--- title: "Airship AI | 10-K: FY2025 Revenue Beats Estimate at USD 15.32 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276134373.md" datetime: "2026-02-17T14:08:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276134373.md) - [en](https://longbridge.com/en/news/276134373.md) - [zh-HK](https://longbridge.com/zh-HK/news/276134373.md) --- # Airship AI | 10-K: FY2025 Revenue Beats Estimate at USD 15.32 M Revenue: As of FY2025, the actual value is USD 15.32 M, beating the estimate of USD 15.3 M. EPS: As of FY2025, the actual value is USD 0.76. EBIT: As of FY2025, the actual value is USD -7.499 M. #### Net Revenues Net Revenues for Airship AI Holdings, Inc. were $15,321,000 for the year ended December 31, 2025, a decrease of $7,729,000 or -33.5% compared to $23,050,000 in 2024. **Product Revenue**: $10,135,562 in 2025, down from $18,716,196 in 2024. **Post Contract Support Revenue**: $5,099,756 in 2025, up from $4,334,017 in 2024. **Other Services Revenue**: $86,031 in 2025, compared to $0 in 2024. #### Cost of Net Revenues Cost of Net Revenues was $7,624,000 in 2025, decreasing by $4,899,000 or 39.1% from $12,523,000 in 2024. **Cost of Sales**: $6,178,868 in 2025, down from $10,843,766 in 2024. **Post Contract Support Costs**: $1,372,604 in 2025, down from $1,679,692 in 2024. **Other Services Costs**: $72,111 in 2025, compared to $0 in 2024. #### Gross Profit Gross Profit for Airship AI Holdings, Inc. was $7,697,000 in 2025, a decrease of $2,830,000 or -26.9% from $10,527,000 in 2024. #### Operating Expenses Total Operating Expenses were $14,913,000 in 2025, an increase of $881,000 or -6.3% from $14,032,000 in 2024. **Research and Development Expenses**: $3,076,000 in 2025, up by $271,000 or -9.7% from $2,805,000 in 2024. **Selling, General and Administrative Expenses**: $11,837,000 in 2025, up by $610,000 or -5.4% from $11,227,000 in 2024. #### Operating Loss Operating Loss for Airship AI Holdings, Inc. was - $7,216,000 in 2025, which is an increased loss of $3,711,000 or -105.9% compared to - $3,505,000 in 2024. #### Other Income (Expense), Net Other Income (Expense), Net was $36,537,000 in 2025, including a $15,402,000 gain from change in fair value of earnout liability and a $20,853,000 gain from change in fair value of warrant liability. In 2024, it was - $53,960,000, which included a - $18,171,000 loss from change in fair value of earnout liability and a - $33,513,000 loss from change in fair value of warrant liability. #### Net Income (Loss) Net Income for Airship AI Holdings, Inc. was $29,321,000 in 2025, an increase of $86,786,000 or 151.0% from a net loss of - $57,465,000 in 2024. #### Cash Flow from Operating Activities Cash Flow from Operating Activities was - $8,005,000 in 2025, compared to - $6,504,000 in 2024. #### Cash Flow from Financing Activities Cash Flow from Financing Activities was $8,347,000 in 2025, including $9,498,000 from net proceeds from warrant exercises and - $1,300,000 for repayment of advances by founders. In 2024, it was $14,785,000, which included $7,290,000 from net proceeds from offering and $7,705,000 from net proceeds from warrant exercises. #### Net Increase in Cash and Cash Equivalents Net Increase in Cash and Cash Equivalents was $342,600 in 2025, down from $8,281,079 in 2024. #### Cash and Cash Equivalents (End of Period) Cash and Cash Equivalents were $11,750,021 as of December 31, 2025, up from $11,414,830 as of December 31, 2024. #### Accounts Receivable Accounts Receivable totaled $6,462,675 as of December 31, 2025, where three customers accounted for approximately 84% of outstanding receivables. This is an increase from $1,226,757 as of December 31, 2024, when four customers represented approximately 92% of outstanding receivables. #### Deferred Revenue As of December 31, 2025, short-term deferred revenue was $4,668,105 and long-term deferred revenue was $3,966,407. In 2024, short-term deferred revenue was $3,238,483 and long-term was $2,951,850. Revenue recognized from prior deferred revenue balance was $3,238,483 in 2025 and $4,008,654 in 2024. #### Backlog and Pipeline Airship AI Holdings, Inc.’s backlog was $3.3 million and its total validated pipeline was $173.4 million as of December 31, 2025. #### Customer Concentration In 2025, Airship AI Holdings, Inc. generated revenue from 92 customers, with four customers representing 87% of total revenue. In 2024, revenue was from 74 customers, with one customer accounting for 57% of total revenue. #### Employee Count As of December 31, 2025, Airship AI Holdings, Inc. had 63 employees in Redmond, WA, and 8 research and development personnel in Taiwan. #### Outlook for 2026 Airship AI Holdings, Inc. anticipates growth opportunities in 2026 across federal and commercial markets, driven by increased customer activity, pipeline development, and pilot deployments. 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