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    Airship AI (AISP)

    Market Price (9/23/2026): $1.97 | Market Cap: $67.8 MilSector: Information Technology | Industry: Systems Software

    Airship AI (AISP)

    Market Price (9/23/2026): $1.97
    Market Cap: $67.8 Mil
    Sector: Information Technology
    Industry: Systems Software

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 38%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 34%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%

    Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%

    Megatrend and thematic drivers
    Megatrends include Artificial Intelligence, and Autonomous Technologies. Themes include Edge AI, Machine Vision, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -62%, 3Y Excs Rtn is -156%

    Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.01

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -6.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -36%

    Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%

    Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19%

    Key risks
    AISP key risks include [1] an over-reliance on volatile government contracts which have already impacted revenue and [2] severe financial distress, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 38%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 34%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -17%
    2 Strong revenue growth
    Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%
    3 Megatrend and thematic drivers
    Megatrends include Artificial Intelligence, and Autonomous Technologies. Themes include Edge AI, Machine Vision, Show more.
    4 Weak multi-year price returns
    2Y Excs Rtn is -62%, 3Y Excs Rtn is -156%
    5 Meaningful short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 12.01
    6 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -6.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -36%
    7 Significant share based compensation
    SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13%
    8 Not cash flow generative
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -19%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19%
    9 Key risks
    AISP key risks include [1] an over-reliance on volatile government contracts which have already impacted revenue and [2] severe financial distress, Show more.

    AISP in ETFs

    Weight = AISP's share of each fund

    VTI0.00%

    Valuation & Metrics

    FYE: 12/31AISP [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$18.1 Mil—
    FY 2026 Sales$27.4 Mil—
    FY 2027 Sales$40.5 Mil—
    FY 2026 Sales Growth51.0%—
    FY 2027 Sales Growth47.8%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$26.2 Mil—
    FY 2026 Net Income (Non-GAAP)$-2.3 Mil—
    FY 2027 Net Income (Non-GAAP)$1.5 Mil—
    FY 2027 Net Income Growth—18.0%
    FY 2026 EPS (Non-GAAP)$-0.06—
    FY 2027 EPS (Non-GAAP)$0.04—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S2.51.6
    FY 2027 P/S1.7—
    FY 2026 P/E—7.5
    FY 2027 P/E43.8—

    [1] AISP forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    AISPS&P 500
    REVENUE GROWTH 
    Rev LTM ($ Bil)0.0
    Rev Chg Q92.1%9.3%
    Rev Chg LTM32.2%8.3%
    Rev Chg 3Y Avg-4.8%5.8%
    PROFITABILITYVERY POOR
    Op Inc LTM ($ Bil)-0.0
    CFO LTM ($ Bil)-0.0
    Net Inc LTM ($ Bil)0.0
    Op Mgn LTM-36.1%18.6%
    CFO/Rev LTM-19.3%21.8%
    Net Inc Mgn144.6%13.1%
    VALUATIONVERY LOW
    P/S3.73.1
    P/CFO-19.414.7
    P/FCF-19.419.3
    P/E2.622.6
    STABILITYVERY GOOD
    Debt/Equity0.010.21
    Cash/Assets0.700.07

    AI Analysis | Feedback

    MetricValueDateSource
    Backlog$2.0 million3312025Link
    Total validated pipeline$128 million6302025Link
    Number of Employees532282025Link
    Number of Patents02282025Link

    Price Chart

    Upcoming
    11/13/2026Earnings ReleaseRev: $7.0 Mil (E)
    EPS: $-0.01 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/15/2026

    Airship AI (AISP) stock has lost about 35% since 5/31/2026 because of the following key factors:

    1. Q2 2026 Earnings Missed Analyst Expectations. Airship AI reported its fiscal Q2 2026 financial results on August 6, 2026, revealing a net loss of $2.41 million, or $0.07 per basic share, which significantly missed analysts' estimates of a -$0.03 EPS by 133.33%. Additionally, net revenues for fiscal Q2 2026 were $4.12 million, falling short of analysts' expectations of $5 million by 18%, despite a 92% year-over-year increase.

    2. Increased Operating Loss and Concerns over Dilution Risk. During fiscal Q2 2026, the company's operating loss was $1.49 million, a result of increased stock-based compensation totaling $951,000 and higher investments in sales, marketing, and research and development. The net loss was further impacted by $0.92 million in other expenses, primarily stemming from changes in the fair value of warrant and earnout liabilities. This financial performance, coupled with external commentary in June 2026 highlighting concerns about the company's "Dilution Risk" due to a small backlog, contributed to investor apprehension.

