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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 | 00:00:00 |
From Jan 2023 to Jan 2025
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 second quarter ended June 30, 2023.
Second Quarter Financial Highlights
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, Air To Ground, 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.
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. We reference these non-GAAP financial measures in our decision making because they provide supplemental information that facilitates consistent internal comparisons to the historical operating performance of prior periods and we believe they provide investors with greater transparency to evaluate operational activities and financial results. 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)
June 30, 2023
December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
10,102
$
7,253
Restricted cash
35
34
Accounts receivable, net of allowance of $478 and $647 at June 30, 2023 and December 31, 2022, respectively
22,790
46,565
Inventory
10,592
18,556
Prepaid expenses and other current assets
16,159
17,289
Assets held for sale -- current
15,352
-
Total current assets
75,030
89,697
Property, plant and equipment, net
5,686
7,351
Goodwill
-
13,641
Intangible assets, net
-
5,302
Right-of-use assets, net
3,711
5,697
Other non-current assets
3,059
3,407
Assets held for sale – non-current
20,913
-
Total assets
$
108,399
$
125,095
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$
17,393
$
26,173
Accrued expenses and other current liabilities
31,247
32,243
Deferred revenue
1,547
2,892
Senior term loan, current portion
4,179
40,529
Subordinated debt
11,396
11,119
Subordinated term loan – related party
-
41,528
Convertible debt
-
43,928
Current portion of long-term debt
265
259
Liabilities held for sale -- current
12,015
-
Total current liabilities
78,042
198,671
Subordinated term loan - related party
43,402
-
Senior term loan
59,045
-
Convertible debt
47,749
-
Other long-term liabilities
9,561
7,223
Liabilities held for sale – non-current
375
-
Total liabilities
238,174
205,894
Commitments and contingencies (Note 13)
Stockholders’ deficit:
Common stock, $0.0001 par value; 250,000,000 shares authorized; 74,582,992 and 74,283,026 shares issued and outstanding at both June 30, 2023 and December 31, 2022
7
7
Additional paid-in capital
775,947
770,427
Accumulated deficit
(905,729
)
(851,233
)
Total stockholders’ deficit
(129,775
)
(80,799
)
Total liabilities and stockholders’ deficit
$
108,399
$
125,095
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN NETWORKS HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenues:
Products and software licenses
$
28,855
$
44,028
$
49,788
$
77,604
Maintenance, warranty and services
3,268
2,917
7,108
6,905
Total revenues
32,123
46,945
56,896
84,509
Cost of revenues:
Products and software licenses
23,998
26,864
37,292
51,337
Maintenance, warranty and services
1,392
1,253
2,524
2,275
Total cost of revenues
25,390
28,117
39,816
53,612
Gross profit
6,733
18,828
17,080
30,897
Operating expenses:
Research and development
13,416
16,720
27,607
33,241
Sales and marketing
5,310
9,010
10,992
18,340
General and administrative
5,746
11,089
13,411
22,247
Amortization of intangibles
-
284
189
568
Restructuring costs
3,023
-
3,283
-
Total operating expenses
27,495
37,103
55,482
74,396
Loss from operations
(20,762
)
(18,275
)
(38,402
)
(43,499
)
Interest expense, net
(5,153
)
(4,207
)
(9,687
)
(8,775
)
Loss on extinguishment of debt
(8,281
)
-
(8,281
)
-
Change in fair value of warrant liability and derivatives, net
588
3,479
1,230
3,936
Other income (expense), net
(153
)
(2,126
)
408
(2,632
)
Loss before income taxes
(33,761
)
(21,129
)
(54,732
)
(50,970
)
Income tax benefit (expense), net
154
112
236
215
Net loss
$
(33,607
)
$
(21,017
)
$
(54,496
)
$
(50,755
)
Loss per share - basic and diluted
$
(0.45
)
$
(0.29
)
$
(0.73
)
$
(0.70
)
Weighted average shares outstanding - basic and diluted
74,582,992
72,335,952
74,528,668
72,335,952
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AIRSPAN NETWORKS HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
June 30,
2023
2022
Cash flows from operating activities:
Net loss
$
(54,496
)
$
(50,755
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
