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Airgain Inc (AIRG)
NASDAQ:AIRG
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Airgain
(NASDAQ:AIRG)
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Rating:50Neutral
Price Target:
$4.50
▲(7.91% Upside)
Airgain's overall stock score reflects significant financial challenges, including declining revenues and negative profit margins. While the earnings call provided some optimism with sequential revenue growth and cost management, the technical analysis indicates a lack of strong momentum, and valuation metrics are weak due to negative profitability.
Airgain (AIRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.64M
Dividend YieldN/A
Average Volume (3M)31.95K
Price to Earnings (P/E)―
Beta (1Y)1.37
Revenue Growth6.84%
EPS Growth49.74%
CountryUS
Employees121
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.04
Shares Outstanding11,903,285
10 Day Avg. Volume43,779
30 Day Avg. Volume31,949
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue0.81
Enterprise Value/Gross Profit1.92
Enterprise Value/Ebitda-9.80
Forecast
1Y Price Target
$7.50Price Target Upside79.86% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
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 connectivity solutions, which are primarily sold to original equipment manufacturers (OEMs) and system integrators in the automotive, IoT, and telecommunications markets. The company's revenue model is based on both direct sales and long-term contracts, which provide a steady stream of income. Key revenue streams include the sale of hardware products, such as antennas and related accessories, as well as licensing agreements for its proprietary technologies. Airgain has established significant partnerships with major players in the automotive and telecommunications industries, which contribute to its earnings by securing large-scale contracts and broadening its market reach. Additionally, the company may benefit from recurring revenue through support services and potential future upgrades for its products.
Airgain Earnings Call Summary
Earnings Call Date:Aug 06, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted strong sequential revenue growth, significant progress in certifications, and effective cost management. However, challenges in the automotive and asset tracking markets, along with certification delays, were noted. Overall, the company is optimistic about future growth and profitability.Q2-2025 Updates
Positive Updates
Sequential Revenue Growth
Revenue for the second quarter was $13.6 million, up 13% sequentially from the first quarter, driven by strong demand for embedded modems and IoT solutions in the enterprise market.
NimbeLink Embedded Modem Performance
The NimbeLink embedded modem line performed strongly in Q2, particularly in utility infrastructure monitoring sectors, including energy management and electrical grid applications.
FirstNet Trusted Certification for AC-Fleet
Achieved FirstNet Trusted certification for AC-Fleet, opening access to FirstNet's public safety network and facilitating large-scale deployments in mission-critical environments.
New Tier 2 Utility Deployment
Secured a new Tier 2 utility deployment with a Mid-Western electric utility, marking a significant win for the AC-Fleet solution in the utility market.
Stable Consumer Market
Wi-Fi 7 shipments continued to ramp up, providing a stable revenue foundation in the consumer market.
Improved Gross Margin
Non-GAAP gross margin increased 230 basis points year-over-year to 43.8%, driven by improved enterprise product margins.
Cost Management and Cash Optimization
Operating expenses decreased, and cash and equivalents increased by $0.3 million sequentially due to disciplined working capital management.
Negative Updates
Soft Automotive Market
Automotive revenue was down $0.4 million sequentially to $0.8 million, reflecting softer demand and channel inventory overhang.
Asset Tracking Sales Moderation
Asset tracking sales have moderated, with revenue now primarily from existing customers and stable recurring revenue.
Certification Delays for AC-Fleet
Certification for AC-Fleet is taking longer than expected, mainly due to the unique eSIM feature which delayed testing processes.
Ongoing Tariff Environment Challenges
Although not materially impacting gross margin, the tariff environment remains fluid and could potentially disrupt the supply chain.
