$AIRG

AIRGAIN INC

CIK:0001272842|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 13,698	$ 13,623	$ 25,209	$ 25,636
Cost of goods sold	7,909	7,784	14,447	14,637
Gross profit	5,789	5,839	10,762	10,999
Operating expenses:
Research and development	2,881	2,553	5,130	5,051
Sales and marketing	2,122	2,419	4,452	4,883
General and administrative	2,471	2,867	4,978	6,161
Total operating expenses	7,474	7,839	14,560	16,095
Loss from operations	(1,685)	(2,000)	(3,798)	(5,096)
Other income (expense):
Gain on business acquisition	0	0	340	0
Employee retention credit refund	0	495	0	1,989
Interest income, net	14	100	32	321
Other expense, net	(63)	(56)	(133)	(197)
Total other income (expense), net	(49)	539	239	2,113
Loss before income taxes	(1,734)	(1,461)	(3,559)	(2,983)
Income tax (benefit) expense	(28)	14	44	38
Net loss	$ (1,706)	$ (1,475)	$ (3,603)	$ (3,021)
Net loss per share:
Basic	$ (0.13)	$ (0.12)	$ (0.29)	$ (0.26)
Diluted	$ (0.13)	$ (0.12)	$ (0.29)	$ (0.26)
Weighted average shares used in calculating loss per share:
Basic	12,841	11,841	12,576	11,711
Diluted	12,841	11,841	12,576	11,711

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss			$ (3,603)	$ (3,021)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	$ 100	$ 100	195	236
Loss on disposal of property and equipment			122	0
Amortization of intangible assets	200	800	451	1,593
Gain on business acquisition	0	0	(340)	0
Stock-based compensation			1,602	1,510
Deferred tax liability			3	3
Changes in operating assets and liabilities:
Trade accounts receivable			(1,688)	(155)
Inventories			(607)	236
Prepaid expenses and other current assets			601	365
Other assets			(109)	(1)
Accounts payable			(1,187)	(2,438)
Accrued compensation			(212)	(688)
Accrued liabilities and other			2,215	1,134
Lease liabilities			7	330
Net cash used in operating activities			(2,550)	(896)
Cash flows from investing activities:
Purchases of property and equipment			(90)	(58)
Net cash used in investing activities			(90)	(58)
Cash flows from financing activities:
Proceeds from at-the-market common stock offering, net of offering costs			1,596	0
Payments for withholding taxes related to net share settlement of equity awards			0	(191)
Proceeds from employee stock purchase and option exercises			1,287	308
Net cash provided by financing activities			2,883	117
Effect of exchange rate changes on cash, cash equivalents and restricted cash			10	5
Net increase (decrease) in cash, cash equivalents and restricted cash			253	(832)
Cash, cash equivalents, and restricted cash; beginning of period			7,413	8,565
Cash, cash equivalents, and restricted cash; end of period	7,666	7,733	7,666	7,733
Supplemental disclosure of non-cash investing and financing activities:
Operating lease liabilities resulting from right-of-use assets			137	519
Cash, cash equivalents, and restricted cash:
Cash and cash equivalents	7,611	7,678	7,611	7,678
Restricted cash included in other assets	55	55	55	55
Total cash, cash equivalents, and restricted cash	$ 7,666	$ 7,733	$ 7,666	$ 7,733

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 7,611	$ 7,358
Trade accounts receivable, net	14,463	12,775
Inventories	4,187	3,580
Prepaid expenses	884	868
Other current assets	559	1,177
Total current assets	27,704	25,758
Property and equipment, net	1,470	1,696
Operating lease right-of-use assets	3,932	4,166
Goodwill	10,845	10,845
Intangible assets, net	2,764	2,787
Other assets	107	85
Total assets	46,822	45,337
Current liabilities:
Accounts payable	8,027	9,214
Accrued compensation	757	1,157
Accrued liabilities and other	4,061	1,790
Short-term lease liabilities	915	821
Total current liabilities	13,760	12,982
Deferred tax liability	189	186
Long-term lease liabilities	3,559	3,880
Total liabilities	17,508	17,048
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 13,618 shares issued and 13,077 shares outstanding at June 30, 2026; and 12,666 shares issued and 12,125 shares outstanding at December 31, 2025.	131,910	127,292
Treasury stock, at cost: 541 shares at June 30, 2026 and December 31, 2025.	(5,364)	(5,364)
Accumulated deficit	(97,238)	(93,635)
Accumulated other comprehensive income (loss)	6	(4)
Total stockholders’ equity	29,314	28,289
Total liabilities and stockholders’ equity	$ 46,822	$ 45,337