Airgain, Inc. (AIRG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la conectividad inalámbrica, Airgain, Inc. (Airg) emerge como una fuerza pionera, navegando estratégicamente el complejo ecosistema de tecnologías de antenas y soluciones inalámbricas innovadoras. Al crear meticulosamente un modelo de negocio robusto que aprovecha la experiencia en ingeniería de vanguardia, las asociaciones estratégicas y una cartera diversa de productos de conectividad inalámbrica, Airgain se ha posicionado como un facilitador crítico para los sectores de redes de telecomunicaciones, IoT y empresas. Su enfoque único para diseñar tecnologías de antenas de alto rendimiento y crear soluciones de redes inalámbricas personalizadas los distingue en un mercado competitivo, prometiendo un potencial transformador para industrias que buscan infraestructura de conectividad avanzada.

Airgain, Inc. (Airg) - Modelo de negocio: asociaciones clave

Asociaciones estratégicas con fabricantes de tecnología inalámbrica

A partir de 2024, Airgain ha establecido asociaciones clave con los siguientes fabricantes de tecnología inalámbrica:

Fabricante	Detalles de la asociación	Año establecido
Qualcomm	Integración de diseño de antena	2018
Mediatokek	Optimización del módulo inalámbrico	2020
Intel	Collaboración de tecnología de antena 5G	2022

Colaboración con compañías de infraestructura de telecomunicaciones

Las asociaciones de infraestructura de telecomunicaciones de Airgain incluyen:

• Verizon Communications: soluciones de antena de acceso inalámbrico fijo
• AT&T - Productos de conectividad inalámbrica empresarial
• Comcast - Tecnología de antena de banda ancha

Relaciones OEM con fabricantes de enrutadores y antenas

Asociaciones OEM actuales a partir de 2024:

Socio de OEM	Categoría de productos	Contribución anual de ingresos
Netgear	Enrutadores de redes domésticas	$ 12.4 millones
Arris (Commscope)	Antenas de módem de cable	$ 8.7 millones
TP-Link	Equipo de redes empresariales	$ 6.2 millones

Alianzas de investigación y desarrollo con empresas de semiconductores

Asociaciones clave de I + D de semiconductores:

• Broadcom - Diseño de antena 5G y Wi -Fi 6E
• Tecnología Marvell - Integración de semiconductores inalámbricos
• Silicon Laboratories - IoT Connectivity Solutions

Contribución total de ingresos de la asociación en 2024: $ 42.3 millones

Airgain, Inc. (Airg) - Modelo de negocio: actividades clave

Diseño de tecnologías de antena inalámbrica de alto rendimiento

A partir del cuarto trimestre de 2023, Airgain invirtió $ 8.4 millones en avanzados esfuerzos de diseño e ingeniería de antena inalámbrica. La compañía mantiene un equipo de investigación dedicado de 47 ingenieros especializados centrados en la innovación de tecnología inalámbrica.

Área de enfoque de diseño	Inversión anual	Solicitudes de patentes
Sistemas de antena 5G	$ 3.2 millones	12 nuevas patentes
Wifi 6/6E Tecnologías	$ 2.7 millones	9 nuevas patentes
Soluciones de conectividad IoT	$ 2.5 millones	7 nuevas patentes

Ingeniería de soluciones de conectividad avanzada

El equipo de ingeniería de Airgain se centra en desarrollar tecnologías de conectividad de próxima generación en múltiples plataformas.

• Fuerza laboral total de ingeniería: 124 profesionales
• Presupuesto de desarrollo de soluciones de conectividad: $ 12.6 millones en 2023
• Ciclo de desarrollo promedio: 14-18 meses por plataforma de tecnología importante

Investigación y desarrollo de productos

En 2023, Airgain asignó $ 15.3 millones específicamente a actividades de investigación y desarrollo, lo que representa el 22.4% de los ingresos totales de la compañía.

Área de enfoque de I + D	Asignación de presupuesto	Resultados clave
Diseño de antena inalámbrica	$ 6.7 millones	17 nuevos prototipos de productos
Optimización de conectividad	$ 4.9 millones	9 Innovaciones de mejora del rendimiento
Exploración de tecnología emergente	$ 3.7 millones	5 Iniciativas de tecnología exploratoria

Creación de propiedad intelectual y desarrollo de patentes

Airgain mantuvo una sólida estrategia de propiedad intelectual en 2023, con un enfoque significativo en la creación y protección de patentes.

