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AIRG logoAirgain, Inc.(AIRG)Earnings, Financials & Key Ratios

AIRG•NASDAQ
$7.13
$86M mkt cap·Price updated May 6, 2026
SectorTechnologyIndustryCommunication EquipmentSub-IndustryWireless Access and Backhaul Equipment
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$52M-14.6%
  • EBITDA-$8M-58.5%
  • Net Income-$6M+26.0%
  • EPS (Diluted)-0.54+31.6%
  • Gross Margin43.54%+6.4%
  • EBITDA Margin-16.38%-85.5%
  • Operating Margin-16.38%-11.2%
  • Net Margin-12.41%+13.4%
  • ROE-21.69%+22.1%
  • ROIC-24.47%+6.1%
  • Debt/Equity0.17+32.0%
Technical→

AIRG Key Insights

Airgain, Inc. (AIRG) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 93 (top 7%)
  • ✓Trading near 52-week high
  • ✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

AIRG Price & Volume

Airgain, Inc. (AIRG) stock price & volume — 10-year historical chart

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AIRG Growth Metrics

Airgain, Inc. (AIRG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.42%
5 Years1.32%
3 Years-11.97%
TTM-14.55%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM26.04%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM31.65%

Return on Capital

10 Years-12.34%
5 Years-24.99%
3 Years-27.4%
Last Year-25.21%

AIRG Peer Comparison

Airgain, Inc. (AIRG) competitors in Wireless Access and Backhaul Equipment — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
TAOP logoTAOPTaoping Inc.Direct Competitor1.34M1.34-0.17-15.97%-19.58%-46.71%0.50
GILT logoGILTGilat Satellite Networks Ltd.Direct Competitor1.47B20.0759.0347.87%4.59%4.14%0.63%0.02
SPOK logoSPOKSpok Holdings, Inc.Direct Competitor225.34M10.8714.491.49%10.33%7.28%11.18%0.05
SWKS logoSWKSSkyworks Solutions, Inc.Product Competitor10.93B72.6523.59-2.18%8.93%6.3%10.12%0.21
QRVO logoQRVOQorvo, Inc.Product Competitor8.93B96.3526.62-1.09%9.22%9.69%7.61%0.46
SMTC logoSMTCSemtech CorporationProduct Competitor10.43B113.05-50.024.67%2.78%5.12%0.42%1.02
CODA logoCODACoda Octopus Group, Inc.Product Competitor131.47M11.6731.5330.75%14.78%7.17%4.59%0.01
CSCO logoCSCOCisco Systems, Inc.Supply Chain373.43B94.3036.985.3%18.76%23.21%3.56%0.63

Compare AIRG vs Peers

Airgain, Inc. (AIRG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs TAOP

Most directly comparable listed peer for AIRG.

Scale Benchmark

vs CSCO

Larger-name benchmark to compare AIRG against a more recognizable public peer.

