from these estimates due to the completion of its financial closing procedures and final adjustments and other developments that may arise between the date of this news release and the time the Company’s condensed consolidated financial statements for the first quarter 2022 are completed. Readers are cautioned not to place undue reliance on these estimates.
Earnings Conference Call
A conference call with Airspan executives will be held tomorrow, Tuesday, April 12 at 8:30 am ET. It can be accessed through a toll-free dial-in, 1-877-589-7296, or 1-215-268-9906 (local), by requesting the Airspan call, as well as on the Airspan investor relations website, ir.airspan.com/. An audio replay will be available on the Airspan investor relations site following the call.
About Airspan
Airspan Networks Holdings Inc. (NYSE American: MIMO) is a U.S.-based provider of groundbreaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions that provide interoperability with other vendors. As a result of innovative technology and significant R&D investments to build and expand 5G solutions, Airspan believes it is well-positioned with 5G indoor and outdoor, Open RAN, private networks for enterprise customers and industrial use applications, fixed wireless access (FWA), and CBRS solutions to help mobile network operators of all sizes deploy their networks of the future, today. With over one million cells shipped to 1,000 customers in more than 100 countries, Airspan has global scale. For more information, visit www.airspan.com.
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, Airspan’s plans, objectives, expectations and intentions with respect to future operations, products and services; projected financial performance, and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Any such forward-looking statements are based upon the current beliefs and expectations of Airspan’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond Airspan’s control.
Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond Airspan’s control, which may include, among other things: the risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate; changes in laws and regulations affecting our business; the risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services, or experience significant delays in doing so; the risk that we do not achieve or sustain profitability; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we experience difficulties in managing our growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk of product liability or regulatory lawsuits or proceedings relating to our products and services; and the risk that we are unable to secure our intellectual property. For further information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission. All information set forth herein speaks only as of the date hereof in the case of information about Airspan or the date of such information in the case of information from persons other than Airspan, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Airspan’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
Non-GAAP Measures
This news release references non-GAAP measures. Non-GAAP measures do not have a standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with GAAP. Non-GAAP financial measures referred to in this report are labeled as “non-GAAP measure.”
AIRSPAN NETWORKS HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)
December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
62,937
$
18,196
Restricted cash
185
422
Accounts receivable, net of allowance of $309 and $374 at December 31, 2021 and 2020, respectively
57,980
70,621
Inventory
17,217
12,019
Prepaid expenses and other current assets
18,833
8,602
Total current assets
157,152
109,860
Property, plant and equipment, net
7,741
4,833
Goodwill
13,641
13,641
Intangible assets, net
6,438
7,629
Right-of-use assets, net
6,585
7,882
Other non-current assets
3,942
3,837
Total assets
$
195,499
$
147,682
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$
29,709
$
36,849
Deferred revenue
2,902
7,521
Other accrued expenses
26,967
22,538
Senior term loan, current portion
3,187
–
Subordinated debt
10,577
10,065
Current portion of long-term debt
275
298
Total current liabilities
73,617
77,271
Long-term debt
–
2,087
Subordinated term loan - related party
37,991
34,756
Senior term loan
37,876
36,834
Convertible debt
41,343
–
Other long-term liabilities
20,924
17,147
Total liabilities
211,751
168,095
Stockholders’ deficit:
Common stock, $0.0001 par value; 250,000,000 shares authorized; 72,335,952 and 59,710,047 shares issued and outstanding at December 31, 2021 and 2020, respectively
7
6
Additional paid-in capital
749,592
674,906
Accumulated deficit
(765,851
)
(695,325
)
Total stockholders’ deficit
(16,252
)
(20,413
)
Total liabilities and stockholders’ deficit
$
195,499
$
147,682
AIRSPAN NETWORKS HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share data)
Three Months Ended December 31,
Year Ended December 31,
2021
2020
2021
2020
Revenues:
Products and software licenses
$
44,684
$
73,818
$
151,172
$
134,338
Maintenance, warranty and services
5,692
7,728
26,111
38,617
