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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 full year and fourth quarter ended December 31, 2022.
Key Fourth Quarter Financial Highlights
Key 2022 Financial Highlights
Improved Operating Margins and Expense Control Drive Continued Adjusted EBITDA Improvement
2022
Revenue $37,564
$46,945
$41,094
$41,656
$167,259
Gross Profit12,069
18,828
16,336
19,207
66,440
Gross Margin32.1%
40.1%
39.8%
46.1%
39.7%
Adjusted Operating expenses (Non-GAAP)(1)
29,608
28,977
25,114
23,719
107,418
Adjusted Loss from Operations (Non-GAAP)(2)
(17,539)
(10,149)
(8,778)
(4,512)
(40,978)
Other expense, net(506)
(2,126)
(1,177)
(452)
(4,261)
Adjusted EBITDA (Non-GAAP)(3)
$(18,045)
$(12,275)
$(9,955)
$(4,964)
$(45,239)
(1)
The following table presents the reconciliation of Total Operating Expenses the most directly comparable GAAP measure, to Adjusted Operating expenses (Non-GAAP) ($ in thousands) Q122 Q222 Q322 Q4222022
Total Operating Expenses $37,293
$37,103
$33,094
$26,959
$134,449
Adjusted for: Share-based compensation expense(6,564)
(6,972)
(5,863)
(1,732)
(21,131)
Depreciation and amortization(1,121)
(1,154)
(1,173)
(1,174)
(4,622)
Restructuring-
-
(944)
(334)
(1,278)
Adjusted Operating expenses (Non-GAAP) $29,608
$28,977
$25,114
$23,719
$107,418
(2)
The following table presents the reconciliation of Loss from Operations the most directly comparable GAAP measure, to Adjusted Loss from Operations (Non-GAAP) ($ in thousands) Q122 Q222 Q322 Q4222022
Loss from Operations $(25,224)
$(18,275)
$(16,758)
$(7,752)
$(68,009)
Adjusted for: Share-based compensation expense6,564
6,972
5,863
1,732
21,131
Depreciation and amortization1,121
1,154
1,173
1,174
4,622
Restructuring-
-
944
334
1,278
Adjusted Loss from Operations (Non-GAAP) $(17,539)
$(10,149)
$(8,778)
$(4,512)
$(40,978)
(3)
The following table presents the reconciliation of Net loss the most directly comparable GAAP measure, to Adjusted EBITDA (Non-GAAP) ($ in thousands) Q122 Q222 Q322 Q4222022
Net loss $(29,738)
$(21,017)
$(23,314)
$(11,313)
$(85,382)
Adjusted for: Interest expense4,568
4,207
4,296
7,323
20,394
Income tax benefit(103)
(112)
163
(145)
(197)
Depreciation and amortization1,121
1,154
1,173
1,174
4,622
EBITDA $(24,152)
$(15,768)
$(17,682)
$(2,961)
$(60,563)
Share-based compensation expense6,564
6,972
5,863
1,731
21,130
Change in fair value of warrant liability and derivatives(457)
(3,479)
920
(4,069)
(7,085)
Restructuring costs-
-
944
335
1,279
Adjusted EBITDA (Non-GAAP) $(18,045)
$(12,275)
$(9,955)
$(4,964)
$(45,239)
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.
Source: Airspan Networks Holdings Inc.
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 US generally accepted accounting principles. Non-GAAP financial measures referred to in this report are labeled as “non-GAAP measure.”
AIRSPAN NETWORKS HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except for share data)
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
7,253
$
62,937
Restricted cash
34
185
Accounts receivable, net of allowance of $647 and $309 at December 31, 2022 and 2021, respectively
46,565
57,980
Inventory
18,556
17,217
Prepaid expenses and other current assets
17,289
18,833
Total current assets
89,697
157,152
Property, plant and equipment, net
7,351
7,741
Goodwill
13,641
13,641
Intangible assets, net
5,302
6,438
Right-of-use assets, net
5,697
6,585
Other non-current assets
3,407
3,942
Total assets
$
125,095
$
195,499
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$
26,173
$
29,709
Accrued expenses and other current liabilities
32,243
26,967
Deferred revenue
2,892
2,902
Senior term loan, current portion
40,529
3,187
Subordinated debt
11,119
10,577
Subordinated term loan - related party
41,528
-
Convertible debt
43,928
-
Current portion of long-term debt
259
275
Total current liabilities
198,671
73,617
Subordinated term loan - related party
-
37,991
Senior term loan
-
37,876
Convertible debt
-
41,343
Other long-term liabilities
7,223
20,924
Total liabilities
205,894
211,751
Commitments and contingencies (Note 15)
Stockholders’ deficit:
Common stock, $0.0001 par value; 250,000,000 shares authorized; 74,283,026 and 72,335,952 shares issued and outstanding at December 31, 2022 and 2021, respectively
7
7
Additional paid-in capital
770,427
749,592
Accumulated deficit
(851,233
)
(765,851
)
Total stockholders’ deficit
(80,799
)
(16,252
)
Total liabilities and stockholders’ deficit
$
125,095
$
195,499
AIRSPAN NETWORKS HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except for share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2022
2021
2022
2021
Revenues:
Products and software licenses
$
34,934
$
44,685
$
148,922
$
151,172
Maintenance, warranty and services
6,722
5,692
18,337
26,111
Total revenues
41,656
50,377
167,259
177,283
Cost of revenues:
Products and software licenses
