AISP · Airship AI Holdings, Inc.

Airship AI reported first quarter 2026 results with net revenues of $6.3 million, a 15% increase from the prior year's first quarter, driven by higher solution sales incorporating more branded hardware and software. Gross profit was $3.2 million, yielding a gross margin of 50%, up from 42% in the same period last year, reflecting improved product mix. Operating loss widened to $1.582 million, including $666,000 in stock-based compensation and increased investments in sales, marketing, and R&D. Other income of $861,000 was primarily due to a $1.5 million gain from the change in fair value of warrant liability, partially offset by a $726,000 loss on the earnout liability. Net loss was $721,000, or $0.02 per basic share. Cash flow from operations was positive at $814,000. The company ended the quarter with $12.6 million in cash and equivalents and $5.4 million in accounts receivable. Management highlighted a backlog of $4.6 million as of May 8, 2026, and a validated pipeline of approximately $165.3 million. New contract awards included $1.9 million from a DHS agency for National Special Security Event deployments, $2.1 million for border security, and $3.0 million from a commercial customer. The company added a Director of Commercial Sales and a Director of Federal Business Development, and appointed retired Chief David Aguilar as an Advisory Board Member. Management expressed optimism about the pipeline and expected procurement acceleration pending federal budget approvals.