AIRG Nasdaq Radio & Tv Broadcasting & Communications Equipment Financials FY2016βFY2025
Airgain Inc had $51.8M of revenue in fiscal 2025, down 14.6% on the year before. Over five years, revenue changed +1.3% a year on average.
Last close Β· Oct 23, 2026
$4.05
0.7%Hi! I read Airgain Incβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β14.6%
No. Sales fell 14.6% last year.
Does it make a profit?
β12.4%
No. It lost money last year.
Does profit turn into cash?
β2.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Airgain Inc had $51.8M of revenue in fiscal 2025, down 14.6% on the year before. Over five years, revenue changed +1.3% a year on average. Its operating margin was β16.4%, down 1.7Β pts: of every 100 in sales, about β16 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Airgain Inc lost $6.4M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$1.3M in fiscal 2025, β2.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.1M and sold $0.6M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.1M
2 insiders
Sold, 12 months
$0.6M
3 insiders
Of sales under plans
89%
$0.5M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | Stephan D MemmenDirector | Bought | 1,500 | $4.55 | $0.0M | Form 4 |
| Sep 3, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 1,000 | $5.20 | $0.0M | Form 4 |
| Sep 1, 2026 | James K SimsDirector | Bought | 8,269 | $5.11 | $0.0M | Form 4 |
| Aug 31, 2026 | James K SimsDirector | Bought | 6,731 | $5.31 | $0.0M | Form 4 |
| Jun 1, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 1,000 | $7.04 | $0.0M | Form 4 |
| May 13, 2026 | Michael ElbazChief Financial Officer | Sold | 3,787 | $6.77 | $0.0M | Form 4 |
| May 13, 2026 | Jacob SuenPresident and CEO, Director | Sold | 4,573 | $6.51 | $0.0M | Form 4 |
| May 12, 2026 | Michael ElbazChief Financial Officer | Sold | 1,487 | $6.98 | $0.0M | Form 4 |
| May 1, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 1,000 | $7.03 | $0.0M | Form 4 |
| Apr 17, 2026 | Ali SadriFormer CTO | Sold plan | 1,000 | $6.21 | $0.0M | Form 4 |
| Apr 1, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 1,000 | $5.51 | $0.0M | Form 4 |
| Mar 23, 2026 | Ali SadriChief Technology Officer | Sold plan | 1,000 | $5.00 | $0.0M | Form 4 |
| Mar 23, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 1,000 | $5.00 | $0.0M | Form 4 |
| Mar 20, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 37,314 | $4.12 | $0.2M | Form 4 |
| Mar 20, 2026 | Michael ElbazChief Financial Officer | Sold plan | 12,769 | $4.12 | $0.1M | Form 4 |
| Mar 20, 2026 | Ali SadriChief Technology Officer | Sold plan | 13,638 | $4.12 | $0.1M | Form 4 |
| Mar 4, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 3,704 | $4.16 | $0.0M | Form 4 |
| Mar 4, 2026 | Ali SadriChief Technology Officer | Sold plan | 1,228 | $4.16 | $0.0M | Form 4 |
| Feb 17, 2026 | Ali SadriChief Technology Officer | Sold plan | 1,000 | $5.28 | $0.0M | Form 4 |
| Feb 10, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 888 | $5.07 | $0.0M | Form 4 |
| Feb 10, 2026 | Ali SadriChief Technology Officer | Sold plan | 881 | $5.24 | $0.0M | Form 4 |
| Feb 9, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 6,112 | $5.01 | $0.0M | Form 4 |
| Feb 9, 2026 | Ali SadriChief Technology Officer | Sold plan | 2,119 | $5.01 | $0.0M | Form 4 |
| Jan 20, 2026 | Jacob SuenPresident and CEO, Director | Sold plan | 15,993 | $4.00 | $0.1M | Form 4 |