20,588
28,837
95,335
95,442
Maintenance, warranty and services
1,861
849
5,484
3,870
Total cost of revenues
22,449
29,686
100,819
99,312
Gross profit
19,207
20,691
66,440
77,971
Operating expenses:
Research and development
13,133
15,923
61,377
63,350
Sales and marketing
5,028
8,682
30,587
33,839
General and administrative
8,179
12,631
40,070
40,878
Amortization of intangibles
284
294
1,136
1,191
Restructuring costs
335
-
1,279
-
Total operating expenses
26,959
37,530
134,449
139,258
Loss from operations
(7,752
)
(16,839
)
(68,009
)
(61,287
)
Interest expense, net
(7,323
)
(4,233
)
(20,394
)
(12,813
)
Change in fair value of warrant liability and derivatives, net
4,069
895
7,085
4,116
Gain on extinguishment of debt
—
—
—
2,096
Other (expense) income, net
(452
)
(743
)
(4,261
)
(3,328
)
Loss before income taxes
(11,458
)
(20,920
)
(85,579
)
(71,216
)
Income tax (expense) benefit, net
145
1,314
197
690
Net loss
$
(11,313
)
$
(19,606
)
$
(85,382
)
$
(70,526
)
Loss per share - basic and diluted
$
(0.15
)
$
(0.27
)
$
(1.17
)
$
(1.09
)
Weighted average shares outstanding - basic and diluted
74,108,665
72,183,563
72,782,773
64,509,718
AIRSPAN NETWORKS HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, except for share data)
Year Ended December 31,
2022
2021
Cash flows from operating activities:
Net loss
$
(85,382
)
$
(70,526
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
4,622
4,294
Foreign exchange gain on long-term debt
(16
)
(14
)
Gain on extinguishment of debt
-
(2,096
)
Change in fair value of warrants and derivatives
(7,085
)
(7,940
)
Non-cash debt waiver and amendment fees
3,321
-
Share-based compensation expense
21,130
10,577
Loss on disposal of property, plant and equipment
-
22
Bad debt expense
638
289
Total adjustments
22,610
5,132
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable
10,777
12,352
(Increase) decrease in inventory
(1,339
)
(5,198
)
Decrease in prepaid expenses and other current assets
1,544
(6,547
)
Increase in other operating assets
535
(105
)
(Decrease) increase in accounts payable
(3,536
)
(10,790
)
Increase in deferred revenue
(10
)
(4,619
)
Increase in accrued expenses and other current liabilities
2,418
4,429
Increase in other long-term liabilities
(5,728
)
616
Increase in accrued interest on long-term debt
10,947
8,571
Net cash used in operating activities
(47,164
)
(66,685
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(3,096
)
(6,033
)
Net cash used in investing activities
(3,096
)
(6,033
)
Cash flows from financing activities:
Repayments under senior term loan
(5,280
)
-
Payment for taxes withheld on stock awards
(295
)
-
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 H stock, net
-
505
Proceeds from the issuance of Series H warrants
-
142
Net cash (used in) provided by financing activities
(5,575
)
117,222
Net (decrease) increase in cash, cash equivalents and restricted cash
(55,835
)
44,504
Cash, cash equivalents and restricted cash, beginning of year
63,122
18,618
Cash, cash equivalents and restricted cash, end of year
$
7,287
$
63,122
The following tables present the reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA:
Three Months Ended
($ in thousands)
December 31, 2022
September 30, 2022
Net loss
$
(11,313
)
$
(23,314
)
Adjusted for:
Interest expense, net
7,323
4,296
Income tax (benefit) expense, net
(145
)
163
Depreciation and amortization
1,174
1,173
EBITDA
(2,961
)
(17,682
)
Share-based compensation expense
1,731
5,863
Change in fair value of warrant liability and derivatives
(4,069
)
920
)
Restructuring costs
335
944
Adjusted EBITDA
$
(4,964
)
$
(9,955
)
Three Months Ended December 31,
($ in thousands)
2022
2021
Net loss
$
(11,313
)
$
(19,606
)
Adjusted for:
Interest expense, net
7,323
4,233
Income tax (benefit) expense, net
(145
(1,314
)
Depreciation and amortization
1,174
1,177
EBITDA
(2,961
)
(15,510
)
Share-based compensation expense
1,731
8,427
Change in fair value of warrant liability and derivatives
(4,069
)
(895
)
Restructuring costs
335
-
Adjusted EBITDA
$
(4,964
)
$
(7,978
)
Twelve Months Ended December 31,
($ in thousands)
2022
2021
Net loss
$
(85,382
)
$
(70,526
)
Adjusted for:
Interest expense, net
20,394
12,813
Income tax (benefit) expense, net
(197
)
(690
)
Depreciation and amortization
4,622
4,294
EBITDA
(60,563
)
(54,109
)
Share-based compensation expense
21,130
10,577
Change in fair value of warrant liability and derivatives
(7,085
)
(7,940
)
Restructuring costs
1,279
-
Transaction costs allocated to the warrants
-
3,824
Management Incentive Plan expense related to Business Combination
-
18,513
Adjusted EBITDA
$
(45,239
)
$
(29,135
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230316005718/en/
Media Contact: mediarelations@airspan.com
Investor Relations Contact: Brett Scheiner +1 561-893-8660 IR@airspan.com
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