Airgain, Inc. reported fourth‑quarter 2025 revenue of $12.1 million, a decline from the $13.1 million reported in Q4 2024, and full‑year revenue of $51.8 million, down 14.6 percent from the $60.0 million earned in 2024. The drop reflects a continued inventory overhang in the legacy antenna business and the early commercial stage of the AirgainConnect vehicle gateway and Lighthouse infrastructure platforms.
The company posted an adjusted earnings per share of $(0.03) for the quarter, missing the consensus estimate of $(0.01) to $(0.02) by roughly 50 percent. Full‑year adjusted EPS was $(0.07) versus a consensus of $(0.04). Non‑GAAP net loss per share was reported as $(0.17) or $(0.54), underscoring the company’s ongoing profitability challenges. The miss is largely attributable to the inventory write‑downs in legacy products and the capital intensity required to bring the new platforms to market.
Gross margin expanded to 46.3 percent on a non‑GAAP basis in Q4, up from 44.4 percent in Q3 and 43.4 percent in Q4 2024. The improvement is driven by a higher mix of embedded modem and Wi‑Fi 7 antenna sales, which carry higher margins than the legacy antenna line. Cash on hand was $7.4 million as of December 31, 2025, providing a limited runway as the company continues to invest in its new systems businesses.
Consumer revenue grew 20 percent to $26.1 million in 2025, driven by strong demand for Wi‑Fi 7 antennas and new design wins with cable and mobile operators. In contrast, enterprise and automotive segments experienced significant declines, reflecting the inventory overhang and slower adoption of the new platforms. The acquisition of Nextivity’s HPUE product line expands Airgain’s vehicle gateway portfolio and positions the company for mission‑critical connectivity solutions.
President and CEO Jacob Suen said, “We expanded our design win pipeline with Tier 1 service providers, securing important new programs that deepen our strategic customer relationships and position us for growth.” He added, “Both AirgainConnect and Lighthouse achieved important technical validations, customer engagements and ecosystem milestones that move them closer to scaled commercial deployment.” CFO Michael Elbaz noted, “Q4 sales came in at $12.1 million, which was at the low end of our guidance range, primarily reflecting timing and supply factors within our Enterprise embedded modems product line.”
Management reiterated its guidance for the first half of 2026, projecting Q1 revenue of $10.5 million to $12.5 million—lower than the previously stated $12.0 million to $14.0 million range. The company emphasized that the platform revenue ramp is critical to offset legacy declines and sustain cash flow, and cautioned that any delay in the AirgainConnect or Lighthouse commercial roll‑outs could strain liquidity. With $7.4 million in cash, Airgain’s ability to scale its new platforms remains a key liquidity concern, underscoring the importance of timely commercialization to preserve runway.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.