AIRGAIN INC

Overview

Headquartered in San Diego, California, Airgain, Inc. (NASDAQ: AIRG) is a leading provider of advanced wireless connectivity solutions. We are focused on delivering high-performance, cost-effective, and energy-efficient wireless solutions that enable rapid market deployment. Our mission is to connect the world through integrated, innovative, and optimized wireless solutions. Our diverse product portfolio serves three primary markets: enterprise, automotive, and consumer. While historically recognized for high-performance radio frequency (RF) components, Airgain is increasingly delivering integrated, system-level connectivity solutions that combine hardware, software and cloud management.

Our enterprise products include Smart Network Controlled Cellular Repeaters (Smart NCRs), embedded cellular modems, asset tracking solutions, and antennas for access points and Internet of Things (IoT) applications. Our automotive products include our second-generation AirgainConnect® Fleet system solution, a low-profile, roof-mounted, all-in-one 5G vehicle gateway and our aftermarket antennas. Our consumer products include embedded antennas for consumer access points, wireless gateways, and fixed wireless access (FWA) devices.

We have a rich history of providing RF expertise, services, and solutions to telecommunications operators and major original equipment manufacturers (OEMs). We leverage our RF and systems experience, and our Mobile Network Operator (MNO) and Multiple Service Operator (MSO) relationships to deliver complex and differentiated system solutions.

Our competitive advantage stems from our integrated approach: Combining RF design expertise, embedded software and firmware capabilities, cloud-based device management platforms, and carrier specifications to deliver complete connectivity solutions. This systems-level approach may increase barriers to entry and enable recurring revenue opportunities through software subscriptions, cloud services, and ongoing support contracts – specifically with our AirgainConnect Cloud platform and our Lighthouse remote management capabilities.

We use an outsource manufacturing model for our products while maintaining oversight for quality, test, and delivery timeline. Additionally, we uphold an intellectual property strategy that includes patent and trademark filings in multiple jurisdictions.

Products and Solutions

Enterprise

The enterprise market demands reliable wireless access across diverse settings, including smart cities, campuses, stadiums, transportation hubs, utilities, buildings, and suburban developments.

Our Lighthouse platform is a carrier-grade, high-power 5G smart repeater designed to extend coverage and offload capacity for mobile network operators and system integrators. It can be deployed both outdoors and as an in-building solution, including advanced features such as carrier aggregation, automatic gain control, echo cancellation, TDD synchronization, firmware-over-the-air (FOTA) updates, and remote management capabilities. Lighthouse supports rapid deployment and does not require wired backhaul, offering a cost-effective alternative to small cells and Distributed Antenna Systems (DAS) for coverage enhancement. In September 2025, Lighthouse obtained FCC certification, enabling U.S. deployments, and, in December 2025, we signed our first partnership agreement with a U.S. system integrator. We continue to make progress with multiple trials, including one with a Tier-1 U.S. mobile network operator, and we are working with select partners toward potential deployments beginning in early 2026, subject to customer procurement decisions and deployment readiness. System-integrator and carrier sales cycles are multi-quarter by nature, and trials and certifications are necessary but not sufficient for volume deployments. Adoption timelines are influenced by customer procurement cycles and broader carrier deployment priorities.

Our NimbeLink embedded modems serve numerous enterprise IoT sectors that require cellular connectivity, including packaging, logistics, EV charging, smart buildings, agriculture, and self-service innovations. These patented and end-device certified NimbeLink cellular modems minimize the need for additional OEM end-customer carrier certifications. In 2025, we launched our NimbeLink Skywire Cat 1 bis embedded modem, expanding our portfolio of certified end-devices for industrial IoT solutions.

Our asset tracking solutions are deployed across transportation, supply chain, and other specialized industry applications. In 2025, we expanded our product line with first customer shipments of AT-Flight solution, an in-flight certified asset tracker with integrated artificial intelligence that enables full journey tracking. AT-Flight targets the healthcare and life sciences markets and uses artificial intelligence to automatically detect a flight event and activate airplane mode compliance with FAA regulations, eliminating the need for manual intervention. In addition to hardware, our asset tracking solution includes a recurring revenue component, our subscription-based NLink cloud-based device enablement platform, that enables deployment and integration with enterprise systems via open application programming interfaces (APIs).

