AIRG

MKT CAP:$82M

Airgain, Inc.

Market Cap

$82M

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$6.39+$2.31 (+56.62%)

Apr 22, 2026

Company Details

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 pr...

CEO

Jacob Suen

IPO Date

Aug 12, 2016

Website

www.airgain.com

Key Metrics TTM

Revenue

$52M

-14.6% YoY

Net Income

-$6M

EPS (Diluted)

-$0.54

Free Cash Flow

-$2M

Revenue / Share

$4.37

Gross Margin

43.5%

Operating Margin

-16.4%

Net Margin

-12.4%

FCF Margin

-2.9%

P/S

1.6x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$52M-14.6%EPS -$0.54

Q4 2025

Feb 26, 2026

$12M-19.6%EPS -$0.21

Q3 2025

Nov 12, 2025

$14M-12.9%EPS -$0.08

Q2 2025

Aug 6, 2025

$14M-10.3%EPS -$0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$18M	$7M	-$2M
Q2 22	$19M	$7M	-$2M
Q3 22	$19M	$7M	-$1M
Q4 22	$20M	$6M	-$3M
Q1 23	$16M	$6M	-$3M
Q2 23	$16M	$6M	-$2M
Q3 23	$14M	$5M	-$2M
Q4 23	$10M	$3M	-$5M
Q1 24	$14M	$6M	-$3M
Q2 24	$15M	$6M	-$3M
Q3 24	$16M	$7M	-$2M
Q4 24	$15M	$6M	-$2M
Q1 25	$12M	$5M	-$3M
Q2 25	$14M	$6M	-$2M
Q3 25	$14M	$6M	-$967.0K
Q4 25	$12M	$5M	-$2M

Valuation

Quarter	P/S	P/E
Q1 22	1.3x	—
Q2 22	1.2x	—
Q3 22	1.2x	—
Q4 22	1.1x	—
Q1 23	1.1x	—
Q2 23	1.1x	—
Q3 23	1.2x	—
Q4 23	1.5x	—
Q1 24	1.5x	—
Q2 24	1.5x	—
Q3 24	1.5x	—
Q4 24	1.3x	—
Q1 25	1.4x	—
Q2 25	1.4x	—
Q3 25	1.5x	—
Q4 25	1.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4M	$4M
Q2 22	-$2M	-$2M
Q3 22	$103.0K	-$357.0K
Q4 22	$2M	$2M
Q1 23	-$1M	-$2M
Q2 23	-$570.0K	-$585.0K
Q3 23	$640.0K	$572.0K
Q4 23	-$2M	-$2M
Q1 24	-$1M	-$1M
Q2 24	-$1M	-$1M
Q3 24	-$1M	-$1M
Q4 24	-$26.0K	-$27.0K
Q1 25	-$1M	-$1M
Q2 25	$129.0K	$113.0K
Q3 25	-$411.0K	-$641.0K
Q4 25	$194.0K	$93.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$128.0K
Q2 22	$46.0K
Q3 22	$460.0K
Q4 22	$129.0K
Q1 23	$89.0K
Q2 23	$15.0K
Q3 23	$68.0K
Q4 23	$174.0K
Q1 24	$60.0K
Q2 24	$90.0K
Q3 24	$27.0K
Q4 24	$1.0K
Q1 25	$42.0K
Q2 25	$16.0K
Q3 25	$230.0K
Q4 25	$101.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+0.8%	+3.6%
Q2 22	+11.5%	+4.3%
Q3 22	+24.2%	+10.6%
Q4 22	+40.6%	+24.5%
Q1 23	-6.2%	-3.6%
Q2 23	-17.9%	-13.7%
Q3 23	-28.7%	-23.7%
Q4 23	-49.4%	-32.8%
Q1 24	-13.5%	-12.3%
Q2 24	-4.1%	-2.0%
Q3 24	+17.6%	+14.8%
Q4 24	+49.8%	+9.7%
Q1 25	-15.6%	-10.4%
Q2 25	-10.3%	-11.7%
Q3 25	-12.9%	-16.4%
Q4 25	-19.6%	-14.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	7.1%
Q2 22	$1M	6.3%
Q3 22	$1M	5.8%
Q4 22	$1M	7.1%
Q1 23	$981.0K	6.0%
Q2 23	$968.0K	6.1%
Q3 23	$523.0K	3.8%
Q4 23	$1M	12.0%
Q1 24	$1M	7.4%
Q2 24	$1M	7.9%
Q3 24	$1M	6.7%
Q4 24	$1M	8.6%
Q1 25	$907.0K	7.6%
Q2 25	$603.0K	4.4%
Q3 25	$380.0K	2.7%
Q4 25	$1M	8.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$3M	$3M	$3M
Q2 22	$3M	$3M	$3M
Q3 22	$3M	$3M	$3M
Q4 22	$2M	$4M	$3M
Q1 23	$2M	$4M	$3M
Q2 23	$3M	$4M	$2M
Q3 23	$2M	$3M	$2M
Q4 23	$3M	$3M	$2M
Q1 24	$3M	$3M	$2M
Q2 24	$3M	$3M	$2M
Q3 24	$3M	$3M	$2M
Q4 24	$3M	$3M	$2M
Q1 25	$2M	$3M	$2M
Q2 25	$3M	$3M	$2M
Q3 25	$2M	$3M	$2M
Q4 25	$2M	$3M	$2M

