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Airgain, Inc.

AIRG Technology Communication Equipment

Airgain, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $51.8 million, down 14.6% from fiscal 2024.

Revenue
+0.55%
EPS
−8.33%
Free cash flow
−1,715.9%

Quarter to June 2026, against a year earlier

4.12 0.07 −1.67%
Market cap
$54.8M
P/E
0.0×
Fwd P/E
−12.1×
Dividend yield
—
F-score
5/9
Altman Z
−0.34
Beneish M
−3.00
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.08
Sold, $m 0.55
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — 1 —
Sell — 3 3 5 2 3 1 — — 1 — —
Insider Ownership 21.89%

Capital & Financial Ratios $m

Size
Market Cap 54.82
Revenue ttm 51.35
Net income ttm (7.01)
Free cash flow ttm (2.96)
Net debt Q (7.61)
Valuation
P/E 0.00
Forward P/E (12.10) (negative: loss-making)
Price / sales 1.03
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.80
Financial health
Current ratio Q 2.01 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q (56.18)
Growth
Revenue growth Q +0.55% (above 0%: growing)
Operating income growth Q +15.75% (above 0%: growing)
EPS, this year +141.18% (at or above 15%: strong)
EPS, next year A +342.86% (at or above 15%: strong)
Revenue, next year A +9.19%
EPS, past 5 yrs —
EPS, next 5 yrs A +35.00% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.9×, against a ten-year median of 1.1×; over the ten years it ranged from 0.0× in 2017 to 3.9× in 2021.
P/S against its own 10 years 24.67%
10-year low 10-year high
P/B against its own 10 years 31.39%
10-year low 10-year high
EV/Sales against its own 10 years 29.98%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 9 7 8
Receivables 7 12 13 14
Inventory 2 4 4 4
Other — 1 1 1
19 26 26 28
2023 2024 2025 Q'26
Payables 6 9 9 8
ST’ Debt — — — —
Other 1 2 1 1
10 14 13 14

Compound Annual Growth %

10y 5y 3y
Sales 6.42% 1.32% (11.97%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 22.58% (9.94%) (10.77%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.00 Actual 0.02

