Like a **Boeing** or **Lockheed Martin** that's pivoting heavily into electric vertical takeoff and landing (eVTOL) aircraft and advanced autonomous drone systems.

A more diversified **Joby Aviation** or **Archer Aviation**, not just building eVTOLs for air taxis, but also developing military drones and providing aerospace defense services.

• Autonomous Drone Systems: Fully automated drone platforms designed for industrial applications like inspection, security, and data collection, operating without human intervention.
• Industrial Private Wireless Networks: Software-defined radio (SDR) based private wireless network solutions that provide secure and reliable connectivity for critical infrastructure and industrial operations.

AIRO (symbol: AIRO) sells primarily to other companies (B2B), offering autonomous drone solutions and advanced air mobility infrastructure to a range of industries and public sector entities.

Based on publicly disclosed information regarding significant past contracts by Airobotics (now a core part of AIRO Group), its major customers have included large industrial enterprises that utilize its autonomous drone services for applications such as surveying, security, and inspection. These customers include:

• BHP Group (NYSE: BHP)
• South32 (ASX: S32)
• ICL Group Ltd (NYSE: ICL)

These companies represent major players in the mining, metals, and specialty minerals sectors, highlighting AIRO's focus on providing high-value autonomous solutions to large-scale industrial operations.

Joseph D. Burns, Chief Executive Officer and Director

Captain Joseph D. Burns has served as AIRO's Chief Executive Officer and a member of its board of directors since its inception in 2020. He is a 40-year veteran of the aviation, technology, and communications industries. Captain Burns was an executive at United Airlines from 1992 to 2020, most recently serving as the Managing Director of Technology and Flight Test, overseeing over $250 million in annual NextGen programs. He has also held CEO positions at Sensurion Aerospace, an avionics company (from 2014 to 2018), and ATN Systems, Inc., an optics company (from 2001 to 2014). He is a co-founder of The AIRO Group, AIRO Drone, and Sensurion Aerospace. 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.

Dr. Mariya Pylypiv, Chief Financial Officer and Principal Accounting Officer

Dr. Mariya Pylypiv has served as AIRO's Chief Financial Officer since May 2024, and previously as interim Chief Financial Officer from June 2023 to May 2024. She co-founded Maven Execs, a CFO services firm, and served as its Director and President from September 2022 to May 2024. She also serves as a director for UpHealth, Inc. (OTC: UPH), a digital health company, where she previously held executive positions including Vice President of Finance (May 2022 to August 2022) and Chief Strategy Officer (June 2021 to May 2022). Dr. Pylypiv holds a Bachelor of Business Economics in Accounting and Audit and a Master's in Accounting and Audit from Vasyl Stefanyk Precarpathian National University, as well as B.A. and M.A. degrees in International Economics from Ternopil National Economic University. She also earned her Ph.D. in Consumer and Family Economics with a focus on Finance from Purdue University. She has extensive experience in investment banking, corporate finance, and strategic advisory roles.

Dr. Chirinjeev Kathuria, Executive Chairman of the Board

Dr. Chirinjeev Kathuria has served as AIRO's Executive Chairman since its inception in 2020. He is an Indian-American investor, businessperson, and philanthropist. Dr. Kathuria is a co-founder of The AIRO Group. He also co-founded and serves on the board of directors of UpHealth, Inc. (OTC: UPH), a digital health company founded in 2020. Additionally, he co-founded Ocean Biomedical, Inc. (Nasdaq: OCEA), a biopharmaceutical company, and has been the executive chairman of its board of directors since its inception in 2019. Dr. Kathuria co-founded New Generation Power, an energy company, in February 2009, and American Teleradiology NightHawks, Inc., a telemedicine company, in March 2003. American Teleradiology NightHawks, Inc. merged with NightHawk Radiology Holdings, Inc. and went public on Nasdaq in October 2006. From March 1998 to March 2000, Dr. Kathuria was a director of The X-Stream Networks Inc., an internet service provider that was sold to Liberty Surf Group S.A. and subsequently went public on the Paris Stock Exchange. In January 1999, he became the founding director of MirCorp, the first commercial company to privately launch and fund manned space programs. Dr. Kathuria received a Bachelor of Science and Doctor of Medicine from Brown University and a Master of Business Administration from Stanford University.

