Airship AI Holdings (AISP) AI Stock Analysis

• Market Cap: $106.29M
• Dividend Yield: N/A
• Average Volume (3M): 980.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.31
• Revenue Growth: -62.56%
• EPS Growth: -250.18%
• Country: US
• Employees: 53
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.15
• Shares Outstanding: 34,175,564
• 10 Day Avg. Volume: 970,604
• 30 Day Avg. Volume: 980,945
• PEG Ratio: <0.01
• Price to Book (P/B): -2.90
• Price to Sales (P/S): 6.68
• P/FCF Ratio: -23.66
• Enterprise Value/Market Cap: 0.88
• Enterprise Value/Revenue: 7.81
• Enterprise Value/Gross Profit: 16.75
• Enterprise Value/Ebitda: -1.37
• 1Y Price Target: $8.00
• Price Target Upside: 167.56% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.05
• Revenue Forecast (FY): $36.00M

• Rating: 48 Neutral
• Price Target: $3.00 ▲(0.33% Upside)

The score is held down primarily by weak financial performance—large profitability deterioration, ongoing cash burn, and negative equity—indicating elevated balance-sheet and funding risk. Technicals provide some support from improving short-term momentum, while valuation remains difficult to justify due to ongoing losses and no dividend yield.

Positive Factors

Public safety/government AI focus

A core focus on public safety and government deployments supports durable demand from mission-critical customers with multi-year procurement cycles and high switching costs. Recurring software, integration, and support needs create sticky revenue and predictable renewal opportunities.

2024 revenue growth and stable gross margin

Double-digit revenue growth paired with mid-40% gross margins indicates product-market traction and scalable core economics. If operating expenses stabilize, this margin base provides a pathway to improved operating leverage and sustainable profitability over multiple quarters.

Improving free cash flow trend

Year-over-year improvement in free cash flow, though still negative, signals initial progress toward cash discipline and operational efficiency. Continued improvement reduces dependency on external financing and supports longer-term sustainability if the trend persists.

Negative Factors

Persistently negative stockholders' equity

Negative shareholders' equity constrains financial flexibility, complicates borrowing and capital raising, and increases dilution risk. It distorts leverage metrics and impairs the firm's capacity to fund growth or absorb shocks without substantial external recapitalization.

Consistent operating cash burn

Persistent negative operating and free cash flow increases reliance on external funding and raises execution risk. Continued cash burn undermines runway for R&D and sales investments, forcing trade-offs or dilutive financing if cash generation does not turn positive within months.

Sharp swing to large net loss

A large swing into net losses and volatile operating results indicate a fragile cost structure above gross profit. Without demonstrable and sustained expense control or materially higher revenue scale, profitability remains uncertain and may impede long-term investor returns.

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

Despite strong 2024 revenue growth (+16.2% YoY) and relatively steady mid‑40% gross margin, financial risk is elevated due to a sharp swing to a large net loss, persistently negative stockholders’ equity, and negative operating/free cash flow across all reported years (cash burn increased in 2024 vs. 2023).

Income Statement

Revenue growth was strong in 2024 (+16.2% year over year), but profitability deteriorated sharply: 2024 swung to a very large net loss with deeply negative operating results and margins. Gross margin remained relatively steady in the mid‑40% range, yet the cost structure above gross profit appears heavy and volatile (notably the large EBITDA and net income swing versus 2023), making earnings quality and repeatability a key concern.

Balance Sheet

The balance sheet is constrained by persistently negative stockholders’ equity, which is a meaningful financial risk signal and limits flexibility. While absolute debt levels are not large relative to assets, leverage metrics are distorted by the negative equity position, and returns on equity are not economically meaningful given the capital structure. Asset base has grown, but the equity deficit remains the central weakness.

Cash Flow

Cash generation is a clear pressure point: operating cash flow and free cash flow were negative across all reported years, including a larger cash outflow in 2024 versus 2023. Free cash flow improved year over year in 2024 (less negative than it otherwise could have been), but the business is still consuming cash, increasing reliance on external funding until operating performance stabilizes.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.03M	23.05M	12.30M	14.55M	13.04M
Gross Profit	5.61M	10.53M	5.75M	8.42M	6.99M
EBITDA	-68.50M	-56.24M	17.04M	129.87K	-5.05M
Net Income	-43.82M	-57.47M	16.37M	-487.00K	-5.12M
Balance Sheet
Total Assets	8.10M	13.71M	6.09M	3.91M	4.22M
Cash, Cash Equivalents and Short-Term Investments	5.76M	11.41M	3.12M	298.61K	1.34M
Total Debt	966.87K	943.70K	3.94M	1.26M	1.14M
Total Liabilities	48.18M	66.73M	23.58M	12.27M	12.63M
Stockholders Equity	-40.08M	-53.02M	-17.49M	-8.36M	-8.41M
Cash Flow
Free Cash Flow	-1.83B	-6.50M	-3.29M	-2.90M	-5.13M
Operating Cash Flow	-1.83B	-6.50M	-3.29M	-2.90M	-5.13M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-678.39M	14.79M	6.12M	1.87M	3.64M

Airship AI Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.99
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 2.99 is below the 20-day moving average (MA) of 3.38, below the 50-day MA of 3.29, and below the 200-day MA of 4.49, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.16 is Neutral, neither overbought nor oversold. The STOCH value of 4.54 is Positive, 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	$254.82M	-13.41	-86.46%	―	1.88%	53.31%
ZENA	52 Neutral	$161.16M	-5.46	-100.32%	―	312.20%	―
STEM	51 Neutral	$130.89M	-1.12	―	―	-35.61%	―
REKR	49 Neutral	$151.47M	-2.44	-114.65%	―	11.89%	34.27%
AISP	48 Neutral	$106.29M	-1.84	―	―	-62.56%	-250.18%
ARBE	47 Neutral	$133.90M	-2.62	-142.36%	―	-34.35%	20.88%

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.