Revenue performance remains highly inconsistent, with gross margins fluctuating significantly from a low of 24.9% in 2024Q1 to a peak of 75.1% in 2024Q3, reflecting the unpredictable nature of project-based contract awards.
| Sales/Revenue | 16.17M | 15.32M | 23.05M | 12.3M | 14.55M | 13.04M |
| Revenue Growth % | -10.05% | -33.53% | 87.4% | -15.46% | 11.58% | - |
| Cost of Goods Sold | 7.54M | 7.62M | 12.52M | 6.55M | 6.13M | 6.05M |
| COGS % of Revenue | - | 49.76% | 54.33% | 53.25% | 42.12% | 46.41% |
| Gross Profit | 8.63M | 7.7M | 10.53M | 5.75M | 8.42M | 6.99M |
| Gross Margin % | 53.36% | 50.24% | 45.67% | 46.74% | 57.88% | 53.59% |
| Gross Profit Growth % | - | -26.88% | 83.11% | -31.73% | 20.52% | - |
| Operating Expenses | 15.71M | 14.91M | 14.03M | 12.39M | 11.24M | 13.11M |
| OpEx % of Revenue | - | 97.34% | 60.88% | 100.73% | 77.29% | 100.55% |
| Selling, General & Admin | 15.74B | 11.84B | 11.23M | 9.66M | 7.63M | 8.9M |
| SG&A % of Revenue | - | 77258.77% | 48.71% | 78.54% | 52.44% | 68.22% |
| Research & Development | 3.92B | 3.08B | 2.81M | 2.73M | 3.62M | 4.22M |
| R&D % of Revenue | - | 20079.6% | 12.17% | 22.19% | 24.85% | 32.33% |
| Other Operating Expenses | -2M | -14.9B | 0 | 0 | 0 | 0 |
| Operating Income | -7.08M | -7.22M | -3.5M | -6.64M | -2.82M | -6.12M |
| Operating Margin % | -43.8% | -47.1% | -15.21% | -53.98% | -19.41% | -46.96% |
| Operating Income Growth % | - | -105.87% | 47.21% | -135.13% | 53.88% | - |
| EBITDA | -6.69M | -6.84M | -3.28M | -6.03M | -2.29M | -6.07M |
| EBITDA Margin % | -41.34% | -44.63% | -14.23% | -49.01% | -15.75% | -46.56% |
| EBITDA Growth % | -86.17% | -108.43% | 45.59% | -163.04% | 62.25% | - |
| D&A (Non-Cash Add-back) | 397.4K | 378.45K | 224.64K | 611.43K | 532.11K | 53.2K |
| EBIT | -28.82M | -7.22M | -56.46M | 16.43M | -402K | -5.1M |
| Net Interest Income | -60.37M | 282.79K | -1M | -55.69K | -32.69K | 3.6K |
| Interest Income | 232.38K | 282.79K | 0 | 0 | 42.56K | 24.79K |
| Interest Expense | 60.6M | 0 | 1M | 55.69K | 75.26K | 21.19K |
| Other Income/Expense | 11.98M | 36.54M | -53.96M | 23.01M | 2.35M | 999.43K |
| Pretax Income | 4.89M | 29.32M | -57.47M | 16.37M | -477K | -5.12M |
| Pretax Margin % | 30.26% | 191.38% | -249.31% | 133.1% | -3.28% | -39.3% |
| Income Tax | 0 | 0 | 0 | 0 | 10K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -2.1% | 0% |
| Net Income | 4.89M | 29.32M | -57.47M | 16.37M | -487K | -5.12M |
| Net Margin % | 30.26% | 191.38% | -249.31% | 133.1% | -3.35% | -39.3% |
| Net Income Growth % | 372.98% | 151.02% | -451.02% | 3461.6% | 90.5% | - |
| Net Income (Continuing) | 4.89M | 29.32M | -57.47M | 16.37M | -487K | -5.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.14 | 0.76 | -1.90 | 0.80 | -0.01 | 0.12 |
| EPS Growth % | -21% | 140% | -337.5% | 6500% | -110.42% | - |
| EPS (Basic) | - | 0.90 | -2.34 | 0.55 | -0.01 | 0.12 |
| Diluted Shares Outstanding | 34.38M | 38.68M | 30.27M | 20.39M | 38.99M | 41.49M |
| Basic Shares Outstanding | 34.38M | 32.41M | 24.59M | 29.69M | 38.99M | 41.49M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Lumpy federal procurement cycles
As indicated by the provided quarterly financial data, AISP's revenue trajectory remains highly inconsistent, characterized by significant fluctuations such as the 102.5% growth in 2025Q4 followed by a 58.9% contraction in 2025Q3, reflecting the inherent unpredictability of project-based government contract awards and federal fiscal year-end spending cycles.
The erratic revenue performance suggests that the company has yet to establish a predictable, recurring subscription-based model. Investors should monitor whether future periods show a stabilization of these lumpy revenue streams or if the business remains tethered to the timing of individual, large-scale federal deployments.
Based on the reported income statement figures, AISP's gross margins have fluctuated significantly, ranging from a low of 24.9% in 2024Q1 to a peak of 75.1% in 2024Q3, which likely highlights the shifting composition between higher-margin software licensing and lower-margin edge-computing hardware deployments within the company's revenue mix.
This margin variance implies that the company's profitability is highly sensitive to the specific nature of the contracts fulfilled in any given quarter. A sustained expansion of gross margins would likely require a more consistent shift toward software-heavy revenue, reducing the reliance on hardware-intensive project work.
According to the financial statements, AISP continues to struggle with negative operating margins, as evidenced by the -24.9% operating margin in 2026Q1, suggesting that the company has not yet achieved the necessary scale to effectively amortize its high fixed costs associated with R&D and specialized technical sales.
The persistent gap between gross profit and operating income indicates that overhead expenses are scaling disproportionately to revenue growth. This structure suggests that the company remains in a pre-scale phase where operational efficiency is secondary to maintaining the technical capabilities required for federal compliance.
As reported in the financial data, the company's net income figures, including a 191.38% net margin in certain periods, appear heavily influenced by non-operating accounting adjustments, which obscures the underlying reality of the negative operating margins and the ongoing cash burn inherent in the core business model.
Investors should exercise caution when interpreting net income, as these figures likely reflect one-time gains or revaluations rather than sustainable profitability. The disconnect between headline earnings and operational performance warrants further investigation into the sustainability of the company's current capital structure and cash management.
Based on the provided figures, the most significant challenge to the investment narrative is the company's inability to generate consistent operating cash flow, with recent quarterly data showing persistent operating losses that raise questions about the long-term viability of the current high-cost, project-based federal infrastructure strategy.
Short-term volatility in revenue and the reliance on non-operating items to bolster net income suggest that the company may face liquidity pressures if contract wins do not accelerate. The market should monitor whether the company can transition to a self-sustaining model before its current cash reserves are depleted.
Quick answers to the most common questions about buying AISP stock.
For fiscal year 2025, Airship AI Holdings, Inc. (AISP) reported total revenue of $15.3M. This represents a 17.5% increase compared to $13.0M in 2021.
Airship AI Holdings, Inc. (AISP) is profitable, generating $29.3M in net income for the fiscal year ending 2025 with a net profit margin of 191.4%.
Airship AI Holdings, Inc. (AISP) reported an operating income of $-7.2M, resulting in an operating profit margin of -47.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Airship AI Holdings, Inc. (AISP) generated $7.7M in gross profit for the year, representing a gross profit margin of 50.2%. This demonstrates the company's core pricing power and production efficiency.