Airgain, Inc. (Airg): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da conectividade sem fio, a Airgain, Inc. (Airg) surge como uma força pioneira, navegando estrategicamente no complexo ecossistema de tecnologias de antenas e soluções sem fio inovadoras. Ao elaborar meticulosamente um modelo de negócios robusto que aproveita a experiência em engenharia de ponta, parcerias estratégicas e um portfólio diversificado de produtos de conectividade sem fio, a Airgain se posicionou como um facilitador crítico para setores de telecomunicações, IoT e redes empresariais. Sua abordagem única para projetar tecnologias de antena de alto desempenho e criar soluções de rede sem fio personalizadas as diferencia em um mercado competitivo, promissor potencial transformador para indústrias que buscam infraestrutura de conectividade avançada.

Airgain, Inc. (AIRG) - Modelo de negócios: Parcerias -chave

Parcerias estratégicas com fabricantes de tecnologia sem fio

A partir de 2024, a Airgain estabeleceu as principais parcerias com os seguintes fabricantes de tecnologia sem fio:

Fabricante	Detalhes da parceria	Ano estabelecido
Qualcomm	Integração do design da antena	2018
MEDIATEK	Otimização do módulo sem fio	2020
Intel	Colaboração de tecnologia da antena 5G	2022

Colaboração com empresas de infraestrutura de telecomunicações

As parcerias de infraestrutura de telecomunicações da Airgain incluem:

• Comunicações da Verizon - soluções de antena de acesso sem fio fixo
• AT&T - produtos de conectividade sem fio corporativos
• Comcast - Tecnologia de antena de banda larga

Relações OEM com fabricantes de roteador e antena

Parcerias OEM atuais a partir de 2024:

Parceiro OEM	Categoria de produto	Contribuição anual da receita
Netgear	Roteadores de rede doméstica	US $ 12,4 milhões
Arris (CommScope)	Antenas de modem a cabo	US $ 8,7 milhões
Tp-link	Equipamento de rede corporativa	US $ 6,2 milhões

Pesquisa e desenvolvimento alianças com empresas de semicondutores

Principais parcerias de P&D semicondutores:

• Broadcom - 5G e Wi -Fi 6e Antena Design
• Marvell Technology - Integração semicondutores sem fio
• Silicon Laboratories - Soluções de conectividade IoT

Contribuição total da receita da parceria em 2024: US $ 42,3 milhões

Airgain, Inc. (Airg) - Modelo de Negócios: Atividades -chave

Projetando tecnologias de antena sem fio de alto desempenho

A partir do quarto trimestre de 2023, a Airgain investiu US $ 8,4 milhões em esforços avançados de design e engenharia sem fio. A empresa mantém uma equipe de pesquisa dedicada de 47 engenheiros especializados focados na inovação tecnológica sem fio.

Design Focus Area	Investimento anual	Aplicações de patentes
Sistemas de antena 5G	US $ 3,2 milhões	12 novas patentes
WiFi 6/6e Technologies	US $ 2,7 milhões	9 novas patentes
Soluções de conectividade da IoT	US $ 2,5 milhões	7 novas patentes

Soluções de conectividade avançada de engenharia

A equipe de engenharia da Airgain se concentra no desenvolvimento de tecnologias de conectividade de próxima geração em várias plataformas.

• Força de trabalho de engenharia total: 124 profissionais
• Orçamento de desenvolvimento de soluções de conectividade: US $ 12,6 milhões em 2023
• Ciclo de desenvolvimento médio: 14-18 meses por plataforma de tecnologia importante

Pesquisa e desenvolvimento de produtos

Em 2023, a Airgain alocou US $ 15,3 milhões especificamente para atividades de pesquisa e desenvolvimento, representando 22,4% da receita total da empresa.

Área de foco em P&D	Alocação de orçamento	Principais resultados
Design de antena sem fio	US $ 6,7 milhões	17 protótipos de novos produtos
Otimização de conectividade	US $ 4,9 milhões	9 inovações de aprimoramento de desempenho
Exploração de tecnologia emergente	US $ 3,7 milhões	5 iniciativas de tecnologia exploratória

Criação da propriedade intelectual e desenvolvimento de patentes

A Airgain manteve uma estratégia de propriedade intelectual robusta em 2023, com foco significativo na criação e proteção de patentes.

