Business Description
Airship AI Holdings, Inc. provides an AI-driven video, sensor, and data management surveillance platform. Headquartered in Redmond, Washington, the company serves government agencies, law enforcement, military, and commercial enterprises across the United States. Its platform is designed to structure and analyze unstructured data at the edge, delivering real-time actionable intelligence to improve public safety and operational efficiency.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 15,321 | 23,050 | 12,300 | 14,549 |
| Cost of Sales | 7,624 | 12,523 | 6,535 | 6,128 |
| Gross Profit | 7,698 | 10,527 | 5,764 | 8,421 |
| Selling, General & Administrative Expenses | 11,837 | 11,227 | 9,675 | 7,630 |
| Research & Development Expenses | 3,076 | 2,805 | 2,729 | 3,615 |
| Operating Profit | (7,216) | (3,505) | (6,640) | (2,824) |
| Interest and Investment Income | — | — | — | 43 |
| Interest Expense | — | — | — | (75) |
| Non-Operating Income | 36,537 | (53,960) | 23,011 | 2,379 |
| Total Non-Operating Income | 36,537 | (53,960) | 23,011 | 2,346 |
| Income Before Provision for Income Taxes | 29,321 | (57,465) | 16,371 | (477) |
| Provision for Income Taxes | — | — | — | 10 |
| Consolidated Net Income | 29,321 | (57,465) | 16,371 | (487) |
| Net Income Attributable to Common Shareholders | 29,321 | (57,465) | 16,371 | (487) |
| Basic EPS | 0.90 | -2.34 | 1.20 | -0.04 |
| Diluted EPS | 0.76 | -2.34 | 0.80 | -0.04 |
| Basic Weighted Average Shares Outstanding | 32,413 | 24,586 | 13,671 | 13,387 |
| Diluted Weighted Average Shares Outstanding | 38,681 | 24,586 | 20,391 | 13,387 |
| Shares Outstanding | 34,368 | 30,588 | 22,812 | 41,492 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 11,750 | 11,415 | 3,124 | 299 |
| Total Cash and Cash Equivalents | 11,750 | 11,415 | 3,124 | 299 |
| Accounts Receivable | 6,463 | 1,227 | 1,649 | 706 |
| Other Receivables | — | — | 7 | 968 |
| Total Trade Receivables | 6,463 | 1,227 | 1,656 | 1,673 |
| Other Current Assets | 294 | 18 | 18 | 16 |
| Total Current Assets | 18,507 | 12,659 | 4,799 | 1,988 |
| Net Property, Plant & Equipment | 808 | 882 | 1,107 | 821 |
| Other Long-Term Assets | 161 | 166 | 182 | 1,100 |
| Total Assets | 19,475 | 13,707 | 6,088 | 3,909 |
| Accounts Payable | 1,150 | 759 | 2,908 | 217 |
| Accrued Expenses | 28 | 52 | 201 | 121 |
| Short-Term Debt | — | — | 2,825 | — |
| Current Portion of Long-Term Debt | — | — | — | 293 |
| Current Portion of Leases | 439 | 305 | 175 | 628 |
| Unearned Revenue | 4,668 | 3,238 | 4,009 | 4,168 |
| Other Current Liabilities | — | 1,300 | 1,750 | 600 |
| Total Current Liabilities | 6,285 | 5,655 | 11,868 | 6,027 |
| Leases | 425 | 639 | 944 | 204 |
| Other Long-Term Liabilities | 19,915 | 60,437 | 10,764 | 6,037 |
| Total Long-Term Liabilities | 20,340 | 61,076 | 11,707 | 6,241 |
| Total Liabilities | 26,625 | 66,731 | 23,575 | 12,268 |
| Common Stock | 3 | 3 | 2 | 1 |
| Additional Paid-in Capital | 38,478 | 21,919 | — | 1,965 |
| Accumulated Other Comprehensive Income | (11) | (3) | (13) | (10) |
| Retained Earnings | (45,620) | (74,942) | (17,477) | (10,314) |
| Total Common Shareholders' Equity | (7,150) | (53,023) | (17,487) | (8,358) |
| Total Shareholders' Equity | (7,150) | (53,023) | (17,487) | (8,358) |
| Total Liabilities and Shareholders' Equity | 19,475 | 13,707 | 6,088 | 3,909 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 29,321 | (57,465) | 16,371 | (487) |
| Depreciation & Amortization | 378 | 225 | 611 | 532 |
| Share-Based Compensation Expense | 1,630 | 1,561 | 2,852 | 546 |
| Other Adjustments | (36,254) | 53,979 | (23,090) | (1,129) |
| Changes in Trade Receivables | (5,236) | 422 | (943) | 126 |
| Changes in Accounts Payable | 367 | (2,295) | 666 | (89) |
| Changes in Unearned Revenue | 2,444 | (2,780) | (3) | (915) |
| Changes in Other Operating Activities | (655) | (151) | 244 | (1,486) |
| Cash from Operating Activities | (8,005) | (6,504) | (3,291) | (2,903) |
| Issuance of Short-Term Debt | — | — | — | 565 |
| Repayments of Short-Term Debt | — | — | (425) | (141) |
| Net Issuance / (Repayments) of Short-Term Debt | — | — | (425) | 425 |
| Issuance of Long-Term Debt | — | — | 2,585 | — |
| Net Issuance / (Repayments) of Long-Term Debt | — | — | 2,585 | — |
| Issuance of Common Shares | 9,647 | 15,235 | 2,810 | — |
| Net Issuance / (Repurchases) of Common Shares | 9,647 | 15,235 | 2,810 | — |
| Other Financing Activities | (1,300) | (450) | 1,150 | 1,442 |
| Cash from Financing Activities | 8,347 | 14,785 | 6,120 | 1,866 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (7) | 9 | (3) | (10) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 343 | 8,281 | 2,829 | (1,036) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $99M |
| P/E | 3.80x |
| P/S | 6.48x |
| EV/EBITDA | -12.93x |
| Return on Equity | -97.5% |
| Return on Invested Capital | -446.4% |
| Current Ratio | 2.94x |
| Free Cash Flow Margin | -52.2% |
Margins
Gross margin
50.2%
Operating margin
-47.1%
Net margin
191.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $4M | +92.1% | -36.1% | $-1M |
| Q1 2026 | $6M | +15.5% | -24.9% | $-2M |
| Q4 2025 | $6M | +102.5% | -9.4% | $-1M |
| Q3 2025 | $1M | -58.9% | -243.5% | $-3M |
| Q2 2025 | $2M | — | -94.2% | $-2M |
| Q1 2025 | $6M | — | -31.2% | $-2M |
| Q4 2024 | $3M | — | -46.5% | $-1M |
| Q3 2024 | $3M | — | -55.4% | $-2M |
More on Airship AI Holdings, Inc.
Figures compiled from public company filings.
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