Airgain Q3 sales hit $15.3M as loss narrows to $583K
Fourth-quarter guidance includes GAAP gross margin of 39.2% to 42.2% and Adjusted EBITDA of $0.8 million at the midpoint.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Airgain, Inc. (AIRG) reported third-quarter 2026 sales of $15.324 million, up 9.3% year over year and 11.7% from the second quarter. Enterprise sales were $9.974 million, supported by higher IoT modem shipments, while consumer sales fell to $4.386 million. GAAP net loss was $583,000, compared with $964,000 a year earlier; non-GAAP net income was $491,000 and Adjusted EBITDA was $570,000. GAAP gross margin was 41.8%, down from 43.6% a year earlier, with the company citing customer and product mix.
Operating cash use for the nine months ended September 30, 2026 was $2.698 million, compared with $1.307 million in the year-earlier period. Airgain said near-term supply constraints continued to affect portions of its business. It secured two IoT design wins supporting AI data center power management and energy monitoring, with initial revenue expected in 2027. In a Southern California residential community, Lighthouse 5G Intelligent Node improved cellular performance at all five measured locations, including approximately 140 Mbps where usable cellular data service was previously unavailable. For Q4 2026, sales are expected to be $15.5 million to $17.5 million.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly sales increased 9.3% year over year to $15.324 million.
- Moderate pointGAAP net loss narrowed to $583,000 from $964,000 in Q3 2025.
- Moderate pointAdjusted EBITDA rose to $570,000 from $250,000 in Q3 2025.
Negative
- Moderate pointNine-month operating cash use rose to $2.698 million from $1.307 million.
Filing Explained
Airgain reports
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Non-GAAP gross margin financial
at-the-market common stock offering financial
right-of-use assets financial
Earnings Snapshot
For Q4 2026, sales are expected to be $15.5 million to $17.5 million; GAAP gross margin 39.2% to 42.2%; GAAP operating expenses approximately $7.0 million; GAAP net loss per share $(0.02) at the midpoint; non-GAAP gross margin 40.0% to 43.0%; non-GAAP operating expenses approximately $6.2 million; non-GAAP net income per share $0.05 at the midpoint; and Adjusted EBITDA $0.8 million at the midpoint.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were AIRG's sales in Q3 2026?
What is AIRG's Q4 2026 financial outlook?
Why did AIRG's Q3 gross margin decline?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 |
Results of Operations and Financial Condition. |
On November 10, 2026, Airgain, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of this press release is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such filing to this Current Report on Form 8-K.
Item 9.01 |
Financial Statements and Exhibits.
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Description |
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99.1 |
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Press Release dated November 10, 2026 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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AIRGAIN, INC. |
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Date: November 10, 2026 |
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/s/ Michael Elbaz |
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Michael Elbaz Chief Financial Officer and Secretary |
Exhibit 99.1
Airgain® Reports Third Quarter 2026 Financial Results
Q3 highlighted by strong sequential growth and continued momentum across enterprise IoT
SAN DIEGO, CA, November 10, 2026 – Airgain, Inc. (NASDAQ: AIRG), a leading provider of advanced wireless connectivity solutions, today reported financial results for the third quarter ended September 30, 2026.
“Airgain delivered another strong quarter of progress, with revenue increasing 12% quarter-over-quarter and 9% year-over-year, driven by continued momentum in our enterprise IoT business,” said Jacob Suen, President and CEO of Airgain. “Our results reflect growing demand across established industrial applications, along with new opportunities in areas such as AI data center infrastructure. We are also making progress across AirgainConnect and Lighthouse as we continue expanding our portfolio of integrated wireless connectivity solutions. While near-term supply constraints continue to affect portions of our business, we remain focused on sustaining enterprise IoT momentum, converting opportunities across our growth platforms into revenue, and driving continued improvements in profitability.”