• Total de patentes ativas: 237
• Novos pedidos de patente arquivados: 28
• Investimento de desenvolvimento de patentes: US $ 2,1 milhões
• Valor da portfólio de patentes estimado em US $ 42,5 milhões

Airgain, Inc. (Airg) - Modelo de negócios: Recursos -chave

Experiência em engenharia técnica

A partir do quarto trimestre 2023, a Airgain empregou 87 profissionais de engenharia técnica com experiência especializada em comunicação sem fio.

Categoria de engenharia	Número de especialistas
Engenheiros de RF sênior	32
Engenheiros de design de antenas	24
Engenheiros de integração de software	18
Engenheiros de pesquisa	13

Tecnologias de design de antena sem fio proprietárias

Airgain mantém 15 Tecnologias de antena sem fio proprietárias principais em várias plataformas de comunicação.

Extenso portfólio de patentes

Em 31 de dezembro de 2023, o Airgain possuía:

• 78 patentes totais concedidas
• 42 pedidos de patente pendente
• Cobertura de patentes nos Estados Unidos, Europa e Ásia

Categoria de patentes	Número de patentes
Tecnologias de antena 5G	22
Patentes de design Wi -Fi	18
Patentes de conectividade da IoT	16
Patentes sem fio automotivas	12

Equipe especializada de pesquisa e desenvolvimento

O investimento em P&D para 2023 totalizou US $ 8,3 milhões, representando 14,2% da receita total da empresa.

Área de foco em P&D	Alocação de orçamento
Design de antena avançada	US $ 3,7 milhões
Tecnologias de processamento de sinal	US $ 2,1 milhões
Padrões sem fio emergentes	US $ 1,5 milhão
Otimização de desempenho	US $ 1,0 milhão

Airgain, Inc. (Airg) - Modelo de negócios: proposições de valor

Soluções avançadas de conectividade sem fio

Airgain oferece soluções de conectividade sem fio com o seguinte portfólio de produtos:

Categoria de produto	Contribuição anual da receita	Segmentos de mercado
Sistemas de antena automotiva	US $ 37,2 milhões (2023)	Tecnologia de veículo conectado
Antenas Wi -Fi Enterprise	US $ 22,5 milhões (2023)	Rede corporativa
Acesso sem fio fixo	US $ 15,7 milhões (2023)	Infraestrutura de banda larga

Desempenho aprimorado do sinal e alcance

Métricas de desempenho técnico para soluções sem fio da Airgain:

• Faixa de sinal: até 5 quilômetros
• Bandas de frequência: 600 MHz a 6 GHz
• Melhoria de ganho: 3-6 dBi sobre antenas padrão
• Relação sinal-ruído: aprimorado em 20-35%

Tecnologias de antena inovadoras para vários setores

Indústria	Tipo de tecnologia	Recursos únicos
Automotivo	Matrizes de antena MIMO	Integração de veículos 5G/conectada
Telecomunicações	Antenas de referência de feixe	Cobertura urbana de alta densidade
IoT	Antenas sem fio de baixa potência	Prolongada duração da bateria

Produtos de rede sem fio personalizados

Recursos de design personalizados e penetração de mercado:

• Tempo de resposta personalizado de design: 6-8 semanas
• Receita de personalização do projeto: US $ 12,3 milhões (2023)
• Portfólio de patentes: 84 patentes ativas
• Investimento de P&D: US $ 9,7 milhões anualmente

Airgain, Inc. (Airg) - Modelo de negócios: relacionamentos com o cliente

Suporte técnico e consulta

Airgain fornece suporte técnico por meio de vários canais com as seguintes características:

• Disponibilidade de suporte ao cliente 24/7
• Engajamento da equipe de engenharia direta
• Serviços especializados de consulta de conectividade sem fio

Canal de suporte	Tempo de resposta	Cobertura
Suporte por e -mail	Dentro de 4 horas úteis	Clientes da empresa global
Suporte telefônico	Conexão imediata	Região norte -americana
Bilheteria on -line	Alvo de resolução de 24 horas	Clientes internacionais

