10-K · February 17, 2026
Airship AI positions itself as an edge-first AI data-management platform (Outpost AI, Acropolis, Airship Command) targeting public safety and enterprise customers; management cites a $7.0 billion edge AI TAM by 2029 and…
Earnings analysis · 10-Q
AISP earnings analysis
Filed May 8, 2026 · Our reading of the company's report
The latest report
Airship AI's Q1 2026 results show a revenue increase to $6.35M from $5.50M in Q1 2025, marking a 15.4% year-over-year growth. However, the company reported a net loss of $721K compared to net income of $23.71M in the…
Read full summary
Airship AI's Q1 2026 results show a revenue increase to $6.35M from $5.50M in Q1 2025, marking a 15.4% year-over-year growth. However, the company reported a net loss of $721K compared to net income of $23.71M in the prior year, impacted by rising operating expenses. Management highlights an increase in backlog to $4.6M and a declining but significant validated pipeline of $165.3M.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.01
What stood out
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Revenue Growth of 15.4% YoY
Net revenues increased to $6.35M in Q1 2026 from $5.50M in Q1 2025.
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Improved Gross Profit
Gross profit for Q1 2026 reached $3.17M, a 41.7% increase from $2.24M in Q1 2025.
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Backlog Growth
Backlog increased to $4.6M as of May 6, 2026, up from prior periods.
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Operating Loss Decreased
Operating loss improved to $(1.58M) in Q1 2026 from $(1.71M) in Q1 2025.
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Cash Generated from Operations
Net cash from operating activities was $814K in Q1 2026.
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Increased R&D Investment
R&D expenses grew to $844K in Q1 2026 from $719K in Q1 2025, indicating focus on product development.
What to watch
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Significant Net Loss
Net loss of $(721K) in Q1 2026 contrasts sharply with net income of $23.71M in Q1 2025.
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High Operating Expenses
Selling, general and administrative expenses rose to $3.9M, up from $3.2M in the prior year.
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Volatility in Fair Value Instruments
Other income fell dramatically from $25.42M in Q1 2025 to $861K in Q1 2026, reflecting instability in fair value measurements.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 14, 2025
Airship AI reported Q3 net revenues of $1,177,450 (Q3 2024: $2,867,649) and GAAP net income of $6,409,873 driven by non-cash fair value gains. Product revenue collapsed to $218,568 while post-contract support remained…
10-Q · August 5, 2025
Airship AI reported Q2 revenue of $2,146,890 (vs $6,401,031 in Q2 2024) and GAAP net loss of $23,757,051 (loss per share $0.75) driven primarily by large non-cash fair value losses on earnout and warrant liabilities.…
10-Q · May 15, 2025
Airship AI reported revenue of $5,503,028 for the quarter ended March 31, 2025, down from $10,575,015 in Q1 2024 (-47.9%), with gross profit of $2,235,004 (40.6% gross margin) and an operating loss of $1,714,357 (-31.2%…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.