Airship AI Holdings, Inc. (AISP) FY2025 10-K Annual Report
Airship AI Holdings, Inc. (AISP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Airship AI Holdings, Inc. FY2025 10-K Analysis
Business Overview
- • Core business model: AI-driven edge data management platform structuring and analyzing unstructured data for real-time decision making in public safety and commercial sectors
- • New emphasis on Outpost AI edge hardware with expanded capabilities for mobile autonomous platforms and integration in robotic security solutions
- • Strategic shift to partner-led commercial market expansion, accelerating customer acquisition via regional partners and integrators for 2026
- • Pipeline growth to $173.4M with recent awards including $1.9M DHS and $2.8M commercial contracts, backlog $3.3M as of Dec 31, 2025
- • Transitioned from employee-owned to public company post-Dec 2023 SPAC merger, marking first year with external capital and broader market positioning
Management Discussion & Analysis
- • Revenue $15.3M in 2025, down 33.5% YoY from $23.1M in 2024, due to lower federal government orders
- • Operating loss widened to -$7.2M in 2025 vs -$3.5M in 2024; gross margin 50.3% in 2025 vs 45.7% in 2024 (gross profit $7.7M vs $10.5M)
- • Single reportable segment; revenue decline mainly in federal government sales, backlog $3.3M as of Dec 31, 2025
- • Net income $29.3M in 2025 vs net loss $57.5M in 2024 due to noncash gains from fair value changes of earnout and warrant liabilities
- • Net cash used in operating activities $8.0M in 2025; financing inflows $8.3M primarily from warrant exercises; capex and dividends not disclosed
- • Management plans robotics AI pilot programs in 2026; key risks include federal budget uncertainties and Taiwan supply chain constraints
Risk Factors
- • Regulatory risk: Compliance with evolving international data protection, privacy, cybersecurity, and anti-corruption laws requiring strengthened programs
- • Macroeconomic risk: Russia-Ukraine war and related sanctions causing uncertainty affecting government and commercial customer purchasing decisions
- • Operational risk: Dependence on limited customer base—four customers represented 87% of revenue in 2025, with three accounting for 84% of receivables
- • Competitive risk: Market acceptance threatened by emerging competing edge AI platforms and technologies potentially making Airship AI’s offerings obsolete
- • Financial risk: Long, unpredictable sales cycle (6–12+ months) with significant senior management involvement increasing sales expense and revenue timing uncertainty
Airship AI Holdings, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$15M
▼ -33.5% YoY
Net Income
$29M
▲ +151.0% YoY
Gross Margin
50.2%
▲ +457bp YoY
Operating Margin
-47.1%
▼ -3189bp YoY
Net Margin
191.4%
▲ +44068bp YoY
ROE
-410.1%
▼ -51849bp YoY
Total Assets
$19M
▲ +42.1% YoY
EPS (Diluted)
$0.76
▲ +132.5% YoY
Operating Cash Flow
-$8M
▼ -23.1% YoY
Source: XBRL data from Airship AI Holdings, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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