AISP

MKT CAP:$87M

Airship AI Holdings, Inc.

Market Cap

$87M

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$2.55-$0.56 (-18.01%)

Apr 21, 2026

Company Details

Airship AI Holdings, Inc. provides AI-driven video, sensor, and data management surveillance platform in the United States. The company offers Airship Acropolis OS, an IP and analog video surveillance; Airship Command, a suite of visualizat...

CEO

Victor Huang

IPO Date

May 10, 2021

Website

www.airshipai.ai

Key Metrics TTM

Revenue

$13M

-45.9% YoY

Net Income

-$14M

EPS (Diluted)

-$0.33

Free Cash Flow

-$5M

Revenue / Share

$0.30

Gross Margin

48.9%

Operating Margin

-60.1%

Net Margin

-108.5%

FCF Margin

-39.5%

P/S

6.8x

P/E

—

Earnings Reports

Q3 2025

Nov 14, 2025

$1M-58.9%EPS $0.15

Q1 2025

May 15, 2025

$6M-48.0%EPS $0.61

FY 2024

Feb 28, 2025

$23M+87.4%EPS -$1.90

Q4 2024

Feb 28, 2025

$3M-23.8%EPS -$1.26

Q3 2024

Nov 14, 2024

$3M+20.3%EPS $0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$0	$0	-$226.7K
Q4 21	$0	$0	-$337.5K
Q1 22	$0	$0	-$348.3K
Q2 22	$0	$0	-$288.4K
Q3 22	$0	$0	-$268.3K
Q4 22	$0	$0	-$492.0K
Q1 23	$3M	$804.3K	-$2M
Q2 23	$3M	$2M	-$3M
Q3 23	$2M	$2M	-$1M
Q4 23	$4M	$2M	-$624.5K
Q1 24	$11M	$3M	-$1M
Q2 24	$6M	$5M	$976.3K
Q3 24	$3M	$2M	-$2M
Q4 24	$3M	$1M	-$1M
Q1 25	$6M	$2M	-$2M
Q3 25	$1M	$603.8K	-$3M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q4 21	—	17.3x
Q1 22	—	7.5x
Q2 22	—	4.8x
Q3 22	—	8.8x
Q4 22	—	8.1x
Q1 23	29.5x	23.6x
Q2 23	15.2x	—
Q3 23	10.7x	—
Q4 23	7.0x	5.3x
Q1 24	4.3x	—
Q2 24	3.7x	11.3x
Q3 24	3.6x	5.6x
Q4 24	3.8x	—
Q1 25	4.8x	—
Q3 25	6.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$93.1K	-$93.1K
Q4 21	-$64.7K	-$64.7K
Q1 22	-$193.1K	-$193.1K
Q2 22	-$205.1K	-$205.1K
Q3 22	-$73.7K	-$73.7K
Q4 22	-$136.7K	-$136.7K
Q1 23	-$990.1K	-$990.1K
Q2 23	$253.0K	$253.0K
Q3 23	-$2M	-$2M
Q4 23	-$767.3K	-$767.3K
Q1 24	-$2M	-$2M
Q2 24	-$2M	-$2M
Q3 24	-$251.0K	-$251.0K
Q4 24	-$2M	-$2M
Q1 25	-$2M	-$2M
Q3 25	-$583.6K	-$583.6K

Capital Expenditures

Quarter	CapEx
Q3 21	$3
Q4 21	$0
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$3
Q1 25	$4
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+113.7%
Q2 22	—	-1.9%
Q3 22	—	+18.3%
Q4 22	—	+45.8%
Q1 23	—	+1232.5%
Q2 23	—	+1929.8%
Q3 23	—	+1247.0%
Q4 23	—	+881.9%
Q1 24	+259.9%	+158.1%
Q2 24	+131.1%	-7.3%
Q3 24	+20.3%	+23.3%
Q4 24	-23.8%	-2.8%
Q1 25	-48.0%	-39.7%
Q3 25	-81.6%	-25.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$0	—
Q4 21	$0	—
Q1 22	$0	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q1 23	$136.7K	4.7%
Q2 23	$2M	82.1%
Q3 23	$206.5K	8.7%
Q4 23	$235.8K	5.6%
Q1 24	$269.0K	2.5%
Q2 24	$261.6K	4.1%
Q3 24	$557.6K	19.4%
Q4 24	$274.5K	8.6%
Q1 25	$428.3K	7.8%
Q3 25	$355.4K	30.2%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 21	—	$226.7K
Q4 21	—	$337.5K
Q1 22	—	$348.3K
Q2 22	—	$288.4K
Q3 22	—	$268.3K
Q4 22	—	$492.0K
Q1 23	$674.1K	$2M
Q2 23	$665.2K	$4M
Q3 23	$688.8K	$2M
Q4 23	$701.4K	$2M
Q1 24	$695.4K	$3M
Q2 24	$702.8K	$3M
Q3 24	$1M	$3M
Q4 24	$333.0K	$2M
Q1 25	$719.4K	$3M
Q3 25	$753.2K	$3M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 21	—	—	—
Q4 21	—	—	—
Q1 22	—	—	—
Q2 22	—	—	—
Q3 22	—	—	—
Q4 22	—	—	—
Q1 23	—	-51.0%	—
Q2 23	—	-105.7%	—
Q3 23	—	-61.8%	—
Q4 23	—	551.6%	—
Q1 24	259.9%	-301.2%	-41.3
Q2 24	131.1%	296.1%	427.2
Q3 24	20.3%	222.2%	242.5
Q4 24	-23.8%	-1550.4%	-1574.1
Q1 25	-48.0%	-29.6%	-77.6
Q3 25	-81.6%	-235.1%	-316.7

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$2M	$0	$2M
Q1 22	$1M	$0	$1M
Q2 22	$1M	$0	$1M
Q3 22	$1M	$0	$1M
Q4 22	$298.6K	$0	$298.6K
Q1 23	$568.2K	$0	$568.2K
Q2 23	$213.9K	$0	$213.9K
Q3 23	$18.8K	$0	$18.8K
Q1 24	$2M	$0	$2M
Q2 24	$226.8K	$0	$226.8K
Q3 24	$7M	$0	$7M
Q4 24	$11M	$0	$11M
Q1 25	$9M	$0	$9M
Q2 25	$6M	$0	$6M
Q3 25	$6M	$0	$6M
Q4 25	$12M	$0	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	41M	0.0%	—
Q4 21	41M	0.0%	—
Q1 22	41M	0.0%	+2.5%
Q2 22	41M	0.0%	0.0%
Q3 22	41M	0.0%	0.0%
Q4 22	41M	0.0%	0.0%
Q1 23	36M	-12.1%	-12.1%
Q2 23	28M	-22.1%	-31.5%
Q3 23	28M	0.0%	-31.5%
Q4 23	20M	-28.3%	-50.9%
Q1 24	23M	+12.3%	-37.3%
Q2 24	30M	+32.2%	+6.4%
Q3 24	35M	+17.1%	+24.6%
Q4 24	31M	-13.7%	+50.0%
Q1 25	39M	+26.9%	+69.5%
Q3 25	42M	+8.1%	+38.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q4 21	—	—
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$60.5K	53
Q1 25	$103.8K	53
Q3 25	$22.2K	53

Revenue / Employee