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Airgain Inc (AIRG) stock

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NASDAQ: AIRG Nasdaq Communications Equipment Next results ~November 10, 2026

D Fundamentals grade

Airgain Inc is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$4.1

Valuation models combined (4)

Base case. Range ~$2.8–$7.0. Weighted average of 4 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers, revenue-to-maturity model), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Airgain Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 3 selling3 purchases and 26 sales by directors and officers, last 12 monthsInsider trades
  • Funds31 adding, 11 cuttingOf 7 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Airgain files

Where Airgain stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $51m, down 9.6% on a year earlier, a smaller fall than the 12.2% decline a quarter earlier. That puts it 23 of 27 for growth among the communications equipment companies we cover. Free-cash-flow margin fell to -5.8% from -3.8% a year earlier. The diluted share count is up 6.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 2 financial-health checks. Our revenue-to-maturity cash-flow model value is $2.87 a share.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 10, 2026 (estimated)

Airgain Inc's trailing-twelve-month revenue fell 9.6% year on year, with a free-cash-flow margin of -5.8%. Where it lags: days sales outstanding of 103 days ranks 29 of 34 communications equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 35.6% while net income fell 4.0%: a 32pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Results due soon. Results are expected around 11 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 9.6% over the last 12 months.
  • Loss-making. Operating margin is -14.0%: costs exceed revenue.
  • Burning cash. Free cash flow was -5.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 6.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 59% and a beta of 0.6 against the S&P 500.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.02 against an average estimate of -$0.01: beat by 300.0%
Revenue
$14m, up 0.6% on a year earlier
Share reaction
-0.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Guidance given
sales $14.25m to $16.25m (Third Quarter 2026); GAAP gross margin 40.8% to 43.8% (Third Quarter 2026)
Next report
November 10, 2026; average EPS estimate $0.04

Airgain's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.6%
  • 1 week+2.2%
  • 1 month-10.6%
  • This year+1.5%
  • 1 year-4.2%
  • 5 years-64.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$51.4M
Operating margin
-14.0%
Net margin
-13.6%
EPS (TTM, diluted)
$-0.57

Growth

Revenue growth
−9.6%
Change in growth rate
+2.5 pts
Share count change
+6.3%

Cash

Free cash flow (TTM)
-$3M
FCF margin
-5.8%
Stock pay % of revenue
6.0%

Earnings

Last results
August 5, 2026
Next results (est.)
November 11, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results
  3. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Airgain Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Airgain Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1.02 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$3.5 ~$2.2–$4.7 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$4.9 ~$3.8–$6.7 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.0 ~$8.4–$24 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$2.8 ~$2.8–$3.6 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$4.1 ~$2.8–$7.0 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Airgain Inc with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$14.40$8.99$9.91$10.69$17.78$10.63$6.51$3.56$7.06$4.06$4.12
Market value$67m$93m$94m$108m$173m$107m$66m$37m$78m$48m$51m
+ Net debt (− = net cash)−$42m−$13m−$14m−$13m−$38m−$15m−$12m−$8m−$9m−$7m−$8m
Enterprise value$25m$80m$81m$95m$135m$92m$54m$29m$70m$41m$43m
Multiples
Price / sales 1.5x1.9x1.6x1.9x3.6x1.7x0.9x0.7x1.3x0.9x1.0x
Price / earnings 18.0x81.6x—116.6x———————
Price / free cash flow 15.3x—n/m93.5x58.0x—18.0x————
EV / EBITDA 6.3x56.8x—108.5x———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

34 /100

Weak moat

How hard Airgain's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.3% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 43.3%, moving by 3.5 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -11.6%; its worst year was -23.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -2.7% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 21.7% over five years; stock-based pay has been a median 5.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (38 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 10, 2026, after the close. Analysts expect revenue of $15m and EPS of $0.04 (range $0.04 to $0.05) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.07 +141% $57m +9%
Next $0.31 +343% $67m +18%

Next year's EPS estimate has moved 0.0% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.7% on 90 days ago. In the last 30 days, 2 analysts raised Airgain Inc's forecast and 1 cut it.

