One-glance verdict
Undervalued
$9.93 our estimate vs market $5.33
Wall Street consensus: $8.88 (-10.6% lower than our fair-value estimate)
46% below our estimate, below the bear case
Fundamentals snapshot
Airgain, Inc.
AIRG · NCM · Technology · Communication Equipment
Current price
$5.33
52-week range
$3.00 - $7.66
Market cap
$67.56M
Balance sheet
Healthy
-24.17x Concerning
Net cash $3.14M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Free cash flow was positive in 5/10 years.
- Risk Return on equity was -23.7% last year — the company lost money on shareholders' equity.
- Risk Operating margin compressed from -11.3% to -12.3% over 3 years.
What this company does
Airgain, Inc.
Airgain designs and sells the antennas and systems that help all sorts of devices connect to the internet and cellular networks. The company primarily makes money selling these components to businesses that build products for vehicles like police cars, for company networks, and for home Wi-Fi systems. This is important because as more everyday objects from delivery trucks to smart city sensors require a reliable wireless connection to work, the need for this kind of specialized technology grows.
How the company got here
Airgain started in 1995, originally focusing on designing and supplying the small, powerful antennas inside electronic devices that help them connect to wireless networks. For many years, their main business was selling these components to makers of home internet equipment like Wi-Fi routers. A key turning point was their decision to expand beyond just components, and in 2021, they bought a company called NimbeLink, which added fully-built cellular products for the 'Internet of Things' (devices that connect to the internet to send and receive data). This move signaled a shift toward selling more complete, integrated wireless systems instead of just the individual parts.
What it actually does
Airgain makes products that help devices connect to the internet wirelessly, whether through Wi-Fi or cellular (like 4G and 5G) networks. Think of them as a specialist in making sure the signal gets in and out of a device as clearly and strongly as possible. Their products range from tiny, high-performance antennas hidden inside a home Wi-Fi router to rugged, all-in-one gateway boxes you might see on the roof of a police car or a city bus. They sell these connectivity solutions to other companies who then build them into the final products that people and businesses use every day.
Consumer
This is Airgain's largest business segment, making up about half of its sales. In this area, the company sells its embedded antennas to manufacturers that build internet equipment for the home. When a major internet service provider gives you a new Wi-Fi router or a 5G gateway for home internet, there's a good chance Airgain's antennas are inside, ensuring you get a strong and reliable connection. The customers are the big electronics manufacturers and the service providers who want the best possible performance for the equipment they place in millions of homes.
Enterprise
This segment, which is nearly as large as the consumer business, focuses on selling connectivity solutions to other businesses. The products here include things like embedded cellular modems (the part of a device that connects to a mobile network) and asset trackers for industries like shipping and logistics to keep tabs on their equipment. For example, a company that makes smart utility meters or industrial sensors would buy components from Airgain to build into their products. This part of the business grew significantly after Airgain acquired another company to offer more complete solutions for the Internet of Things (IoT).
Automotive
This is a smaller but important part of Airgain's business that provides wireless technology for vehicles. Their main product here is a sophisticated, all-in-one device called AirgainConnect, which is a gateway (a device that connects one network to another) mounted on the roof of a vehicle. This allows fleets of police cars, ambulances, or city buses to have reliable 5G and Wi-Fi connectivity on the go for all their onboard computers and systems. The customers are typically public safety departments, city governments, and companies with large vehicle fleets.
What management is betting on now
The company's leadership is focused on shifting from just selling components to providing more complete, higher-value systems. They are heavily investing in two main product platforms: AirgainConnect for vehicle fleets and a new system called Lighthouse, which is a smart repeater designed to boost and extend 5G signals for business campuses and other large areas. The goal is to win bigger contracts in markets like public safety and large-scale business communications. This strategy is supported by acquiring new technologies, like their recent purchase of a 'High Power User Equipment' (HPUE) product line, which helps devices transmit a stronger cellular signal from hard-to-reach locations.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-1.21M
FY2024 Q4
$-27.00K
FY2025 Q1
$-1.07M
FY2025 Q2
$113.00K
FY2025 Q3
$-418.00K
FY2025 Q4
$93.00K
FY2026 Q1
$-814.00K
FY2026 Q2
$-1.83M
Revenue
$13.70M
Net income
$-1.71M
Diluted EPS
-0.13
Operating cash flow
$-1.79M
Free cash flow
$-1.83M
Fetching…
Sources
Revenue
$11.51M
Net income
$-1.90M
Diluted EPS
-0.15
Operating cash flow
$-759.00K
Free cash flow
$-814.00K
Fetching…
Sources
Revenue
$12.12M
Net income
$-2.44M
Diluted EPS
-0.21
Operating cash flow
$194.00K
Free cash flow
$93.00K
Fetching…
Sources
Revenue
$14.02M
Net income
$-964.00K
Diluted EPS
-0.08
Operating cash flow
$-411.00K
Free cash flow
$-418.00K
Fetching…
Sources
Revenue
$13.62M
Net income
$-1.48M
Diluted EPS
-0.12
Operating cash flow
$129.00K
Free cash flow
$113.00K
Fetching…
Sources
Revenue
$12.01M
Net income
$-1.55M
Diluted EPS
-0.13
Operating cash flow
$-1.02M
Free cash flow
$-1.07M
Fetching…
Sources
Revenue
$15.08M
Net income
$-1.96M
Diluted EPS
-0.17
Operating cash flow
$-26.00K
Free cash flow
$-27.00K
Fetching…
Sources
Revenue
$16.10M
Net income
$-1.76M
Diluted EPS
-0.16
Operating cash flow
$-1.18M
Free cash flow
$-1.21M
Fetching…
Sources
Is it cheap or expensive?
Fair value $9.93 vs current price $5.33
Wall Street consensus is the average analyst price target: $8.88 (-10.6% lower than our fair-value estimate).
Our most-likely fair value is $9.93 a share — about 86.3% above today's price of $5.33, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $3.1M - more cash than debt. Interest coverage -24.2x.
Net debt
$-3.14M
Interest coverage
-24.17x
Airgain, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
AIRG
BASELINE
Airgain, Inc.
Total debt $4.47M Interest coverage -24.17x This is the baseline the peer rows are being compared against.
Total debt $53.70M Interest coverage 1.25x This peer still has a real interest-payment cushion, while AIRG does not.
Total debt $1.12M Interest coverage -4.12x Neither company has much profit cushion over interest right now.
Total debt $3.93M Interest coverage -562.51x Neither company has much profit cushion over interest right now.
Total debt $8.29M Interest coverage -6.34x Neither company has much profit cushion over interest right now.
Total debt $28.78M Interest coverage 2.20x This peer still has a real interest-payment cushion, while AIRG does not.
What you should know
The case for and against AIRG
1 Reward
2 Risks
Rewards
-
Free cash flow was positive in 5/10 years.
Risks
-
Return on equity was -23.7% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from -11.3% to -12.3% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
17.19x
P/B
2.38x
P/S
1.36x
EV/EBITDA
-15.30x
PEG ratio
1.05x
Profitability
How much profit each dollar creates
Gross margin
43.4%
Operating margin
-12.3%
Net margin
-13.6%
ROE
-23.7%
ROA
-9.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.15x
Current ratio
2.01x
Quick ratio
1.60x
Total debt
$4.47M
Total cash
$7.61M
Growth
How the business has been compounding
Revenue TTM
$51.35M
Revenue 5Y CAGR
-5.3%
EPS TTM
-0.57
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-2.77M
Free CF TTM
$-1.28M
FCF margin
-2.5%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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