    Show more
    Updated on 9/15/2026

    Airship AI (AISP) stock has lost about 35% since 5/31/2026 because of the following key factors:

    1. Q2 2026 Earnings Missed Analyst Expectations. Airship AI reported its fiscal Q2 2026 financial results on August 6, 2026, revealing a net loss of $2.41 million, or $0.07 per basic share, which significantly missed analysts' estimates of a -$0.03 EPS by 133.33%. Additionally, net revenues for fiscal Q2 2026 were $4.12 million, falling short of analysts' expectations of $5 million by 18%, despite a 92% year-over-year increase.

    2. Increased Operating Loss and Concerns over Dilution Risk. During fiscal Q2 2026, the company's operating loss was $1.49 million, a result of increased stock-based compensation totaling $951,000 and higher investments in sales, marketing, and research and development. The net loss was further impacted by $0.92 million in other expenses, primarily stemming from changes in the fair value of warrant and earnout liabilities. This financial performance, coupled with external commentary in June 2026 highlighting concerns about the company's "Dilution Risk" due to a small backlog, contributed to investor apprehension.

    3. Removal from Russell Benchmarks. Towards the end of June 2026, Airship AI Holdings, Inc. was removed from both the Russell 2500 Value Benchmark and the Russell 3000 Growth Benchmark. Such removals typically lead to institutional selling pressure as index funds and ETFs that track these benchmarks are forced to divest their holdings, impacting the stock price.

    4. Deteriorating Analyst Consensus. The consensus outlook for Airship AI's earnings per share (EPS) in fiscal year 2026 deteriorated, with expected losses increasing from US$0.04 per share to US$0.12 per share. Concurrently, the fiscal year 2026 revenue forecast was also reduced from US$29.1 million to US$27.4 million. This downward revision in analyst expectations signals reduced confidence in the company's near-term financial performance.

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    Stock Movement Drivers

    Fundamental Drivers

    The -34.6% change in AISP stock from 5/31/2026 to 9/22/2026 was primarily driven by a -87.8% change in the company's P/E Multiple.
    (LTM values as of)53120269222026Change
    Stock Price ($)3.021.98-34.6%
    Change Contribution By: 
    Total Revenues ($ Mil)161812.2%
    Net Income Margin (%)30.3%144.6%377.9%
    P/E Multiple21.22.6-87.8%
    Shares Outstanding (Mil)3434-0.2%
    Cumulative Contribution-34.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/22/2026
    ReturnCorrelation
    AISP-34.6% 
    Market (SPY)2.5%44.6%
    Sector (XLK)2.9%49.6%

    Fundamental Drivers

    The -27.7% change in AISP stock from 2/28/2026 to 9/22/2026 was primarily driven by a -24.4% change in the company's Net Income Margin (%).
    (LTM values as of)22820269222026Change
    Stock Price ($)2.731.98-27.7%
    Change Contribution By: 
    Total Revenues ($ Mil)151818.5%
    Net Income Margin (%)191.4%144.6%-24.4%
    P/E Multiple3.22.6-18.4%
    Shares Outstanding (Mil)3434-1.0%
    Cumulative Contribution-27.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/22/2026
    ReturnCorrelation
    AISP-27.7% 
    Market (SPY)13.3%46.2%
    Sector (XLK)41.8%48.1%

    Fundamental Drivers

    The -55.8% change in AISP stock from 8/31/2025 to 9/22/2026 was primarily driven by a -63.9% change in the company's P/S Multiple.
    (LTM values as of)83120259222026Change
    Stock Price ($)4.471.98-55.8%
    Change Contribution By: 
    Total Revenues ($ Mil)141832.2%
    P/S Multiple10.43.7-63.9%
    Shares Outstanding (Mil)3234-7.4%
    Cumulative Contribution-55.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/22/2026
    ReturnCorrelation
    AISP-55.8% 
    Market (SPY)21.2%40.2%
    Sector (XLK)50.4%38.7%

    Fundamental Drivers

    null
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    Market Drivers

    8/31/2023 to 9/22/2026
    ReturnCorrelation
    AISP-81.5% 
    Market (SPY)78.3%11.7%
    Sector (XLK)127.9%11.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    AISP Return-0%3%-83%268%-54%-33%-80%
    Peers Return-2%-18%61%91%31%-12%186%
    S&P 500 Return27%-19%24%23%16%13%107%

