Airship AI
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Red, because Airship AI has posted an operating loss in every year since going public, operating cash flow was negative precisely in the profit years 2023 and 2025, the company needs additional capital according to its 2025 annual report and potential new shares could more than double the share count — a substance risk by our standard. Negative stockholders’ equity (minus $8.6 million on June 30, 2026) comes on top, but only arises from $16.2 million of fair-value items; there is no bank debt. Whether $2.22 (October 1, 2026) is a reasonable price is not what this rating answers. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Airship AI has no bank debt, $12.4M in cash, more current assets ($17.0M) than current liabilities ($5.3M) and a clearly better first half of 2026; management sees no substantial doubt about the going concern through at least August 2027. Against that stand negative stockholders’ equity of −$8.6M (without $16.2M of fair-value items for warrants and earnout shares it would be +$7.6M), operating losses every year, negative operating cash flow in the profit years 2023 and 2025, very high customer concentration and a large pool of potential new shares; per the 2025 10-K, the company needs additional capital. Not investment advice.
Cash and debt
$12.4M in cash, no bank debt (June 30, 2026); management sees no substantial doubt about the going concern through at least August 2027.
Revenue and margin
First half of 2026: revenue +37% to $10.5M, second-quarter gross margin 75%; backlog $6.9M (Aug. 6, 2026).
Earnings power
Operating loss in every year since 2023 (2025: −$7.2M); 2025 net income of $29.3M came from fair-value gains of $36.3M, per the 10-K.
Customer concentration
Five customers = 88% of first-half 2026 revenue (10-Q); revenue overall comes mostly from U.S. federal agencies and swings with individual contracts (2024: $23.1M, 2025: $15.3M).
Dilution
About 35.3M potential new shares against 34.4M (June 30, 2026); $100M shelf effective since May 19, 2026; per the 2025 10-K, additional capital will be needed.
Pipeline
$206.1M pipeline (Aug. 6, 2026) with no assurance; DHS awards expected in the third quarter of 2026 had not been announced via 8-K by Oct. 1, 2026.
Worth Noting
Edition of October 3, 2026, based on the annual reports on Form 10-K for 2023, 2024 and 2025, the quarterly report on Form 10-Q for the period ended June 30, 2026 (latest periodic report, filed August 6, 2026), the earnings release of August 6, 2026, the Form S-3 of May 11, 2026, and all SEC filings through October 1, 2026. The trigger was our Reddit hype scanner in early October 2026, not a hit in the fundamentals screen.
Not to be confused: Airship AI Holdings (AISP) is not AirSculpt Technologies (AIRS). The former name in the SEC database, BYTE Acquisition Corp., belongs to the SPAC shell until December 2023. A P/E ratio below 3 computed from net income is not meaningful because of the fair-value items.
The price anchor is the closing price of $2.22 on October 1, 2026 (source: fundamental data); on September 30, 2026, it was $1.86. Market value, enterprise value and the price-to-sales ratio are our own calculations; revenue for the last four quarters ($18.1 million) equals full-year 2025 minus the first half of 2025 plus the first half of 2026.
Stock Watch
This analysis is as of October 2, 2026. Stock Watch will tell you what's changed at AISP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.70 $ to 4.40 $ · Last price: 2.00 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Software - Infrastructure
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Airship AI AISP | 0.1 | 2.4 | 7.9 | 56.2 | -36.2 | -33.5 | -57.7 |
| Microsoft Corporation MSFT | 3,700.5 | 31.3 | 17.6 | 67.7 | 46.3 | 14.9 | -1.3 |
| Palantir Technologies Inc. PLTR | 437.7 | 192.3 | 173.8 | 84.8 | 46.2 | 56.2 | -11.0 |
| Oracle Corporation ORCL | 344.5 | 19.9 | 14.5 | 64.0 | 36.2 | 17.4 | -54.0 |
| Palo Alto Networks Inc PANW | 286.6 | 278.0 | 223.5 | 70.4 | -2.5 | 14.9 | 59.7 |
| Crowdstrike Holdings Inc CRWD | 244.2 | – | 621.7 | 75.2 | -2.2 | 21.7 | 78.1 |
| Cloudflare Inc NET | 91.4 | – | 2,840.5 | 72.6 | -9.7 | 29.9 | 26.2 |
| Fortinet Inc FTNT | 90.8 | 44.3 | 32.4 | 79.8 | 31.3 | 14.2 | 46.0 |
| Synopsys Inc SNPS | 89.3 | 93.4 | 25.9 | 82.9 | 10.4 | 15.1 | 2.7 |
| Median of companies shown | 244.2 | 44.3 | 32.4 | 72.6 | 10.4 | 15.1 | 2.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 13 | -6 | -5 | -0.12 | -5 | -8 | 4 |
| 2022 | 15 | -3 | 0 | -0.01 | -3 | -8 | 4 |
| 2023 | 12 | -7 | 16 | 0.80 | -3 | -17 | 6 |
| 2024 | 23 | -4 | -57 | -1.90 | -7 | -53 | 14 |
| 2025 | 15 | -7 | 29 | 0.76 | -8 | -7 | 19 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.05 | 61.60 | 3 | 20.30 | 216.70 | 0 | 0 |
| 2024: Q4 | -1.82 | -299.60 | 3 | -23.80 | -1,564.80 | -2 | -2 |
| 2025: Q1 | -0.04 | 97.10 | 6 | -48.00 | 430.80 | -2 | -2 |
| 2025: Q2 | -0.06 | -400.00 | 2 | -66.50 | -1,106.60 | -2 | -2 |
| 2025: Q3 | -0.09 | -80.00 | 1 | -58.90 | 544.40 | -1 | -1 |
| 2025: Q4 | -0.03 | 98.40 | 7 | 102.50 | 353.60 | -4 | -4 |
| 2026: Q1 | -0.04 | 0.00 | 6 | 15.50 | -11.30 | 1 | 1 |
| 2026: Q2 | -0.04 | 33.30 | 4 | 92.10 | -58.40 | 579 | 579 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Growth
Research
Risk & Weakness
- Below the 50- & 200-SMA
- Beneish M-Score
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.06 | -0.06 – -0.06 | 27 | 66.5% | 1 |
| 12/31/2027 | 0.04 | 0.04 – 0.04 | 41 | 166.7% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $576.0M |
|---|---|
| Market cap | $71.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 02.10.2026 gegen die Geschäftsberichte (10-K) für 2025 (eingereicht 17.02.2026) und 2024 (28.02.2025) sowie die Quartalsberichte (10-Q) zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025: Airship AI beschreibt sich im 10-K 2025 (Item 1) als KI-gestützte Datenplattform; Kernprodukt Outpost AI wertet Kamera- und Sensordaten mit eigenen, trainierten KI-Modellen aus (Kennzeichen, Fahrzeugmerkmale, Objekte), Acropolis und Airship Command verarbeiten und zeigen die Ergebnisse. Der Umsatz (2025: 15,3 Mio. USD, überwiegend US-Bundesbehörden) stammt aus genau diesen Geräte- und Softwarebündeln samt Wartung. Mit Ask Airship entwickelt das Unternehmen laut 10-Q zum 30.06.2026 zusätzlich einen agentischen KI-Assistenten, der als eigenständiges Abo- und Nutzungsprodukt verkauft werden soll. Nach dem Kriterienkatalog (Vorrang verkauft) daher „verkauft“.
