<span item_type="fundamental" item_id="b9eaebd71308dafa2d8dd7ffe659188b" counter_id="ST/US/AISP" env="prod"></span><span item_type="announcement" item_id="617226363604634241" 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>Q4 2025 Financial Highlights</h4><p>Airship AI Holdings, Inc. reported net revenues of $6.5 million for the quarter ended December 31, 2025. Gross profits for the quarter were $3.3 million, with a gross margin percentage of 51.2%, partly due to increased solution sales with branded hardware and software offerings. The operating loss for the quarter was -$612,000, attributed to increased stock-based compensation and investments in sales and marketing. Other income totaled $23.6 million, primarily driven by a $14.5 million gain from a change in the fair value of earnout liability and a $9 million gain from a change in the fair value of warrant liability. Net cash used in operating activities was -$3.5 million, which included a $5.2 million increase in accounts receivable. As of December 31, 2025, cash and cash equivalents stood at $11.8 million, and accounts receivable was $6.5 million.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001312/airsp_ex991.htm"></span></p><h4>Q4 2025 &amp; Subsequent Operational Highlights</h4><p>As of December 31, 2025, the company’s backlog was $3.3 million, representing firm fixed-price contracts to be shipped and invoiced in subsequent quarters. The total validated pipeline at the end of the quarter was approximately $173 million, encompassing single and multi-year opportunities across various customer verticals. Airship AI Holdings, Inc. received significant contract awards, including a $1.9 million award from the Department of Homeland Security (DHS) for 2026 National Special Security Events, a $2.8 million award from a large commercial customer for a technical refresh, and multiple awards at the DHS component agency level for critical infrastructure facilities.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001312/airsp_ex991.htm"></span></p><h4>Year Ended December 31, 2025 Financial Results</h4><p>Total net revenues for the year were $15,321,349, composed of $10,135,562 from Product, $5,099,756 from Post contract support, and $86,031 from Other services. The total cost of net revenues was $7,623,583, with $6,178,868 for Cost of Sales, $1,372,604 for Post contract support, and $72,111 for Other services. The gross profit for the year was $7,697,766. Research and development expenses were $3,076,466, and selling, general and administrative expenses amounted to $11,837,086, leading to total operating expenses of $14,913,552. The operating loss for the year was -$7,215,786. Total other income, net, was $36,537,149, which included a $15,401,751 gain from change in fair value of earnout liability, a $20,852,612 gain from change in fair value of warrant liability, and $282,786 in net interest income. The net income for the year ended December 31, 2025, was $29,321,363.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001312/airsp_ex991.htm"></span></p><h4>Cash Flow (Year Ended December 31, 2025)</h4><p>Net cash used in operating activities was -$8,004,824. Net cash provided by financing activities was $8,347,424. This resulted in a net increase in cash and cash equivalents of $342,600. Cash and cash equivalents at the end of the period were $11,750,021.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001312/airsp_ex991.htm"></span></p><h4>2026 Outlook</h4><p>Airship AI Holdings, Inc. plans to leverage its Q4 momentum into the new fiscal year, focusing on long-term business development efforts expected to be funded by the One Big Beautiful Bill Act (OBBB). The company aims to improve gross margin percentages to achieve cash flow positive operations before the end of 2026. Additionally, it will continue strategic investments in sales and business development, further train and refine its Outpost AI and Fortress analytic platforms, and expand brand awareness in new verticals.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001312/airsp_ex991.htm"></span></p>

Airship AI | 8-K: FY2025 Revenue Beats Estimate at USD 15.32 M