Airgain

AIRG

Communication Equipment · Technology

Price

$5.99

-0.10 (-1.64%)

Market Cap

$75.9M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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)

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.

Winston Score History

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

-4.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-15.4% 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

Insiders holding steady — not selling despite ability to

Cash Runway

~2 years

$7M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$7M cash & investments at current burn rate

Revenue declining

Airgain's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

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Quality

Gross Margin

43.2%

Healthy — 43.2% gross margin

Operating Margin

-18.4%

Losing money on operations — -18.4%

ROCE

-7.3%

Weak — -7.3% return on capital

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

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Growth

Sales YoY

-12.2%

Shrinking sales (-12.2% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-2.4%

Burning cash (-2.4%)

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

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Stability

Debt / Equity

0.03

Conservative — low debt load (0.03)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

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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