| Jan 20, 2026 | Michael ElbazChief Financial Officer | Sold plan | 4,587 | $4.00 | $0.0M | Form 4 |
| Jan 20, 2026 | Ali SadriChief Technology Officer | Sold plan | 4,733 | $4.00 | $0.0M | Form 4 |
| Nov 24, 2025 | Ali SadriChief Technology Officer | Sold plan | 976 | $3.99 | $0.0M | Form 4 |
| Nov 24, 2025 | Jacob SuenPresident and CEO, Director | Sold plan | 2,070 | $3.99 | $0.0M | Form 4 |
| Nov 24, 2025 | Michael ElbazChief Financial Officer | Sold plan | 4,820 | $3.99 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Airgain Inc can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $14.5M | $11.9M | $7.9M | $8.5M | $7.4M |
| Current ratio | 1.8x | 2.1x | 1.9x | 1.9x | 2.0x |
| Quick ratio | 1.3x | 1.8x | 1.7x | 1.6x | 1.7x |
| Total assets | $66.4M | $54.4M | $42.2M | $48.4M | $45.3M |
| Total liabilities | $22.2M | $14.6M | $10.8M | $17.5M | $17.0M |
| Shareholders' equity | $44.2M | $39.8M | $31.4M | $31.0M | $28.3M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Airgain Inc passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 3 / 8 | 5 / 8 | 6 / 8 | 4 / 8 | 1 / 8 | 4 / 8 | 2 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | β1.7% | 2.5% | β7.3% | β2.7% | β12.7% | 1.8% | β21.7% | β18.9% | β11.4% | β11.3% |
| Altman Z'' | 7.03 | 6.71 | 7.32 | 9.39 | 8.38 | β0.42 | β0.43 | β3.57 | β3.58 | β4.40 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $43.4M | $49.5M | $60.6M | $55.7M | $48.5M | $64.3M | $75.9M | $56.0M | $60.6M | $51.8M |
| Gross profit | $19.3M | $23.3M | $26.5M | $25.3M | $22.6M | $24.6M | $28.0M | $20.8M | $24.8M | $22.5M |
| Research and development | $5.6M | $7.3M | $9.3M | $9.0M | $9.2M | $10.9M | $11.3M | $10.5M | $11.9M | $9.5M |
| Operating income | $3.5M | $1.0M | β$3.4M | $0.4M | β$3.2M | β$12.1M | β$8.6M | β$12.4M | β$8.9M | β$8.5M |
| Interest expense | $0.2M | $0.1M | $0.0M | $0.0M | β | β | β | β | β | β |
| Pretax income | $3.7M | $1.2M | β$2.5M | $1.1M | β$3.0M | β$12.1M | β$8.6M | β$12.3M | β$8.8M | β$6.4M |
| Income tax | $0.0M | $0.0M | $0.1M | $0.2M | $0.3M | β$2.0M | $0.1M | $0.1M | β$0.2M | $0.1M |
| Net income | $3.7M | $1.1M | β$2.6M | $0.9M | β$3.3M | β$10.1M | β$8.7M | β$12.4M | β$8.7M | β$6.4M |
| Net income to common | $2.2M | $1.1M | β$2.6M | β | β | β | β | β | β | β |
| Diluted EPS | $0.40 | $0.11 | β$0.27 | $0.09 | β$0.34 | β$1.01 | β$0.85 | β$1.20 | β$0.79 | β$0.54 |
| Diluted shares | 0.00B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | $4.7M | β$0.3M | $1.4M | $2.4M | $3.7M | β$11.2M | $4.4M | β$3.3M | β$3.5M | β$1.1M |
| Capital expenditure | $0.3M | $0.3M | $1.0M | $1.2M | $0.7M | $0.7M | $0.8M | $0.3M | $0.2M | $0.2M |
| Free cash flow | $4.4M | β$0.5M | $0.4M | $1.2M | $3.0M | β$11.9M | $3.7M | β$3.6M | β$3.7M | β$1.3M |
| Depreciation and amortization | $0.5M | $0.4M | $0.6M | $0.5M | $0.5M | $0.5M | $0.7M | $0.7M | $0.5M | $0.5M |
| Stock-based compensation | $0.3M | $0.7M | $2.9M | $2.2M | $2.6M | $4.0M | $5.0M | $3.7M | $4.6M | $3.0M |
| Acquisitions | β | β | β | β | $0.0M | $14.2M | $0.0M | β | β | β |
| Share buybacks | β | $1.3M | $2.2M | $1.2M | $0.6M | $0.1M | $0.0M | β | β | β |
| Dividends and buybacks | β | $1.3M | $2.2M | $1.2M | $0.6M | $0.1M | $0.0M | β | β | β |
| Balance sheet | ||||||||||
| Cash and short-term investments | $45.2M | $36.3M | $33.8M | $13.2M | $38.2M | $14.5M | $11.9M | $7.9M | $8.5M | $7.4M |
