xG Technology Reports Third Quarter 2017 Results and Conference Call

• Gross margins were 50.2% of revenue in the third quarter 2017, compared to 49.3% of revenue in the third quarter of 2016. (Excluding one-time purchase price amortization charges, gross margins were 60.0% for the third quarter 2017, which was consistent with our current product mix. Please see further explanation in Non-GAAP Results below).
• Revenues for the three months and nine months ended September 30, 2017 were $10.2 million and $33.7 million, compared to $1.9 million and $4.5 million in the corresponding periods in 2016.
• For the three and nine months ended September 30, 2017, the Company had a net loss of $5.5 million and net income of $1.7 million, respectively. This compares to net losses of $3.1 million and $11.7 million for the three and nine months ended September 30, 2016.
• Net loss attributable to common shareholders was $5.5 million, or $(0.43) per share in the third quarter of 2017 compared to a net loss of $3.1 million, or $(1.98) per share in the third quarter of 2016. Net income attributable to common shareholders was $1.7 million, or $0.15 per share for the nine months ended September 30, 2017 compared to a net loss of $13.6 million, or $(16.91) per share for the nine months ended September 30, 2016.
• xG ended third quarter 2017 with $4.7 million in cash compared to $9.1 million at December 31, 2016 and $4.7 million at the end of the second quarter of 2017.
• Earnings before interest, taxes, depreciation and amortization ("EBITDA") was a negative $4.3 million and a positive $5.6 million for the three and nine months ended September 30, 2017.

NON-GAAP RESULTS

• Gross margins were 60.0% of revenue in the third quarter 2017, compared to 49.3% of revenue in the third quarter of 2016.
• Revenues for the three and nine months ended September 30, 2017 were $10.4 million and $35 million compared to $1.9 million and $4.5 million in the corresponding periods in 2016.
• For the three and nine months ended September 30, 2017, the Company had a net loss of $2.5 million in the third quarter and net income of $12.9 million for the nine months ended September 30, 2017. This compares to net losses of $3.1 million and $13.6 million for the three and nine months ended September 30, 2016, respectively.
• Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was a negative $1.9 million and a positive $15.2 million for the three and nine months ended September 30, 2017, respectively.

NON-GAAP FINANCIAL MEASURES

We disclose non-GAAP financial measures as we believe they provide useful information on actual operating

performance. Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies.

Non-GAAP gross margin excludes the impact of purchase price amortization on the step up of assets as a result of the bargain purchase gain and the impact of foreign exchange gains or losses.

Non-GAAP income (loss) from operations excludes the impact of purchase price amortization related to the Vislink acquisition, acquisition-related expenses and restructuring expenses. 

We use the above-noted non-GAAP financial measures for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. These non-GAAP measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance. Adjusted EBITDA is defined as net income (loss) plus purchase price amortization, acquisition-related expense, restructuring expense, depreciation and amortization, foreign exchange gains or losses and interest expense.

Adjusted EBITDA is a metric used by investors and analysts for valuation purposes and we believe that it is an important indicator of our operating performance.

Financial Results Conference Call

xG management will hold a conference call to discuss xG's Q3 2017 results on Wednesday, November 15, 2017, at 5:00 p.m. Eastern Time. To participate in the conference call, please call 1-844-825-9789 (toll free) or 1-412-317-5169 (international call-in) and ask to join the xG Technology call. The call will also be simultaneously webcast. Listeners can access the webcast live through the company's website at http://www.xgtechnology.com/about-xg-technology/investor-information/. For those who cannot participate in the call, an audio replay will be available on xG's website.

About xG Technology, Inc.

xG Technology's brands provide wireless video solutions to broadcast, law enforcement and defense markets, and private mobile broadband networks for use in challenging environments. xG's brand portfolio includes Integrated Microwave Technologies (IMT), Vislink, and xMax.

IMT has pioneered advanced digital microwave systems and is a trusted supplier to broadcast, sports and entertainment, and MAG (Military, Aerospace & Government) markets. Their products are recognized for their high level of performance, reliability, build quality, extended operating ranges and compact form factors. More information about IMT can be found at www.imt-solutions.com. Vislink specializes in the wireless capture, delivery and management of secure, high-quality, live video, and serves broadcast & media and public safety & surveillance markets. More information about Vislink can be found at http://www.vislink.com/.

xMax is a secure, rapid-deploy mobile broadband system that delivers mission-assured wireless connectivity in demanding operating environments. It was designed to serve as an expeditionary and critical communications network for use in unpredictable scenarios and during fluid situations, making it ideal for disaster response, emergency communications, and defense applications. More information about xMax can be found at http://www.xgtechnology.com/system-overview/. In addition to the above business lines, xG has a dedicated Federal Sector Group (xG Federal) focused on providing next-generation spectrum sharing solutions to national defense, scientific research and other federal organizations. Additional information about xG Federal can be found at http://www.xgtechnology.com/technology/xg-federal/.

Based in Sarasota, Florida, xG Technology has over 100 patents and pending patent applications. xG is a publicly traded company listed on the NASDAQ Capital Market (symbol: XGTI) For more information, please visit www.xgtechnology.com.

Cautionary Statement Regarding Forward Looking Statements

Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These statements include but are not limited to statements regarding the intended terms of the offering, closing of the offering and use of any proceeds from the offering. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target", "intend" and "expect" and similar expressions, as they relate to xG Technology, Inc., its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements.

FOR MORE INFORMATION

xG Technology:
Daniel Carpini
941-953-9035
daniel.carpini@xgtechnology.com

xG TECHNOLOGY, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS EXCEPT PER SHARE DATA)
		September 30, 2017 (unaudited)				December 31, 2016
ASSETS
Current assets
Cash		$	4,713			$	9,054
Accounts receivable, net			7,619				1,369
Inventories, net			19,049				2,722
Prepaid expenses and other current assets			2,077				111
Total current assets			33,458				13,256
Property and equipment, net			3,746				771
Intangible assets, net			7,566				5,872
Total assets		$	44,770			$	19,899
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	9,092			$	1,606
Accrued expenses			2,566				1,813
Accrued interest			87				269
Due to related parties			1,368				96
Deferred revenue and customer deposits			168				186
Obligation under capital leases			30				58
Derivative liabilities			1,365				1,183
Total current liabilities			14,676				5,211
Long-term obligation under capital leases, net of current portion			34				49
Convertible note payable			2,000				2,000
Total liabilities			16,710				7,260
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