0001193125-26-208971
SEC filingAirgain, Inc. reported Q1 2026 GAAP revenue of $11.5 million, a 5.0% sequential decline and 4.2% year-over-year decline, driven by seasonal consumer market softness, though enterprise and automotive sales grew sequentially; non-GAAP net loss narrowed to $1.0 million with positive Adjusted EBITDA outlook for Q2.
Airgain’s Q1 2026 results reflect expected seasonal softness in the consumer segment—revenue declined $1.7M sequentially—offset partially by $0.7M and $0.4M gains in enterprise and automotive revenue, respectively, driven by embedded modems and vehicle gateway shipments. Gross margin compression (43.2% GAAP, down 1.6 pts QoQ) stemmed from unfavorable enterprise product mix, while Non-GAAP gross margin held relatively steady at 44.2%. Operating expenses declined meaningfully both QoQ and YoY, primarily due to lower amortization and reduced headcount-related costs—supporting improved cost discipline. The $1.0M Non-GAAP net loss represents a $0.7M improvement over Q4 2025 and positions the company to achieve its first Non-GAAP profitable quarter in Q2, guided at $0.01 EPS. Management highlighted commercial validation across growth vectors: the Tier 1 North American MNO 5G home platform design win (with production units expected later in 2026), the $4M IoT purchase order (to be shipped this year), and the Coco Robotics autonomous delivery win—all multi-million-dollar opportunities. The acquisition of Nextivity’s HPUE product line expands Airgain’s vehicle gateway capabilities and strengthens its go-to-market in infrastructure and automotive. Forward guidance implies ~17% median revenue growth QoQ and a clear inflection toward profitability, contingent on execution against the design win ramp and continued enterprise momentum. Risks cited include supply chain constraints—particularly memory semiconductors being redirected to AI applications—and competitive pressures in wireless connectivity markets.