Consensus EPS forecast Airgain Inc, last 90 days
$0.00 $0.10 $0.20 $0.30 $0.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.07 Current fiscal year, 60 days ago: $0.07 Current fiscal year, 30 days ago: $0.07 Current fiscal year, 7 days ago: $0.07 Current fiscal year, Now: $0.07 $0.07 Next fiscal year, 90 days ago: $0.31 Next fiscal year, 60 days ago: $0.31 Next fiscal year, 30 days ago: $0.31 Next fiscal year, 7 days ago: $0.31 Next fiscal year, Now: $0.31 $0.31

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.07$0.31
60 days ago $0.07$0.31
30 days ago $0.07$0.31
7 days ago $0.07$0.31
Now $0.07$0.31

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.01 $0.02 +300.0%
Mar 2026 −$0.07 −$0.08 −10.3%
Dec 2025 −$0.02 −$0.03 −71.4%
Sept 2025 $0.01 $0.01 0.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026
  • Sales Third Quarter 2026 $14.25m to $16.25m GAAP
    “Sales are expected to be in the range of $14.25 million and $16.25 million, or $15.25 million at the midpoint” source
  • GAAP net loss per share Third Quarter 2026 about $-0.03 GAAP
    “GAAP net loss per share is expected to be $(0.03) per share at the midpoint” source
  • Non-GAAP net income per share Third Quarter 2026 about $0.04 Non-GAAP
    “Non-GAAP net income per share is expected to be $0.04 at the midpoint” source
  • GAAP gross margin Third Quarter 2026 40.8% to 43.8% GAAP
    “GAAP gross margin is expected to be in the range of 40.8% to 43.8%” source
  • Non-GAAP gross margin Third Quarter 2026 41.5% to 44.5% Non-GAAP
    “Non-GAAP gross margin is expected to be in the range of 41.5% to 44.5%” source
  • GAAP operating expense Third Quarter 2026 about $6.8m GAAP
    “GAAP operating expense is expected to be approximately $6.8 million” source
Show 2 more items
  • Non-GAAP operating expense Third Quarter 2026 about $6m Non-GAAP
    “Non-GAAP operating expense is expected to be approximately $6.0 million” source
  • Adjusted EBITDA Third Quarter 2026 about $0.7m Non-GAAP
    “Adjusted EBITDA is expected to be $0.7 million at the midpoint” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

4 analysts, Oct 2026
Buy4100%
Hold00%
Sell00%

Monthly trend

  1. Oct 202644

Counts of recommendations published by analysts covering Airgain Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.1%
of tradable shares
Days to cover
2.2
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
31%
of shares
Held by insiders
21.3%
of shares
Employees
106
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −4.2%

$4.30 on October 31, 2025 to $4.12

ThenNowEffect
Revenue (last 12 months) $57m $51m −9.6%
P/S multiple 0.9x 1.0x +12.7%
Share count 12m 12m −6.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +31.2%

$3.14 on November 3, 2023 to $4.12

ThenNowEffect
Revenue (last 12 months) $71m $51m −28.0%
P/S multiple 0.5x 1.0x +117.8%
Share count 10m 12m −16.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AIRG−40%−39%−45%+98%−43%+2%
Industry peers (median)+18%−18%−12%+23%+3%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AIRG42%42%25%58%42%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AIRG−67%−46%−80%−33%−64%−46%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since August 12, 2016: 94% from February 16, 2021 to November 10, 2023. Getting back needed a 1572% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.07 – $7.39
From 52-week high
−44.2%
vs 50-day average
−12.9%
vs 200-day average
−25.0%
Volatility (1 year)
59%
Beta vs S&P 500
0.64

