A maker of wireless connectivity gear, Airgain designs embedded antennas, 5G smart repeaters (Lighthouse), embedded modems (NimbeLink), and vehicle gateways like AirgainConnect Fleet for consumer, automotive, and industrial devices. Based in San Diego, the company took the Airgain name in 2004 when it refocused on antennas alone — pairing "air" for the waves and "gain," the engineering term for how well an antenna converts signals into radio waves.
Revenue was flat year over year at $13.7M, but the operating loss narrowed as expenses fell and the enterprise segment returned to growth.
The enterprise returned to growth after a year of decline. was essentially flat at $13.7 million, up 0.6% from a year ago, while dipped 0.6 points to 42.3% on lower enterprise product margins and the operating loss narrowed to $1.7 million as expenses fell. The company remains unprofitable and reliant on equity sales to fund operations, with $7.6 million in cash.
Key takeaways
was nearly flat at $13.7 million, as higher shipments of vehicle gateways and Wi-Fi 7 antennas were offset by lower enterprise antenna sales.
The enterprise returned to growth in Q1 2026 and continued growing in Q2, though the filing did not disclose the exact segment figure for the quarter.
contracted 0.6 points to 42.3%, which management attributed to lower enterprise product margins.
Section summaries
Management's Discussion and Analysis
Q2 2026 sales rose 0.7% to $13.7M on automotive and consumer gains; operating loss narrowed on lower expenses.
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Total Q2 2026 sales grew 0.7% to $13.7M, driven by higher vehicle gateway and Wi‑Fi 7 antenna shipments, partially offset by lower enterprise antenna sales.
contracted 60 to 42.3% in Q2, primarily due to lower enterprise product margins.
Total operating expenses fell 4.7% in Q2 to $7.5M, mainly from lower , partially offset by higher personnel costs.
Operating expenses fell 4.7% to $7.5 million, mainly from lower intangible , helping narrow the operating loss to $1.7 million from $2.0 million a year ago.
Other income swung to a $49,000 expense from $0.5 million in income a year ago, because the prior period included a $0.5 million employee retention credit refund that did not recur.
The company raised $1.6 million net through its and $1.3 million from option exercises during the first half, ending the quarter with $7.6 million in cash.
What changed
The enterprise 's return to growth, first noted in Q1 2026, continued into Q2, suggesting the stabilization around the $7 million quarterly run rate observed in 2025 may be giving way to a modest recovery.
The consumer , which grew 20.2% in 2025 and then declined in Q1 2026, rebounded in Q2 — the filing cited higher Wi-Fi 7 antenna shipments as a driver, though it did not break out the segment's exact .
The automotive , which had collapsed to a $0.5 million quarterly run rate by late 2025, showed gains in Q2 2026 driven by vehicle gateway shipments, suggesting the AC-Fleet or related products may be starting to offset the aftermarket antenna decline.
The Lighthouse 5G smart repeater trials with a Tier-1 U.S. mobile network operator, flagged in the 2025 10-K, were not mentioned in this filing as having converted to commercial orders.
The company resumed its , raising $1.6 million in the first half, after not issuing shares in the second half of 2025.
What to watch
Whether the enterprise 's return to growth accelerates above the $7 million quarterly run rate, or if the Q1-Q2 2026 gains are a modest recovery that plateaus.
Whether the Lighthouse 5G smart repeater trials with the Tier-1 U.S. mobile network operator convert to commercial orders, and whether the first system integrator partnership signed in December 2025 generates .
The pace and of future ATM equity issuances, given the $7.6 million cash balance, negative of $2.6 million in the first half, and no .
Whether the automotive 's Q2 gains from vehicle gateway shipments are sustained, indicating AC-Fleet is gaining traction, or if the segment remains volatile at low levels.
Other income swung to a $49K expense in Q2 from $0.5M income a year ago, as the prior period included a $0.5M employee retention credit refund that did not recur.
Cash used in operations was $2.6M for the six months; the company raised $1.6M net via its at‑the‑market equity program and $1.3M from option exercises.
Management expects existing cash of $7.6M to fund operations for at least the next 12 months.
We are not currently subject to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident to the ordinary course of business. Regardless of the outcome, such proceedings or claims can have an adverse impact on us bec…
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We are not currently subject to any material legal proceedings. From time to time, we may be involved in legal proceedings or subject to claims incident to the ordinary course of business. Regardless of the outcome, such proceedings or claims can have an adverse impact on us because of defense and settlement costs, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained.
A description of the risk factors associated with our business is included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to such risk factors. In evaluating our business, you should carefully consider the r…
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A description of the risk factors associated with our business is included in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no material changes to such risk factors. In evaluating our business, you should carefully consider the risk factors discussed in our Annual Report on Form 10-K. The occurrence of any of such risks, or other events that we do not currently anticipate or that we currently deem immaterial, could harm our business, prospects, financial condition and results of operations. In that case, the trading price of our common stock could decline, and you may lose all or part of your investment.