Airgain, Inc. (AIRG) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Airgain, Inc. (AIRG) stock price & volume — 10-year historical chart
Airgain, Inc. (AIRG) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Airgain, Inc. (AIRG) competitors in Wireless Access and Backhaul Equipment — business model, growth, and fundamentals comparison
Airgain, Inc. (AIRG) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Airgain, Inc. (AIRG) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 49.52M | 60.63M | 55.74M | 48.5M | 64.27M | 75.89M | 56.04M | 60.6M | 51.78M |
| Revenue Growth % | 14.02% | 22.42% | -8.06% | -12.98% | 32.52% | 18.08% | -26.16% | 8.14% | -14.55% |
| Cost of Goods Sold | 26.22M | 34.11M | 30.41M | 25.92M | 39.67M | 47.92M | 35.28M | 35.8M | 29.23M |
| COGS % of Revenue | 52.95% | 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 Expenses | 22.33M | 29.9M | 24.94M | 25.77M | 36.73M | 36.55M | 33.16M | 33.73M | 31.03M |
| OpEx % of Revenue | 45.1% | 49.31% | 44.75% | 53.13% | 57.15% | 48.16% | 59.18% | 55.66% | 59.92% |
| Selling, General & Admin | 15.01M | 20.58M | 15.96M | 16.61M | 23.77M | 25.21M | 22.66M | 21.87M | 21.49M |
| SG&A % of Revenue | 30.32% | 33.94% | 28.62% | 34.25% | 36.98% | 33.21% | 40.43% | 36.08% | 41.5% |
| Research & Development | 7.32M | 9.32M | 8.99M | 9.16M | 10.92M | 11.35M | 10.51M | 11.86M | 9.54M |
| R&D % of Revenue | 14.78% | 15.37% | 16.13% | 18.88% | 16.99% | 14.95% | 18.75% | 19.58% | 18.43% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 2.04M | 0 | 0 | 0 | 0 |
| 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% |
| EBITDA | 1.99M | -2.12M | 1.53M | -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) | 1.02M | 1.26M | 1.15M | 1.09M | 3.55M | 3.7M | 3.63M | 3.58M | 0 |
| EBIT | 1.27M | -2.45M | 380K | -3.18M | -10.08M | -8.58M | -12.4M | -8.93M | 0 |
| Net Interest Income | 198K | 553K | 709K | 197K | 26K | 63K | 109K | 115K | 0 |
| Interest Income | 296.45K | 584.74K | 714K | 197K | 26K | 63K | 109K | 115K | 0 |
| Interest Expense | 98.71K | 30.99K | 5K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 197.94K | 903K | 709K | 178K | -12K | 5K | 100K | 88K | 2.13M |
| 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 Tax | 25.68K | 101.54K | 163K | 273K | -2.05M | 84K | 128K | -152K | 73K |
| 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 | -2.58M | 926K | -3.28M | -10.09M | -8.66M | -12.43M | -8.69M | -6.43M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 | -0.27 | 0.10 | -0.34 | -1.01 | -0.85 | -1.20 | -0.79 | -0.54 |
| Diluted Shares Outstanding | 10.36M | 9.52M | 10.1M | 9.71M | 10.02M | 10.19M | 10.39M | 11.05M | 11.84M |
| Basic Shares Outstanding | 9.48M | 9.52M | 9.68M | 9.71M | 10.02M | 10.19M | 10.39M | 11.05M | 11.84M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Airgain, Inc. (AIRG) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 46.08M | 43.09M | 45.09M | 45.43M | 35.49M | 27.15M | 19.08M | 25.83M | 25.76M |
| Cash & Short-Term Investments | 36.31M | 33.79M | 34.88M | 38.17M | 14.55M | 11.98M | 7.92M | 8.51M | 7.36M |
| Cash Only | 15.03M | 13.62M | 13.2M | 38.17M | 14.55M | 11.98M | 7.92M | 8.51M | 7.36M |
| Short-Term Investments | 21.29M | 20.17M | 21.69M | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 8.42M | 7.01M | 7.66M | 4.78M | 10.76M | 8.74M | 7.38M | 11.67M | 12.78M |
| Days Sales Outstanding | 62.05 | 42.22 | 50.13 | 35.99 | 61.09 | 42.04 | 48.03 | 70.3 | 90.05 |