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±7.0%
After a week
5 up, 7 down
typical move ±9.8%
After a month
5 up, 7 down
typical move ±12.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −0.9% −0.4% −8.0% −8.7%
May 6, 2026 +1.7% +1.1% −6.7% −4.8%
February 26, 2026 −11.1% −1.0% −13.2% +12.8%
November 12, 2025 −23.0% −1.6% +3.1% +1.6%
August 6, 2025 −4.2% +0.7% +0.7% −3.3%
May 7, 2025 +1.5% +1.1% +0.8% +0.5%
February 27, 2025 −12.4% −0.1% −22.8% −41.8%
January 27, 2025 −9.7% −0.6% −17.6% −17.6%
November 12, 2024 −6.1% −0.3% −9.6% −16.8%
August 6, 2024 −0.9% +0.2% +12.4% +17.1%
May 8, 2024 −2.7% +0.6% −4.6% −1.7%
March 6, 2024 +10.4% +1.5% +18.3% +19.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Airgain Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Airgain Inc
$50M $55M $60M $65M $70M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $65.9M Revenue (TTM), FY23 Q4: $56M Revenue (TTM), FY24 Q1: $53.8M Revenue (TTM), FY24 Q2: $53.2M Revenue (TTM), FY24 Q3: $55.6M Revenue (TTM), FY24 Q4: $60.6M Revenue (TTM), FY25 Q1: $58.4M Revenue (TTM), FY25 Q2: $56.8M Revenue (TTM), FY25 Q3: $54.7M Revenue (TTM), FY25 Q4: $51.8M Revenue (TTM), FY26 Q1: $51.3M Revenue (TTM), FY26 Q2: $51.4M $51.4M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $65.9M
FY23 Q4 $56M
FY24 Q1 $53.8M
FY24 Q2 $53.2M
FY24 Q3 $55.6M
FY24 Q4 $60.6M
FY25 Q1 $58.4M
FY25 Q2 $56.8M
FY25 Q3 $54.7M
FY25 Q4 $51.8M
FY26 Q1 $51.3M
FY26 Q2 $51.4M
Revenue growth, TTM YoY Airgain Inc
-30% -20% -10% 0% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -6.1% Revenue growth, TTM YoY, FY23 Q4: -26.2% Revenue growth, TTM YoY, FY24 Q1: -28.1% Revenue growth, TTM YoY, FY24 Q2: -25.5% Revenue growth, TTM YoY, FY24 Q3: -15.6% Revenue growth, TTM YoY, FY24 Q4: 8.1% Revenue growth, TTM YoY, FY25 Q1: 8.5% Revenue growth, TTM YoY, FY25 Q2: 6.8% Revenue growth, TTM YoY, FY25 Q3: -1.5% Revenue growth, TTM YoY, FY25 Q4: -14.6% Revenue growth, TTM YoY, FY26 Q1: -12.2% Revenue growth, TTM YoY, FY26 Q2: -9.6% -9.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -6.1%
FY23 Q4 -26.2%
FY24 Q1 -28.1%
FY24 Q2 -25.5%
FY24 Q3 -15.6%
FY24 Q4 8.1%
FY25 Q1 8.5%
FY25 Q2 6.8%
FY25 Q3 -1.5%
FY25 Q4 -14.6%
FY26 Q1 -12.2%
FY26 Q2 -9.6%
Operating margin (TTM) Airgain Inc
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -15.5% Operating margin (TTM), FY23 Q4: -22.1% Operating margin (TTM), FY24 Q1: -22.7% Operating margin (TTM), FY24 Q2: -23.6% Operating margin (TTM), FY24 Q3: -22.4% Operating margin (TTM), FY24 Q4: -14.7% Operating margin (TTM), FY25 Q1: -16.1% Operating margin (TTM), FY25 Q2: -15.6% Operating margin (TTM), FY25 Q3: -14.7% Operating margin (TTM), FY25 Q4: -16.4% Operating margin (TTM), FY26 Q1: -14.6% Operating margin (TTM), FY26 Q2: -14.0% -14.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -15.5%
FY23 Q4 -22.1%
FY24 Q1 -22.7%
FY24 Q2 -23.6%
FY24 Q3 -22.4%
FY24 Q4 -14.7%
FY25 Q1 -16.1%
FY25 Q2 -15.6%
FY25 Q3 -14.7%
FY25 Q4 -16.4%
FY26 Q1 -14.6%
FY26 Q2 -14.0%
FCF margin (TTM) Airgain Inc
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 1.1% FCF margin (TTM), FY23 Q4: -6.5% FCF margin (TTM), FY24 Q1: -6.1% FCF margin (TTM), FY24 Q2: -7.5% FCF margin (TTM), FY24 Q3: -10.4% FCF margin (TTM), FY24 Q4: -6.1% FCF margin (TTM), FY25 Q1: -6.2% FCF margin (TTM), FY25 Q2: -3.8% FCF margin (TTM), FY25 Q3: -2.6% FCF margin (TTM), FY25 Q4: -2.5% FCF margin (TTM), FY26 Q1: -2.0% FCF margin (TTM), FY26 Q2: -5.8% -5.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 1.1%
FY23 Q4 -6.5%
FY24 Q1 -6.1%
FY24 Q2 -7.5%
FY24 Q3 -10.4%
FY24 Q4 -6.1%
FY25 Q1 -6.2%
FY25 Q2 -3.8%
FY25 Q3 -2.6%
FY25 Q4 -2.5%
FY26 Q1 -2.0%
FY26 Q2 -5.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 26 28 43 50 61 56 49 64 76 56 61 52 51
Gross profit 11 12 19 23 27 25 23 25 28 21 25 23 22
EBITDA 1 0 4 1 −3 1 −3 −12 −8 −12 −8 −8 −7
Operating income 1 −0 3 1 −3 0 −3 −12 −9 −12 −9 −8 −7
Net income 4 −0 4 1 −3 1 −3 −10 −9 −12 −9 −6 −7