Peer Set

Compare Top 5

vs TAOP, GILT, SPOK, SWKS

AIRG Income Statement

Airgain, Inc. (AIRG) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue49.52M60.63M55.74M48.5M64.27M75.89M56.04M60.6M51.78M
Revenue Growth %14.02%22.42%-8.06%-12.98%32.52%18.08%-26.16%8.14%-14.55%
Cost of Goods Sold26.22M34.11M30.41M25.92M39.67M47.92M35.28M35.8M29.23M
COGS % of Revenue52.95%56.27%54.57%53.43%61.71%63.14%62.95%59.07%56.46%
Gross Profit
23.3M▲ 0%
26.51M▲ 13.8%
25.32M▼ 4.5%
22.59M▼ 10.8%
24.61M▲ 9.0%
27.97M▲ 13.7%
20.76M▼ 25.8%
24.8M▲ 19.5%
22.55M▼ 9.1%
Gross Margin %47.05%43.73%45.43%46.57%38.29%36.86%37.05%40.93%43.54%
Gross Profit Growth %20.88%13.77%-4.48%-10.82%8.95%13.68%-25.77%19.45%-9.1%
Operating Expenses22.33M29.9M24.94M25.77M36.73M36.55M33.16M33.73M31.03M
OpEx % of Revenue45.1%49.31%44.75%53.13%57.15%48.16%59.18%55.66%59.92%
Selling, General & Admin15.01M20.58M15.96M16.61M23.77M25.21M22.66M21.87M21.49M
SG&A % of Revenue30.32%33.94%28.62%34.25%36.98%33.21%40.43%36.08%41.5%
Research & Development7.32M9.32M8.99M9.16M10.92M11.35M10.51M11.86M9.54M
R&D % of Revenue14.78%15.37%16.13%18.88%16.99%14.95%18.75%19.58%18.43%
Other Operating Expenses00002.04M0000
Operating Income
969.2K▲ 0%
-3.39M▼ 449.4%
380K▲ 111.2%
-3.18M▼ 937.9%
-12.12M▼ 280.8%
-8.58M▲ 29.2%
-12.4M▼ 44.5%
-8.93M▲ 28.0%
-8.48M▲ 5.0%
Operating Margin %1.96%-5.59%0.68%-6.56%-18.86%-11.31%-22.13%-14.73%-16.38%
Operating Income Growth %-71.92%-449.36%111.22%-937.89%-280.78%29.23%-44.52%28%4.98%
EBITDA1.99M-2.12M1.53M-2.09M-8.57M-4.88M-8.77M-5.35M-8.48M
EBITDA Margin %4.01%-3.5%2.74%-4.31%-13.34%-6.43%-15.65%-8.83%-16.38%
EBITDA Growth %-54.02%-206.83%171.99%-236.91%-309.85%43.1%-79.75%38.99%-58.53%
D&A (Non-Cash Add-back)1.02M1.26M1.15M1.09M3.55M3.7M3.63M3.58M0
EBIT1.27M-2.45M380K-3.18M-10.08M-8.58M-12.4M-8.93M0
Net Interest Income198K553K709K197K26K63K109K115K0
Interest Income296.45K584.74K714K197K26K63K109K115K0
Interest Expense98.71K30.99K5K000000
Other Income/Expense197.94K903K709K178K-12K5K100K88K2.13M
Pretax Income
1.17M▲ 0%
-2.48M▼ 312.8%
1.09M▲ 143.9%
-3.01M▼ 376.0%
-12.14M▼ 303.7%
-8.57M▲ 29.3%
-12.3M▼ 43.4%
-8.84M▲ 28.1%
-6.35M▲ 28.1%
Pretax Margin %2.36%-4.1%1.95%-6.2%-18.88%-11.3%-21.95%-14.59%-12.27%
Income Tax25.68K101.54K163K273K-2.05M84K128K-152K73K
Effective Tax Rate %2.2%-4.09%14.97%-9.08%16.88%-0.98%-1.04%1.72%-1.15%
Net Income
1.14M▲ 0%
-2.58M▼ 326.4%
926K▲ 135.8%
-3.28M▼ 454.1%
-10.09M▼ 207.6%
-8.66M▲ 14.2%
-12.43M▼ 43.5%
-8.69M▲ 30.1%
-6.43M▲ 26.0%
Net Margin %2.3%-4.26%1.66%-6.76%-15.69%-11.41%-22.18%-14.34%-12.41%
Net Income Growth %-69.43%-326.45%135.83%-454.1%-207.62%14.16%-43.53%30.09%26.04%
Net Income (Continuing)1.14M-2.58M926K-3.28M-10.09M-8.66M-12.43M-8.69M-6.43M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
0.11▲ 0%
-0.27▼ 345.5%
0.09▲ 134.0%
-0.34▼ 470.8%
-1.01▼ 197.1%
-0.85▲ 15.8%
-1.20▼ 41.2%
-0.79▲ 34.2%
-0.54▲ 31.6%
EPS Growth %-72.5%-345.45%133.96%-470.77%-197.06%15.84%-41.18%34.17%31.65%
EPS (Basic)0.12-0.270.10-0.34-1.01-0.85-1.20-0.79-0.54
Diluted Shares Outstanding10.36M9.52M10.1M9.71M10.02M10.19M10.39M11.05M11.84M
Basic Shares Outstanding9.48M9.52M9.68M9.71M10.02M10.19M10.39M11.05M11.84M
Dividend Payout Ratio---------

