Revenue and margins have been highly volatile, with quarterly sales ranging from $6.3M to $48.3M and operating margin swinging from -192.8% in 2026Q1 to 12.4% in 2025Q4, suggesting cost structure does not flex with revenue.
AIRO Group Holdings, Inc. Common Stock (AIRO) annual income statement — 5-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Sales/Revenue | 106.64M | 90.91M | 86.94M | 43.25M | 17.08M | 11.78M |
| Revenue Growth % | 6.9% | 4.57% | 100.99% | 153.23% | 44.97% | - |
| Cost of Goods Sold | 43.99M | 36.49M | 28.62M | 18.34M | 12.95M | 8.3M |
| COGS % of Revenue | - | 40.14% | 32.92% | 42.4% | 75.83% | 70.48% |
| Gross Profit | 62.65M | 54.41M | 58.32M | 24.91M | 4.13M | 3.48M |
| Gross Margin % | 58.75% | 59.86% | 67.08% | 57.6% | 24.16% | 29.52% |
| Gross Profit Growth % | - | -6.69% | 134.07% | 503.59% | 18.68% | - |
| Operating Expenses | 83.51M | 83.18M | 75.75M | 34.85M | 31.13M | 6.05M |
| OpEx % of Revenue | - | 91.5% | 87.13% | 80.56% | 182.23% | 51.36% |
| Selling, General & Admin | 59.57M | 65.26M | 24.62M | 22.98M | 21.83M | 4.9M |
| SG&A % of Revenue | - | 71.79% | 28.32% | 53.12% | 127.79% | 41.6% |
| Research & Development | 16.01B | 17.92M | 13.13M | 11.87M | 9.3M | 1.15M |
| R&D % of Revenue | - | 19.71% | 15.11% | 27.44% | 54.44% | 9.76% |
| Other Operating Expenses | -3M | 0 | 37.99M | 0 | 0 | 0 |
| Operating Income | -20.86M | -28.77M | -17.43M | -9.93M | -27M | -2.57M |
| Operating Margin % | -19.56% | -31.64% | -20.05% | -22.96% | -158.06% | -21.84% |
| Operating Income Growth % | - | -65% | -75.53% | 63.21% | -949.24% | - |
| EBITDA | -7.64M | -16.18M | -4.44M | 3.32M | -16.95M | -1.52M |
| EBITDA Margin % | -7.17% | -17.79% | -5.11% | 7.66% | -99.24% | -12.91% |
| EBITDA Growth % | 68.59% | -264.17% | -233.97% | 119.56% | -1014.61% | - |
| D&A (Non-Cash Add-back) | 13.22M | 12.59M | 12.99M | 13.25M | 10.05M | 1.05M |
| EBIT | -17.4M | 12.74M | -15.26M | -28.03M | -33.15M | -17.13M |
| Net Interest Income | -124.68K | -9.8M | -14.23M | -2.14M | -3.62M | -3.39M |
| Interest Income | 584K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 708.68K | 9.8M | 14.23M | 2.14M | 3.62M | 3.39M |
| Other Income/Expense | 2.53M | 31.7M | -12.05M | -20.23M | -9.76M | -17.94M |
| Pretax Income | -18.33M | 2.94M | -29.49M | -30.16M | -36.76M | -20.52M |
| Pretax Margin % | -17.19% | 3.23% | -33.92% | -69.73% | -215.23% | -174.12% |
| Income Tax | 7.12M | 7.04M | 9.21M | 2.29M | -11.21M | 12.85K |
| Effective Tax Rate % | -38.81% | 239.64% | -31.23% | -7.6% | 30.5% | -0.06% |
| Net Income | -25.45M | -4.1M | -38.69M | -32.46M | -25.55M | -20.53M |
| Net Margin % | -23.86% | -4.51% | -44.51% | -75.04% | -149.59% | -174.23% |
| Net Income Growth % | 6.39% | 89.39% | -19.22% | -27.02% | -24.47% | - |
| Net Income (Continuing) | -25.45M | -4.1M | -38.69M | -32.46M | -25.55M | -20.53M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.81 | -0.17 | -1.55 | -1.30 | -1.03 | -0.82 |
| EPS Growth % | 23.74% | 89.03% | -19.23% | -26.21% | -25.61% | - |
| EPS (Basic) | - | -0.17 | -1.55 | -1.30 | -1.03 | -0.82 |
| Diluted Shares Outstanding | 31.43M | 23.68M | 24.89M | 24.89M | 24.89M | 24.89M |
| Basic Shares Outstanding | 31.43M | 23.68M | 24.89M | 24.89M | 24.89M | 24.89M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Quick answers to the most common questions about buying AIRO stock.
