Airgain, Inc.

Overview

• Airgain, Inc. (NASDAQ: AIRG) is a San Diego–based provider of wireless connectivity solutions.
• The company transitioned from component manufacturing to integrated wireless system solutions that combine hardware, software, and cloud management.
• Primary markets: enterprise, automotive, and consumer.
• Focus on high-performance, cost-effective, and energy-efficient wireless solutions that enable rapid market deployment.

Core offerings and solutions

• Integrated wireless systems and platforms
  • AirgainConnect Fleet (AC-Fleet): second-generation, low-profile, roof-mounted, all-in-one 5G vehicle gateway with built-in multi-profile eSIM, GNSS, Wi‑Fi, and gigabit Ethernet router functionality.
  • Lighthouse: carrier-grade, high-power 5G smart repeater designed to extend coverage and offload capacity for mobile network operators and system integrators; supports remote management, OTA updates, and carrier integration.
  • AirgainConnect Cloud: device management and analytics platform delivered via subscription for AC-Fleet and Lighthouse deployments.
• Enterprise solutions
  • Lighthouse for improving coverage in outdoor and in-building environments.
  • NimbeLink embedded modems, including Cat 1 bis Skywire launched in 2025, for enterprise IoT applications.
  • Asset tracking solutions with the NLink cloud-based device enablement platform; includes AT-Flight in-flight asset tracker with FAA-compliant airplane mode automation.
• Automotive solutions
  • Vehicle connectivity and antennas for fleets and aftermarket use, including AC-Fleet integration with external fleet antennas.
• Consumer solutions
  • Embedded antennas for consumer access points, wireless gateways, and fixed wireless access (FWA) devices, with emphasis on Wi‑Fi, 5G, and GNSS.
  • Partnerships with MSOs and OEMs to optimize product performance and time-to-market.
• Antennas and RF components
  • Broad portfolio of embedded and external antennas for enterprise, automotive, and consumer devices, designed for performance and long product life.
• Software and services
  • Cloud-based management, analytics, firmware updates (FOTA), remote management, and subscription services.
  • ODM, channel, and systems integration partnerships to accelerate development and deployment.

Business model and go-to-market

• Integrated offering of hardware, embedded software/firmware, cloud-based device management, and carrier compliance/certification capabilities.
• Recurring revenue streams from:
  • AirgainConnect Cloud and Lighthouse remote management.
  • AC-Fleet subscriptions and ongoing software/firmware updates.
• Channel strategy:
  • Direct sales in the U.S., Greater China, and South Korea.
  • Indirect channels through distributors, value-added resellers (VARs), and system integrators (SIs) across North America, Asia, Europe, Australia, the Middle East, and Latin America.
• Strategic partnerships with carriers, modem/chipset vendors, cloud providers, software companies, and select co-development partners.
• ODM and contract manufacturing approach:
  • Outsourced manufacturing with company oversight for quality, testing, and delivery timelines.
  • Contract manufacturers in Vietnam, China, Taiwan, Mexico, and the United States; mix of CMs and ODMs for development and production.
  • Ongoing supply chain diversification efforts to address supplier concentration, lead times, and capacity constraints.

Operations and facilities

• Corporate headquarters: ~11,200 sq ft in San Diego, California (lease through September 2031).
• NimbeLink facility: Plymouth, Minnesota (~3,800 sq ft; lease through June 2031).
• R&D/test facility: Scottsdale, Arizona (~5,200 sq ft; lease through October 2029).
• Warehouse: Scottsdale, Arizona (~3,000 sq ft; lease through February 2028).
• Testing facilities: Vero Beach, Florida (~4,100 sq ft) and Jonestown, Texas (~3,500 sq ft).
• International office presence in Shenzhen and Jiangsu Province, China; Zhubei City, Taiwan; and Cambridge, United Kingdom.

Employees and human capital

• Total employees and dedicated representatives: 106 as of December 31, 2025.
  • 71 based in the United States; 35 internationally.
  • 47 in research and development.
  • 38 in sales and marketing.
  • 17 in general and administrative functions.
  • 4 in manufacturing operations.

Financial highlights

• Net loss for the year ended December 31, 2025: $6.4 million.
• Accumulated deficit as of December 31, 2025: $93.6 million.
• Customer concentration: a limited number of customers and devices represent a large portion of sales; about 54% of sales in 2025 came from customers that each accounted for 10% or more of total revenue.
• International exposure: approximately 41% of products were outside North America in 2025.

Tax and intellectual property

• Net operating loss (NOL) carryforwards: approximately $26.4 million federal and $14.0 million state.
• Federal and state R&D tax credit carryforwards: approximately $3.5 million and $2.8 million, respectively.
• Patent portfolio: more than 300 granted patents and pending applications in U.S. and foreign jurisdictions.

Intellectual property and product risk

• Broad IP portfolio covering wireless systems, smart repeaters, vehicle gateways, antenna designs, and related technologies.
• Indemnification obligations to channel partners and end-customers for IP issues.
• Ongoing reliance on third-party manufacturers and ODMs introduces risks around quality, supply, and protection of confidential information.

Summary

Airgain has expanded from RF components into integrated wireless systems and cloud-enabled solutions for enterprise, automotive, and consumer markets. Its portfolio combines antennas, modems, gateways, repeaters, and a cloud management platform, supported by a partner ecosystem and outsourced manufacturing. The company reported a 2025 net loss of $6.4 million and an accumulated deficit of $93.6 million, with substantial customer concentration and a sizable international footprint.