John Uczekaj, President and Chief Operating Officer

John Uczekaj has served as AIRO's President and Chief Operating Officer since July 2022. He has also led Aspen Avionics as Chief Executive Officer since February 2007. Prior to joining Aspen Avionics, he was President and Chief Operating Officer of The NORDAM Group. Mr. Uczekaj has over 35 years of experience in the avionics industry, beginning his career as an engineer at The Boeing Company and holding key management positions at Sperry and Honeywell International Inc. He was inducted into the Living Legends of Aviation in 2013 and received the Aviation Industry Leader of the Year in 2012 from the Living Legends of Aviation. He is a member of the Board of Directors of the General Aviation Manufacturers Association. He holds a B.S. in Electrical and Computer Engineering from Oregon State University and an MBA from City University.

Christopher P. Levy, Senior Vice President of Training

Christopher P. Levy brings extensive experience in aerospace and defense to AIRO, leading both military and commercial training groups. He is a retired U.S. Air Force Colonel with 37 years of aviation experience. During his service, he was an F-15C and MC-12 instructor, accumulating over 400 combat hours in Iraq and Afghanistan. He has commanded aviation units of over 1,000 personnel in both peacetime and wartime and currently flies international routes on the Boeing 777.

The accelerating trend of vertical integration and brand consolidation by major Multi-State Operators (MSOs) in the cannabis industry represents a clear emerging threat to AIRO.

AIRO operates on a brand and technology licensing model, relying on other cultivators and manufacturers to produce and distribute its premium vape products. As MSOs increasingly become vertically integrated, controlling cultivation, processing, and retail operations, they prioritize the development and promotion of their own in-house cannabis brands, including vape hardware and cartridges. This strategy directly competes with third-party brands like AIRO, potentially leading to reduced shelf space, diminished marketing support, and less favorable terms for AIRO's licensed products within MSO-owned dispensaries. This structural shift in the industry's business model could significantly erode AIRO's market access and revenue streams by favoring competitor-owned brands across the primary distribution channels.

• Combined Total Addressable Market: AIRO's four operating segments collectively target a global addressable market estimated to be over $315.4 billion by 2030.
• Drones:
  • The global drone market is projected to reach $47 billion by 2029.
  • The global Unmanned Aerial Vehicle (UAV) market size was valued at USD 27.4 billion in 2022 and is expected to reach USD 64.8 billion by 2032, growing at a CAGR of 8.99%.
  • Another projection indicates the global unmanned aerial vehicle market size surpassed USD 42.39 billion in 2025 and is projected to cross USD 191.89 billion by 2035, with a CAGR of around 16.3% between 2026 and 2035.
  • The global drone data services market is anticipated to grow at a CAGR of 39.0% through 2030.
• Electric Air Mobility (including eVTOLs and Advanced Air Mobility):
  • The global Advanced Air Mobility (AAM) market size was valued at USD 11.75 billion in 2024 and is projected to reach USD 137.11 billion by 2035, growing at a CAGR of 25.5% from 2025 to 2035. North America held over 37.0% of the global market share in 2024, with the U.S. dominating the North American market with an 85.0% share.
  • The global eVTOL aircraft market reached US$ 596.25 million in 2024 and is expected to reach US$ 5,664.42 billion by 2032, growing at a CAGR of 32.50% during the forecast period of 2025-2032.
  • Another estimate for the global eVTOL Aircraft Market size was USD 1.41 billion in 2023 and is poised to grow to USD 57.89 billion by 2032, growing at a CAGR of 51.1% during the forecast period (2025-2032). North America dominated the eVTOL Aircraft market in 2024.
  • The urban air mobility market is projected to be $163 billion by 2030.
• Avionics: Specific addressable market sizes for AIRO's avionics segment are not independently detailed in the provided search results, but they contribute to the overall drone and eVTOL markets.
• Training: Specific addressable market sizes for AIRO's training segment are not independently detailed in the provided search results, but they are part of the broader aerospace and defense market addressed by AIRO.