Revenue by Geography

Quarter	China Including Hong Kong and Taiwan	North America	Other Countries	China
Q1 22	$6M	$10M	$584.0K	—
Q2 22	—	$12M	$594.0K	$6M
Q3 22	—	$11M	$627.0K	$7M
Q1 23	—	$10M	$307.0K	$6M
Q2 23	—	$9M	$333.0K	$6M
Q3 23	—	$8M	$474.0K	$5M
Q1 24	$3M	$10M	$904.0K	—
Q2 24	$5M	$9M	$450.0K	—
Q3 24	$7M	$9M	$501.0K	—
Q1 25	$7M	$5M	$280.0K	—
Q2 25	$6M	$7M	$282.0K	—
Q3 25	$7M	$7M	$196.0K	—
Q4 25	$7M	$5M	$199.0K	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$19M	$0	$19M
Q2 22	$9M	$0	$9M
Q3 22	$9M	$0	$9M
Q4 22	$12M	$0	$12M
Q1 23	$10M	$0	$10M
Q2 23	$9M	$0	$9M
Q3 23	$10M	$0	$10M
Q4 23	$8M	$0	$8M
Q1 24	$7M	$0	$7M
Q2 24	$8M	$0	$8M
Q3 24	$7M	$0	$7M
Q4 24	$9M	$0	$9M
Q1 25	$7M	$0	$7M
Q2 25	$8M	$0	$8M
Q3 25	$7M	$0	$7M
Q4 25	$7M	$0	$7M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	10M	+0.1%	-6.5%
Q2 22	10M	+0.9%	+1.9%
Q3 22	10M	-0.1%	+1.3%
Q4 22	10M	+0.1%	+1.0%
Q1 23	10M	+0.4%	+1.3%
Q2 23	10M	+1.4%	+1.9%
Q3 23	10M	+0.2%	+2.2%
Q4 23	10M	+0.2%	+2.2%
Q1 24	11M	+0.7%	+2.6%
Q2 24	11M	+3.9%	+5.0%
Q3 24	11M	+3.4%	+8.5%
Q4 24	11M	+0.9%	+9.2%
Q1 25	12M	+1.4%	+9.9%
Q2 25	12M	+2.3%	+8.3%
Q3 25	12M	-0.4%	+4.2%
Q4 25	12M	+0.4%	+3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$250.3K	70
Q2 22	$275.5K	70
Q3 22	$274.3K	70
Q4 22	$292.5K	68
Q1 23	$241.8K	68
Q2 23	$232.8K	68
Q3 23	$201.4K	68
Q4 23	$159.8K	63
Q1 24	$225.9K	63
Q2 24	$241.0K	63
Q3 24	$255.6K	63
Q4 24	$255.6K	59
Q1 25	$203.6K	59
Q2 25	$230.9K	59
Q3 25	$237.6K	59
Q4 25	$258.0K	47

Revenue / Employee