Airgain announced the resignation of Chuck Myers, chief executive officer, after leading the antenna company for more than seven years.
Airgain posted revenue of $13.3 million with gross margin of 47 percent and $1.1 million net loss in the first quarter of 2018.
Airgain said it chairman James K Sims will assume the role of interim CEO as the technology company searches for a new permanent CEO.
Airgain said its Q1 sales totaled $13.3 million compared to $11.3 million in the same year-ago period. Gross profit grew 17 percent to $6.2 million from $5.3 million in Q1 of last year. Gross margin as a percentage of sales was 47 percent in the first quarter of 2018, consistent with the same year-ago period.
Total operating expenses for the first quarter of 2018 grew 51 percent to $7.4 million from $4.9 million in Q1 of last year. The increase was due to increased expenses to support the company’s sales, marketing, and R&D initiatives.
Airgain chief financial officer Anil Doradla said: “These results set a baseline to continue executing on our initiatives to achieve our sales target of 20 percent growth for fiscal 2018.”