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1. Company Snapshot

1.a. Company Description

Airgain, Inc.designs, develops, and engineers antenna products for original equipment and design manufacturers, vertical markets, chipset vendors, service providers, value-added resellers and software developers worldwide.The company's products include MaxBeam embedded antennas; profile embedded antennas; profile contour embedded antennas; ultra-embedded antennas; SmartMax embedded antennas; and MaxBeam carrier class antennas, as well as automotive, fleet, public safety, and machine-to-machine antennas under the Antenna Plus brand.


It provides embedded antenna technologies to enable high performance wireless networking in a range of devices and markets, including consumer, enterprise, and automotive.The company was formerly known as AM Group and changed its name to Airgain, Inc.in 2004.


Airgain, Inc.was incorporated in 1995 and is headquartered in San Diego, California.

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1.b. Last Insights on AIRG

Airgain's recent performance was negatively driven by a lack of clarity on its long-term growth prospects. The company reported break-even earnings for Q4, but the earnings report was overshadowed by the announcement of a new solar-powered 5G solution, Lighthouse Solar, which may not have been fully priced in by investors. The company's focus on innovation and sustainability is a positive development, but the near-term impact on its financials remains uncertain.

1.c. Company Highlights

2. Airgain's Q3 2025 Earnings: A Story of Sequential Growth and Platform Advancements

Airgain's third-quarter 2025 financial performance was marked by a 3% sequential revenue growth, reaching $14 million, in line with the company's guidance. The non-GAAP gross margin expanded to 44.4%, up from 43.8% in the previous quarter, driven by higher WiFi 7 antenna shipments to cable operators, which contributed to the consumer revenue growth. The earnings per share (EPS) was reported at $0.01, matching analyst estimates. The company's adjusted EBITDA was positive, a testament to its operational efficiency.

Publication Date: Nov -23

📋 Highlights
  • Sequential Revenue Growth: Q3 revenue reached $14M, up 3% sequentially, driven by WiFi 7 antenna shipments to cable operators.
  • Gross Margin Expansion: Non-GAAP gross margin improved to 44.4% in Q3, up from 43.8% in Q2.
  • Lighthouse FCC Certification: Achieved U.S. FCC certification, enabling commercial deployment of the network infrastructure optimization platform.
  • AirgainConnect Pipeline: 80 sales opportunities in progress for the 5G enterprise gateway platform.
  • WiFi 7 Design Win Impact: Projected 5M+ unit shipments with a Tier 1 carrier over five years, driving significant 2026 revenue growth.

Revenue Breakdown and Growth Prospects

The revenue was driven by a mix of consumer and other market segments. Consumer revenue was $6.7 million, up $1 million sequentially, thanks to the increased demand for WiFi 7 antennas. The company's growth platforms, AirgainConnect and Lighthouse, are showing tangible progress, with an expanding sales opportunity pipeline and key certification milestones achieved. AirgainConnect, the integrated 5G gateway platform, has around 80 opportunities in play, indicating a promising growth trajectory. As Jacob Suen mentioned, "Our sales opportunity pipeline continues to expand, with roughly 80 opportunities in play," highlighting the potential for future growth.

Operational Efficiency and Future Guidance

Looking ahead to the fourth quarter, Airgain expects revenue in the range of $12 million to $14 million, with a midpoint of $13 million, representing a sequential decline of approximately 7%. The non-GAAP gross margin is expected to be in the range of 42.5% to 45.5%. The company is focused on maintaining tight control over operating expenses, aiming to be at EBITDA breakeven or positive. Analysts estimate a revenue growth of 15.8% for the next year, indicating a positive outlook.

Valuation and Pricing

With a P/S Ratio of 0.9 and an EV/EBITDA of -10.18, the market seems to be pricing in a moderate growth expectation. The ROE is -22.12%, and the ROIC is -25.88%, indicating that the company still faces challenges in terms of profitability. However, the recent advancements in growth platforms and the expected revenue growth may positively impact the valuation in the future.