| Inventory | 741.56K | 1.35M | 1.19M | 1.02M | 8.95M | 4.23M | 2.4M | 3.95M | 3.58M |
| Days Inventory Outstanding | 10.32 | 14.46 | 14.32 | 14.31 | 82.35 | 32.19 | 24.86 | 40.3 | 44.7 |
| Other Current Assets | 0 | 0 | 0 | 0 | 1.23M | 2.2M | 1.38M | 1.7M | 2.04M |
| Total Non-Current Assets | 10.22M | 9.82M | 9.63M | 9.49M | 34.67M | 30.4M | 25.49M | 22.61M | 19.58M |
| Property, Plant & Equipment | 1.04M | 1.4M | 2.13M | 2.38M | 5.47M | 4.98M | 3.9M | 5.89M | 5.86M |
| Fixed Asset Turnover | 47.76x | 43.29x | 26.22x | 20.40x | 11.74x | 15.23x | 14.37x | 10.28x | 8.83x |
| Goodwill | 3.7M | 3.7M | 3.7M | 3.7M | 10.85M | 10.85M | 10.85M | 10.85M | 10.85M |
| Intangible Assets | 5.13M | 4.45M | 3.8M | 3.17M | 14.23M | 11.2M | 8.23M | 5.8M | 2.79M |
| Long-Term Investments | 138.71K | 355.35K | 0 | 0 | 135K | 175K | 55K | 0 | 0 |
| Other Non-Current Assets | 349.74K | 269.14K | 10K | 249K | 217K | 41K | 115K | 74K | 85K |
| 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 Turnover | 0.88x | 1.15x | 1.02x | 0.88x | 0.92x | 1.32x | 1.26x | 1.25x | 1.14x |
| Asset Growth % | 0.42% | -6.02% | 3.44% | 0.37% | 27.74% | -17.97% | -22.56% | 8.7% | -6.41% |
| Total Current Liabilities | 9.73M | 7.51M | 6.76M | 6.86M | 19.89M | 12.9M | 9.99M | 13.5M | 12.98M |
| Accounts Payable | 3.97M | 4.14M | 3.84M | 2.98M | 5.47M | 6.51M | 6.47M | 9.5M | 9.21M |
| Days Payables Outstanding | 55.25 | 44.26 | 46.06 | 41.9 | 50.37 | 49.56 | 66.96 | 96.86 | 115.04 |
| Short-Term Debt | 1.33M | 0 | 0 | 0 | 841K | 904K | 865K | 0 | 821K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 19K | 8.8M | 771K | 202K | 104K | 0 |
| Other Current Liabilities | 2.12M | 0 | 2.53M | 2.79M | 2.5M | 1.62M | 1.58M | 2.45M | 12.16M |
| Current Ratio | 4.74x | 5.74x | 6.67x | 6.63x | 1.78x | 2.10x | 1.91x | 1.91x | 1.98x |
| Quick Ratio | 4.66x | 5.56x | 6.50x | 6.48x | 1.33x | 1.78x | 1.67x | 1.62x | 1.71x |
| Cash Conversion Cycle | 17.12 | 12.41 | 18.39 | 8.4 | 93.06 | 24.66 | 5.93 | 13.74 | 19.71 |
| Total Non-Current Liabilities | 342.83K | 248.96K | 63K | 329K | 6.1M | 4.83M | 3.16M | 3.97M | 4.07M |
| Long-Term Debt | 334.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.88M |
| Capital Lease Obligations | 0 | 0 | 11K | 271K | 2.22M | 1.54M | 674K | 3.81M | 0 |
| Deferred Tax Liabilities | 7.97K | 37.58K | 52K | 58K | 3.88M | 3.29M | 2.49M | 163K | 186K |
| Other Non-Current Liabilities | 7.97K | 211K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 10.07M | 7.76M | 6.82M | 7.18M | 25.99M | 17.73M | 13.15M | 17.47M | 17.05M |
| Total Debt | 1.75M | 292.71K | 96K | 310K | 3.06M | 2.44M | 1.54M | 3.9M | 4.7M |
| Net Debt | -13.28M | -13.33M | -13.1M | -37.86M | -11.49M | -9.54M | -6.38M | -4.61M | -2.66M |
| Debt / Equity | 0.04x | 0.01x | 0.00x | 0.01x | 0.07x | 0.06x | 0.05x | 0.13x | 0.17x |
| Debt / EBITDA | 0.88x | - | 0.06x | - | - | - | - | - | - |
| Net Debt / EBITDA | -6.68x | - | -8.57x | - | - | - | - | - | - |
| Interest Coverage | 9.82x | -109.27x | 76.00x | - | - | - | - | - | - |
| 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 Share | 4.46 | 4.74 | 4.74 | 4.91 | 4.41 | 3.91 | 3.02 | 2.80 | 2.39 |
| Total Shareholders' Equity | 46.22M | 45.15M | 47.9M | 47.74M | 44.17M | 39.83M | 31.41M | 30.97M | 28.29M |
| Common Stock | 961 | 995 | 96.62M | 100.36M | 106.97M | 111.28M | 115.3M | 123.55M | 127.29M |
| 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 | -5.36M | 0 |
