- Pre-Business Combination Quarterly Revenue of $42.0 million, up 51% Q2 21 vs. Q2 20
- First Half Revenue of $88.0 million, increasing 59% 1H 21 vs. 1H 20
- First half 2021 growth driven by contributions from 5G, Open RAN, and Fixed Wireless Access (“FWA”) solutions
- Business combination with New Beginnings Acquisition Corp. closed August 13, 2021, after the close of Q2
BOCA RATON, Fla., Aug. 19, 2021 (GLOBE NEWSWIRE) — Airspan Networks Inc. (NYSE American: MIMO) (“Airspan”), which provides a groundbreaking next-generation 5G platform, today announced results for the quarter and six months ended June 30, 2021. On August 13, 2021, Airspan Networks Inc. became a subsidiary of Airspan Networks Holdings Inc. following closing of a previously announced business combination with New Beginnings Acquisition Corp.
2021 Second Quarter Highlights:
- Revenue of $42.0 million, up 51% from $27.8 million in Q2 2020
- Gross profit of $19.2 million, up 31% from $14.7 million in Q2 2020
- Second quarter net loss of $10.4 million, decreased from $11.1 million in Q2 2020
- Adjusted EBITDA (non-GAAP measure) $5.4M Q2 2021 loss improved 25% from $7.1M loss in Q2 2020
First Half 2021 Highlights:
- Revenue of $88.0 million, increased 59% from $55.4 million in 1H 2020
- Gross profit of $40.2 million, increased 36% from $29.4 million in 1H 2020
- First half net loss of $24.0 million, is unchanged from 1H 2020
- Adjusted EBITDA (non-GAAP measure) $10.7 million loss in the first half improved by 34% from $16.3 million loss in 1H 2020
Airspan President and CEO Eric Stonestrom said, “We are delighted to have completed our business combination on August 13. Our strong pre-combination second quarter 2021 results, when taken together with our first quarter performance, demonstrate we have excellent momentum as we continue to execute our growth strategy. We generated strong revenue from existing customers, expanded revenue from Fixed Wireless Access (FWA) and continued to diversify our customer base. We launched new 5G products filling out our solutions portfolio as we pursue the growing 5G addressable market.”
“Airspan Networks Inc.’s second quarter performance was led by strong revenue growth, with an increase of 51% in the second quarter and 59% over the first six months of the year compared with the respective 2020 periods, while gross profit was up 31% and adjusted EBITDA improved by 25% in Q2 21 vs Q2 20,” said David Brant, Airspan SVP and Chief Financial Officer.
Airspan Networks Holdings Inc.’s first earnings call will be scheduled following the close of the September 30 quarter.
Airspan Networks Holdings Inc. (NYSE American: MIMO) is a U.S.-based provider of groundbreaking, disruptive software and hardware for 5G networks, and a pioneer in end-to-end Open RAN solutions that provide interoperability with other vendors. As a result of innovative technology and significant R&D investments to build and expand 5G solutions, Airspan believes it is well-positioned with 5G indoor and outdoor, Open RAN, private networks for enterprise customers and industrial use applications, fixed wireless access (FWA), and CBRS solutions to help mobile network operators of all sizes deploy their networks of the future, today. With over one million cells shipped to 1,000 customers in more than 100 countries, Airspan has global scale. For more information, visit www.airspan.com.
On August 13, 2021, Airspan closed its business combination agreement with New Beginnings Acquisition Corp. (“NBA”), pursuant to which Airspan became a wholly-owned subsidiary of NBA. At closing, NBA was renamed “Airspan Networks Holdings Inc.” and its common stock was listed on the NYSE American under the ticker symbol “MIMO.”
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, Airspan Networks Inc.’s plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Any such forward-looking statements are based upon the current beliefs and expectations of Airspan’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond Airspan’s control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond Airspan’s control. All information set forth herein speaks only as of the date hereof in the case of information about Airspan or the date of such information in the case of information from persons other than Airspan, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Airspan’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part.
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