• Patentes activas totales: 237
• Nuevas solicitudes de patentes presentadas: 28
• Inversión de desarrollo de patentes: $ 2.1 millones
• Valor de cartera de patentes estimado en $ 42.5 millones

Airgain, Inc. (Airg) - Modelo de negocio: recursos clave

Experiencia en ingeniería técnica

A partir del cuarto trimestre de 2023, Airgain empleó a 87 profesionales de ingeniería técnica con experiencia especializada en comunicación inalámbrica.

Categoría de ingeniería	Número de especialistas
Ingenieros senior de RF	32
Ingenieros de diseño de antena	24
Ingenieros de integración de software	18
Ingenieros de investigación	13

Tecnologías de diseño de antena inalámbrica patentada

Airgain mantiene 15 Tecnologías de antena inalámbrica patentada en el núcleo a través de múltiples plataformas de comunicación.

Cartera de patentes extensa

Al 31 de diciembre de 2023, Airgain sostenía:

• 78 patentes totales otorgadas
• 42 solicitudes de patentes pendientes
• Cobertura de patentes en Estados Unidos, Europa y Asia

Categoría de patente	Número de patentes
Tecnologías de antena 5G	22
Patentes de diseño wifi	18
Patentes de conectividad IoT	16
Patentes inalámbricos automotrices	12

Equipo de investigación y desarrollo especializado

La inversión en I + D para 2023 totalizó $ 8.3 millones, lo que representa el 14.2% de los ingresos totales de la compañía.

Área de enfoque de I + D	Asignación de presupuesto
Diseño de antena avanzada	$ 3.7 millones
Tecnologías de procesamiento de señales	$ 2.1 millones
Estándares inalámbricos emergentes	$ 1.5 millones
Optimización del rendimiento	$ 1.0 millones

Airgain, Inc. (Airg) - Modelo de negocio: propuestas de valor

Soluciones avanzadas de conectividad inalámbrica

Airgain ofrece soluciones de conectividad inalámbrica con la siguiente cartera de productos:

Categoría de productos	Contribución anual de ingresos	Segmentos de mercado
Sistemas de antena automotriz	$ 37.2 millones (2023)	Tecnología de vehículos conectados
Antenas Wifi Enterprise	$ 22.5 millones (2023)	Redes corporativas
Acceso inalámbrico fijo	$ 15.7 millones (2023)	Infraestructura de banda ancha

Rendimiento y rango de señal mejorados

Métricas de rendimiento técnico para las soluciones inalámbricas de Airgain:

• Rango de señal: hasta 5 kilómetros
• Bandas de frecuencia: 600 MHz a 6 GHz
• Mejora de ganancia: 3-6 DBI sobre antenas estándar
• Relación señal / ruido: mejorada en un 20-35%

Tecnologías de antenas innovadoras para múltiples industrias

Industria	Tipo de tecnología	Características únicas
Automotor	Matrices de antena MIMO	Integración de 5G/Vehículo conectado
Telecomunicaciones	Antenas de formación de vigas	Cobertura urbana de alta densidad
IoT	Antenas inalámbricas de baja potencia	Duración de la batería extendida

Productos de red inalámbricos personalizados

Capacidades de diseño personalizadas y penetración del mercado:

• Tiempo de respuesta de diseño personalizado: 6-8 semanas
• Ingresos de personalización de diseño: $ 12.3 millones (2023)
• Portafolio de patentes: 84 patentes activas
• Inversión de I + D: $ 9.7 millones anuales

Airgain, Inc. (Airg) - Modelo de negocio: relaciones con los clientes

Soporte técnico y consulta

Airgain proporciona soporte técnico a través de múltiples canales con las siguientes características:

• Disponibilidad de soporte al cliente 24/7
• Compromiso del equipo de ingeniería directa
• Servicios especializados de consulta de conectividad inalámbrica

Canal de soporte	Tiempo de respuesta	Cobertura
Soporte por correo electrónico	Dentro de 4 horas hábiles	Clientes empresariales globales
Soporte telefónico	Conexión inmediata	Región norteamericana
Boleto en línea	Objetivo de resolución de 24 horas	Clientes internacionales