    Monthly Win Rates [3]
    AISP Win Rate50%83%33%50%33%33% 
    Peers Win Rate45%43%58%58%57%44% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    AISP Max Drawdown--2%-85%-86%-60%-60% 
    Peers Max Drawdown-40%-48%-36%-34%-42%-37% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: PLTR, AXON, MSI, EVLV, SSTI.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/22/2026 (YTD)

    How Low Can It Go

    EventAISPS&P 500
    2025 US Tariff Shock
      % Loss-39.1%-18.8%
      % Gain to Breakeven64.2%23.1%
      Time to Breakeven76 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-32.6%-7.8%
      % Gain to Breakeven48.4%8.5%
      Time to Breakeven7 days18 days

    Compare to PLTR, AXON, MSI, EVLV, SSTI

    In The Past

    Airship AI's stock fell -39.1% during the 2025 US Tariff Shock. Such a loss loss requires a 64.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventAISPS&P 500
    2025 US Tariff Shock
      % Loss-39.1%-18.8%
      % Gain to Breakeven64.2%23.1%
      Time to Breakeven76 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-32.6%-7.8%
      % Gain to Breakeven48.4%8.5%
      Time to Breakeven7 days18 days

    Compare to PLTR, AXON, MSI, EVLV, SSTI

    In The Past

    Airship AI's stock fell -39.1% during the 2025 US Tariff Shock. Such a loss loss requires a 64.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Airship AI (AISP)

    Airship AI Holdings, Inc. (AISP) is a technology company specializing in AI-driven surveillance platforms. The company develops comprehensive solutions for managing video, sensor, and other critical data, aiming to provide enhanced situational awareness and operational intelligence for its clients.

    The company's core product offerings include Airship Acropolis OS, which provides robust IP and analog video surveillance capabilities. Complementing this, Airship Command offers a suite of visualization tools designed to help users effectively view and analyze data and evidence collected from various edge devices. Additionally, Airship Outpost facilitates high-definition recording, featuring user-defined low-bit rate video stream encoding for efficient data management.

    Airship AI primarily serves a range of high-stakes and sensitive sectors. Its key customers include government agencies, the public sector, law enforcement organizations, and military branches that require advanced security and surveillance infrastructure. The company also extends its services to commercial enterprise organizations seeking sophisticated monitoring and data management solutions.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Airship AI (AISP):

    • A Palantir for surveillance data.
    • An Axon for enterprise and government surveillance.

    AI Analysis | Feedback

    • Airship Acropolis OS: An AI-driven IP and analog video surveillance platform.
    • Airship Command: A suite of visualization tools designed for viewing data and evidence ingested from the edge.
    • Airship Outpost: Provides high-definition recording with user-defined low-bit rate video stream encoding.

    AI Analysis | Feedback

    Airship AI (AISP) serves a range of organizational customers rather than primarily individuals or specific named companies. Based on the provided description, its major customers fall into the following categories:

    • Government and Public Sector Organizations: This comprehensive category includes various government agencies, the broader public sector, law enforcement bodies, and military organizations.
    • Commercial Enterprise Organizations: This refers to private businesses and corporations across different industries.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Victor Huang, Chief Executive Officer & Chairman of the Board

    Victor Huang has served as Chief Executive Officer of Airship AI Holdings, Inc. since 2007 and Chairman of the Board since 2012, having been the company's first employee in 2004. He is a founding visionary and one of Airship AI's largest shareholders. Before Airship AI, he worked as an independent trader and as a financial consultant at Smith Barney.

    Mark E. Scott, Chief Financial Officer

    Mark E. Scott has served as Chief Financial Officer of Airship AI Holdings, Inc. since March 2024, after serving as Interim Chief Financial Officer since November 2021 and as a consultant since February 2021. He is a certified public accountant. Prior to joining Airship AI, Mr. Scott was CFO and consultant for Valterra Partners LLC, a private equity firm, from 2017 to 2024. He also served as a consultant and CFO for Valuto, Inc., a bitcoin kiosk company, and GrowLife, Inc., an equipment supplier.

    Derek Xu, Chief Operating Officer & Co-founder

    Derek Xu is a co-founder and has served as Chief Operating Officer of Airship AI Holdings, Inc. since March 2022, and is on the Board of Directors. He previously held the CTO position and is a major shareholder. Before co-founding Airship AI in 2003, Mr. Xu co-founded a web service company that provided eCommerce solutions for small businesses. He has also held leadership positions at various tech companies, helping launch web-based products for financial institutions.