For fiscal year 2025, AIRO Group Holdings, Inc. Common Stock (AIRO) reported total revenue of $90.9M. This represents a 671.5% increase compared to $11.8M in 2021.
AIRO Group Holdings, Inc. Common Stock (AIRO) reported a net loss of $4.1M for the fiscal year ending 2025.
AIRO Group Holdings, Inc. Common Stock (AIRO) reported an operating income of $-28.8M, resulting in an operating profit margin of -31.6%. This margin reflects the operational efficiency of the business before interest and taxes.
AIRO Group Holdings, Inc. Common Stock (AIRO) generated $54.4M in gross profit for the year, representing a gross profit margin of 59.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile quarterly profitability and dilution
Metrics are mathematically derived from official filings.
Lumpy Revenue Masks Uncertain Growth Durability
Based on reported figures, AIRO's quarterly revenue swung from $8.9M in 2026Q1 to $43.2M in 2026Q2, a 75.9% sequential jump that reflects episodic contract recognition rather than steady compounding momentum.
The revenue series shows no consistent acceleration or deceleration, with sharp troughs near $6.3M and $8.9M alternating with peaks above $40M. This pattern suggests revenue depends heavily on lumpy program or contract timing, which makes any single-quarter growth rate a weak basis for extrapolation. Investors should monitor whether the 2026Q2 level reflects recurring backlog or a one-time recognition event.
Gross Margins Oscillate Without Structural Anchor
As reported in the income statement, AIRO's gross margin ranged from 26.6% to 69.9% across ten quarters, a spread so wide that it points to mix and project-timing effects rather than durable pricing power.
Gross margin peaked near 67% to 70% in quarters with high revenue and fell to roughly 27% to 29% in low-revenue quarters, indicating that fixed cost absorption drives much of the variation. Relative to peers such as KTOS at 22.1%, the upper-end margins are unusually high, which may reflect favorable contract mix that could not persist. Investors should treat the average rather than the peak as the more defensible operating baseline.
Operating Leverage Reverses Sharply in Thin Quarters
Based on reported figures, operating income moved from $6.0M in 2025Q4 to a loss of $12.0M in 2025Q3, showing that AIRO's cost base does not scale down with revenue and amplifies downturns.
SG&A and R&D expenses remained elevated relative to revenue in weaker quarters, so a revenue shortfall translated into outsized operating losses. The operating margin swings from positive double digits to below negative 190% illustrate high negative operating leverage. This suggests the cost structure is sized for a larger revenue base than the company has consistently achieved.
Net Income Diverges From Operating Results
According to the reported statements, AIRO posted a $5.9M net profit in 2025Q2 despite an operating loss of $19.7M, a gap that indicates non-operating items materially shaped reported earnings.
The reversal between operating loss and positive net income in 2025Q2 suggests gains from non-operating sources, which warrants further investigation before treating EPS as representative. Stock-based compensation also rose to $18.8M in 2025Q4, which may be contributing to distortion in per-share figures. Investors should separate operating earnings from non-recurring items when judging earnings quality.
Cost Base Heavily Weighted Toward Overhead
As reported in financial statements, AIRO's SG&A reached $18.5M in 2026Q2 against $43.2M of revenue, indicating overhead absorbs a large share of the operating base relative to scale.
SG&A consistently ran at high multiples of R&D and frequently exceeded gross profit in weaker quarters, which points to a cost structure built ahead of sustained revenue. Cost of revenue tracks revenue closely, so margin variation is driven more by fixed overhead than by input cost swings. Investors should monitor whether overhead growth moderates as revenue scales.
Bear Case Centers on Unsustainable Quarterly Peaks
Based on EPS volatility, from -$0.49 in 2026Q1 to -$0.00 in 2025Q4, the strongest challenge is that recent improvements may reflect timing and dilution rather than durable profitability.
A bear analyst would argue that the 2026Q2 revenue spike and near-breakeven operating result are one-off and that the underlying run rate remains loss-making across most quarters. Persistent net losses in the majority of periods, combined with rising stock-based compensation, may signal ongoing shareholder dilution. This interpretation warrants further investigation into backlog quality and whether the recent profitability is repeatable.