Here are 1-3 brief analogies for AIRO:

• Like **Garmin** for aerospace, but they also build military drones and train fighter pilots, while developing eVTOLs.
• Imagine a **Kratos Defense & Security Solutions** that also has a leading general aviation avionics brand and is developing electric vertical takeoff and landing (eVTOL) aircraft.

• Military & Commercial Drones: AIRO develops, manufactures, and sells drones, including specialized models for GPS-denied environments.
• Drone Services (DaaS): The company will provide drone-as-a-service for military and commercial applications.
• Avionics Products: AIRO manufactures and sells advanced avionics, such as flight displays, Connected Panels, and GPS/GNSS sensors.
• Military Pilot Training & Consulting: The company offers professional training and consulting services to the U.S. military and allies, including adversary air and ISR aircraft leasing.
• Commercial Pilot Training: AIRO plans to expand into providing training services for commercial pilots.
• Electric Vertical Take-Off and Landing (eVTOL) Aircraft: The company is developing rotorcraft eVTOLs for future cargo and passenger air mobility, focusing first on cargo applications.

AIRO serves a diverse customer base across its four operating segments. Its major customers fall into the following categories:

Company Customers (OEMs)

• Honeywell (Symbol: HON) - An avionics supplier for OEMs.
• Robinson Helicopters - An avionics supplier for OEMs.
• Pilatus - An avionics supplier for OEMs.

Governmental and Military Organizations

• U.S. Military - This includes specific branches and groups such as SEAL teams, the U.S. Naval Air Warfare Center, and USAF Air Combat Command for training services (under the CDI brand).
• European NATO Countries - A key supplier of military drones (under the Sky-Watch brand).
• Select NATO Countries and Other U.S. Allies - Recipients of professional training and consulting services.

General Aviation Aftermarket

• Owners and operators of general aviation aircraft who seek to upgrade their avionics technology (under the Aspen Avionics brand).

Captain Joe Burns was appointed CEO in January 2020 and is a co-founder of The AIRO Group. He brings over 35 years of experience in aerospace, having founded and grown companies such as AIRO Drone and Sensurion Aerospace. Previously, he was a United Airlines Captain and oversaw $250 million in NextGen technology programs as their Director of Operations. Captain Burns serves on NASA advisory boards and is the Chairman Emeritus for the Airline Operations Committee and the Air Traffic Control Council of Airlines for America. He earned an MBA and a B.S. in Aeronautics from Miami University. He was recognized as a 2025 Miami University RedHawk50 Honoree.

Dr. Mariya Pylypiv leads AIRO's global finance organization, overseeing financial strategy, capital markets, financial reporting, treasury, and strategic initiatives. She possesses extensive experience in corporate finance, investment banking, mergers and acquisitions (M&A), capital markets, and public company strategy. Before joining AIRO, she held senior roles in investment banking, corporate development, and investment management, where she advised and led companies through complex transactions, financings, and strategic growth initiatives.

Dr. Chirinjeev Kathuria has served as Executive Chairman since AIRO's inception in 2020 and is a co-founder of The AIRO Group. He is an Indian-American entrepreneur, physician, and philanthropist. Dr. Kathuria co-founded and serves on the board of directors of UpHealth, Inc. and Ocean Biomedical, Inc. He was the founding director of MirCorp, the first private company to launch manned space programs. He also co-founded digital healthcare and technology companies, including American Teleradiology NightHawks and The X-Stream Networks. Dr. Kathuria holds a Bachelor of Science and Doctor of Medicine from Brown University and an MBA from Stanford University.

John Uczekaj has served as President and Chief Operating Officer since July 2022. He has also been the Chief Executive Officer of Aspen Avionics since February 2007. Prior to Aspen Avionics, he was President and Chief Operating Officer of The NORDAM Group. Mr. Uczekaj was recognized as the Aviation Industry Leader of the Year in 2012 and inducted into the Living Legends of Aviation in 2013. He is a member of the Board of Directors of the General Aviation Manufacturers Association.

Christopher Levy brings a distinguished career in aerospace and defense to AIRO, where he leads both military and commercial training groups. He is a retired U.S. Air Force Colonel with 37 years of aviation experience. He served as an F-15C and MC-12 instructor, accumulating over 400 combat hours in Iraq and Afghanistan. Mr. Levy has led aviation units of over 1,000 personnel in both peacetime and wartime.

