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Airgain® Secures Contract for Multi-Million Dollar Opportunity with Railcar Leader
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Airgain, Inc. (NASDAQ: AIRG) has secured a multi-year contract to provide its NimbeLink® asset tracking solution for monitoring railcars. This cellular-based technology enables asset tracking indoors and outdoors, minimizing wireless infrastructure costs. The rail transportation market, valued at over $110B in the US, continues to grow at 2.9% annually, necessitating reliable connectivity solutions. Airgain's asset trackers, which can last up to 14 years on a single battery, integrate sensors for comprehensive tracking data. This contract signifies Airgain's strong position in a growing rail industry, emphasizing the critical role of connectivity in improving operational efficiency.
Positive
Secured a multi-year contract to provide asset tracking solutions for railcars.
NimbeLink technology allows for efficient tracking without additional wireless infrastructure costs.
The rail industry is valued at over $110B and growing, indicating a robust market opportunity.
Airgain's asset trackers can last up to 14 years on a single battery, enhancing product appeal.
Negative
Potential risks associated with competition in the asset tracking market.
Forward-looking statements caution against over-reliance on expected contract outcomes.
Airgain’s multi-year engagement will provide asset tracking and cloud connectivity to track and monitor railcars
SAN DIEGO--(BUSINESS WIRE)--
Airgain, Inc. (NASDAQ: AIRG) – a leading provider of wireless connectivity solutions that creates and delivers products, including embedded components, external antennas, and integrated systems, across the globe – announced today that a leading provider of railcars and associated services to the nation’s top railways has selected Airgain’s NimbeLink® asset tracking solution to track and monitor its fleet of railcars. Airgain’s cellular-based solution allows organizations to track assets whether indoors, outdoors, or in transit without the need for additional investment in wireless infrastructure. This win is the latest for Airgain in a growing global niche in rail that includes the railways themselves as well as multiple suppliers to the industry, all of whom require simple and reliable connectivity to improve operational efficiency.
Despite being around for over two centuries, rail transportation still grows an average of 2.9% per year and represents a market size of over $110B in the US, according to industry sources. Despite representing such a significant portion of the shipping industry, it can also be one of the most complex, between routing railcars, coordinating track schedules, loading and unloading freight, and more. In order to maximize operational efficiency, connectivity has become a critical tool. However, short-range technologies such as WiFi, Bluetooth, RFID, and others require an investment in wireless infrastructure to ensure data transmission. Cellular leverages existing wireless networks, which makes it the most cost effective and easiest to deploy.
“When it comes to shipping, connectivity is the key to efficiency,” says Brian Critchfield, Vice President of Global Marketing at Airgain. “Nowhere is that more applicable than with railways. In order to, quite literally, keep the trains moving on time, it requires a rugged, reliable, and flexible solution for capturing and transmitting location and situational data. Airgain’s asset tracker devices, with exceptional, long-term battery life, combined with our NLink cloud integration software provide the ideal solution for tracking assets throughout the network in order to ensure they are delivered to the right place at the right time and in the right condition.”
Airgain’s line of NimbeLink asset trackers combine a cellular backbone with WiFi and GPS triangulation to pinpoint the location of each asset. In addition, Airgain’s asset trackers come equipped with multiple sensors that include temperature, humidity, tilt, motion, accelerometer, and more. When used properly, these asset trackers can last up to 14 years on a single battery. Airgain’s asset trackers combine with our NLink™ enablement platform to extract, augment, formulate, and format the collected data in the cloud as well as remotely manage the devices. The data can then be imported into existing supply chain software, tracking software, or a custom dashboard through simple APIs, making the entire Airgain asset tracking solution a great piece of the efficiency puzzle for railways.
About Airgain, Inc.
Airgain simplifies wireless connectivity across a diverse set of devices and markets, from solving complex connectivity issues to speeding time to market to enhancing wireless signals. Our products are offered in three distinct sub-brands: Airgain Embedded, Airgain Integrated and Airgain Antenna+. Our mission is to connect the world through optimized integrated wireless solutions. Airgain's expertise in custom cellular and antenna system design pairs with our focus on high-growth technologies and our dedication to simplify the growing complexity of wireless. With a broad portfolio of products across the value chain, from embedded components to fully integrated products, we are equipped to solve critical connectivity needs in both the design process and the operating environment across the enterprise, automotive, and consumer markets. Airgain is headquartered in San Diego, California, and maintains design and test centers in the U.S., U.K., and China. For more information, visit airgain.com, or follow Airgain on LinkedIn and Twitter.
Airgain and the Airgain logo are trademarks or registered trademarks of Airgain, Inc. All other trademarks are the property of their respective owner.
Forward-Looking Statements
Airgain cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company’s current beliefs and expectations. These forward-looking statements include statements regarding the expected outcomes of the development, time to market, the performance of, and market for, Airgain’s products or those of its partners; the successful deployment by our customer, the growth of the rail industry market and the importance of connectivity in connection with that growth; and the ability to create solutions that are cost effective and meet the needs of customers, as well as their acceptance by the market. The inclusion of forward-looking statements should not be regarded as a representation by Airgain that any of our plans will be achieved. We may not realize the full expected value from the opportunity and contract.has context menu. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including, without limitation: the market for our products is developing and may not develop as we expect; risks associated with the performance of our products, including bundled solutions with third-party products; if our channel partners fail to perform, or our partnerships are unsuccessful, we may not be able to bring our product solutions to market successfully or on a timely basis; our products are subject to intense competition, and competitive pressures from existing and new companies may harm our business, sales, growth rates and market share; the COVID-19 pandemic, global supply chain constraints and rising interest rates and inflation may continue to disrupt and otherwise adversely affect our operations and those of our suppliers, partners, distributors and ultimate end customers; risks associated with any regulatory approvals that may be required; risks associated with quality and timing in manufacturing our products and our reliance on third-party manufacturers; we may not be able to maintain strategic collaborations under which our bundled solutions are offered; if we cannot protect our intellectual property rights, our competitive position could be harmed or we could incur significant expenses to enforce our rights; and other risks described in our prior press releases and in our filings with the Securities and Exchange Commission, including under the heading "Risk Factors" in our Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and we undertake no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
