The company's financial position appears increasingly vulnerable, with total debt rising to $4.5M and a substantial $10.8M in goodwill representing 25% of total assets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 23.84M | 25.76M | 25.83M | 19.08M | 27.15M | 35.49M | 45.43M | 45.09M | 43.09M | 46.08M | 50.81M | 9.38M | 7.28M | 6.38M | 3.39M |
| Cash & Short-Term Investments | 7.13M | 7.36M | 8.51M | 7.92M | 11.98M | 14.55M | 38.17M | 34.88M | 33.79M | 36.31M | 45.16M | 5.34M | 3.59M | 2.79M | 443.4K |
| Cash Only | 7.13M | 7.36M | 8.51M | 7.92M | 11.98M | 14.55M | 38.17M | 13.2M | 13.62M | 15.03M | 45.16M | 5.34M | 3.59M | 2.79M | 443.4K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.69M | 20.17M | 21.29M | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 11.27M | 12.78M | 11.67M | 7.38M | 8.74M | 10.76M | 4.78M | 7.66M | 7.01M | 8.42M | 5.15M | 3.73M | 3.51M | 3.42M | 2.89M |
| Days Sales Outstanding | 86.77 | 90.05 | 70.3 | 48.03 | 42.04 | 61.09 | 35.99 | 50.13 | 42.22 | 62.05 | 43.32 | 49.01 | 50.26 | 49.19 | 57.97 |
| Inventory | 4.07M | 3.58M | 3.95M | 2.4M | 4.23M | 8.95M | 1.02M | 1.19M | 1.35M | 741.56K | 146.81K | 119.73K | 0 | 0 | 0 |
| Days Inventory Outstanding | 47.4 | 44.7 | 40.3 | 24.86 | 32.19 | 82.35 | 14.31 | 14.32 | 14.46 | 10.32 | 2.22 | 2.71 | - | - | - |
| Other Current Assets | 407K | 2.04M | 1.7M | 1.38M | 2.2M | 1.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 169.24K | 61.17K |
| Total Non-Current Assets | 19.55M | 19.58M | 22.61M | 25.49M | 30.4M | 34.67M | 9.49M | 9.63M | 9.82M | 10.22M | 5.25M | 5.88M | 1.45M | 343.76K | 288.07K |
| Property, Plant & Equipment | 5.55M | 5.86M | 5.89M | 3.9M | 4.98M | 5.47M | 2.38M | 2.13M | 1.4M | 1.04M | 807.09K | 1.03M | 1.35M | 98.81K | 224.45K |
| Fixed Asset Turnover | 8.92x | 8.83x | 10.28x | 14.37x | 15.23x | 11.74x | 20.40x | 26.22x | 43.29x | 47.76x | 53.82x | 27.07x | 18.86x | 256.97x | 81.07x |
| Goodwill | 10.85M | 10.85M | 10.85M | 10.85M | 10.85M | 10.85M | 3.7M | 3.7M | 3.7M | 3.7M | 1.25M | 1.25M | 0 | 0 | 0 |
| Intangible Assets | 3M | 2.79M | 5.8M | 8.23M | 11.2M | 14.23M | 3.17M | 3.8M | 4.45M | 5.13M | 3.11M | 3.48M | 0 | 0 | 0 |
| Long-Term Investments | 220K | 55K | 0 | 55K | 175K | 135K | 0 | 0 | 355.35K | 138.71K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 47K | 30K | 74K | 115K | 41K | 217K | 249K | 10K | 269.14K | 349.74K | 84.06K | 121.54K | 95.83K | 244.94K | 63.62K |
| Total Assets | 43.39M | 45.34M | 48.44M | 44.57M | 57.55M | 70.16M | 54.93M | 54.73M | 52.91M | 56.3M | 56.06M | 15.26M | 8.73M | 6.72M | 3.68M |
| Asset Turnover | 1.14x | 1.14x | 1.25x | 1.26x | 1.32x | 0.92x | 0.88x | 1.02x | 1.15x | 0.88x | 0.77x | 1.82x | 2.92x | 3.78x | 4.94x |
| Asset Growth % | 0.24% | -6.41% | 8.7% | -22.56% | -17.97% | 27.74% | 0.37% | 3.44% | -6.02% | 0.42% | 267.38% | 74.74% | 29.89% | 82.56% | - |
| Total Current Liabilities | 11.51M | 12.98M | 13.5M | 9.99M | 12.9M | 19.89M | 6.86M | 6.76M | 7.51M | 9.73M | 9.24M | 7.58M | 3.87M | 3.84M | 2.68M |
| Accounts Payable | 7.07M | 9.21M | 9.5M | 6.47M | 6.51M | 5.47M | 2.98M | 3.84M | 4.14M | 3.97M | 3.95M | 2.87M | 2.41M | 2.24M | 2.13M |
| Days Payables Outstanding | 98.71 | 115.04 | 96.86 | 66.96 | 49.56 | 50.37 | 41.9 | 46.06 | 44.26 | 55.25 | 59.67 | 64.95 | 62.34 | 53.15 | 67.39 |
