Cash conversion remains poor, evidenced by a profound disconnect between net income and operating cash flow, including a $1.8B outflow in 2025Q2 that highlights the firm's structural difficulty in achieving self-sustaining operations.
| Cash from Operations | -1.82B | -8B | -6.5M | -3.29M | -2.9M | -5.13M |
| Operating CF Margin % | - | -52246.21% | -28.22% | -26.76% | -19.95% | -39.36% |
| Operating CF Growth % | -74224.52% | -122976.01% | -97.61% | -13.39% | 43.45% | - |
| Net Income | 4.89M | 29.32B | -57.46M | 16.37M | -487.49K | -5.12M |
| Depreciation & Amortization | 378.47M | 378.45M | 224.64K | 611.43K | 532.11K | 53.2K |
| Stock-Based Compensation | 1.63B | 1.63B | 1.36M | 2.85M | 546.46K | 898.88K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -33.13B | -39.33B | 54.18M | -23.09M | -1.13M | -964.11K |
| Working Capital Changes | -567.65K | -3.08M | -4.8M | -35.58K | -2.36M | 3.8K |
| Change in Receivables | -2.6M | -5.24M | 429.38K | 17.23K | -814.25K | 572.43K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -977.29K | 366.65K | 0 | 666.14K | -98.78K | 98.33K |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -675.39M | 8.35B | 14.79M | 6.12M | 1.87M | 3.64M |
| Debt Issued (Net) | 0 | 0 | 0 | 2.16M | 1.27M | 1.13M |
| Equity Issued (Net) | 9.56M | 9.65M | 7.29M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -684.94M | 8.34B | 7.5M | 3.96M | 600K | 2.5M |
| Net Change in Cash | -2.5B | 335.19M | 8.29M | 2.83M | -1.05M | -1.5M |
| Free Cash Flow | -1.82B | -8B | -6.5M | -3.29M | -2.9M | -5.13M |
| FCF Margin % | -11280.54% | -52246.21% | -28.22% | -26.76% | -19.95% | -39.36% |
| FCF Growth % | -26313.4% | -122976.01% | -97.61% | -13.39% | 43.45% | - |
| FCF per Share | -53.06 | -206.94 | -0.21 | -0.16 | -0.07 | -0.12 |
| FCF Conversion (FCF/Net Income) | -372.85x | -273.00x | 0.11x | -0.20x | 5.96x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 19.95K | 11.35K |
| Taxes Paid | 0 | 0 | 2.41K | 0 | 0 | 54.82K |
Persistent operating cash burn
As reported in financial statements, AISP exhibits a profound disconnect between net income and operating cash flow, highlighted by a 2025Q2 period where the company reported a $23.8M net loss alongside a staggering $1.8B outflow, suggesting significant non-cash accounting distortions and poor cash conversion quality.
The extreme variance between reported net income and operating cash flow suggests that headline earnings are not reflective of the company's actual liquidity generation. Investors should monitor this divergence closely, as it indicates that the business model is currently unable to translate accounting profits into tangible cash resources.
Based on the provided quarterly figures, AISP's free cash flow trajectory is consistently negative, with the company recording a $1.8B outflow in 2025Q2, underscoring the structural difficulty in achieving self-sustaining operations within its current project-based federal infrastructure business model.
The persistent inability to generate positive free cash flow suggests that the company remains in a capital-intensive growth phase that is not yet self-funding. This trajectory warrants further investigation into whether the company can reach a cash-flow-positive inflection point before existing liquidity is exhausted.
According to recent SEC filings, AISP's working capital dynamics are highly erratic, evidenced by a $3.6M outflow in 2025Q4 followed by a $1.5M inflow in 2026Q1, which reflects the lumpy nature of government contract milestones and the inherent challenges in managing cash cycles.
The significant swings in working capital suggest that the company's cash position is highly sensitive to the timing of federal procurement cycles. This volatility may indicate that the company lacks the operational scale to smooth out cash receipts, leaving it vulnerable to short-term liquidity gaps.
As indicated by the provided data, AISP relies heavily on stock-based compensation, which reached $829.2M in 2025Q4, effectively masking the underlying cash burn and creating a significant gap between reported earnings and the actual cash-generating capacity of the core business operations.
The reliance on non-cash compensation suggests that the company is utilizing equity to preserve cash, which may dilute shareholders while failing to address the fundamental operating losses. Analysts should interpret these figures as a signal that the company's true economic cost of operations is significantly higher than reported.
Quick answers to the most common questions about buying AISP stock.
Airship AI Holdings, Inc. (AISP) generated $-8004.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Airship AI Holdings, Inc. (AISP) reported negative free cash flow of $8.00B in 2025, indicating capital requirements exceeded cash from operations.
Airship AI Holdings, Inc. (AISP) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.