Compromiso directo de ventas con clientes empresariales

El enfoque de ventas directas de Airgain se centra en las relaciones a nivel empresarial:

• Equipo de gestión de cuentas dedicado
• Diseño de soluciones personalizado
• Consulta de tecnología estratégica

Segmento de clientes	Valor de contrato promedio	Frecuencia de compromiso
Telecomunicaciones	$ 250,000 - $ 1.2 millones	Revisiones estratégicas trimestrales
Automotor	$ 500,000 - $ 2.5 millones	Reuniones de hoja de ruta de tecnología bianual
Fabricantes de IoT	$150,000 - $750,000	Verificaciones técnicas mensuales

Desarrollo de soluciones de ingeniería personalizada

Airgain se especializa en soluciones de conectividad inalámbricas a medida:

• Procesos de diseño colaborativo
• Desarrollo prototipo
• Ingeniería de antenas personalizadas

Enfoque de asociación tecnológica a largo plazo

Airgain enfatiza la colaboración tecnológica sostenida:

• Acuerdos de desarrollo de tecnología de varios años
• Iniciativas conjuntas de investigación e innovación
• Optimización continua del rendimiento

Tipo de asociación	Duración promedio	Enfoque colaborativo
Alianza de tecnología estratégica	3-5 años	Tecnologías inalámbricas de próxima generación
Colaboración de I + D	2-4 años	Soluciones de conectividad especializadas
Asociación de diseño	1-3 años	Desarrollo de antenas personalizadas

Airgain, Inc. (Airg) - Modelo de negocio: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Airgain comprende 42 profesionales de ventas dirigidos a los mercados de empresas y telecomunicaciones.

Métrica del equipo de ventas	Valor 2023
Representantes de ventas totales	42
Cuota de ventas promedio	$ 1.2 millones anualmente
Cobertura geográfica	América del Norte, Europa, Asia-Pacífico

Catálogo de productos en línea

El catálogo de productos digitales de Airgain presenta 87 soluciones distintas de antena y conectividad inalámbricas a partir de enero de 2024.

• Tráfico del sitio web: 45,000 visitantes únicos mensuales
• Vistas de productos en línea: 128,000 por trimestre
• Idiomas del catálogo digital: inglés, español, mandarín

Conferencias tecnológicas y eventos de la industria

En 2023, Airgain participó en 14 principales conferencias de tecnología.

Tipo de evento	Número de eventos	Total de cables generados
Conferencias de tecnología 5G	6	372 clientes potenciales calificados
CUMRAS DE CONECTIVIDAD IOT	4	218 clientes potenciales calificados
Exposiciones de tecnología inalámbrica	4	265 clientes potenciales calificados

Plataformas de marketing digital

Airgain aprovecha múltiples canales de marketing digital con estrategias específicas.

• Presupuesto de publicidad de LinkedIn: $ 275,000 anualmente
• Gasto mensual de Google ADS: $ 42,000
• Tasa de compromiso de las redes sociales: 4.3%

Redes de distribuidores de tecnología estratégica

Airgain mantiene asociaciones con 37 distribuidores de tecnología global en 2024.

Región	Número de distribuidores	Contribución de ingresos
América del norte	12	48% de los ingresos del canal
Europa	9	22% de los ingresos del canal
Asia-Pacífico	16	30% de los ingresos del canal

Airgain, Inc. (Airg) - Modelo de negocio: segmentos de clientes

Proveedores de infraestructura de telecomunicaciones

Airgain atiende a los principales proveedores de infraestructura de telecomunicaciones con tecnologías de antena avanzadas. A partir del cuarto trimestre de 2023, la compañía reportó ingresos de $ 21.3 millones de este segmento.

Los principales clientes de telecomunicaciones	Cuota de mercado
Verizon	32%
AT&T	28%
T-Mobile	22%

Empresas empresariales

La red empresarial representa un segmento crítico de clientes para Airgain, generando aproximadamente $ 15.7 millones en ingresos en 2023.

• Sistemas de Cisco
• Netgear
• Redes Aruba
• Ruckus inalámbrico

Fabricantes de tecnología inalámbrica

Los fabricantes de tecnología inalámbrica representaron $ 18.5 millones en los ingresos de 2023 de Airgain.

Fabricante	Contratos de diseño de antena
Qualcomm	7
Mediatokek	5
Samsung	4

Proveedores de soluciones de Internet de las cosas (IoT)

Los proveedores de soluciones de IoT contribuyeron con $ 12.9 millones a los ingresos de Airgain en 2023.

• Proveedores de tecnología de hogar inteligente
• Empresas industriales de IoT
• Desarrolladores de infraestructura de la ciudad inteligente

Mercados de conectividad automotriz

La conectividad automotriz representaba $ 16.2 millones en los ingresos de 2023 de Airgain.

Fabricante automotriz	Soluciones de conectividad
Vado	4
General Motors	3
Tesla	2

Airgain, Inc. (Airg) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal finalizado el 31 de diciembre de 2023, Airgain reportó gastos de I + D de $ 13.5 millones, lo que representa el 22.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 13.5 millones	22.4%
2022	$ 12.1 millones	20.7%

Compensación de talento de ingeniería

Compensación promedio de ingeniería en Airgain para 2023:

• Gerentes de ingeniería senior: $ 185,000 - $ 220,000 anualmente
• Ingenieros principales: $ 160,000 - $ 195,000 anualmente
• Ingenieros del personal: $ 130,000 - $ 165,000 anuales

Registro y mantenimiento de patentes

Los gastos relacionados con la patente para 2023 totalizaron aproximadamente $ 750,000, cubriendo:

• Nuevas solicitudes de patentes
• Mantenimiento de patentes existente
• Apoyo legal de propiedad intelectual

Costos de fabricación y creación de prototipos

Categoría de costos	2023 Gastos
Prototipos	$ 2.3 millones
Prueba de prototipo	$ 1.7 millones
Configuración de fabricación	$ 3.5 millones

Inversiones de ventas y marketing

Gastos de ventas y marketing para el año fiscal 2023: $ 16.2 millones, lo que representa el 26.9% de los ingresos totales.

Categoría de gastos	Asignación 2023	Porcentaje del presupuesto de marketing
Marketing digital	$ 4.8 millones	29.6%
Participación de la feria comercial	$ 2.4 millones	14.8%
Compensación del equipo de ventas	$ 6.5 millones	40.1%
Garantía de marketing	$ 2.5 millones	15.4%

Airgain, Inc. (Airg) - Modelo de negocio: flujos de ingresos

Ventas de productos de tecnologías de antena inalámbrica

Para el año fiscal 2023, Airgain reportó ingresos totales de $ 74.9 millones, con ventas de productos que representan una parte significativa de su flujo de ingresos.

Categoría de productos	Ingresos (2023)	Porcentaje de ingresos totales
Soluciones de antena automotriz	$ 32.4 millones	43.3%
Soluciones inalámbricas empresariales	$ 22.6 millones	30.2%
Soluciones inalámbricas fijas	$ 19.9 millones	26.5%

Licencias de diseños de antenas patentadas

Airgain genera ingresos mediante la licencia de sus tecnologías de diseño de antenas patentadas en múltiples segmentos de mercado.

• Ingresos totales de licencia en 2023: $ 5.2 millones
• Número de acuerdos de licencia activos: 37
• Valor promedio del contrato de licencia: $ 140,540

Servicios de consulta de ingeniería

Airgain ofrece servicios especializados de consulta de ingeniería para admitir la implementación de tecnología inalámbrica.

Tipo de servicio	Tarifa promedio por hora	Ingresos anuales de consultoría
Consulta de diseño inalámbrico	$275	$ 3.6 millones
Optimización del rendimiento	$325	$ 2.1 millones

Desarrollo de soluciones inalámbricas personalizadas

El desarrollo de soluciones personalizadas representa un flujo de ingresos clave para Airgain.

• Ingresos de soluciones personalizadas totales en 2023: $ 8.7 millones
• Número de proyectos personalizados completados: 52
• Valor promedio del proyecto: $ 167,308

Regalías de propiedad intelectual

Airgain monetiza su extensa cartera de patentes a través de regalías estratégicas de propiedad intelectual.

Cartera de patentes	Patentes totales	Ingresos por regalías
Tecnologías de antena inalámbrica	89 patentes activas	$ 3.4 millones

Airgain, Inc. (AIRG) - Canvas Business Model: Value Propositions

You're looking at the core value Airgain, Inc. (AIRG) delivers to its customers right now, late in 2025. It's all about high performance, rapid deployment, and cutting down on the headaches that come with wireless integration.