| Short-Term Debt | 832K | 821K | 0 | 865K | 904K | 841K | 0 | 0 | 0 | 1.33M | 1.39M | 1.63M | 273.2K | 43.64K | 0 |
| Deferred Revenue (Current) | 4.29M | 0 | 104K | 202K | 771K | 8.8M | 19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.01M | 2.95M | 2.45M | 1.58M | 1.62M | 2.5M | 2.79M | 2.53M | 0 | 2.12M | 2.07M | 1.66M | 284.67K | 622.02K | 301.3K |
| Current Ratio | 2.07x | 1.98x | 1.91x | 1.91x | 2.10x | 1.78x | 6.63x | 6.67x | 5.74x | 4.74x | 5.50x | 1.24x | 1.88x | 1.66x | 1.27x |
| Quick Ratio | 1.72x | 1.71x | 1.62x | 1.67x | 1.78x | 1.33x | 6.48x | 6.50x | 5.56x | 4.66x | 5.48x | 1.22x | 1.88x | 1.66x | 1.27x |
| Cash Conversion Cycle | 35.45 | 19.71 | 13.74 | 5.93 | 24.66 | 93.06 | 8.4 | 18.39 | 12.41 | 17.12 | -14.13 | -13.23 | - | - | - |
| Total Non-Current Liabilities | 3.87M | 4.07M | 3.97M | 3.16M | 4.83M | 6.1M | 329K | 63K | 248.96K | 342.83K | 1.79M | 3.99M | 1.81M | 3.8M | 2.27M |
| Long-Term Debt | 0 | 3.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 334.86K | 1.33M | 2.72M | 346.87K | 3.8M | 2.17M |
| Capital Lease Obligations | 15.16M | 3.88M | 3.81M | 674K | 1.54M | 2.22M | 271K | 11K | 0 | 0 | 451.91K | 558.64K | 650.12K | 0 | 0 |
| Deferred Tax Liabilities | 702K | 186K | 163K | 2.49M | 3.29M | 3.88M | 58K | 52K | 37.58K | 7.97K | 6.17K | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | -3.88M | 0 | 0 | 0 | 0 | 0 | 0 | 211K | 7.97K | 0 | 709.5K | 809.97K | 1.78K | 100.58K |
| Total Liabilities | 15.38M | 17.05M | 17.47M | 13.15M | 17.73M | 25.99M | 7.18M | 6.82M | 7.76M | 10.07M | 11.03M | 11.57M | 5.68M | 7.65M | 4.96M |
| Total Debt | 4.51M | 8.58M | 3.9M | 1.54M | 2.44M | 3.06M | 310K | 96K | 292.71K | 1.75M | 3.26M | 4.99M | 1.35M | 3.85M | 2.17M |
| Net Debt | -2.62M | 1.22M | -4.61M | -6.38M | -9.54M | -11.49M | -37.86M | -13.1M | -13.33M | -13.28M | -41.91M | -349.05K | -2.24M | 1.06M | 1.73M |
| Debt / Equity | 0.16x | 0.30x | 0.13x | 0.05x | 0.06x | 0.07x | 0.01x | 0.00x | 0.01x | 0.04x | 0.07x | 1.35x | 0.44x | - | - |
| Debt / EBITDA | -0.81x | - | - | - | - | - | - | 0.06x | - | 0.88x | 0.75x | 35.11x | 1.11x | 2.07x | 6.52x |
| Net Debt / EBITDA | 0.47x | - | - | - | - | - | - | -8.57x | - | -6.68x | -9.70x | -2.46x | -1.83x | 0.57x | 5.19x |
| Interest Coverage | - | - | - | - | - | - | - | 76.00x | -79.13x | 12.82x | 19.35x | -5.83x | 85.20x | - | - |
| Total Equity | 28.02M | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M | 47.74M | 47.9M | 45.15M | 46.22M | 45.03M | 3.69M | 3.05M | -925.75K | -1.27M |
| Equity Growth % | -25.48% | -8.65% | -1.41% | -21.12% | -9.84% | -7.48% | -0.34% | 6.11% | -2.33% | 2.65% | 1119.04% | 20.95% | 429.92% | 27.33% | - |
| Book Value per Share | 2.28 | 2.39 | 2.80 | 3.02 | 3.91 | 4.41 | 4.91 | 4.74 | 4.74 | 4.46 | 9.65 | 0.66 | 0.54 | -2.45 | -3.37 |
| Total Shareholders' Equity | 28.02M | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M | 47.74M | 47.9M | 45.15M | 46.22M | 45.03M | 3.69M | 3.05M | -925.75K | -1.27M |
| Common Stock | 128.91M | 127.29M | 123.55M | 115.3M | 111.28M | 106.97M | 100.36M | 96.62M | 995 | 961 | 928 | 1.09M | 1.02M | 1.02M | 1.01M |
| Retained Earnings | -95.53M | -93.64M | -87.21M | -78.52M | -66.09M | -57.43M | -47.35M | -44.07M | -44.99M | -42.41M | -43.55M | -46.48M | -44.39M | -46.49M | -44.58M |
