Airgain, Inc. (AIRG) 10-Year Financial Performance & Capital Metrics

AIRG • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Broadband Access

AboutAirgain, 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.Show more

Revenue $61M +8.1%
EBITDA -$5M +39.0%
Net Income -$9M +30.1%
EPS (Diluted) -0.79 +34.2%
Gross Margin 40.93% +10.5%
EBITDA Margin -8.83% +43.6%
Operating Margin -14.73% +33.4%
Net Margin -14.34% +35.4%
ROE -27.85% +20.2%
ROIC -26.06% +22.5%
Debt/Equity 0.13 +157.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.5x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.04%

5Y1.69%

3Y-1.94%

TTM-1.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM51.28%

EPS CAGR

10Y-

5Y-

3Y-

TTM56.14%

ROCE

10Y Avg-10.34%

5Y Avg-21.27%

3Y Avg-25.02%

Latest-25.69%

Peer Comparison

Wireless Broadband Access

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UIUbiquiti Inc.	33.49B	553.52	47.07	33.45%	28.72%	95.58%	1.87%	0.45
FEIMFrequency Electronics, Inc.	567.4M	58.03	23.59	26.3%	30.12%	35.99%		0.16
CMBMCambium Networks Corporation	44.34M	1.57	-0.56	-25.84%	-56.98%	-224.89%		0.39
AMPGAmpliTech Group, Inc.	84.92M	3.70	-3.43	-38.99%	-33.77%	-21.28%		0.12
AIRGAirgain, Inc.	49.27M	4.12	-5.22	8.14%	-10.87%	-20%		0.13
KNKnowles Corporation	2.12B	24.93	-9.34	21.17%	6.85%	5.23%	5.49%	0.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	27.79M	43.43M	49.52M	60.63M	55.74M	48.5M	64.27M	75.89M	56.04M	60.6M
Revenue Growth %	0.09%	0.56%	0.14%	0.22%	-0.08%	-0.13%	0.33%	0.18%	-0.26%	0.08%
Cost of Goods Sold+	16.15M	24.16M	26.22M	34.11M	30.41M	25.92M	39.67M	47.92M	35.28M	35.8M
COGS % of Revenue	0.58%	0.56%	0.53%	0.56%	0.55%	0.53%	0.62%	0.63%	0.63%	0.59%
Gross Profit+	11.64M	19.28M	23.3M	26.51M	25.32M	22.59M	24.61M	27.97M	20.76M	24.8M
Gross Margin %	0.42%	0.44%	0.47%	0.44%	0.45%	0.47%	0.38%	0.37%	0.37%	0.41%
Gross Profit Growth %	0.02%	0.66%	0.21%	0.14%	-0.04%	-0.11%	0.09%	0.14%	-0.26%	0.19%
Operating Expenses+	11.75M	15.82M	22.33M	29.9M	24.94M	25.77M	36.73M	36.55M	33.16M	33.73M
OpEx % of Revenue	0.42%	0.36%	0.45%	0.49%	0.45%	0.53%	0.57%	0.48%	0.59%	0.56%
Selling, General & Admin	7.49M	10.2M	15.01M	20.58M	15.96M	16.61M	23.77M	25.21M	22.66M	21.87M
SG&A % of Revenue	0.27%	0.23%	0.3%	0.34%	0.29%	0.34%	0.37%	0.33%	0.4%	0.36%
Research & Development	4.26M	5.62M	7.32M	9.32M	8.99M	9.16M	10.92M	11.35M	10.51M	11.86M
R&D % of Revenue	0.15%	0.13%	0.15%	0.15%	0.16%	0.19%	0.17%	0.15%	0.19%	0.2%
Other Operating Expenses	0	0	0	0	0	0	2.04M	0	0	0
Operating Income+	-330.7K	3.45M	969.2K	-3.39M	380K	-3.18M	-12.12M	-8.58M	-12.4M	-8.93M
Operating Margin %	-0.01%	0.08%	0.02%	-0.06%	0.01%	-0.07%	-0.19%	-0.11%	-0.22%	-0.15%
Operating Income Growth %	-1.39%	11.44%	-0.72%	-4.49%	1.11%	-9.38%	-2.81%	0.29%	-0.45%	0.28%
EBITDA+	142.05K	4.32M	1.99M	-2.12M	1.53M	-2.09M	-8.57M	-4.88M	-8.77M	-5.35M
EBITDA Margin %	0.01%	0.1%	0.04%	-0.04%	0.03%	-0.04%	-0.13%	-0.06%	-0.16%	-0.09%
EBITDA Growth %	-0.88%	29.42%	-0.54%	-2.07%	1.72%	-2.37%	-3.1%	0.43%	-0.8%	0.39%
D&A (Non-Cash Add-back)	472.75K	868.7K	1.02M	1.26M	1.15M	1.09M	3.55M	3.7M	3.63M	3.58M
EBIT	-230.23K	3.45M	1.27M	-2.45M	380K	-3.18M	-10.08M	-8.58M	-12.4M	-8.93M
Net Interest Income+	-39.49K	-170.57K	198K	553K	709K	197K	26K	63K	109K	115K
Interest Income	0	7.8K	296.45K	584.74K	714K	197K	26K	63K	109K	115K
Interest Expense	39.49K	178.37K	98.71K	30.99K	5K	0	0	0	0	0
Other Income/Expense	60.98K	289.72K	197.94K	903K	709K	178K	-12K	5K	100K	88K
Pretax Income+	-269.72K	3.74M	1.17M	-2.48M	1.09M	-3.01M	-12.14M	-8.57M	-12.3M	-8.84M
Pretax Margin %	-0.01%	0.09%	0.02%	-0.04%	0.02%	-0.06%	-0.19%	-0.11%	-0.22%	-0.15%
Income Tax+	622	8.18K	25.68K	101.54K	163K	273K	-2.05M	84K	128K	-152K