Third Quarter 2026 and Recent Operational Highlights
Third Quarter 2026 Financial Highlights
GAAP
Non-GAAP
Third Quarter 2026 Financial Results
Sales for the third quarter of 2026 were $15.3 million, compared to $13.7 million in the second quarter of 2026 and $14.0 million in the third quarter of 2025. Third quarter 2026 sales consisted of $10.0 million from the enterprise market, $4.4
1
million from the consumer market, and $0.9 million from the automotive market. Sequentially, sales increased $1.6 million or 11.7%. Enterprise sales increased $3.3 million, driven by higher IoT modem shipments. Consumer sales decreased $1.4 million, driven by lower antenna shipments to cable and mobile network operators. Automotive sales decreased $0.3 million, driven by lower aftermarket antenna and vehicle gateway shipments. Compared to the third quarter of 2025, sales increased $1.3 million, or 9.3%, reflecting a $3.1 million increase in enterprise revenue and a $0.4 million increase in automotive revenue, partially offset by a $2.2 million decrease in consumer revenue.
GAAP gross profit for the third quarter of 2026 was $6.4 million, compared to $5.8 million for the second quarter of 2026 and $6.1 million for the same quarter a year ago. Non-GAAP gross profit for the third quarter of 2026 was $6.5 million, compared to $6.0 million for the second quarter of 2026 and $6.2 million for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).
GAAP gross margin for the third quarter of 2026 was 41.8%, compared to 42.3% for the second quarter of 2026 and 43.6% for the same quarter a year ago. The sequential decline primarily reflected an unfavorable shift in customer and product mix, driven by higher sales of lower-margin enterprise IoT products and reduced sales of higher-margin consumer products. Non-GAAP gross margin for the third quarter of 2026 was 42.4% compared to 43.6% for the second quarter of 2026 and 44.4% for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).
GAAP operating expenses for the third quarter of 2026 were $6.9 million, compared to $7.5 million for the second quarter of 2026 and $7.1 million for the same quarter a year ago. The sequential decrease was primarily due to the absence of severance expenses incurred in the second quarter, partially offset by higher employee-related expenses. Operating expenses decreased from the same quarter a year ago, primarily due to lower amortization of intangible assets, partially offset by higher employee-related expenses. Non-GAAP operating expenses for the third quarter of 2026 were $6.0 million, compared to $5.7 million in the second quarter of 2026 and $6.1 million for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).
GAAP net loss for the third quarter of 2026 was $0.6 million or ($0.04) per share (based on 13.1 million shares), compared to $1.7 million or ($0.13) per share (based on 12.8 million shares), for the second quarter of 2026 and $1.0 million, or ($0.08) per share (based on 11.8 million shares), for the same quarter a year ago. Non-GAAP net income for the third quarter of 2026 was $0.5 million, or $0.04 per share (based on 13.4 million diluted shares), compared to $0.3 million, or $0.02 per share (based on 13.2 million shares), for the second quarter of 2026 and $0.1 million, or $0.01 per share (based on 11.9 million shares), for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).
Adjusted EBITDA for the third quarter of 2026 was $0.6 million, compared to $0.4 million for the second quarter of 2026 and $0.3 million for the same quarter a year ago (see note regarding "Use of Non-GAAP Financial Measures" below for further discussion of this non-GAAP measure).
2
Fourth Quarter 2026 Financial Outlook
GAAP
Non-GAAP
The Company's financial outlook for the three months ending December 31, 2026, including reconciliations of GAAP to non-GAAP measures can be found at the end of this press release.
Conference Call
Management will hold a conference call today, November 10, 2026, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss financial results for the third quarter ended September 30, 2026.
Management will host the presentation, followed by a question-and-answer period.
Dial-In: 877-407-2988 or 201-389-0923 or Call Me
Confirmation #: 13763234
The conference call will be broadcast simultaneously and be available for replay via the investor section of the company’s website at investors.airgain.com.
For webcast access, please follow the web address below to register for the conference call.
Registration: Here
A replay of the webcast will be available via the registration link after 8:00 p.m. Eastern Time until November 10, 2027.
About Airgain, Inc.
Headquartered in San Diego, California, Airgain, Inc. (NASDAQ: AIRG) is a leading provider of advanced wireless connectivity solutions that drive cutting-edge innovation in 5G technology. We are committed to delivering high-performance, cost-effective, and energy-efficient wireless solutions that enable rapid market deployment. Our mission is to connect the world through integrated, innovative, and optimized wireless solutions. Our diverse product portfolio serves three primary markets: enterprise, automotive, and consumer. For more information, visit airgain.com, or follow us on LinkedIn and X.
Airgain, AirgainConnect, and the Airgain logo are trademarks or registered trademarks of Airgain, Inc. All other trademarks are the property of their respective owner.
Forward-Looking Statements
Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding our expectations about our pipeline, and timing for production units and shipments and future revenue, the potential for RF Intelligence to accelerate antenna design and unlock new opportunities, the leverage in our model and scalability of revenue, market opportunities and momentum thereto, the size of potential opportunities from design wins, and our fourth quarter 2026 financial outlook. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business, including, without limitation: the market for our products is developing and may not develop as we expect; our operating results may fluctuate significantly, including based on seasonal factors, which makes future operating results difficult to predict and could cause our operating results to fall below expectations or guidance; supply constraints on our contract manufacturers' and our
3
customers' ability to obtain necessary components in our respective supply chains, including with respect to memory semiconductors which suppliers may redirect toward higher-margin AI applications, may delay our volume ramp timelines, increase our costs and negatively affect our sales and operating results; risks associated with the performance of our products, including bundled solutions with third-party products, and technologies; our products are subject to intense competition, and competitive pressures from existing and new companies may harm our business, sales, growth rates, and market share; emerging satellite-to-device connectivity technologies may reduce demand for terrestrial wireless solutions or require significant engineering investment to address hybrid connectivity requirements; the potential for partnerships, strategic alliances and advisors to not meet expectations; risks associated with quality and timing in manufacturing our products and our reliance on third-party manufacturers; we may not be able to maintain strategic collaborations under which our bundled solutions are offered; overall global supply shortages, including with respect to memory chips, and logistics delays within the supply chain that our products are used in, and uncertainty regarding tariffs and trade policies and their potential impact, as well as in each case, their adverse effect on general U.S. and global economic conditions and financial markets, and, ultimately, our sales and operating results; any rise in interest rates and inflation may adversely impact our margins, the supply chain and our customers’ sales, which may negatively affect our sales and operating results; our future success depends on our ability to develop and successfully introduce new and enhanced products for the wireless market that meet the needs of our customers, including our ability to transition to provide a more diverse solutions capability; we sell to customers who are price conscious, and a few customers represent a significant portion of our sales, and if we lose any of these customers, our sales could decrease significantly; we rely on a limited number of contract manufacturers to produce and ship all of our products, and our contract manufacturers rely on a single or limited number of suppliers for some components of our products and channel partners to sell and support our products, and the failure to manage our relationships with these parties successfully or a failure of these parties to perform could adversely affect our ability to market and sell our products; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading “Risk Factors” in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including adjusted earnings before interest, taxes, depreciation, amortization (Adjusted EBITDA), non-GAAP net income (loss) attributable to common stockholders (non-GAAP net income (loss)), non-GAAP net income (loss) per (basic or diluted) share (non-GAAP EPS), non-GAAP operating expense, non-GAAP gross profit and non-GAAP gross margin. We believe these financial measures provide useful information to investors with which to analyze our operating trends and performance.
In computing Adjusted EBITDA, non-GAAP net income (loss), and non-GAAP EPS, we exclude stock-based compensation expense, which represents non-cash charges for the fair value of stock awards; interest income, net of interest expense offset by other expense, depreciation and amortization, workforce reduction severance and exit costs, and provision (benefit) for income taxes. In computing non-GAAP operating expense, we exclude stock-based compensation expense, amortization of intangibles, workforce reduction severance, and exit costs. In computing non-GAAP gross profit and non-GAAP gross margin, we exclude stock-based compensation expense, and amortization of intangible assets. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash operating expenses; we believe that providing non-GAAP financial measures that exclude non-cash expense allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time. Management considers these types of expenses and adjustments, to a great extent, to be unpredictable and dependent on a considerable number of factors that are outside of our control and are not necessarily reflective of operational performance during a period.
Our non-GAAP measures may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our Adjusted EBITDA, non-GAAP net income (loss), non-GAAP EPS, non-GAAP operating expense, non-GAAP gross profit and non-GAAP gross margin are not measurements of financial performance under GAAP and should not be considered as an alternative to operating or net income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider these non-GAAP measures to
4
be a substitute for, or superior to, the information provided by GAAP financial results. Reconciliations with specific adjustments to GAAP results and outlooks are provided at the end of this release.
Airgain Contact
Michael Elbaz
Chief Financial Officer
investors@airgain.com
Airgain Investor Contact
Matt Glover
Gateway Group, Inc.
+1 949 574 3860
AIRG@gateway-grp.com
5
Airgain, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited)
|
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September 30, 2026 |
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December 31, 2025 |
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(Unaudited) |
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Assets |
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Current assets: |
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|
|
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Cash and cash equivalents |
|
$ |
7,710 |
|
|
$ |
7,358 |
|
Trade accounts receivable, net |
|
|
13,884 |
|
|
|
12,775 |
|
Inventories |
|
|
4,943 |
|
|
|
3,580 |
|
Prepaid expenses |
|
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1,144 |
|
|
|
868 |
|
Other current assets |
|
|
483 |
|
|
|
1,177 |
|
Total current assets |
|
|
28,164 |
|
|
|
25,758 |
|
Property and equipment, net |
|
|
1,259 |
|
|
|
1,696 |
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Operating lease right-of-use assets |
|
|
3,468 |
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|
|
4,166 |
|
Goodwill |
|
|
10,845 |
|
|
|
10,845 |
|
Intangible assets, net |
|
|
2,529 |
|
|
|
2,787 |
|
Other assets |
|
|
108 |
|
|
|
85 |
|
Total assets |
|
$ |
46,373 |
|
|
$ |
45,337 |
|
Liabilities and stockholders’ equity |
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|
|
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Current liabilities: |
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|
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|
||
Accounts payable |
|
$ |
6,788 |