Our enterprise IoT and machine-to-machine (M2M) antennas are extensively deployed in diverse systems, products, and applications, including access points, gateways, FWA devices and utility meters.

Automotive

In the automotive market, our products are deployed in a wide range of vehicles in the fleet and aftermarket applications, supporting a variety of technologies that include 5G, LTE, Wi-Fi, LPWAN, GNSS, and Bluetooth. Fleet and aftermarket products in the automotive market typically consist of applications where vehicular wireless routers are paired with external antenna systems to provide connectivity to mobile assets.

In the third quarter of 2024, we completed the first commercial deployment of our second generation AirgainConnect® Fleet (AC-Fleet) system solution - a low profile, roof-mounted, all-in-one 5G vehicle gateway that provides 4G/5G cellular connectivity with built-in multi-profile eSIM, GNSS, Wi-Fi, and gigabit Ethernet router functionalities. At only two inches tall, AC-Fleet offers flexible deployment across multiple markets including public safety, transportation, transit, public and private fleets, and passenger and heavy vehicles. In October 2024, AC-Fleet obtained T-Mobile and AT&T commercial certifications, as well as regulatory approval from the FCC, IC and industry accreditation from the PTCRB. In April 2025, we obtained Verizon commercial certification for AirgainConnect® Fleet. We achieved AT&T FirstNet Trusted™ certification, in May 2025, and T-Mobile T-Priority certification, in October 2025, for AirgainConnect® Fleet which provide prioritized connectivity for first responders on their nationwide 5G networks. While certifications and trials are required prerequisites for mission-critical deployments with public safety agencies and utilities, deployment scale and timing are dependent on customer funding availability, fleet size, operational readiness and procurement cycles. We are continuing multi-carrier software harmonization to support volume scale-up across carrier networks.

Our AC-Fleet platform exemplifies our systems approach: The hardware gateway is complemented by AirgainConnect Cloud, a comprehensive device management and analytics platform delivered via customer subscription. This recurring revenue model includes remote access, eSIM profile control, over-the-air updates, technical support, advanced analytics, and extended warranty, creating ongoing customer relationships beyond the initial hardware sale. AC-Fleet subscriptions support more predictable revenue streams while providing customers with ongoing value through feature enhancements and security updates.

We also offer a full line of external fleet antennas that are designed to be rugged, reliable, and flexible to meet almost any need. We design our products for performance, quality, and long product life, and our antennas connect to almost any vehicular router or modem. These antennas include high-performance and low-profile versions that mount on the roof, trunk, windshield, or dashboard and are optimized for 5G, 4G, Wi-Fi, and GNSS.

Consumer

The consumer market represents a vast audience utilizing wireless-enabled devices. Our embedded antennas are deployed in various consumer applications including access points, wireless gateways, FWA devices, Wi-Fi routers and extenders, and smart home devices. These consumer products support a variety of technologies, products and services, including 4G/LTE, 5G, Wi-Fi, Bluetooth, LPWAN and Global Navigation Satellite System (GNSS).

We offer a differentiated full-systems approach in this market, partnering with manufacturers to optimize product performance, industrial design, manufacturability, and cost. Additionally, we collaborate closely with MSOs & MNOs to carry out system level performance characterization and accelerate market launches to their end customers. In 2024, we were awarded multi-million-dollar deals with tier one MSOs for Wi-Fi 7 antenna solutions. In November 2025, we secured a design win with a leading global Customer Premises Equipment (CPE) manufacturer for a next-generation Wi-Fi 7 fiber broadband gateway under development for a major North American broadband operator. These design wins underscore our leadership in embedded antenna technology and our ability to deliver high-performance solutions for next-generation connectivity. We are currently engaged in multiple development programs for Wi-Fi 7 and 5G technologies, as well as joint efforts with leading ODM partners on early Wi-Fi 8 platform designs.