Effective Tax Rate %	1%	1%	0.98%	1.04%	0.85%	1.09%	0.83%	1.01%	1.01%	0.98%
Net Income+	-270.34K	3.73M	1.14M	-2.58M	926K	-3.28M	-10.09M	-8.66M	-12.43M	-8.69M
Net Margin %	-0.01%	0.09%	0.02%	-0.04%	0.02%	-0.07%	-0.16%	-0.11%	-0.22%	-0.14%
Net Income Growth %	-1.08%	14.81%	-0.69%	-3.26%	1.36%	-4.54%	-2.08%	0.14%	-0.44%	0.3%
Net Income (Continuing)	-270.34K	3.73M	1.14M	-2.58M	926K	-3.28M	-10.09M	-8.66M	-12.43M	-8.69M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.05	0.40	0.11	-0.27	0.09	-0.34	-1.01	-0.85	-1.20	-0.79
EPS Growth %	0.83%	9.33%	-0.72%	-3.45%	1.34%	-4.71%	-1.97%	0.16%	-0.41%	0.34%
EPS (Basic)	-0.05	0.65	0.12	-0.27	0.10	-0.34	-1.01	-0.85	-1.20	-0.79
Diluted Shares Outstanding	5.63M	4.67M	10.36M	9.52M	10.1M	9.71M	10.02M	10.19M	10.39M	11.05M
Basic Shares Outstanding	5.63M	3.37M	9.48M	9.52M	9.68M	9.71M	10.02M	10.19M	10.39M	11.05M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.38M	50.81M	46.08M	43.09M	45.09M	45.43M	35.49M	27.15M	19.08M	25.83M
Cash & Short-Term Investments	5.34M	45.16M	36.31M	33.79M	34.88M	38.17M	14.55M	11.98M	7.92M	8.51M
Cash Only	5.34M	45.16M	15.03M	13.62M	13.2M	38.17M	14.55M	11.98M	7.92M	8.51M
Short-Term Investments	0	0	21.29M	20.17M	21.69M	0	0	0	0	0
Accounts Receivable	3.73M	5.15M	8.42M	7.01M	7.66M	4.78M	10.76M	8.74M	7.38M	11.67M
Days Sales Outstanding	49.01	43.32	62.05	42.22	50.13	35.99	61.09	42.04	48.03	70.3
Inventory	119.73K	146.81K	741.56K	1.35M	1.19M	1.02M	8.95M	4.23M	2.4M	3.95M
Days Inventory Outstanding	2.71	2.22	10.32	14.46	14.32	14.31	82.35	32.19	24.86	40.3
Other Current Assets	0	0	0	0	0	0	1.23M	2.2M	1.38M	1.7M
Total Non-Current Assets+	5.88M	5.25M	10.22M	9.82M	9.63M	9.49M	34.67M	30.4M	25.49M	22.61M
Property, Plant & Equipment	1.03M	807.09K	1.04M	1.4M	2.13M	2.38M	5.47M	4.98M	3.9M	5.89M
Fixed Asset Turnover	27.07x	53.82x	47.76x	43.29x	26.22x	20.40x	11.74x	15.23x	14.37x	10.28x
Goodwill	1.25M	1.25M	3.7M	3.7M	3.7M	3.7M	10.85M	10.85M	10.85M	10.85M
Intangible Assets	3.48M	3.11M	5.13M	4.45M	3.8M	3.17M	14.23M	11.2M	8.23M	5.8M
Long-Term Investments	0	0	138.71K	355.35K	0	0	135K	175K	55K	0
Other Non-Current Assets	121.54K	84.06K	349.74K	269.14K	10K	249K	217K	41K	115K	74K
Total Assets+	15.26M	56.06M	56.3M	52.91M	54.73M	54.93M	70.16M	57.55M	44.57M	48.44M
Asset Turnover	1.82x	0.77x	0.88x	1.15x	1.02x	0.88x	0.92x	1.32x	1.26x	1.25x
Asset Growth %	0.75%	2.67%	0%	-0.06%	0.03%	0%	0.28%	-0.18%	-0.23%	0.09%
Total Current Liabilities+	7.58M	9.24M	9.73M	7.51M	6.76M	6.86M	19.89M	12.9M	9.99M	13.5M
Accounts Payable	2.87M	3.95M	3.97M	4.14M	3.84M	2.98M	5.47M	6.51M	6.47M	9.5M
Days Payables Outstanding	64.95	59.67	55.25	44.26	46.06	41.9	50.37	49.56	66.96	96.86
Short-Term Debt	1.63M	1.39M	1.33M	0	0	0	841K	904K	865K	0
Deferred Revenue (Current)	0	0	0	0	0	19K	1000K	771K	202K	104K
Other Current Liabilities	1.66M	2.07M	2.12M	0	2.53M	2.79M	2.5M	1.62M	1.58M	2.45M
Current Ratio	1.24x	5.50x	4.74x	5.74x	6.67x	6.63x	1.78x	2.10x	1.91x	1.91x
Quick Ratio	1.22x	5.48x	4.66x	5.56x	6.50x	6.48x	1.33x	1.78x	1.67x	1.62x
Cash Conversion Cycle	-13.23	-14.13	17.12	12.41	18.39	8.4	93.06	24.66	5.93	13.74
Total Non-Current Liabilities+	3.99M	1.79M	342.83K	248.96K	63K	329K	6.1M	4.83M	3.16M	3.97M
Long-Term Debt	2.72M	1.33M	334.86K	0	0	0	0	0	0	0
Capital Lease Obligations	558.64K	451.91K	0	0	11K	271K	2.22M	1.54M	674K	3.81M
Deferred Tax Liabilities	0	6.17K	7.97K	37.58K	52K	58K	3.88M	3.29M	2.49M	163K
Other Non-Current Liabilities	709.5K	0	7.97K	211K	0	0	0	0	0	0
Total Liabilities	11.57M	11.03M	10.07M	7.76M	6.82M	7.18M	25.99M	17.73M	13.15M	17.47M
Total Debt+	4.99M	3.26M	1.75M	292.71K	96K	310K	3.06M	2.44M	1.54M	3.9M
Net Debt	-349.05K	-41.91M	-13.28M	-13.33M	-13.1M	-37.86M	-11.49M	-9.54M	-6.38M	-4.61M
