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what it is
Airgain makes antennas and related services that get built into wireless devices before they ship.
how it gets paid
Full year 2025 sales were ~$52M. By end market, consumer was largest at ~$26M (~50% of sales), enterprise ~$23M (~44%), automotive ~$3M (~6%) — per the company’s FY2025 release.
why growth slowed
Sales fell 14.6% in 2025 vs. 2024. Automotive and enterprise lines accounted for most of the decline; consumer grew.
what just happened
Q4 2025 sales were ~$12.1M; GAAP net loss was $(0.20) per share (vs. $(0.17) in Q4 2024).
At a glance
C++ balance sheet — some cracks in the foundation
35/100 earnings predictability — expect surprises
-$0.54 fy2025 eps est
Q4'25 sales ~$12.1M (GAAP)
~16% GAAP operating loss margin (FY'25)
xvary composite: 41/100 — below average
What they do
Airgain makes antennas and related services that get built into wireless devices before they ship.
Airgain wins when its antenna gets designed into your router before the product ships. "Design win" means a customer picked its part for the build; so what is years of repeat orders. The company did $52M of sales last year and carried just $4M of long-term debt, so the business is small but the hardware switch is annoying.
How they make money
$52M
annual revenue · sales declined 14.6% in 2025 vs. 2024
Consumer market
$26M
Enterprise market
$23M
Automotive market
$3M
The products that matter
embedded antenna hardware
Embedded Antennas
core revenue base
This is the legacy business supporting most of the company's $52M in annual revenue. It pays the bills, but it has not stopped the broader sales decline.
legacy core
wireless connectivity systems
AirgainConnect
5g pivot
Management is pushing this platform into first responder and enterprise use cases. Standalone revenue is not disclosed here, so the only hard proof you have today is companywide Q4 gross margin of 46.3% and guidance that still points to a soft first quarter.
higher-value mix
automotive and enterprise connectivity
Systems Programs
$26M combined outside consumer
Enterprise plus Automotive & Other contributed $26M last year, or half of company revenue. That matters because any recovery has to show up beyond the consumer channel.
half the business
Key numbers
$52M
annual revenue
That is the size of the whole business. One big customer or one delayed program can swing the year.
-16.4%
GAAP operating margin (FY'25)
Roughly (GAAP gross profit minus GAAP operating expenses) ÷ sales for 2025 — still underwater at the operating line.
43.5%
GAAP gross margin (FY'25)
Full-year 2025 GAAP gross margin per the company release — mix improved vs. 2024 even as dollars fell.
$4M
long-term debt
Debt is tiny versus the market cap. That lowers balance-sheet drama, but it does not fix losses.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $4M (7% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for AIRG right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q4 2025 sales were ~$12.1M; GAAP EPS was $(0.20).
Q4 sales were down ~19.6% vs. Q4 2024 and ~13.5% vs. Q3 2025. Full-year 2025 sales were ~$51.8M (down 14.6%). GAAP gross margin was 44.8% in the quarter and 43.5% for the year. The operating line is still loss-making.
$12.1M
Q4'25 sales
$(0.20)
Q4 GAAP EPS
44.8%
Q4 GAAP GM
the number that mattered
The ~$12.1M Q4 print anchors near-term demand; full-year decline vs. 2024 is the longer tension.
source: Airgain Q4 & FY2025 results (Feb 26, 2026) — Business Wire · investors.airgain.com
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What could go wrong
The top risk here is the 5G systems pivot arriving too late to offset a shrinking core antenna business.
med
Revenue keeps falling
Revenue fell 14.6% in 2025 to ~$51.8M, and Q1 2026 guidance of $10.5M–$12.5M suggests the first half of 2026 could stay weak.
If sales do not flatten out soon, the stock stops being a turnaround story and starts being a balance-sheet story.
med
Cash cushion gets thinner
AIRG ended with about $11M in cash and $4M of long-term debt. That is enough to keep operating, but not enough to absorb multiple more quarters of losses without pressure.
For a company with a $49M market cap, cash erosion can change the story fast. Dilution risk becomes more real the longer the rebound takes.
med
Design wins do not become shipments
Management is leaning on higher-value 5G and AirgainConnect products, but this snapshot does not show a disclosed revenue breakout proving those programs are scaling yet.
If new systems wins stay in the pipeline instead of the income statement, the 46.3% gross margin improvement will not be enough on its own.
With $11M in cash against a $52M revenue base that is still shrinking, execution mistakes do not have a wide margin for error.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings
Expected around May 6, 2026. The key test is simple: does revenue land near the top of the $10.5M–$12.5M range, or does the slowdown deepen.
metric
gross margin above 43.5%
Management guided Q1 non-GAAP gross margin to 43.5%–46.5%. If mix improvement is real, the low end should hold.
risk
cash burn
With about $11M in cash, every weak quarter matters. Watch the cash line more closely than headline EPS.
trend
proof of second-half improvement
Management is pointing to better results later in 2026. You want that story to show up in revenue, not just in design-win commentary.
Analyst rankings
earnings predictability
35 / 100
Low predictability means quarterly results can move around a lot. In human-speak, analysts do not trust the near-term model yet.
beta
1.3
Beta measures how much a stock tends to move versus the market. In human-speak, AIRG usually swings more than the index.
source: institutional data
Institutional activity
institutional ownership data for AIRG is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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