Global Inflation and Supply Chain Costs: Elevated oil prices due to geopolitical conflicts and overall global inflation can increase Airgain's operational expenses, including manufacturing and logistics, potentially reducing profit margins for its wireless connectivity solutions.

Enterprise and Consumer Spending on Connectivity Solutions: Economic uncertainty and inflationary pressures may lead businesses to delay investments in technology upgrades like 5G infrastructure and IoT deployments, and consumers may curb spending on new connected devices, directly impacting Airgain's revenue across its key markets.

Interest Rate Environment and Investment in Technology: A tightening global monetary policy, indicated by rising interest rates, can increase borrowing costs for Airgain, hindering R&D and expansion initiatives. This environment can also shift investor preference towards less risky assets, potentially affecting the valuation of growth-oriented technology stocks like Airgain.