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- **Revenue Momentum**: Third straight quarter of sequential growth, with Q3 revenue of $14 million and non-GAAP gross margin of 44.4%.
- **Wi-Fi 7 Win**: New design win with a Tier 1 carrier targets 5 million units over five years, with initial shipments in H2 2026.
- **Platform Progress**: AirgainConnect with 80 pipeline opportunities and Lighthouse FCC-certified, positioning for 5G expansion.
- **Financial Discipline**: OpEx down 10% year-over-year, with Q4 guidance for $12-14 million revenue and $0.1 million adjusted EBITDA.
- **2026 Outlook**: Core markets to grow modestly, with growth platforms driving long-term scalability.

**【CEO Summary Section】**
- **Revenue Growth and Margins**: Delivered third consecutive quarter of sequential revenue growth, met guidance, and achieved strong gross margins. Q3 revenue was $14 million, up 3% sequentially, with non-GAAP gross margin at 44.4%.
- **Core Markets**: Consumer revenue grew 50% year-to-date due to Wi-Fi 7 antenna shipments, while embedded modems saw double-digit growth driven by utility infrastructure monitoring. Automotive revenue declined due to lower aftermarket antenna sales.
- **Growth Platforms**: AirgainConnect achieved T-Mobile T-Priority certification, with 80 sales pipeline opportunities. Lighthouse secured FCC certification and a U.S. carrier trial, targeting 5G network expansion.
- **2026 Outlook**: Core markets expected to grow modestly, with AirgainConnect and Lighthouse contributing to long-term growth. New Wi-Fi 7 design win with a Tier 1 carrier targets 5 million units over five years, with initial shipments in H2 2026.

**【CFO Financial Commentary】**
- **Financial Highlights**: Q3 non-GAAP net income was $0.1 million, up from a loss in Q2. Adjusted EBITDA improved to $0.3 million. Cash balance was $7.1 million, supported by $2.1 million in ERC credits.
- **Expense Management**: OpEx decreased 10% year-over-year, with 30% reinvestment in growth platforms. Q4 guidance: $12-14 million revenue, 42.5%-45.5% gross margin, and $0.1 million adjusted EBITDA.
- **Liquidity and Risks**: Cash position stable, but cautious on potential supply chain disruptions from government shutdowns.

**【Q&A Key Highlights】**
- **Wi-Fi 7 Design Win**: Existing customer upgrade with a Tier 1 U.S. carrier, targeting 5 million units over five years. Revenue impact for 2026 will be clearer in H1 2026.
- **OpEx Strategy**: Focus on EBITDA breakeven, with disciplined investment in growth platforms. Core markets (consumer, embedded modems) will continue to generate cash flow.
- **Q4 Outlook**: Temporary moderation in consumer and enterprise sales expected, with Lighthouse and AirgainConnect contributing modestly to revenue.


Airgain, Inc. (AIRG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AIRG

AIRG fundamentals

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