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|
$ |
9,214 |
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Accrued compensation |
|
|
1,091 |
|
|
|
1,157 |
|
Accrued liabilities and other |
|
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4,610 |
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|
|
1,790 |
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Short-term lease liabilities |
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903 |
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|
|
821 |
|
Total current liabilities |
|
|
13,392 |
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|
|
12,982 |
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Deferred tax liability |
|
|
192 |
|
|
|
186 |
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Long-term lease liabilities |
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|
3,113 |
|
|
|
3,880 |
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Total liabilities |
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16,697 |
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|
|
17,048 |
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Commitments and contingencies |
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Stockholders’ equity: |
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Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 13,755 shares issued and 13,214 shares outstanding at September 30, 2026; and 12,666 shares issued and 12,125 shares outstanding at December 31, 2025. |
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|
132,849 |
|
|
|
127,292 |
|
Treasury stock, at cost: 541 shares at September 30, 2026 and December 31, 2025. |
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(5,364 |
) |
|
|
(5,364 |
) |
Accumulated deficit |
|
|
(97,821 |
) |
|
|
(93,635 |
) |
Accumulated other comprehensive income (loss) |
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|
12 |
|
|
|
(4 |
) |
Total stockholders’ equity |
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|
29,676 |
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|
|
28,289 |
|
Total liabilities and stockholders’ equity |
|
$ |
46,373 |
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|
$ |
45,337 |
|
6
Airgain, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
|
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Three months ended September 30, |
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Nine months ended September 30, |
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2026 |
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2025 |
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2026 |
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|
2025 |
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Sales |
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$ |
15,324 |
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$ |
14,018 |
|
|
$ |
40,533 |
|
|
$ |
39,654 |
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Cost of goods sold |
|
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8,913 |
|
|
|
7,907 |
|
|
|
23,360 |
|
|
|
22,544 |
|
Gross profit |
|
|
6,411 |
|
|
|
6,111 |
|
|
|
17,173 |
|
|
|
17,110 |
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Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
2,119 |
|
|
|
2,141 |
|
|
|
7,249 |
|
|
|
7,192 |
|
Sales and marketing |
|
|
2,112 |
|
|
|
2,144 |
|
|
|
6,564 |
|
|
|
7,027 |
|
General and administrative |
|
|
2,636 |
|
|
|
2,793 |
|
|
|
7,614 |
|
|
|
8,954 |
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Total operating expenses |
