AIRG AIRGAIN INC

Overview and Growth

In fiscal 2025, AIRGAIN INC recorded $51.78M of revenue, net loss of $6.43M, and an operating cash outflow of $1.11M. The $51.78M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 14.6% below fiscal 2024 revenue of $60.60M, marking a top-line contraction. Diluted earnings per share were -$0.54, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 11.84M; this is the reported share base over which the company’s diluted per-share earnings were spread. Total assets stood at $45.34M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 1.14x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $22.55M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 43.5% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $8.48M operating loss before non-operating and tax effects. The operating loss equaled 16.4% of revenue, showing the scale of the operating deficit relative to sales. The company ended the period with a net loss of $6.43M, extending the operating result through all remaining items. The net loss equaled 12.4% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported negative EBITDA of $8.02M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The company reported a pretax loss of $6.35M, before the effect of income taxes. Pretax margin was -12.3%, reflecting a pre-tax loss equal to 12.3% of revenue. Income tax expense totaled $73.00K, providing the reported tax component that separates pretax and after-tax earnings. Relative to period-end equity, the net loss represented 22.7%. Relative to total assets, the net loss represented 14.2%. The bottom-line deficit decreased from $8.69M in fiscal 2024 to $6.43M.

Liquidity and Capital Structure

Total assets were $45.34M, supported by $17.05M of liabilities and $28.29M of shareholder equity. At period end, current assets of $25.76M compared with current liabilities of $12.98M, defining the company’s short-term resource position. The current ratio was 1.98x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $7.36M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 56.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 62.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 37.6% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 16.2%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 6.4% lower than fiscal 2024 assets of $48.44M, measuring the company’s own balance-sheet change. Reported equity changed 8.7% from $30.97M in fiscal 2024, placing the current capital base lower year over year. Compared with $8.51M in fiscal 2024, the current cash balance moved 13.5% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $1.11M, showing that operations absorbed cash during the period. The company spent $166.00K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Negative free cash flow was $1.28M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 2.5%. The free-cash-flow deficit equaled 2.8% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.