Good afternoon. Welcome to Airgain's Second Quarter 2023 earnings conference call. My name is Latanya, and I'll be your coordinator for today's call. Joining us today's call are Airgain's President and CEO, Jacob Suen; and CFO, Michael Elbaz. As a reminder, this conference being recorded and made available for replay via a link found in the Investor Relations section of Airgain's website at www.airgain.com. [Operator Instructions]. I caution listeners that during this call Airgain management will be making forward-looking statements about future events and Airgain's business strategy and future financial and operating performance. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the company's business. These forward-looking statements are qualified by the cautionary statements contained in today's earnings release and Airgain's SEC filings. This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast, August 10, 2023. Airgain undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call. In addition, this conference call may include a discussion of non-GAAP financial measures. Please see today's earnings release for future details, including a reconciliation of the GAAP to non-GAAP results. Now I'd like to turn the call over to our CEO, Jacob Suen. Jacob?

Thank you, operator. Welcome, everyone, and thank you for joining us. For today's call, I'll first cover our operational highlights and achievements for Q2. Then I'll hand it over to Michael to walk you through our financial performance for the second quarter. Afterwards, I will provide an update on our strategic product and marketing initiatives for 2023 and beyond, before opening the call up for questions. I would like to start by briefly introducing who we are and what we do for those of you who may be new to Airgain in our industry. At Airgain, we simplified wireless connectivity for the enterprise, automotive and consumer markets. Our technology spends across the value chain from embedded components to integrated systems of our products for under three sub-brands including Airgain embedded, which represents our embedded antennas, embedded modems and IoT development kits. Airgain Antenna Plus, which represents our fleet, IoT and networks antennas, and Airgain Integrated, which represents our growing stable of finished products including cellular-based asset trackers, vehicle networking devices and 5G connectivity products. As we evolve from being exclusively a components company to a systems company. We are creating unique solutions, designed to improve and build up on the 5G customer experience. Earlier this year, reintroducing our 5G fixed wireless access or FWA in 5G C-bands Smart Repeater solutions and are making significant progress toward the commercialization of these innovative products. Our goal is to begin shipping some of these products to partners and end customers in the first half of 2024. From a go-to-market perspective, we work with a global network of VSaaS system integrators, distributors and large customers to help solve critical connectivity issues, improved wireless performance and effectively shorten time to market for their products. With Airgain’s growing portfolio of products, we are able to offer…

Thank you, Jacob. Before diving into the numbers, please note that my review of our financial results and guidance refers to non-GAAP figures. Information about the non-GAAP financial measures including GAAP to non-GAAP reconciliations are found in our earnings release. Now, let's turn to this quarter's results. As Jacob mentioned, Q2 sales were $15.8 million at the low end of our guidance range of $15.7 million to $17.3 million. Our sales declined 4% sequentially and 18% year-over-year, primarily due to inventory corrections with our channel and direct customers. Consumer sales were $6.2 million, reflecting a sequential increase of $1.1 million on a strong uptick of Wi-Fi 6E embedded antenna shipments. Enterprise sales were $7.3 million, which decreased sequentially by $1.1 million. The decline was driven by lower embedded modem sales due to channel inventory corrections, partially offset by higher asset tracker sales on new customer wins. Automotive sales were $2.3 million, reflecting a sequential decrease of $0.6 million, primarily due to direct customer inventory corrections. Q2 gross margin was 40.4% at the high end of our guidance range of 37.5% to 40.5%. Q2 gross margin was 130 basis points higher sequentially, driven by favorable consumer revenue mix along with lower indirect cost of sales, resulting from operational efficiencies. We are in the process of increasing the number of contract manufacturers from six to 10 in order to ensure adequate second-source supply of our products and to reduce product cost. As mentioned in prior earnings calls, leveraging our CM model is a primary driver of our gross margin improvement initiative. We completed the first phase of this leverage with our automotive antennas, which we expect will positively impact our gross margin by 100 basis points in Q4. Q2 operating expenses totaled $6.5 million, in line with our guidance of approximately $6.4…

Thanks Michael. While Q1 saw several exciting product announcements. Q2 was the quarter of executing on those growth initiatives. We have made significant progress, since discussing the impact of these new technology initiatives on the market and our business trajectory at our Analyst and Investor Day in March. We believe that these initiatives will carry our growth into 2024 and beyond. While 5G delivers on its promises of lower latency, increased capacity and higher throughput it comes at the expense of a shorter signaled range from the base station. Consequently, this creates coverage gaps for 5G customers. We believe Airgain is well positioned to solve these major coverage efficiencies, economically benefiting both the MNOs and the end customers. Improving 5G connectivity and customer experience, begins in the home or office with Fixed Wireless Access. These devices allow wireless technology to compete with cable and wire solutions, for the broadband connection. In January of 2023, we announced our reference design for an outdoor directional FWA device with an easy installation hardware kit and its unique software tool that helps to solve the trade-off between performance and ease of installation. We are excited to announce that we have moved this product from workers design stage into production under the long-term FWA brand and have shipped samples to major customers for trial, testing and evaluation. This product not only appeals to the MNOs, but is also receiving strong interest from our system integrated partners, for enterprise applications such as Broadband failover and remote access. Early market feedback has been positive. And we expect to begin generating revenue from this product in the first half of 2024. With the reduced transmission range of 5G signals, the cost of ownership for network operators increases significantly due to the infrastructure and equipment required to expand high…

Thank you for joining us on today's call. We look forward to updating you on our next call. Operator?

Thank you. If your questions were not taken you may contact Airgain's Investor Relations team at airg@gateway-grp.com. Thank you for joining us on today's call. We look forward to updating you on our next call. Thank you.