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Side-by-side financial comparison of AIRGAIN INC (AIRG) and Forian Inc. (FORA). Click either name above to swap in a different company.
AIRGAIN INC is the larger business by last-quarter revenue ($12.1M vs $8.0M, roughly 1.5× Forian Inc.). AIRGAIN INC runs the higher net margin — -20.1% vs -22.9%, a 2.7% gap on every dollar of revenue. On growth, Forian Inc. posted the faster year-over-year revenue change (37.0% vs -19.6%). Over the past eight quarters, Forian Inc.'s revenue compounded faster (27.8% CAGR vs -7.7%).
Airgain Inc is a leading provider of high-performance wireless connectivity solutions, including advanced antenna products, embedded radio modules, and custom connectivity systems. It serves core market segments such as IoT, automotive, smart home, enterprise networking, and telecommunications, delivering reliable high-speed wireless performance for various connected device use cases.
Forian Inc is a specialized healthcare technology and data analytics firm offering SaaS-based real-world evidence solutions, clinical decision support tools, and operational optimization services. It serves biopharmaceutical companies, healthcare providers, and life sciences stakeholders to improve patient outcomes, accelerate research, and boost care delivery efficiency.
AIRG vs FORA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $12.1M | $8.0M |
| Net Profit | $-2.4M | $-1.8M |
| Gross Margin | 44.8% | 49.2% |
| Operating Margin | -20.0% | -24.4% |
| Net Margin | -20.1% | -22.9% |
| Revenue YoY | -19.6% | 37.0% |
| Net Profit YoY | -24.4% | -1012.2% |
| EPS (diluted) | $-0.21 | $-0.06 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $12.1M | $8.0M | ||
| Q3 25 | $14.0M | $7.8M | ||
| Q2 25 | $13.6M | $7.5M | ||
| Q1 25 | $12.0M | $7.1M | ||
| Q4 24 | $15.1M | $5.8M | ||
| Q3 24 | $16.1M | $4.7M | ||
| Q2 24 | $15.2M | $4.8M | ||
| Q1 24 | $14.2M | $4.9M |
| Q4 25 | $-2.4M | $-1.8M | ||
| Q3 25 | $-964.0K | $-151.2K | ||
| Q2 25 | $-1.5M | $224.8K | ||
| Q1 25 | $-1.5M | $-1.1M | ||
| Q4 24 | $-2.0M | $199.7K | ||
| Q3 24 | $-1.8M | $-204.9K | ||
| Q2 24 | $-2.5M | $-2.6M | ||
| Q1 24 | $-2.5M | $-1.2M |
| Q4 25 | 44.8% | 49.2% | ||
| Q3 25 | 43.6% | 51.6% | ||
| Q2 25 | 42.9% | 56.8% | ||
| Q1 25 | 43.0% | 55.6% | ||
| Q4 24 | 42.2% | 58.3% | ||
| Q3 24 | 41.7% | 70.1% | ||
| Q2 24 | 40.5% | 62.2% | ||
| Q1 24 | 39.2% | 65.1% |
| Q4 25 | -20.0% | -24.4% | ||
| Q3 25 | -6.9% | -6.1% | ||
| Q2 25 | -14.7% | 0.6% | ||
| Q1 25 | -25.8% | -19.8% | ||
| Q4 24 | -13.1% | -24.9% | ||
| Q3 24 | -11.3% | -17.0% | ||
| Q2 24 | -16.5% | -62.2% | ||
| Q1 24 | -18.5% | -36.3% |
| Q4 25 | -20.1% | -22.9% | ||
| Q3 25 | -6.9% | -1.9% | ||
| Q2 25 | -10.8% | 3.0% | ||
| Q1 25 | -12.9% | -16.0% | ||
| Q4 24 | -13.0% | 3.4% | ||
| Q3 24 | -10.9% | -4.4% | ||
| Q2 24 | -16.6% | -53.4% | ||
| Q1 24 | -17.3% | -24.9% |
| Q4 25 | $-0.21 | $-0.06 | ||
| Q3 25 | $-0.08 | $0.00 | ||
| Q2 25 | $-0.12 | $0.01 | ||
| Q1 25 | $-0.13 | $-0.04 | ||
| Q4 24 | $-0.17 | $0.01 | ||
| Q3 24 | $-0.16 | $-0.01 | ||
| Q2 24 | $-0.23 | $-0.08 | ||
| Q1 24 | $-0.23 | $-0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $7.4M | $31.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $28.3M | $29.8M |
| Total Assets | $45.3M | $44.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.4M | $31.6M | ||
| Q3 25 | $7.1M | $28.2M | ||
| Q2 25 | $7.7M | $35.6M | ||
| Q1 25 | $7.4M | $35.7M | ||
| Q4 24 | $8.5M | $35.1M | ||
| Q3 24 | $7.3M | $49.4M | ||
| Q2 24 | $8.4M | $48.0M | ||
| Q1 24 | $7.2M | $47.4M |
| Q4 25 | $28.3M | $29.8M | ||
| Q3 25 | $29.7M | $31.1M | ||
| Q2 25 | $29.8M | $30.9M | ||
| Q1 25 | $30.3M | $30.0M | ||
| Q4 24 | $31.0M | $30.1M | ||
| Q3 24 | $30.8M | $28.4M | ||
| Q2 24 | $31.6M | $27.2M | ||
| Q1 24 | $30.5M | $28.1M |
| Q4 25 | $45.3M | $44.1M | ||
| Q3 25 | $45.5M | $41.3M | ||
| Q2 25 | $45.5M | $48.5M | ||
| Q1 25 | $46.1M | $48.6M | ||
| Q4 24 | $48.4M | $47.2M | ||
| Q3 24 | $43.3M | $57.5M | ||
| Q2 24 | $42.4M | $58.4M | ||
| Q1 24 | $42.8M | $57.5M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $194.0K | $3.2M |
| Free Cash FlowOCF − Capex | $93.0K | — |
| FCF MarginFCF / Revenue | 0.8% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $194.0K | $3.2M | ||
| Q3 25 | $-411.0K | $-439.7K | ||
| Q2 25 | $129.0K | $-344.5K | ||
| Q1 25 | $-1.0M | $448.2K | ||
| Q4 24 | $-26.0K | $1.7M | ||
| Q3 24 | $-1.2M | $764.1K | ||
| Q2 24 | $-1.2M | $-23.1K | ||
| Q1 24 | $-1.1M | $-2.2M |
| Q4 25 | $93.0K | — | ||
| Q3 25 | $-418.0K | — | ||
| Q2 25 | $113.0K | — | ||
| Q1 25 | $-1.1M | — | ||
| Q4 24 | $-27.0K | — | ||
| Q3 24 | $-1.2M | — | ||
| Q2 24 | $-1.3M | — | ||
| Q1 24 | $-1.2M | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | -3.0% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | -8.9% | — | ||
| Q4 24 | -0.2% | — | ||
| Q3 24 | -7.5% | — | ||
| Q2 24 | -8.5% | — | ||
| Q1 24 | -8.3% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.0% | 0.0% | ||
| Q3 24 | 0.2% | 0.0% | ||
| Q2 24 | 0.6% | 0.0% | ||
| Q1 24 | 0.4% | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -1.53× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 8.76× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIRG
| Transferred At Point In Time | $11.3M | 93% |
| Other | $803.0K | 7% |
FORA
| Financial Services Revenues | $7.3M | 92% |
| Other | $669.0K | 8% |
