Airgain

Positives: no financial debt and 7.6 million of cash at June 30, 2026. Negatives: negative TTM FCF (~3.2 million) and reliance on ATM issuance (1.6 million net in H1 2026) and option exercises to bolster liquidity.

Non‑GAAP opex discipline is improving, and adjusted EBITDA turned positive in Q2 2026, but we need sustained positive operating cash flow to raise the score.