Airgain (AIRG) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with strengthened business resilience, improved margins, and a reinforced financial foundation.

• Achieved $12.1 million in Q4 2025 revenue, with improved gross margin and disciplined expense management.

• Expanded design win pipelines with Tier-1 service providers and advanced key platforms (AirgainConnect, Lighthouse) toward commercialization.

• Acquired HPUE product line assets from Nextivity, enhancing system-level connectivity and vehicle gateway capabilities.

• Engaged a strategic advisor to strengthen enterprise and carrier go-to-market engagement.

Financial highlights

• Q4 2025 sales were $12.1M, down 13.5% sequentially and 19.6% YoY, mainly due to timing and supply factors in enterprise modems.

• Consumer sales in Q4 reached $7.4M, the highest since Q3 2022; full-year consumer sales were $26.1M, up $4.4M YoY.

• Enterprise sales for 2025 were $22.6M, down $6.9M YoY, mainly due to excess inventory at a key IoT customer.

• Automotive sales were $3.1M for the year, down $6.3M YoY due to lower demand and excess inventory.

• Full-year sales totaled $51.8M, down 14.6% YoY; non-GAAP gross margin was 44.6%, up 260 bps YoY.

• Adjusted EBITDA for 2025 was -$1.5M; non-GAAP net loss per share was $0.17.

• Cash balance at year-end was $7.4M, up $0.3M sequentially.

Outlook and guidance

• Q1 2026 sales projected at $10.5M-$12.5M (midpoint $11.5M), a 5% sequential decline due to seasonal consumer softness.

• Q1 2026 non-GAAP gross margin expected at 43.5%-46.5% (midpoint 45%).

• Q1 2026 non-GAAP EPS expected at -$0.07; Adjusted EBITDA at -$0.7M.

• Modest growth expected in consumer and enterprise markets in 2026, with stronger contributions from Lighthouse and AirgainConnect in H2.

• Automotive market expected to return to growth in 2026, driven by AirgainConnect.