NASDAQ : AIRG
Airgain, Inc. — Financial statements
Technology · Communication Equipment · United States
Last price 4.185 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 54.82M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Airgain, Inc. (AIRG) reported revenue of 51.35M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 51.35M | 51.78M | 60.60M | 56.04M | 75.89M | 64.27M |
| Cost of Revenue | 29.04M | 29.23M | 35.80M | 35.28M | 47.92M | 39.67M |
| Gross Profit | 22.31M | 22.55M | 24.80M | 20.76M | 27.97M | 24.61M |
| Selling, General & Admin | 19.70M | 21.31M | 21.87M | 22.66M | 25.21M | 23.77M |
| Research & Development | 9.51M | 9.43M | 11.86M | 10.51M | 11.35M | 10.92M |
| Operating Expenses | 29.21M | 30.74M | 33.73M | 33.16M | 36.55M | 34.69M |
| Operating Income | -6.90M | -8.20M | -8.93M | -12.40M | -8.58M | -10.08M |
| Interest & Investment Income | 62.00K | 351.00K | 115.00K | 109.00K | 63.00K | 26.00K |
| Currency Exchange Gain (Loss) | 5.00K | -9.00K | -54.00K | |||
| Other Non Operating Income (Expenses) | -151.00K | -210.00K | -27.00K | -17.00K | ||
| EBT Excluding Unusual Items | -6.98M | -8.06M | -8.84M | -12.30M | -8.57M | -10.07M |
| Merger & Restructuring Charges | -286.00K | -286.00K | ||||
| Gain (Loss) on Sale of Assets | -4.00K | -21.00K | ||||
| Other Unusual Items | 340.00K | 1.99M | -2.04M | |||
| Pretax Income | -6.93M | -6.35M | -8.84M | -12.30M | -8.57M | -12.14M |
| Income Tax Expense | 79.00K | 73.00K | -152.00K | 128.00K | 84.00K | -2.05M |
| Net Income | -7.01M | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M |
| Net Income to Common | -7.01M | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M |
| Shares Outstanding (Basic) | 12.27M | 11.84M | 11.05M | 10.39M | 10.19M | 10.02M |
| Shares Outstanding (Diluted) | 12.27M | 11.84M | 11.05M | 10.39M | 10.19M | 10.02M |
| EPS (Basic) | -0.57 | -0.54 | -0.79 | -1.20 | -0.85 | -1.01 |
| EPS (Diluted) | -0.57 | -0.54 | -0.79 | -1.20 | -0.85 | -1.01 |
| Free Cash Flow | -2.96M | -1.28M | -3.71M | -3.65M | 3.68M | -11.91M |
| Free Cash Flow Per Share | -0.24 | -0.11 | -0.34 | -0.35 | 0.36 | -1.19 |
| Gross Margin | 43.44% | 43.54% | 40.93% | 37.05% | 36.86% | 38.29% |
| Operating Margin | -13.44% | -15.83% | -14.73% | -22.13% | -11.30% | -15.69% |
| Profit Margin | -13.65% | -12.41% | -14.34% | -22.18% | -11.41% | -15.69% |
| Free Cash Flow Margin | -5.77% | -2.47% | -6.11% | -6.51% | 4.85% | -18.52% |
| EBITDA | -4.38M | -4.50M | -5.35M | -8.77M | -4.88M | -6.53M |
| EBITDA Margin | -8.54% | -8.69% | -8.83% | -15.65% | -6.43% | -10.17% |
| D&A For EBITDA | 2.52M | 3.70M | 3.58M | 3.63M | 3.70M | 3.55M |
| EBIT | -6.90M | -8.20M | -8.93M | -12.40M | -8.58M | -10.08M |
| EBIT Margin | -13.44% | -15.83% | -14.73% | -22.13% | -11.30% | -15.69% |
| Advertising Expenses | 300.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 7.61M | 7.36M | 8.51M | 7.88M | 11.90M | 14.51M |
| Cash & Short-Term Investments | 7.61M | 7.36M | 8.51M | 7.88M | 11.90M | 14.51M |
| Receivables | 14.46M | 12.78M | 11.67M | 7.38M | 8.74M | 10.76M |
| Inventory | 4.19M | 3.58M | 3.95M | 2.40M | 4.23M | 8.95M |
| Prepaid Expenses | 884.00K | 868.00K | 1.17M | 1.37M | 2.20M | 1.27M |
| Restricted Cash | 55.00K | 80.00K | ||||
| Other Current Assets | 559.00K | 1.18M | 532.00K | |||
| Total Current Assets | 27.70M | 25.76M | 25.83M | 19.08M | 27.15M | 35.49M |
| Property, Plant & Equipment | 5.40M | 5.86M | 5.89M | 3.90M | 4.98M | 5.47M |
| Goodwill | 10.85M | 10.85M | 10.85M | 10.85M | 10.85M | 10.85M |
| Other Intangible Assets | 2.76M | 2.79M | 5.80M | 8.23M | 11.20M | 14.23M |
| Other Long-Term Assets | 107.00K | 85.00K | 74.00K | 170.00K | 216.00K | 352.00K |
| Total Assets | 46.82M | 45.34M | 48.44M | 42.23M | 54.40M | 66.39M |
| Accounts Payable | 9.78M | 9.99M | 9.53M | 6.66M | 7.04M | 5.50M |
| Accrued Expenses | 2.35M | 1.71M | 3.39M | 2.10M | 4.03M | 3.63M |
| Current Portion of Leases | 915.00K | 821.00K | 89.00K | 865.00K | 904.00K | 841.00K |
| Current Income Taxes Payable | 7.00K | 3.00K | 6.00K | 145.00K | 166.00K | 258.00K |
| Current Unearned Revenue | 147.00K | 129.00K | 73.00K | 17.00K | 32.00K | 79.00K |
| Other Current Liabilities | 553.00K | 329.00K | 411.00K | 209.00K | 734.00K | 9.58M |
| Total Current Liabilities | 13.76M | 12.98M | 13.50M | 9.99M | 12.90M | 19.89M |
| Long-Term Leases | 3.56M | 3.88M | 3.81M | 674.00K | 1.54M | 2.22M |
| Long-Term Deferred Tax Liabilities | 189.00K | 186.00K | 163.00K | 151.00K | 139.00K | 109.00K |
| Total Liabilities | 17.51M | 17.05M | 17.47M | 10.82M | 14.57M | 22.22M |
| Common Stock | 131.91M | 127.29M | 123.55M | 115.30M | 111.28M | 106.97M |
| Retained Earnings | -97.24M | -93.64M | -87.21M | -78.52M | -66.09M | -57.43M |
| Treasury Stock | -5.36M | -5.36M | -5.36M | -5.36M | -5.36M | -5.36M |
| Comprehensive Income & Other | 6.00K | -4.00K | -4.00K | 3.00K | ||
| Total Common Equity | 29.31M | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M |
| Shareholders' Equity | 29.31M | 28.29M | 30.97M | 31.41M | 39.83M | 44.17M |
| Total Liabilities & Equity | 46.82M | 45.34M | 48.44M | 42.23M | 54.40M | 66.39M |
| Total Debt | 4.47M | 4.70M | 3.90M | 1.54M | 2.44M | 3.06M |
| Net Cash (Debt) | 3.14M | 2.66M | 4.61M | 6.34M | 9.46M | 11.45M |
| Net Cash Per Share | 0.26 | 0.22 | 0.42 | 0.61 | 0.93 | 1.14 |
| Filing Date Shares Outstanding | 13.10M | 12.22M | 11.56M | 10.50M | 10.26M | 10.19M |
| Total Common Shares Outstanding | 13.08M | 12.12M | 11.53M | 10.47M | 10.23M | 10.10M |
| Working Capital | 13.94M | 12.78M | 12.33M | 9.09M | 14.25M | 15.60M |
| Book Value Per Share | 2.24 | 2.33 | 2.69 | 3.00 | 3.89 | 4.37 |
| Tangible Book Value | 15.71M | 14.66M | 14.32M | 12.33M | 17.78M | 19.10M |
| Tangible Book Value Per Share | 1.20 | 1.21 | 1.24 | 1.18 | 1.74 | 1.89 |
| Machinery | 5.53M | 6.65M | 6.55M | 6.66M | 6.31M | 5.75M |
| Construction In Progress | 68.00K | 16.00K | 6.00K | 45.00K | 16.00K | 40.00K |
| Leasehold Improvements | 877.00K | 848.00K | 848.00K | 848.00K | 848.00K | 932.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -7.01M | -6.43M | -8.69M | -12.43M | -8.66M | -10.09M |
| Depreciation & Amortization | 2.52M | 3.70M | 3.58M | 3.63M | 3.70M | 3.55M |
| Other Amortization | 132.00K | |||||
| Loss (Gain) From Sale of Assets | 122.00K | 4.00K | 21.00K | |||
| Stock-Based Compensation | 3.06M | 2.96M | 4.63M | 3.68M | 4.98M | 4.05M |
| Other Operating Activities | -317.00K | 23.00K | 11.00K | 12.00K | 30.00K | -239.00K |
| Change in Accounts Receivable | -2.64M | -1.10M | -4.30M | 1.37M | 2.02M | -4.85M |
| Change in Inventory | -471.00K | 372.00K | -1.55M | 1.82M | 4.72M | -6.26M |
| Change in Accounts Payable | 966.00K | -285.00K | 2.93M | -93.00K | 1.04M | 1.82M |