    Paul Allen, President

    Paul Allen has served as President of Airship AI Holdings, Inc. since 2019 (and President of the subsidiary Airship AI, Inc. since 2019), following roles as VP of Sales and Director of Business Development. Before joining Airship AI, he was a partner at a boutique firm in Northern Virginia that provided technical goods to the U.S. Government, which he left after a successful private acquisition. He also spent 14 years with IBM as a Business Unit Executive and retired from the U.S. Army 1st Special Forces Command after over 28 years of service.

    Yanda Ma, Chief Technology Officer

    Yanda Ma has served as Chief Technology Officer of Airship AI Holdings, Inc. since March 2022. He previously served as Airship AI's Vice President of Engineering, a position he held since 2005. He has developed multiple evolutions of company products, including Airship Enterprise Management and innovative edge solutions like Nexus Outpost, and holds multiple patents in streaming video and security technologies.

    AI Analysis | Feedback

    Key Risks to Airship AI (AISP)

    1. Customer Concentration and Dependence on Government Contracts: Airship AI relies heavily on a limited number of customers, particularly government agencies, for a substantial portion of its revenue. This dependence makes the company's financial performance vulnerable to the procurement cycles, spending decisions, and potential loss of these key clients, leading to revenue volatility and inconsistent results.

    2. Lack of Consistent Profitability and Need for Additional Funding: Airship AI has not achieved consistent profitability and has experienced operating losses. The company requires substantial additional funding to support its operations and growth, which could lead to dilution for existing shareholders if new equity is issued.

    3. Intense Competition and Rapid Technological Changes: The market for edge AI services is relatively new, highly competitive, and characterized by rapid technological advancements. Airship AI's success is contingent upon its ability to continuously develop enhancements to its existing services and introduce new offerings that gain market acceptance. Failure to keep pace with technological changes or compete effectively could adversely affect its growth and financial condition.

    AI Analysis | Feedback

    The following are clear emerging threats for Airship AI (AISP):

    • The increasing push by hyperscale cloud providers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud) into offering full-stack, AI-powered surveillance and data management solutions directly to government and public sector clients. These providers possess immense resources, existing government relationships, and comprehensive AI/ML capabilities, allowing them to potentially undercut or outcompete specialized players like Airship AI by offering integrated, scalable, and potentially more cost-effective platforms.
    • The growing legislative and public backlash against AI-powered surveillance technologies, particularly facial recognition and automated monitoring, which could lead to increased regulation, restrictions, or outright bans on their use by government, law enforcement, and public sector organizations. This directly threatens the market demand and addressable market for Airship AI's core products.

    AI Analysis | Feedback

    Airship AI (NASDAQ: AISP) operates within the burgeoning markets of AI-driven video surveillance and data management platforms, catering to government, public sector, law enforcement, military, and commercial enterprise organizations. The global addressable market for AI in video surveillance was valued at an estimated USD 3.90 billion in 2024 and is projected to reach USD 12.46 billion by 2030, growing at a compound annual growth rate (CAGR) of 21.3% during the forecast period. Another estimate places the global market size at USD 6.51 billion in 2024, expected to grow to USD 28.76 billion by 2030 with a CAGR of 30.6% from 2025 to 2030. In North America, the AI in video surveillance market was valued at USD 2.08 billion in 2024. Specifically, the U.S. AI in video surveillance market was valued at USD 2.08 billion in 2025 and is projected to reach USD 10.57 billion by 2033. The broader U.S. video surveillance market is expected to reach US$ 50.54 billion by 2032, growing from US$ 18.57 billion in 2023 with a CAGR of 11.77% between 2024 and 2032. For data management platforms (DMP), which Airship AI utilizes for sensor and data management, the global market was estimated at USD 2.51 billion in 2024 and is projected to reach USD 7.02 billion by 2033, with a CAGR of 12.2% from 2025 to 2033. Other analyses report the global data management platforms market at USD 3.23 billion in 2023, with an expected growth to USD 8.50 billion by 2030, at a CAGR of 14.8%. North America holds a significant share of this market, accounting for over 35.0% of the global revenue in 2024. The U.S. data management platform market is projected to grow significantly at a CAGR of 11.1% from 2025 to 2033.

