PCTEL Reports Quarterly Financial Results
Friday, May 07, 2021 | Comments

PCTEL announced its results for the first quarter ended March 31.

Revenue was $17.7 million in the first quarter, 1.1% higher compared to the first quarter of 2020. Gross profit margin was 47.1% in the first quarter, up 0.2% compared to the gross profit margin in the first quarter of 2020. The gross profit percentage in the first quarter reflects a higher gross profit margin for test and measurement products, offsetting a lower gross margin percentage for antennas and industrial internet of things (IoT) devices. Generally accepted accounting principles (GAAP) net loss per diluted share was $0.04 in the first quarter, which was the same as first quarter 2020.

Non-GAAP net income per diluted share was $0 in the first quarter compared to non-GAAP net income per diluted share of $0.01 in the first quarter 2020. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as a percent of revenue of 3.8% in the first quarter, which was the same as first quarter 2020. The company had $40.6 million of cash and investments, including long-term investments, and no debt on March 31, compared to $41.0 million and no debt on December 31.

“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 PCTEL CEO David Neumann. “As we announced on May 3, 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’s product wins for industrial IoT, electric vehicle 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.”

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