Diluted EPS −$2.86 −$4.30 $0.40 $0.11 −$0.27 $0.09 −$0.34 −$1.01 −$0.85 −$1.20 −$0.79 −$0.54 −$0.57
Growth (year on year)
Revenue — +9.0% +56.3% +14.0% +22.4% −8.1% −13.0% +32.5% +18.1% −26.2% +8.1% −14.6% −9.6%
EBITDA — −89.5% — −64.4% −299.2% — — — — — — — —
Operating income — −138.9% — −71.9% — — — — — — — — —
Net income — −107.5% — −69.4% −326.5% — — — — — — — —
Diluted EPS — — — −72.5% −345.5% — — — — — — — —
Margins
Gross margin 44.6% 41.9% 44.4% 47.1% 43.7% 45.4% 46.6% 38.3% 36.9% 37.1% 40.9% 43.5% 43.4%
EBITDA margin 4.8% 0.5% 9.1% 2.8% −4.6% 1.6% −5.6% −18.0% −10.4% −20.9% −13.8% −15.5% −13.2%
Operating margin 3.3% −1.2% 7.9% 2.0% −5.6% 0.7% −6.6% −18.9% −11.3% −22.1% −14.7% −16.4% −14.0%
Net margin 14.1% −1.0% 8.6% 2.3% −4.3% 1.7% −6.8% −15.7% −11.4% −22.2% −14.3% −12.4% −13.6%
Free-cash-flow margin 2.6% 6.2% 10.1% −1.0% 0.6% 2.1% 6.1% −18.5% 4.9% −6.5% −6.1% −2.5% −5.8%
Cash flow
Cash from operations 2 2 5 −0 1 2 4 −11 4 −3 −4 −1 −3
Capital spending 1 0 0 0 1 1 1 1 1 0 0 0 0
Free cash flow 1 2 4 −1 0 1 3 −12 4 −4 −4 −1 −3
Stock-based pay 1 0 0 1 3 2 3 4 5 4 5 3 3
Free cash flow after stock pay 0 1 4 −1 −3 −1 0 −16 −1 −7 −8 −4 −6
Balance sheet
Cash 4 5 45 15 14 13 38 15 12 8 9 7 8
Total debt 0 4 3 2 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −4 −1 −42 −13 −14 −13 −38 −15 −12 −8 −9 −7 −8
Diluted shares — — 5m 10m 10m 10m 10m 10m 10m 10m 11m 12m 12m
Returned to shareholders
Buybacks — — — 1 2 1 1 0 0 — — — —
Total returned — — — 1 2 1 1 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $47m
Short-term assets $28mLonger-term assets $19m
What it owes, and who funded it · $47m
Short-term liabilities $14mLonger-term liabilities $4mShareholders' equity $29m
  • Short-term assets cover short-term liabilities $28m of assets due within a year against $14m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $28m short-term assets against $4m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Airgain Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+6.3%
year over year
R&D spending
18.7%
of revenue
Days sales outstanding
103 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated AIRG BOSC SILC RDCM FKWL ALLT Median
Revenue, last 12 months $51m $51m $62m $71m $37m $102m $324m
Revenue growth, last 12 months −9.6% 26.6% 6.6% 17.2% −20.8% 10.6% 11.0%
Revenue growth, 3-year average −10.4% 25.0% −5.5% 51.7% −7.4% 1.8% 4.1%
Revenue growth, latest quarter 0.6% — — — 21.2% — 12.9%
Gross margin 43.4% 23.9% 30.6% 76.0% 17.1% 71.1% 43.7%
Operating margin −14.0% 5.8% −19.8% 11.6% −7.3% 3.5% 2.2%
Operating margin, 3-year average −17.7% 3.7% 3.5% 1.6% −10.9% −9.0% −1.4%
Net margin −13.6% 7.1% −18.5% 16.8% −13.0% 3.6% −0.0%
Cash from operations / revenue −5.4% 10.0% −3.5% 20.4% −17.2% 17.4% 9.9%
Free-cash-flow margin −5.8% 9.1% −5.4% 19.9% −17.3% 15.2% 7.7%
Free-cash-flow margin, 3-year average −5.7% 2.7% −2.3% −2.3% −5.4% 0.2% 2.2%
Stock pay / revenue 6.0% 0.3% 4.5% 8.6% 0.0% 4.9% 3.9%
Change in share count 6.3% 7.2% −5.2% 4.2% 0.0% 18.6% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth -9.6% 11.3% 34 of 40
Change in growth rate Growth +2.5pp +2.0pp 17 of 40
Gross margin Profitability 43.4% 44.1% 21 of 36
Operating margin Profitability -14.0% 2.4% 33 of 40
Net margin Profitability -13.6% 0.6% 32 of 40
Free-cash-flow margin Cash generation -5.8% 8.2% 30 of 38
Stock pay as % of revenue Cash generation 6.0% 3.9% 27 of 37
Change in share count Balance sheet 6.3% 1.6% 28 of 36
Days sales outstanding Balance sheet 103 days 75 days 29 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue YoY
China Including Hong Kong and Taiwan $26.9M ▲ 20.2%
North America $23.9M ▼ 33.3%
United States $23.9M ▼ 33.4%
Other Countries $957,000 ▼ 59.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Airgain Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$29.2M
Institutions reporting
48
Shares held vs prior quarter
▲ 25.8%
Positions opened / closed
16 / 3