    AI Analysis | Feedback

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    Airship AI (NASDAQ: AISP) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

    1. Increased Sales to Government and Public Sector: Airship AI anticipates continued significant revenue growth from federal government customers, including the Department of Homeland Security (DHS) and Department of Justice (DOJ). The company has a history of securing substantial contracts with these agencies, and future funding initiatives, such as those related to the "One Big Beautiful Bill Act (OBBB)," are expected to further support long-term business development and contract awards in 2026 and beyond.
    2. Expansion into New Commercial Enterprise and Vertical Markets: The company plans to expand its customer base beyond its traditional government focus by targeting new commercial enterprise organizations and vertical markets. This includes strategic initiatives to increase brand awareness through marketing and industry events, with a particular emphasis on growth opportunities within the retail sector to combat organized retail crime (ORC).
    3. Growth of Proprietary AI-driven Hardware and Software Offerings: Airship AI is focused on refining and expanding its suite of proprietary AI-driven products, including Airship Acropolis OS, Airship Command, Airship Outpost, and Fortress analytic platforms. The introduction and increased sales of these branded hardware and software solutions are expected to enhance the company's competitive edge and contribute to improved gross margins and overall revenue growth. New Outpost AI product offerings and custom-trained AI models are also anticipated.
    4. Leveraging a Strong and Validated Sales Pipeline: Airship AI consistently reports a robust and validated sales pipeline, which includes single and multi-year opportunities across all its customer verticals. For instance, the company reported a validated pipeline of approximately $173 million as of the end of Q4 2025, and around $135 million at year-end 2024, with expected award timeframes within the next 18-24 months. The conversion of this pipeline into recognized revenue is a significant driver of future growth.
    5. Expansion into Mobile Autonomous Robotic Platforms: A strategic goal for Airship AI in 2026 is the expansion into mobile autonomous robotic platforms. This represents an entry into a new, potentially high-growth product and service category, which could open up additional market opportunities and diversify revenue streams.
    ```

    AI Analysis | Feedback

    Share Issuance

    • Airship AI announced the immediate exercise of outstanding warrants in October 2025, resulting in gross proceeds of approximately $9.7 million from the purchase of 2,162,162 shares of common stock at $4.50 per share.
    • As part of this warrant exercise agreement, exercising holders received new warrants to acquire up to 2,702,702 additional shares at an exercise price of $6.20 per share.
    • The company issued common stock for debt interest payments totaling $1,008,442 and for debt conversion amounting to $4,114,831. Additionally, $5,282,125 in common stock was issued for earnout shares in 2025.

    Inbound Investments

    • In October 2025, Airship AI generated approximately $9.7 million in gross proceeds through the immediate exercise of outstanding warrants.
    • The company enhanced its capital structure by converting senior secured convertible promissory notes into equity.

    Capital Expenditures

    • In the fourth quarter of 2025, Airship AI invested $863,000 in research and development.
    • The company plans continued investments in sales, business development, and product innovation, including edge and cloud analytic platforms.
    • Airship AI expects to conduct limited pilot deployments for its robotics initiatives in 2026.

    Peer Outperformance in Systems Software

    AISP has trailed 68% of its 73 Systems Software peers over 5Y. Among the peers that beat it is DOX. Systems Software ranks 12th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Systems Software constituents that AISP has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    14%
    of 93 industry peers · -64.9% return
    3Y
    15%
    of 80 industry peers · -82.2% return
    5Y
    32%
    of 73 industry peers · -79.6% return
    Systems Software peers with revenue growth within 4pp of AISP's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    AISP Airship AI -4.8% 2.6x -64.9%-82.2%-79.6% —
    DOX Amdocs -1.0% 13.7x -28.2%-25.9%-14.4% +65pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Information Technology sector, ranked by 5Y. Systems Software is AISP's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Electronic Manufacturing Services 9 62.3%191.7%280.0% TTMI 923% · FLEX 732% · SANM 453%
    Semiconductor Materials & Equipment 27 105.5%97.6%109.4% AXTI 794% · AEHR 754% · LRCX 434%
    Technology Distributors 9 31.2%74.9%96.3% CLMB 393% · AVT 198% · SNX 169%
    Communications Equipment 36 14.9%82.3%72.4% AAOI 1394% · FEIM 1016% · LITE 1006%
    Electronic Components 26 37.7%74.9%69.1% CLS 3582% · BELFA 1352% · COHR 406%
    Semiconductors 55 24.9%42.6%40.2% POET 1906% · MU 1418% · NVDA 922%
    Technology Hardware, Storage & Peripherals 20 33.2%95.1%37.9% STX 1145% · DELL 1068% · SMCI 1008%
    Internet Services & Infrastructure 6 8.7%54.9%32.4% DOCN 67% · VRSN 41% · GDDY 37%
    Electronic Equipment & Instruments 26 -14.1%13.0%-10.6% PI 194% · OSIS 114% · ACFN 100%
    IT Consulting & Other Services 30 -26.5%-16.8%-38.5% CHRN 557795% · APLD 1259% · TSSI 745%
    Application Software 125 -31.1%-14.2%-47.5% VIDA 151567% · INLX 5065% · PLTR 543%
    Systems Software ← 74 -21.5%12.2%-58.8% QNC 510% · ZETA 384% · PANW 365%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Financials

