<span item_type="fundamental" item_id="a950a0d1658784dfc2ec27fd0042aa97" counter_id="ST/US/AISP" env="prod"></span><span item_type="announcement" item_id="617118042387516033" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 15.32 M, beating the estimate of USD 15.3 M.</p><p>EPS: As of FY2025, the actual value is USD 0.76.</p><p>EBIT: As of FY2025, the actual value is USD -7.499 M.</p><p></p><h4>Net Revenues</h4><p>Net Revenues for Airship AI Holdings, Inc. were $15,321,000 for the year ended December 31, 2025, a decrease of $7,729,000 or -33.5% compared to $23,050,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Product Revenue</strong>: $10,135,562 in 2025, down from $18,716,196 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Post Contract Support Revenue</strong>: $5,099,756 in 2025, up from $4,334,017 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Other Services Revenue</strong>: $86,031 in 2025, compared to $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Cost of Net Revenues</h4><p>Cost of Net Revenues was $7,624,000 in 2025, decreasing by $4,899,000 or 39.1% from $12,523,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Cost of Sales</strong>: $6,178,868 in 2025, down from $10,843,766 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Post Contract Support Costs</strong>: $1,372,604 in 2025, down from $1,679,692 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Other Services Costs</strong>: $72,111 in 2025, compared to $0 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Gross Profit</h4><p>Gross Profit for Airship AI Holdings, Inc. was $7,697,000 in 2025, a decrease of $2,830,000 or -26.9% from $10,527,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Operating Expenses</h4><p>Total Operating Expenses were $14,913,000 in 2025, an increase of $881,000 or -6.3% from $14,032,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Research and Development Expenses</strong>: $3,076,000 in 2025, up by $271,000 or -9.7% from $2,805,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> <strong>Selling, General and Administrative Expenses</strong>: $11,837,000 in 2025, up by $610,000 or -5.4% from $11,227,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Operating Loss</h4><p>Operating Loss for Airship AI Holdings, Inc. was - $7,216,000 in 2025, which is an increased loss of $3,711,000 or -105.9% compared to - $3,505,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Other Income (Expense), Net</h4><p>Other Income (Expense), Net was $36,537,000 in 2025, including a $15,402,000 gain from change in fair value of earnout liability and a $20,853,000 gain from change in fair value of warrant liability.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> In 2024, it was - $53,960,000, which included a - $18,171,000 loss from change in fair value of earnout liability and a - $33,513,000 loss from change in fair value of warrant liability.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Net Income (Loss)</h4><p>Net Income for Airship AI Holdings, Inc. was $29,321,000 in 2025, an increase of $86,786,000 or 151.0% from a net loss of - $57,465,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Cash Flow from Operating Activities</h4><p>Cash Flow from Operating Activities was - $8,005,000 in 2025, compared to - $6,504,000 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Cash Flow from Financing Activities</h4><p>Cash Flow from Financing Activities was $8,347,000 in 2025, including $9,498,000 from net proceeds from warrant exercises and - $1,300,000 for repayment of advances by founders.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> In 2024, it was $14,785,000, which included $7,290,000 from net proceeds from offering and $7,705,000 from net proceeds from warrant exercises.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Net Increase in Cash and Cash Equivalents</h4><p>Net Increase in Cash and Cash Equivalents was $342,600 in 2025, down from $8,281,079 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Cash and Cash Equivalents (End of Period)</h4><p>Cash and Cash Equivalents were $11,750,021 as of December 31, 2025, up from $11,414,830 as of December 31, 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Accounts Receivable</h4><p>Accounts Receivable totaled $6,462,675 as of December 31, 2025, where three customers accounted for approximately 84% of outstanding receivables.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> This is an increase from $1,226,757 as of December 31, 2024, when four customers represented approximately 92% of outstanding receivables.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Deferred Revenue</h4><p>As of December 31, 2025, short-term deferred revenue was $4,668,105 and long-term deferred revenue was $3,966,407.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> In 2024, short-term deferred revenue was $3,238,483 and long-term was $2,951,850.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> Revenue recognized from prior deferred revenue balance was $3,238,483 in 2025 and $4,008,654 in 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Backlog and Pipeline</h4><p>Airship AI Holdings, Inc.’s backlog was $3.3 million and its total validated pipeline was $173.4 million as of December 31, 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Customer Concentration</h4><p>In 2025, Airship AI Holdings, Inc. generated revenue from 92 customers, with four customers representing 87% of total revenue.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> In 2024, revenue was from 74 customers, with one customer accounting for 57% of total revenue.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Employee Count</h4><p>As of December 31, 2025, Airship AI Holdings, Inc. had 63 employees in Redmond, WA, and 8 research and development personnel in Taiwan.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p><h4>Outlook for 2026</h4><p>Airship AI Holdings, Inc. anticipates growth opportunities in 2026 across federal and commercial markets, driven by increased customer activity, pipeline development, and pilot deployments.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> The company plans significant investments in software development and customer-facing teams and aims to achieve positive cash flow as soon as possible within 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span> Most revenue in 2026 is expected from the federal vertical, with new growth in the commercial vertical contributing to the pipeline for 2027 and beyond.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span></p>

Airship AI | 10-K: FY2025 Revenue Beats Estimate at USD 15.32 M