Airgain (AIRG) Q1 2026 earnings summary

Executive summary

• Achieved a solid start to 2026, converting strategic groundwork into broader commercial momentum across core and growth platforms, with key design wins including a multi-year Tier 1 North American MNO for 5G home connectivity and a robotics IoT platform.

• Expanded Airgain Connect capabilities and vehicle gateway offerings through the acquisition of HPUE assets from Nextivity, and entered a strategic partnership to enhance 4G/5G coverage solutions.

• Q1 2026 revenue was $11.5 million, down 4.2% year-over-year, reflecting seasonal consumer market softness but sequential growth in enterprise and automotive segments.

• Broadened pipeline with over 55 tier one and tier two opportunities, up 40% from the previous quarter, with more deals advancing to trial or post-trial stages.

• Net loss for the quarter was $1.9 million, compared to $1.5 million in Q1 2025.

Financial highlights

• Q1 2026 sales were $11.5 million, at the midpoint of guidance and down 4.2% year-over-year.

• GAAP gross margin was 43.2% (down from 44.8% in Q4 2025), with non-GAAP gross margin at 44.2%, flat year-over-year.

• Operating expenses were $7.1 million (down 14.2% year-over-year), with non-GAAP operating expenses at $6.1 million (down 8%).

• Adjusted EBITDA was negative $0.9 million; non-GAAP EPS was negative $0.08; GAAP net loss was $1.9 million ($0.15/share).

• Cash and cash equivalents as of March 31, 2026, were $7.1 million.

Outlook and guidance

• Q2 2026 sales projected at $12.5–$14.5 million (midpoint $13.5 million), a 17% sequential increase.

• Non-GAAP gross margin expected at 42.5%–45.5% (midpoint 44%); GAAP gross margin forecasted at 41.6%–44.6%.

• Non-GAAP EPS expected to be positive $0.01; adjusted EBITDA positive $0.2 million at midpoint.

• Management expects inventory surpluses in the automotive segment to persist into the second half of 2026.

• Existing cash is expected to be sufficient to meet obligations for at least the next 12 months.