PCTEL Reports Second Quarter Financial Results
PCTEL, Inc. (Nasdaq: PCTI) announced its results for the second quarter ended June 30, 2021.
- Revenue of $21.7 million in the second quarter, 9.3% higher compared to the second quarter 2020 and $4.0 million higher compared to the first quarter 2021.
- Gross profit margin of 45.9% in the second quarter, down 2.1% compared to the gross profit margin in the second quarter 2020. The gross profit percentage decline in the second quarter is primarily due to a higher mix of antennas and Industrial IoT devices.
- GAAP net income per diluted share of ($0.01) in the second quarter compared to $0.07 in the second quarter 2020.
- Non-GAAP net income and adjusted EBITDA are metrics the Company uses to measure its core earnings. A reconciliation of those non-GAAP measures to our GAAP financial statements is provided later in the press release.
- Non-GAAP net income per diluted share of $0.07 in the second quarter compared to Non-GAAP net income per diluted share of $0.11 in the second quarter 2020.
- Adjusted EBITDA as a percent of revenue of 10.2% in the second quarter compared to 14.4% in the second quarter 2020.
- $33.4 million of cash and investments and $0.1 million of debt at June 30, 2021 compared to $41.0 million and no debt at December 31, 2020.
“Our antenna business was stable and the test and measurement products continue to perform very well as we address 5G deployments and emerging public safety opportunities,” said David Neumann, PCTEL’s CEO. “We’re excited about our recent acquisition of Smarteq Wireless AB, a leading European supplier of antennas for vehicular, energy and Industrial IoT applications (“Smarteq”). Smarteq’s design wins for Industrial IoT, EV charging stations and vehicles complement our recent antenna design wins in utilities, 5G and metering. We expect market conditions and the demand for our antenna, IoT device and scanner products to improve through the year as global economies recover.”