    AISPPLTRAXONMSIEVLVSSTIMedian
    NameAirship .Palantir.Axon Ent.Motorola.Evolv Te.SoundThi. 
    Mkt Price1.95183.09452.06461.364.935.4994.29
    Mkt Cap0.1439.436.476.50.90.118.7
    Rev LTM186,1563,21912,236171981,695
    Op Inc LTM-72,635243,079-44-159
    FCF LTM-43,3581332,677-6-166
    FCF 3Y Avg-51,9211712,441-44689
    CFO LTM-43,4002662,974283147
    CFO 3Y Avg-51,9462702,702-211141

    Growth & Margins

    AISPPLTRAXONMSIEVLVSSTIMedian
    NameAirship .Palantir.Axon Ent.Motorola.Evolv Te.SoundThi. 
    Rev Chg LTM32.2%78.9%34.6%10.3%41.7%-5.7%33.4%
    Rev Chg 3Y Avg-46.3%33.2%8.2%33.1%6.6%33.1%
    Rev Chg Q92.1%92.8%35.3%13.3%34.4%-7.7%34.9%
    QoQ Delta Rev Chg LTM12.2%17.8%7.9%3.1%7.0%-2.0%7.5%
    Op Inc Chg LTM3.9%362.6%1,681.8%10.6%26.8%-70.5%18.7%
    Op Inc Chg 3Y Avg-333.7%538.7%15.1%23.8%-41.7%23.8%
    Op Mgn LTM-36.1%42.8%0.7%25.2%-25.5%-15.7%-7.5%
    Op Mgn 3Y Avg-31.8%23.7%3.0%25.1%-55.2%-9.7%-3.4%
    QoQ Delta Op Mgn LTM7.7%4.7%1.5%0.3%3.2%-2.0%2.4%
    CFO/Rev LTM-19.3%55.2%8.3%24.3%16.2%3.5%12.2%
    CFO/Rev 3Y Avg-31.2%44.7%11.6%24.0%-7.5%11.0%11.3%
    FCF/Rev LTM-19.3%54.6%4.1%21.9%-3.2%-1.1%1.5%
    FCF/Rev 3Y Avg-31.2%44.1%7.6%21.7%-46.3%6.0%6.8%

    Valuation

    AISPPLTRAXONMSIEVLVSSTIMedian
    NameAirship .Palantir.Axon Ent.Motorola.Evolv Te.SoundThi. 
    Mkt Cap0.1439.436.476.50.90.118.7
    P/S3.771.411.36.35.20.75.7
    P/Op Inc-10.2166.81,532.124.8-20.3-4.710.1
    P/EBIT-10.2166.8122.723.8-554.9-4.69.6
    P/E2.6145.7182.835.8-170.1-4.319.2
    P/CFO-19.1129.2137.025.731.920.828.8
    Total Yield39.1%0.7%0.5%3.8%-0.6%-23.0%0.6%
    Dividend Yield0.0%0.0%0.0%1.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-5.2%1.0%0.5%3.6%-9.4%3.8%0.7%
    D/E0.00.00.10.10.00.10.0
    Net D/E-0.2-0.00.00.1-0.0-0.0-0.0