| Treasury Stock | -5.36M | -5.36M | -5.36M | -5.36M | -5.36M | -5.36M | -5.27M | -4.66M | -3.43M | -1.26M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | -4K | -4K | 3K | 0 | 0 | 0 | 8K | -11.14K | -16.91K | -1.94M | -1.73M | -1.27M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative retained earnings
As reported in recent financial filings, Airgain's retained earnings have deteriorated to a deficit of $95.5M by 2026Q1, reflecting a consistent inability to generate profitable growth and suggesting that the company's long-term value creation trajectory remains under significant pressure from ongoing operational losses.
The persistent decline in retained earnings indicates that the company has been unable to achieve the scale necessary to offset its fixed cost base. This trend warrants close monitoring, as it suggests that the business model is currently reliant on external capital or equity dilution to sustain its operations.
Based on the latest quarterly data, Airgain's total debt increased to $4.5M in 2026Q1 from $1.0M in 2024Q3, pushing the debt-to-equity ratio to 0.16 and indicating a shift toward debt financing to bridge the gap created by persistent cash burn and operational deficits.
While the absolute debt level remains modest, the upward trajectory in leverage during a period of revenue contraction is concerning. Investors should consider whether this debt is being used for strategic growth initiatives or merely as a stop-gap measure to fund basic operating requirements.
According to the 2026Q1 balance sheet, Airgain holds $7.1M in cash, a figure that has remained relatively stagnant despite the company's ongoing operational cash burn, which suggests that liquidity buffers are becoming increasingly thin relative to the company's quarterly cash requirements and R&D commitments.
The current ratio of 2.07 provides a superficial appearance of stability, but the underlying cash position is insufficient to support long-term R&D cycles without further capital infusion. This liquidity profile leaves the company with limited room for error should product launch cycles face further delays.
As disclosed in recent SEC filings, goodwill remains constant at $10.8M, representing approximately 25% of total assets as of 2026Q1, which implies that a significant portion of the balance sheet is tied to intangible value that may be subject to impairment if growth targets are missed.
The high concentration of goodwill relative to total assets suggests that the company's valuation is heavily dependent on the success of past acquisitions. If the anticipated synergies from these integrations fail to materialize, the company may face non-cash write-downs that would further erode the equity base.
Quick answers to the most common questions about buying AIRG stock.
As of 2025, Airgain, Inc. (AIRG) had total assets of $45.3M including $25.8M in current assets.
Airgain, Inc. (AIRG) carries total debt of $8.6M, offset by $7.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Airgain, Inc. (AIRG) has total shareholders' equity (book value) of $28.3M ($2.39 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Airgain, Inc. (AIRG) reported a current ratio of 1.98x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.