Airship AI Holdings (AISP) AI Stock Analysis

• Market Cap: $90.40M
• Dividend Yield: N/A
• Average Volume (3M): 520.71K
• Price to Earnings (P/E): 3.2
• Beta (1Y): 1.93
• 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: 369,321
• 30 Day Avg. Volume: 520,713
• 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: 5.26
• Enterprise Value/Gross Profit: 10.46
• Enterprise Value/Ebitda: -2.82
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.05
• Revenue Forecast (FY): $36.00M

• Rating: 41 Neutral
• Price Target: $2.50 ▼(-5.66% 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

Recurring software & services revenue

Airship's core monetization is subscription/licensing plus professional services. That revenue mix supports durable recurring cash inflows and multi-year government contracts, enabling predictable contract renewals and upsell opportunities over a 2–6 month horizon and longer, improving revenue visibility versus one‑off sales.

Specialized public‑safety AI focus

A narrow focus on public‑safety and government creates structural differentiation: complex integrations, compliance needs, and high switching costs favor incumbents. This specialization supports durable customer stickiness, higher barriers to entry, and potential long-term contract expansion within agencies and regulated enterprises.

Modest stated debt burden

Reported debt levels appear modest versus assets, which reduces near‑term interest expense and bankruptcy pressure compared with highly leveraged peers. Lower explicit leverage can preserve optionality for restructuring or selective financing while management addresses operating losses and cash needs.

Negative Factors

Persistent negative cash flow

Operating and free cash flow have been negative across all reported years, with cash burn worsening materially in 2025 (annual operating cash flow around -$8.0B). Sustained negative cash generation increases financing dependence and raises medium‑term solvency and runway risk if operating performance does not improve.

Negative shareholders' equity

Persistent negative equity is a structural solvency flag that limits access to traditional capital, can trigger covenant breaches, and constrains strategic flexibility. It reduces lender and investor confidence and raises the probability the company will need dilutive or costly financing to sustain operations over the coming months.

Revenue volatility and quality concerns

Revenue fell inconsistently (notably to zero in 2025) and reported net income spikes are disconnected from operating results, indicating earnings may be non‑recurring or accounting‑driven. This volatility undermines predictability of core business cash flows and makes forecasting, budgeting, and investment decisions materially more uncertain.

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 primarily makes money by selling access to its AI software platform and related offerings to customers (often in public safety/government and regulated enterprise contexts). Key revenue streams typically include (1) software subscription or licensing fees for its platform and AI analytics capabilities, (2) services revenue associated with deployment, configuration, integration with existing camera/sensor systems and third-party tools, and customer training/support, and (3) potential hardware- or appliance-related sales if the solution is delivered in packaged/managed form (null if not applicable). The company’s earnings can also be influenced by procurement cycles and contract structures common in government/public-sector purchasing (e.g., multi-year agreements, renewals, and expansion to additional users/data sources). Specific breakdowns by revenue stream, named material partnerships, and the exact mix of subscription vs. professional services vs. any hardware revenue are not available here and are therefore null.

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: 2.65
• 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 2.65 is below the 20-day moving average (MA) of 2.66, below the 50-day MA of 2.96, and below the 200-day MA of 4.28, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 44.34 is Neutral, neither overbought nor oversold. The STOCH value of 49.92 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	$211.05M	21.20	-62.87%	―	1.88%	53.31%
ZENA	52 Neutral	$104.42M	-4.91	-93.10%	―	312.20%	―
REKR	49 Neutral	$137.82M	-11.89	-126.37%	―	11.89%	34.27%
STEM	49 Neutral	$89.11M	0.91	-49.36%	―	-35.61%	―
ARBE	42 Neutral	$82.49M	-2.91	-84.58%	―	-34.35%	20.88%
AISP	41 Neutral	$90.40M	3.19	-99.72%	―	-62.56%	-250.18%