Engajamento direto de vendas com clientes corporativos

A abordagem de vendas diretas da Airgain se concentra nos relacionamentos no nível da empresa:

• Equipe de gerenciamento de contas dedicada
• Design de solução personalizada
• Consulta de tecnologia estratégica

Segmento de clientes	Valor médio do contrato	Frequência de engajamento
Telecomunicações	$ 250.000 - US $ 1,2 milhão	Revisões estratégicas trimestrais
Automotivo	US $ 500.000 - US $ 2,5 milhões	Reuniões de Roadmap de Tecnologia Bienual
Fabricantes de IoT	$150,000 - $750,000	Check-ins técnicos mensais

Desenvolvimento de solução de engenharia personalizada

Airgain é especializada em soluções de conectividade sem fio personalizadas:

• Processos de design colaborativo
• Desenvolvimento de protótipo
• Engenharia de antena personalizada

Abordagem de parceria de tecnologia de longo prazo

Airgain enfatiza a colaboração tecnológica sustentada:

• Acordos de desenvolvimento de tecnologia de vários anos
• Iniciativas de pesquisa e inovação conjuntas
• Otimização contínua de desempenho

Tipo de parceria	Duração média	Foco colaborativo
Aliança de Tecnologia Estratégica	3-5 anos	Tecnologias sem fio da próxima geração
Colaboração em P&D	2-4 anos	Soluções de conectividade especializadas
Parceria de design	1-3 anos	Desenvolvimento de antena personalizada

Airgain, Inc. (Airg) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir do quarto trimestre de 2023, a equipe de vendas direta da Airgain compreende 42 profissionais de vendas direcionados aos mercados de empresas e telecomunicações.

Métrica da equipe de vendas	2023 valor
Total de representantes de vendas	42
Cota de vendas médias	US $ 1,2 milhão anualmente
Cobertura geográfica	América do Norte, Europa, Ásia-Pacífico

Catálogo de produtos on -line

O catálogo de produtos digitais da Airgain possui 87 soluções distintas de antena sem fio e conectividade em janeiro de 2024.

• Tráfego do site: 45.000 visitantes únicos mensais
• Visualizações de produto online: 128.000 por trimestre
• Idiomas de catálogo digital: inglês, espanhol, mandarim

Conferências de Tecnologia e Eventos da Indústria

Em 2023, a Airgain participou de 14 principais conferências de tecnologia.

Tipo de evento	Número de eventos	Total de leads gerados
Conferências de tecnologia 5G	6	372 leads qualificados
Cúpulas de conectividade da IoT	4	218 leads qualificados
Exposições de tecnologia sem fio	4	265 leads qualificados

Plataformas de marketing digital

O airgain aproveita vários canais de marketing digital com estratégias direcionadas.

• Orçamento de publicidade do LinkedIn: US $ 275.000 anualmente
• Gastes mensais do Google ADS: US $ 42.000
• Taxa de engajamento de mídia social: 4,3%

Redes de distribuidores de tecnologia estratégica

Airgain mantém parcerias com 37 distribuidores de tecnologia global em 2024.

Região	Número de distribuidores	Contribuição da receita
América do Norte	12	48% da receita do canal
Europa	9	22% da receita do canal
Ásia-Pacífico	16	30% da receita do canal

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

Provedores de infraestrutura de telecomunicações

A Airgain atende os principais provedores de infraestrutura de telecomunicações com tecnologias avançadas de antena. A partir do quarto trimestre de 2023, a empresa registrou receita de US $ 21,3 milhões deste segmento.

Os principais clientes de telecomunicações	Quota de mercado
Verizon	32%
AT&T	28%
T-Mobile	22%

Empresas de rede corporativa

A rede corporativa representa um segmento crítico de clientes para airgain, gerando aproximadamente US $ 15,7 milhões em receita em 2023.

• Sistemas Cisco
• Netgear
• Redes Aruba
• Ruckus sem fio

Fabricantes de tecnologia sem fio

Os fabricantes de tecnologia sem fio representaram US $ 18,5 milhões na receita de 2023 da Airgain.

Fabricante	Contratos de projeto da antena
Qualcomm	7
MEDIATEK	5
Samsung	4

Provedores de soluções da Internet das Coisas (IoT)

Os provedores de soluções da IoT contribuíram com US $ 12,9 milhões para a receita da Airgain em 2023.

• Provedores de tecnologia doméstica inteligentes
• Empresas de IoT industriais
• Desenvolvedores de infraestrutura da cidade inteligente

Mercados de conectividade automotiva

A conectividade automotiva representou US $ 16,2 milhões na receita de 2023 da Airgain.

Fabricante automotivo	Soluções de conectividade
Ford	4
General Motors	3
Tesla	2

Airgain, Inc. (Airg) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de dezembro de 2023, a Airgain registrou despesas de P&D de US $ 13,5 milhões, representando 22,4% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 13,5 milhões	22.4%
2022	US $ 12,1 milhões	20.7%

Compensação de talentos de engenharia

Compensação média de engenharia no Airgain para 2023:

• Gerentes seniores de engenharia: US $ 185.000 - US $ 220.000 anualmente
• Engenheiros principais: US $ 160.000 - US $ 195.000 anualmente
• Engenheiros da equipe: US $ 130.000 - US $ 165.000 anualmente

Registro e manutenção de patentes

As despesas relacionadas a patentes para 2023 totalizaram aproximadamente US $ 750.000, cobrindo:

• Novos pedidos de patente
• Manutenção de patentes existente
• Apoio Jurídico de Propriedade Intelectual

Custos de fabricação e prototipagem

Categoria de custo	2023 Despesas
Prototipagem	US $ 2,3 milhões
Teste de protótipo	US $ 1,7 milhão
Configuração de fabricação	US $ 3,5 milhões

Investimentos de vendas e marketing

Despesas de vendas e marketing para o ano fiscal de 2023: US $ 16,2 milhões, representando 26,9% da receita total.

Categoria de despesa	2023 Alocação	Porcentagem de orçamento de marketing
Marketing digital	US $ 4,8 milhões	29.6%
Participação na feira	US $ 2,4 milhões	14.8%
Compensação da equipe de vendas	US $ 6,5 milhões	40.1%
Garantia de marketing	US $ 2,5 milhões	15.4%

Airgain, Inc. (Airg) - Modelo de negócios: fluxos de receita

Vendas de produtos de tecnologias de antena sem fio

Para o ano fiscal de 2023, a Airgain registrou receita total de US $ 74,9 milhões, com as vendas de produtos representando uma parcela significativa de seu fluxo de receita.

Categoria de produto	Receita (2023)	Porcentagem da receita total
Soluções de antena automotiva	US $ 32,4 milhões	43.3%
Enterprise Wireless Solutions	US $ 22,6 milhões	30.2%
Soluções sem fio fixas	US $ 19,9 milhões	26.5%

Licenciamento de projetos de antenas proprietários

A Airgain gera receita através do licenciamento de suas tecnologias de design de antenas proprietárias em vários segmentos de mercado.

• Receita total de licenciamento em 2023: US $ 5,2 milhões
• Número de acordos de licenciamento ativos: 37
• Valor médio do contrato de licenciamento: US $ 140.540

Serviços de consulta de engenharia

A Airgain fornece serviços especializados de consulta de engenharia para apoiar a implementação da tecnologia sem fio.

Tipo de serviço	Taxa horária média	Receita anual da consultoria
Consulta de design sem fio	$275	US $ 3,6 milhões
Otimização de desempenho	$325	US $ 2,1 milhões

Desenvolvimento de solução sem fio personalizado

O desenvolvimento de soluções personalizado representa um fluxo de receita essencial para o Airgain.

• Receita total de solução personalizada em 2023: US $ 8,7 milhões
• Número de projetos personalizados concluídos: 52
• Valor médio do projeto: US $ 167.308

Royalties de propriedade intelectual

Airgain monetiza seu extenso portfólio de patentes por meio de royalties de propriedade intelectual estratégica.

Portfólio de patentes	Total de patentes	Receita de royalties
Tecnologias de antena sem fio	89 patentes ativas	US $ 3,4 milhões

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.