PCTEL Reports Third-Quarter Financial Results
Friday, November 05, 2021 | Comments

PCTEL announced its results for the third quarter ended September 30.

Revenue was $22.4 million in the third quarter, 18.4% higher compared to the third quarter of 2020 and $700,000 higher compared to the second quarter of 2021. The company reported gross profit margin of 45.8% in the third quarter, compared to 50.6% in the third quarter of 2020 and 45.9% in the second quarter of 2021. The decline from the third quarter of 2020 was primarily due to a higher mix of antennas and industrial internet of things (IoT) devices.

Generally accepted accounting principles (GAAP) net income per diluted share was $0.04 in the third quarter compared to $0.06 in the third quarter 2020 and negative $0.01 in the second quarter of 2021.

Non-GAAP net income per diluted share was $0.08 in the third quarter compared to non-GAAP net income per diluted share of $0.08 in the third quarter of 2020 and $0.07 in the second quarter of 2021.

Adjusted earnings before interest, taxes, debt and amortization (EBITDA) as a percent of revenue was 10.4% in the third quarter compared to 12.4% in the third quarter of 2020 and 10.2% in the second quarter of 2021.

The company reported $32.5 million of cash and investments and $100,000 of debt on September 30 compared to $41.0 million and no debt on December 31.

“Despite the significant supply chain issues that impacted our revenues, we’re encouraged that our earnings were within our guidance and our revenue was modestly below guidance,” said PCTEL CEO David Neumann. “Demand for our products remains strong as evidenced by another sequential increase in orders. We continue to invest in exciting new 5G products, including the Gflex scanning receiver, new 5G/IoT antenna platforms and industrial IoT devices. The Gflex scanning receiver opens new opportunities in the government signal intelligence market, and we believe market demand for our 5G, vehicular and IIoT products will remain high through next year.”

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