AIRG on Nasdaq
AIRGAIN INC
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Last updated Oct 16, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
43.5%Gross margin3
-16.4%Operating margin3
-12.4%Net margin3
-14.6%Revenue growth, 20253
-22.7%Return on equity3
-$1.3MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
China Including Hong Kong and Taiwan brought in 36% of the revenue AIRGAIN INC broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| China Including Hong Kong and Taiwan | $22.4M | $26.9M |
| North America | $35.9M | $23.9M |
| United States | $35.9M | $23.9M |
| Other Countries | $2.3M | $957.0K |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue56¢$29.2M
- Research and development18¢$9.5M
- Other costs25¢$12.9M
- Income tax0¢$73.0K
Out of $51.8M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Sales | $51.8M | $60.6M |
| Cost of goods sold | $29.2M | $35.8M |
| Gross profit | $22.5M | $24.8M |
| Research and development | $9.5M | $11.9M |
| Sales and marketing | $9.3M | $9.2M |
| General and administrative | $12.2M | $12.7M |
| Total operating expenses | $31.0M | $33.7M |
| Loss from operations | -$8.5M | -$8.9M |
| Employee retention credit refund | $2.0M | $0 |
| Interest income, net | $351.0K | $115.0K |
| Other (expense), net | -$210.0K | -$27.0K |
| Total other income, net | $2.1M | $88.0K |
| Loss before income taxes | -$6.4M | -$8.8M |
| Income tax expense (benefit) | $73.0K | -$152.0K |
| Net loss | -$6.4M | -$8.7M |
| Basic | -$0.54 | -$0.79 |
| Diluted | -$0.54 | -$0.79 |
| Basic | 11.8M shares | 11.1M shares |
| Diluted | 11.8M shares | 11.1M shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $7.4M | $8.5M | |
| Trade accounts receivable, net | $12.8M | $11.7M | |
| Inventories | $3.6M | $4.0M | |
| Prepaid expenses | $868.0K | $1.2M | |
| Other current assets | $1.2M | $532.0K | |
| Total current assets | $25.8M | $25.8M | |
| Property and equipment, net | $1.7M | $2.0M | |
| Operating lease right-of-use assets | $4.2M | $3.9M | |
| Goodwill | $10.8M | $10.8M | |
| Intangible assets, net | $2.8M | $5.8M | |
| Other assets | $85.0K | $74.0K | |
| Total assets | $45.3M | $48.4M | |
| Accounts payable | $9.2M | $9.5M | |
| Accrued compensation | $1.2M | $2.0M | |
| Accrued liabilities and other | $1.8M | $1.9M | |
| Short-term lease liabilities | $821.0K | $89.0K | |
| Total current liabilities | $13.0M | $13.5M | |
| Deferred tax liability | $186.0K | $163.0K | |
| Long-term lease liabilities | $3.9M | $3.8M | |
| Total liabilities | $17.0M | $17.5M | |
| Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 12,666 shares issued and 12,125 shares outstanding at December 31, 2025; and 12,070 shares issued and 11,529 shares outstanding at December 31, 2024 | $127.3M | $123.5M | |
| Treasury stock, at cost: 541 shares at December 31, 2025 and 2024 | -$5.4M | -$5.4M | |
| Accumulated deficit | -$93.6M | -$87.2M | |
| Accumulated other comprehensive loss | -$4.0K | -$4.0K | |
| Total stockholders' equity | $28.3M | $31.0M | $31.4M |
| Total liabilities and stockholders' equity | $45.3M | $48.4M | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 200.0M shares | 200.0M shares | |
| Common stock, shares issued | 12.7M shares | 12.1M shares | |
| Common stock, shares outstanding | 12.1M shares | 11.5M shares | |
| Treasury stock, shares at cost | -541.0K shares | -541.0K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$6.4M | -$8.7M |
| Depreciation | $463.0K | $548.0K |
| Amortization of intangible assets | $3.2M | $3.0M |
| Stock-based compensation | $3.0M | $4.6M |
| Deferred tax liability | $23.0K | $11.0K |
| Amortization of prepaid assets | $0 | $132.0K |
| Trade accounts receivable | -$1.1M | -$4.3M |
| Inventories | $372.0K | -$1.5M |
| Prepaid expenses and other current assets | -$346.0K | -$316.0K |
| Other assets | -$12.0K | $96.0K |
| Accounts payable | -$285.0K | $2.9M |
| Accrued compensation | -$508.0K | $668.0K |
| Accrued liabilities and other | -$26.0K | -$576.0K |
| Lease liabilities | $537.0K | -$148.0K |
| Net cash used in operating activities | -$1.1M | -$3.5M |
| Purchases of property and equipment | -$166.0K | -$178.0K |
| Purchases of intellectual property | -$223.0K | $0 |
| Net cash used in investing activities | -$389.0K | -$178.0K |
| Proceeds from at-the-market common stock offering, net of offering costs | $167.0K | $4.1M |
| Payments for withholding taxes related to net share settlement of equity awards | -$191.0K | -$94.0K |
| Issuance of shares for stock purchase and option plans | $374.0K | $279.0K |
| Net cash provided by financing activities | $350.0K | $4.3M |
| Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash | $0 | -$7.0K |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$1.2M | $589.0K |
| Income taxes refunded, net | $17.0K | |
| Income taxes (paid), net | -$55.0K | $17.0K |
| Operating lease liabilities resulting from right-of-use assets | $912.0K | $3.7M |
| Accrual of intellectual property | $0 | $581.0K |
Recent filings
- Oct 5, 20263
- Oct 5, 20264
- Oct 1, 20268-K
- Sep 4, 20264
- Sep 3, 2026144
- Sep 2, 20264
- Aug 6, 2026S-8
- Aug 5, 20268-K
- Aug 5, 202610-Q
- Aug 4, 20264
- Aug 4, 20264
- Jul 10, 2026144
- Jun 17, 2026144
- Jun 16, 2026144
- Jun 15, 2026144
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARAIRGAIN INC filings on SEC EDGAR
- 2SEC EDGARAIRGAIN INC filings on SEC EDGAR
- 3SEC EDGARAIRGAIN INC 10-K for fiscal 2025
- 4SEC EDGARAIRGAIN INC 10-K for fiscal 2019
- 5SEC EDGARAIRGAIN INC 10-K for fiscal 2020
- 6SEC EDGARAIRGAIN INC 10-K for fiscal 2021
- 7SEC EDGARAIRGAIN INC 10-K for fiscal 2022
- 8SEC EDGARAIRGAIN INC 10-K for fiscal 2023
- 9SEC EDGARAIRGAIN INC 10-Q for fiscal 2026
- 10SEC EDGARAIRGAIN INC 10-Q for fiscal 2026