Airgain

AIRG

Communication Equipment · Technology

Price

$5.38

+0.05 (+0.94%)

Market Cap

$68.2M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+18.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 10.0M (2021) → 11.8M (2025)

Winston Score History

The full picture

Airgain is a small technology company that makes antennas — the parts inside devices that send and receive wireless signals. Its antennas are used in products like routers, smart home devices, fleet tracking systems, and connected vehicles. The company sells mainly to device manufacturers and companies that build wireless networking equipment.

Airgain earns money by selling its antenna components and related hardware to business customers, not directly to consumers. It operates primarily in North America and generates roughly $50–60 million in annual revenue. The company's competitive position relies on its antenna design expertise and engineering relationships with customers, but it faces pressure from larger competitors with more resources. Its negative operating margin shows it is currently spending more than it earns, and the key challenge ahead is scaling revenue fast enough to reach profitability as demand for connected devices and fleet management technology grows.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-8.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$10M/ year

↓ Declining (-20% vs prior year)

18.4% of revenue

In line with sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

18.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 months

$8M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Airgain has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

42.3%

Healthy — 42.3% gross margin

Profit after running costs

Operating Margin

-12.3%

Losing money on operations — -12.3%

Return on the money invested

ROCE

-24.5%

Weak — -24.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-9.6%

Shrinking sales (-9.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-7.8%

Burning cash (-7.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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