• The Intel for antennas.
• A specialized Qualcomm focused solely on antennas.

Airgain (AIRG) Major Products:

• Embedded Antennas: A family of compact antennas (including MaxBeam, profile, profile contour, ultra, and SmartMax series) designed to be integrated directly into devices for high-performance wireless networking across consumer, enterprise, and automotive markets.
• MaxBeam Carrier Class Antennas: Robust antennas engineered for high-performance, carrier-grade wireless applications.
• Antenna Plus Brand Antennas: A line of specialized external antennas for automotive, fleet, public safety, and machine-to-machine (M2M) applications.

Airgain, Inc. (symbol: AIRG) primarily sells its products and technologies to other companies (Business-to-Business or B2B).

Based on recent financial disclosures, Airgain has a diversified customer base, and no single customer represented more than 10% of its net revenues in either 2023 or 2022. Therefore, while specific names of current "major" customers are not disclosed due to this diversification, Airgain's customers generally fall into the following categories of companies:

• Original equipment and design manufacturers (OEMs and ODMs)
• Vertical market providers (operating in sectors such as automotive, fleet, public safety, and machine-to-machine communications)
• Chipset vendors
• Service providers (e.g., telecommunication carriers and internet service providers)
• Value-added resellers (VARs)
• Software developers

As an example of a past significant customer, Skyworks Solutions, Inc. (symbol: SWKS), a fabless semiconductor company, represented 11% of Airgain's net revenues in 2021. This illustrates Airgain's engagement with chipset vendors, which is a key customer category.

Jacob Suen, President and Chief Executive Officer

Jacob Suen was appointed CEO of Airgain in January 2019, having previously served as President since January 2019 and as Senior Vice President, Worldwide Sales. He brings over 20 years of domestic and international business development and management experience to Airgain, and is responsible for the company's strategic direction. 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 instrumental in reducing overall costs, improving time to market, and establishing the company's first subsidiary in China. His career also includes product development and engineering roles at GVN Technologies and Motorola. Mr. Suen holds an MBA from the University of Colorado, a Master's of Electrical Engineering and Management from the University of South Florida, and a B.S. in Computer and Electrical Engineering from the University of Florida.

Michael Elbaz, Chief Financial Officer and Secretary

Michael Elbaz was appointed Chief Financial Officer and Secretary of Airgain in October 2022. He possesses over twenty-five years of experience in corporate and global finance and strategy. Before joining Airgain, Mr. Elbaz served as VP Finance at Cohu, a public semiconductor equipment company. From 2012 to 2019, he was VP Finance at AMN Healthcare, a public healthcare solutions company. He also held the positions of VP Finance and Chief Accounting Officer at Conexant Systems, a public semiconductor company, from 2009 to 2011, and various finance leadership roles at NextWave Wireless and Conexant Systems prior to 2009. Mr. Elbaz earned a Bachelor of Science in Business Administration from California State University, Chico, and a Master of Business Administration from San Diego State University.

Ali Sadri, Chief Technology Officer

Ali Sadri serves as the Chief Technology Officer at Airgain, where he is responsible for driving the innovation pipeline, particularly focusing on 5G and Wi-Fi 7 solutions.

James K. Sims, Chairman of the Board

James K. Sims has been the Chairman of Airgain's board of directors since November 2003. He also served as the company's interim Chief Executive Officer from May 2018 to March 2019 and as Executive Chairman from October 2018 to March 2019. Mr. Sims has been the Chairman and CEO of GEN3 Partners, a consulting company specializing in science-based technology development, since 1999, and the Managing Partner of its affiliated private equity investment fund, GEN3 Capital, LLP, since 2005. He was the founding partner of Silicon Valley Data Capital in 2017 and founded Silicon Valley Data Science (SVDS) in 2012, where he currently serves as Chairman. Earlier in his career, Mr. Sims founded Cambridge Technology Partners in 1991, serving as its CEO, and also founded Concurrent Computer Corporation. He has served on the boards of various public companies, including Cambridge Technology Partners, RSA Security, Inc., where he was Chairman, and Electronic Data Systems Corporation.

Morad Sbahi, Chief Revenue Officer

Morad Sbahi is the Chief Revenue Officer at Airgain. He was previously the Senior Vice President of Global Product & Marketing. With over 18 years of international executive management experience in the telecommunications industry, Mr. Sbahi previously served as the general manager EMEA for SMC Networks, Inc., where he led the development of the company's European business and directed its planning and execution. His prior executive management roles include positions at Broadcom Corp., Texas Instruments Inc., and as vice president of marketing and business development for EMEA at Ubee Interactive.

Key Risks to Airgain (AIRG)

• Inability to achieve consistent profitability and financial stability: Airgain has consistently reported net losses, including a $6.4 million net loss in 2025 and an accumulated deficit of $93.6 million. The company's financial health, as indicated by its Altman Z-Score, suggests potential financial distress, highlighting ongoing challenges in generating sustainable revenue growth and achieving profitability.

• Intense competition and rapid technological obsolescence: Airgain operates in a highly dynamic wireless industry characterized by rapidly evolving technologies such as 5G and Wi-Fi 7, and shifting industry standards. The company faces significant competition from large networking vendors, vertically integrated original equipment manufacturers (OEMs), lower-cost Asian suppliers, and emerging satellite-to-device connectivity solutions, posing a constant threat of product obsolescence and market share erosion if it fails to innovate and adapt quickly.

• High customer concentration and execution risks related to strategic transition: Airgain exhibits a high degree of customer concentration, with its largest customer accounting for nearly 29% of its total revenue in 2025, and the top three customers collectively comprising almost 60% of sales. The loss of even one major client could severely impact its business. Additionally, Airgain is undergoing a strategic transition from being primarily a component manufacturer to a wireless systems solutions provider. This shift entails substantial execution risks, with analysts raising concerns regarding the pace of converting its new platforms, such as AirgainConnect and Lighthouse, into sustained revenue growth.