Growth Strategy

Airgain is a leader in wireless connectivity solutions, dedicated to addressing critical connectivity challenges across various markets. We are evolving from a component manufacturer to a comprehensive wireless systems solutions provider, focusing on higher integration and complexity. Our growth strategy centers on two primary objectives:

Strengthening Our Core Markets: Our embedded antennas in the consumer market, embedded modems, asset trackers and IoT antennas in the enterprise market, together with our aftermarket antennas in the automotive market, provide our core or foundational markets. Our reputation and relationships across the distribution, value-added-reseller (VAR), MSO, MNO, OEM, and original design manufacturer (ODM) supply chain enable us to capture critical voice-of-the-customer insights for innovation. Our RF design and full-system test capabilities differentiate our products on performance and enhance the end-customer experience – specifically in Wi-Fi, LTE, 5G, and GNSS integrated systems. Our core markets provide revenue and cash flow that support continued investment in our growth platforms.

Expanding And Innovating In Connectivity: We are transitioning from being a component manufacturer to a wireless systems solution provider. Our AirgainConnect® Fleet (AC-Fleet) system solution – a low profile, roof-mounted, all-in-one 5G vehicle gateway that provides 4G/5G cellular connectivity with built-in multi-profile eSIM, GNSS, Wi-Fi, and gigabit ethernet router functionalities – and our Lighthouse system solution - a carrier‑grade, high‑power 5G smart repeater that extends coverage and offloads capacity for mobile network operators and system integrators – represent our growth platforms. Our focus is on growing these innovative connectivity solutions, which we believe could significantly expand our serviceable available market (SAM).

The following graphic summarizes our estimated SAM. Based on publicly available market research and internal estimates, we project the SAM will significantly grow, largely driven by the launch of our AC-Fleet vehicle gateway and our Lighthouse smart repeater platforms. These SAM projections reflect addressable market opportunities based on current market research and internal projections, assuming successful product adoption and market penetration. Actual market capture will depend on our ability to secure design wins, establish channel partnerships, obtain carrier certifications across multiple operators globally, and compete effectively against both established players and new entrants. Our strategy focuses on capturing higher-value system-level opportunities where our integrated RF, software, and cloud capabilities provide differentiated value.

Market Opportunity

Strategic Partnerships and Ecosystem Development

As we transition to integrated system solutions, our focus is on developing strategic partnerships across the ecosystem including:

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Carriers: Close collaboration with MNOs and MSOs to ensure our products meet their certification requirements and integrate with their network architectures

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Technology Partners: Partnerships with modem chipset vendors, cloud platform providers and software companies to accelerate system development and reduce time-to-market

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Channel and Integration Partners: Relationships with system integrators, value-added resellers, and specialized distributors who can provide deployment services and ongoing customer support

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Strategic Co-Development Partners: Selective partnerships for joint product development in key markets

These partnerships enable us to scale system solution capabilities faster than solely through organic development while creating a broader ecosystem supporting our products.

Technology and Market Trends

Our business is positioned to benefit from several converging technology and market trends:

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5G Technology Evolution: The transition from early 5G deployments to 5G-Advanced, and the introduction of Reduced Capability (RedCap) 5G standards, create new opportunities to expand our product portfolio;

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Wi-Fi 7 Deployment: Wi-Fi 7 (802.11be) is rapidly being adopted by MSOs and enterprise customers, driving demand for advanced antenna solutions optimized for the higher frequencies, wider channels, and multi-link operation that Wi-Fi 7 enables. Our design wins with Tier 1 MSOs for Wi-Fi 7 solutions position us well as this technology becomes mainstream in 2026;

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Private 5G Networks: Enterprises increasingly deploying private 5G networks for manufacturing, logistics, and campus environments create demand for our Smart NCR repeaters to extend coverage economically versus building full macro cell infrastructure;

