Airgain Inc (AIRG)
NASDAQ:AIRG
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Airgain
(NASDAQ:AIRG)
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Rating:55Neutral
Price Target:
$5.50
▲(1.10% Upside)
Action:ReiteratedDate:03/24/26
The score is held back primarily by weak financial performance (losses, declining revenue, and recent free-cash-flow burn). Technicals are comparatively supportive with the stock above key moving averages, while valuation remains challenged due to negative earnings. Earnings call signals constructive strategic progress and margin improvement, but near-term guidance and timing/inventory risks limit confidence in an imminent financial inflection.
Positive Factors
Tier-1 Design Wins
A multiyear embedded design win with a Tier‑1 MNO implies multi‑year production volumes and recurring OEM orders once ramped. This strengthens revenue visibility, validates technology for large operators, and boosts credibility for additional carrier and OEM engagements over the next 2–3 years.
Negative Factors
Declining and Volatile Revenue
A meaningful YoY revenue decline and prior volatility signal that demand is uneven across end markets and that product design‑wins have not yet produced steady production volumes. This weakens operating leverage, makes reinvestment harder, and raises execution risk while platform ramp timing remains uncertain.
Read all positive and negative factors
Positive Factors
Negative Factors
Tier-1 Design Wins
A multiyear embedded design win with a Tier‑1 MNO implies multi‑year production volumes and recurring OEM orders once ramped. This strengthens revenue visibility, validates technology for large operators, and boosts credibility for additional carrier and OEM engagements over the next 2–3 years.
Read all positive factors
Airgain (AIRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$66.50M
Dividend YieldN/A
Average Volume (3M)36.67K
Price to Earnings (P/E)―
Beta (1Y)1.03
Revenue Growth-1.53%
EPS Growth55.08%
CountryUS
Employees121
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.03
Shares Outstanding12,223,892
10 Day Avg. Volume38,633
30 Day Avg. Volume36,673
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.70
Price to Sales (P/S)0.93
P/FCF Ratio-37.58
Enterprise Value/Market Cap1.02
Enterprise Value/Revenue1.31
Enterprise Value/Gross Profit3.00
Enterprise Value/Ebitda-13.34
Forecast
1Y Price Target
$6.13Price Target Upside12.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.08
Revenue Forecast (FY)$60.50M
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 ...
How the Company Makes Money
Airgain primarily makes money by selling wireless connectivity hardware—most notably antennas (including embedded and external antenna solutions) and related RF products—into device and equipment manufacturers’ product designs. Revenue is generate...
Airgain Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call presents a mixed but constructive picture: clear strategic progress (design wins, platform validations, pipeline expansion, HPUE acquisition, and margin improvement) balanced against significant near‑term revenue declines, negative adjusted EBITDA, channel inventory issues in Enterprise and Automotive, and timing risks tied to long sales cycles. Management emphasized disciplined cost reductions and expects platform contributions in H2 2026 and beyond, but near‑term results remain pressured by timing and inventory dynamics.Positive Updates
Consumer Revenue Growth and Strength
Full-year Consumer revenue of $26.1M, up 20% year-over-year; Q4 Consumer revenue $7.3M (highest quarterly consumer revenue since Q3 2022) driven by increased Wi‑Fi 7 antenna shipments to cable operators and MNO engagements.
Negative Updates
Revenue Decline Year‑Over‑Year
Full‑year 2025 sales of $51.8M, down $8.8M or 15% year‑over‑year. The decline was broad‑based with Enterprise and Automotive facing significant reductions.
Read all updates
Q4-2025 Updates
Positive
Negative
Consumer Revenue Growth and Strength
Full-year Consumer revenue of $26.1M, up 20% year-over-year; Q4 Consumer revenue $7.3M (highest quarterly consumer revenue since Q3 2022) driven by increased Wi‑Fi 7 antenna shipments to cable operators and MNO engagements.
