Aquantia Corp., (NYSE: AQ), a leader in high-speed,
Multi-Gigabit Ethernet connectivity solutions, today announced
financial results for its first quarter ended March 31, 2019.
First quarter 2019 Summary:
- Revenue for the three months ended
March 31, 2019 of $17.0 million, a decrease of 42 percent
sequentially and 40 percent year-over-year;
- Gross margin of 53 percent for the
three months ended March 31, 2019, compared to 57 percent for the
three months ended December 31, 2018;
- Operating loss of $13.2 million for the
three months ended March 31, 2019, and non-GAAP operating loss of
$10.8 million for the same period; and
- Net loss per diluted share of $0.37 for
the three months ended March 31, 2019, and non-GAAP net loss per
diluted share of $0.31 for the same period.
First Quarter 2019 Results
Total revenue for the first quarter 2019 was $17.0 million, a
decrease of 42 percent compared to $29.1 million in the prior
quarter, and a decrease of 40 percent compared to $28.4 million in
the first quarter 2018.
Gross profit for the first quarter 2019 was $9.0 million, or 53
percent of revenue, compared to $15.7 million, or 54 percent of
revenue, in the prior quarter, and $16.1 million, or 57 percent of
revenue, in the first quarter 2018. Operating expenses in the first
quarter 2019 were $22.2 million, compared to $21.1 million in the
prior quarter and $17.9 million in the first quarter 2018.
Loss from operations for the first quarter 2019 was $13.2
million, or 78 percent of revenue, compared to $5.3 million, or 18
percent of revenue, in the prior quarter, and $1.7 million, or 6
percent of revenue, in the first quarter 2018. Non-GAAP loss from
operations for the first quarter 2019 was $11.0 million, or 64
percent of revenue, compared to $3.1 million, 11 percent of revenue
in the prior quarter and $0.8 million, 3 percent of revenue in the
first quarter 2018.
First quarter 2019 net loss was $13.1 million, or a loss of
$0.37 per diluted share, compared to fourth quarter 2018 net loss
of $5.5 million, or a loss of $0.16 per diluted share, and first
quarter 2018 net loss of $1.4 million, or $0.04 per diluted
share.
Non-GAAP net loss for the first quarter 2019 was $10.8 million,
or a loss of $0.31 per diluted share. This compares to non-GAAP net
loss of $3.2 million, or a loss of $0.09 per diluted share for the
fourth quarter 2018 and non-GAAP net loss of $0.4 million, or $0.01
per diluted share for the first quarter 2018.
“We experienced weaker demand in the first quarter than we had
anticipated as we saw several customers push out purchase orders,”
said Faraj Aalaei, Chairman and CEO. “Our technical leadership
remains strong and we are encouraged by our customers’ forecast as
we see the deployment of 802.11ax in the Enterprise and our 10G PON
design wins with Asian service providers driving our revenue growth
throughout the year.”
Balance Sheet
Cash, cash equivalents and short-term investments totaled $62.4
million at March 31, 2019, compared to $67.4 million at December
31, 2018. The decrease of $5.0 million was primarily for our
operating activities.
Non-GAAP Financial Measures
In addition to GAAP reporting, the Company provides non-GAAP
financial measures on loss from operations and net loss. These
non-GAAP financial measures exclude the income statement effects of
stock-based compensation expense, amortization of acquired
intangibles resulting from business combination, change in fair
value of convertible preferred stock warrant liability and
collaboration and development expense. The Company believes that
these non-GAAP financial measures help analyze the Company’s
financial results, establish budgets and operational goals for
managing its business and to evaluate performance. The Company also
believe that the presentation of these non-GAAP financial measures
provides an additional tool for investors to use in comparing
Aquantia’s core business and results of operations over multiple
periods with other companies in the industry, many of which present
similar non-GAAP financial measures to investors. However, the
non-GAAP financial measures presented may not be comparable to
similarly titled measures reported by other companies due to
differences in the way that these measures are calculated. The
non-GAAP financial measures presented should not be considered as
the sole measure of our performance and should not be considered in
isolation from, or as a substitute for, comparable financial
measures calculated in accordance with GAAP.
About Aquantia
Aquantia is a leader in the design, development and marketing of
advanced, high-speed communications ICs for Ethernet connectivity
in the Data Center, Enterprise Infrastructure, Access and
Automotive markets. Aquantia products are designed to
cost-effectively deliver leading-edge data speeds for use in the
latest generation of communications infrastructure to alleviate
network bandwidth bottlenecks caused by the growth of global IP
traffic and in emerging and demanding applications such as
autonomous driving. Aquantia is headquartered in Silicon
Valley. For more information, visit www.aquantia.com.