1,772
2,275
Foreign exchange loss (gain) on long-term debt
6
(16
)
Bad debt expense
172
7
Change in fair value of warrants and derivatives, net
(1,230
)
(3,936
)
Loss on extinguishment of debt
8,281
-
Non-cash debt amendment fee
-
463
Inventory impairment charge
7,215
-
Share-based compensation
3,937
13,536
Total adjustments
20,153
12,329
Changes in operating assets and liabilities:
Decrease in accounts receivable
12,539
9,706
Increase in inventory
(1,496
)
(302
)
Decrease in prepaid expenses and other current assets
975
2,221
Decrease in other non-current assets
238
181
Increase (decrease) in accounts payable
1,611
(3,040
)
(Decrease) increase in deferred revenue
(1,118
)
1,686
Decrease in accrued expenses and other current liabilities
(623
)
(65
)
Increase in other long-term liabilities
4,220
151
Increase in accrued interest on long-term debt
5,825
5,394
Net cash used in operating activities
(12,172
)
(22,494
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(1,122
)
(1,632
)
Net cash used in investing activities
(1,122
)
(1,632
)
Cash flows from financing activities:
Borrowings from senior term loan
19,981
-
Repayment of senior term loan
(1,760
)
(2,640
)
Payment of debt issuance costs
(1,916
)
-
Payment of taxes withheld on stock awards
(161
)
-
Net cash provided by (used in) financing activities
16,144
(2,640
)
Net increase (decrease) in cash, cash equivalents and restricted cash
2,850
(26,766
)
Cash, cash equivalents and restricted cash, beginning of year
7,287
63,122
Cash, cash equivalents and restricted cash, end of period
$
10,137
$
36,356
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
The following tables present the reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted EBITDA:
Three Months Ended
($ in thousands)
June 30, 2023
March 31, 2023
Net loss
$
(33,607
)
$
(20,889
)
Adjusted for:
Interest expense, net
5,153
4,534
Income tax benefit, net
(154
)
(82
)
Depreciation and amortization
720
1,052
EBITDA
(27,888
)
(15,385
)
Share-based compensation expense
1,998
1,939
Change in fair value of warrant liability and derivatives
(588
)
(642
)
Loss on extinguishment of debt
8,281
-
Restructuring costs
3,023
260
Adjusted EBITDA
$
(15,174
)
$
(13,828
)
Inventory impairment charge
7,215
-
Adjusted EBITDA excluding inventory impairment charge
$
(7,959
)
$
(13,828
)
Three Months Ended June 30,
($ in thousands)
2023
2022
Net loss
$
(33,607
)
$
(21,017
)
Adjusted for:
Interest expense, net
5,153
4,207
Income tax (benefit) expense, net
(154
)
(112
Depreciation and amortization
720
1,154
EBITDA
(27,888
)
(15,768
)
Share-based compensation expense
1,998
6,972
Change in fair value of warrant liability and derivatives
(588
(3,479
)
Loss on extinguishment of debt
8,281
-
Restructuring costs
3,023
-
Adjusted EBITDA
$
(15,174
)
$
(12,275
)
Inventory impairment charge
7,215
-
Adjusted EBITDA excluding inventory impairment charge
$
(7,959
)
$
(12,275
)
The following tables present the reconciliation of gross profit to Adjusted gross profit:
($ in thousands)
Three Months Ended June 30,
Three Months Ended March 31,
2023
%
2023
%
Revenue
$
32,123
100.0
$
24,773
100.0
Cost of revenue
25,390
79.0
14,426
58.2
Gross profit
6,733
21.0
10,347
41.8
Inventory provision
7,215
22.4
-
-
Adjusted gross profit
$
13,948
43.4
$
10,347
41.8
($ in thousands)
Three Months Ended June 30,
Three Months Ended June 30,
2023
%
2022
%
Revenue
$
32,123
100.0
$
46,945
100.0
Cost of revenue
25,390
79.0
28,117
59.9
Gross profit
6,733
21.0
18,828
40.1
Inventory provision
7,215
22.4
274
0.6
Adjusted gross profit
$
13,948
43.4
$
19,102
40.7
The following tables present the reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted net loss:
Three Months Ended
($ in thousands)
June 30, 2023
March 31, 2023
Net loss
$
(33,607
)
$
(20,889
)
Adjusted for:
Restructuring costs
3,023
260
Inventory impairment charge
7,215
-
Adjusted net loss
$
(23,369
)
$
(20,629
)
Three Months Ended June 30,
($ in thousands)
2023
2022
Net loss
$
(33,607
)
$
(21,017
)
Adjusted for:
Restructuring costs
3,023
-
Inventory impairment charge
7,215
-
Adjusted net loss
$(23,369
)
$
(21,017
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809102833/en/
Investor Relations Contact: Brett Scheiner 561-893-8660 IR@airspan.com
Media Contact: mediarelations@airspan.com
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