Airgain Inc (AIRG)
NASDAQ:AIRG
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Airgain
(NASDAQ:AIRG)
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Rating:52Neutral
Price Target:
$7.00
▲(7.20% Upside)
Action:Reiterated
Date:06/12/26
The score is held back primarily by weak financial performance (ongoing losses and negative free cash flow with flat revenue). Offsetting this are a relatively solid balance sheet (low leverage) and an earnings-call outlook pointing to near-term sequential improvement and a potential move toward breakeven/positive profitability, while technicals and valuation remain mixed.
Positive Factors
Conservative Balance Sheet
Low leverage and modest debt-to-equity (~0.16) provide financial flexibility to fund product commercialization and absorb execution slippage. Over 2–6 months this reduces refinancing risk, preserves runway for strategic investments, and supports continued R&D and sales efforts while margins recover.
Negative Factors
Stagnant Revenue Trend
Flat trailing revenue and a history of uneven growth indicate fragile demand or inconsistent design-win conversion. Without sustained, repeatable top-line expansion, operating leverage gains are limited and margin recovery will be vulnerable to single-customer or product mix swings over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and modest debt-to-equity (~0.16) provide financial flexibility to fund product commercialization and absorb execution slippage. Over 2–6 months this reduces refinancing risk, preserves runway for strategic investments, and supports continued R&D and sales efforts while margins recover.
Read all positive factors
Airgain (AIRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$85.94M
Dividend YieldN/A
Average Volume (3M)36.67K
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue Growth-12.17%
EPS Growth18.82%
CountryUS
Employees121
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.56
Shares Outstanding12,675,780
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 Cap0.97
Enterprise Value/Revenue1.62
Enterprise Value/Gross Profit3.72
Enterprise Value/Ebitda-18.84
Forecast
1Y Price Target
$8.88Price Target Upside35.91% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.07
Revenue Forecast (FY)$56.76M
Airgain Business Overview & Revenue Model
Company Description
Airgain, Inc. is dedicated to designing, developing, and engineering advanced antenna solutions. These products are supplied globally to a wide array of partners, including original equipment and design manufacturers, specialized vertical markets,...
How the Company Makes Money
Airgain primarily makes money by selling wireless connectivity hardware—most notably embedded antennas and integrated antenna/RF products—into OEM and ODM device manufacturers and solution providers that incorporate these components into their own...
Airgain Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call conveys a balanced view: clear strategic progress and improving commercial momentum (pipeline growth +40%, trials increasing, product acquisitions and design wins, $4M IoT order, and Q2 revenue guidance +17%) contrast with near-term financial pressures (Q1 negative adjusted EBITDA of $0.9M, Q1 non-GAAP EPS -$0.08), a sequential gross margin decline (-2.1 percentage points), a sizable consumer revenue seasonality/supply dip (~23% q/q) and a modest cash balance ($7.1M). Management expects improved operating leverage and profitability by Q2, but conversion timing for larger Tier 1 deals and a temporary OEM supply issue are key execution risks.Positive Updates
Q1 Revenue and Sequential Momentum
Total non-GAAP sales of $11.5M in Q1 2026 (at guidance midpoint). Enterprise revenue $5.0M (up $0.7M sequential), Automotive $0.9M (up $0.4M sequential). Management projects Q2 sales of $12.5M–$14.5M with a $13.5M midpoint, representing a 17% sequential increase at the midpoint.
Negative Updates
Consumer Revenue Sequential Decline and Supply Constraint
Consumer revenue was $5.6M in Q1, down $1.7M sequentially (~23% quarter-over-quarter decline) attributed to seasonality and a gateway-level supply constraint (memory availability/pricing) at a single OEM serving cable operators; management characterizes the issue as temporary but it pressures near-term consumer shipments.
Read all updates
Q1-2026 Updates
Positive
Negative
Q1 Revenue and Sequential Momentum
Total non-GAAP sales of $11.5M in Q1 2026 (at guidance midpoint). Enterprise revenue $5.0M (up $0.7M sequential), Automotive $0.9M (up $0.4M sequential). Management projects Q2 sales of $12.5M–$14.5M with a $13.5M midpoint, representing a 17% sequential increase at the midpoint.
