Airgain Inc (AIRG)
NASDAQ:AIRG
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Airgain
(NASDAQ:AIRG)
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Rating:54Neutral
Price Target:
$7.50
▲(14.85% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial performance (ongoing losses and negative cash flow despite some improvement). Technical momentum is a meaningful positive with the stock above key moving averages, but overbought signals add risk. Earnings call guidance points to a near-term profitability inflection and improving pipeline, while valuation remains constrained by the company being loss-making and having no dividend support.
Positive Factors
Balance sheet conservatism
Modest leverage and a conservatively financed balance sheet give Airgain structural financial flexibility to support product commercialization and absorb timing variability in large deal conversions. This reduces immediate refinancing risk and helps preserve runway while management pursues longer sales cycles.
Negative Factors
Persistent unprofitability
Sustained operating and net losses erode equity and limit the company’s ability to internally fund growth or absorb longer conversion cycles. Until revenue growth reaccelerates and margins shift positive, ongoing losses present a durable headwind to reinvestment and shareholder value preservation.
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Positive Factors
Negative Factors
Balance sheet conservatism
Modest leverage and a conservatively financed balance sheet give Airgain structural financial flexibility to support product commercialization and absorb timing variability in large deal conversions. This reduces immediate refinancing risk and helps preserve runway while management pursues longer sales cycles.
Read all positive factors
Airgain (AIRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$85.05M
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)-0.49
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/Revenue1.61
Enterprise Value/Gross Profit3.69
Enterprise Value/Ebitda-17.58
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. 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: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.
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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 | -4.70M | -2.65M | -5.35M | -8.77M | -4.88M | -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
5.91
Positive
5.19
Positive
4.68
Positive
Market Momentum
0.22
Positive
53.14
Neutral
33.72
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 6.90, above the 50-day MA of 5.91, and above the 200-day MA of 4.68, indicating a neutral trend. The MACD of 0.22 indicates Positive momentum. The RSI at 53.14 is Neutral, neither overbought nor oversold. The STOCH value of 33.72 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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
55 Neutral | $92.29M | -27.50 | -3.58% | ― | 9.13% | 81.23% | |
54 Neutral | $85.05M | -8.92 | -23.40% | ― | -12.17% | 18.82% | |
53 Neutral | $93.75M | -7.58 | -17.50% | ― | 149.18% | 54.90% | |
48 Neutral | $112.10M | -3.04 | 4.39% | ― | -4.37% | 76.76% |
* Technology Sector Average
AIRG
Airgain
6.72
2.71
67.58%
CMTL
Comtech Telecommunications
3.70
1.74
88.78%
OCC
Optical Cable
10.28
7.47
265.84%
AMPG
AmpliTech Group
3.99
1.88
89.10%
FKWL
Franklin Wireless
3.17
-0.93
-22.71%
Airgain Corporate Events
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.