Debt / Equity	1.35x	0.07x	0.04x	0.01x	0.00x	0.01x	0.07x	0.06x	0.05x	0.13x
Debt / EBITDA	35.11x	0.75x	0.88x	-	0.06x	-	-	-	-	-
Net Debt / EBITDA	-2.46x	-9.70x	-6.68x	-	-8.57x	-	-	-	-	-
Interest Coverage	-8.37x	19.35x	9.82x	-109.27x	76.00x	-	-	-	-	-
Total Equity+	3.69M	45.03M	46.22M	45.15M	47.9M	47.74M	44.17M	39.83M	31.41M	30.97M
Equity Growth %	0.21%	11.19%	0.03%	-0.02%	0.06%	-0%	-0.07%	-0.1%	-0.21%	-0.01%
Book Value per Share	0.66	9.65	4.46	4.74	4.74	4.91	4.41	3.91	3.02	2.80
Total Shareholders' Equity	3.69M	45.03M	46.22M	45.15M	47.9M	47.74M	44.17M	39.83M	31.41M	30.97M
Common Stock	1.09M	928	961	995	96.62M	100.36M	106.97M	111.28M	115.3M	123.55M
Retained Earnings	-46.48M	-43.55M	-42.41M	-44.99M	-44.07M	-47.35M	-57.43M	-66.09M	-78.52M	-87.21M
Treasury Stock	0	0	-1.26M	-3.43M	-4.66M	-5.27M	-5.36M	-5.36M	-5.36M	-5.36M
Accumulated OCI	-1.73M	-1.94M	-16.91K	-11.14K	8K	0	0	0	3K	-4K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.85M	4.67M	-254.66K	1.38M	2.35M	3.7M	-11.17M	4.45M	-3.3M	-3.53M
Operating CF Margin %	0.07%	0.11%	-0.01%	0.02%	0.04%	0.08%	-0.17%	0.06%	-0.06%	-0.06%
Operating CF Growth %	0.12%	1.53%	-1.05%	6.41%	0.71%	0.58%	-4.02%	1.4%	-1.74%	-0.07%
Net Income	-270.34K	3.73M	1.14M	-2.58M	926K	-3.28M	-10.09M	-8.66M	-12.43M	-8.69M
Depreciation & Amortization	472.75K	868.7K	1.02M	1.26M	1.15M	1.09M	3.55M	3.7M	3.63M	3.71M
Stock-Based Compensation	341.55K	298.54K	736.07K	2.91M	2.2M	2.56M	4.05M	4.98M	3.68M	4.63M
Deferred Taxes	-100.47K	6.17K	1.8K	29.61K	14K	6K	-2.28M	30K	12K	11K
Other Non-Cash Items	266.28K	-460.29K	-91.48K	-551.07K	-312K	75K	2.06M	-2.04M	0	0
Working Capital Changes	1.14M	222.46K	-3.06M	308.81K	-1.63M	3.25M	-8.46M	6.43M	1.8M	-3.19M
Change in Receivables	210.14K	-1.42M	-2.68M	1.04M	-643K	2.87M	-4.85M	2.02M	1.37M	-4.3M
Change in Inventory	-119.73K	-27.08K	-161.97K	-609.55K	158K	177K	-6.26M	4.72M	1.82M	-1.55M
Change in Payables	298.92K	1.08M	-101.8K	293.66K	-303K	-862K	1.82M	1.04M	-93K	2.93M
Cash from Investing+	-4.13M	-275.65K	-27.82M	335.57K	-2.38M	20.89M	-14.92M	-750K	-346K	-178K
Capital Expenditures	-132.85K	-275.65K	-263.06K	-989.87K	-1.2M	-727K	-736K	-763K	-346K	-178K
CapEx % of Revenue	0%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	-21.21M	1.33M	-1.19M	21.61M	0	6.54M	0	0
Cash from Financing+	4.03M	35.43M	-2.06M	-3.12M	-392K	561K	2.43M	-6.3M	-458K	4.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	302.37K	-3.34M	1K	-375.33K	0	0	0	-6.53M	-690K	-94K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.72M	4.39M	-517.72K	386.65K	1.15M	2.98M	-11.91M	3.68M	-3.65M	-3.71M
FCF Margin %	0.06%	0.1%	-0.01%	0.01%	0.02%	0.06%	-0.19%	0.05%	-0.07%	-0.06%
FCF Growth %	1.59%	1.56%	-1.12%	1.75%	1.98%	1.58%	-5%	1.31%	-1.99%	-0.02%
FCF per Share	0.30	0.94	-0.05	0.04	0.11	0.31	-1.19	0.36	-0.35	-0.34
FCF Conversion (FCF/Net Income)	-6.84x	1.25x	-0.22x	-0.53x	2.54x	-1.13x	1.11x	-0.51x	0.27x	0.41x
Interest Paid	39.49K	0	99K	37K	1K	0	0	0	0	0
Taxes Paid	6.17K	0	103K	46K	71K	164K	153K	197K	112K	50K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-8.01%	15.33%	2.5%	-5.66%	1.99%	-6.86%	-21.95%	-20.62%	-34.89%	-27.85%
Return on Invested Capital (ROIC)	-11.92%	80.02%	4.03%	-7.84%	0.86%	-10.69%	-42.73%	-20.44%	-33.63%	-26.06%
Gross Margin	41.9%	44.38%	47.05%	43.73%	45.43%	46.57%	38.29%	36.86%	37.05%	40.93%
Net Margin	-0.97%	8.6%	2.3%	-4.26%	1.66%	-6.76%	-15.69%	-11.41%	-22.18%	-14.34%
Debt / Equity	1.35x	0.07x	0.04x	0.01x	0.00x	0.01x	0.07x	0.06x	0.05x	0.13x
Interest Coverage	-8.37x	19.35x	9.82x	-109.27x	76.00x	-	-	-	-	-
FCF Conversion	-6.84x	1.25x	-0.22x	-0.53x	2.54x	-1.13x	1.11x	-0.51x	0.27x	0.41x
Revenue Growth	8.95%	56.28%	14.02%	22.42%	-8.06%	-12.98%	32.52%	18.08%	-26.16%	8.14%

