Exhibit 99.1 Airgain® Reports Second Quarter 2024 Financial Results SAN DIEGO, CA, August 6, 2024 – Airgain, Inc. (NASDAQ: AIRG), a leading provider of wireless connectivity solutions that creates and delivers embedded components, external antennas, and integrated systems across the globe, today reported financial results for the second quarter ended June 30, 2024. "We are pleased to report sequential revenue growth as we continue to effectively navigate macro-economic challenges," said Airgain's President ...

Airgain Inc. (AIRG) has forged a strategic partnership with Waseela for expanding its footprint in the Middle East region. This collaboration aims to transform the region's telecommunication infrastructure by integrating Airgain’s advanced connectivity and technology solutions into Waseela's offerings.Per this agreement, this communications service provider will incorporate Airgain’s cutting-edge Lighthouse smart repeaters into its radio coverage portfolio. These repeaters can extend 5G cell coverage by boo ...

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Financial Data and Key Metrics Changes - Airgain reported Q1 2024 sales of $14.2 million, a 41% increase sequentially but a 13.5% decrease year-over-year [4][12] - Gross margin for Q1 was 40.2%, up 990 basis points sequentially and 120 basis points year-over-year [13] - Operating expenses for Q1 totaled $6.6 million, relatively flat sequentially and down $0.7 million year-over-year [13] Business Line Data and Key Metrics Changes - Enterprise market sales reached $8.9 million, a sequential increase of 92%, driven by custom products, embedded modems, and IoT antennas [12] - Consumer market sales were $3.5 million, reflecting a slight sequential increase, primarily due to a Tier 1 MNO antenna design win [12] - Automotive market sales decreased to $1.8 million, a sequential decline due to ongoing inventory corrections [12] Market Data and Key Metrics Changes - The enterprise market showed strong growth indicators, particularly in custom products and embedded modems, with a good pipeline for IoT antennas [6][12] - The consumer market is expected to see a transition from Wi-Fi 6/6E to Wi-Fi 7, with anticipated growth in the second half of the year [7][12] - The automotive market continues to face headwinds, but interest in products like the Airgain Connect Fleet is increasing [8][12] Company Strategy and Development Direction - The company is transitioning from a component manufacturer to a wireless system solutions provider, focusing on integrated wireless solutions and asset tracking [9][10] - Growth strategy includes executing established business lines while expanding into new wireless connectivity product lines, particularly in asset tracking and 5G connectivity [10][11] - The company aims to leverage emerging trends such as the shift to Wi-Fi 7 and increased demand for asset tracking capabilities [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market potential and industry recovery, noting progress in product development and partnerships [15][16] - The company anticipates continued growth opportunities in the second half of 2024, despite facing significant headwinds [15][16] - Management highlighted the importance of ongoing investments in R&D and sales efforts to drive long-term growth [5][15] Other Important Information - The company expects Q2 2024 sales to range from $14.25 million to $15.75 million, with a projected sequential growth of approximately 5% [14] - Non-GAAP EPS for Q2 is expected to be negative $0.06, with adjusted EBITDA projected at negative $0.5 million [14] Q&A Session Summary Question: Confirmation on Fleet product trials and revenue expectations - Management confirmed over 20 customer trials for the Fleet product, with shipping expected in early Q3 [18][19] Question: Future EBITDA expectations - Management indicated a desire to reach breakeven EBITDA in Q3 or potentially in Q4 [22][23] Question: Wi-Fi 7 revenue expectations - Management expects material revenue contribution from Wi-Fi 7 in the second half of the year, particularly from a major Tier 1 MSO [24][25] Question: Airgain Connect product expectations - Management outlined a strategy targeting VARs, direct accounts, and strategic partners for the Airgain Connect product, expecting material revenue in the second half [26][27] Question: Certification and deployment timelines for Lantern - Management noted that certification timelines vary, with most trials occurring in North America and some internationally [29][30] Question: 5G repeater trials and carrier partnerships - Management confirmed two active trials, one international and one domestic, with plans for additional trials in the second half of the year [32][33]

Airgain (AIRG) came out with a quarterly loss of $0.08 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this antenna products developer would post a loss of $0.21 per share when it actually produced a loss of $0.33, delivering a surprise of -57.14%.Over the last four quarters, the company has not been able to surpass consensus EPS estimates.Airgain, which belongs to ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures for the company [Item 1. Condensed Consolidated Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents Airgain, Inc.'s unaudited condensed consolidated financial statements, highlighting key financial positions and performance for Q1 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a slight increase in total assets to $42.8 million and a rise in total liabilities to $12.3 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $7,169 | $7,881 | | Trade accounts receivable, net | $9,644 | $7,375 | | Total current assets | $20,820 | $19,081 | | Total assets | $42,798 | $42,229 | | Total current liabilities | $11,651 | $9,991 | | Total liabilities | $12,285 | $10,816 | | Total stockholders' equity | $30,513 | $31,413 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Sales decreased to $14.2 million in Q1 2024, but the company narrowed its net loss to $2.5 million year-over-year Q1 2024 vs Q1 2023 Operating Results (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Sales | $14,231 | $16,444 | | Gross Profit | $5,576 | $6,318 | | Loss from operations | $(2,629) | $(2,790) | | Net loss | $(2,455) | $(2,858) | | Net loss per share (Basic & Diluted) | $(0.23) | $(0.28) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved to $1.1 million, with overall cash decreasing by $0.7 million in Q1 2024 Cash Flow Summary (in thousands) | Cash Flow Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(1,119) | $(1,434) | | Net cash used in investing activities | $(60) | $(89) | | Net cash provided by (used in) financing activities | $469 | $(541) | | Net decrease in cash, cash equivalents, and restricted cash | $(712) | $(2,064) | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes provide details on business operations, revenue disaggregation, customer concentration, and the ATM stock offering - The company operates in a single segment providing connectivity solutions for the consumer, enterprise, and automotive markets[25](index=25&type=chunk)[28](index=28&type=chunk) Disaggregated Revenue by Market (in thousands) | Market Group | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Enterprise | $8,879 | $8,437 | | Consumer | $3,511 | $5,132 | | Automotive | $1,841 | $2,875 | | **Total sales** | **$14,231** | **$16,444** | - Three customers (A, B, and C) accounted for **23%**, **18%**, and **15%** of total revenue, respectively, for the three months ended March 31, 2024, indicating significant customer concentration[102](index=102&type=chunk) - In March 2024, the company established an at-the-market (ATM) offerings program to sell up to **$5.0 million** of common stock. During Q1 2024, it issued **124,600 shares** for **$0.7 million** in gross proceeds[87](index=87&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the sales decline, improved gross margin, and reduced net loss, affirming liquidity for the next 12 months [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2024 sales decreased by $2.2 million, but gross margin improved to 39.2%, and operating expenses decreased, narrowing the net loss Sales by Market - Q1 2024 vs Q1 2023 ($ Change in millions) | Market | Change | Reason | | :--- | :--- | :--- | | Consumer | -$1.6M | Lower sales to cable operators | | Automotive | -$1.1M | Excess inventory correction impacting aftermarket sales | | Enterprise | +$0.5M | Recovery from prior year's excess inventory correction | - Gross profit as a percentage of sales increased by **80 basis points** to **39.2%** in Q1 2024, primarily driven by higher automotive margins[139](index=139&type=chunk) - Research and development expenses increased by **$0.7 million** (**27.4%**) due to higher employee and project development costs, while Sales & Marketing and General & Administrative expenses decreased by **$0.7 million** and **$0.9 million**, respectively[140](index=140&type=chunk)[141](index=141&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) The company ended Q1 2024 with **$7.2 million** in cash, affirming sufficient liquidity for the next 12 months - The company had cash and cash equivalents of **$7.2 million** at March 31, 2024, and an accumulated deficit of **$81.0 million**[145](index=145&type=chunk) - In August 2023, the company applied for Employee Retention Credit (ERC) refunds totaling **$2.5 million**, net of fees, with receipt anticipated within the next nine months[151](index=151&type=chunk) - On March 7, 2024, the company entered into an At-the-Market (ATM) sales agreement to sell up to **$5.0 million** in common stock, generating approximately **$0.5 million** in net proceeds in Q1 2024[149](index=149&type=chunk)[156](index=156&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) As a smaller reporting company, Airgain is exempt from providing quantitative and qualitative disclosures about market risk - As a smaller reporting company, Airgain is exempt from providing quantitative and qualitative disclosures about market risk[163](index=163&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal controls - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2024[165](index=165&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[166](index=166&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides information on legal proceedings, risk factors, other disclosures, and a list of exhibits [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its financial condition - From time to time, the company may be party to legal proceedings in the ordinary course of business, but it believes the final outcome of current matters will not be materially adverse[168](index=168&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - No material changes have occurred to the risk factors associated with the business as described in the 2023 Form 10-K[169](index=169&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No officers or directors adopted, modified, or terminated any Rule 10b5-1 trading arrangements during Q1 2024 - No officers or directors adopted, modified, or terminated any Rule 10b5-1 trading arrangements during the three months ended March 31, 2024[173](index=173&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including key agreements and officer certifications - Key exhibits filed include the At-The-Market Issuance Sales Agreement with Craig-Hallum Capital Group and certifications from the Principal Executive Officer and Principal Financial Officer[174](index=174&type=chunk)