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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 Mar 2023 to Mar 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 third quarter ended September 30, 2023.
Third 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)
September 30,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$
8,173
$
7,253
Restricted cash
13
34
Accounts receivable, net of allowance of $692 and $647 at September 30, 2023 and December 31, 2022, respectively
11,066
46,565
Inventory
10,197
18,556
Prepaid expenses and other current assets
18,343
17,289
Total current assets
47,792
89,697
Property, plant and equipment, net
5,019
7,351
Goodwill
-
13,641
Intangible assets, net
-
5,302
Right-of-use assets, net
3,193
5,697
Other non-current assets
2,961
3,407
Total assets
$
58,965
$
125,095
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable
$
11,081
$
26,173
Accrued expenses and other current liabilities
29,406
32,243
Deferred revenue
2,415
2,892
Senior term loan
41,545
40,529
Subordinated debt
11,540
11,119
Subordinated term loan – related party
44,386
41,528
Convertible debt
31,706
43,928
Current portion of long-term debt
257
259
Total current liabilities
172,336
198,671
Other long-term liabilities
4,409
7,223
Total liabilities
176,745
205,894
Commitments and contingencies (Note 13)
Stockholders’ deficit:
Common stock, $0.0001 par value; 250,000,000 shares authorized; 74,638,893 and 74,283,026 shares issued and outstanding at both September 30, 2023 and December 31, 2022
7
7
Additional paid-in capital
778,054
770,427
Accumulated deficit
(895,841
)
(851,233
)
Total stockholders’ deficit
(117,780
)
(80,799
)
Total liabilities and stockholders’ deficit
$
58,965
$
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
September 30,
Nine Months Ended
September 30,
2023
2022
2023
2022
Revenues:
Products and software licenses
$
11,335
$
36,521
$
61,120
$
114,128
Maintenance, warranty and services
2,924
4,573
10,035
11,475
Total revenues
14,259
41,094
71,155
125,603
Cost of revenues:
Products and software licenses
8,153
23,462
45,443
74,747
Maintenance, warranty and services
875
1,296
3,401
3,623
Total cost of revenues
9,028
24,758
48,844
78,370
Gross profit
5,231
16,336
22,311
47,233
Operating expenses:
Research and development
9,294
15,003
36,901
48,244
Sales and marketing
4,896
7,219
15,888
25,559
General and administrative
1,932
9,644
15,343
31,891
Amortization of intangibles
-
284
189
852
Restructuring costs
-
944
3,283
944
Total operating expenses
16,122
33,094
71,604
107,490
Loss from operations
(10,891
)
(16,758
)
(49,293
)
(60,257
)
Interest expense, net
(9,944
)
(4,296
)
(19,631
)
(13,071
)
Loss on extinguishment of debt
-
-
(8,281
)
-
Change in fair value of warrant liability and derivatives, net
1,913
(920
)
3,143
3,016
Gain on sale of Mimosa business
28,631
-
28,631
-
Other income (expense), net
122
(1,177
)
530
(3,809
)
Income (loss) before income taxes
9,831
(23,151
)
(44,901
)
(74,121
)
Income tax benefit (expense), net
57
(163
)
293
52
Net income (loss)
$
9,888
$
(23,314
)
$
(44,608
)
$
(74,069
)
Income (loss) per share - basic
$
0.13
$
(0.32
)
$
(0.60
)
$
(1.02
)
Income (loss) per share - diluted
$
0.12
$
(0.32
)
$
(0.60
)
$
(1.02
)
Weighted average shares outstanding - basic
74,605,474
72,572,138
74,554,552
72,415,546
Weighted average shares outstanding - diluted
80,141,678
72,572,138
74,554,552
72,415,546
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
Nine Months Ended
September 30,
2023
2022
Cash flows from operating activities:
Net loss
$
(44,608
)
$
(74,069
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
2,507
3,448
Foreign exchange gain on long-term debt
(2
)
(33
)
Bad debt expense
360
170
Change in fair value of warrants and derivatives, net