|
|
6,867 |
|
|
|
7,078 |
|
|
|
21,427 |
|
|
|
23,173 |
|
Loss from operations |
|
|
(456 |
) |
|
|
(967 |
) |
|
|
(4,254 |
) |
|
|
(6,063 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gain on business acquisition |
|
|
— |
|
|
|
— |
|
|
|
340 |
|
|
|
— |
|
Employee retention credit refund |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,989 |
|
Interest income, net |
|
|
13 |
|
|
|
13 |
|
|
|
45 |
|
|
|
334 |
|
Other expense, net |
|
|
(155 |
) |
|
|
— |
|
|
|
(288 |
) |
|
|
(197 |
) |
Total other (expense) income, net |
|
|
(142 |
) |
|
|
13 |
|
|
|
97 |
|
|
|
2,126 |
|
Loss before income taxes |
|
|
(598 |
) |
|
|
(954 |
) |
|
|
(4,157 |
) |
|
|
(3,937 |
) |
Income tax (benefit) expense |
|
|
(15 |
) |
|
|
10 |
|
|
|
29 |
|
|
|
48 |
|
Net loss |
|
$ |
(583 |
) |
|
$ |
(964 |
) |
|
$ |
(4,186 |
) |
|
$ |
(3,985 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.34 |
) |
Diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.34 |
) |
Weighted average shares used in calculating loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
13,141 |
|
|
|
11,791 |
|
|
|
12,767 |
|
|
|
11,782 |
|
Diluted |
|
|
13,141 |
|
|
|
11,791 |
|
|
|
12,767 |
|
|
|
11,782 |
|
7
Airgain, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
|
|
Nine months ended September 30, |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(4,186 |
) |
|
$ |
(3,985 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation |
|
|
274 |
|
|
|
339 |
|
Loss on disposal of property and equipment |
|
|
279 |
|
|
|
— |
|
Amortization of intangible assets |
|
|
686 |
|
|
|
2,415 |
|
Gain on business acquisition |
|
|
(340 |
) |
|
|
— |
|
Stock-based compensation |
|
|
2,314 |
|
|
|
1,890 |
|
Deferred tax liability |
|
|
6 |
|
|
|
(1 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Trade accounts receivable |
|
|
(1,109 |
) |
|
|
(1,214 |
) |
Inventories |
|
|
(1,363 |
) |
|
|
291 |
|
Prepaid expenses and other current assets |
|
|
417 |
|
|
|
93 |
|
Other assets |
|
|
(21 |
) |
|
|
(1 |
) |
Accounts payable |
|
|
(2,426 |
) |
|
|
(1,575 |
) |
Accrued compensation |
|
|
(31 |
) |
|
|
(881 |
) |
Accrued liabilities and other |
|
|
2,789 |
|
|
|
813 |
|
Lease liabilities |
|
|
13 |
|
|
|
509 |
|
Net cash used in operating activities |
|
|
(2,698 |
) |
|
|
(1,307 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(117 |
) |
|
|
(65 |
) |
Purchase of intellectual property |
|
|
(88 |
) |
|
|
(223 |
) |
Net cash used in investing activities |
|
|
(205 |
) |
|
|
(288 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from at-the-market common stock offering, net of offering costs |
|
|
1,836 |
|
|
|
— |
|
Payments for withholding taxes related to net share settlement of equity awards |
|
|
— |
|
|
|
(191 |
) |
Proceeds from employee stock purchase and option exercises |
|
|
1,403 |
|
|
|
375 |
|
Net cash provided by financing activities |
|
|
3,239 |
|
|
|
184 |
|
|
|
|
|
|
|
|
||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
16 |
|
|
|
(8 |
) |
|
|
|
|
|
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
352 |
|
|
|
(1,419 |
) |
Cash, cash equivalents, and restricted cash; beginning of period |
|
|
7,413 |
|
|
|
8,565 |
|
Cash, cash equivalents, and restricted cash; end of period |
|
$ |
7,765 |
|
|
$ |
7,146 |
|
Supplemental disclosure of non-cash investing and financing activities: |
|
|
|
|
|
|
||
Operating lease liabilities resulting from right-of-use assets |
|
$ |
191 |
|
|
$ |
716 |
|
Derecognition of right-of-use assets and lease liabilities due to lease termination |
|
$ |
— |
|
|
$ |
796 |
|