1. Challenges and Uncertainty in Electric Air Mobility (eVTOL) Development and Commercialization: AIRO's Electric Air Mobility segment, specifically the development of rotorcraft eVTOLs through its Jaunt brand, represents a high-risk, capital-intensive undertaking. This segment faces significant hurdles, including substantial research and development costs, lengthy and complex regulatory certification processes (even if targeting existing CAR 529 Rotorcraft standards), and intense competition within a nascent and unproven market. The successful commercialization of these platforms relies on overcoming these challenges, and delays or failures in any of these areas could significantly impact the company's financial performance and future growth prospects.

2. Significant Reliance on Government and Military Contracts: A substantial portion of AIRO's business, particularly within its Drones (Sky-Watch brand) and Training (CDI brand) segments, is dependent on contracts with the U.S. military, NATO countries, and other U.S. allies. This reliance exposes the company to risks associated with fluctuations in government defense spending, budget cuts, changes in political priorities, and the intense competitive environment for securing and maintaining these contracts. The need to uphold high security clearances and navigate complex procurement processes further adds to this risk.

3. Technological Obsolescence and Intense Competition in Evolving Markets: AIRO operates in dynamic aerospace and defense markets where technological advancements are rapid. Across its Drones, Avionics, and Electric Air Mobility segments, there is a continuous need for innovation to maintain a competitive edge. The risk of technological obsolescence of existing products or the emergence of superior or more cost-effective solutions from competitors could challenge AIRO's market position and profitability if the company fails to adapt and innovate effectively.

The Electric Air Mobility segment of AIRO is developing an eVTOL (electric Vertical Take-Off and Landing) rotorcraft. A clear emerging threat to this strategy is the rapid development and commercialization of VTOL aircraft powered by hydrogen fuel cells or other alternative, non-battery-electric propulsion systems. These alternative technologies, which are actively being pursued by competitors in the nascent air mobility market, could offer superior range, payload capacity, and faster refueling times compared to purely battery-electric eVTOLs. Such advancements would pose a significant competitive challenge to AIRO's chosen technological path for its cargo and passenger eVTOL platforms, particularly for the attractive middle-mile delivery cargo market where operational efficiency and turnaround times are critical.

• Expansion into Commercial Pilot Training: AIRO plans to extend its highly regarded military pilot training services to the commercial sector, addressing the global pilot shortage.
• Commercialization of Cargo eVTOLs: The Jaunt brand is developing and certifying a cargo eVTOL platform, which is expected to be the foundation of AIRO's commercialization efforts, targeting the attractive middle mile delivery cargo market.
• Growth in Military and Commercial Drone Markets with Differentiated Technology: The Drones segment, through its Sky-Watch brand, is expanding its military drone sales to European NATO countries and intends to penetrate commercial markets by leveraging its unique GPS-denied navigation capability, alongside future drone-as-a-service (DaaS) offerings.
• Modernization of General Aviation Avionics: AIRO's Aspen Avionics brand is well-positioned to capitalize on the aging general aviation fleets, as owners and operators seek to upgrade their aircraft with advanced avionics technology.
• Securing New Military Training Mandates: Leveraging its existing $5.7 billion IDIQ contract, top security clearances, and established relationships with entities like the Pentagon, AIRO's CDI brand is poised to bid on and secure additional military training mandates for the U.S. military, NATO, and other allies.

Share Issuance

• The number of shares outstanding for AIRO increased by 81.32% in one year as of September 22, 2026.
• AIRO's initial public offering (IPO) of common stock occurred on April 17, 2025.
• Shares were reserved for future issuance under an Employee Stock Purchase Plan (ESPP) as mentioned in a February 21, 2025, SEC filing.

Inbound Investments

• AIRO Group Holdings, Inc. was formed on August 30, 2021, with the purpose of acquiring and integrating various companies in the aerospace and defense industry.

Outbound Investments

• During the year ended December 31, 2022, AIRO completed a "Put-Together Transaction" to acquire six companies, which became its Drones, Avionics, Training, and Electric Air Mobility segments.
• These acquisitions included AIRO Drone and Agile Defense on February 25, 2022, and Aspen Avionics on April 1, 2022.

Capital Expenditures

• AIRO reported capital expenditures of -$6.52 million in the trailing twelve months as of September 22, 2026.
• Annual capital expenditures were -$0.08 million in fiscal year 2022, -$0.84 million in fiscal year 2023, -$0.79 million in fiscal year 2024, and -$3.07 million in fiscal year 2025.
• The company's research and development efforts are focused on developing rotorcraft eVTOL platforms for cargo and passenger use through its Jaunt brand.