| Change in Other Net Operating Assets | 1.01M | -355.00K | -276.00K | -1.29M | -3.38M | 828.00K |
| Operating Cash Flow | -2.77M | -1.11M | -3.53M | -3.30M | 4.45M | -11.17M |
| Capital Expenditures | -198.00K | -166.00K | -178.00K | -346.00K | -763.00K | -736.00K |
| Sale of Property, Plant & Equipment | 13.00K | |||||
| Cash Acquisitions | -14.19M | |||||
| Sale (Purchase) of Intangibles | -223.00K | -223.00K | ||||
| Investing Cash Flow | -421.00K | -389.00K | -178.00K | -346.00K | -750.00K | -14.92M |
| Issuance of Common Stock | 3.12M | 541.00K | 4.39M | 232.00K | 228.00K | 2.53M |
| Repurchase of Common Stock | -191.00K | -94.00K | -690.00K | -97.00K | ||
| Other Financing Activities | -6.53M | |||||
| Financing Cash Flow | 3.12M | 350.00K | 4.30M | -458.00K | -6.30M | 2.43M |
| Foreign Exchange Rate Adjustments | 5.00K | -7.00K | 3.00K | |||
| Net Cash Flow | -67.00K | -1.15M | 589.00K | -4.10M | -2.61M | -23.66M |
| Free Cash Flow | -2.96M | -1.28M | -3.71M | -3.65M | 3.68M | -11.91M |
| Free Cash Flow Margin | -5.77% | -2.47% | -6.11% | -6.51% | 4.85% | -18.52% |
| Free Cash Flow Per Share | -0.24 | -0.11 | -0.34 | -0.35 | 0.36 | -1.19 |
| Levered Free Cash Flow | -748.88K | -1.18M | 751.00K | 396.00K | 1.23M | -967.50K |
| Unlevered Free Cash Flow | -748.88K | -1.18M | 751.00K | 396.00K | 1.23M | -967.50K |
| Cash Income Tax Paid | 55.00K | 55.00K | -17.00K | 112.00K | 197.00K | 153.00K |
| Change in Working Capital | -1.14M | -1.37M | -3.19M | 1.80M | 4.39M | -8.46M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 54.82M | 48.55M | 80.09M | 37.18M | 66.56M | 107.31M |
| Enterprise Value | 51.69M | 46.01M | 73.78M | 28.98M | 60.04M | 91.50M |
| Last Close Price | 4.18 | 4.06 | 7.06 | 3.56 | 6.51 | 10.63 |
| Forward PE | 25.36 | 23.62 | 151.18 | 49.60 | 25.83 | 120.00 |
| PS Ratio | 1.07 | 0.94 | 1.32 | 0.66 | 0.88 | 1.67 |
| PB Ratio | 1.87 | 1.72 | 2.59 | 1.18 | 1.67 | 2.43 |
| P/TBV Ratio | 3.49 | 3.31 | 5.59 | 3.01 | 3.74 | 5.62 |
| P/FCF Ratio | 18.07 | |||||
| P/OCF Ratio | 14.97 | |||||
| PEG Ratio | 1.67 | 4.32 | 1.42 | 0.74 | 3.43 | |
| EV/Sales Ratio | 1.01 | 0.89 | 1.22 | 0.52 | 0.79 | 1.42 |
| EV/FCF Ratio | 16.30 | |||||
| Debt / Equity Ratio | 0.15 | 0.17 | 0.13 | 0.05 | 0.06 | 0.07 |
| Debt / FCF Ratio | 0.66 | |||||
| Net Debt / Equity Ratio | -0.11 | -0.09 | -0.15 | -0.20 | -0.24 | -0.26 |
| Net Debt / EBITDA Ratio | 0.72 | 0.59 | 0.86 | 0.72 | 1.94 | 1.75 |
| Net Debt / FCF Ratio | 1.06 | 2.08 | 1.25 | 1.74 | -2.57 | 0.96 |
| Asset Turnover | 1.11 | 1.10 | 1.34 | 1.16 | 1.26 | 1.06 |
| Inventory Turnover | 7.35 | 7.76 | 11.27 | 10.64 | 7.28 | 7.96 |
| Quick Ratio | 1.60 | 1.55 | 1.50 | 1.53 | 1.60 | 1.27 |
| Current Ratio | 2.01 | 1.98 | 1.91 | 1.91 | 2.10 | 1.78 |
| Return on Equity (ROE) | -23.72% | -21.69% | -27.85% | -34.89% | -20.62% | -21.95% |
| Return on Assets (ROA) | -9.34% | -10.93% | -12.31% | -16.04% | -8.88% | -10.39% |
| Return on Invested Capital (ROIC) | -26.75% | -31.53% | -34.72% | -44.74% | -27.20% | -47.69% |
| Return on Capital Employed (ROCE) | -20.90% | -25.30% | -25.60% | -38.50% | -20.70% | -21.70% |
| Earnings Yield | -13.64% | -13.24% | -10.85% | -33.43% | -13.01% | -9.40% |
| FCF Yield | -5.41% | -2.63% | -4.63% | -9.81% | 5.53% | -11.09% |
| Buyback Yield / Dilution | -6.34% | -7.12% | -6.36% | -1.98% | -1.71% | -3.14% |