Airgain, Inc. (AIRG) AI Stock Analysis
AIRG AI stock analysis summary
AI ResearchAirgain, Inc. (NASDAQ: AIRG) develops embedded antenna and connectivity solutions for consumer, enterprise, and automotive markets. The company generated $51.4M in trailing twelve-month revenue but remains unprofitable with a net margin of -13.7%. Despite recent annual sales declines, Airgain carries net cash of $3.1M as of June 30, 2026.
- Market cap
- $51.3M
- Revenue (TTM)
- $51.4M
- P/E
- — fwd 21.0x
- 1Y return
- -1.9% S&P 500 16.8%
- Avg. target
- $8.88 119.1% vs last close
Bull case
- Gross margin improved consistently from 36.9% in FY2022 to 43.5% in FY2025.
- The company maintains a positive net cash position of $3.1M with a current ratio of 2.01 as of June 30, 2026.
- Wall Street analysts project positive EPS of $0.07 in FY2026 and $0.31 in FY2027, with a mean price target of $8.88.
Bear case
- The company has reported negative net income every year from FY2021 through FY2025, including -$6.4M in FY2025.
- Airgain has experienced persistent cash burn, generating -$1.3M in free cash flow during FY2025.
- Dilution has been significant, with the total share count increasing 26.9% over five years.
What Airgain does
Airgain, Inc. designs, develops, and engineers antenna products for original equipment manufacturers, vertical markets, chipset vendors, service providers, value-added resellers, and software developers. Its product lineup includes MaxBeam embedded antennas, profile embedded antennas, profile contour embedded antennas, ultra-embedded antennas, SmartMax embedded antennas, and MaxBeam carrier class antennas. Under the Antenna Plus brand, the company manufactures automotive, fleet, public safety, and machine-to-machine antennas. Airgain's embedded antenna technology is designed to enable high-performance wireless networking across consumer electronics, enterprise environments, and automotive systems.
Growth and profitability
Revenue fell 14.6% in FY2025 to $51.8M, following $60.6M in FY2024 and $56.0M in FY2023. Gross margin widened from 38.3% in FY2021 to 43.5% in FY2025. However, Airgain has posted negative operating margins in each of the past five years, coming in at -16.4% in FY2025 alongside a net income of -$6.4M and EPS of -$0.26. Over the five years from FY2020 to FY2025, revenue grew at a CAGR of 1.3%. In the latest quarter ended June 30, 2026, revenue increased 0.6% year-over-year, while quarterly earnings contracted 99.9%. TTM EPS stands at -$0.57.
Balance sheet and cash flow
As of June 30, 2026, Airgain held $7.6M in cash and short-term investments against $4.5M in total debt, resulting in a net cash position of $3.1M. The company maintains a current ratio of 2.01 and a debt-to-equity ratio of 0.15 on $29.3M of shareholders' equity. Free cash flow was -$1.3M in FY2025 on operating cash flow of -$1.1M and capital expenditures of $166,000. The company does not pay dividends or actively repurchase stock, with its share count increasing 26.9% over five years.
Valuation and performance
Airgain has a market capitalization of $51.3M and an enterprise value of $65.5M. The stock trades at a forward P/E of 21.0x, higher than the median of 18.8x for its US-listed Technology peers. Its price-to-sales multiple of 1.0x sits below the peer median of 2.8x, while its EV/EBITDA of 150.4x is elevated relative to the peer group median of 16.6x. Over the past year, AIRG fell 1.9%, trailing the S&P 500 return of 16.8%. Over five years, the stock dropped 63.2% compared to an 83.0% gain for the index.
What analysts expect
All 4 analysts tracking Airgain rate the stock as Strong Buy. The mean price target is $8.88, representing 119.1% upside from the last close of $4.05 on October 16, 2026. For the fiscal year ending December 31, 2026, consensus estimates project revenue of $56.5M and EPS of $0.07. For the next fiscal year, 4 analysts project revenue of $66.5M (up 17.6%) and EPS of $0.31. Airgain has beaten EPS estimates in 1 of the last 4 quarters, and its next earnings date is November 10, 2026.
Key risks and what to watch
- Continued operating losses could deplete the company's remaining cash balance of $7.6M.
- Airgain beat consensus EPS estimates in only 1 of the trailing 4 quarters.
- Shares trade 26.2% below their 200-day average, showing long-term price weakness after a 5-year decline of 63.2%.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this AIRG AI stock analysis
This page is an AI-written research summary of Airgain, Inc. (AIRG). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.
Related: AIRG income statement, AIRG balance sheet, AIRG key metrics, AIRG analyst forecast, AIRG chart. See the AIRG stock overview for the latest quote and news.
AIRG AI stock analysis FAQ
What products does Airgain, Inc. manufacture?
Airgain designs and engineers antenna solutions, including MaxBeam, profile, contour, and SmartMax embedded antennas, as well as carrier class antennas. It also produces automotive, fleet, public safety, and M2M antennas under the Antenna Plus brand.
Does Airgain pay a dividend?
No, Airgain does not pay a dividend. The company directs its capital toward operations, product engineering, and R&D.
What is Airgain's debt position?
As of June 30, 2026, Airgain had $4.5M in total debt and $7.6M in cash and short-term investments, resulting in net cash of $3.1M and a debt-to-equity ratio of 0.15.
When is Airgain's next earnings report?
Airgain is scheduled to report its next financial results on November 10, 2026.