Free cash flow remains trapped in a negative cycle with a -7.1% margin in 2026Q1, while stock-based compensation, which reached $1.1M in 2025Q4, continues to mask underlying operational cash burn.
| 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 |
|---|
| Cash from Operations | -847K | -1.11M | -3.53M | -3.3M | 4.45M | -11.17M | 3.7M | 2.35M | 1.38M | -254.66K | 4.67M | 1.85M | 1.65M | 2.01M | 228.78K |
| Operating CF Margin % | - | -2.15% | -5.82% | -5.89% | 5.86% | -17.38% | 7.64% | 4.22% | 2.27% | -0.51% | 10.75% | 6.65% | 6.46% | 7.93% | 1.26% |
| Operating CF Growth % | 1047.97% | 68.44% | -6.85% | -174.25% | 139.8% | -401.57% | 57.62% | 70.72% | 640.54% | -105.45% | 152.55% | 12.16% | -18.18% | 780.6% | - |
| Net Income | -5.9M | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M | -3.28M | 926K | -2.58M | 1.14M | 3.73M | -270.34K | 3.59M | -2.26M | -3.22M |
| Depreciation & Amortization | 3.92M | 3.7M | 3.71M | 3.63M | 3.7M | 3.55M | 1.09M | 1.15M | 1.26M | 1.02M | 868.7K | 472.75K | 371.6K | 160.26K | 223.37K |
| Stock-Based Compensation | 2.06M | 2.96M | 4.63M | 3.68M | 4.98M | 4.05M | 2.56M | 2.2M | 2.91M | 736.07K | 298.54K | 341.55K | 657.73K | 68.28K | 53.1K |
| Deferred Taxes | 22K | 23K | 11K | 12K | 30K | -2.28M | 6K | 14K | 29.61K | 1.8K | 6.17K | -100.47K | -25.44K | 0 | 0 |
| Other Non-Cash Items | -390K | 0 | 0 | 0 | -2.04M | 2.06M | 75K | -312K | -551.07K | -91.48K | -460.29K | 266.28K | -2.79M | 3.97M | 3.23M |
| Working Capital Changes | 325K | -1.37M | -3.19M | 1.8M | 6.43M | -8.46M | 3.25M | -1.63M | 308.81K | -3.06M | 222.46K | 1.14M | -157.25K | 84.49K | -1.47M |
| Change in Receivables | 98K | -1.1M | -4.3M | 1.37M | 2.02M | -4.85M | 2.87M | -643K | 1.04M | -2.68M | -1.42M | 210.14K | -90.94K | -531.8K | -1.47M |
| Change in Inventory | -311K | 372K | -1.55M | 1.82M | 4.72M | -6.26M | 177K | 158K | -609.55K | -161.97K | -27.08K | -119.73K | -454.79K | 0 | 0 |
| Change in Payables | -794K | -285K | 2.93M | -93K | 1.04M | 1.82M | -862K | -303K | 293.66K | -101.8K | 1.08M | 298.92K | 173.9K | 0 | 0 |
| Cash from Investing | -490K | -389K | -178K | -346K | -750K | -14.92M | 20.89M | -2.38M | 335.57K | -27.82M | -275.65K | -4.13M | -949.91K | -34.62K | -141.83K |
| Capital Expenditures | -490K | -166K | -178K | -346K | -763K | -736K | -727K | -1.2M | -989.87K | -263.06K | -275.65K | -132.85K | -984.7K | -34.62K | -144.04K |
| CapEx % of Revenue | 0.96% | 0.32% | 0.29% | 0.62% | 1.01% | 1.15% | 1.5% | 2.15% | 1.63% | 0.53% | 0.63% | 0.48% | 3.86% | 0.14% | 0.79% |
| Acquisitions | 0 | 0 | 0 | 0 | -6.53M | -14.19M | -21.61M | 1.19M | 0 | -6.35M | 0 | -4M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -223K | 0 | 0 | 6.54M | 0 | 21.61M | -1.19M | 1.33M | -21.21M | 0 | 0 | 34.79K | 0 | 2.21K |
| Cash from Financing | 1.11M | 350K | 4.3M | -458K | -6.3M | 2.43M | 561K | -392K | -3.12M | -2.06M | 35.43M | 4.03M | 104.01K | 364.84K | 241.91K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.33M | -1.39M | -1.63M | 3.73M | 103.79K | 250K | 0 |
| Equity Issued (Net) | 1.11M | 541K | 4.39M | 232K | 228K | 2.43M | 561K | -392K | -1.41M | -669K | 40.4M | 0 | 0 | 0 | 241.91K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -97K | -608K | -1.23M | -2.17M | -1.26M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -191K | -94K | -690K | -6.53M | 0 | 0 | 0 | -375.33K | 1K | -3.34M | 302.37K | 220 | 114.84K | 0 |
| Net Change in Cash | -219K | -1.15M | 589K | -4.1M | -2.61M | -23.66M | 25.15M | -424K | -1.41M | -30.14M | 39.83M | 1.75M | 802.47K | 2.34M | 328.87K |
| Free Cash Flow | -1.25M | -1.28M | -3.71M | -3.65M | 3.68M | -11.91M | 2.98M | 1.15M | 386.65K | -517.72K | 4.39M | 1.72M | 663.68K | 1.98M | 84.74K |