Accrual of property and equipment |
|
$ |
— |
|
|
$ |
14 |
|
Cash, cash equivalents, and restricted cash: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
7,710 |
|
|
$ |
7,091 |
|
Restricted cash included in other assets |
|
$ |
55 |
|
|
$ |
55 |
|
Total cash, cash equivalents, and restricted cash |
|
$ |
7,765 |
|
|
$ |
7,146 |
|
8
Airgain, Inc.
(in thousands)
(unaudited)
Sales by Target Market
|
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Enterprise |
|
$ |
9,974 |
|
|
$ |
6,730 |
|
|
$ |
6,870 |
|
|
$ |
21,656 |
|
|
$ |
18,363 |
|
Consumer |
|
|
4,386 |
|
|
|
5,800 |
|
|
|
6,658 |
|
|
|
15,800 |
|
|
|
18,709 |
|
Automotive |
|
|
964 |
|
|
|
1,168 |
|
|
|
490 |
|
|
|
3,077 |
|
|
|
2,582 |
|
Total sales |
|
$ |
15,324 |
|
|
$ |
13,698 |
|
|
$ |
14,018 |
|
|
$ |
40,533 |
|
|
$ |
39,654 |
|
Reconciliation of GAAP to Non-GAAP Gross Profit
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Gross profit |
$ |
6,411 |
|
|
$ |
5,789 |
|
|
$ |
6,111 |
|
|
$ |
17,173 |
|
|
$ |
17,110 |
|
Stock-based compensation |
|
(10 |
) |
|
|
37 |
|
|
|
18 |
|
|
|
52 |
|
|
|
130 |
|
Amortization of intangible assets |
|
89 |
|
|
|
91 |
|
|
|
88 |
|
|
|
270 |
|
|
|
266 |
|
Severance and exit costs |
|
— |
|
|
|
21 |
|
|
|
— |
|
|
|
21 |
|
|
|
— |
|
Acquisition and integration costs |
|
— |
|
|
|
35 |
|
|
|
— |
|
|
|
35 |
|
|
|
— |
|
Non-GAAP gross profit |
$ |
6,490 |
|
|
$ |
5,973 |
|
|
$ |
6,217 |
|
|
$ |
17,551 |
|
|
$ |
17,506 |
|
Reconciliation of GAAP to Non-GAAP Gross Margin
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Gross margin |
|
41.8 |
% |
|
|
42.3 |
% |
|
|
43.6 |
% |
|
|
42.4 |
% |
|
|
43.1 |
% |
Stock-based compensation |
|
— |
|
|
|
0.3 |
% |
|
|
0.2 |
% |
|
|
0.1 |
% |
|
|
0.3 |
% |
Amortization of intangible assets |
|
0.6 |
% |
|
|
0.7 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
|
|
0.7 |
% |
Severance and exit costs |
|
— |
|
|
|
0.1 |
% |
|
|
— |
|
|
|
0.1 |
% |
|
|
— |
|
Acquisition and integration costs |
|
— |
|
|
|
0.2 |
% |
|
|
— |
|
|
|
0.1 |
% |
|
|
— |
|
Non-GAAP gross margin |
|
42.4 |
% |
|
|
43.6 |
% |
|
|
44.4 |
% |
|
|
43.3 |
% |
|
|
44.1 |
% |
9
Reconciliation of GAAP to Non-GAAP Operating Expenses
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Operating expenses |
$ |
6,867 |
|
|
$ |
7,474 |
|
|
$ |
7,078 |
|
|
$ |
21,427 |
|
|
$ |
23,173 |
|
Stock-based compensation expense |
|
(722 |
) |
|
|
(858 |
) |
|
|
(362 |
) |
|
|
(2,262 |
) |
|
|
(1,760 |
) |
Amortization of intangible assets |
|
(146 |
) |
|
|
(144 |
) |
|
|
(654 |
) |
|
|
(416 |
) |
|
|
(1,960 |
) |
Severance and exit costs |
|
— |
|
|
|
(569 |
) |
|
|
6 |
|
|
|
(569 |
) |
|
|
(280 |
) |
Acquisition and integration costs |
|
— |
|
|
|
(214 |
) |
|
|
— |
|
|
|
(388 |
) |
|
|
— |
|
Non-GAAP operating expenses |
$ |
5,999 |
|
|
$ |
5,689 |
|
|
$ |
6,068 |
|
|
$ |
17,792 |
|
|
$ |
19,173 |
|
Airgain, Inc.
(in thousands, except per share data)
(unaudited)
Reconciliation of GAAP to Non-GAAP Net Income (Loss)
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Net loss |
$ |
(583 |
) |
|
$ |
(1,706 |
) |
|
$ |
(964 |
) |
|
$ |
(4,186 |
) |
|
$ |
(3,985 |
) |
Employee retention credit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,989 |
) |
Stock-based compensation expense |
|
712 |
|
|
|
895 |
|
|
|
380 |
|
|
|
2,314 |
|
|
|
1,890 |
|
Amortization of intangible assets |
|
235 |
|
|
|
235 |
|
|
|
742 |
|
|
|
686 |
|
|
|
2,226 |
|
Severance and exit costs |
|
— |
|
|
|
590 |
|
|
|
(6 |
) |
|
|
590 |
|
|
|
280 |
|
Gain on business acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(340 |
) |
|
|
— |
|
