AISP earnings analysis
What we found in AISP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 15.4% YoY
- Net revenues increased to $6.35M in Q1 2026 from $5.50M in Q1 2025.
- Improved Gross Profit
- Gross profit for Q1 2026 reached $3.17M, a 41.7% increase from $2.24M in Q1 2025.
- Backlog Growth
- Backlog increased to $4.6M as of May 6, 2026, up from prior periods.
- Operating Loss Decreased
- Operating loss improved to $(1.58M) in Q1 2026 from $(1.71M) in Q1 2025.
- Cash Generated from Operations
- Net cash from operating activities was $814K in Q1 2026.
- Increased R&D Investment
- R&D expenses grew to $844K in Q1 2026 from $719K in Q1 2025, indicating focus on product development.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Significant Net Loss
- Net loss of $(721K) in Q1 2026 contrasts sharply with net income of $23.71M in Q1 2025.
- High Operating Expenses
- Selling, general and administrative expenses rose to $3.9M, up from $3.2M in the prior year.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.01
- Gross margin
- 49.84%
- Operating margin
- -24.9%
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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