Revenue by Geography

	2019	2020	2021	2022	2023	2024
North America	11.61M	10.04M	34.3M	45.68M	33.92M	35.9M
North America Growth	-	-13.50%	241.51%	33.17%	-25.75%	5.84%
China Including Hong Kong and Taiwan	-	-	27.38M	28.09M	20.29M	22.35M
China Including Hong Kong and Taiwan Growth	-	-	-	2.57%	-27.75%	10.16%
Other Countries	3.32M	3.29M	2.59M	2.13M	1.83M	2.35M
Other Countries Growth	-	-0.99%	-21.13%	-17.75%	-14.08%	28.29%
CHINA	-	35.17M	-	-	-	-
CHINA Growth	-	-	-	-	-	-
Asia	40.81M	-	-	-	-	-
Asia Growth	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Airgain, Inc. (AIRG) reported $54.7M in revenue for fiscal year 2024. This represents a 201% increase from $18.2M in 2012.

Airgain, Inc. (AIRG) grew revenue by 8.1% over the past year. This is steady growth.

Airgain, Inc. (AIRG) reported a net loss of $5.9M for fiscal year 2024.

Dividend & Returns

Airgain, Inc. (AIRG) has a return on equity (ROE) of -27.9%. Negative ROE indicates the company is unprofitable.

