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Airgain (AIRG) investor relations material
Airgain Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Achieved third consecutive quarter of sequential revenue growth, with Q3 2025 revenue at $14.0 million, up 2.9% sequentially but down 12.9% year-over-year, and delivered strong gross margins and positive adjusted EBITDA.
Core business in consumer, enterprise, and automotive markets remains stable and profitable, funding growth platforms AirgainConnect/AC-Fleet and Lighthouse.
Secured key certifications for AirgainConnect/AC-Fleet and Lighthouse, expanding opportunities in public safety, enterprise, utility, and global 5G infrastructure markets.
Operating expenses decreased 17% year-over-year due to lower personnel and engineering costs, with continued investment in growth platforms.
Received $2.0 million in employee retention credit refunds, boosting other income and offsetting year-to-date operating loss.
Financial highlights
Q3 2025 revenue was $14.0 million, up 3% sequentially and at the midpoint of guidance, but down 12.9% year-over-year.
Non-GAAP gross margin improved to 44.4% from 43.8% in Q2 and up 160 basis points year-over-year; GAAP gross margin was 43.6%.
Adjusted EBITDA was $0.3 million, up from a loss of $0.4 million in Q2; non-GAAP net income was $0.1 million or $0.01 per share; GAAP net loss was $1.0 million ($0.08 per share).
Non-GAAP operating expenses were $6.1 million, lower both sequentially and year-over-year; GAAP operating expenses were $7.1 million.
Ended Q3 with $7.1 million in cash and equivalents.
Outlook and guidance
Q4 2025 revenue expected between $12.0 million and $14.0 million, midpoint $13.0 million, reflecting a 7% sequential decline.
Q4 non-GAAP gross margin expected between 42.5% and 45.5%, midpoint 44%; GAAP gross margin expected between 41.3% and 44.3%.
Q4 non-GAAP operating expenses projected at $5.8 million, with positive adjusted EBITDA of $0.1 million at midpoint; non-GAAP net income per share expected to be break even.
Management expects continued investment in growth initiatives and operational efficiencies, with sufficient liquidity for at least the next 12 months.
2026 growth expected from Wi-Fi 7 transition, new design wins, and expansion of AirgainConnect/AC-Fleet and Lighthouse platforms.
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Frequently asked questions
Airgain Inc designs and delivers antenna systems and wireless connectivity solutions for consumer, enterprise, and automotive applications. The company’s products support Wi-Fi, cellular, and GPS technologies, and are integrated into access points, routers, and vehicles. The company is headquartered in San Diego, California, and its shares are listed on the NASDAQ.
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