PCTEL Reports First Quarter Financial Results
PCTEL, Inc. (Nasdaq: PCTI) announced its results for the first quarter ended March 31, 2022.
- Revenue of $22.5 million in the first quarter, 27.3% higher compared to the first quarter 2021.
- Gross profit margin of 41.4% in the first quarter compared to 47.1% in the first quarter 2021.
- The decline from the first quarter of 2021 is primarily due to a higher mix of antennas and Industrial IoT devices.
- GAAP net loss per diluted share of $0.09 in the first quarter compared to net loss of $0.04 in the first quarter 2021. Restructuring expenses related to the manufacturing transition in China were $0.05 per share in the first quarter 2022.
- Non-GAAP net income and adjusted EBITDA are metrics the Company uses to measure its core earnings.
- Non-GAAP net income per diluted share of $0.02 in the first quarter compared to Non-GAAP net income per diluted share of $0.01 in the first quarter 2021.
- Adjusted EBITDA as a percent of revenue of 4.9% in the first quarter compared to 4.8% in the first quarter 2021.
- $27.7 million of cash and investments and $0.1 million of debt at March 31, 2022 compared to $30.8 million and $0.1 million of debt at December 31, 2021. Payments for restructuring expenses were $1.4 million in the first quarter 2022.
“We are pleased with our results in Q1 with 27% year-over-year growth in revenue, an increase in non-GAAP earnings per share, and a strong backlog. Our high quality and high-performance wireless products are necessary for critical applications that demand reliable connectivity,” said David Neumann, PCTEL’s CEO. “PCTEL has one of the broadest antenna and test and measurement portfolios to serve public safety, wireless carriers, rail, utility, agriculture and government customers. Our products combined with our engineering focus, strong distribution channels, and excellent customer service drive long term growth for all stakeholders.”