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Here are 1-2 brief analogies to describe Airgain:

• The Intel of wireless connectivity components. (Airgain provides the critical, high-performance antenna hardware that enables devices to connect wirelessly, much like Intel provides the core processors for computers.)
• Corning for wireless signals. (Just as Corning provides specialized glass essential for device displays and durability, Airgain provides specialized antenna systems essential for robust wireless communication in devices.)

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• Embedded Antennas: High-performance antenna solutions designed for integration within client devices to enable robust wireless connectivity.
• External Antennas: Rugged and high-gain antennas for external mounting, providing enhanced wireless range and reliability across diverse applications.
• Integrated Wireless Systems (Smart Antennas): Advanced solutions combining antennas with other RF components and software to optimize wireless performance and simplify system design for complex environments.

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Major Customers of Airgain (AIRG)

Airgain (AIRG) primarily sells its products and solutions to other companies, operating on a Business-to-Business (B2B) model. Their customers typically include original equipment manufacturers (OEMs), enterprise network integrators, and service providers across various industries such as automotive, enterprise, industrial, fixed wireless access, and smart city.

Based on Airgain's latest annual financial filings (10-K), the following companies accounted for 10% or more of Airgain's net revenue in 2023, identifying them as major customers:

• Samsung Electronics Co., Ltd. (Symbol: KRX: 005930)
• NETGEAR, Inc. (Symbol: NASDAQ: NTGR)

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• Qualcomm, Inc. (QCOM)
• Universal Scientific Industrial Co., Ltd. (601231.SS)
• Flex Ltd. (FLEX)

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Jacob Suen, President and Chief Executive Officer

Mr. Suen has served as Airgain's President since January 2019 and as Chief Executive Officer since August 2019, previously holding the role of Senior Vice President, Worldwide Sales. He brings over 20 years of domestic and international business development and management experience to Airgain. Prior to Airgain, Mr. Suen held numerous management positions at Paradyne Corporation (formerly part of AT&T), including Director of Business Development, OEM/ODM Manager, and Regional Network Consultant. At Paradyne, he was responsible for cost reduction, improved time to market through ODM/OEM initiatives, and established its first subsidiary in China. He also held product development and engineering positions at GVN Technologies and Motorola. He also served as a Corporate SVP and Business Consultant at Canas International.

Michael Elbaz, Chief Financial Officer and Secretary

Mr. Elbaz joined Airgain as Chief Financial Officer and Secretary in October 2022. He brings over twenty-five years of experience in corporate and global finance and strategy. Before joining Airgain, Mr. Elbaz was VP Finance at Cohu, a public semiconductor equipment company. Previously, he was VP Finance at AMN Healthcare, a public healthcare solutions company, from 2012 to 2019, and VP Finance and Chief Accounting Officer at Conexant Systems, a public semiconductor company, from 2009 to 2011. Prior to 2009, he held various finance leadership positions at NextWave Wireless and Conexant Systems. His expertise includes acquisition integration, corporate finance, and international finance.

Ali Sadri, Ph.D., Chief Technology Officer

Dr. Sadri serves as Airgain's Chief Technology Officer, bringing over 25 years of advanced scientific and engineering management experience. He is responsible for developing solutions to support Airgain's current and future businesses. Before Airgain, he held several executive positions at leading technology companies, including over 18 years at Intel, where he headed the mmWave advanced technology development group. Most recently, he was Vice President of Engineering at SOLiD Inc., leading the company's mmWave product strategy and development. He was also the Founder and Chairman of WiGig Alliance and a Director of Communications Standards at IBM from 1990 to 2000.

Victor Blair, Senior Vice President of Global Operations

Mr. Blair holds the position of Senior Vice President of Global Operations at Airgain.

Suzanne Zoumaras, Chief People Officer

Ms. Zoumaras is the Chief People Officer for Airgain. She is an experienced human capital leader with over 20 years of experience as a Chief People/Human Resources Officer across various industries.

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The key risks to Airgain's business include:

1. Fluctuating Operating Results and Profitability Challenges: Airgain's operating results have shown significant fluctuations, with the company reporting net losses, for example, an increase from $8.7 million in 2022 to $12.4 million in 2023. This volatility makes future operating results difficult to predict and could lead to performance falling below expectations. Despite improvements in gross margins, Airgain continues to face challenges with overall profitability and generating positive cash flow. High operating expenses and macroeconomic pressures further contribute to these financial risks.

