Airgain's Q4 2025 shows consumer growth but enterprise revenue slump
Airgain, Inc. has released its financial results for the fourth quarter of 2025, showing mixed performance. The company reported revenue of $12.1 million, meeting the lower end of its earlier guidance. While consumer sales grew, enterprise revenue fell sharply compared to the previous quarter.
The company's Q4 revenue reached $12.1 million, aligning with the lowest estimate in its forecast. Consumer revenue hit $7.3 million, boosted by higher shipments of Wi-Fi 7 antennas. For the full year, consumer sales climbed 20% to $26.1 million, driven by stronger demand from cable and mobile operators.
Enterprise revenue, however, dropped to $4.3 million in Q4—a decline of $2.6 million from the previous quarter. This fall was mainly due to weaker sales of embedded modems and antennas. Full-year revenue for 2025 totalled $51.8 million, down 15% from 2024.
Profitability metrics showed some improvement. Q4 non-GAAP gross margin rose to 46.3%, up 190 basis points from Q3 and 230 basis points above guidance. The full-year non-GAAP gross margin reached 44.6%, an increase of 260 basis points, thanks to better margins in both consumer and enterprise segments. However, adjusted EBITDA for Q4 was negative $0.2 million, missing the company's earlier target of $0.1 million.
Looking ahead, Airgain expects Q1 2026 revenue between $10.5 million and $12.5 million, with a midpoint of $11.5 million. This forecast accounts for expected seasonal weakness in the consumer cellular market. The projected non-GAAP gross margin for Q1 2026 is between 43.5% and 46.5%, with a midpoint of 45%.
Airgain's Q4 results highlight a contrast between strong consumer demand and weaker enterprise sales. The company's guidance for Q1 2026 suggests a cautious outlook, with revenue and margins reflecting typical seasonal trends. Full-year improvements in gross margin indicate cost efficiencies, though profitability remains under pressure.