(3,143
)
(3,016
)
Loss on extinguishment of debt
8,281
-
Non-cash debt amendment fee
-
463
Inventory impairment charge
7,215
-
Gain on sale of Mimosa business
(28,631
)
-
Share-based compensation
6,044
19,399
Total adjustments
(7,369
)
20,431
Changes in operating assets and liabilities:
Decrease in accounts receivable
18,755
15,615
(Increase) decrease in inventory
(968
)
1,596
(Increase) decrease in prepaid expenses and other current assets
(1,292
)
1,571
Decrease in other non-current assets
335
555
Decrease in accounts payable
(2,188
)
(3,895
)
(Decrease) increase in deferred revenue
(250
)
651
(Decrease) increase in accrued expenses and other current liabilities
(2,453
)
7,498
Increase (decrease) in other long-term liabilities
1,499
(7,738
)
Increase in accrued interest on long-term debt
9,165
8,160
Net cash used in operating activities
(29,374
)
(29,625
)
Cash flows from investing activities:
Purchase of property, plant and equipment
(1,125
)
(2,156
)
Proceeds from sale of Mimosa business
55,188
-
Net cash provided by (used in) investing activities
54,063
(2,156
)
Cash flows from financing activities:
Borrowings from senior term loan
20,000
-
Repayment of senior term loan
(24,930
)
(3,960
)
Repayment of convertible note
(16,783
)
-
Payment of debt issuance costs
(1,916
)
-
Payment of taxes withheld on stock awards
(161
)
(73
)
Net cash used in financing activities
(23,790
)
(4,033
)
Net increase (decrease) in cash, cash equivalents and restricted cash
899
(35,814
)
Cash, cash equivalents and restricted cash, beginning of year
7,287
63,122
Cash, cash equivalents and restricted cash, end of period
$
8,186
$
27,308
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
The following tables present the reconciliation of net income (loss), the most directly comparable GAAP measure, to Adjusted EBITDA:
Three Months Ended
($ in thousands)
Sept. 30, 2023
June 30, 2023
Net income (loss)
$
9,888
$
(33,607
)
Adjusted for:
Interest expense, net
9,944
5,153
Income tax benefit, net
(57
)
(154
)
Depreciation and amortization
735
720
EBITDA
20,510
(27,888
)
Share-based compensation expense
2,107
1,998
Change in fair value of warrant liability and derivatives
(1,913
)
(588
)
Loss on extinguishment of debt
-
8,281
Gain on sale of Mimosa
(28,631
)
-
Restructuring costs
-
3,023
Adjusted EBITDA
$
(7,927
)
$
(15,174
)
Inventory impairment charge
-
7,215
Adjusted EBITDA excluding inventory impairment charge
$
(7,927
)
$
(7,959
)
Three Months Ended
September 30,
($ in thousands)
2023
2022
Net income (loss)
$
9,888
$
(23,314
)
Adjusted for:
Interest expense, net
9,944
4,296
Income tax (benefit) expense, net
(57
)
163
Depreciation and amortization
735
1,173
EBITDA
20,510
(17,682
)
Share-based compensation expense
2,107
5,863
Change in fair value of warrant liability and derivatives
(1,913
)
920
Loss on extinguishment of debt
-
-
Gain on sale of Mimosa
(28,631
)
-
Restructuring costs
-
944
Adjusted EBITDA
$
(7,927
)
$
(9,955
)
The following table presents the reconciliation of gross margin to Adjusted gross margin:
($ in thousands)
Three Months Ended
June 30,
2023
%
Revenue
$
32,123
100.0
Cost of revenue
25,390
79.0
Gross margin
6,733
21.0
Inventory provision
7,215
22.4
Adjusted gross margin
$
13,948
43.4
The following table presents the reconciliation of net loss, the most directly comparable GAAP measure, to Adjusted net loss:
Three Months Ended
($ in thousands)
June 30, 2023
Net loss
$
(33,607
)
Adjusted for:
Restructuring costs
3,023
Inventory impairment charge
7,215
Adjusted net loss
$
(23,369
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108301296/en/
Investor Relations Contact: Brett Scheiner 561-893-8660 IR@airspan.com
Media Contact: mediarelations@airspan.com
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