Read all positive updates
Company Guidance
Airgain guided Q2 FY2026 sales of $12.5M–$14.5M (midpoint $13.5M, +17% sequential vs Q1 sales $11.5M), non‑GAAP gross margin of 42.5%–45.5% (midpoint 44%; Q1 was 44.2%), non‑GAAP operating expenses of approximately $5.8M (Q1 OpEx $6.1M), non‑GAAP EPS of +$0.01 at the midpoint (Q1 non‑GAAP EPS −$0.08), and adjusted EBITDA of +$0.2M at the midpoint (Q1 adj. EBITDA −$0.9M); management also reported cash of $7.1M as of March 31 with $0.6M net ATM proceeds, Q1 revenue by segment consumer $5.6M (49%), enterprise $5.0M (43%) and automotive $0.9M (8%), a $4M IoT purchase order with shipments this year (initial shipments in Q2), an AirgainConnect pipeline of >55 Tier 1/2 opportunities (≈40% growth from ~40) with >1/3 in trial/post‑trial, and Lighthouse commercialization targeted to begin late 2026 with broader opportunity in 2027.Airgain Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.28M | 51.78M | 60.60M | 56.04M | 75.89M | 64.27M |
| Gross Profit | 22.36M | 22.55M | 24.80M | 20.76M | 27.97M | 24.61M |
| EBITDA | -4.41M | -2.65M | -5.26M | -8.67M | -4.87M | -6.53M |
| Net Income | -6.78M | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M |
Balance Sheet | ||||||
| Total Assets | 43.39M | 45.34M | 48.44M | 44.57M | 57.55M | 70.16M |
| Cash, Cash Equivalents and Short-Term Investments | 7.13M | 7.36M | 8.51M | 7.92M | 11.98M | 14.55M |
| Total Debt | 4.51M | 8.58M | 3.90M | 1.54M | 2.44M | 3.06M |
| Total Liabilities | 15.38M | 17.05M | 17.47M | 13.15M | 17.73M | 25.99M |
| Stockholders Equity | 28.02M | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M |
Cash Flow | ||||||
| Free Cash Flow | -1.25M | -1.28M | -3.71M | -3.65M | 3.68M | -11.91M |
| Operating Cash Flow | -847.00K | -1.11M | -3.53M | -3.30M | 4.45M | -11.17M |
| Investing Cash Flow | -490.00K | -389.00K | -178.00K | -346.00K | -750.00K | -14.92M |
| Financing Cash Flow | 1.11M | 350.00K | 4.30M | -458.00K | -6.30M | 2.43M |
Airgain Technical Analysis
Neutral
6.53
Price Trends
6.80
Negative
5.78
Positive
4.95
Positive
Market Momentum
<0.01
Positive
48.23
Neutral
29.33
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 6.53 is below the 20-day moving average (MA) of 6.95, below the 50-day MA of 6.80, and above the 200-day MA of 4.95, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.23 is Neutral, neither overbought nor oversold. The STOCH value of 29.33 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 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $197.73M | 197.08 | 4.67% | ― | 13.61% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $227.80M | -32.63 | -17.50% | ― | 149.18% | 54.90% | |
53 Neutral | $71.91M | ― | -9999.00% | ― | -8.31% | 77.99% | |
52 Neutral | $85.94M | -12.31 | -23.40% | ― | -12.17% | 18.82% |
* Technology Sector Average
AIRG
Airgain
6.78
2.74
67.82%
CMTL
Comtech Telecommunications
2.40
-0.19
-7.34%
OCC
Optical Cable
22.40
19.64
711.59%
AMPG
AmpliTech Group
8.99
7.03
358.67%
FKWL
Franklin Wireless
2.62
-1.28
-32.82%
Airgain Corporate Events
Executive/Board ChangesShareholder Meetings
Airgain Shareholders Approve Proposals at 2026 Annual Meeting
Positive
Jun 11, 2026
Airgain, Inc. held its 2026 Annual Meeting of Stockholders on June 10, 2026, at which shareholders voted on director elections, auditor ratification, executive compensation and an equity incentive plan. Stockholders elected James K. Sims and Tzau-...
Business Operations and StrategyExecutive/Board Changes
Airgain Restructures Leadership, Eliminates CTO Role for Growth
Neutral
Apr 21, 2026
On April 16, 2026, Airgain, Inc. terminated the employment of Chief Technology Officer Ali Sadri, Ph.D., effective April 17, 2026, and eliminated the Office of the CTO as part of a restructuring. The company is reallocating resources from the form...
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.