Airspan Networks Inc. Announces Strong Second Quarter 2021 Revenue Growth and 5G Business Update

Source: Airspan Networks Inc

Airspan Networks Inc. (NYSE American: MIMO) (“Airspan”), which provides a groundbreaking next-generation 5G platform, today announced results for the quarter and six months ended June 30, 2021. On August 13, 2021, Airspan Networks Inc. became a subsidiary of Airspan Networks Holdings Inc. following closing of a previously announced business combination with New Beginnings Acquisition Corp.

2021 Second Quarter Highlights:

  • Revenue of $42.0 million, up 51% from $27.8 million in Q2 2020
  • Gross profit of $19.2 million, up 31% from $14.7 million in Q2 2020
  • Second quarter net loss of $10.4 million, decreased from $11.1 million in Q2 2020
  • Adjusted EBITDA (non-GAAP measure) $5.4M Q2 2021 loss improved 25% from $7.1M loss in Q2 2020

First Half 2021 Highlights:

  • Revenue of $88.0 million, increased 59% from $55.4 million in 1H 2020
  • Gross profit of $40.2 million, increased 36% from $29.4 million in 1H 2020
  • First half net loss of $24.0 million, is unchanged from 1H 2020
  • Adjusted EBITDA (non-GAAP measure) $10.7 million loss in the first half improved by 34% from $16.3 million loss in 1H 2020

Airspan President and CEO Eric Stonestrom said, “We are delighted to have completed our business combination on August 13. Our strong pre-combination second quarter 2021 results, when taken together with our first quarter performance, demonstrate we have excellent momentum as we continue to execute our growth strategy. We generated strong revenue from existing customers, expanded revenue from Fixed Wireless Access (FWA) and continued to diversify our customer base. We launched new 5G products filling out our solutions portfolio as we pursue the growing 5G addressable market.”