Airgain 2025 Q3 Earnings Narrows Net Loss by 45.1% Amid Revenue Decline

Airgain (AIRG) reported fiscal 2025 Q3 earnings on November 12, 2025, with results aligning with expectations. The company met non-GAAP EPS estimates but fell slightly short of revenue projections. Guidance for Q4 2025 reflects a modest revenue contraction but improved adjusted EBITDA, signaling cautious optimism for near-term operational efficiency.

Revenue

Airgain’s total revenue declined 12.9% year-over-year to $14.02 million in Q3 2025. The Enterprise segment generated $6.87 million, while the Consumer segment contributed $6.66 million. The Automotive segment added $490,000 to the total revenue, which fell below the Zacks Consensus Estimate by 1.28%.

Earnings/Net Income

The company narrowed its net loss to $-964,000, or $0.08 per share, representing a 45.1% reduction from the $-1.76 million loss in Q3 2024. Non-GAAP metrics showed a break-even net income per share, highlighting disciplined cost management. Despite the loss, the narrowing of the per-share deficit signals improved financial health for Airgain.

Price Action

Airgain’s stock price declined 5.73% during the latest trading day, 7.95% for the week, and 6.83% month-to-date. Analysts note the shares have underperformed the market, down 43.6% year-to-date, with a Zacks Rank #3 (Hold) indicating neutral near-term expectations.

Post-Earnings Price Action Review

Following the earnings release, Airgain’s stock faced downward pressure, with declines accelerating across short-term intervals. The mixed guidance for Q4—projecting a revenue contraction but improved adjusted EBITDA—failed to reassure investors amid ongoing macroeconomic uncertainties. Management’s emphasis on cost discipline and platform scalability may stabilize sentiment, but near-term volatility persists.

CEO Commentary

Jacob Suen, CEO, highlighted three consecutive quarters of sequential revenue growth and positive adjusted EBITDA. Key certifications for AC-Fleet and Lighthouse platforms, along with expanded utility and international opportunities, position Airgain for 2026 growth. The CEO emphasized a disciplined operating model and a clear roadmap for 5G infrastructure and fleet markets.

Guidance

For Q4 2025, Airgain projects revenue of $12.0–$14.0 million, a GAAP net loss per share of $-0.13 (midpoint), and adjusted EBITDA of $0.1 million. Gross margin is forecast at 41.3–44.3%, with non-GAAP operating expenses capped at $5.8 million.

Additional News

1. Design Win: Airgain secured a multi-year, multi-million-dollar contract with a Tier 1 U.S. carrier for Wi-Fi 7 fiber gateway development, expected to drive embedded antenna revenue.

2. Certifications: The Lighthouse 5G platform received FCC certification, while AC-Fleet achieved T-Mobile T-Priority approval, accelerating market readiness.

3. Strategic Expansion: The company advanced international Lighthouse trials and expanded its AC-Fleet pipeline in utilities, positioning for 2026 scalability.

Financial Health & Outlook

Airgain’s Altman Z-Score of 0.08 signals distress risk, yet its 42.37% gross margin and $45.47 million market cap suggest potential undervaluation. Analysts project cautious optimism, with a target price of $7.50 and a price-to-sales ratio of 0.77. Management remains focused on cost discipline and platform scaling to navigate inventory challenges in automotive markets.