Airgain (AIRG) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with strengthened business resilience, improved margins, and expanded design win pipelines with Tier-1 service providers, positioning for future growth.

• Focus shifted to commercial execution and scaling integrated connectivity platforms for fleet, enterprise, and infrastructure markets.

• Completed key Lighthouse trials and expanded AirgainConnect pipeline, including new commercial partnerships.

• 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, at the low end of guidance, down 13.5% sequentially and 19.6% year-over-year.

• Full-year 2025 sales totaled $51.8M, down 14.6% year-over-year; consumer sales rose 20% to $26.1M, while enterprise and automotive declined.

• Q4 non-GAAP gross margin was 46.3%, up 190 bps sequentially; full-year non-GAAP gross margin was 44.6%, up 260 bps year-over-year.

• Q4 Adjusted EBITDA was -$0.2M; full-year Adjusted EBITDA was -$1.5M.

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

Outlook and guidance

• Q1 2026 sales projected at $10.5M–$12.5M, with a midpoint of $11.5M, down 5% sequentially due to seasonal consumer softness.

• Q1 2026 non-GAAP gross margin expected at 43.5%–46.5%; operating expenses to remain flat at ~$6M.

• 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 the second half.