    Returns

    AISPPLTRAXONMSIEVLVSSTIMedian
    NameAirship .Palantir.Axon Ent.Motorola.Evolv Te.SoundThi. 
    1M Rtn-9.3%1.8%-28.0%-3.7%-7.7%-11.0%-8.5%
    3M Rtn-31.8%53.2%10.3%17.9%-11.0%-26.6%-0.4%
    6M Rtn-18.1%13.8%-10.9%1.6%-15.9%-17.7%-13.4%
    12M Rtn-66.7%0.4%-41.6%-2.0%-38.6%-55.3%-40.1%
    3Y Rtn-82.4%1,195.8%131.3%71.5%2.7%-70.1%37.1%
    1M Excs Rtn-5.6%3.6%-28.0%-4.0%-10.3%-12.3%-7.9%
    3M Excs Rtn-35.7%49.3%6.3%14.0%-14.9%-30.5%-4.3%
    6M Excs Rtn-33.8%2.2%-28.2%-16.8%-31.1%-34.6%-29.7%
    12M Excs Rtn-82.7%-13.6%-58.1%-18.7%-56.7%-72.8%-57.4%
    3Y Excs Rtn-154.1%984.2%40.4%-5.1%-87.0%-146.2%-46.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/6/20265/8/20262/17/202611/14/20258/5/20255/15/20252/28/202511/14/20248/14/20245/15/20244/1/202411/14/2024
    Key Financials Quarterly            
    Total Revenue4661263361142
    Ebitda-1-1-1-3-2-2-5061-123-1
    Operating Income-1-2-1-3-2-2-1-21-1-1-1
    Net Income-2-1236-2424-50618-3223-2
    EPS-0.07-0.020.700.20-0.750.75-2.030.250.80-1.401.00-0.06
    Key Financials TTM            
    Total Revenue TTM1816151214182324242012-
    Ebitda TTM-6-7-7-56-47-44-4429211717-
    Operating Income TTM-7-7-7-8-7-4-4-3-2-6-7-
    Net Income TTM26529-44-44-2-57168-1416-
    Growth Rates Quarterly            
    Total Revenue Growth92.1%15.5%102.5%-58.9%-66.5%-48.0%-23.8%20.3%131.1%259.9%--
    EBITDA Growth28.0%9.3%99.0%-143.4%-283.9%-23.5%-316.7%532.2%135.8%11.8%--
    Operating Income Growth26.3%7.7%58.9%-80.6%-307.1%-22.2%-138.8%-29.1%131.7%17.6%--
    Net Income Growth89.9%-103.0%145.8%3.2%-228.7%174.2%-319.6%472.9%694.9%-1766.9%--
    Margins Quarterly            
    EBITDA Margin-33.6%-23.3%-7.9%-235.1%-89.7%-29.6%-1550.4%222.2%16.4%-12.5%545.3%-61.8%
    Operating Income Margin-36.1%-24.9%-9.4%-243.5%-94.2%-31.2%-46.5%-55.4%15.3%-13.3%-14.8%-51.6%
    Net Income Margin-58.4%-11.3%353.6%544.4%-1106.6%430.8%-1564.8%216.7%288.4%-302.3%543.3%-69.9%
    Cash & Debt            
    Total Cash121312669117023-
    Total Debt111111134540
    Net Debt / (Cash)-12-12-11-5-5-8-10-4341-
    Cash Flows Quarterly            
    FCF from Operations-01-4-1-2-2-2-0-2-2-1-2
    Cash Flows TTM            
    FCF from Operations TTM-4-5-8-7-6-7-7-5-7-4-3-
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-21.0%-23.1%-8.9%-48.4%-35.4%-34.2%-52.1%-78.3%60.5%-114.0%-304.8%-
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-23.1%-25.9%-26.2%-34.1%-29.8%-19.0%-30.6%-32.5%-35.3%-128.9%-810.3%-

    Segment Financials

    Revenue by Segment
    $ Mil2025202420232022
    Single Segment152312 
    Hardware and software bundled systems   9
    Post Contract Support (PCS) revenue and other services   5
    Total15231215


    Price Behavior

    Price Behavior
    Market Price$1.98 
    Market Cap ($ Bil)0.1 
    First Trading Date05/10/2021 
    Distance from 52W High-71.7% 
       50 Days200 Days
    DMA Price$2.01$2.56
    DMA Trenddowndown
    Distance from DMA-1.7%-22.8%
     3M1YR
    Volatility58.5%80.8%
    Downside Capture347.93351.97
    Upside Capture87.95169.13
    Correlation (SPY)46.3%41.3%
    AISP Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta2.892.752.242.332.671.24
    Up Beta4.003.681.881.681.601.20
    Down Beta-2.043.233.022.683.851.42
    Up Capture397%155%119%234%279%62%
    Bmk +ve Days10213268138427
    Stock +ve Days13172858105317
    Down Capture95%284%251%221%183%111%
    Bmk -ve Days11213259113324
    Stock -ve Days7233365139379