AIRO Group Holdings Inc. (AIRO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its diversified aerospace and defense segments:

1. Expansion of Drone Production and Market Penetration: The company anticipates significant revenue growth from its drone segment, particularly driven by increasing demand for its RQ-35 Hadron platform. AIRO is expanding its U.S. manufacturing capabilities to scale drone production and meet domestic demand, aligning with "Buy American" requirements. A crucial catalyst for this growth is the ongoing effort to secure Blue UAS certification, which is essential for sales to the U.S. Department of Defense.
2. Leveraging the NATO Defense Market and Increased Defense Spending: AIRO is strategically positioned within the NATO defense market, benefiting from increased defense spending and geopolitical factors. The company currently holds a robust backlog of over $200 million in NATO-aligned bookings, indicating strong future revenue potential from this sector.
3. Growth in the Training Segment: The training division is a consistent and high-margin revenue stream. It has demonstrated strong year-over-year growth, largely due to specific government contracts related to ground target vehicles and increased activity under multiple Indefinite Delivery/Indefinite Quantity (IDIQ) contracts, which provide access to over $1.6 billion in potential revenue. The company also aims to grow training revenues by acquiring additional aircraft for new programs.
4. Advancement of Drones as a Service (DaaS) Model: AIRO is actively developing its Drones as a Service (DaaS) model. This service offering includes Intelligence, Surveillance, and Reconnaissance (ISR), cargo, and emergency response capabilities, which is expected to diversify the company's revenue streams and tap into new market opportunities.
5. Development and Commercialization of Electric Air Mobility (eVTOL): The Electric Air Mobility segment, particularly through its Jaunt brand, represents a high-potential future growth area. AIRO is developing patented electric vertical take-off and landing (eVTOL) technology, with an initial focus on the multi-billion-dollar middle-mile cargo and logistics market, aiming to provide efficient commercial transport solutions. This segment is considered a critical growth vector for the company.

Share Repurchases

• AIRO announced plans to repurchase 815,000 shares of common stock from certain stockholders using proceeds from a public offering in September 2025.
• Upon the closing of an upsized public offering, AIRO finalized plans to repurchase 1,116,312 shares from certain stockholders.
• New Generation Aerospace, a major shareholder, sold 405,634 shares for approximately $7.05 million on September 12, 2025, as part of a stock repurchase agreement.

Share Issuance

• AIRO completed an initial public offering (IPO) in June 2025, offering 6,000,000 shares of common stock at $10.00 per share, raising $60.0 million in gross proceeds.
• In September 2025, AIRO successfully closed an upsized public offering of 4,830,000 shares of common stock, including the full exercise of the underwriters' option for 630,000 additional shares, generating gross proceeds of $89.4 million.
• The number of shares outstanding for AIRO increased by 3.23% in the year leading up to a recent financial summary.

Inbound Investments

• AIRO Group Holdings Inc. completed an initial public offering in June 2025, which generated $60.0 million in gross proceeds.
• The company subsequently raised an additional $89.4 million in gross proceeds from an upsized public offering in September 2025.
• As of December 31, 2024, AIRO Group had received fair market value investments totaling $764.7 million from investors including New Generation Aerospace, Carter Aviation Technologies, and Brian Haynes.

Outbound Investments

• AIRO Group intends to use proceeds from its public offerings primarily to fund growth initiatives and pursue opportunistic acquisitions of complementary businesses, products, services, or technologies.
• The company has demonstrated a strategy of acquiring and integrating various aerospace and defense companies, including AIRO Drone, Agile Defense (both acquired February 25, 2022), and Aspen Avionics (acquired April 1, 2022).
• In October 2025, AIRO and Ukraine's Nord Drone LLC signed a letter of intent to form a 50/50 joint venture for the production and deployment of interceptor drones for the U.S., NATO defense markets, and Ukraine.

Capital Expenditures

• Capital expenditures for the last 12 months (prior to late 2025) were approximately -$1.40 million.
• AIRO plans to allocate net proceeds from its IPO and existing cash towards supporting growth initiatives across its segments, which includes capital expenditures.
• A portion of the IPO proceeds is also designated for research and development efforts related to its Electric Vertical Take-Off and Landing (eVTOL) initiatives.