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Airgain Inc (AIRG)
NASDAQ:AIRG
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Airgain
(NASDAQ:AIRG)
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Rating:51Neutral
Price Target:
$4.00
▼(-5.21% Downside)
Airgain's overall stock score is primarily influenced by its financial challenges, including declining revenue and ongoing losses. Technical indicators suggest a bearish trend, while valuation metrics reflect a lack of earnings. Despite these challenges, the earnings call provided some optimism with strategic progress and growth potential, slightly boosting the overall score.
Positive Factors
Sequential Revenue Growth
Consistent sequential revenue growth indicates a strengthening market position and effective sales strategies, supporting long-term business stability.
Strong Gross Margins
Improving gross margins reflect operational efficiency and pricing power, which can enhance profitability and sustain competitive advantage.
Key Certification Milestones
Securing major certifications enables product deployment and market expansion, potentially boosting revenue and solidifying market presence.
Negative Factors
Declining Revenue
Declining revenue indicates challenges in market demand or competitive pressures, which can impact long-term growth and financial health.
Negative Cash Flow
Negative cash flow highlights liquidity challenges and may limit the company's ability to invest in growth opportunities or manage debt.
Predicted Q4 Revenue Decline
Projected revenue decline in Q4 suggests ongoing market challenges, potentially affecting future earnings and strategic initiatives.
Airgain (AIRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.46M
Dividend YieldN/A
Average Volume (3M)36.67K
Price to Earnings (P/E)―
Beta (1Y)1.24
Revenue Growth-1.53%
EPS Growth55.08%
CountryUS
Employees121
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.01
Shares Outstanding11,958,193
10 Day Avg. Volume38,633
30 Day Avg. Volume36,673
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)2.52
Price to Sales (P/S)1.29
P/FCF Ratio-21.06
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue0.87
Enterprise Value/Gross Profit2.04
Enterprise Value/Ebitda-10.33
Forecast
1Y Price Target
$6.25Price Target Upside48.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Airgain Business Overview & Revenue Model
Company DescriptionAirgain, 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 MoneyAirgain generates revenue through the sale of its antenna products and wireless communication solutions, which are primarily sold to original equipment manufacturers (OEMs) and service providers in various sectors, including automotive, IoT, and broadband. The company's key revenue streams include direct product sales, licensing agreements, and royalties from its proprietary technology. Airgain has established significant partnerships with major technology and automotive companies, which contribute to its earnings by providing access to larger markets and facilitating the integration of its products into various devices. Additionally, the growing demand for IoT applications and the expansion of connected vehicles further bolster Airgain's revenue potential.
Airgain Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 19, 2026
Earnings Call Sentiment Positive
The earnings call highlighted several positive achievements such as sequential revenue growth, strong gross margins, and key certification milestones that position Airgain for future growth. However, it also acknowledged challenges in specific areas like asset tracker sales and predicted a revenue decline in Q4. Overall, the sentiment of the call leans towards optimism due to the strategic progress and platform growth potential.Q3-2025 Updates
Positive Updates
Sequential Revenue Growth
Achieved third consecutive quarter of sequential revenue growth with Q3 revenue at $14 million, up 3% sequentially from Q2.
Strong Gross Margins
Non-GAAP gross margin increased to 44.4% in Q3, up from 43.8% in Q2 and up 160 basis points year-over-year.
Positive Adjusted EBITDA
Generated positive adjusted EBITDA of $300,000 in Q3, compared to a loss of $400,000 in Q2.
Key Certification Milestones
Achieved T-Mobile key priority certification for AirgainConnect and FCC certification for Lighthouse, enabling commercial deployment in the U.S.
WiFi 7 Transition Success
Consumer revenue expected to grow at a double-digit rate for the second consecutive year, driven by WiFi 7 transition among Tier 1 cable operators.
Embedded Modems Growth
Embedded modems product line recorded a third consecutive quarter of sequential sales growth, driven by utility infrastructure monitoring demand.
Negative Updates
Challenges in Asset Tracker Sales
Asset tracker sales have moderated, reflecting a lack of traction on customer projects.
Enterprise Custom Products Overhang
Aftermarket antenna and enterprise custom products remain weighed down by channel inventory overhang, partly driven by government agency project deployment delays.
Automotive Revenue Decline
Automotive revenue was $500,000, down $300,000 sequentially, driven by lower aftermarket antenna sales.
Predicted Q4 Revenue Decline
Expect revenue in Q4 to decline to a range of $12 million to $14 million, with a midpoint of $13 million, representing a sequential decline of approximately 7%.
