AIRG · Airgain Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $51.78M | $60.60M | $56.04M | $75.89M | $64.27M | $48.50M |
| Cost of Revenue | $29.23M | $35.80M | $35.28M | $47.92M | $39.67M | $25.92M |
| Gross Profit | $22.55M | $24.80M | $20.76M | $27.97M | $24.61M | $22.59M |
| R&D | $9.54M | $11.86M | $10.51M | $11.35M | $10.92M | $9.16M |
| SG&A | $12.16M | $12.66M | $13.53M | $14.03M | $13.56M | $10.64M |
| Total Operating Expenses | $31.03M | $33.73M | $33.16M | $36.55M | $36.73M | $25.77M |
| D&A | $463.0K | $548.0K | $661.0K | $675.0K | $546.0K | $463.0K |
| Operating Income | ($8.48M) | ($8.93M) | ($12.40M) | ($8.58M) | ($12.12M) | ($3.18M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $73.0K | ($152.0K) | $128.0K | $84.0K | ($2.05M) | $273.0K |
| Net Income | ($6.43M) | ($8.69M) | ($12.43M) | ($8.66M) | ($10.09M) | ($3.28M) |
| EPS - Basic | ($0.54) | ($0.79) | ($1.20) | ($0.85) | ($1.01) | ($0.34) |
| EPS - Diluted | ($0.54) | ($0.79) | ($1.20) | ($0.85) | ($1.01) | ($0.34) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.36M | $8.51M | $7.88M | $11.90M | $14.51M | $38.17M |
| Accounts Receivable | $12.78M | $11.67M | $7.38M | $8.74M | $10.76M | $4.78M |
| Inventory | $3.58M | $3.95M | $2.40M | $4.23M | $8.95M | $1.02M |
| Accounts Payable | $9.21M | $9.50M | $6.47M | $6.51M | $5.47M | $2.98M |
| Current Assets | $25.76M | $25.83M | $19.08M | $27.15M | $35.49M | $45.43M |
| Total Assets | $45.34M | $48.44M | $42.23M | $54.40M | $66.39M | $54.93M |
| Current Liabilities | $12.98M | $13.50M | $9.99M | $12.90M | $19.89M | $6.86M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $17.05M | $17.47M | $10.82M | $14.57M | $22.22M | $7.18M |
| Stockholders' Equity | $28.29M | $30.97M | $31.41M | $39.83M | $44.17M | $47.74M |
| Retained Earnings | ($93.64M) | ($87.21M) | ($78.52M) | ($66.09M) | ($57.43M) | ($47.35M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($1.11M) | ($3.53M) | ($3.30M) | $4.45M | ($11.17M) | $3.70M |
| Investing Cash Flow | ($389.0K) | ($178.0K) | ($346.0K) | ($750.0K) | ($14.92M) | $20.89M |
| Financing Cash Flow | $350.0K | $4.30M | ($458.0K) | ($6.30M) | $2.43M | $561.0K |
| CapEx | $166.0K | $178.0K | $346.0K | $763.0K | $736.0K | $727.0K |
| Free Cash Flow | ($1.28M) | ($3.71M) | ($3.65M) | $3.68M | ($11.91M) | $2.98M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 43.5% | 40.9% | 37.1% | 36.9% | 38.3% | 46.6% |
| Operating margin | -16.4% | -14.7% | -22.1% | -11.3% | -18.9% | -6.6% |
| EBITDA margin | -15.5% | -13.8% | -20.9% | -10.4% | -18.0% | -5.6% |
| Net margin | -12.4% | -14.3% | -22.2% | -11.4% | -15.7% | -6.8% |
| Free cash flow margin | -2.5% | -6.1% | -6.5% | 4.9% | -18.5% | 6.1% |
| FCF / Net income | 0.20 | 0.43 | 0.29 | -0.43 | 1.18 | -0.91 |
| R&D / Revenue | 18.4% | 19.6% | 18.7% | 14.9% | 17.0% | 18.9% |
| SG&A / Revenue | 23.5% | 20.9% | 24.1% | 18.5% | 21.1% | 21.9% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -14.2% | -17.9% | -29.4% | -15.9% | -15.2% | -6.0% |
| Return on equity | -22.7% | -28.1% | -39.6% | -21.7% | -22.8% | -6.9% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.98 | 1.91 | 1.91 | 2.10 | 1.78 | 6.63 |
| Quick ratio | 1.71 | 1.62 | 1.67 | 1.78 | 1.33 | 6.48 |
| Cash ratio | 0.57 | 0.63 | 0.79 | 0.92 | 0.73 | 5.57 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.60 | 1.56 | 1.34 | 1.37 | 1.50 | 1.15 |
| Liabilities / Assets | 0.38 | 0.36 | 0.26 | 0.27 | 0.33 | 0.13 |
| Efficiency | ||||||
| Asset turnover | 1.14 | 1.25 | 1.33 | 1.40 | 0.97 | 0.88 |
| Inventory turnover | 8.17 | 9.06 | 14.68 | 11.34 | 4.43 | 25.51 |
| Days sales outstanding | 90d | 70d | 48d | 42d | 61d | 36d |
| Days inventory outstanding | 45d | 40d | 25d | 32d | 82d | 14d |
| Days payable outstanding | 115d | 97d | 67d | 50d | 50d | 42d |
| Cash conversion cycle | 20d | 14d | 6d | 25d | 93d | 8d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 1.7x | 2.5x | 1.2x | 1.7x | 2.4x | 3.6x |
| P / S | 0.9x | 1.3x | 0.7x | 0.9x | 1.7x | 3.6x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -14.6% | 8.1% | -26.2% | 18.1% | 32.5% | -13.0% |
| Revenue CAGR (3y) | -12.0% | -1.9% | 4.9% | 10.8% | 14.0% | -0.7% |
| Revenue CAGR (5y) | 1.3% | 1.7% | 5.2% | 8.9% | 8.2% | - |
| Gross profit growth (YoY) | -9.1% | 19.5% | -25.8% | 13.7% | 9.0% | -10.8% |
| Operating income growth (YoY) | 5.0% | 28.0% | -44.5% | 29.2% | -280.8% | - |
| Net income growth (YoY) | 26.0% | 30.1% | -43.5% | 14.2% | -207.6% | - |
| EPS growth (YoY) | 31.6% | 34.2% | -41.2% | 15.8% | -197.1% | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | 65.5% | -1.6% | - | - | - | 158.0% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -8.7% | -1.4% | -21.1% | -9.8% | -7.5% | -0.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Geographic
$75.68M totalChina Including Hong Kong And Taiwan$26.88M · 35.5%
North America$23.94M · 31.6%
US$23.90M · 31.6%
Other Countries$957.0K · 1.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-0.29
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Radio & Tv Broadcasting & Communications Equipment
Comparing AIRGAIN INC against the 5 most active filers in the same SIC group.