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Fleet Electrification and Autonomy: The transition to electric vehicle fleets and the increasing automation in transportation create heightened connectivity requirements, supporting demand for our AC-Fleet solution as fleet operators need real-time data for route optimization, battery management, and remote diagnostics;

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Artificial Intelligence Integration: AI-powered applications at the edge in vehicles, industrial IoT devices, and enterprise locations require higher-bandwidth and lower-latency connectivity, creating opportunities for our advanced 5G systems and supporting premium pricing for solutions that enable these applications;

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Satellite-Cellular Integration: The emergence of satellite-to-smartphone connectivity, such as Starlink's Direct-to-Cell and similar offerings from other satellite operators, represents both a competitive threat and potential opportunity. While these technologies may compete with terrestrial cellular in remote areas, they create complementary opportunities for hybrid connectivity solutions combining satellite and terrestrial networks, potentially requiring specialized antenna systems for multi-network devices;

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Wi-Fi Evolution Beyond Wi-Fi 7: The ongoing development of Wi-Fi 8 (802.11bn), expected in the 2027-2030 timeframe, will emphasize coordinated access points, improved spectrum efficiency, and enhanced reliability for industrial and automotive applications. Our antenna development roadmap anticipates these requirements, positioning us for potential design wins as MSOs and enterprise customers plan next-generation infrastructure;

Sales and Marketing

Our sales and marketing organizations work closely together to improve market awareness, build a strong sales pipeline, and cultivate ongoing customer relationships to drive sales growth.

Sales

Our global sales efforts consist of a direct sales team, and indirect channel partners. Our direct sales team consists of sales personnel based in the United States, Greater China and South Korea, while our indirect channel partners consist of distributors, value-added resellers (VARs) and outside sales representatives across North America, Asia, Europe, Australia, the Middle East, and Latin America.

Our direct sales team is engaged in pre-sales, account management, and creating partnership opportunities with third parties such as service providers and OEMs. The sales process includes meeting and qualifying potential customers, and actively managing the planning stage of devices they project to bring to market. Our field application engineers (FAEs) assist these programs by providing technical support to new and existing customers.

Our indirect channel partners provide lead generation, pre-sales support, product fulfillment, and, in certain circumstances, post-sales customer service and support. This channel partner network often co-sells with our direct sales team. Our channel partners provide us with additional sales leverage by sourcing new prospects, providing technical support to existing customers, upselling additional use cases, and maintaining repeat business with existing customers. These channel partners provide added coverage to customers and prospects we cannot reach directly.

Marketing

Our marketing strategy is focused on building a competitive advantage for our brands and products in the marketplace. We target various types of customers. For embedded products such as our NimbeLink modems and consumer antennas, we target design teams within OEMs and ODMs. For our integrated products, such as our AC-Fleet, we target distributors, value-added resellers, and direct customers. For asset trackers, we target end-customers in the enterprise and industrial markets. For Lighthouse, our route‑to‑market centers on direct engagement with MNOs and their respective network installers and on System Integrators (SIs) and value-added distribution. We engage SIs through hands-on enablement, specifically, installation training and technical certification, a structured trial program, and partner playbooks, so they can survey, design, and deploy enterprise and venue solutions with predictable quality. Distribution supports scale with deal registration, tiered pricing, stocking and logistics, and co-marketing, providing a commercial and operational backbone for SI-led deployments.

We use both direct and indirect promotional methods to engage our target market. Direct methods include advertising, web properties, marketing collateral, email campaigns, paid and organic social media, search engine marketing, media relations, content marketing, direct mail, tradeshows and events, and general lead generation tactics. Indirect methods include co-marketing efforts together with resellers, distributors, system integrators, hardware and software partners, and carriers both domestically and internationally.

Manufacturing and Operations

Our products are manufactured by contract manufacturers (CMs) in Vietnam, China, Taiwan, Mexico and the United States. We have long-term relationships with our CMs, and we work together to control global product compliance, raw materials supply and cost, production part approval processes, assembly instructions, control plans, final testing, and on-time shipment to our customers. We provide the control, test and measurement plans to the CMs to help ensure that each product conforms to the Airgain specifications, and we monitor the quality performance of our CMs through quality reports and periodic audits.