(AQ-INV)
Forward-Looking Statements
Statements in the press release for the first quarter 2019
regarding the Company, which are not historical facts, constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements may be identified by terms such as “outlook,” “believe,”
“expect,” “may,” “will,” “provide,” “continue,” “could,” and
“should,” and the negative of these terms or other similar
expressions. These statements include statements relating to the
deployment of the Company’s products and design wins driving
revenue growth throughout the year. These statements are subject to
significant risks and uncertainties and actual results could differ
materially from those projected. The Company cautions investors not
to place undue reliance on the forward-looking statements contained
in this release. These risks and uncertainties include, without
limitation, risks and uncertainties related to: the Company’s
ability to achieve or sustain profitable operations due to its
history of losses and accumulated deficit; the Company’s dependence
on a limited number of customers for a substantial portion of
revenue and lack of long-term purchase commitments therefrom; the
Company’s ability to achieve design wins in competitive selection
processes; the Company’s ability to develop new or enhanced
products in a timely manner; the size and growth potential of the
markets that the Company targets and the Company’s ability to
compete therein; market demand for the Company’s products,
including by customers of its direct customers; reliance on third
parties to manufacture, assemble and test our products as well as
their ability to achieve cost and yield improvements; lengthy and
expensive qualification processes; product defects; the Company’s
ability to obtain and maintain intellectual property protection for
its technology; developments in regulation and industry standards
in the United States and other jurisdictions; and other risks
inherent to the fabless semiconductor business. For a discussion of
these and other related risks, please refer to the Company’s recent
SEC filings which are available on the SEC’s website at
www.sec.gov. These forward-looking statements are based on the
Company's expectations and assumptions as of the date of this press
release. Except as required by law, the Company undertakes no duty
or obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or
changes in the Company's expectations.
AQUANTIA CORP.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands, except per share
amounts)
(Unaudited)
Three Months Ended March 31,
2019 2018 Revenue $ 17,022 $
28,358
Cost of revenue 8,056 12,241
Gross profit 8,966 16,117
Gross Profit Margin 52.7 % 56.8 %
Operating
expenses Research and development 16,070 12,574 Sales and
marketing 2,719 2,287 General and administrative 3,422
2,997 Total operating expenses 22,211 17,858
Loss from operations (13,245 ) (1,741 ) Other income
(expense) 368 248 Loss before income tax
expenses (12,877 ) (1,493 ) Provision for (benefit from) income
taxes 190 (125 )
Net loss $ (13,067 ) $
(1,368 )
Net loss per share Basic $ (0.37 ) $ (0.04 )
Diluted $ (0.37 ) $ (0.04 )
Weighted - average shares
used in computing net income per share: Basic 35,158
33,495 Diluted 35,158 33,495
AQUANTIA CORP.
RECONCILIATION OF GAAP NET LOSS
TO NON-GAAP NET LOSS
(in thousands, except per share
amounts)
(Unaudited)
Three Months Ended March 31, 2019
2018 GAAP net loss $ (13,067 ) $ (1,368
) Stock-based compensation expense: Cost of revenue 66 25
Research and development 1,232 573 Sales and marketing 350 111
General and administrative 642 269 Total stock-based
compensation expense 2,290 978
Amortization of acquired intangibles
resulting from business combination
8 8
Non-GAAP net loss $ (10,769 ) $
(382 ) GAAP basic earnings per share $ (0.37 ) $ (0.04 )
Effect of non-GAAP adjustments on basic earnings per share
0.06 0.03 Non-GAAP basic earnings per share $ (0.31 ) $
(0.01 ) GAAP diluted earnings per share $ (0.37 ) $ (0.04 )
Effect of non-GAAP adjustments on diluted earnings per share
0.06 0.03 Non-GAAP diluted earnings per share $ (0.31 ) $
(0.01 )
Weighted - average shares used in computing net
income per share: Basic 35,158 33,495 Diluted
35,158 33,495
GAAP
loss from operations $ (13,050 ) $ (1,741 ) Stock-based
compensation expense 2,290 978
Amortization of acquired intangibles
resulting from business combination
8 8
Non-GAAP loss from operations $
(10,752 ) $ (755 )
AQUANTIA CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
March 31, December 31, 2019
2018 (unaudited) (audited)
Assets Current assets: Cash and cash equivalents $ 8,480 $
6,684 Short-term investments 53,895 60,730 Accounts receivable, net
10,350 16,927 Inventories 17,015 14,474 Prepaid expenses and other
current assets 1,801 2,018 Total
current assets 91,541 100,833 Property and equipment, net
11,211 9,225 Operating lease assets, net 5,644 - Intangible assets,
net 3,546 3,748 Other assets 616 617
Total assets $ 112,558 $ 114,423
Liabilities and shareholders' equity Current liabilities:
Accounts payable $ 6,349 $ 5,495 Accrued liabilities 15,750 13,907
Operating lease liabilities, short-term 839 -
Total current liabilities 22,938 19,402 Operating
lease liabilities, long-term 6,251 - Other long-term liabilities
413 1,799 Total liabilities
29,602 21,201 Stockholders'
equity: Common stock - - Additional paid-in capital 303,473 300,791
Accumulated comprehensive loss (4 ) (123 ) Accumulated deficit
(220,513 ) (207,446 ) Total stockholders’ equity
82,956 93,222 Total liabilities
and stockholders' equity $ 112,558 $ 114,423
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190506005276/en/
Public Relations Contact:Diane
Vanasse408-242-0027diane.vanasse@aquantia.com
Investor Relations Contact:Deborah
Stapleton650-815-1239deb@stapleton.com
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