Company Guidance
During Airgain's Third Quarter 2025 Conference Call, guidance was provided indicating a focus on sustainable growth into 2026. The company reported third consecutive quarter of sequential revenue growth, achieving $14 million in Q3, which was a 3% increase from Q2 and met expectations. Consumer revenue saw an increase of $1 million sequentially, reaching $6.7 million, driven by WiFi 7 antenna shipments, while enterprise revenue slightly declined to $6.9 million. The embedded modems segment continued its growth trajectory, particularly in utility infrastructure monitoring. Gross margins improved to 44.4%, up from 43.8% in Q2. Looking ahead, Airgain expects Q4 revenue between $12 million and $14 million, with gross margins projected in the 42.5% to 45.5% range. The company also highlighted key certification milestones for its growth platforms, AirgainConnect and Lighthouse, anticipating these to drive significant revenue in 2026. AirgainConnect recently received T-Mobile certification, and Lighthouse secured FCC certification, with trials ongoing with major carriers. The company remains focused on maintaining financial discipline, with non-GAAP operating expenses expected to be approximately $5.8 million in Q4, supporting a positive adjusted EBITDA outcome.Airgain Financial Statement Overview
Summary
Airgain faces significant financial challenges, with declining revenue, ongoing losses, and cash flow issues. While the company maintains a manageable debt level, profitability and cash flow generation are areas of concern. The company needs to focus on improving operational efficiency and revenue growth to enhance financial stability.Income Statement
Airgain's income statement reveals challenges with profitability and growth. The TTM data shows a negative net profit margin of -11.86%, indicating ongoing losses. Revenue has declined by 3.67% compared to the previous period, suggesting a contraction in sales. The gross profit margin of 42.37% is relatively healthy, but the negative EBIT and EBITDA margins highlight operational inefficiencies. Overall, the company faces significant profitability challenges.45
Neutral
Balance Sheet
The balance sheet shows a moderate debt-to-equity ratio of 0.15, indicating manageable leverage. However, the return on equity is negative at -22.12%, reflecting poor returns for shareholders. The equity ratio stands at 65.29%, suggesting a solid equity base relative to total assets. While leverage is under control, the negative ROE is a concern for investor returns.55
Neutral
Cash Flow
Cash flow analysis indicates negative operating cash flow and free cash flow, with a significant decline in free cash flow growth at -36.03%. The operating cash flow to net income ratio is negative, showing cash flow challenges. However, the free cash flow to net income ratio is slightly positive at 1.04, suggesting some ability to cover net losses with free cash flow. Overall, cash flow management needs improvement.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 54.74M | 60.60M | 56.04M | 75.89M | 64.27M | 48.50M |
| Gross Profit | 23.47M | 24.80M | 20.76M | 27.97M | 24.61M | 22.59M |
| EBITDA | -4.63M | -5.35M | -8.77M | -4.88M | -6.53M | -2.09M |
| Net Income | -5.95M | -8.69M | -12.43M | -8.66M | -10.09M | -3.28M |
Balance Sheet | ||||||
| Total Assets | 45.54M | 48.44M | 44.57M | 57.55M | 70.16M | 54.93M |
| Cash, Cash Equivalents and Short-Term Investments | 7.15M | 8.51M | 7.92M | 11.98M | 14.55M | 38.17M |
| Total Debt | 4.55M | 3.90M | 1.54M | 2.44M | 3.06M | 310.00K |
| Total Liabilities | 15.81M | 17.47M | 13.15M | 17.73M | 25.99M | 7.18M |
| Stockholders Equity | 29.73M | 30.97M | 31.41M | 39.83M | 44.17M | 47.74M |
Cash Flow | ||||||
| Free Cash Flow | -1.62M | -3.71M | -3.65M | 3.68M | -11.91M | 2.98M |
| Operating Cash Flow | -1.33M | -3.53M | -3.30M | 4.45M | -11.17M | 3.70M |
| Investing Cash Flow | -289.00K | -178.00K | -346.00K | -750.00K | -14.92M | 20.89M |
| Financing Cash Flow | 1.39M | 4.30M | -458.00K | -6.30M | 2.43M | 561.00K |
Airgain Technical Analysis
Neutral
4.22
Price Trends
4.10
Positive
4.11
Positive
4.17
Positive
Market Momentum
0.09
Negative
50.94
Neutral
47.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRG, the sentiment is Neutral. The current price of 4.22 is above the 20-day moving average (MA) of 4.20, above the 50-day MA of 4.10, and above the 200-day MA of 4.17, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 50.94 is Neutral, neither overbought nor oversold. The STOCH value of 47.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AIRG.
Airgain Risk Analysis
Airgain disclosed 47 risk factors in its most recent earnings report. Airgain reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Airgain Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $76.55M | -5.95 | -27.13% | ― | 93.47% | 37.19% | |
52 Neutral | $164.74M | -2.40 | -7.88% | ― | -1.89% | 76.61% | |
51 Neutral | $50.46M | -8.22 | -19.65% | ― | -1.53% | 55.08% | |
48 Neutral | $43.73M | -25.99 | -6.86% | ― | 9.55% | 65.17% |
* Technology Sector Average
AIRG
Airgain
4.22
-2.40
-36.25%
CMTL
Comtech Telecommunications
5.56
3.68
195.74%
OCC
Optical Cable
4.93
-0.29
-5.56%
AMPG
AmpliTech Group
3.04
1.22
67.03%
FKWL
Franklin Wireless
4.11
-0.42
-9.27%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.