Airgain, Inc. Reports Strong Q4 Performance and Full-Year 2025 Financial Results, Highlighting Revenue Growth and Strategic Momentum
Airgain, Inc., a leading provider of advanced wireless connectivity solutions, reported its financial results for the fourth quarter and full year ended December 31, 2025, highlighting continued platform development, operational discipline, and strategic portfolio expansion as it positions for growth in 2026.
Strategic Progress and Platform Expansion
Throughout 2025, Airgain advanced its long-term growth platforms—AirgainConnect and Lighthouse—while strengthening its operating model and expanding its commercial pipeline. President and CEO Jacob Suen emphasized that the company made meaningful progress in completing key certifications, expanding customer trials, and reinforcing its go-to-market strategy.
A major strategic milestone occurred in February 2026 when Airgain acquired the HPUE (High Power User Equipment) product line assets from Nextivity. The acquisition expands the company’s system-level connectivity portfolio and enhances its vehicle gateway capabilities. These field-proven assets are designed to support mission-critical mobile connectivity applications across enterprise, utility, and public safety markets, reinforcing Airgain’s broader platform strategy.
During the fourth quarter, Airgain successfully completed Lighthouse trials with a Tier 1 U.S. mobile network operator and one of the top five global tower operators in Latin America. The company also established its first U.S.-based commercial integrator partnership to support Lighthouse deployments. Additionally, Airgain engaged Frank Jules, former President of AT&T Global Business Solutions, as Strategic Advisor to the CEO to strengthen enterprise and carrier go-to-market engagement.
The AC-Fleet opportunity pipeline continued to diversify, with approximately half of Tier 1 and Tier 2 prospects now coming from markets beyond first responders, demonstrating broader enterprise traction.
Fourth Quarter 2025 Financial Performance
Airgain reported fourth quarter 2025 revenue of $12.1 million, reflecting continued execution despite macroeconomic headwinds and market variability.
Revenue Breakdown
Of the $12.1 million in Q4 revenue:
- $7.3 million came from the consumer market
- $4.3 million from the enterprise market
- $0.5 million from the automotive market
Revenue declined 13.5% sequentially from $14.0 million in the third quarter of 2025 and decreased 19.6% year-over-year from $15.1 million in the fourth quarter of 2024.
Sequentially, consumer revenue increased by $0.7 million, driven by higher Wi-Fi 7 antenna shipments. However, enterprise revenue declined by $2.6 million due primarily to lower embedded modem and enterprise antenna sales. Automotive revenue remained flat quarter-over-quarter.
On a year-over-year basis, the revenue decrease was largely attributed to lower automotive sales, which declined by $2.8 million, and enterprise sales, which fell by $1.1 million. These declines were partially offset by a $0.9 million increase in consumer revenue.
Profitability and Margins
GAAP gross profit for the fourth quarter was $5.4 million, compared to $6.1 million in Q3 2025 and $6.4 million in Q4 2024. Non-GAAP gross profit totaled $5.6 million.
GAAP gross margin improved to 44.8%, up from 43.6% in the third quarter and 42.2% in the prior-year quarter. The improvement was primarily driven by higher consumer product margins and operational efficiencies. On a non-GAAP basis, gross margin rose to 46.3%, compared to 44.4% sequentially and 43.4% year-over-year.
Operating discipline remained a key theme. GAAP operating expenses were $7.9 million, up from $7.1 million in Q3 2025 due to higher stock-based compensation, but down from $8.3 million in Q4 2024 as a result of lower employee and engineering product development costs. Non-GAAP operating expenses were $5.9 million, reflecting continued cost control initiatives.
GAAP net loss for the quarter was $2.4 million, or $(0.20) per share, compared to a net loss of $1.0 million, or $(0.08) per share, in Q3 2025. In the year-ago quarter, GAAP net loss was $2.0 million, or $(0.17) per share.
Non-GAAP net loss narrowed significantly to $0.3 million, or $(0.03) per share, compared to non-GAAP net income of $0.1 million in Q3 2025 and $33,000 in Q4 2024. Adjusted EBITDA for Q4 2025 was $(0.2) million, compared to positive $0.3 million in Q3 2025 and $0.2 million in the prior-year quarter.
Full Year 2025 Financial Results
For the full year 2025, Airgain generated total revenue of $51.8 million, down 14.6% from $60.6 million in 2024.
Segment Performance
Revenue for 2025 included:
- $26.1 million from consumer markets
- $22.6 million from enterprise markets
- $3.1 million from automotive markets
Consumer revenue increased by $4.4 million year-over-year, primarily driven by higher antenna sales to cable and mobile network operators. However, enterprise revenue declined by $6.9 million due to lower IoT custom products and enterprise antenna sales. Automotive revenue fell by $6.3 million, largely attributable to weaker aftermarket sales.
Margins and Expenses
Despite lower revenue, profitability metrics showed structural improvement. GAAP gross profit totaled $22.5 million, compared to $24.8 million in 2024. GAAP gross margin improved to 43.5% from 40.9% in 2024, reflecting better product mix and operational efficiencies. Non-GAAP gross margin increased to 44.6% from 42.0% in the prior year.
GAAP operating expenses declined to $31.0 million from $33.7 million in 2024, driven by lower employee-related expenses and reduced engineering development costs. Non-GAAP operating expenses fell to $25.1 million, down from $26.8 million.
GAAP net loss for 2025 was $6.4 million, or $(0.54) per share, compared to a net loss of $8.7 million, or $(0.79) per share, in 2024. The improvement was primarily due to lower operating expenses and an employee retention credit gain that offset reduced gross profit from lower sales volumes.
Non-GAAP net loss for the year was $2.0 million, or $(0.17) per share, compared to $1.4 million, or $(0.12) per share, in 2024. Adjusted EBITDA for 2025 was $(1.5) million, compared to $(0.8) million in 2024.
First Quarter 2026 Outlook
Looking ahead, Airgain provided guidance for the first quarter of 2026 reflecting continued operational discipline while investing in platform scaling.
The company expects:
- Revenue between $10.5 million and $12.5 million (midpoint of $11.5 million)
- GAAP gross margin between 42.3% and 45.3%
- GAAP operating expenses of approximately $7.1 million
- GAAP net loss per share of approximately $(0.17) at midpoint
On a non-GAAP basis, the company expects:
- Gross margin between 43.5% and 46.5%
- Operating expenses of approximately $6.0 million
- Net loss per share of approximately $(0.07)
- Adjusted EBITDA of approximately $(0.7) million
Positioning for 2026
As Airgain enters 2026, management remains focused on converting its growing customer engagement into commercial deployments. The expansion of the HPUE portfolio, strengthening of enterprise and carrier relationships, and diversification of the AC-Fleet pipeline signal a shift toward scalable platform-driven growth.
While revenue headwinds in enterprise and automotive segments impacted 2025 performance, the company’s improved gross margins, disciplined expense management, and strategic asset acquisition reflect structural progress in its operating model. With expanded platform momentum and strengthened go-to-market capabilities, Airgain aims to scale its connectivity solutions across enterprise, utility, public safety, and mobile network applications in the year ahead.
