Airgain Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Airgain Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

AIRGAIN INC (AIRG) filed a Annual Report (10-K) with the SEC on March 6, 2024. The filing is an annual report (10-K) for Airgain Inc. for the fiscal year ending December 31, 2023. The report covers the period from January 1, 2023, to December 31, 2023. Key financial data points such as revenue, net income, EPS, debt/equity, cash, operating margin, gross margin, total assets, and total debt are expected to be detailed within the full report. The company's business address is located at 3611 Valley Centre Drive, Suite 150, San Diego, CA 92130. The filing references various financial statement line items and risk factors, including customer concentration risk and specific geographic regions like China and North America.

Why It Matters

For investors and stakeholders tracking AIRGAIN INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Airgain Inc.'s financial health, operational performance, and strategic positioning for the past fiscal year, which is crucial for investors to assess the company's value and future prospects. The detailed financial disclosures and risk factor analysis within the report are essential for stakeholders to understand potential challenges and opportunities facing Airgain Inc. in the broadcasting and communications equipment industry.

Risk Assessment

Risk Level: medium — AIRGAIN INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of financial and operational information, but without specific financial results or forward-looking statements in this initial summary, the risk level is assessed as medium.

Analyst Insight

Investors should review the full 10-K filing to analyze Airgain Inc.'s detailed financial statements, management's discussion and analysis, and risk factors to make informed investment decisions.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 20240306 — Filing Date (FILED AS OF DATE)
• 3611 VALLEY CENTRE DRIVE — Business Address (STREET 1)
• 92130 — Business Address ZIP (ZIP)

Key Players & Entities

• AIRGAIN INC (company) — FILER
• 0000950170-24-027341 (other) — ACCESSION NUMBER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240306 (date) — FILED AS OF DATE
• 0001272842 (company) — CENTRAL INDEX KEY
• 3611 VALLEY CENTRE DRIVE (address) — BUSINESS ADDRESS STREET 1
• SUITE 150 (address) — BUSINESS ADDRESS STREET 2
• SAN DIEGO (location) — BUSINESS ADDRESS CITY

FAQ

Industry Context

Airgain Inc. operates in the Radio & TV Broadcasting & Communications Equipment industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and performance metrics.
2. Analyze the Management's Discussion and Analysis (MD&A) section for insights into business trends and strategies.
3. Examine the Risk Factors section for potential challenges and uncertainties facing the company.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K; comparative data from the previous year's filing will be available within the document.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share AIRG The Nasdaq Capital M
• $5.40 — n stock on The Nasdaq Capital Market of $5.40 per share. The number of shares of Re
• $1.3 billion — ates, we project the SAM will grow from $1.3 billion in 2023 to $2.2 billion by 2024 and to
• $2.2 billion — will grow from $1.3 billion in 2023 to $2.2 billion by 2024 and to $3.5 billion by 2025. Wh
• $3.5 billion — in 2023 to $2.2 billion by 2024 and to $3.5 billion by 2025. While we estimate the consumer

Filing Documents

• airg-20231231.htm (10-K) — 2107KB
• airg-ex21_1.htm (EX-21.1) — 5KB
• airg-ex23_1.htm (EX-23.1) — 2KB
• airg-ex31_1.htm (EX-31.1) — 11KB
• airg-ex31_2.htm (EX-31.2) — 11KB
• airg-ex32_1.htm (EX-32.1) — 7KB
• airg-ex32_2.htm (EX-32.2) — 7KB
• airg-ex97_1.htm (EX-97.1) — 29KB
• img206295342_0.jpg (GRAPHIC) — 50KB
• img206295342_1.jpg (GRAPHIC) — 64KB
• 0000950170-24-027341.txt (&nbsp;) — 10195KB
• airg-20231231.xsd (EX-101.SCH) — 1588KB
• airg-20231231_htm.xml (XML) — 1753KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 36 Item 1C. Cybersecurity 36 Item 2.

Properties

Properties 37 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 47 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 77 Item 9A.

Controls and Procedures

Controls and Procedures 77 Item 9B. Other Information 78 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 78 PART III Item 10. Directors, Executive Officers and Corporate Governance 79 Item 11.

Executive Compensation

Executive Compensation 79 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 79 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accounting Fees and Services 79 PART IV Item 15. Exhibits, Financial Statement Schedules 80 Item 16. Form 10-K Summary 83 3 PART I

FORWARD-LOOKING STATEMENTS AND MARKET DATA

FORWARD-LOOKING STATEMENTS AND MARKET DATA This annual report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). All statements other than statements of historical fact contained in this annual report, including statements regarding our future operating results, financial position and cash flows, our business strategy and plans, and our objectives for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. This annual report on Form 10-K also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk. In some cases, you can identify forward-looking statements by terms such as "may," "will," "would," "could," "should," "expect," "plan," "anticipate," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this annual report are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, operating results, business strategy, short-term and long-term business operations and objectiv

BUSINESS

ITEM 1. BUSINESS Overview Airgain is a premier provider of wireless connectivity solutions, offering a range of embedded components, external antennas, and integrated systems worldwide. We streamline wireless connectivity across devices and markets, with a focus on solving complex connectivity challenges, expediting time to market, and optimizing wireless signals. Our mission is to connect the world through optimized, integrated wireless solutions. Our product portfolio focuses on three key markets: enterprise, consumer, and automotive. Our current enterprise products include embedded cellular modems, antennas for access points and Internet of Things (IoT) applications, and asset trackers. We expect to expand our product offering with fixed wireless access solutions and Smart Network Controlled Cellular Repeaters (Smart NCRs). Our consumer products include embedded antennas for consumer access points, wireless gateways, smart home devices and fixed wireless access devices. Our current automotive products include aftermarket antennas that are typically connected to third-party cellular and Wi-Fi-enabled routers, digital video evidence devices, and telematics gateways. We also recently launched a second generation AirgainConnect Fleet system solution – a low profile, roof-mounted 5G vehicle gateway, combining a cellular modem, antennas, and additional features into a single device. We have a rich history of providing radio frequency (RF) expertise, services, and solutions to mobile operators and major original equipment manufacturers (OEMs). With the addition of NimbeLink products in 2021, we expanded our capabilities to include embedded cellular modems, asset trackers and custom IoT systems. We are leveraging our RF and systems experience, and our Mobile Network Operator (MNO) and Multiple Service Operator (MSO) relationships to deliver new and differentiated products. In 2022, we transitioned to an outsource manufacturing model for our products while maint

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View this 10-K filing on SEC EDGAR