AIRG Balance Sheet

Airgain, Inc. (AIRG) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets46.08M43.09M45.09M45.43M35.49M27.15M19.08M25.83M25.76M
Cash & Short-Term Investments36.31M33.79M34.88M38.17M14.55M11.98M7.92M8.51M7.36M
Cash Only15.03M13.62M13.2M38.17M14.55M11.98M7.92M8.51M7.36M
Short-Term Investments21.29M20.17M21.69M000000
Accounts Receivable8.42M7.01M7.66M4.78M10.76M8.74M7.38M11.67M12.78M
Days Sales Outstanding62.0542.2250.1335.9961.0942.0448.0370.390.05
Inventory741.56K1.35M1.19M1.02M8.95M4.23M2.4M3.95M3.58M
Days Inventory Outstanding10.3214.4614.3214.3182.3532.1924.8640.344.7
Other Current Assets00001.23M2.2M1.38M1.7M2.04M
Total Non-Current Assets10.22M9.82M9.63M9.49M34.67M30.4M25.49M22.61M19.58M
Property, Plant & Equipment1.04M1.4M2.13M2.38M5.47M4.98M3.9M5.89M5.86M
Fixed Asset Turnover47.76x43.29x26.22x20.40x11.74x15.23x14.37x10.28x8.83x
Goodwill3.7M3.7M3.7M3.7M10.85M10.85M10.85M10.85M10.85M
Intangible Assets5.13M4.45M3.8M3.17M14.23M11.2M8.23M5.8M2.79M
Long-Term Investments138.71K355.35K00135K175K55K00
Other Non-Current Assets349.74K269.14K10K249K217K41K115K74K85K
Total Assets
56.3M▲ 0%
52.91M▼ 6.0%
54.73M▲ 3.4%
54.93M▲ 0.4%
70.16M▲ 27.7%
57.55M▼ 18.0%
44.57M▼ 22.6%
48.44M▲ 8.7%
45.34M▼ 6.4%
Asset Turnover0.88x1.15x1.02x0.88x0.92x1.32x1.26x1.25x1.14x
Asset Growth %0.42%-6.02%3.44%0.37%27.74%-17.97%-22.56%8.7%-6.41%
Total Current Liabilities9.73M7.51M6.76M6.86M19.89M12.9M9.99M13.5M12.98M
Accounts Payable3.97M4.14M3.84M2.98M5.47M6.51M6.47M9.5M9.21M
Days Payables Outstanding55.2544.2646.0641.950.3749.5666.9696.86115.04
Short-Term Debt1.33M000841K904K865K0821K
Deferred Revenue (Current)00019K8.8M771K202K104K0
Other Current Liabilities2.12M02.53M2.79M2.5M1.62M1.58M2.45M12.16M
Current Ratio4.74x5.74x6.67x6.63x1.78x2.10x1.91x1.91x1.98x
Quick Ratio4.66x5.56x6.50x6.48x1.33x1.78x1.67x1.62x1.71x
Cash Conversion Cycle17.1212.4118.398.493.0624.665.9313.7419.71
Total Non-Current Liabilities342.83K248.96K63K329K6.1M4.83M3.16M3.97M4.07M
Long-Term Debt334.86K00000003.88M
Capital Lease Obligations0011K271K2.22M1.54M674K3.81M0
Deferred Tax Liabilities7.97K37.58K52K58K3.88M3.29M2.49M163K186K
Other Non-Current Liabilities7.97K211K0000000
Total Liabilities10.07M7.76M6.82M7.18M25.99M17.73M13.15M17.47M17.05M
Total Debt1.75M292.71K96K310K3.06M2.44M1.54M3.9M4.7M
Net Debt-13.28M-13.33M-13.1M-37.86M-11.49M-9.54M-6.38M-4.61M-2.66M
Debt / Equity0.04x0.01x0.00x0.01x0.07x0.06x0.05x0.13x0.17x
Debt / EBITDA0.88x-0.06x------
Net Debt / EBITDA-6.68x--8.57x------
Interest Coverage9.82x-109.27x76.00x------
Total Equity
46.22M▲ 0%
45.15M▼ 2.3%
47.9M▲ 6.1%
47.74M▼ 0.3%
44.17M▼ 7.5%
39.83M▼ 9.8%
31.41M▼ 21.1%
30.97M▼ 1.4%
28.29M▼ 8.7%
Equity Growth %2.65%-2.33%6.11%-0.34%-7.48%-9.84%-21.12%-1.41%-8.65%
Book Value per Share4.464.744.744.914.413.913.022.802.39
Total Shareholders' Equity46.22M45.15M47.9M47.74M44.17M39.83M31.41M30.97M28.29M
Common Stock96199596.62M100.36M106.97M111.28M115.3M123.55M127.29M
Retained Earnings-42.41M-44.99M-44.07M-47.35M-57.43M-66.09M-78.52M-87.21M-93.64M
Treasury Stock-1.26M-3.43M-4.66M-5.27M-5.36M-5.36M-5.36M-5.36M0
Accumulated OCI-16.91K-11.14K8K0003K-4K-4K
Minority Interest000000000