Total revenues
50,376
81,546
177,283
172,955
Cost of revenues:
Products and software licenses
28,836
43,196
95,442
84,375
Maintenance, warranty and services
849
1,031
3,870
4,477
Total cost of revenues
29,685
44,227
99,312
88,852
Gross profit
20,691
37,319
77,971
84,103
Operating expenses:
Research and development
15,923
13,906
63,350
52,858
Sales and marketing
8,682
7,274
33,839
28,738
General and administrative
12,631
4,565
40,878
16,555
Amortization of intangibles
294
359
1,191
1,733
Loss on sale of assets
–
–
–
22
Total operating expenses
37,530
26,104
139,258
99,906
(Loss) income from operations
(16,839
)
11,215
(61,287
)
(15,803
)
Interest expense, net
(4,233
)
(1,746
)
(12,813
)
(6,422
)
Change in fair value of warrant liability and derivatives, net
895
(1,566
)
4,116
(3,322
)
Gain on extinguishment of debt
–
–
2,096
–
Other expense, net
(743
)
(709
)
(3,328
)
(878
)
(Loss) income before income taxes
(20,920
)
7,194
(71,216
)
(26,425
)
Income tax benefit
1,314
1,152
690
782
Net (loss) income
$
(19,606
)
$
8,346
$
(70,526
)
$
(25,643
)
(Loss) earnings per share - basic and diluted
$
(0.27
)
$
0.14
$
(1.09
)
$
(0.43
)
Weighted average shares outstanding - basic and diluted
72,183,563
59,710,047
64,509,718
59,710,047
AIRSPAN NETWORKS HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended December 31,
2021
2020
Cash flows from operating activities:
Net loss
$
(70,526
)
$
(25,643
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
4,294
4,640
Foreign exchange (gain) loss on long-term debt
(14
)
26
Gain on extinguishment of debt
(2,096
)
—
Change in fair value of warrants and derivatives
(7,940
)
—
Share-based compensation expense
10,577
2,643
Loss on disposal of property, plant and equipment
22
3
Bad debt expense
289
5
Total adjustments
5,132
7,317
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable
12,352
(30,345
)
(Increase) decrease in inventory
(5,198
)
5,123
Decrease in prepaid expenses and other current assets
(6,547
)
(517
)
Increase in other operating assets
(105
)
(380
)
(Decrease) increase in accounts payable
(10,790
)
12,012
Increase in deferred revenue
(4,619
)
(2,514
)
Increase in other accrued expenses
4,429
5,104
Increase in other long-term liabilities
616
5,889
Increase in accrued interest on long-term debt
8,571
3,587
Net cash used in operating activities
(66,685
)
(20,367
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(6,033
)
(2,226
)
Net cash used in investing activities
(6,033
)
(2,226
)
Cash flows from financing activities:
Repayments of line of credit, net
—
(1,993
)
Borrowings under senior term loan
—
6,005
Borrowings under other long-term debt
—
2,073
Proceeds from the Business Combination, issuance of convertible debt and PIPE financing, net of issuance costs paid
115,501
—
Proceeds from the exercise of stock options
1,074
—
Proceeds from the sale of Series G stock, net
—
21,913
Proceeds from the sale of Series H stock, net
505
8,074
Proceeds from the issuance of Series H warrants
142
2,126
Net cash provided by financing activities
117,222
38,198
Net increase in cash, cash equivalents and restricted cash
44,504
15,605
Cash, cash equivalents and restricted cash, beginning of year
18,618
3,013
Cash, cash equivalents and restricted cash, end of year
$
63,122
$
18,618
The following tables present the reconciliation of net (loss) income, the most directly comparable GAAP measure, to Adjusted EBITDA:
Three Months Ended
Dec. 31,
Sept. 30,
($ in thousands)
2021
2021
Net loss
$
(19,606
)
$
(26,953
)
Adjusted for:
Interest expense
4,233
3,630
Income tax (benefit) charge
(1,314
)
457
Depreciation and amortization
1,177
988
EBITDA
(15,510
)
(21,878
)
Share-based compensation expense
8,427
661
Change in fair value of warrant liability and derivatives
(895
)
(11,562
)
Transaction costs allocated to the warrants
-
3,824
Management Incentive Plan expense related to Business Combination
-
18,513
Adjusted EBITDA
$
(7,978
)
$
(10,442
)
Three Months Ended December 31,
($ in thousands)
2021
2020
Net (loss) income
$
(19,606
)
$
8,346
Adjusted for:
Interest expense
4,233
1,746
Income tax benefit
(1,314
)
(1,152
)
Depreciation and amortization
1,177
1,016
EBITDA
(15,510
)
9,956
Share-based compensation expense
8,427
1,161
Change in fair value of warrant liability and derivatives
(895
)
1,566
Adjusted EBITDA
$
(7,978
)
$
12,683
Year Ended December 31,
($ in thousands)
2021
2020
Net loss
$
(70,526
)
$
(25,643
)
Adjusted for:
Interest expense
12,813
6,422
Income tax benefit
(690
)
(782
)
Depreciation and amortization
4,294
4,640
EBITDA
(54,109
)
(15,363
)
Share-based compensation expense
10,577
2,643
Change in fair value of warrant liability and derivatives
(7,940
)
3,322
Transaction costs allocated to the warrants
3,824
–
Management Incentive Plan expense related to Business Combination
18,513
–
Adjusted EBITDA
$
(29,135
)
$
(9,398
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20220411005969/en/
Investor Relations Contact: Brett Scheiner 561-893-8660 IR@airspan.com
Media Contact: Howie Waterman 917-359-5505 hwaterman@airspan.com
1 Year Airspan Networks Chart |
1 Month Airspan Networks Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions