Airgain continues to struggle with top-line volatility, evidenced by a 4.2% year-over-year revenue decline in 2026Q1 and a persistent negative operating margin of 18.4%.
| 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 |
|---|
| Sales/Revenue | 51.28M | 51.78M | 60.6M | 56.04M | 75.89M | 64.27M | 48.5M | 55.74M | 60.63M | 49.52M | 43.43M | 27.79M | 25.51M | 25.39M | 18.2M |
| Revenue Growth % | -12.17% | -14.55% | 8.14% | -26.16% | 18.08% | 32.52% | -12.98% | -8.06% | 22.42% | 14.02% | 56.28% | 8.95% | 0.46% | 39.54% | - |
| Cost of Goods Sold | 28.92M | 29.23M | 35.8M | 35.28M | 47.92M | 39.67M | 25.92M | 30.41M | 34.11M | 26.22M | 24.16M | 16.15M | 14.13M | 15.38M | 11.52M |
| COGS % of Revenue | - | 56.46% | 59.07% | 62.95% | 63.14% | 61.71% | 53.43% | 54.57% | 56.27% | 52.95% | 55.62% | 58.1% | 55.4% | 60.57% | 63.31% |
| Gross Profit | 22.36M | 22.55M | 24.8M | 20.76M | 27.97M | 24.61M | 22.59M | 25.32M | 26.51M | 23.3M | 19.28M | 11.64M | 11.38M | 10.01M | 6.68M |
| Gross Margin % | 43.6% | 43.54% | 40.93% | 37.05% | 36.86% | 38.29% | 46.57% | 45.43% | 43.73% | 47.05% | 44.38% | 41.9% | 44.6% | 39.43% | 36.69% |
| Gross Profit Growth % | - | -9.1% | 19.45% | -25.77% | 13.68% | 8.95% | -10.82% | -4.48% | 13.77% | 20.88% | 65.54% | 2.35% | 13.63% | 49.97% | - |
| Operating Expenses | 29.86M | 31.03M | 33.73M | 33.16M | 36.55M | 36.73M | 25.77M | 24.94M | 29.9M | 22.33M | 15.82M | 11.75M | 9.8M | 9.84M | 5.47M |
| OpEx % of Revenue | - | 59.92% | 55.66% | 59.18% | 48.16% | 57.15% | 53.13% | 44.75% | 49.31% | 45.1% | 36.43% | 42.26% | 38.42% | 38.74% | 30.06% |
| Selling, General & Admin | 20.57M | 21.49M | 21.87M | 22.66M | 25.21M | 23.77M | 16.61M | 15.96M | 20.58M | 15.01M | 10.2M | 7.49M | 6.49M | 5.27M | 4.09M |
| SG&A % of Revenue | - | 41.5% | 36.08% | 40.43% | 33.21% | 36.98% | 34.25% | 28.62% | 33.94% | 30.32% | 23.49% | 26.95% | 25.44% | 20.76% | 22.45% |
| Research & Development | 9.29M | 9.54M | 11.86M | 10.51M | 11.35M | 10.92M | 9.16M | 8.99M | 9.32M | 7.32M | 5.62M | 4.26M | 3.31M | 3.14M | 2.48M |
| R&D % of Revenue | - | 18.43% | 19.58% | 18.75% | 14.95% | 16.99% | 18.88% | 16.13% | 15.37% | 14.78% | 12.94% | 15.32% | 12.98% | 12.38% | 13.63% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.5M | -8.48M | -8.93M | -12.4M | -8.58M | -12.12M | -3.18M | 380K | -3.39M | 969.2K | 3.45M | -330.7K | 850.6K | 1.7M | 109.69K |
| Operating Margin % | -14.63% | -16.38% | -14.73% | -22.13% | -11.31% | -18.86% | -6.56% | 0.68% | -5.59% | 1.96% | 7.95% | -1.19% | 3.33% | 6.7% | 0.6% |
| Operating Income Growth % | - | 4.98% | 28% | -44.52% | 29.23% | -280.78% | -937.89% | 111.22% | -449.36% | -71.92% | 1143.89% | -138.88% | -49.97% | 1450.19% | - |
| EBITDA | -5.57M | -4.79M | -5.35M | -8.77M | -4.88M | -8.57M | -2.09M | 1.53M | -2.12M | 1.99M | 4.32M | 142.05K | 1.22M | 1.86M | 333.06K |
| EBITDA Margin % | -10.86% | -9.24% | -8.83% | -15.65% | -6.43% | -13.34% | -4.31% | 2.74% | -3.5% | 4.01% | 9.95% | 0.51% | 4.79% | 7.33% | 1.83% |
| EBITDA Growth % | 5.1% | 10.58% | 38.99% | -79.75% | 43.1% | -309.85% | -236.91% | 171.99% | -206.83% | -54.02% | 2941.88% | -88.38% | -34.31% | 458.64% | - |
| D&A (Non-Cash Add-back) | 1.93M | 3.7M | 3.58M | 3.63M | 3.7M | 3.55M | 1.09M | 1.15M | 1.26M | 1.02M | 868.7K | 472.75K | 371.6K | 160.26K | 223.37K |
| EBIT | -4.83M | -6.35M | -8.93M | -12.4M | -8.58M | -10.08M | -3.18M | 380K | -2.45M | 1.27M | 3.45M | -230.23K | 3.64M | 1.7M | 1.21M |
| Net Interest Income | 321K | 0 | 115K | 109K | 63K | 26K | 197K | 709K | 553K | 198K | -170.57K | -39.49K | -42.69K | 0 | 0 |
| Interest Income | 321K | 0 | 115K | 109K | 63K | 26K | 197K | 714K | 584.74K | 296.45K | 7.8K | 0 | 0 | 2.43M | 4.43M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 30.99K | 98.71K | 178.37K | 39.49K | 42.69K | 0 | 0 |
| Other Income/Expense | 844K | 2.13M | 88K | 100K | 5K | -12K | 178K | 709K | 903K | 197.94K | 289.72K | 60.98K | 2.74M | -3.85M | -3.33M |
| Pretax Income | -6.66M | -6.35M | -8.84M | -12.3M | -8.57M | -12.14M | -3.01M | 1.09M | -2.48M | 1.17M | 3.74M | -269.72K | 3.59M | -2.25M | -3.22M |
| Pretax Margin % | -12.98% | -12.27% | -14.59% | -21.95% | -11.3% | -18.88% | -6.2% | 1.95% | -4.1% | 2.36% | 8.62% | -0.97% | 14.09% | -8.88% | -17.7% |
| Income Tax | 121K | 73K | -152K | 128K | 84K | -2.05M | 273K | 163K | 101.54K | 25.68K | 8.18K | 622 | 6.17K | 10.8K | 800 |
| Effective Tax Rate % | -1.82% | -1.15% | 1.72% | -1.04% | -0.98% | 16.88% | -9.08% | 14.97% | -4.09% | 2.2% | 0.22% | -0.23% | 0.17% | -0.48% | -0.02% |
| 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 |
| Net Margin % | -11.5% | -12.41% | -14.34% | -22.18% | -11.41% | -15.69% | -6.76% | 1.66% | -4.26% | 2.3% | 8.6% | -0.97% | 14.07% | -8.92% | -17.7% |
| Net Income Growth % | 24.21% | 26.04% | 30.09% | -43.53% | 14.16% | -207.62% | -454.1% | 135.83% | -326.45% | -69.43% | 1481.11% | -107.53% | 258.43% | 29.7% | - |
| Net Income (Continuing) | -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 | -1.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.48 | -0.54 | -0.79 | -1.20 | -0.85 | -1.01 | -0.34 | 0.09 | -0.27 | 0.11 | 0.40 | -0.05 | -0.28 | -5.98 | -8.51 |
| EPS Growth % | 28.99% | 31.65% | 34.17% | -41.18% | 15.84% | -197.06% | -470.77% | 133.96% | -345.45% | -72.5% | 933.33% | 82.86% | 95.32% | 29.73% | - |
| EPS (Basic) | - | -0.54 | -0.79 | -1.20 | -0.85 | -1.01 | -0.34 | 0.10 | -0.27 | 0.12 | 0.65 | -0.05 | 0.21 | -6.00 | -10.79 |
| Diluted Shares Outstanding | 12.31M | 11.84M | 11.05M | 10.39M | 10.19M | 10.02M | 9.71M | 10.1M | 9.52M | 10.36M | 4.67M | 5.63M | 5.63M | 378.57K | 378.57K |
| Basic Shares Outstanding | 12.31M | 11.84M | 11.05M | 10.39M | 10.19M | 10.02M | 9.71M | 9.68M | 9.52M | 9.48M | 3.37M | 5.63M | 5.63M | 377.47K | 298.49K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
As indicated by the most recent quarterly data, Airgain experienced a 4.2% year-over-year revenue decline, marking a continuation of the broader contraction trend that has seen top-line performance struggle to find a consistent growth floor across the last ten reported fiscal periods.
The recurring revenue declines suggest that the company's reliance on transactional hardware shipments leaves it highly susceptible to cyclical inventory adjustments at the OEM level. Investors should monitor whether the transition to Wi-Fi 7 standards can eventually offset the volume losses currently observed in legacy consumer gateway segments.
According to the provided financial statements, Airgain has maintained a relatively stable gross margin profile near 43.2% in 2026Q1, demonstrating a degree of pricing power despite the significant top-line volatility that has characterized the company's recent operational performance over the last several quarters.
This margin resilience implies that the company's specialized antenna architectures retain value even as overall shipment volumes fluctuate. However, the inability to translate these gross margins into positive operating income suggests that the current revenue scale remains insufficient to absorb the fixed costs inherent in their design-heavy business model.
Based on reported figures, Airgain continues to struggle with operating leverage, as the company posted a negative operating margin of 18.4% in 2026Q1, highlighting a persistent inability to scale revenue growth faster than the underlying fixed costs of research and development and administrative overhead.
The data suggests that the company's cost structure is heavily weighted toward fixed expenses that do not contract in line with revenue declines. This lack of operating leverage warrants further investigation into whether management can successfully pivot toward higher-margin integrated systems to achieve a sustainable path to profitability.
As reported in financial filings, the company's R&D and SG&A expenses remain elevated relative to current revenue levels, with SG&A alone consuming nearly 42% of total revenue in the most recent quarter, which significantly hinders the company's ability to reach a break-even point.
The high proportion of operating expenses relative to gross profit suggests that the company is currently prioritizing long-term technological development over immediate bottom-line results. Investors should monitor whether these expenditures are yielding sufficient design wins to justify the ongoing cash burn and lack of net income generation.
Quick answers to the most common questions about buying AIRG stock.
For fiscal year 2025, Airgain, Inc. (AIRG) reported total revenue of $51.8M. This represents a 184.5% increase compared to $18.2M in 2012.
Airgain, Inc. (AIRG) reported a net loss of $6.4M for the fiscal year ending 2025.
Airgain, Inc. (AIRG) reported an operating income of $-8.5M, resulting in an operating profit margin of -16.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Airgain, Inc. (AIRG) generated $22.5M in gross profit for the year, representing a gross profit margin of 43.5%. This demonstrates the company's core pricing power and production efficiency.