| Accumulated OCI | -16.91K | -11.14K | 8K | 0 | 0 | 0 | 3K | -4K | -4K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Airgain, Inc. (AIRG) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -254.66K | 1.38M | 2.35M | 3.7M | -11.17M | 4.45M | -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 Income | 1.14M | -2.58M | 926K | -3.28M | -10.09M | -8.66M | -12.43M | -8.69M | -6.43M |
| Depreciation & Amortization | 1.02M | 1.26M | 1.15M | 1.09M | 3.55M | 3.7M | 3.63M | 3.71M | 3.7M |
| Stock-Based Compensation | 736.07K | 2.91M | 2.2M | 2.56M | 4.05M | 4.98M | 3.68M | 4.63M | 2.96M |
| Deferred Taxes | 1.8K | 29.61K | 14K | 6K | -2.28M | 30K | 12K | 11K | 23K |
| Other Non-Cash Items | -91.48K | -551.07K | -312K | 75K | 2.06M | -2.04M | 0 | 0 | -1.37M |
| Working Capital Changes | -3.06M | 308.81K | -1.63M | 3.25M | -8.46M | 6.43M | 1.8M | -3.19M | 0 |
| Change in Receivables | -2.68M | 1.04M | -643K | 2.87M | -4.85M | 2.02M | 1.37M | -4.3M | -1.1M |
| Change in Inventory | -161.97K | -609.55K | 158K | 177K | -6.26M | 4.72M | 1.82M | -1.55M | 372K |
| Change in Payables | -101.8K | 293.66K | -303K | -862K | 1.82M | 1.04M | -93K | 2.93M | -285K |
| Cash from Investing | -27.82M | 335.57K | -2.38M | 20.89M | -14.92M | -750K | -346K | -178K | -389K |
| Capital Expenditures | -263.06K | -989.87K | -1.2M | -727K | -736K | -763K | -346K | -178K | -166K |
| CapEx % of Revenue | 0.53% | 1.63% | 2.15% | 1.5% | 1.15% | 1.01% | 0.62% | 0.29% | 0.32% |
| Acquisitions | -6.35M | 0 | 1.19M | -21.61M | -14.19M | -6.53M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -21.21M | 1.33M | -1.19M | 21.61M | 0 | 6.54M | 0 | 0 | -223K |
| Cash from Financing | -2.06M | -3.12M | -392K | 561K | 2.43M | -6.3M | -458K | 4.3M | 350K |
| Debt Issued (Net) | -1.39M | -1.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -669K | -1000K | -392K | 561K | 1000K | 228K | 232K | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.26M | -2.17M | -1.23M | -608K | -97K | 0 | 0 | 0 | 0 |
| Other Financing | 1K | -375.33K | 0 | 0 | 0 | -6.53M | -690K | -94K | 350K |
| 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 | -0.05 | 0.04 | 0.11 | 0.31 | -1.19 | 0.36 | -0.35 | -0.34 | -0.11 |
| FCF Conversion (FCF/Net Income) | -0.22x | -0.53x | 2.54x | -1.13x | 1.11x | -0.51x | 0.27x | 0.41x | 0.17x |
| Interest Paid | 99K | 37K | 1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 103K | 46K | 71K | 164K | 153K | 197K | 112K | 50K | 0 |
Airgain, Inc. (AIRG) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 Margin | 44.38% | 47.05% | 43.73% | 45.43% | 46.57% | 38.29% | 36.86% | 37.05% | 40.93% | 43.54% |
| Net Margin | 8.6% | 2.3% | -4.26% | 1.66% | -6.76% | -15.69% | -11.41% | -22.18% | -14.34% | -12.41% |
| Debt / Equity | 0.07x | 0.04x | 0.01x | 0.00x | 0.01x | 0.07x | 0.06x | 0.05x | 0.13x | 0.17x |
| Interest Coverage | 19.35x | 9.82x | -109.27x | 76.00x | - | - | - | - | - | - |
| FCF Conversion | 1.25x | -0.22x | -0.53x | 2.54x | -1.13x | 1.11x | -0.51x | 0.27x | 0.41x | 0.17x |
| Revenue Growth | 56.28% | 14.02% | 22.42% | -8.06% | -12.98% | 32.52% | 18.08% | -26.16% | 8.14% | -14.55% |
Airgain, Inc. (AIRG) stock FAQ — growth, dividends, profitability & financials explained
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.
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.
Airgain, Inc. (AIRG) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates