Airgain, Inc. reported a revenue increase of 8.1% for the fiscal year ending December 31, 2024, totaling $60.6 million, compared to $56.0 million in 2023. The growth was primarily driven by strong performance in the enterprise and consumer markets, with enterprise sales rising to $29.5 million from $27.2 million and consumer sales increasing to $21.7 million from $18.9 million. However, automotive sales saw a decline, dropping to $9.4 million from $9.9 million, attributed to lower aftermarket sales despite new product introductions.
The company's gross profit margin improved significantly, rising to 40.9% in 2024 from 37.1% in the previous year, largely due to enhanced margins in automotive and enterprise products. Operating expenses increased slightly to $33.7 million, up from $33.2 million in 2023, with research and development costs rising as the company continues to invest in its product roadmap. The net loss for the year decreased to $8.7 million from $12.4 million in 2023, reflecting improved operational efficiency and higher sales.
Strategically, Airgain has focused on expanding its product offerings, including the successful launch of its Fixed Wireless Access (FWA) product line and the second generation of its AirgainConnect® Fleet system solution. The company also achieved its first commercial deployment of the Lighthouse Smart Network Controlled Cellular Repeaters in December 2024, marking a significant milestone in its growth strategy. Additionally, Airgain has been actively pursuing international expansion, with approximately 41% of its sales generated outside North America.
As of December 31, 2024, Airgain reported cash and cash equivalents of $8.6 million, a slight increase from the previous year. The company has an accumulated deficit of $87.2 million and continues to face challenges related to macroeconomic conditions, including inflation and supply chain constraints. Looking ahead, Airgain anticipates continued investment in growth and innovation, particularly in the enterprise and automotive markets, while managing inventory levels and operational efficiencies to navigate the current market landscape.
About AIRGAIN INC
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