0001654954-26-001280
SEC filingAirship AI Holdings, Inc. (AISP) reported FY 2025 revenue of $15.3M, up from prior periods though exact YoY not specified, driven by $10.1M in product sales offset by declines in post-contract support (-$5.1M) and other services (-$86K). Gross profit stood at $7.7M on $7.6M cost of revenue, yielding a solid gross margin. Operating expenses totaled $14.9M, including $3.1M R&D and $11.8M SG&A, resulting in an operating loss of -$7.2M. Non-operating gains propelled net income to $29.3M, primarily from $20.9M warrant liability fair value gain and $15.4M earnout liability gain, plus $283K interest income. Balance sheet shows $19.5M total assets, $11.8M cash, but $26.6M liabilities including $13.3M warrant and $2.6M earnout liabilities, yielding -$7.1M stockholders' deficit. Operating cash flow used -$8.0M, offset by $8.3M financing inflows from warrant exercises ($9.5M), netting $343K cash increase to $11.8M end cash. EPS basic and diluted at $1. Strong non-cash gains mask operational losses, signaling reliance on financing and liability adjustments for profitability amid growing deferred revenue ($8.7M). Investors should monitor cash burn and liability volatility for forward sustainability.
Airship AI Holdings, Inc. delivered FY 2025 revenue of $15.3M, comprising $10.1M product, -$5.1M post-contract support, and -$86K other services. Gross profit was $7.7M after $7.6M costs. Operating expenses reached $14.9M ($3.1M R&D, $11.8M SG&A), yielding -$7.2M operating loss. Other income netted $36.5M from $20.9M warrant liability gain, $15.4M earnout gain, and $283K interest, driving $29.3M net income before zero tax provision. Comprehensive income $29.3M after -$7K forex loss. EPS basic/diluted $1 on 32.4M/38.7M weighted shares. No prior year figures disclosed for direct YoY comparison, but operational metrics show revenue stability amid expense pressure, offset by non-operating boosts. Balance sheet reflects $19.5M assets, $26.6M liabilities, -$7.1M equity.
Revenue totaled $15.3M for FY 2025, broken down as $10.1M from products, -$5.1M post-contract support, and -$86K other services. Cost of revenue $7.6M included $6.2M cost of sales, $1.4M post-contract support, $72K other services. No geographic or customer concentration details provided. Deferred revenue rose to $8.7M ($4.7M current, $4.0M non-current), signaling strong backlog. No YoY revenue trends or growth drivers explicitly stated in filing.
Gross profit $7.7M on $15.3M revenue implies ~50.3% gross margin (calculated as 7.7/15.3). Operating margin negative at -47% (-$7.2M/$15.3M) due to high SG&A ($11.8M) versus R&D ($3.1M). Profitability hinged on non-operating items: $36.5M other income exceeded operating loss, flipping to $29.3M net income. No prior period margins for comparison. Stock-based compensation $1.6M added to expenses.
Operating activities used -$8.0M despite $29.3M net income, adjusted for $20.9M warrant gain, $15.4M earnout gain, $1.6M stock comp, offset by $5.2M AR improvement, $2.4M deferred revenue increase. Financing provided $8.3M via $9.5M warrant exercises, $1.3M founder repayment, $149K options, netting $343K cash rise (after -$7K forex) to $11.8M cash. Assets $19.5M (current $18.5M: $11.8M cash, $6.5M AR). Liabilities $26.6M ($6.3M current, incl. $4.7M deferred rev; non-current $13.3M warrants, $2.6M earnout). Equity -$7.1M with -$45.6M accumulated deficit. No debt outstanding per disclosures.
Filing contains no explicit management guidance, strategic priorities, or forward-looking statements. Investors note risks from warrant/earnest liabilities volatility, ongoing cash burn, and stockholders' deficit position.