Airgain, Inc. (AIRG) had negative free cash flow of $1.6M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Airgain, Inc. (AIRG) 10-Year Financial Performance & Capital Metrics

AIRG • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Broadband Access

Revenue $61M +8.1%
EBITDA -$5M +39.0%
Net Income -$9M +30.1%
EPS (Diluted) -0.79 +34.2%
Gross Margin 40.93% +10.5%
EBITDA Margin -8.83% +43.6%
Operating Margin -14.73% +33.4%
Net Margin -14.34% +35.4%
ROE -27.85% +20.2%
ROIC -26.06% +22.5%
Debt/Equity 0.13 +157.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 1.5x book value
✓Efficient asset utilization: 1.3x turnover

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y9.04%

5Y1.69%

3Y-1.94%

TTM-1.53%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM51.28%

EPS CAGR

10Y-

5Y-

3Y-

TTM56.14%

ROCE

10Y Avg-10.34%

5Y Avg-21.27%

3Y Avg-25.02%

Latest-25.69%

Peer Comparison

Wireless Broadband Access

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
UIUbiquiti Inc.	33.49B	553.52	47.07	33.45%	28.72%	95.58%	1.87%	0.45
FEIMFrequency Electronics, Inc.	567.4M	58.03	23.59	26.3%	30.12%	35.99%		0.16
CMBMCambium Networks Corporation	44.34M	1.57	-0.56	-25.84%	-56.98%	-224.89%		0.39
AMPGAmpliTech Group, Inc.	84.92M	3.70	-3.43	-38.99%	-33.77%	-21.28%		0.12
AIRGAirgain, Inc.	49.27M	4.12	-5.22	8.14%	-10.87%	-20%		0.13
KNKnowles Corporation	2.12B	24.93	-9.34	21.17%	6.85%	5.23%	5.49%	0.28

