--- title: "AIRSHIP AI HOLDINGS INC C/WTS 21/12/2028(TO PUR COM) | 10-K: FY2025 Revenue: USD 15.32 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/276134447.md" datetime: "2026-02-17T14:08:36.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276134447.md) - [en](https://longbridge.com/en/news/276134447.md) - [zh-HK](https://longbridge.com/zh-HK/news/276134447.md) --- # AIRSHIP AI HOLDINGS INC C/WTS 21/12/2028(TO PUR COM) | 10-K: FY2025 Revenue: USD 15.32 M Revenue: As of FY2025, the actual value is USD 15.32 M. EPS: As of FY2025, the actual value is USD 0.76. EBIT: As of FY2025, the actual value is USD -7.499 M. Airship AI Holdings, Inc. operates as a single reportable segment, with financial performance evaluated on a corporation-wide basis . #### Net Revenues Net revenues for Airship AI Holdings, Inc. decreased by $7,729,000, or -33.5%, from $23,050,000 in 2024 to $15,321,000 in 2025 . This decline was primarily due to the fulfillment of over $16 million in federal government agency purchase orders in 2024 and pressures on the U.S. federal government’s budget in 2025 . **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, up from $0 in 2024 . #### Cost of Net Revenues Cost of net revenues decreased by $4,899,875, or 39.1%, from $12,523,458 in 2024 to $7,623,583 in 2025, due to lower sales and a shift in product mix with decreased equipment purchases . **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, up from $0 in 2024 . #### Gross Profit Gross profit decreased by -$2,828,989, or -26.9%, from $10,526,755 in 2024 to $7,697,766 in 2025 . #### Research and Development Expenses Research and development expenses increased by $271,572, or -9.7%, from $2,804,894 in 2024 to $3,076,466 in 2025, due to increased product development in the United States and Taiwan . #### Selling, General and Administrative Expenses Selling, general and administrative expenses increased by $610,112, or -5.4%, from $11,226,974 in 2024 to $11,837,086 in 2025, primarily due to an increase in stock-based compensation expense and other personnel costs . #### Total Operating Expenses Total operating expenses increased by $881,684, or -6.3%, from $14,031,868 in 2024 to $14,913,552 in 2025 . #### Operating Loss Operating loss increased from -$3,505,113 in 2024 to -$7,215,786 in 2025, representing a -105.9% increase in loss . #### Net Income (Loss) Airship AI Holdings, Inc. reported a net income of $29,321,363 in 2025, a significant improvement from a net loss of -$57,464,890 in 2024 . This change was primarily driven by noncash items, including a $20,853,000 gain from the change in fair value of warrant liability and a $15,402,000 gain from the change in fair value of earnout liability in 2025, contrasting with losses from these items in 2024 . #### Cash Flow from Operating Activities Net cash used in operating activities increased to -$8,004,824 in 2025 from -$6,503,968 in 2024 . #### Backlog and Pipeline As of December 31, 2025, the company’s backlog was $3.3 million . The total validated pipeline as of the same date was $173.4 million, comprising single and multi-year opportunities across customer verticals, with expected award timeframes over the next 18-24 months . #### Customer Base In 2025, Airship AI Holdings, Inc. had revenue from 92 customers, with four customers accounting for 87% of total revenue . In 2024, the company had revenue from 74 customers, and one customer represented 57% of total revenue due to a large order . As of December 31, 2025, three customers represented approximately 34%, 33%, and 17% of outstanding account receivables . #### Employees As of December 31, 2025, Airship AI Holdings, Inc. employed 63 individuals, with headquarters in Redmond, WA, and eight research and development personnel in Taiwan . #### Outlook for 2026 Airship AI Holdings, Inc. is optimistic about growth opportunities in both federal and commercial market segments for 2026, building on increased customer activity and pipeline development from late 2025 . The company plans significant investments in software development, back-office capabilities, and customer-facing teams, aiming to achieve positive cash flow as soon as possible within 2026 . Most revenue in 2026 is expected from the federal vertical, with new growth in the commercial sector projected to boost the pipeline for 2027 and beyond . ### Related Stocks - [AISPW.US](https://longbridge.com/en/quote/AISPW.US.md) ## Related News & Research - [FACTBOX-Here are the Democrats taking early steps in potential 2028 White House bids](https://longbridge.com/en/news/286890348.md) - [Encompass Health issues notice for partial redemption of its 4.500% senior notes due 2028 | EHC Stock News](https://longbridge.com/en/news/286464615.md) - [AT&T Reaffirms Q2, Long-Term Outlook](https://longbridge.com/en/news/286888080.md) - [Freshworks furnishes Refresh 2026 investor presentation, raises 2028 ARR target by $100M](https://longbridge.com/en/news/286464866.md) - [Sutro Biopharma: Buy Rating on Strong ADC Execution, Cash Runway Into 2028, and Multiple 2026 Catalysts](https://longbridge.com/en/news/286599325.md)