Published on 8 Nov 2023 on GuruFocus.com via Yahoo Finance
PCTEL Inc (PCTI) Reports Decline in Q3 Revenue and Adjusted EBITDA Amid Pending Merger with Amphenol
Revenue decreased by 33.1% year-over-year to $17.4 million in Q3 2023.GAAP gross profit margin declined to 43.8%, with a GAAP net loss of $0.1 million.Adjusted EBITDA fell sharply to $0.3 million, a 92% decrease from Q3 2022.Pending merger with Amphenol Corporation expected to close between Q4 2023 and early 2024.
On November 8, 2023, PCTEL Inc (NASDAQ:PCTI) released its financial results for the third quarter ended September 30, 2023, revealing a significant downturn in revenue and profitability. The company, a leading provider of wireless technology solutions, reported a 33.1% decrease in revenue to $17.4 million compared to the same period last year. This decline was attributed to lower revenues in both the antennas and industrial IoT device segment, particularly in agriculture and public safety applications, and a decrease in Test & Measurement revenue, primarily due to reduced sales with OEM customers for 5G technology products.
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