AIRG Cash Flow Statement

Airgain, Inc. (AIRG) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-254.66K1.38M2.35M3.7M-11.17M4.45M-3.3M-3.53M-1.11M
Operating CF Margin %-0.51%2.27%4.22%7.64%-17.38%5.86%-5.89%-5.82%-2.15%
Operating CF Growth %-105.45%640.54%70.72%57.62%-401.57%139.8%-174.25%-6.85%68.44%
Net Income1.14M-2.58M926K-3.28M-10.09M-8.66M-12.43M-8.69M-6.43M
Depreciation & Amortization1.02M1.26M1.15M1.09M3.55M3.7M3.63M3.71M3.7M
Stock-Based Compensation736.07K2.91M2.2M2.56M4.05M4.98M3.68M4.63M2.96M
Deferred Taxes1.8K29.61K14K6K-2.28M30K12K11K23K
Other Non-Cash Items-91.48K-551.07K-312K75K2.06M-2.04M00-1.37M
Working Capital Changes-3.06M308.81K-1.63M3.25M-8.46M6.43M1.8M-3.19M0
Change in Receivables-2.68M1.04M-643K2.87M-4.85M2.02M1.37M-4.3M-1.1M
Change in Inventory-161.97K-609.55K158K177K-6.26M4.72M1.82M-1.55M372K
Change in Payables-101.8K293.66K-303K-862K1.82M1.04M-93K2.93M-285K
Cash from Investing-27.82M335.57K-2.38M20.89M-14.92M-750K-346K-178K-389K
Capital Expenditures-263.06K-989.87K-1.2M-727K-736K-763K-346K-178K-166K
CapEx % of Revenue0.53%1.63%2.15%1.5%1.15%1.01%0.62%0.29%0.32%
Acquisitions-6.35M01.19M-21.61M-14.19M-6.53M000
Investments---------
Other Investing-21.21M1.33M-1.19M21.61M06.54M00-223K
Cash from Financing-2.06M-3.12M-392K561K2.43M-6.3M-458K4.3M350K
Debt Issued (Net)-1.39M-1.33M0000000
Equity Issued (Net)-669K-1000K-392K561K1000K228K232K1000K0
Dividends Paid000000000
Share Repurchases-1.26M-2.17M-1.23M-608K-97K0000
Other Financing1K-375.33K000-6.53M-690K-94K350K
Net Change in Cash
-30.14M▲ 0%
-1.41M▲ 95.3%
-424K▲ 69.8%
25.15M▲ 6031.8%
-23.66M▼ 194.1%
-2.61M▲ 89.0%
-4.1M▼ 57.3%
589K▲ 114.4%
-1.15M▼ 295.6%
Free Cash Flow
-517.72K▲ 0%
386.65K▲ 174.7%
1.15M▲ 198.5%
2.98M▲ 158.0%
-11.91M▼ 499.9%
3.68M▲ 130.9%
-3.65M▼ 199.0%
-3.71M▼ 1.6%
-1.28M▲ 65.5%
FCF Margin %-1.05%0.64%2.07%6.14%-18.52%4.85%-6.51%-6.11%-2.47%
FCF Growth %-111.78%174.68%198.46%157.97%-499.93%130.93%-199.02%-1.59%65.48%
FCF per Share-0.050.040.110.31-1.190.36-0.35-0.34-0.11
FCF Conversion (FCF/Net Income)-0.22x-0.53x2.54x-1.13x1.11x-0.51x0.27x0.41x0.17x
Interest Paid99K37K1K000000
Taxes Paid103K46K71K164K153K197K112K50K0

AIRG Key Ratios

Airgain, Inc. (AIRG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)15.33%2.5%-5.66%1.99%-6.86%-21.95%-20.62%-34.89%-27.85%-21.69%
Return on Invested Capital (ROIC)80.02%4.03%-7.84%0.86%-10.69%-42.73%-20.44%-33.63%-26.06%-24.47%
Gross Margin44.38%47.05%43.73%45.43%46.57%38.29%36.86%37.05%40.93%43.54%
Net Margin8.6%2.3%-4.26%1.66%-6.76%-15.69%-11.41%-22.18%-14.34%-12.41%
Debt / Equity0.07x0.04x0.01x0.00x0.01x0.07x0.06x0.05x0.13x0.17x
Interest Coverage19.35x9.82x-109.27x76.00x------
FCF Conversion1.25x-0.22x-0.53x2.54x-1.13x1.11x-0.51x0.27x0.41x0.17x
Revenue Growth56.28%14.02%22.42%-8.06%-12.98%32.52%18.08%-26.16%8.14%-14.55%

AIRG Frequently Asked Questions

Airgain, Inc. (AIRG) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Airgain, Inc. (AIRG) reported $51.8M in revenue for fiscal year 2025. This represents a 185% increase from $18.2M in 2012.

Airgain, Inc. (AIRG) saw revenue decline by 14.6% over the past year.

Airgain, Inc. (AIRG) reported a net loss of $6.4M for fiscal year 2025.

Dividend & Returns

Airgain, Inc. (AIRG) has a return on equity (ROE) of -21.7%. Negative ROE indicates the company is unprofitable.

Airgain, Inc. (AIRG) had negative free cash flow of $1.5M in fiscal year 2025, likely due to heavy capital investments.

Explore More AIRG

Airgain, Inc. (AIRG) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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