| Current assets | $50.8M | $46.1M | $43.1M | $45.1M | $45.4M | $35.5M | $27.2M | $19.1M | $25.8M | $25.8M |
| Current liabilities | $9.2M | $9.7M | $7.5M | $6.8M | $6.9M | $19.9M | $12.9M | $10.0M | $13.5M | $13.0M |
| Inventory | $0.1M | $0.7M | $1.4M | $1.2M | $1.0M | $8.9M | $4.2M | $2.4M | $4.0M | $3.6M |
| Property and equipment, net | $0.8M | $1.0M | $1.4M | $2.1M | $2.4M | $2.7M | $2.8M | $2.5M | $2.0M | $1.7M |
| Goodwill | $1.3M | $3.7M | $3.7M | $3.7M | $3.7M | $10.8M | $10.8M | $10.8M | $10.8M | $10.8M |
| Intangible assets | $0.3M | $1.1M | $0.9M | $0.7M | $3.2M | $14.2M | $11.2M | $8.2M | $5.8M | $2.8M |
| Total assets | $56.1M | $56.3M | $52.9M | $54.7M | $54.9M | $66.4M | $54.4M | $42.2M | $48.4M | $45.3M |
| Total liabilities | $11.0M | $10.1M | $7.8M | $6.8M | $7.2M | $22.2M | $14.6M | $10.8M | $17.5M | $17.0M |
| Shareholders' equity | $45.0M | $46.2M | $45.1M | $47.9M | $47.7M | $44.2M | $39.8M | $31.4M | $31.0M | $28.3M |
| Margins | ||||||||||
| Gross margin | 44.4% | 47.1% | 43.7% | 45.4% | 46.6% | 38.3% | 36.9% | 37.1% | 40.9% | 43.5% |
| Operating margin | 7.9% | 2.0% | β5.6% | 0.7% | β6.6% | β18.9% | β11.3% | β22.1% | β14.7% | β16.4% |
| EBITDA margin | 9.1% | 2.8% | β4.6% | 1.6% | β5.6% | β18.0% | β10.4% | β20.9% | β13.8% | β15.5% |
| Net margin | 8.6% | 2.3% | β4.3% | 1.7% | β6.8% | β15.7% | β11.4% | β22.2% | β14.3% | β12.4% |
| FCF margin | 10.1% | β1.0% | 0.6% | 2.1% | 6.1% | β18.5% | 4.9% | β6.5% | β6.1% | β2.5% |
| Returns | ||||||||||
| Return on capital employed | 7.4% | 2.1% | β7.5% | 0.8% | β6.6% | β26.1% | β20.7% | β38.5% | β25.6% | β26.2% |
| Return on equity | 8.3% | 2.5% | β5.7% | 2.0% | β6.9% | β21.9% | β20.6% | β34.9% | β27.9% | β21.7% |
| Return on assets | 6.7% | 2.0% | β4.7% | 1.7% | β6.0% | β16.6% | β14.3% | β25.7% | β19.2% | β13.7% |
| Return on tangible equity | 5.1% | 2.8% | β6.4% | 2.1% | β8.0% | β52.8% | β48.7% | β100.8% | β60.6% | β43.8% |
| Growth | ||||||||||
| Revenue growth | β | 14.0% | 22.4% | β8.1% | β13.0% | 32.5% | 18.1% | β26.2% | 8.1% | β14.6% |
| Net income growth | β | β69.4% | β326.5% | β | β454.1% | β | β | β | β | β |
| EPS growth | β | β72.5% | β345.5% | β | β477.8% | β | β | β | β | β |
| FCF growth | β | β111.8% | β | 198.2% | 158.0% | β499.9% | β | β199.0% | β | β |
| Share count change | β | 122.0% | β8.1% | 6.0% | β3.8% | 3.1% | 1.7% | 2.0% | 6.4% | 7.1% |
| Financial health | ||||||||||
| Interest coverage | 19.4x | 9.8x | β109.2x | 76.0x | β | β | β | β | β | β |
| Current ratio | 5.5x | 4.7x | 5.7x | 6.7x | 6.6x | 1.8x | 2.1x | 1.9x | 1.9x | 2.0x |
| Quick ratio | 5.5x | 4.7x | 5.6x | 6.5x | 6.5x | 1.3x | 1.8x | 1.7x | 1.6x | 1.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.6% | 0.5% | 1.6% | 2.2% | 1.5% | 1.1% | 1.0% | 0.6% | 0.3% | 0.3% |
| Stock comp / revenue | 0.7% | 1.5% | 4.8% | 4.0% | 5.3% | 6.3% | 6.6% | 6.6% | 7.6% | 5.7% |
| Payouts / FCF | β | β | 561.8% | 106.3% | 20.4% | β | 0.0% | β | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 3.0 | 5.0 | 6.0 | 4.0 | 1.0 | 4.0 | 2.0 | 4.0 | 4.0 |
| Altman Z'' | 7.0 | 6.7 | 7.3 | 9.4 | 8.4 | β0.4 | β0.4 | β3.6 | β3.6 | β4.4 |
| Accruals ratio | β1.7% | 2.5% | β7.3% | β2.7% | β12.7% | 1.8% | β21.7% | β18.9% | β11.4% | β11.3% |
Source: SEC EDGAR XBRL filings (CIK 0001272842). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