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	27.79M	43.43M	49.52M	60.63M	55.74M	48.5M	64.27M	75.89M	56.04M	60.6M
Revenue Growth %	0.09%	0.56%	0.14%	0.22%	-0.08%	-0.13%	0.33%	0.18%	-0.26%	0.08%
Cost of Goods Sold+	16.15M	24.16M	26.22M	34.11M	30.41M	25.92M	39.67M	47.92M	35.28M	35.8M
COGS % of Revenue	0.58%	0.56%	0.53%	0.56%	0.55%	0.53%	0.62%	0.63%	0.63%	0.59%
Gross Profit+	11.64M	19.28M	23.3M	26.51M	25.32M	22.59M	24.61M	27.97M	20.76M	24.8M
Gross Margin %	0.42%	0.44%	0.47%	0.44%	0.45%	0.47%	0.38%	0.37%	0.37%	0.41%
Gross Profit Growth %	0.02%	0.66%	0.21%	0.14%	-0.04%	-0.11%	0.09%	0.14%	-0.26%	0.19%
Operating Expenses+	11.75M	15.82M	22.33M	29.9M	24.94M	25.77M	36.73M	36.55M	33.16M	33.73M
OpEx % of Revenue	0.42%	0.36%	0.45%	0.49%	0.45%	0.53%	0.57%	0.48%	0.59%	0.56%
Selling, General & Admin	7.49M	10.2M	15.01M	20.58M	15.96M	16.61M	23.77M	25.21M	22.66M	21.87M
SG&A % of Revenue	0.27%	0.23%	0.3%	0.34%	0.29%	0.34%	0.37%	0.33%	0.4%	0.36%
Research & Development	4.26M	5.62M	7.32M	9.32M	8.99M	9.16M	10.92M	11.35M	10.51M	11.86M
R&D % of Revenue	0.15%	0.13%	0.15%	0.15%	0.16%	0.19%	0.17%	0.15%	0.19%	0.2%
Other Operating Expenses	0	0	0	0	0	0	2.04M	0	0	0
Operating Income+	-330.7K	3.45M	969.2K	-3.39M	380K	-3.18M	-12.12M	-8.58M	-12.4M	-8.93M
Operating Margin %	-0.01%	0.08%	0.02%	-0.06%	0.01%	-0.07%	-0.19%	-0.11%	-0.22%	-0.15%
Operating Income Growth %	-1.39%	11.44%	-0.72%	-4.49%	1.11%	-9.38%	-2.81%	0.29%	-0.45%	0.28%
EBITDA+	142.05K	4.32M	1.99M	-2.12M	1.53M	-2.09M	-8.57M	-4.88M	-8.77M	-5.35M
EBITDA Margin %	0.01%	0.1%	0.04%	-0.04%	0.03%	-0.04%	-0.13%	-0.06%	-0.16%	-0.09%
EBITDA Growth %	-0.88%	29.42%	-0.54%	-2.07%	1.72%	-2.37%	-3.1%	0.43%	-0.8%	0.39%
D&A (Non-Cash Add-back)	472.75K	868.7K	1.02M	1.26M	1.15M	1.09M	3.55M	3.7M	3.63M	3.58M
EBIT	-230.23K	3.45M	1.27M	-2.45M	380K	-3.18M	-10.08M	-8.58M	-12.4M	-8.93M
Net Interest Income+	-39.49K	-170.57K	198K	553K	709K	197K	26K	63K	109K	115K
Interest Income	0	7.8K	296.45K	584.74K	714K	197K	26K	63K	109K	115K
Interest Expense	39.49K	178.37K	98.71K	30.99K	5K	0	0	0	0	0
Other Income/Expense	60.98K	289.72K	197.94K	903K	709K	178K	-12K	5K	100K	88K
Pretax Income+	-269.72K	3.74M	1.17M	-2.48M	1.09M	-3.01M	-12.14M	-8.57M	-12.3M	-8.84M
Pretax Margin %	-0.01%	0.09%	0.02%	-0.04%	0.02%	-0.06%	-0.19%	-0.11%	-0.22%	-0.15%
Income Tax+	622	8.18K	25.68K	101.54K	163K	273K	-2.05M	84K	128K	-152K
Effective Tax Rate %	1%	1%	0.98%	1.04%	0.85%	1.09%	0.83%	1.01%	1.01%	0.98%
Net Income+	-270.34K	3.73M	1.14M	-2.58M	926K	-3.28M	-10.09M	-8.66M	-12.43M	-8.69M
Net Margin %	-0.01%	0.09%	0.02%	-0.04%	0.02%	-0.07%	-0.16%	-0.11%	-0.22%	-0.14%
Net Income Growth %	-1.08%	14.81%	-0.69%	-3.26%	1.36%	-4.54%	-2.08%	0.14%	-0.44%	0.3%
Net Income (Continuing)	-270.34K	3.73M	1.14M	-2.58M	926K	-3.28M	-10.09M	-8.66M	-12.43M	-8.69M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.05	0.40	0.11	-0.27	0.09	-0.34	-1.01	-0.85	-1.20	-0.79
EPS Growth %	0.83%	9.33%	-0.72%	-3.45%	1.34%	-4.71%	-1.97%	0.16%	-0.41%	0.34%
EPS (Basic)	-0.05	0.65	0.12	-0.27	0.10	-0.34	-1.01	-0.85	-1.20	-0.79
Diluted Shares Outstanding	5.63M	4.67M	10.36M	9.52M	10.1M	9.71M	10.02M	10.19M	10.39M	11.05M
Basic Shares Outstanding	5.63M	3.37M	9.48M	9.52M	9.68M	9.71M	10.02M	10.19M	10.39M	11.05M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	9.38M	50.81M	46.08M	43.09M	45.09M	45.43M	35.49M	27.15M	19.08M	25.83M
Cash & Short-Term Investments	5.34M	45.16M	36.31M	33.79M	34.88M	38.17M	14.55M	11.98M	7.92M	8.51M
Cash Only	5.34M	45.16M	15.03M	13.62M	13.2M	38.17M	14.55M	11.98M	7.92M	8.51M
Short-Term Investments	0	0	21.29M	20.17M	21.69M	0	0	0	0	0
Accounts Receivable	3.73M	5.15M	8.42M	7.01M	7.66M	4.78M	10.76M	8.74M	7.38M	11.67M
Days Sales Outstanding	49.01	43.32	62.05	42.22	50.13	35.99	61.09	42.04	48.03	70.3
Inventory	119.73K	146.81K	741.56K	1.35M	1.19M	1.02M	8.95M	4.23M	2.4M	3.95M
Days Inventory Outstanding	2.71	2.22	10.32	14.46	14.32	14.31	82.35	32.19	24.86	40.3
Other Current Assets	0	0	0	0	0	0	1.23M	2.2M	1.38M	1.7M
Total Non-Current Assets+	5.88M	5.25M	10.22M	9.82M	9.63M	9.49M	34.67M	30.4M	25.49M	22.61M
Property, Plant & Equipment	1.03M	807.09K	1.04M	1.4M	2.13M	2.38M	5.47M	4.98M	3.9M	5.89M
Fixed Asset Turnover	27.07x	53.82x	47.76x	43.29x	26.22x	20.40x	11.74x	15.23x	14.37x	10.28x
Goodwill	1.25M	1.25M	3.7M	3.7M	3.7M	3.7M	10.85M	10.85M	10.85M	10.85M
Intangible Assets	3.48M	3.11M	5.13M	4.45M	3.8M	3.17M	14.23M	11.2M	8.23M	5.8M
Long-Term Investments	0	0	138.71K	355.35K	0	0	135K	175K	55K	0
Other Non-Current Assets	121.54K	84.06K	349.74K	269.14K	10K	249K	217K	41K	115K	74K
Total Assets+	15.26M	56.06M	56.3M	52.91M	54.73M	54.93M	70.16M	57.55M	44.57M	48.44M
Asset Turnover	1.82x	0.77x	0.88x	1.15x	1.02x	0.88x	0.92x	1.32x	1.26x	1.25x
Asset Growth %	0.75%	2.67%	0%	-0.06%	0.03%	0%	0.28%	-0.18%	-0.23%	0.09%
Total Current Liabilities+	7.58M	9.24M	9.73M	7.51M	6.76M	6.86M	19.89M	12.9M	9.99M	13.5M
