Airgain, Inc. Q4 FY2025 earnings call

• 2025 was pivotal, strengthened business, expanded design win pipelines, made progress on platforms. - Focus in 2026 on commercial execution, converting pipeline to deployments. - Consumer business critical, strong revenue and adjusted EBITDA. - Enterprise IoT profitability improved, SkyWire portfolio progress. - AirGain Connect pipeline growing, acquisition of HPOE product line. - Lighthouse trials successful, partnership for next-gen platforms. - 2025 financial results: Q4 sales $12.1M, full year $51.8M, non-GAAP gross margin 44.6% up 260bps y/y.

Consumer: Full year 2025 revenue $26.1 million, 20% increase vs 2024; Q4 $7.3 million, highest since Q3 2022. Enterprise: 2025 revenue $22.6 million, down 23% y/y due to excess inventory and lower demand; IoT represented majority, profitability improved. Automotive: 2025 revenue $3.1 million, down 6.3 million y/y due to excess channel inventory. AirGain Connect: Pipeline has ~100 active opportunities, ~double from few months ago, many outside traditional first responder market. Lighthouse: Completed two important trials, domestic with US MNO showed improved network performance, international with Latin America convention center showed support for multiple carriers.

First quarter 2026 sales range $10.5M - $12.5M, midpoint $11.5M. Non-GAAP gross margin 43.5% - 46.5%, midpoint 45%. Operating expenses ~$6M. Non-GAAP EPS and adjusted EBITDA midpoint negative $0.07M. Higher value platforms to support gross margin expansion.

Q: Update on next steps for Lighthouse trials and impact on P&L.

A: US trial successful, engaging on business plan, network interoperability; international trial led to MWC meeting. Not counting on FY26 revenues, system integrators in US being worked on.

Q: Potential demand pull for Nextivity product line.

A: Acquisition of HPOE IP and customer base, non-cash, non-equity; reseller agreement with Nexivity; last year revenue ~$2M, potential uptake by end 2026/2027.

Q: Converting AirGate Connect pipeline to sales faster.

A: Pipeline growing, more non-first responder markets, Tier 2 customers close to closing by end of quarter, Tier 1 slated in Q4.

Q: Gross margin and OpEx guidance.

A: Lighthouse and AirGain Connect higher margin; OPEX optimized in 2025, expect trend to continue, flat in Q1, likely flattish in Q2, increase in second half as revenue ramps