| FCF Margin % | -2.44% | -2.47% | -6.11% | -6.51% | 4.85% | -18.52% | 6.14% | 2.07% | 0.64% | -1.05% | 10.12% | 6.17% | 2.6% | 7.8% | 0.47% |
| FCF Growth % | 65.24% | 65.48% | -1.59% | -199.02% | 130.93% | -499.93% | 157.97% | 198.46% | 174.68% | -111.78% | 156.04% | 158.56% | -66.48% | 2236.52% | - |
| FCF per Share | -0.10 | -0.11 | -0.34 | -0.35 | 0.36 | -1.19 | 0.31 | 0.11 | 0.04 | -0.05 | 0.94 | 0.30 | 0.12 | 5.23 | 0.22 |
| FCF Conversion (FCF/Net Income) | 0.21x | 0.17x | 0.41x | 0.27x | -0.51x | 1.11x | -1.13x | 2.54x | -0.53x | -0.22x | 1.25x | -6.84x | 0.46x | -0.89x | -0.07x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 37K | 99K | 0 | 39.49K | 42.69K | 0 | 0 |
| Taxes Paid | 25K | 0 | 50K | 112K | 197K | 153K | 164K | 71K | 46K | 103K | 0 | 6.17K | 10.79K | 0 | 0 |
Persistent negative operating cash
Based on reported financial statements, Airgain's operating cash flow consistently fails to track with net losses, as evidenced by an OCF/NI ratio that frequently fluctuates, suggesting that non-cash adjustments and working capital volatility are masking the underlying cash burn inherent in the company's current business model.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings are heavily influenced by non-cash items, such as stock-based compensation and depreciation. Investors should monitor whether this divergence reflects a structural inability to generate cash from core operations or merely timing differences in revenue recognition.
As reported in recent filings, Airgain's free cash flow remains trapped in a negative cycle, with FCF margins frequently dipping into negative territory, such as the -7.1% margin observed in 2026Q1, which underscores the difficulty of achieving self-sustaining operations under the current revenue and cost structure.
The inability to generate positive free cash flow suggests that the company's capital requirements for R&D and operational overhead continue to outpace its ability to monetize its antenna technology. This trajectory warrants further investigation into whether the company can reach a cash-flow-positive inflection point without further dilutive financing.
According to quarterly data, working capital changes have been highly erratic, swinging from a $1.4M contribution in 2023Q4 to a $1.3M drain in 2025Q1, which suggests that the company's cash position is highly sensitive to the timing of customer payments and inventory management cycles.
This volatility implies that Airgain's cash flow is subject to the whims of OEM procurement schedules rather than steady operational efficiency. The reliance on these fluctuations to manage liquidity may indicate a lack of control over the cash conversion cycle, increasing the risk profile for investors.
Based on an analysis of recent SEC filings, Airgain consistently utilizes stock-based compensation, often exceeding $1M per quarter, which effectively serves as a non-cash expense that artificially improves the appearance of operating cash flow while diluting existing shareholders to fund ongoing operational deficits.
The reliance on equity-based incentives to preserve cash may indicate that the company is prioritizing liquidity over shareholder value preservation. Analysts should consider the impact of this dilution when evaluating the true cost of the company's R&D-heavy business model.
Quick answers to the most common questions about buying AIRG stock.
Airgain, Inc. (AIRG) generated $-1.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Airgain, Inc. (AIRG) reported negative free cash flow of $1.3M in 2025, indicating capital requirements exceeded cash from operations.
Airgain, Inc. (AIRG) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.