Airgain

Revenue is lumpy and tied to program ramps and CPE cycles rather than recurring subscriptions. TTM revenue through Q2 2026 is ~51.4 million, but FCF is negative due to working‑capital swings. Customer concentration and geographic exposure add volatility.

The shift to systems (AirgainConnect, Lighthouse, HPUE) could improve multi‑year visibility if trials convert, yet we need evidence of recurring software or services attachment. Predictability is below our preferred threshold for long‑term compounding.