Accounts Payable	2.87M	3.95M	3.97M	4.14M	3.84M	2.98M	5.47M	6.51M	6.47M	9.5M
Days Payables Outstanding	64.95	59.67	55.25	44.26	46.06	41.9	50.37	49.56	66.96	96.86
Short-Term Debt	1.63M	1.39M	1.33M	0	0	0	841K	904K	865K	0
Deferred Revenue (Current)	0	0	0	0	0	19K	1000K	771K	202K	104K
Other Current Liabilities	1.66M	2.07M	2.12M	0	2.53M	2.79M	2.5M	1.62M	1.58M	2.45M
Current Ratio	1.24x	5.50x	4.74x	5.74x	6.67x	6.63x	1.78x	2.10x	1.91x	1.91x
Quick Ratio	1.22x	5.48x	4.66x	5.56x	6.50x	6.48x	1.33x	1.78x	1.67x	1.62x
Cash Conversion Cycle	-13.23	-14.13	17.12	12.41	18.39	8.4	93.06	24.66	5.93	13.74
Total Non-Current Liabilities+	3.99M	1.79M	342.83K	248.96K	63K	329K	6.1M	4.83M	3.16M	3.97M
Long-Term Debt	2.72M	1.33M	334.86K	0	0	0	0	0	0	0
Capital Lease Obligations	558.64K	451.91K	0	0	11K	271K	2.22M	1.54M	674K	3.81M
Deferred Tax Liabilities	0	6.17K	7.97K	37.58K	52K	58K	3.88M	3.29M	2.49M	163K
Other Non-Current Liabilities	709.5K	0	7.97K	211K	0	0	0	0	0	0
Total Liabilities	11.57M	11.03M	10.07M	7.76M	6.82M	7.18M	25.99M	17.73M	13.15M	17.47M
Total Debt+	4.99M	3.26M	1.75M	292.71K	96K	310K	3.06M	2.44M	1.54M	3.9M
Net Debt	-349.05K	-41.91M	-13.28M	-13.33M	-13.1M	-37.86M	-11.49M	-9.54M	-6.38M	-4.61M
Debt / Equity	1.35x	0.07x	0.04x	0.01x	0.00x	0.01x	0.07x	0.06x	0.05x	0.13x
Debt / EBITDA	35.11x	0.75x	0.88x	-	0.06x	-	-	-	-	-
Net Debt / EBITDA	-2.46x	-9.70x	-6.68x	-	-8.57x	-	-	-	-	-
Interest Coverage	-8.37x	19.35x	9.82x	-109.27x	76.00x	-	-	-	-	-
Total Equity+	3.69M	45.03M	46.22M	45.15M	47.9M	47.74M	44.17M	39.83M	31.41M	30.97M
Equity Growth %	0.21%	11.19%	0.03%	-0.02%	0.06%	-0%	-0.07%	-0.1%	-0.21%	-0.01%
Book Value per Share	0.66	9.65	4.46	4.74	4.74	4.91	4.41	3.91	3.02	2.80
Total Shareholders' Equity	3.69M	45.03M	46.22M	45.15M	47.9M	47.74M	44.17M	39.83M	31.41M	30.97M
Common Stock	1.09M	928	961	995	96.62M	100.36M	106.97M	111.28M	115.3M	123.55M
Retained Earnings	-46.48M	-43.55M	-42.41M	-44.99M	-44.07M	-47.35M	-57.43M	-66.09M	-78.52M	-87.21M
Treasury Stock	0	0	-1.26M	-3.43M	-4.66M	-5.27M	-5.36M	-5.36M	-5.36M	-5.36M
Accumulated OCI	-1.73M	-1.94M	-16.91K	-11.14K	8K	0	0	0	3K	-4K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.85M	4.67M	-254.66K	1.38M	2.35M	3.7M	-11.17M	4.45M	-3.3M	-3.53M
Operating CF Margin %	0.07%	0.11%	-0.01%	0.02%	0.04%	0.08%	-0.17%	0.06%	-0.06%	-0.06%
Operating CF Growth %	0.12%	1.53%	-1.05%	6.41%	0.71%	0.58%	-4.02%	1.4%	-1.74%	-0.07%
Net Income	-270.34K	3.73M	1.14M	-2.58M	926K	-3.28M	-10.09M	-8.66M	-12.43M	-8.69M
Depreciation & Amortization	472.75K	868.7K	1.02M	1.26M	1.15M	1.09M	3.55M	3.7M	3.63M	3.71M
Stock-Based Compensation	341.55K	298.54K	736.07K	2.91M	2.2M	2.56M	4.05M	4.98M	3.68M	4.63M
Deferred Taxes	-100.47K	6.17K	1.8K	29.61K	14K	6K	-2.28M	30K	12K	11K
Other Non-Cash Items	266.28K	-460.29K	-91.48K	-551.07K	-312K	75K	2.06M	-2.04M	0	0
Working Capital Changes	1.14M	222.46K	-3.06M	308.81K	-1.63M	3.25M	-8.46M	6.43M	1.8M	-3.19M
Change in Receivables	210.14K	-1.42M	-2.68M	1.04M	-643K	2.87M	-4.85M	2.02M	1.37M	-4.3M
Change in Inventory	-119.73K	-27.08K	-161.97K	-609.55K	158K	177K	-6.26M	4.72M	1.82M	-1.55M
Change in Payables	298.92K	1.08M	-101.8K	293.66K	-303K	-862K	1.82M	1.04M	-93K	2.93M
Cash from Investing+	-4.13M	-275.65K	-27.82M	335.57K	-2.38M	20.89M	-14.92M	-750K	-346K	-178K
Capital Expenditures	-132.85K	-275.65K	-263.06K	-989.87K	-1.2M	-727K	-736K	-763K	-346K	-178K
CapEx % of Revenue	0%	0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	-21.21M	1.33M	-1.19M	21.61M	0	6.54M	0	0
Cash from Financing+	4.03M	35.43M	-2.06M	-3.12M	-392K	561K	2.43M	-6.3M	-458K	4.3M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	302.37K	-3.34M	1K	-375.33K	0	0	0	-6.53M	-690K	-94K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.72M	4.39M	-517.72K	386.65K	1.15M	2.98M	-11.91M	3.68M	-3.65M	-3.71M
FCF Margin %	0.06%	0.1%	-0.01%	0.01%	0.02%	0.06%	-0.19%	0.05%	-0.07%	-0.06%
FCF Growth %	1.59%	1.56%	-1.12%	1.75%	1.98%	1.58%	-5%	1.31%	-1.99%	-0.02%
FCF per Share	0.30	0.94	-0.05	0.04	0.11	0.31	-1.19	0.36	-0.35	-0.34
FCF Conversion (FCF/Net Income)	-6.84x	1.25x	-0.22x	-0.53x	2.54x	-1.13x	1.11x	-0.51x	0.27x	0.41x
Interest Paid	39.49K	0	99K	37K	1K	0	0	0	0	0
Taxes Paid	6.17K	0	103K	46K	71K	164K	153K	197K	112K	50K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-8.01%	15.33%	2.5%	-5.66%	1.99%	-6.86%	-21.95%	-20.62%	-34.89%	-27.85%
Return on Invested Capital (ROIC)	-11.92%	80.02%	4.03%	-7.84%	0.86%	-10.69%	-42.73%	-20.44%	-33.63%	-26.06%
Gross Margin	41.9%	44.38%	47.05%	43.73%	45.43%	46.57%	38.29%	36.86%	37.05%	40.93%
Net Margin	-0.97%	8.6%	2.3%	-4.26%	1.66%	-6.76%	-15.69%	-11.41%	-22.18%	-14.34%
Debt / Equity	1.35x	0.07x	0.04x	0.01x	0.00x	0.01x	0.07x	0.06x	0.05x	0.13x
Interest Coverage	-8.37x	19.35x	9.82x	-109.27x	76.00x	-	-	-	-	-
FCF Conversion	-6.84x	1.25x	-0.22x	-0.53x	2.54x	-1.13x	1.11x	-0.51x	0.27x	0.41x
Revenue Growth	8.95%	56.28%	14.02%	22.42%	-8.06%	-12.98%	32.52%	18.08%	-26.16%	8.14%

