The company exhibits a structural deficit with a persistent negative equity position of $7.2M as of 2026Q1, further complicated by a total liability load of $26.3B that warrants close scrutiny.
| Total Current Assets | 18.26B | 18.51M | 12.66M | 4.8M | 1.99M | 2.23M |
| Cash & Short-Term Investments | 11.75M | 11.75M | 11.41M | 3.12M | 298.61K | 1.34M |
| Cash Only | 11.75M | 11.75M | 11.41M | 3.12M | 298.61K | 1.34M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 5.38B | 6.46M | 1.23M | 1.66M | 1.67M | 859.12K |
| Days Sales Outstanding | 30.41K | 153.96 | 19.43 | 49.15 | 41.98 | 24.05 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 309.81M | 294.19K | 17.88K | 18.37K | 16.04K | 30.1K |
| Total Non-Current Assets | 866.09M | 968.44K | 1.05M | 1.29M | 1.92M | 1.99M |
| Property, Plant & Equipment | 705.56M | 807.91K | 882.02K | 1.11M | 821.08K | 31.62K |
| Fixed Asset Turnover | 0.09x | 18.96x | 26.13x | 11.11x | 17.72x | 412.38x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 323.72M |
| Other Non-Current Assets | 160.53M | 160.53K | 165.96K | 182.33K | 1.1M | -321.76M |
| Total Assets | 19.12B | 19.48M | 13.71M | 6.09M | 3.91M | 4.22M |
| Asset Turnover | 0.00x | 0.79x | 1.68x | 2.02x | 3.72x | 3.09x |
| Asset Growth % | 147904.06% | 42.08% | 125.16% | 55.74% | -7.37% | - |
| Total Current Liabilities | 7.2B | 6.28M | 5.65M | 11.87M | 6.03M | 5.02M |
| Accounts Payable | 1.21B | 1.15M | 759.48K | 2.91M | 216.72K | 173.69K |
| Days Payables Outstanding | 14.65K | 55.05 | 22.14 | 162.08 | 12.91 | 10.48 |
| Short-Term Debt | 449.98M | 438.63K | 0 | 2.83M | 292.93K | 0 |
| Deferred Revenue (Current) | 5.5B | 4.67M | 3.24M | 4.01M | 4.17M | 4.59M |
| Other Current Liabilities | 53.84M | 27.97K | 1.3M | 1.75M | 600K | 0 |
| Current Ratio | 2.54x | 2.94x | 2.24x | 0.40x | 0.33x | 0.45x |
| Quick Ratio | 2.54x | 2.94x | 2.24x | 0.40x | 0.33x | 0.45x |
| Cash Conversion Cycle | 15.76K | - | - | - | - | - |
| Total Non-Current Liabilities | 19.12B | 20.34M | 61.08M | 11.71M | 6.24M | 7.61M |
| Long-Term Debt | 308.4M | 425.11K | 0 | 0 | 131.61K | 1.14M |
| Capital Lease Obligations | 1.19M | 0 | 638.52K | 943.7K | 203.77K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 18.81B | 15.95M | 57.49M | 5.8M | 1.1M | 1.17M |
| Total Liabilities | 26.32B | 26.62M | 66.73M | 23.58M | 12.27M | 12.63M |
| Total Debt | 758.38M | 863.74K | 943.7K | 3.94M | 1.26M | 1.14M |
| Net Debt | 746.63M | -10.89M | -10.47M | 819.53K | 958.07K | -203K |
| Debt / Equity | -0.11x | - | - | - | - | - |
| Debt / EBITDA | -113.43x | - | - | - | - | - |
| Net Debt / EBITDA | -111.68x | - | - | - | - | - |
| Interest Coverage | -0.48x | - | -56.29x | 295.00x | -5.34x | -240.78x |
| Total Equity | -7.2B | -7.15M | -53.02M | -17.49M | -8.36M | -8.41M |
| Equity Growth % | -30721.91% | 86.52% | -203.21% | -109.22% | 0.58% | - |
| Book Value per Share | -209.44 | -0.18 | -1.75 | -0.86 | -0.21 | -0.20 |
| Total Shareholders' Equity | -7.2B | -7.15M | -53.02M | -17.49M | -8.36M | -8.41M |
| Common Stock | 3.44M | 3.43K | 3.06K | 2.28K | 1.34K | 44.67K |
| Retained Earnings | -46.34B | -45.62M | -74.94M | -17.48M | -10.31M | -9.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -19.17M | -10.88K | -3.47K | -12.81K | -10.11K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent liquidity and solvency constraints
As reported in financial statements, AISP maintains a cash position of $11.8M as of 2026Q1, which, when viewed against the company's history of erratic working capital swings and persistent operating losses, suggests a limited buffer to absorb further delays in federal contract procurement cycles.
While the current ratio of 2.54 appears superficially healthy, it is heavily influenced by the lumpy nature of deferred revenue and accounts payable rather than liquid cash availability. Investors should monitor whether this liquidity level is sufficient to fund ongoing R&D and technical sales requirements without necessitating further dilutive financing.
Based on the company's reported figures, AISP exhibits a persistent negative equity position of $7.2M as of 2026Q1, a trend that underscores the cumulative impact of historical operating losses and the challenges of transitioning from a private entity to a public company via a SPAC.
The erosion of shareholder equity suggests that the business model has yet to achieve the scale required to offset its high fixed-cost base. This negative equity status warrants investigation into the company's long-term solvency and its ability to maintain operations without continuous capital injections.
According to recent balance sheet data, AISP's asset base is characterized by a significant lack of tangible capital, with net PPE of $705.6M as of 2026Q1, indicating that the company's value is primarily tied to intellectual property and specialized software rather than physical infrastructure.
The reliance on intangible assets implies that the company's competitive moat is highly dependent on the continued relevance of its Acropolis OS and federal security certifications. Any impairment or obsolescence of these proprietary technologies could significantly impact the company's valuation and future revenue-generating capacity.
As indicated by the provided financial data, the discrepancy between the company's $19.1B in total assets and its $26.3B in total liabilities suggests that headline figures may be heavily influenced by non-operational accounting adjustments, potentially obscuring the true extent of the firm's financial leverage.
The presence of significant liabilities relative to the asset base suggests that the company's balance sheet is more fragile than it appears on the surface. Analysts should be cautious of interpreting these figures as a sign of stability, as they likely mask the underlying cash burn and the risks associated with the company's project-based revenue model.
Quick answers to the most common questions about buying AISP stock.
As of 2025, Airship AI Holdings, Inc. (AISP) had total assets of $19.5M including $18.5M in current assets.
Airship AI Holdings, Inc. (AISP) carries total debt of $0.9M, offset by $11.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Airship AI Holdings, Inc. (AISP) has total shareholders' equity (book value) of $-7.1M ($-0.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Airship AI Holdings, Inc. (AISP) reported a current ratio of 2.94x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.