We maintain a close relationship with our CMs to help ensure that supply and quality meet our requirements. The contract manufacturing services required to manufacture our products can be satisfied by one or more of our CMs, however it may be time consuming and costly to qualify and implement new CM relationships. If one of our CMs suffers an interruption in their business, or experiences delays, disruptions, or quality control problems in their manufacturing operations, our ability to ship products to our customers could be delayed, and our business could be adversely affected. Additionally, industry-wide shortages of critical semiconductor components, including memory chips, could impact our contract manufacturers’ ability to procure necessary materials, potentially affecting our product availability and margins. Our qualified CMs manufacture products according to our design and materials specifications, quality standards, and delivery requirements. We have control and authority over the selection of materials, manufacturing, and inspection processes.

Research and Development

We invest considerable time and resources in research and development to engineer and deliver our products and solutions to market, while also enhancing our design and system integration capabilities and conducting quality assurance testing to improve our technology. As of December 31, 2025, we had a total of 47 employees engaged in research and development. Our engineering teams are located at research, design, and test centers in California, Minnesota, Arizona, Texas, and Florida, as well as China, Taiwan and the United Kingdom. Our research and development centers include complex design and test equipment required for advanced RF wireless engineering. Our engineering team actively participates in research and development activities to expand our capabilities and target applications for the enterprise, automotive, and consumer markets. We strive to continually expand our product offerings and technology solutions over time and expect to continue to invest significantly in ongoing research and development efforts.

Additionally, for the development of certain company products, we engage with ODM partners to augment our internal engineering capability. Our ODM partners, primarily in Taiwan, enable us to quickly scale our product development capacity - especially for integrated connectivity products such as AC-Fleet and Lighthouse. For all such ODM-partner product developments, we maintain direct oversight and engagement to help ensure projects are delivered in accordance with our quality and time-to-market expectations.

Advanced Technology Development Initiatives

Beyond our current product portfolio, we maintain strategic research initiatives in emerging wireless technologies to achieve a competitive advantage as the industry evolves. We are exploring and evaluating advanced AI and machine learning technologies to optimize the performance and reliability of our telecommunications products. These capabilities enable intelligent antenna tuning, adaptive beamforming, predictive system maintenance, and automated network optimization, resulting in improved connectivity and operational efficiency. By integrating

AI-driven solutions, we deliver ongoing enhancements to our offerings through over-the-air updates, designed to keep our products at the forefront of industry innovation.

These forward-looking initiatives are structured to deliver longer-term value over the next several years. While not every project may result in immediate commercialization, our commitment to continuous innovation ensures we stay ahead of technology trends and are well-positioned to seize new market opportunities.

Competition

Because of our broad product line across several categories in the value chain, our competitive landscape is diverse and rapidly evolving.

Solution Providers

This category represents companies offering end-to-end connectivity solutions across hardware, software, and services. The competitive landscape has consolidated significantly, and major competitors include Cisco Systems, Cradlepoint (Ericsson), Digi International, Ezurio (Laird Connectivity), Huawei, Inseego, Lantronix, Nextivity, Nokia, Peplink, and Sierra Wireless (Semtech). Additionally, we face increasing competition from vertically integrated Asian manufacturers who offer complete solutions at aggressive price points, particularly in the vehicle gateway and repeater categories. Our competitive differentiation relies on our RF design expertise, product innovations, carrier relationships, our growing software and cloud management platforms, and our flexible approach to custom solutions. While partnership opportunities do exist, most represent direct competition as the industry shifts toward integrated platforms.