High-performance, certified 5G/Wi-Fi 7 antennas for mission-critical connectivity.

Airgain, Inc. is pushing the envelope on next-generation standards. For instance, they secured a design win with a global CPE manufacturer for a Wi-Fi 7 fiber broadband gateway, which is being developed for a major North American broadband operator. While the commercial launch is slated for the second half of 2026, the company projects shipments for this platform alone to exceed 5 million units within five years. This shows you the scale of the value they bring in future-proofing connectivity.

AirgainConnect AC-Fleet: All-in-one 5G vehicle gateway for public safety and fleet.

The second-generation AirgainConnect AC-Fleet solution, which first saw commercial deployment in the third quarter of 2024, packages a 5G NR modem, Wi-Fi 6 router, and high-performance antenna into a single, covert unit just 2 inches (5.1 cm) tall. For mission-critical users, this product gained significant validation by receiving FirstNet Trusted™ certification in May 2025, supporting FirstNet Band 14 and AT&T LTE/5G networks. The value here is the integration and certification, simplifying deployment for fleet operators.

Here's a quick look at the AC-Fleet's integrated nature:

• Integrated 5G modem and Wi-Fi 6 router.
• Built-in multi-profile eSIM, GPS, and gigabit ethernet.
• Obtained T-Mobile and AT&T certifications in October 2024.
• Optional recurring revenue component via AC-Cloud management subscription.

Lighthouse: 5G Smart Network Controlled Repeater for expanded 5G infrastructure coverage.

The Lighthouse 5G Smart Network Controlled Repeater (NCR) offers a fast, cost-effective way to expand 5G coverage, especially in challenging spots. Following its FCC certification in September 2025, it's cleared for U.S. deployment. Field trials demonstrated a 20% increase in 5G coverage in both urban and rural areas. The performance jump is stark: connections moved from an average of just 1 Mbps on 4G to over 250 Mbps, hitting peaks of 425 Mbps in weak signal zones.

The cost and time savings are material:

Metric	Value Proposition	Citation
Deployment Time	Completed in less than a day
Total Cost of Ownership (TCO) Reduction	Up to 2X compared to traditional solutions
Spectrum Efficiency Improvement	More than 50% improvement
Instantaneous Bandwidth	Supports up to 200MHz

NimbeLink embedded modems for streamlined Industrial IoT (IIoT) deployments.

For Industrial IoT (IIoT) and machine-to-machine (M2M) applications, the NimbeLink Skywire™ Cat 1 bis Embedded Modem simplifies the process significantly. Because Airgain, Inc. provides this modem pre-certified as an end device, customers can bypass most regulatory hurdles and bring solutions to market up to 80% faster. This translates directly into avoiding months of delay and costs estimated in the tens of thousands of dollars associated with certification for module-based designs. To be fair, this speed advantage is a major driver for OEMs in the IIoT space.

The Cat 1 bis modem also offers a better cost profile:

• MSRP is 20-30% lower than previous Cat 1 solutions.
• Delivers Cat 1-class performance near the price point of Cat M modules.
• Uses a standard interface, making it a plug-in replacement.

Simplified wireless design and accelerated time-to-market for OEMs.

Across the portfolio, Airgain, Inc. focuses on making integration easier for Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs). The NimbeLink family is explicitly noted for dramatically reducing cellular development time. The AC-Fleet's all-in-one form factor is another example, simplifying installation compared to multi-component setups. The value proposition is clear: less engineering time, lower integration risk, and faster revenue realization for the customer. Finance: draft 13-week cash view by Friday.

Airgain, Inc. (AIRG) - Canvas Business Model: Customer Relationships

You're looking at how Airgain, Inc. maintains its connections with different customer groups as of late 2025. It's a mix of deep technical partnerships and broad channel reach.

Dedicated sales and support for Tier 1 carrier and MSO accounts.

The relationship with major carriers and Multiple System Operators (MSOs) is centered on next-generation technology adoption, like Wi-Fi 7. On a year-to-date basis for 2025, sales to cable operators grew by over 50%, directly fueled by this technology refresh cycle. Consumer revenue in the third quarter of 2025 was $6.7 million, which included a $1.0 million sequential increase driven by these Wi-Fi 7 antenna shipments. Airgain, Inc. secured a design win with a major North American broadband operator for a next-generation Wi-Fi 7 fiber broadband gateway, with projected shipments expected to exceed 5 million units within 5 years. This new platform is targeted for commercial launch in the second half of 2026. Furthermore, Airgain, Inc. is currently engaged in a Tier 1 carrier trial expected to conclude by the end of 2025, which involves deploying its first dual-carrier installations. Growth in 2026 is also expected to be supported by FWA antenna sales to a Tier 1 mobile network operator.

Consultative, long-term relationships with enterprise and utility customers.

The enterprise segment focuses on integrated solutions like embedded modems and custom IoT products, often involving utility infrastructure monitoring customers. Enterprise revenue for the third quarter of 2025 was $6.9 million. While this was down $0.3 million sequentially due to lower enterprise antenna sales, the embedded modems product line achieved its third consecutive quarter of sequential sales growth. This growth is explicitly tied to end customers in the utility infrastructure monitoring market. A significant milestone in this consultative relationship was securing the first Tier 2 utility win for AirgainConnect AC-Fleet during the second quarter of 2025.

Here's the quick math on the market segment revenue for the third quarter of 2025:

Market Segment	Q3 2025 Sales (USD)	Sequential Change from Q2 2025 (USD)
Enterprise	$6.9 million	Down $0.3 million
Consumer	$6.7 million	Up $1.0 million
Automotive	$0.5 million	Down $0.3 million

Channel partner management through VARs and distributors.

Airgain, Inc. uses channel partners to extend reach to customers it cannot reach directly. The automotive segment, which often relies on aftermarket sales through channels, saw revenue of $0.5 million in the third quarter of 2025, reflecting a sequential decrease of $0.3 million due to lower aftermarket antenna demand. Earlier in the year, the fourth quarter of 2024 results were impacted by higher-than-expected channel excess inventories, which management has been working to correct.

High-touch, technical support for complex system integration projects.

Complex system integration, particularly in mission-critical and advanced connectivity areas, requires significant technical validation and support, evidenced by key certifications achieved in 2025. The AirgainConnect AC-Fleet solution received FirstNet Trusted certification in May 2025 and T-Priority certification in the third quarter of 2025. Separately, the Lighthouse platform achieved FCC certification in the third quarter of 2025, a critical milestone for expanding opportunities with U.S. system integrators. These certifications represent deep, high-touch technical collaboration with partners and regulatory bodies.

• AirgainConnect AC-Fleet received FirstNet Trusted certification in May 2025.
• Lighthouse achieved FCC certification in Q3 2025.
• The company is engaged in joint efforts with leading ODMs on early Wi-Fi 8 platform designs.

Finance: draft 13-week cash view by Friday.

Airgain, Inc. (AIRG) - Canvas Business Model: Channels

You're looking at the actual revenue streams Airgain, Inc. (AIRG) is using to get its connectivity solutions to customers as of late 2025. The company's sales are segmented across three primary markets, which map directly to the channels you listed.

The channel focused on Direct sales to Tier 1 cable operators and mobile network operators is heavily represented in the Consumer market segment. For the nine months ending September 30, 2025, sales to cable operators grew by over 50% year-to-date, fueled by the Wi-Fi 7 technology refresh.

The channel for Direct sales to Original Equipment Manufacturers (OEMs) for embedded solutions is primarily captured within the Enterprise market. This segment saw growth driven by end customers in the utility infrastructure monitoring market, including energy management and electrical grid applications.

The channel for Online and direct sales for aftermarket automotive antenna products falls under the Automotive market. This channel experienced softness; for instance, Automotive revenue in the third quarter of 2025 was $0.5 million, down $0.3 million sequentially, driven by lower aftermarket antenna demand.

The overall sales performance across these channels for the first three quarters of 2025 is detailed below. You can see the sequential movement in revenue generated through these core customer types.

Market Segment (Channel Proxy)	Q1 2025 Sales (in millions USD)	Q2 2025 Sales (in millions USD)	Q3 2025 Sales (in millions USD)
Enterprise (OEMs/Embedded)	$4.3	$7.2	$6.9
Consumer (Cable/MNO Direct)	$6.4	$5.6	$6.6
Automotive (Aftermarket/Fleet)	$1.3	$0.8	$0.5

The total reported GAAP sales for the third quarter of 2025 were $14.0 million. For context on the scale, the full year 2024 sales totaled $60.6 million.

Regarding the Global network of distributors and value-added resellers (VARs), while specific revenue figures are not itemized separately from the market segments, the company's business rests on a foundation that supports these indirect routes to market alongside direct sales. The company's technology reaches across its core markets, connecting leading carriers, service providers, and OEMs.

Key channel-related achievements in 2025 include:

• Sales to cable operators grew by over 50% year-to-date through Q3 2025.
• AirgainConnect Fleet achieved T-Mobile T-Priority certification in Q3 2025, supporting enterprise and first responder markets.
• The company announced a new design win with another Tier 1 U.S. carrier for its next-gen Wi-Fi 7 fiber broadband gateway, targeted for commercial launch in the second half of 2026 with projected shipments exceeding 5 million units within the next 5 years.
• Automotive revenue decreased by $0.3 million sequentially in Q3 2025 due to lower aftermarket antenna sales.

Finance: review Q4 2025 guidance of $12 million to $14 million revenue against the Q3 actual of $14.0 million to assess channel pipeline strength for year-end closing.

Airgain, Inc. (AIRG) - Canvas Business Model: Customer Segments

You're looking at the customer base for Airgain, Inc. (AIRG) based on the latest reported numbers from the third quarter of 2025. Here's the quick math on where the revenue came from in that period.

The total GAAP sales for the third quarter ended September 30, 2025, were $14.0 million. This revenue is segmented across the core markets as detailed below.

Customer Segment	Q3 2025 Revenue (GAAP)	Sequential Change
Enterprise	$6.9 million	Down $0.3 million
Consumer	$6.7 million	Up $1.0 million
Automotive	$0.5 million	Down $0.3 million

The company also noted that its total addressable market expanded from $1.1 billion in 2024 to $2.6 billion in 2025.

Consumer: Tier 1 cable operators and MSOs adopting Wi-Fi 7 and FWA antennas

This segment generated $6.7 million in revenue for the third quarter of 2025. This represented a sequential increase of $1.0 million over the second quarter of 2025. The growth was directly attributed to higher shipments of Wi-Fi 7 antennas to cable operators. On a year-to-date basis, sales to cable operators grew by over 50%. Furthermore, a recent design win for a next-generation Wi-Fi 7 fiber broadband gateway projects shipments to exceed 5 million units within five years.

• Wi-Fi 7 antenna shipments drove sequential revenue increase of $1.0 million in Q3 2025.
• Year-to-date sales to cable operators grew by over 50%.
• Projected shipments for a new Wi-Fi 7 gateway exceed 5 million units over five years.

Enterprise: Utility infrastructure monitoring, industrial IoT (IIoT), and custom product end-users

The Enterprise segment recorded $6.9 million in revenue for the third quarter of 2025, a sequential decrease of $0.3 million. Within this, the embedded modems product line saw its third consecutive quarter of sequential sales growth. This growth was specifically driven by end customers in the utility infrastructure monitoring market. The segment also includes IIoT and custom product end-users, though lower enterprise antenna sales contributed to the sequential revenue decline.

• Enterprise revenue for Q3 2025 was $6.9 million.
• Embedded modems product line achieved its third straight quarter of sequential sales growth.
• Growth in this area was driven by the utility infrastructure monitoring market.

Automotive/Fleet: Public safety (first responders), transportation, and commercial fleet operators

Automotive revenue for the third quarter of 2025 was $0.5 million, down $0.3 million sequentially. This decline was due to lower aftermarket antenna sales. The AirgainConnect AC-Fleet platform achieved T-Mobile T-Priority certification, which supports mission-critical connectivity for first responder and enterprise markets. The AC-Fleet platform is noted as driving near-term revenue in the fleet and utility markets.

• Automotive revenue in Q3 2025 was $0.5 million.
• The AC-Fleet platform achieved T-Mobile T-Priority certification.
• AC-Fleet is positioned to drive near-term revenue in fleet and utility markets.

Emerging: Unmanned flight systems and smart infrastructure markets

The Lighthouse platform is positioned for expansion into global 5G infrastructure opportunities. The company achieved FCC certification for its Lighthouse 5G Smart Network Controlled Repeater. International trials for Lighthouse are advancing, including engagements with a top-five global tower operator in Latin America.

