AIRGAIN INC AIRG
Headquartered in San Diego, California, Airgain, Inc. (NASDAQ: AIRG) is a leading provider of advanced wireless connectivity solutions. We are focused on delivering high-performance, cost-effective, and energy-efficient wireless solutions that enable rapid market deployment. Our mission is to connect the world through integrated, innovative, and optimized wireless solutions. Our diverse product portfolio serves three primary markets: enterprise, automotive, and consumer. While historically recognized for high-performance radio frequency (RF) components, Airgain is increasingly delivering integrated, system-level connectivity solutions that combine hardware, software and cloud management.
Our enterprise products include Smart Network Controlled Cellular Repeaters (Smart NCRs), embedded cellular modems, asset tracking solutions, and antennas for access points and Internet of Things (IoT) applications. Our automotive products include our second-generation AirgainConnect® Fleet system solution, a low-profile, roof-mounted, all-in-one 5G vehicle gateway and our aftermarket antennas. Our consumer products include embedded antennas for consumer access points, wireless gateways, and fixed wireless access (FWA) devices.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51.8M | $60.6M | $56.0M | $75.9M | $64.3M | $48.5M | $55.7M | $60.6M | $49.5M | $43.4M |
| Cost of revenue | $29.2M | $35.8M | $35.3M | $47.9M | $39.7M | $25.9M | $30.4M | $34.1M | $26.2M | $24.2M |
| Gross profit | $22.5M | $24.8M | $20.8M | $28.0M | $24.6M | $22.6M | $25.3M | $26.5M | $23.3M | $19.3M |
| R&D | $9.5M | $11.9M | $10.5M | $11.3M | $10.9M | $9.2M | $9.0M | $9.3M | $7.3M | $5.6M |
| SG&A | $12.2M | $12.7M | $13.5M | $14.0M | $13.6M | $10.5M | $8.9M | $9.5M | $8.0M | $4.5M |
| Total operating expenses | $31.0M | $33.7M | $33.2M | $36.6M | $36.7M | $25.8M | $24.9M | $29.9M | $22.3M | $15.8M |
| Operating income | -$8.5M | -$8.9M | -$12.4M | -$8.6M | -$12.1M | -$3.2M | $380.0K | -$3.4M | $969.0K | $3.5M |
| Interest expense | — | — | — | — | — | — | $5.0K | $31.0K | $99.0K | $178.4K |
| Pre-tax income | -$6.4M | -$8.8M | -$12.3M | -$8.6M | -$12.1M | -$3.0M | $1.1M | -$2.5M | $1.2M | $3.7M |
| Income tax | $73.0K | $152.0K | $128.0K | $84.0K | $2.0M | $273.0K | $163.0K | $101.0K | $26.0K | $8.2K |
| Net income | -$6.4M | -$8.7M | -$12.4M | -$8.7M | -$10.1M | -$3.3M | $926.0K | -$2.6M | $1.1M | $3.7M |
| EPS, basic | -0.54 | -0.79 | -1.20 | -0.85 | -1.01 | -0.34 | 0.10 | -0.27 | 0.12 | 0.65 |
| EPS, diluted | -0.54 | -0.79 | -1.20 | -0.85 | -1.01 | -0.34 | 0.09 | -0.27 | 0.11 | 0.40 |
| Shares, diluted (wtd. avg.) | $11.8M | $11.1M | $10.4M | $10.2M | $10.0M | $9.7M | $10.1M | $9.5M | $10.4M | $4.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $7.4M | $8.5M | $7.9M | $11.9M | $14.5M | $38.2M | $13.2M | $13.6M | $15.0M | $45.2M |
| Short-term investments | — | — | — | — | — | $0 | $0 | $20.2M | $21.3M | — |
| Receivables | $12.8M | $11.7M | $7.4M | $8.7M | $10.8M | $4.8M | $7.7M | $7.0M | $8.4M | $5.2M |
| Inventory | $3.6M | $4.0M | $2.4M | $4.2M | $8.9M | $1.0M | $1.2M | $1.4M | $741.6K | $146.8K |
| Total current assets | $25.8M | $25.8M | $19.1M | $27.2M | $35.5M | $45.4M | $45.1M | $43.1M | $46.1M | $50.8M |
| Property, plant and equipment | $1.7M | $2.0M | $2.5M | $2.8M | $2.7M | $2.4M | $2.1M | $1.4M | $1.0M | $807.1K |
| Goodwill | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M | $3.7M | $3.7M | $3.7M | $3.7M | $1.2M |
| Other intangibles | $2.8M | $5.8M | $8.2M | $11.2M | $14.2M | $3.2M | $687.0K | $859.0K | $1.1M | $286.7K |
| Total assets | $45.3M | $48.4M | $42.2M | $54.4M | $66.4M | $54.9M | $54.7M | $52.9M | $56.3M | $56.1M |
| Accounts payable | $9.2M | $9.5M | $6.5M | $6.5M | $5.5M | $3.0M | $3.8M | $4.1M | $4.0M | $3.9M |
| Total current liabilities | $13.0M | $13.5M | $10.0M | $12.9M | $19.9M | $6.9M | $6.8M | $7.5M | $9.7M | $9.2M |
| Total liabilities | $17.0M | $17.5M | $10.8M | $14.6M | $22.2M | $7.2M | $6.8M | $7.8M | $10.1M | $11.0M |
| Retained earnings | -$93.6M | -$87.2M | -$78.5M | -$66.1M | -$57.4M | -$47.3M | -$44.1M | -$45.0M | -$42.4M | -$43.6M |
| Total equity | $28.3M | $31.0M | $31.4M | $39.8M | $44.2M | $47.7M | $47.9M | $45.1M | $46.2M | $45.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$1.1M | -$3.5M | -$3.3M | $4.4M | -$11.2M | $3.7M | $2.4M | $1.4M | -$255.0K | $4.7M |
| Depreciation and amortisation | $463.0K | $548.0K | $661.0K | $675.0K | $546.0K | $463.0K | $493.0K | $587.0K | $436.0K | $495.3K |
| Stock-based compensation | $3.0M | $4.6M | $3.7M | $5.0M | $4.0M | $2.6M | $2.2M | $2.9M | $736.0K | $298.5K |
| Capital expenditure | $166.0K | $178.0K | $346.0K | $763.0K | $736.0K | $727.0K | $1.2M | $990.0K | $263.0K | $275.6K |
| Investing cash flow | -$389.0K | -$178.0K | -$346.0K | -$750.0K | -$14.9M | $20.9M | -$2.4M | $336.0K | -$27.8M | -$275.6K |
| Financing cash flow | $350.0K | $4.3M | -$458.0K | -$6.3M | $2.4M | $561.0K | -$392.0K | -$3.1M | -$2.1M | $35.4M |
| Buybacks | — | — | — | $0 | $97.0K | $608.0K | $1.2M | $2.2M | $1.3M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197736.
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