End-Device Manufacturers

This category represents companies that manufacture and supply off-the-shelf products that are market ready, such as routers, gateways, cellular adapters, 5G repeaters, asset trackers, and more. These manufacturers can act as customers, partners, or competitors to us, depending on the application and relationship. An end-customer may choose to bypass the design process entirely and purchase an off-the-shelf product to deliver device connectivity rather than embedding our modems and antennas. Our integrated products, such as the AC-Fleet and Lighthouse 5G Smart Network Repeater may compete directly with these off-the-shelf products or enhance their functionality. In addition, our external antennas are designed to enhance the signal and coverage of many of these devices.

Component Manufacturers

This category represents companies that manufacture a broad array of components that compete both directly and indirectly with our products. These companies include Adant Technologies Inc., Amphenol, Asian Creation Communication Ltd., Kyocera AVX Components Corporation, Baylin Technologies Inc., Blues Wireless, Eagle Wireless, Fibocom, Fractus S.A., Honglin Technology Group Ltd., MobileMark, Nordic Semiconductor, Panorama Antennas, Parsec Technologies, Inc., Particle Industries Inc., Pinyon Technologies, Inc., Qualcomm, Quectel, Semtech, Sunwave Communications Co., Ltd., Telit, Taoglas Limited, Wanshih Electronic Co. Ltd., WHA YU Industrial Co., Ltd, and 2J Antennas Group, among others. While we may choose to partner with some of these manufacturers to deliver products that shorten time to market, customers may also choose to complete the more intricate design work on their own using products manufactured by these companies. These component manufacturers may also expand their capabilities to be a solution provider, or end-device manufacturer, or both. As these component manufacturers evolve over time, the specific competitive situation would evolve accordingly.

In-house Design and Engineering Teams

Several of our existing customers, including OEMs and ODMs which design and build complete wireless devices, also have internal resources to design, engineer, and produce antenna, modem, router and/or repeater solutions. In such cases, we compete against the captive resource of that ODM. Several ODMs, including Arcadyan Technology Corporation, Foxconn Electronics Inc., Gemtek, Sercomm, Zyxel Communications, Inc. (MitraStar Technology), and Wistron Corporation, design, manufacture, and sell complete wireless devices, in direct competition with us.

The principal competitive factors in our markets include: price and total cost of ownership as a result of reliability and performance issues; brand awareness and reputation; component performance, such as reliability, range and throughput; ability to integrate with other technology infrastructures; offerings across breadth of wireless products; design and testing capabilities; lead-time and flexibility to rapidly customize solutions to individual customer requirements; relationships with semiconductor/chipset vendors; intellectual property protection; sales and marketing strength in different regions; and the ability to solve many complex RF problems across the entire spectrum of broadband connectivity.

Emerging Competitive Threats

Several competitive dynamics are reshaping our market position, including the following:

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Vertical Integration: Large OEMs (particularly in automotive) increasingly developing proprietary connectivity solutions, potentially reducing addressable market for third-party suppliers like Airgain;

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Platform Consolidation: Customers preferring single-vendor platforms for hardware, software, and cloud services rather than best-of-breed component selection, favoring larger integrated competitors;

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Asian Competition: Aggressive pricing from Asian manufacturers, particularly in vehicle gateways and repeaters, who benefit from government support and lower cost structures, though often lacking carrier certifications and support capabilities that North American and European customers require;

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Semiconductor Vendors: Companies like Qualcomm and MediaTek offering reference designs that reduce barriers to entry for new competitors and may enable customer self-sufficiency;

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Satellite-Direct Connectivity: The development of satellite-to-device connectivity, including Starlink's Direct-to-Cell, AST SpaceMobile, and traditional satellite operators' smartphone initiatives, could reduce the addressable market for terrestrial cellular solutions in certain use cases, particularly for remote asset tracking, rural connectivity, and emergency communications. However, the physics of satellite connectivity (limited bandwidth per user, higher latency, line-of-sight requirements) creates opportunities for hybrid solutions that combine terrestrial and satellite connectivity, where our multi-band antenna expertise and systems integration capabilities could provide competitive advantages.

Our strategy to address these threats focuses on moving up the value chain through system-level solutions, software differentiation, product innovations, carrier partnerships, superior customer support, and specialized applications where RF expertise and customization provide sustainable advantages.