Top buyers and sellers, Q2 2026: 31 institutions bought and 11 sold ; the biggest buyer was First Eagle Investment Management, LLC (+316K shares) and the biggest seller Northern Trust Corp (−30K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Ameriprise Financial Inc $4.8M 759K 16.4% ▲ 7.2%
First Eagle Investment Management, LLC $4.3M 689K 14.9% ▲ 84.7%
Blair William & Co $3.9M 623K 13.4% ▼ 3.4%
Vanguard Capital Management LLC $3M 476K 10.3% ▼ 0.8%
Renaissance Technologies LLC $2.6M 412K 8.9% ▲ 22.5%
Nano Cap New Millennium Growth Fund L P $1.4M 223K 4.8% ▼ 11.0%
Blackrock, Inc. $1.4M 215K 4.6% ▲ 3.2%
Acadian Asset Management LLC $1.1M 174K 3.7% ▲ 4265.5%
Marshall Wace, LLP $942,739 150K 3.2% New
Geode Capital Management, LLC $792,689 126K 2.7% ▲ 9.7%
Dimensional Fund Advisors LP $762,093 121K 2.6% ▲ 33.4%
Vanguard Fiduciary Trust Co $454,180 72K 1.6% ▲ 11.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Airgain Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $84,821 3 trades by 2 insiders, last 12 months Insider sales History → $578,098 26 trades by 3 insiders · 89% under pre-set plans
Net ▼ $493,277 net selling
Insider Date Trade Shares Price Value
Memmen Stephan D Director October 2, 2026 Buy 1,500 $4.55 $6,825
Suen Jacob President and CEO September 3, 2026 Sell pre-set plan 1,000 $5.20 $5,200
Sims James K Director September 1, 2026 Buy 8,269 $5.11 $42,255
Sims James K Director August 31, 2026 Buy 6,731 $5.31 $35,742
Suen Jacob President and CEO June 1, 2026 Sell pre-set plan 1,000 $7.04 $7,040
Elbaz Michael Chief Financial Officer May 13, 2026 Sell 3,787 $6.77 $25,638
Suen Jacob President and CEO May 13, 2026 Sell 4,573 $6.51 $29,770
Elbaz Michael Chief Financial Officer May 12, 2026 Sell 1,487 $6.98 $10,379
Suen Jacob President and CEO May 1, 2026 Sell pre-set plan 1,000 $7.03 $7,030
Sadri Ali Former CTO April 17, 2026 Sell pre-set plan 1,000 $6.21 $6,210
Suen Jacob President and CEO April 1, 2026 Sell pre-set plan 1,000 $5.51 $5,510
Sadri Ali Chief Technology Officer March 23, 2026 Sell pre-set plan 1,000 $5.00 $5,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 11, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 26, 2026
  • November 12, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Airgain Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Airgain Inc in brief

