Airgain

We view the small, non‑cash HPUE product line acquisition as opportunistic and strategically consistent (expands AC‑Fleet/FirstNet adjacency). However, ongoing equity issuance via ATM programs and ~3.0 million TTM SBC dollars dilute owners, and organic returns have not yet translated to cash earnings.

Capex needs are light, which is favorable, but the priority should be to convert the existing product roadmap into durable FCF rather than further breadth.