2. Evolving Markets and Technology Adoption: The markets for Airgain's antenna and wireless systems solutions are dynamic and may not develop as anticipated. The wireless industry is characterized by rapidly evolving technologies, making it challenging to predict customer adoption rates, demand for Airgain's products, and the success of competitive solutions. The company is actively transitioning from being primarily a component manufacturer to a wireless system solutions provider, with a strategic goal to drive growth in enterprise and automotive markets. However, the success of this transition and market acceptance of its new solutions are uncertain.

3. Intense Competition: Airgain operates in a highly competitive environment for its antenna and wireless connectivity solutions. This competition includes other specialized antenna providers and, notably, even some of the customers to whom Airgain sells its products. Such intense competition can exert pressure on pricing, market share, and ultimately, the company's profitability.

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Airgain (AIRG) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market expansions:

1. Advancements in 5G Vehicle Gateway Solutions (AirgainConnect Fleet): The launch and securing of commercial certifications from major carriers like T-Mobile and AT&T for AirgainConnect Fleet, their 5G vehicle gateway, are expected to significantly drive revenue. The company is actively accelerating customer trials and anticipates increased shipments and broader adoption in the automotive market.
2. Increased Adoption of Wi-Fi 7 and FWA Antennas: Airgain is experiencing a significant ramp-up in shipments of its Wi-Fi 7 router antenna systems to Tier 1 MSOs (Multiple System Operators) and is seeing accelerating shipments of embedded antennas to Tier 1 MNOs (Mobile Network Operators) for Fixed Wireless Access (FWA) solutions. This trend, driven by the increasing demand for advanced connectivity, is expected to fuel continued growth in the consumer market.
3. Expansion of Lighthouse Smart Network Control Repeater Platform: The successful first commercial deployment of the Lighthouse Smart Network Control repeater and the introduction of new products like Lighthouse Solar indicate a growing contribution from this platform. These solutions are expanding Airgain's serviceable addressable market and are positioned for broader market adoption.
4. Transition to High-Value Wireless System Solutions and Enterprise Market Recovery: Airgain is strategically shifting from being primarily a components provider to offering comprehensive wireless system solutions, which is expected to expand its addressable market significantly. This includes a focus on high-value offerings, an anticipated recovery in the enterprise market, and increased design-win activity with industrial IoT customers.
5. Strategic Partnerships for International Market Penetration: A strategic and commercial agreement with Omantel, a telecom operator in the Middle East, is expected to be a notable driver for international revenue growth. This partnership includes plans for deployment, joint marketing, and co-development, with contributions anticipated to ramp up in the latter half of 2025.

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Share Repurchases

• Airgain's treasury stock has remained relatively consistent over the last few years, showing 541 shares at December 31, 2023, and 2022, and also at March 31, 2024.
• In the first half of 2020, treasury stock increased from 465 shares at December 31, 2019, to 534 shares at June 30, 2020.

Share Issuance

• In 2024, Airgain issued approximately 760,000 shares of common stock through an At-the-Market (ATM) offering program, generating net proceeds of $4.1 million.
• On March 7, 2024, the company entered into an At-the-Market Issuance Sales Agreement, authorizing the sale of up to an aggregate of $5.0 million in shares of its common stock.
• In 2023, net cash used in financing activities of $0.5 million was primarily to pay taxes for net share settlement of restricted stock units, partially offset by proceeds from common stock issuances under the Employee Stock Purchase Plan (ESPP).

Outbound Investments

• In 2021, Airgain acquired NimbeLink, which brought expertise in embedded modem solutions, asset tracker solutions, and augmented Airgain's RF expertise with digital systems design, firmware, and cloud capabilities.
• Net acquisitions for 2021 amounted to approximately $14.185 million, corresponding to the NimbeLink acquisition.

Capital Expenditures

• Capital expenditures were approximately $0.178 million in 2024 and $0.346 million in 2023, primarily for purchases of property and equipment.
• In 2022, capital expenditures amounted to approximately $0.750 million.
• The primary focus of capital expenditures includes continued investment in research and development, expanding capabilities in embedded modem solutions and IoT systems, and expanding engineering and sales teams to execute on the product roadmap, with these investments anticipated to increase in absolute dollars.