Revenue by Geography

	2019	2020	2021	2022	2023	2024
North America	11.61M	10.04M	34.3M	45.68M	33.92M	35.9M
North America Growth	-	-13.50%	241.51%	33.17%	-25.75%	5.84%
China Including Hong Kong and Taiwan	-	-	27.38M	28.09M	20.29M	22.35M
China Including Hong Kong and Taiwan Growth	-	-	-	2.57%	-27.75%	10.16%
Other Countries	3.32M	3.29M	2.59M	2.13M	1.83M	2.35M
Other Countries Growth	-	-0.99%	-21.13%	-17.75%	-14.08%	28.29%
CHINA	-	35.17M	-	-	-	-
CHINA Growth	-	-	-	-	-	-
Asia	40.81M	-	-	-	-	-
Asia Growth	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Airgain, Inc. (AIRG) reported $54.7M in revenue for fiscal year 2024. This represents a 201% increase from $18.2M in 2012.

Airgain, Inc. (AIRG) grew revenue by 8.1% over the past year. This is steady growth.

Airgain, Inc. (AIRG) reported a net loss of $5.9M for fiscal year 2024.

Dividend & Returns

Airgain, Inc. (AIRG) has a return on equity (ROE) of -27.9%. Negative ROE indicates the company is unprofitable.

Airgain, Inc. (AIRG) had negative free cash flow of $1.6M in fiscal year 2024, likely due to heavy capital investments.