View the full file — quotes, sources, reviewed filings
„We are a robust AI-driven data management platform that solves complex data challenges for large institutions operating in dynamic and mission-critical environments with rapidly increasing volumes of data being ingested from a similarly rapidly growing number of data sources."
Wir sind eine leistungsfähige, KI-gestützte Datenmanagement-Plattform, die komplexe Datenprobleme großer Institutionen löst, die in dynamischen und einsatzkritischen Umgebungen arbeiten, in denen schnell wachsende Datenmengen aus einer ebenso schnell wachsenden Zahl von Datenquellen eingehen.
10-K · 2026-02-17 · View SEC filing
„Outpost AI is our edge hardware and software offering that is purpose built to structure and analyze data efficiently and effectively at the source using Airship AI trained models."
Outpost AI ist unser Hardware- und Softwareangebot für den Netzrand (Edge), das eigens dafür gebaut ist, Daten direkt an der Quelle mit von Airship AI trainierten Modellen effizient und wirksam zu strukturieren und auszuwerten.
10-K · 2026-02-17 · View SEC filing
„We are developing Ask Airship, an agentic AI capability designed to allow users to query, analyze and act on structured data across our platform using natural language, which we intend to offer as a standalone product complementary to our Outpost AI, Acropolis, Airship Command and Fortress Server offerings."
Wir entwickeln Ask Airship, eine agentische KI-Funktion, mit der Nutzer strukturierte Daten auf unserer gesamten Plattform in natürlicher Sprache abfragen, auswerten und darauf reagieren können sollen und die wir als eigenständiges Produkt ergänzend zu unseren Angeboten Outpost AI, Acropolis, Airship Command und Fortress Server anbieten wollen.
10-Q · 2026-08-06 · View SEC filing
Filings Reviewed: 10-Q 2026-08-06 · 10-Q 2026-05-08 · 10-K 2026-02-17 · 10-Q 2025-11-14 · 10-Q 2025-08-05 · 10-K 2025-02-28
Rated on October 2, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.7%
- More than 10% revenue growth is expected for the coming year 78.8%
- Share count grows by less than 3% a year -0.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -85.8%
- Gross margin at 40% or higher and without meaningful erosion 50.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 11 m net cash
- Operating cash flow covers the profits of the last three years -6 m
- Return on capital at 15% or higher, or up versus two years ago -54.7%
- Insiders hold at least 10% or are net buyers 27.2%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 4.1%
- Exp. sales growth 3Y > 5% 62.6%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -77.0%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% –
- ROCE > 15% -54.7%
- Expected return > 10% -79.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Airship AI Holdings aus Redmond (Washington) verkauft Software und Geräte, die Videobilder und andere Sensordaten mit trainierten KI-Modellen auswerten — zum Beispiel Kennzeichen, Fahrzeugtyp und Farbe aus Kamerabildern. Zum Angebot gehören die Edge-Geräte Outpost AI, die Verwaltungssoftware Acropolis und die Bedienoberfläche Airship Command. Die meisten Umsätze stammen von US-Bundesbehörden aus Strafverfolgung und Heimatschutz. Das 2006 gegründete Unternehmen ist seit Dezember 2023 nach der Fusion mit der Börsenhülle BYTE Acquisition Corp. an der Nasdaq notiert.
- Employees
- 67
- Headquarters
- Redmond, WA
- Address
- 8210 154th Ave NE, 98052 Redmond, United States
- Phone
- 877 462 4250
- Website
- airship.ai
- IPO Date
- 05/10/2021
- ISIN
- US0089401089
Management
| Name | Title | Birth Year |
|---|---|---|
| Victor Huang | Co-Founder, CEO & Chairman | 1970 |
| Paul Allen | President | 1970 |
| Derek Xu | Co-founder, COO, Secretary, Treasurer & Director | 1958 |
| Mark E. Scott | CFO, Secretary & Treasurer | 1953 |
| Yanda Ma | Chief Technology Officer | 1979 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/06/2026 Airship AI Holdings, Inc. (AISP): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.