Airgain Stock Earnings Reports

Airgain reported Q1 2026 revenue of $11.5M (midpoint of guidance) with non-GAAP gross margin of 44.2% and adjusted EBITDA of negative $0.9M. Consumer revenue declined sequentially to $5.6M due to seasonality and a temporary gateway memory constraint at one OEM; management expects consumer demand to remain healthy and supply to normalize. Enterprise ($5.0M) and automotive ($0.9M) grew sequentially, helped by a $4M IoT purchase order and increasing AirgainConnect vehicle-gateway sales. AirgainConnect pipeline expanded to over 55 Tier 1/2 opportunities (up ~40% vs. prior call), with >1/3 now in trial or post-trial stages; management sees progression from engagement toward conversion. Lighthouse progressed from network validation into business/commercial discussions with a Tier 1 MNO and could see initial commercialization late 2026 (broader opportunity in 2027); Middle East engagements with Omantel expected to resume. Q2 guidance: revenue $12.5M–$14.5M (midpoint $13.5M, +17% sequential), non-GAAP gross margin midpoint 44%, operating expenses ~ $5.8M, non-GAAP EPS expected +$0.01 at midpoint, and adjusted EBITDA +$0.2M at midpoint. Cash was $7.1M at quarter end. Management emphasized a more focused operating model, expanding pipeline, and a path to improved leverage and profitability as revenue scales.