3. NewsRoom

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Airgain, Inc. (AIRG) Q3 2025 Earnings Call Transcript

Nov -13

Source: seekingalpha.com

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Airgain (AIRG) Meets Q3 Earnings Estimates

Nov -13

Source: zacks.com

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Airgain® Reports Third Quarter 2025 Financial Results

Nov -12

Source: businesswire.com

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Airgain Secures Multi-year, Multi-million Dollar Design Win with Tier 1 US Carrier's Next Gen Wi-Fi 7 Fiber Gateway

Nov -11

Source: businesswire.com

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Airgain Sets Third Quarter 2025 Conference Call for Wednesday, November 12, 2025, at 5:00 p.m. ET

Oct -16

Source: businesswire.com

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AirgainConnect® Fleet™ Achieves T-Mobile T-Priority Certification to Deliver Mission-Critical Connectivity for First Responders

Oct -07

Source: businesswire.com

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Airgain to Present at AT&T Vision FirstNet Users Summit

Sep -08

Source: businesswire.com

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Airgain's Lighthouse™ 5G Smart Network Controlled Repeater Achieves FCC Certification, Enabling Expansion to the U.S. Market

Sep -04

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.05%)

6. Segments

Enterprise

Expected Growth: 10.58%

Airgain's 10.58% growth is driven by increasing demand for its antenna solutions in the 5G and IoT markets, as well as its expanding presence in the automotive and industrial sectors. Additionally, the company's strategic partnerships and investments in research and development have enabled it to capitalize on emerging trends in wireless connectivity.

Consumer

Expected Growth: 10.43%

Airgain's 10.43% growth in the Consumer segment is driven by increasing demand for high-performance wireless connectivity solutions in IoT devices, smartphones, and laptops. The proliferation of 5G networks and Wi-Fi 6 technology also fuels growth, as consumers require faster and more reliable connections. Additionally, the rise of remote work and online learning has boosted demand for high-quality wireless connectivity solutions.

Automotive

Expected Growth: 7.92%

Airgain's 7.92% growth in Automotive is driven by increasing demand for connected vehicles, growth in electric vehicle adoption, and rising need for advanced antenna systems. Additionally, the company's focus on 5G and Wi-Fi 6 technologies, as well as its partnerships with leading automotive OEMs, contribute to its growth in this segment.

7. Detailed Products

Advanced Antenna Systems

Airgain's Advanced Antenna Systems provide high-performance, customizable antenna solutions for a wide range of applications, including 5G, Wi-Fi, and IoT devices.

Integrated Radio and Antenna Systems

Airgain's Integrated Radio and Antenna Systems combine high-performance radios with optimized antennas to provide a complete wireless solution for various industries.

Embedded Antennas

Airgain's Embedded Antennas are designed for integration into devices such as laptops, tablets, and smartphones, providing optimized wireless performance.

External Antennas

Airgain's External Antennas offer high-gain, high-performance solutions for a variety of applications, including Wi-Fi, cellular, and IoT devices.

Custom Antenna Solutions

Airgain's Custom Antenna Solutions provide tailored antenna designs and manufacturing services for specific industry and application requirements.

8. Airgain, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Airgain, Inc. faces moderate threat from substitutes, as customers have limited alternatives for wireless connectivity solutions.

Bargaining Power Of Customers

Airgain, Inc. has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Airgain, Inc. relies on a few key suppliers for components, which gives them some bargaining power.

Threat Of New Entrants

The wireless connectivity market is attractive, and new entrants may pose a significant threat to Airgain, Inc.'s market share.

Intensity Of Rivalry

The wireless connectivity market is highly competitive, with several established players, leading to intense rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.67%
Debt Cost 3.95%
Equity Weight 95.33%
Equity Cost 8.05%
WACC 7.86%
Leverage 4.90%

11. Quality Control: Airgain, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Lantronix

A-Score: 4.0/10

Value: 6.1

Growth: 4.9

Quality: 4.3

Yield: 0.0

Momentum: 6.5

Volatility: 2.0

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Viavi Solutions

A-Score: 3.9/10

Value: 1.0

Growth: 3.7

Quality: 4.3

Yield: 0.0

Momentum: 9.0

Volatility: 5.3

1-Year Total Return ->

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Optical Cable

A-Score: 3.9/10

Value: 6.2

Growth: 1.4

Quality: 4.9

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Infinera

A-Score: 3.7/10

Value: 5.4

Growth: 4.1

Quality: 2.9

Yield: 0.0

Momentum: 5.0

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Minim

A-Score: 3.6/10

Value: 6.2

Growth: 3.0

Quality: 4.7

Yield: 0.0

Momentum: 8.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Airgain

A-Score: 3.1/10

Value: 8.6

Growth: 2.3

Quality: 4.5

Yield: 0.0

Momentum: 0.0

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.0$

Current Price

4$

Potential

-0.00%

Expected Cash-Flows