Intellectual Property

We rely on patent, trademark, copyright and trade secret laws, confidentiality procedures, and contractual provisions to protect our technology and intellectual property.

As of December 31, 2025, our intellectual property portfolio is comprised of more than 300 granted patents and pending patent applications in the United States and various foreign jurisdictions, including Europe and Asia. The scope of these patents encompasses our product offerings and technological advancements, with certain patents expected to remain in force through 2041. This patent collection encapsulates a diverse array of innovations covering wireless systems, including smart network controlled repeaters, vehicle gateways, antenna designs and structures, as well as the assembly and fabrication processes. Our patents have varying terms and expiration dates.

In line with our strategic evolution from a component supplier to a provider of comprehensive wireless system solutions, we have systematically grown our patent repository, escalating our filings to include broader wireless system functionalities and infrastructures.

We believe that our intellectual property portfolio is important to our business. However, our success does not depend solely on our ability to obtain or enforce patents, and we cannot assure you that our intellectual property rights will provide us with a competitive advantage or prevent competitors from developing technologies that are similar to or superior to our own.

We seek to protect our proprietary technology and information through a combination of intellectual property rights, confidentiality agreements, and security measures. We generally enter into confidentiality and invention assignment agreements with our employees, consultants, vendors, and certain customers, and we limit access to and distribution of our proprietary information. Despite these efforts, unauthorized parties may attempt to copy or otherwise obtain and use our proprietary technology, and we cannot assure you that the measures we take will prevent misappropriation. The laws of certain foreign countries do not protect intellectual property rights to the same extent as the laws of the United States, and enforcement of intellectual property rights in such jurisdictions may be limited. As a result, we may be unable to prevent third parties from infringing upon or misappropriating our intellectual property in certain markets.

The technology industry is characterized by extensive patent portfolios and frequent litigation related to intellectual property rights. From time to time, third parties may assert patent, copyright, trademark, or other intellectual property claims against us, our channel partners, or our customers. We may also be required to engage in litigation to protect our intellectual property or to defend against claims of infringement from third parties. Any such claims or litigation, regardless of their merit or outcome, could be time-consuming and costly and could divert management’s attention and resources. See the section titled “Risk factors—Risks Relating to Intellectual Property” for a more comprehensive description of risks related to our intellectual property.

Human Capital

As of December 31, 2025, we had a total of 106 employees and dedicated representatives, including 71 based in the United States and 35 internationally. Of this total, 47 individuals were primarily engaged in research and development, 38 in sales and marketing, 17 in general and administration functions and 4 in manufacturing operations. None of our employees are represented by a labor union or covered by a collective bargaining agreement.

We recognize that our capacity to successfully implement our strategy and deliver long-term stockholder value is closely tied to our ability to attract, develop, and retain highly skilled talent across all business areas. Human capital activities and programs are a strategic priority for the organization, designed to drive performance that aligns both our short- and long-term business objectives and our mission. These initiatives foster a workplace culture that emphasizes accountability, collaboration, and respect among team members.

Our objectives in managing human capital include strategic workforce planning, recruiting, and retaining qualified team members, leadership development and succession planning, performance development, offering competitive compensation and well-being benefits. We regularly evaluate our talent needs and organizational capabilities considering our business goals, growth stage, and operating environment.

We believe that effective human capital management, including how we recruit, develop, reward, and retain our people, contributes to sustainable performance and the creation of long-term value for our stockholders.

Available Information

We file electronically with the Securities and Exchange Commission, or SEC, our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. We make available on our investor relations website at investors.airgain.com, free of charge, copies of these reports, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of that website is www.sec.gov.

We use our investor relations website as a means of disclosing material non-public, information and for complying with our disclosure obligations under Regulation FD. Investors should monitor such website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information relating to our corporate governance is also included on our investor relations website. The information in or accessible through the SEC and our website are not incorporated into, and are not considered part of, this filing. Further, our references to the URLs for these websites are intended to be inactive textual references only.