Company Guidance
During Airgain's Second Quarter 2025 Conference Call, several key metrics were highlighted to provide guidance on the company's future performance. Airgain reported second-quarter revenue of $13.6 million, marking a 13% sequential increase, with enterprise revenue at $7.2 million, consumer revenue at $5.6 million, and automotive revenue at $0.8 million. The company achieved a non-GAAP gross margin of 43.8% and reduced operating expenses to $6.5 million. The adjusted EBITDA loss improved to $0.4 million, and the non-GAAP net loss was $0.5 million or $0.04 per share. Looking forward to the third quarter, Airgain anticipates revenue between $30 million and $50 million, with a midpoint of $40 million, and a non-GAAP gross margin ranging from 42.5% to 45.5%. The company expects to achieve positive adjusted EBITDA of approximately $0.2 million and non-GAAP EPS of $0.01 per share, driven by contributions from AirgainConnect and Lighthouse platforms, alongside stable existing business.Airgain Financial Statement Overview
Summary
Airgain faces significant financial hurdles, with declining revenue, negative profitability margins, and cash flow challenges. The balance sheet provides some stability with a strong equity ratio and manageable debt levels. However, ongoing losses and negative cash flows pose risks to financial sustainability.Income Statement
Airgain's income statement reveals a challenging landscape with declining revenue and ongoing losses. The TTM data shows a gross profit margin of 41.77% and a net profit margin of -13.32%, indicating profitability issues. Revenue has decreased from $60.60 million to $58.38 million, a drop of 3.97%, while EBIT and EBITDA margins are negative, at -16.09% and -10.00%, respectively, reflecting operational challenges.45
Neutral
Balance Sheet
The balance sheet presents a mixed picture. The equity ratio stands at 65.74%, indicating solid equity backing. However, the debt-to-equity ratio is 0.15, suggesting some leverage, though not excessive. Return on equity is negative at -25.66%, reflecting current profitability struggles. The company's liquidity position shows resilience with cash exceeding debt, but overall financial health is hindered by ongoing losses.55
Neutral
Cash Flow
Airgain's cash flow statement highlights negative operating and free cash flows, indicating cash management issues. The operating cash flow to net income ratio is 0.44, and the free cash flow growth rate is -2.99%, showing a decline in cash generation. The free cash flow to net income ratio is 0.46, reflecting challenges in translating revenue into positive cash flow.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 56.82M | 60.60M | 56.04M | 75.89M | 64.27M | 48.50M |
| Gross Profit | 24.08M | 24.80M | 20.76M | 27.97M | 24.61M | 22.59M |
| EBITDA | -4.71M | -5.22M | -8.77M | -4.88M | -6.53M | -2.09M |
| Net Income | -6.74M | -8.69M | -12.43M | -8.66M | -10.09M | -3.28M |
Balance Sheet | ||||||
| Total Assets | 45.52M | 48.44M | 42.23M | 54.40M | 66.39M | 54.93M |
| Cash, Cash Equivalents and Short-Term Investments | 7.68M | 8.51M | 7.88M | 11.90M | 14.51M | 38.17M |
| Total Debt | 4.36M | 3.90M | 1.54M | 2.44M | 3.06M | 310.00K |
| Total Liabilities | 15.73M | 17.47M | 10.82M | 14.57M | 22.22M | 7.18M |
| Stockholders Equity | 29.79M | 30.97M | 31.41M | 39.83M | 44.17M | 47.74M |
Cash Flow | ||||||
| Free Cash Flow | -2.19M | -3.71M | -3.65M | 3.68M | -11.91M | 2.98M |
| Operating Cash Flow | -2.10M | -3.53M | -3.30M | 4.45M | -11.17M | 3.70M |
| Investing Cash Flow | -86.00K | -178.00K | -346.00K | -750.00K | -14.92M | 20.89M |
| Financing Cash Flow | 1.41M | 4.30M | -458.00K | -6.30M | 2.43M | 561.00K |
Airgain Technical Analysis
Negative
4.17
Price Trends
4.45
Negative
4.28
Negative
5.07
Negative
Market Momentum
-0.03
Negative
44.16
Neutral
64.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIRG, the sentiment is Negative. The current price of 4.17 is below the 20-day moving average (MA) of 4.26, below the 50-day MA of 4.45, and below the 200-day MA of 5.07, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 44.16 is Neutral, neither overbought nor oversold. The STOCH value of 64.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | 72.47M | -55.77 | -5.27% | ― | 12.67% | 80.62% | |
61 Neutral | 85.17M | -6.44 | -24.08% | ― | 58.04% | 21.09% | |
50 Neutral | $49.64M | ― | -21.97% | ― | 6.84% | 49.74% | |
44 Neutral | 69.37M | -0.26 | ― | ― | -12.02% | -615.33% | |
41 Neutral | 30.10M | -0.13 | -644.45% | ― | 49.13% | 99.60% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
Performance Comparison
AIRG
Airgain
4.17
-3.48
-45.49%
CMTL
Comtech Telecommunications
2.57
-1.52
-37.16%
OCC
Optical Cable
8.21
5.48
200.73%
SYTA
Siyata Mobile
2.37
-7.25
-75.36%
AMPG
AmpliTech Group
4.00
3.18
387.80%
FKWL
Franklin Wireless
4.18
-0.34
-7.52%
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.