<span item_type="fundamental" item_id="a950a0d1658784dfc2ec27fd0042aa97" counter_id="ST/US/AISPW" env="prod"></span><span item_type="announcement" item_id="617118042353959681" env="prod"></span><p>Revenue: As of FY2025, the actual value is USD 15.32 M.</p><p>EPS: As of FY2025, the actual value is USD 0.76.</p><p>EBIT: As of FY2025, the actual value is USD -7.499 M.</p><p></p><p>Airship AI Holdings, Inc. operates as a single reportable segment, with financial performance evaluated on a corporation-wide basis <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Net Revenues</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. 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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. <strong>Product Revenue</strong>: $10,135,562 in 2025, down from $18,716,196 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. <strong>Post Contract Support Revenue</strong>: $5,099,756 in 2025, up from $4,334,017 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. <strong>Other Services Revenue</strong>: $86,031 in 2025, up from $0 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Cost of Net Revenues</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. <strong>Cost of Sales</strong>: $6,178,868 in 2025, down from $10,843,766 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. <strong>Post Contract Support Costs</strong>: $1,372,604 in 2025, down from $1,679,692 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. <strong>Other Services Costs</strong>: $72,111 in 2025, up from $0 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Gross Profit</h4><p>Gross profit decreased by -$2,828,989, or -26.9%, from $10,526,755 in 2024 to $7,697,766 in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Research and Development Expenses</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Selling, General and Administrative Expenses</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Total Operating Expenses</h4><p>Total operating expenses increased by $881,684, or -6.3%, from $14,031,868 in 2024 to $14,913,552 in 2025 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Operating Loss</h4><p>Operating loss increased from -$3,505,113 in 2024 to -$7,215,786 in 2025, representing a -105.9% increase in loss <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Net Income (Loss)</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. 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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Cash Flow from Operating Activities</h4><p>Net cash used in operating activities increased to -$8,004,824 in 2025 from -$6,503,968 in 2024 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Backlog and Pipeline</h4><p>As of December 31, 2025, the company’s backlog was $3.3 million <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. 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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Customer Base</h4><p>In 2025, Airship AI Holdings, Inc. had revenue from 92 customers, with four customers accounting for 87% of total revenue <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. In 2024, the company had revenue from 74 customers, and one customer represented 57% of total revenue due to a large order <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. As of December 31, 2025, three customers represented approximately 34%, 33%, and 17% of outstanding account receivables <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Employees</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p><h4>Outlook for 2026</h4><p>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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. 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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>. 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 <span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1842566/000165495426001280/airsp_10k.htm"></span>.</p>

AIRSHIP AI HOLDINGS INC C/WTS 21/12/2028(TO PUR COM) | 10-K: FY2025 Revenue: USD 15.32 M