Airgain (AIRG) AI Stock Analysis

• Market Cap: $49.58M
• Dividend Yield: N/A
• Average Volume (3M): 22.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• Revenue Growth: 6.84%
• EPS Growth: 49.74%
• Country: US
• Employees: 121
• Sector: Technology
• Sector Strength: 85
• Industry: Communication Equipment
• EPS (TTM): -0.04
• Shares Outstanding: 11,903,285
• 10 Day Avg. Volume: 18,358
• 30 Day Avg. Volume: 22,609
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 0.81
• Enterprise Value/Gross Profit: 1.92
• Enterprise Value/Ebitda: -9.80
• 1Y Price Target: $6.75
• Price Target Upside: 62.26% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 50 Neutral
• Price Target: $4.50 ▲(8.17% Upside)

Airgain's overall stock score reflects significant financial challenges, including declining revenues and negative profit margins, which are the most impactful factors. While the earnings call provided some optimism with strong revenue growth and cost management, the technical analysis and valuation suggest caution. The corporate event of increasing stock incentives adds a minor positive aspect to the overall assessment.

Positive Factors

Revenue Growth

Sequential revenue growth indicates strong demand for Airgain's products, particularly in the enterprise market, suggesting a positive trend in market penetration and product adoption.

Gross Margin Improvement

Improved gross margins reflect better cost management and pricing strategies, enhancing profitability and providing a stronger financial foundation for future growth.

Strategic Partnerships

Certification opens access to FirstNet's public safety network, enabling large-scale deployments and strengthening Airgain's position in mission-critical environments.

Negative Factors

Declining Automotive Revenue

The decline in automotive revenue highlights challenges in this segment, potentially impacting overall growth and necessitating strategic adjustments to address market softness.

Certification Delays

Delays in certification processes can hinder product rollout and market entry, affecting revenue timelines and competitive positioning in key markets.

Negative Profit Margins

Negative profit margins indicate ongoing operational challenges, limiting profitability and necessitating strategic improvements to enhance financial performance.

Airgain Business Overview & Revenue Model

Company Description

Airgain, Inc. designs, develops, and engineers antenna products for original equipment and design manufacturers, vertical markets, chipset vendors, service providers, value-added resellers and software developers worldwide. The company's products include MaxBeam embedded antennas; profile embedded antennas; profile contour embedded antennas; ultra-embedded antennas; SmartMax embedded antennas; and MaxBeam carrier class antennas, as well as automotive, fleet, public safety, and machine-to-machine antennas under the Antenna Plus brand. It provides embedded antenna technologies to enable high performance wireless networking in a range of devices and markets, including consumer, enterprise, and automotive. The company was formerly known as AM Group and changed its name to Airgain, Inc. in 2004. Airgain, Inc. was incorporated in 1995 and is headquartered in San Diego, California.

How the Company Makes Money

Airgain generates revenue through the sale of its antenna products and connectivity solutions, which are primarily sold to original equipment manufacturers (OEMs) and system integrators in the automotive, IoT, and telecommunications markets. The company's revenue model is based on both direct sales and long-term contracts, which provide a steady stream of income. Key revenue streams include the sale of hardware products, such as antennas and related accessories, as well as licensing agreements for its proprietary technologies. Airgain has established significant partnerships with major players in the automotive and telecommunications industries, which contribute to its earnings by securing large-scale contracts and broadening its market reach. Additionally, the company may benefit from recurring revenue through support services and potential future upgrades for its products.

Airgain Financial Statement Overview

Summary

Airgain faces significant financial hurdles, with declining revenue, negative profitability margins, and cash flow challenges. The balance sheet provides some stability with a strong equity ratio and manageable debt levels. However, ongoing losses and negative cash flows pose risks to financial sustainability.

Income Statement

Airgain's income statement reveals a challenging landscape with declining revenue and ongoing losses. The TTM data shows a gross profit margin of 41.77% and a net profit margin of -13.32%, indicating profitability issues. Revenue has decreased from $60.60 million to $58.38 million, a drop of 3.97%, while EBIT and EBITDA margins are negative, at -16.09% and -10.00%, respectively, reflecting operational challenges.