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AISP
    AISP-66.4%80.7%-1.01-
    Sector ETF (XLK)41.7%26.5%1.2839.3%
    Equity (SPY)17.6%13.0%0.9841.5%
    Gold (GLD)18.0%29.3%0.5613.2%
    Commodities (DBC)46.6%20.7%1.75-3.1%
    Real Estate (VNQ)5.2%13.6%0.1211.9%
    Bitcoin (BTCUSD)-26.0%44.9%-0.5433.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AISP
    AISP-26.6%148.6%0.24-
    Sector ETF (XLK)21.1%26.0%0.729.4%
    Equity (SPY)13.3%17.2%0.599.6%
    Gold (GLD)18.9%18.8%0.813.5%
    Commodities (DBC)10.8%19.6%0.43-2.9%
    Real Estate (VNQ)1.0%18.9%-0.05-1.1%
    Bitcoin (BTCUSD)12.7%52.6%0.422.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AISP
    AISP-14.6%144.6%0.22-
    Sector ETF (XLK)25.0%25.0%0.909.3%
    Equity (SPY)15.4%17.9%0.739.5%
    Gold (GLD)12.2%16.4%0.613.5%
    Commodities (DBC)8.3%18.1%0.37-2.8%
    Real Estate (VNQ)4.7%20.7%0.19-1.1%
    Bitcoin (BTCUSD)64.0%66.2%1.042.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity3.3 Mil
    Short Interest: % Change Since 8152026-0.4%
    Average Daily Volume0.3 Mil
    Days-to-Cover Short Interest12.0 days
    Basic Shares Quantity34.4 Mil
    Short % of Basic Shares9.5%

    Returns Analyses

    Earnings Returns History

    Updated 9/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20260.5%8.4%9.9%
    5/11/2026-4.3%-5.9%11.4%
    2/17/2026-0.4%19.8%-1.2%
    11/17/2025-11.1%-8.5%-15.3%
    5/15/202511.9%33.8%28.5%
    8/15/202413.5%51.8%7.9%
    5/15/2024-11.4%-21.9%-33.3%
    SUMMARY STATS   
    # Positive344
    # Negative433
    Median Positive11.9%26.8%10.7%
    Median Negative-7.7%-8.5%-15.3%
    Max Positive13.5%51.8%28.5%
    Max Negative-11.4%-21.9%-33.3%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20260.5%8.4%9.9%
    5/11/2026-4.3%-5.9%11.4%
    2/17/2026-0.4%19.8%-1.2%
    11/17/2025-11.1%-8.5%-15.3%
    5/15/202511.9%33.8%28.5%
    8/15/202413.5%51.8%7.9%
    5/15/2024-11.4%-21.9%-33.3%
    SUMMARY STATS   
    # Positive344
    # Negative433
    Median Positive11.9%26.8%10.7%
    Median Negative-7.7%-8.5%-15.3%
    Max Positive13.5%51.8%28.5%
    Max Negative-11.4%-21.9%-33.3%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/08/202610-Q
    12/31/202502/17/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/15/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/14/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/15/202410-Q
    12/31/202304/01/202410-K
    06/30/202309/11/2023S-4
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/08/202610-Q
    12/31/202502/17/202610-K
    09/30/202511/14/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/15/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/14/202410-Q
    06/30/202408/14/202410-Q
    03/31/202405/15/202410-Q
    12/31/202304/01/202410-K
    06/30/202309/11/2023S-4

    Recent Forward Guidance

    Updated 8/7/2026

    Latest: Q2 2026 Earnings Reported 8/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 BacklogReported 6.90 Mil    

    null

    Insider Activity

    Updated 6/4/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Huang, VictorCEO and Chairman of the BODDirectBuy32020262.2440,00089,6888,996,978Form
    2Allen, Paul MPresidentDirectBuy122920252.74100,000274,270416,748Form
    3Huang, VictorCEO and Chairman of the BODDirectBuy112420253.0210,00030,229619,238Form
    4Huang, VictorCEO and Chairman of the BODDirectBuy112020253.1851,000161,986618,879Form
    5Lebedin, LouisDirectBuy111820253.1850,000159,000318,000Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Huang, VictorCEO and Chairman of the BODDirectBuy32020262.2440,00089,6888,996,978Form
    2Allen, Paul MPresidentDirectBuy122920252.74100,000274,270416,748Form
    3Huang, VictorCEO and Chairman of the BODDirectBuy112420253.0210,00030,229619,238Form
    4Huang, VictorCEO and Chairman of the BODDirectBuy112020253.1851,000161,986618,879Form
    5Lebedin, LouisDirectBuy111820253.1850,000159,000318,000Form
    6Huang, VictorCEO and Chairman of the BODSee footnoteBuy91220251.456,0008,7008,700Form
    7Huang, VictorCEO and Chairman of the BODDirectBuy81420251.657,00011,530292,721Form
    8Huang, VictorCEO and Chairman of the BODDirectBuy81320251.5410,00015,409263,061Form
    9Huang, VictorCEO and Chairman of the BODDirectBuy81120251.4626,00038,087235,437Form
    10Scott, Mark EChief Financial OfficerSee footnoteSell70120256.2126,836  Form
    11Allen, Paul MPresidentDirectSell62420255.1170,000357,595265,376Form

    Industry Resources

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