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Digi International, a global IoT connectivity provider, won a patent infringement case against NimbeLink , a subsidiary of Airgain Inc. The U.S. District Court invalidated all patent claims against Digi related to NimbeLink's Skywire cellular modems. This ruling follows a previous dismissal of NimbeLink's contract claims. Digi's President, Ron Konezny, expressed satisfaction with the Court's decision.
Digi International reported second fiscal quarter 2024 results with revenue of $108 million, 3% decrease from the previous year. Net income was $4 million, down from $6 million. Gross profit margin increased to 57.9%. Cash flow from operations was $13 million. Annualized Recurring Revenue (ARR) reached $110 million, up 11%. Operating income and adjusted EBITDA remained flat year over year. IoT Product & Services segment revenue decreased by $2.5 million, while IoT Solutions segment revenue decreased by $0.9 million. The company reiterated its commitment to doubling ARR and Adjusted EBITDA to $200 million in the next five years. However, the third fiscal quarter 2024 revenue is estimated to be $103 million to $107 million with a projected 5% ARR growth for the fiscal year. Adjusted EBITDA is expected to be between $24.0 million and $25.5 million.