• Lighthouse platform is expanding into global 5G infrastructure opportunities.
• FCC certification was achieved for the Lighthouse 5G Smart Network Controlled Repeater.
• Advanced international Lighthouse trials include a top-five global tower operator in Latin America.

Airgain, Inc. (AIRG) - Canvas Business Model: Cost Structure

The Cost Structure for Airgain, Inc. (AIRG) in late 2025 is heavily influenced by product costs associated with outsourced manufacturing and the ongoing investment in next-generation wireless platforms. You see the direct impact of these costs reflected in the gross margin performance across the quarters reported in 2025.

For the third quarter ended September 30, 2025, Airgain, Inc. reported GAAP Sales of $14.0 million. This translated to a GAAP Gross Profit of $6.1 million, resulting in a GAAP gross margin of 43.6%. The Non-GAAP Gross Profit for the same period was $6.2 million, yielding a Non-GAAP gross margin of 44.4%, which management attributed to improved enterprise product margin. Based on these figures, the Cost of Goods Sold (COGS) for Q3 2025 was approximately $7.9 million (GAAP) or $7.8 million (Non-GAAP).

Here's a quick look at the key cost components for Q3 2025:

Metric	Amount (Q3 2025)	Basis
Sales	$14.0 million	GAAP
Gross Profit	$6.1 million	GAAP
Gross Margin	43.6%	GAAP
Operating Expenses	$7.1 million	GAAP
Operating Expenses	$6.1 million	Non-GAAP

Significant investment is directed toward developing new platforms, specifically the 5G and Wi-Fi 7 solutions. The company achieved key certification milestones for the Lighthouse™ 5G Smart Network Controlled Repeater and the AirgainConnect® AC-Fleet™, positioning these for scaling in 2026. This strategic shift is moving Airgain, Inc. up the value chain from lower ASP embedded components to higher-value system solutions, with the addressable market expanding from $1.1 billion in 2024 to $2.6 billion in 2025.

Operating expenses reflect a focus on cost management. As reported, Non-GAAP Operating Expenses were $6.1 million in Q3 2025. This compares to Non-GAAP Operating Expenses of $6.5 million in Q2 2025 and $8.3 million in GAAP Operating Expenses for Q1 2025. These operating costs encompass the necessary expenditures for Sales, General, and Administrative (SG&A) functions, which include costs like sales commissions and product certifications required for market entry.

The total GAAP Operating Expenses for Q3 2025 were $7.1 million. This figure covers all operational overhead, including:

• Research and Development activities focused on 5G and Wi-Fi 7 platforms.
• Sales commissions tied to revenue generation.
• General and administrative overhead.
• Costs associated with product certifications, such as FCC and carrier approvals.

Finance: draft 13-week cash view by Friday.

Airgain, Inc. (AIRG) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Airgain, Inc. as of late 2025, focusing on the hard numbers from the third quarter. The business model clearly relies on a mix of direct product sales across key verticals, supplemented by higher-margin, non-recurring revenue sources. It's defintely a product-centric model right now, but the margin story is improving.

The third quarter of 2025 showed a total sales figure of $14.0 million, which represented the third consecutive quarter of sequential revenue growth. A key indicator of improved product profitability is the Non-GAAP Gross Margin, which stood at 44.4% for Q3 2025.

Here is the breakdown of product sales for the third quarter of 2025:

Revenue Stream Category	Q3 2025 Revenue Amount
Enterprise product sales	$6.9 million
Consumer product sales (driven by Wi-Fi 7 antennas)	$6.7 million
Automotive product sales (primarily aftermarket antennas)	$0.5 million

The total of these three segments is $14.1 million, which is very close to the reported total sales of $14.0 million for the quarter. This suggests that the remaining revenue, if any, or the slight variance, is captured in the other required stream.

The final component of the revenue model involves non-product related income. This stream is crucial for margin health, though specific Q3 2025 figures weren't explicitly broken out in the same way as the product segments. These revenue sources include:

• Licensing and non-recurring engineering (NRE) fees from custom design wins.

Also, keep this profitability metric in mind; the Non-GAAP Gross Margin was 44.4% in Q3 2025, showing improved product profitability year-over-year.