What does Airgain Inc do?
Airgain Inc is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Airgain Inc's stock ticker?
Airgain Inc trades under the ticker AIRG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Airgain Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Airgain Inc reported revenue of $51.4M, 9.6% lower than a year earlier, according to its SEC filings.
What is Airgain Inc's free cash flow?
Airgain Inc's free-cash-flow margin is -5.8% of revenue over the trailing twelve months, ranking 30 of the 38 communications equipment companies we cover.
Who are Airgain Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Ameriprise Financial Inc, First Eagle Investment Management, LLC and Blair William & Co. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Airgain Inc's market cap?
On November 2, 2026, Airgain Inc's market capitalisation was about $50.6M and net debt of -$7.6M. Market figures come from third-party market data and may be delayed.
Who are Airgain Inc's competitors?
In our Communications Equipment peer group, the companies closest to Airgain Inc are BOS Better Online Solutions LTD, Silicom LTD., Radcom LTD, Franklin Wireless Corp and Allot Ltd. The side-by-side comparison below sets their revenue, margins and growth against Airgain Inc's.
Are insiders buying or selling Airgain Inc stock?
Over the last 12 months, Airgain Inc's directors and officers reported 3 open-market purchases and 26 sales on Form 4. The insider trading page charts every trade.
When is Airgain Inc's next earnings date?
Around November 10, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Airgain Inc announces its own schedule.