Airship AI Holdings (AISP) AI Stock Analysis

• Market Cap: $94.18M
• Dividend Yield: N/A
• Average Volume (3M): 738.47K
• Price to Earnings (P/E): 3.8
• Beta (1Y): 1.49
• Revenue Growth: -62.56%
• EPS Growth: -250.18%
• Country: US
• Employees: 53
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.01
• Shares Outstanding: 34,372,160
• 10 Day Avg. Volume: 567,379
• 30 Day Avg. Volume: 738,470
• PEG Ratio: -0.02
• Price to Book (P/B): -13.10
• Price to Sales (P/S): 6.11
• P/FCF Ratio: -0.01
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 5.47
• Enterprise Value/Gross Profit: 10.89
• Enterprise Value/Ebitda: -2.93
• 1Y Price Target: $8.00
• Price Target Upside: 191.97% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.05
• Revenue Forecast (FY): $36.00M

• Rating: 41 Neutral
• Price Target: $2.50 ▼(-8.76% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by very weak financial performance (negative equity, persistent operating losses, and sustained cash burn with a sharp deterioration in 2025), which elevates solvency and funding risk. Technicals add downside pressure with a clear bearish trend, while valuation offers limited support due to a negative P/E and no dividend yield.

Positive Factors

Public-safety AI market focus

Focusing on public safety and government creates a structural demand tailwind: agencies need scalable video/sensor analytics and long procurement cycles often lead to multi-year contracts. This market specialization supports predictable product-market fit and long-term commercial opportunity if execution and compliance are maintained.

Recurring software and services revenue model

A mix of subscription licensing and professional services fosters recurring revenue and expansion opportunities within existing accounts. For public-sector clients, multi-year agreements and renewals can create steady ARR-like streams, supporting long-term revenue visibility and upsell of analytics and integrations.

Modest stated debt relative to assets

With limited reported debt on the face of the balance sheet, the company faces less immediate refinancing pressure versus highly leveraged peers. If paired with operational improvement, modest nominal debt can preserve optionality for strategic investments or orderly financings over the next several quarters.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow shows the business is not self-funding operations. The sharp deterioration in 2025 greatly increases near- to medium-term financing risk, constrains strategic flexibility, and raises the likelihood of dilutive or disruptive capital raises over the coming months.

Negative shareholders' equity

Sustained negative equity signals deep capitalization weakness and reduces financial resilience. It limits the company's ability to absorb future losses, complicates access to traditional debt markets, and increases dependence on external funding, which can impair long-term strategic execution.

Inconsistent and deteriorating operating results

Sharp inconsistencies—such as a sudden revenue collapse in 2025 and net income that contradicts weak operating metrics—undermine earnings quality. This increases forecasting uncertainty, complicates contract renewal assessments, and elevates execution and reporting risk for investors and counterparties over the medium term.

Airship AI Holdings Business Overview & Revenue Model

Company Description

Airship AI Holdings, Inc. provides AI-driven video, sensor, and data management surveillance platform in the United States. The company offers Airship Acropolis OS, an IP and analog video surveillance; Airship Command, a suite of visualization tools that allows users to view data and evidence ingested from the edge; and Airship Outpost foe high-definition recording with user defined low-bit rate video stream encoding. It serves government, public sector, law enforcement, military, and commercial enterprise organizations. The company was formerly known as Super Simple AI, Inc. and changed its name to Airship AI Holdings, Inc. on March 2023. Airship AI Holdings, Inc. was founded in 2006 and is headquartered in Redmond, Washington.

How the Company Makes Money

Airship AI Holdings makes money through a multifaceted revenue model that includes software licensing fees, subscription-based services, and consulting engagements. Key revenue streams involve charging clients for access to its proprietary AI platforms, which are offered as Software-as-a-Service (SaaS) solutions. Additionally, the company generates income by providing custom AI model development and integration services tailored to the specific needs of enterprises. Strategic partnerships with technology firms and industry leaders further bolster its earnings by expanding market reach and fostering collaborative innovation. Airship AI Holdings may also benefit from long-term contracts with government agencies and large corporations seeking to implement AI-driven solutions for infrastructure and logistics management.

Airship AI Holdings Financial Statement Overview

Summary

Financial statements indicate very weak quality: recurring operating losses, consistently negative operating/free cash flow with materially worse cash burn in 2025, and persistently negative shareholders’ equity (solvency risk). Large inconsistencies in 2025 (zero revenue, very large assets, and positive net income despite weak operating performance) further reduce confidence.