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.01 0.01 Met by 0.00
Q4 FY25 −0.01 −0.03 Miss by 0.02
Q1 FY26 −0.08 −0.08 Met by 0.00
Q2 FY26 0.00 0.02 Beat by 0.02
Q3 FY26 0.05 — Reports 10 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.15) (0.13) — — —
’25 (0.13) (0.12) (0.08) (0.20) (0.54)
’24 (0.23) (0.23) (0.16) (0.17) (0.79)
’23 (0.28) (0.21) (0.18) (0.52) (1.20)
’22 (0.25) (0.16) (0.13) (0.31) (0.85)
’21 0.02 (0.26) (0.30) (0.46) (1.01)
’20 (0.12) (0.08) (0.03) (0.11) (0.34)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 12 14 — — —
’25 12 14 14 12 52
’24 14 15 16 15 61
’23 16 16 14 10 56
’22 18 19 19 20 76
’21 17 17 15 14 64
’20 11 11 13 13 49
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) (2) — — —
’25 (1) 0 0 0 (1)
’24 (1) (1) (1) 0 (4)
’23 (1) (1) 1 (2) (3)
’22 4 (2) 0 2 4
’21 (4) (2) (1) (4) (11)
’20 (1) 2 2 0 4
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1) (2) — — —
’25 (1) 0 (1) 0 (2)
’24 (1) (1) (1) 0 (4)
’23 (2) (1) 1 (2) (4)
’22 4 (2) 0 2 4
’21 (4) (2) (1) (4) (12)
’20 (1) 2 2 0 3
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 43 50 61 56 49 64 76 56 61 52 51 +2.0% 57 67 — +13.3%
Gross margin, % 44.38 47.05 43.73 45.43 46.57 38.29 36.86 37.05 40.93 43.54 43.44 (0.8) pt
EBT 4 1 (2) 1 (3) (12) (9) (12) (9) (6) (7) n/m
EBT margin, % 8.62 2.36 (4.10) 1.95 (6.20) (18.88) (11.30) (21.95) (14.59) (12.27) (13.49) (20.9) pt
Net income 4 1 (3) 1 (3) (10) (9) (12) (9) (6) (7) n/m
Per share, $
Per share, $ Revenue 12.88 5.22 6.37 5.76 4.99 6.42 7.45 5.39 5.48 4.37 4.00 (11.3%)
Earnings 0.65 0.12 (0.27) 0.10 (0.34) (1.01) (0.85) (1.20) (0.79) (0.54) (0.56) n/m
Cash flow 1.38 (0.03) 0.14 0.24 0.38 (1.11) 0.44 (0.32) (0.32) (0.09) (0.22) n/m
Capex (0.08) (0.03) (0.10) (0.13) (0.07) (0.07) (0.07) (0.03) (0.02) (0.03) (0.02) (9.6%)
Free cash flow 1.30 (0.05) 0.04 0.12 0.31 (1.19) 0.36 (0.35) (0.34) (0.13) (0.23) n/m
Book value 13.35 4.87 4.74 4.95 4.91 4.41 3.91 3.02 2.80 2.39 2.28 (17.4%)
Shares, m 3 9 10 10 10 10 10 10 11 12 12 +15.0%
Valuation, ×
Valuation, × P/E 9.09 82.06 0.00 115.82 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.7
P/S 1.08 1.77 1.56 1.86 3.56 1.66 0.91 0.67 1.29 0.93 1.03 1.5
P/B 1.04 1.90 2.09 2.16 3.62 2.41 1.74 1.19 2.52 1.70 1.80 2.0
EV/Sales 0.07 1.04 1.00 1.24 2.78 1.44 0.76 0.53 1.15 0.79 0.89 1.1
EV/FCF 0.69 (99.73) 157.36 59.77 45.31 (7.75) 15.62 (8.19) (18.85) (32.09) (15.39) 11.2
Cash, $m
Cash, $m Operating cash flow 5 0 1 2 4 (11) 4 (3) (4) (1) (3) n/m
Capex 0 0 (1) (1) (1) (1) (1) 0 0 0 0 +3.9%
Free cash flow 4 (1) 0 1 3 (12) 4 (4) (4) (2) (3) n/m
Balance, $m
Balance, $m Working capital 42 36 36 38 39 16 14 9 12 13 14 (12.3%)
Net debt (44) (36) (34) (35) (38) (15) (12) (8) (9) (7) (8) (18.0%)
Shareholders’ equity 45 46 45 48 48 44 40 31 31 28 29 (5.0%)
Returns, %
Returns, % ROA 6.16 2.03 (4.73) 1.72 (5.98) (16.63) (14.34) (25.72) (19.16) (13.70) (15.18) (19.9) pt
ROIC 179.16 6.11 (18.63) 1.82 (20.80) (25.55) (19.21) (32.93) (24.85) (25.33) (20.69) (204.5) pt
ROE (1,258.85) 2.50 (5.66) 1.99 (6.86) (21.95) (20.62) (34.89) (27.85) (21.69) (23.72) +1,237.2 pt
People
People Employees 38 79 86 126 129 145 141 122 121 106 — +12.1%
Revenue/emp, $m 1.14 0.63 0.70 0.44 0.38 0.44 0.54 0.46 0.50 0.49 — (9.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Airgain, Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OCC Optical Cable Corporation $102.0M 39.8× — (loss-making) +21.99% (above 0%: growing) +425.00% (above 0%: growing) +156.41% (above 0%: growing) 37.43% 8.69% Compare
AMPG AmpliTech Group, Inc. $79.5M — (loss-making) — (loss-making) −26.81% (below 0%: shrinking) n/m −3.69% (below 0%: shrinking) 27.93% (39.60%) Compare
INSG Inseego $78.8M 33.6× — (loss-making) +9.35% (above 0%: growing) n/m −283.33% (below 0%: shrinking) 33.75% (16.45%) Compare
AIRG Airgain, Inc. $54.8M — (loss-making) — (loss-making) +0.55% (above 0%: growing) n/m −1,715.93% (below 0%: shrinking) 42.26% (12.30%)
WATT Energous Corporation $50.6M — (loss-making) — (loss-making) +216.82% (above 0%: growing) n/m −90.60% (below 0%: shrinking) 3.04% (103.37%) Compare
CMTL Comtech Telecommunications Corp. $38.3M — (loss-making) — (loss-making) −49.20% (below 0%: shrinking) n/m +72.38% (above 0%: growing) (17.94%) (16.71%) Compare
BOSC B.O.S. Better Online Solutions $30.1M 8.0× 8.0× +28.85% (above 0%: growing) +46.15% (above 0%: growing) +208.74% (above 0%: growing) 22.95% 7.20% Compare
FKWL Franklin Wireless Corp. $25.8M — (loss-making) 54.8× +21.21% (above 0%: growing) n/m −138.43% (below 0%: shrinking) 9.03% (21.50%) Compare
UTSI UTStarcom Holdings Corp $21.0M — (loss-making) — (loss-making) −25.06% (below 0%: shrinking) n/m −244.19% (below 0%: shrinking) 27.96% 0.00% Compare
Median of peers $44.5M 33.6× — +15.28% — −47.15% 25.44% (16.58%)

All 46 Communication Equipment stocks →

Pay and ownership Proxy statement filed 30 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.12m (416.98k) 37.00
2024 1.32m 3.25m 64.00
2023 825.36k (308.39k) 32.00

Ownership

Directors and executive officers, together 7.60%
Jacob Suen 6.60%
Marathon Micro Fund, L.P. 5.80%
James K. Sims 5.80%
Blair William & Co/IL 5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Airgain, Inc. (AIRG) Latest News

15 Oct

Impact 3 · · Business Wire

13 Oct

Impact 3 · · Business Wire

1 Oct

Impact 4 · · Business Wire
Impact 3 · · Zacks

18 Aug

Impact 4 ·

12 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 4 · transcript

5 Aug

Impact 3 · · MarketBeat transcript
Impact 3 ·
Impact 3 ·

2 Jun

Impact 3 · · Business Wire

26 May

Impact 4 · · Simply Wall St.

7 May

Impact 3 · · Moby

6 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press
Impact 4 · · Business Wire
Impact 3 · · MarketBeat
Impact 3 · · Zacks

30 Apr

Impact 3 · · Simply Wall St.

15 Apr

Impact 4 · · Simply Wall St.

1 Apr

Impact 3 · · Simply Wall St.

12 Mar

Impact 3 · · Business Wire

4 Mar

Impact 4 · · Business Wire

3 Mar

Impact 4 · · Simply Wall St.

2 Mar

Impact 4 · · Business Wire

27 Feb

Impact 4 · · Moby
Impact 3 · · GuruFocus.com

26 Feb

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
stockrow.com/AIRG · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com