Short answer
Airship AI Holdings, Inc. (AISP) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $15M (−33.5% year over year) and net income of $29M.
- Top risk flagged: Regulatory risk: Compliance with evolving international data protection, privacy, cybersecurity, and anti-corruption laws requiring strengthened programs
FY2025 key financial metrics · XBRL
- Revenue
- $15M
- −33.5% YoY
- Net income
- $29M
- +151.0% YoY
- Operating margin
- -47.1%
- −31.9 pp YoY
- Gross margin
- 50.2%
- +4.6 pp YoY
- EPS (diluted)
- $0.76
- +132.5% YoY
- ROE
- -410.1%
- −518.5 pp YoY
- Operating cash flow
- −$8M
- −23.1% YoY
Source: XBRL data from the Airship AI Holdings, Inc. (AISP) FY2025 10-K on SEC EDGAR. USD.
Airship AI Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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