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Airgain
(NASDAQ:AIRG)
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Rating:48Neutral
Price Target:
$4.00
▼(-24.81% Downside)
Action:Reiterated
Date:10/02/26
AIRG scores below average primarily due to weak financial performance (ongoing losses and negative free cash flow) and bearish technicals (price below key moving averages with negative MACD). These are partially offset by a more optimistic earnings outlook, with Q3 guidance implying sequential growth and a near-term move to positive non-GAAP EPS/EBITDA.
Positive Factors
Revenue Growth Inflection
The return to year-over-year growth, alongside strong sequential expansion, indicates improving demand after a period of volatility. If sustained, this inflection can improve operating leverage, support customer confidence, and provide a stronger base for scaling Airgain’s connectivity platforms.
Negative Factors
Persistent Losses and Cash Burn
Continued cash consumption and operating losses weaken Airgain’s ability to fund growth internally. Unless revenue gains translate into durable profitability, the company may have less flexibility to invest in products, trials, and inventory while remaining exposed to additional financing needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth Inflection
The return to year-over-year growth, alongside strong sequential expansion, indicates improving demand after a period of volatility. If sustained, this inflection can improve operating leverage, support customer confidence, and provide a stronger base for scaling Airgain’s connectivity platforms.
Read all positive factors
Airgain (AIRG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$53.19M
Dividend YieldN/A
Average Volume (3M)59.37K
Price to Earnings (P/E)―
Beta (1Y)1.08
Revenue Growth-9.62%
EPS Growth2.86%
CountryUS
Employees106
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)-0.57
Shares Outstanding13,100,234
10 Day Avg. Volume88,670
30 Day Avg. Volume59,366
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 Cap1.46
Enterprise Value/Revenue1.51
Enterprise Value/Gross Profit3.49
Enterprise Value/Ebitda-18.02
Forecast
1Y Price Target
$8.88Price Target Upside66.82% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.06
Revenue Forecast (FY)$56.67M
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 makes money primarily by selling wireless connectivity hardware—most notably embedded antenna products and antenna systems—to device manufacturers and solution providers. Revenue is generally recognized from product shipments (unit-based s...
Airgain Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call emphasized clear operational progress: sequential revenue growth (+19% to $13.7M), positive adjusted EBITDA ($0.4M), expanding AirgainConnect pipeline and design wins, Lighthouse trials across major carriers, disciplined expense control (OPEX down 12% YoY) and constructive Q3 guidance (midpoint +11% sequential). Offsetting risks include near-term consumer headwinds from memory shortages and regulatory timing, modest gross margin pressure from mix and component costs, and multi-quarter timelines to convert Tier‑1 and Lighthouse opportunities into meaningful revenue. On balance, the positive financial inflection (first YoY growth in six quarters), profitability improvement, pipeline momentum and carrier partnerships outweigh the near-term operational timing risks.Positive Updates
Sequential Revenue Growth
Revenue increased 19% sequentially to $13.7 million in Q2 (a $2.2M sequential increase) and was up 0.7% year-over-year — the company's first YoY growth in six quarters.
Negative Updates
Consumer Market Headwinds and Near-Term Decline
Management expects consumer revenue to decline sequentially in Q3 due to two factors: (1) memory shortages (high‑bandwidth memory prioritized for AI infrastructure tightening supply and increasing costs of standard memory used in home gateways) and (2) FCC rulings that delayed timing of MNO product launches and caused shipping delays, although underlying demand is said to remain intact.
Read all updates
Q2-2026 Updates
Positive
Negative
Sequential Revenue Growth
Revenue increased 19% sequentially to $13.7 million in Q2 (a $2.2M sequential increase) and was up 0.7% year-over-year — the company's first YoY growth in six quarters.
Read all positive updates
Company Guidance
Airgain guided Q3 (ending 9/30/2026) sales of $14.25M–$16.25M (midpoint $15.25M, ~11% sequential growth vs Q2’s $13.7M), non‑GAAP gross margin of 41.5%–44.5% (midpoint 43%), non‑GAAP operating expenses of about $6.0M, non‑GAAP EPS of +$0.04 at the midpoint, and adjusted EBITDA of +$0.7M at the midpoint; management said the outlook reflects enterprise and automotive strength partially offset by a sequential consumer decline, with operating expenses expected to remain relatively stable as revenue scaling drives greater operating leverage.Airgain Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
29
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 51.35M | 51.78M | 60.60M | 56.04M | 75.89M | 64.27M |
| Gross Profit | 22.31M | 22.55M | 24.80M | 20.76M | 27.97M | 24.61M |
| EBITDA | -4.32M | -2.65M | -5.26M | -8.67M | -4.87M | -6.53M |
| Net Income | -7.01M | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M |
Balance Sheet | ||||||
| Total Assets | 46.82M | 45.34M | 48.44M | 44.57M | 57.55M | 70.16M |
| Cash, Cash Equivalents and Short-Term Investments | 7.61M | 7.36M | 8.51M | 7.92M | 11.98M | 14.55M |
| Total Debt | 4.47M | 8.58M | 3.90M | 1.54M | 2.44M | 3.06M |
| Total Liabilities | 17.51M | 17.05M | 17.47M | 13.15M | 17.73M | 25.99M |
| Stockholders Equity | 29.31M | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M |
Cash Flow | ||||||
| Free Cash Flow | -3.19M | -1.28M | -3.71M | -3.65M | 3.68M | -11.91M |
| Operating Cash Flow | -2.77M | -1.11M | -3.53M | -3.30M | 4.45M | -11.17M |
| Investing Cash Flow | -421.00K | -389.00K | -178.00K | -346.00K | -750.00K | -14.92M |
| Financing Cash Flow | 3.12M | 350.00K | 4.30M | -458.00K | -6.30M | 2.43M |
Airgain Technical Analysis
Negative
5.32
Price Trends
5.14
Negative
5.79
Negative
5.49
Negative
Market Momentum
-0.35
Positive
29.75
Positive
6.49
Positive
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 5.32 is above the 20-day moving average (MA) of 4.81, above the 50-day MA of 5.14, and below the 200-day MA of 5.49, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 29.75 is Positive, neither overbought nor oversold. The STOCH value of 6.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $37.50B | 39.04 | 85.62% | 0.55% | 27.22% | 34.82% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $627.29M | -15.92 | -8.42% | ― | -0.70% | -141.66% | |
51 Neutral | $39.85M | -0.60 | -9.10% | 3.05% | -8.31% | 77.99% | |
48 Neutral | $53.19M | -7.12 | -24.30% | ― | -9.62% | 2.86% | |
44 Neutral | $73.94M | 29.68 | 65.39% | ― | -0.81% | -61.23% |
* Technology Sector Average
AIRG
Airgain
4.06
-0.04
-0.98%
CMTL
Comtech Telecommunications
1.33
-1.76
-56.96%
NTGR
Netgear
23.08
-11.41
-33.08%
UI
Ubiquiti Networks
619.56
-63.52
-9.30%
INSG
Inseego
4.30
-10.44
-70.83%
FKWL
Franklin Wireless
2.33
-2.59
-52.64%
Airgain Corporate Events
Business Operations and StrategyExecutive/Board Changes
Airgain Appoints Stephan Memmen to Board of Directors
Positive
Oct 1, 2026
On September 29, 2026, Airgain’s board, acting on a recommendation from its Nominating and Corporate Governance Committee, appointed industry veteran Stephan D. Memmen as a Class II director with a term running through the 2027 annual meetin...
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.