Acquisition and integration costs |
|
— |
|
|
|
249 |
|
|
|
— |
|
|
|
423 |
|
|
|
— |
|
Other expense (income), net |
|
142 |
|
|
|
49 |
|
|
|
(15 |
) |
|
|
243 |
|
|
|
(158 |
) |
Income tax (benefit) expense |
|
(15 |
) |
|
|
(28 |
) |
|
|
10 |
|
|
|
29 |
|
|
|
48 |
|
Non-GAAP net income (loss) attributable to common stockholders |
$ |
491 |
|
|
$ |
284 |
|
|
$ |
147 |
|
|
$ |
(241 |
) |
|
$ |
(1,688 |
) |
Non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
Diluted |
$ |
0.04 |
|
|
$ |
0.02 |
|
|
$ |
0.01 |
|
|
$ |
(0.02 |
) |
|
$ |
(0.14 |
) |
Weighted average shares used in calculating non-GAAP net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
13,141 |
|
|
|
12,841 |
|
|
|
11,791 |
|
|
|
12,767 |
|
|
|
11,782 |
|
Diluted |
|
13,359 |
|
|
|
13,189 |
|
|
|
11,941 |
|
|
|
12,767 |
|
|
|
11,782 |
|
10
Reconciliation of Net Loss to Adjusted EBITDA
|
Three months ended |
|
|
Nine months ended September 30, |
|
||||||||||||||
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|
2026 |
|
|
2025 |
|
|||||
Net loss |
$ |
(583 |
) |
|
$ |
(1,706 |
) |
|
$ |
(964 |
) |
|
$ |
(4,186 |
) |
|
$ |
(3,985 |
) |
Employee retention credit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,989 |
) |
Stock-based compensation expense |
|
712 |
|
|
|
895 |
|
|
|
380 |
|
|
|
2,314 |
|
|
|
1,890 |
|
Depreciation and amortization |
|
314 |
|
|
|
331 |
|
|
|
845 |
|
|
|
960 |
|
|
|
2,565 |
|
Severance and exit costs |
|
— |
|
|
|
590 |
|
|
|
(6 |
) |
|
|
590 |
|
|
|
280 |
|
Gain on business acquisition |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(340 |
) |
|
|
— |
|
Acquisition and integration costs |
|
— |
|
|
|
249 |
|
|
|
— |
|
|
|
423 |
|
|
|
— |
|
Other expense (income), net |
|
142 |
|
|
|
49 |
|
|
|
(15 |
) |
|
|
243 |
|
|
|
(158 |
) |
Income tax (benefit) expense |
|
(15 |
) |
|
|
(28 |
) |
|
|
10 |
|
|
|
29 |
|
|
|
48 |
|
Adjusted EBITDA |
$ |
570 |
|
|
$ |
380 |
|
|
$ |
250 |
|
|
$ |
33 |
|
|
$ |
(1,349 |
) |
Q4-2026 Financial Outlook |
|
|||||||||
|
|
|
|
|
|
|
|
|
||
Reconciliations of GAAP to Non-GAAP Gross Margin, Operating Expense, Net Income (Loss), EPS and to Adjusted EBITDA |
|
|||||||||
For the Three Months Ended December 31, 2026 |
|
|||||||||
(dollars in millions, except per share data) |
|
|||||||||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Gross Margin Reconciliation: |
|
|
|
|
Operating Expense Reconciliation: |
|
|
|
||
GAAP gross margin |
|
|
40.7 |
% |
|
GAAP operating expenses |
|
$ |
7.0 |
|
Stock-based compensation |
|
|
0.2 |
% |
|
Stock-based compensation |
|
|
(0.7 |
) |
Amortization |
|
|
0.6 |
% |
|
Amortization |
|
|
(0.1 |
) |
Non-GAAP gross margin |
|
|
41.5 |
% |
|
Non-GAAP operating expenses |
|
$ |
6.2 |
|
|
|
|
|
|
|
|
|
|
||
Net Income (Loss) Reconciliation |
|
|
|
|
Net Income (Loss) per Share Reconciliation(1): |
|
|
|
||
GAAP net income (loss) |
|
$ |
(0.3 |
) |
|
GAAP net income (loss) per share |
|
$ |
(0.02 |
) |
Stock-based compensation |
|
|
0.7 |
|
|
Stock-based compensation |
|
|
0.05 |
|
Amortization |
|
|
0.3 |
|
|
Amortization |
|
|
0.02 |
|
Non-GAAP net income |
|
$ |
0.7 |
|
|
Non-GAAP net income per share |
|
$ |
0.05 |
|
|
|
|
|
|
|
|
|
|
||
Adjusted EBITDA Reconciliation |
|
|
|
|
|
|
|
|
||
GAAP net income (loss) |
|
$ |
(0.3 |
) |
|
|
|
|
|
|
Stock-based compensation |
|
|
0.7 |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
0.4 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
0.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
(1) Amounts are based on 13.2 million basic and 13.4 million diluted weighted average shares outstanding. |
|
|||||||||
11