Airgain Inc

airgain.com

What Do They Do?

Sells embedded antennas for consumer access points, gateways and home wireless devices to equipment makers, plus wireless connectivity products for enterprise and automotive customers.

How Do They Make Money?

Airgain mainly sells products such as antennas, modems, trackers and gateways, with payment generally due 30 to 90 days after delivery. Data subscriptions and testing are billed monthly; design services are paid in advance and fees are earned as milestones are reached.

FY2025 revenue

Who Are Their Customers?

Equipment makers and designers buy embedded products; fleet and enterprise customers buy trackers and integrated systems, while network operators are customers for repeaters. Airgain sells through its direct team and through distributors, resellers and system integrators, which can co-sell with the team.

Do Revenues Turn Into Profits?

No. It lost $6.4M in FY2025.

Operating income, FY2025

−16% of revenue

▼ −5% (Loss) vs FY2024 (−$8.9M, −15%)

Net income, FY2025

−12% of revenue

▼ −26% (Loss) vs FY2024 (−$8.7M, −14%)

Free cash flow, FY2025

−2% of revenue

▼ −65% (Loss) vs FY2024 (−$3.7M, −6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $13.6M in Q2 FY2025
Net income: ▲ +16% (Loss); vs −$1.5M in Q2 FY2025

Aug 5, 2026 Set a third-quarter sales and earnings outlook The outlook calls for sales of $14.25 million to $16.25 million and a GAAP net loss per share of $(0.03) at the midpoint.

Shrinking. Revenue fell 19% in 4 years, from $64.3M in FY2021 to $51.8M in FY2025, about 5% a year.

Flight-focused asset tracking The older report described asset trackers for location and condition data; the latest report adds AT-Flight, a flight-focused tracker targeting healthcare and life sciences customers.

Who Do They Compete With?

Competes with Cisco Systems, Cradlepoint, Digi International, Ezurio, Huawei, Inseego, Lantronix, Nextivity, Nokia, Peplink, Sierra Wireless, Amphenol, Qualcomm, Quectel, Semtech, Telit, Taoglas, Arcadyan Technology, Foxconn Electronics, and Gemtek

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