Airgain, Inc. (NASDAQ: AIRG) addresses several key global markets with its antenna products and wireless connectivity solutions, including embedded antennas, automotive antennas, fleet management systems, public safety communications, and machine-to-machine (M2M) connections.

The addressable markets for Airgain's main products and services are as follows:

• Embedded Antenna Systems: The global embedded antenna systems market was valued at $3.79 billion in 2024 and is projected to reach $10.97 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.2% over the forecast period 2025-2032. Another estimate places the global market at $3.4 billion in 2021, with a projection to reach $12.7 billion by 2031, at a CAGR of 14.3% from 2022 to 2031. North America is identified as the largest market for embedded antenna systems, holding approximately 45% of the global share.
• Automotive Antennas (including Smart Antennas): The global automotive smart antenna market size was valued at $4.69 billion in 2024 and is projected to reach $14.66 billion by 2032, with a CAGR of 15.3% during the forecast period. Another report indicates the global automotive smart antenna market size was estimated at $2,787.3 million in 2024 and is projected to reach $5,944.2 million by 2030, growing at a CAGR of 12.3% from 2025 to 2030. The broader global automotive antenna market was valued at US$ 8.2 billion in 2021 and is expected to reach US$ 12.2 billion by the end of 2030.
• Fleet Management Systems: The global fleet management system market size reached $28.8 billion in 2024 and is expected to reach $61.0 billion by 2033, exhibiting a CAGR of 8.63% during 2025-2033. Another source projects the fleet management market size to grow from $23.51 billion to $108.7 billion by 2035, representing a CAGR of 14.96%. North America held a 35% revenue share in the market in 2023.
• Public Safety Communications/Antennas: The Public Safety Antenna market size is estimated at $12,250.75 million in 2024 and is projected to reach $24,580.40 million by 2032, growing at a CAGR of 8.5% from 2025 to 2032. The broader Public Safety Communications Market size is estimated to reach $72 billion by 2031, growing at a CAGR of 12.9% during the forecast period 2025-2031.
• Machine-to-Machine (M2M) Connections: The global Machine-to-Machine (M2M) Connections market size was valued at $3.20 billion in 2024 and is expected to reach $7.96 billion by 2032, at a CAGR of 11.30%. Another estimate for the global M2M connections market size was $40.28 billion in 2025 and is predicted to increase to approximately $81.94 billion by 2035, expanding at a CAGR of 7.36% from 2026 to 2035.

Airgain, Inc. (AIRG) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

• Wi-Fi 7 Transition and Design Wins in the Consumer Market: Airgain anticipates continued double-digit revenue growth in its consumer business, fueled by the industry-wide transition to Wi-Fi 7 technology. The company has secured significant multi-year, multi-million-dollar design wins with Tier 1 cable and mobile network operators for next-generation Wi-Fi 7 fiber broadband gateways and 5G home connectivity platforms, with projected shipments exceeding 5 million units within five years, starting in the second half of 2026.
• Scaling of the AirgainConnect Platform in Automotive and Public Safety Markets: The AirgainConnect vehicle gateway platform is progressing towards scaled commercial deployment, having achieved key technical validations and customer engagements. The recent acquisition of Nextivity's HPUE product line is expected to bolster this platform, particularly in supporting FirstNet customers, with anticipated revenue contributions expanding by the end of 2026. Airgain foresees the automotive market returning to growth in 2026, driven by increasing contributions from its AirgainConnect platform.
• Expansion and Commercialization of the Lighthouse Platform: The Lighthouse 5G Smart Network Controlled Repeater has obtained FCC certification, enabling its deployment across the United States. International trials in regions like the Middle East and South America are also underway, with expectations for meaningful revenue contributions from these deployments in the second half of 2026. The enterprise market is expected to experience growth in 2026, partly due to revenue generated by the Lighthouse platform.
• Growth in Embedded Modems and IoT Solutions for the Enterprise Market: Airgain projects continued double-digit growth in its embedded modem sales, which already account for more than half of its enterprise market revenue. This growth is anticipated to come from increasing demand in utility infrastructure monitoring. Furthermore, the newly launched Skywire Cat 1-bis embedded modem is expected to be a key growth driver in 2026, particularly for industrial infrastructure and robotics applications. The company has also secured a $4 million purchase order from a leading IoT solution provider, with shipments slated within the next 12 months.

Share Repurchases

• Airgain's Board of Directors extended an existing share repurchase program through September 9, 2021.
• Under this program, approximately $1.6 million of shares of common stock were repurchased by September 9, 2020.
• As of September 9, 2020, Airgain remained authorized to repurchase up to approximately $5.4 million of its common stock through the extended period.

Share Issuance

• In July 2025, Airgain's board approved an amendment to its 2021 Employment Inducement Incentive Award Plan, increasing the total shares reserved for issuance from 700,000 to 1,100,000 for employment inducement awards.
• In February 2026, insider sales by the CEO and CFO were reported to cover tax withholding obligations stemming from the vesting and settlement of restricted stock units.
• Also in February 2026, directors Kiva Allgood and Thomas Munro were awarded new Restricted Stock Units (RSUs) and stock option grants.

Outbound Investments

• Airgain and Nextivity Inc. entered into a strategic partnership in March 2026 for co-developing next-generation integrated 4G/5G solutions.

Capital Expenditures

• In the last 12 months (prior to March 2026), Airgain's capital expenditures amounted to approximately -$166,000.
• The company's operating model for 2026 emphasizes being "capital-efficient" while focusing on scaling platforms and converting customer engagement into commercial deployments.