Read all positive updates
Company Guidance
Management guided Q1 FY2026 revenue of $10.5–$12.5M (midpoint $11.5M, ~5% sequential decline), non‑GAAP gross margin 43.5%–46.5% (midpoint 45%), operating expenses ~ $6.0M, non‑GAAP EPS of -$0.07 and adjusted EBITDA of -$0.7M at the midpoints. For context, Q4 revenue was $12.1M (Consumer $7.3M, Enterprise $4.3M, Automotive $0.5M) with Q4 non‑GAAP gross margin 46.3%, OpEx $5.9M, adjusted EBITDA -$0.2M and non‑GAAP EPS -$0.03; full‑year 2025 sales were $51.8M (Consumer $26.1M, +20% YoY; Enterprise $22.6M, -23% YoY; Automotive $3.1M), full‑year non‑GAAP gross margin 44.6%, OpEx $25.1M, adjusted EBITDA -$1.5M and cash $7.4M. Management said Lighthouse trials are not expected to contribute to FY2026 revenue (more likely 2027), expects AirgainConnect/Lighthouse to help expand margins in H2 2026 and beyond, and highlighted the HPUE acquisition (roughly $2M last year, ~ $0.5M quarterly run‑rate) and a pipeline of ~100 active opportunities (≈40 Tier 1/2, >25% of Tier 1/2 in trial/negotiation) as drivers of future revenue.Airgain Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
66
Positive
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 51.78M | 60.60M | 56.04M | 75.89M | 64.27M |
| Gross Profit | 22.55M | 24.80M | 20.76M | 27.97M | 24.61M |
| EBITDA | -2.65M | -5.35M | -8.77M | -4.88M | -6.53M |
| Net Income | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M |
Balance Sheet | |||||
| Total Assets | 45.34M | 48.44M | 44.57M | 57.55M | 70.16M |
| Cash, Cash Equivalents and Short-Term Investments | 7.36M | 8.51M | 7.92M | 11.98M | 14.55M |
| Total Debt | 8.58M | 3.90M | 1.54M | 2.44M | 3.06M |
| Total Liabilities | 17.05M | 17.47M | 13.15M | 17.73M | 25.99M |
| Stockholders Equity | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M |
Cash Flow | |||||
| Free Cash Flow | -1.28M | -3.71M | -3.65M | 3.68M | -11.91M |
| Operating Cash Flow | -1.11M | -3.53M | -3.30M | 4.45M | -11.17M |
| Investing Cash Flow | -389.00K | -178.00K | -346.00K | -750.00K | -14.92M |
| Financing Cash Flow | 350.00K | 4.30M | -458.00K | -6.30M | 2.43M |
Airgain Technical Analysis
Positive
5.44
Price Trends
4.70
Positive
4.36
Positive
4.33
Positive
Market Momentum
0.27
Negative
64.96
Neutral
74.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRG, the sentiment is Positive. The current price of 5.44 is above the 20-day moving average (MA) of 4.66, above the 50-day MA of 4.70, and above the 200-day MA of 4.33, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 64.96 is Neutral, neither overbought nor oversold. The STOCH value of 74.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AIRG.
Airgain Risk Analysis
Airgain disclosed 50 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% | |
58 Neutral | $80.46M | -27.50 | -3.58% | ― | 9.55% | 65.17% | |
55 Neutral | $66.50M | -7.48 | -21.76% | ― | -1.53% | 55.08% | |
48 Neutral | $105.36M | -3.04 | 4.39% | ― | -1.89% | 76.61% | |
48 Neutral | $48.89M | -8.96 | -19.98% | ― | 93.47% | 37.19% |
* Technology Sector Average
AIRG
Airgain
5.44
1.94
55.43%
CMTL
Comtech Telecommunications
3.55
2.25
173.08%
OCC
Optical Cable
9.11
6.51
250.38%
AMPG
AmpliTech Group
1.93
0.63
48.46%
FKWL
Franklin Wireless
3.82
-1.10
-22.36%
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.