Income Statement

Results show weak operating profitability and high volatility. Revenue improved in 2024 versus 2023, but 2025 annual revenue dropped to zero and margins are reported at 0%, creating a major quality/consistency concern. Across most years the company posts operating losses (negative EBIT/EBITDA and negative net margins in 2021, 2022, and 2024), with occasional net income spikes (notably 2023 and 2025) that do not align with operating performance—suggesting earnings are not coming from the core business.

Balance Sheet

The balance sheet is strained by persistently negative shareholders’ equity across all periods, which is a key solvency red flag and limits financial flexibility. While stated total debt is modest relative to total assets, the negative equity makes leverage metrics less meaningful and highlights capitalization weakness. The 2025 annual balance sheet shows a very large asset base versus prior years, indicating a major step-change that adds uncertainty without clear evidence of improved underlying profitability.

Cash Flow

Cash generation is consistently negative, with operating cash flow and free cash flow below zero every year shown, indicating the business has not self-funded operations. Cash burn worsened materially in 2025 (annual operating cash flow around -$8.0B), which materially increases financing risk. While free cash flow growth is positive in 2025, it is improving off a deeply negative base and does not change the overall picture of sustained cash outflows.

Breakdown	Dec 2025	Dec 2024	Mar 2024	Dec 2022	Dec 2021
Income Statement
Total Revenue	15.32M	23.05M	12.30M	14.55M	13.04M
Gross Profit	7.70M	10.53M	5.75M	8.42M	6.99M
EBITDA	-6.84M	-56.24M	17.04M	129.87K	-5.05M
Net Income	29.32M	-57.47M	16.37M	-487.00K	-5.12M
Balance Sheet
Total Assets	19.48M	13.71M	6.09M	3.91M	4.22M
Cash, Cash Equivalents and Short-Term Investments	11.75M	11.41M	3.12M	298.61K	1.34M
Total Debt	863.74K	943.70K	3.94M	1.26M	1.14M
Total Liabilities	26.62M	66.73M	23.58M	12.27M	12.63M
Stockholders Equity	-7.15M	-53.02M	-17.49M	-8.36M	-8.41M
Cash Flow
Free Cash Flow	-8.00B	-6.50M	-3.29M	-2.90M	-5.13M
Operating Cash Flow	-8.00B	-6.50M	-3.29M	-2.90M	-5.13M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	8.35B	14.79M	6.12M	1.87M	3.64M

Airship AI Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.74
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AISP, the sentiment is Negative. The current price of 2.74 is above the 20-day moving average (MA) of 2.63, below the 50-day MA of 2.99, and below the 200-day MA of 4.37, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 47.66 is Neutral, neither overbought nor oversold. The STOCH value of 66.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AISP.

Airship AI Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KLTR	54 Neutral	$225.12M	-12.14	-86.46%	―	1.88%	53.31%
ZENA	52 Neutral	$127.31M	-4.49	-100.31%	―	312.20%	―
STEM	51 Neutral	$79.71M	-0.68	―	―	-35.61%	―
REKR	49 Neutral	$115.89M	-1.97	-114.65%	―	11.89%	34.27%
ARBE	42 Neutral	$87.09M	-1.97	-142.69%	―	-34.35%	20.88%
AISP	41 Neutral	$94.18M	3.79	―	―	-62.56%	-250.18%

Airship AI Holdings Corporate Events

Airship AI Holdings Re-elects Directors at Annual Meeting

Airship AI Holdings, Inc. held its 2025 Annual Meeting of Stockholders on December 11, 2025, where a quorum was present with approximately 69.4% of shares represented. During the meeting, five directors were re-elected to the Board, BPM, LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and an amendment to the Equity Incentive Plan was approved to increase the number of shares by 2,000,000.

The most recent analyst rating on (AISP) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Airship AI Holdings stock, see the AISP Stock Forecast page.

Airship AI Holdings Reduces Quorum Requirement for Meetings

On December 9, 2025, the Board of Directors of Airship AI Holdings, Inc. approved an amendment to the company’s Bylaws to reduce the quorum requirement for stockholder meetings from a majority to one-third of the shares issued and outstanding. This change, effective immediately, allows the company to conduct business with fewer shareholders present, potentially facilitating smoother decision-making processes. The amendment will be submitted for ratification by stockholders at the next annual meeting, but the Board retains the authority to maintain the amendment regardless of the vote, in accordance with Delaware law.

The most recent analyst rating on (AISP) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Airship AI Holdings stock, see the AISP Stock Forecast page.