Airgain, Inc.

and $18 million, or $17.25 million at the midpoint of the range, with most of the growth coming from the recovery of our consumer product revenue as we are seeing less impact from supply shortages. We expect non-GAAP gross margin in the first quarter to be 37%, plus or minus 100 basis points, as we see a recovery from our higher margining consumer product revenue. Excluded from non-GAAP gross margin is $89,000 in acquisition-related amortization of purchased intangibles and about $16,000 in stock-based compensation expense. We expect Q1 non-GAAP operating expense will be about $7.5 million, plus or minus $100,000. Higher sequential operating expense is related to the reset of the annual management bonus program timing of engineering development costs, as well as from the acquisition of talent, mostly in our marketing and sales organization, to ensure we execute on our growth prospects. Excluded from our non-GAAP operating expense estimate is about $1.3 million in stock-based compensation expense and about $668,000 in acquisition-related amortization and purchase intangibles. At the midpoint of guidance, adjusted EBITDA in Q1 would be negative by about $1 million. At the midpoint of guidance, we expect Q1 non-GAAP loss per share to be about 11 cents, and on a GAAP basis, we expect a loss per share of 33 cents. With regard to cash, we expect our total cash, cash equivalents, and restricted cash balance to increase from Q4 2021 to Q1 2022, as we expect to benefit from positive working capital changes. Now I'll turn it back over to Jacob. Jacob?

Thanks, Dave. I would like to reiterate that we have confidence in our long-term strategy and that we are pleased with the progress we have made in becoming a high-performance integrated wireless system provider. We believe the successful transition from an antenna component supplier to an integrated wireless system company, as well as our expansion into the lucrative enterprise, and automotive markets puts Agan in a position to sustain long-term profitable growth. While we are still managing through some remaining supply shortage issues, we are seeing a recovery already taking place this quarter and expect that positive trend to continue into 2022. With rising demand for our new and innovative industrial IoT, Agan Connect and aftermarket products. We are optimistic about our growth prospects in 2022 and beyond. With continuing focus on customer satisfaction, operational efficiency, and product innovation, we are keen on delivering on our mission to connect the world through AIGEN's optimized integrated wireless systems. And with that, we're ready to open the call for your questions. Operator, please provide the appropriate instructions.

Thank you very much. And if you would like to ask a question, please press star followed by one in the telephone keypad. And if you do change your mind, please press star followed by two. Our first question on the line comes from Michael Mani of B Riley Securities. Please go ahead with your question, Michael. Thank you.