Balance Sheet

The balance sheet presents a mixed picture. The equity ratio stands at 65.74%, indicating solid equity backing. However, the debt-to-equity ratio is 0.15, suggesting some leverage, though not excessive. Return on equity is negative at -25.66%, reflecting current profitability struggles. The company's liquidity position shows resilience with cash exceeding debt, but overall financial health is hindered by ongoing losses.

Cash Flow

Airgain's cash flow statement highlights negative operating and free cash flows, indicating cash management issues. The operating cash flow to net income ratio is 0.44, and the free cash flow growth rate is -2.99%, showing a decline in cash generation. The free cash flow to net income ratio is 0.46, reflecting challenges in translating revenue into positive cash flow.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	56.82M	60.60M	56.04M	75.89M	64.27M	48.50M
Gross Profit	24.08M	24.80M	20.76M	27.97M	24.61M	22.59M
EBITDA	-4.71M	-5.22M	-8.77M	-4.88M	-6.53M	-2.09M
Net Income	-6.74M	-8.69M	-12.43M	-8.66M	-10.09M	-3.28M
Balance Sheet
Total Assets	45.52M	48.44M	42.23M	54.40M	66.39M	54.93M
Cash, Cash Equivalents and Short-Term Investments	7.68M	8.51M	7.88M	11.90M	14.51M	38.17M
Total Debt	4.36M	3.90M	1.54M	2.44M	3.06M	310.00K
Total Liabilities	15.73M	17.47M	10.82M	14.57M	22.22M	7.18M
Stockholders Equity	29.79M	30.97M	31.41M	39.83M	44.17M	47.74M
Cash Flow
Free Cash Flow	-2.19M	-3.71M	-3.65M	3.68M	-11.91M	2.98M
Operating Cash Flow	-2.10M	-3.53M	-3.30M	4.45M	-11.17M	3.70M
Investing Cash Flow	-86.00K	-178.00K	-346.00K	-750.00K	-14.92M	20.89M
Financing Cash Flow	1.41M	4.30M	-458.00K	-6.30M	2.43M	561.00K

Airgain Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRG, the sentiment is Negative. The current price of 4.16 is below the 20-day moving average (MA) of 4.34, below the 50-day MA of 4.44, and below the 200-day MA of 5.30, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 41.73 is Neutral, neither overbought nor oversold. The STOCH value of 38.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AIRG.

Airgain Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$36.58B	11.16	-10.43%	1.86%	8.71%	-7.09%
OCC	61 Neutral	$51.67M	―	-14.60%	―	5.77%	29.54%
AMPG	61 Neutral	$78.39M	―	-30.53%	―	58.04%	21.09%
AIRG	50 Neutral	$49.58M	―	-21.97%	―	6.84%	49.74%
CMTL	44 Neutral	$65.26M	―	-43.88%	―	-12.02%	-615.33%
SYTA	41 Neutral	$29.85M	―	-191.90%	―	49.13%	99.60%
FKWL	―	$48.20M	―	-4.62%	―	―	―

Airgain Corporate Events

Airgain Increases Stock Incentive Plan Shares

On July 15, 2025, Airgain, Inc.’s board of directors approved an amendment to increase the shares of the company’s common stock reserved for issuance under the 2021 Employment Inducement Incentive Award Plan from 700,000 to 1,100,000 shares. This decision reflects the company’s strategic move to enhance its stock-based incentive offerings, potentially impacting its market positioning and stakeholder interests.

Airgain Approves Key Proposals at Annual Meeting

Airgain, Inc. held its 2024 Annual Meeting of Stockholders on June 11, 2025, where three key proposals were considered. The election of Class III directors for a term expiring in 2028 was approved, with Kiva A. Allgood, Thomas A. Munro, and Jacob Suen elected as directors. The appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified. Additionally, the compensation of the Company’s named executive officers was approved on a non-binding, advisory basis.