Investment Thesis
Airship AI presents severe financial distress with negative stockholders equity of -$7.1M, indicating the company is technically insolvent. Despite exceptional revenue growth and a positive net income figure, the company is burning cash at an alarming rate (-$8.0M operating cash flow) and operating at a -47.1% margin, revealing the growth is not sustainable. The highly suspicious net margin of 191.4% coupled with negative equity raises material concerns about accounting quality and financial statement reliability.
AISPW Strengths
- Exceptional revenue growth of 5,318% YoY demonstrates market demand
- Positive gross margin of 50.2% indicates pricing power and product-market fit
- Strong cash position of $11.8M provides near-term liquidity runway
AISPW Risks
- Negative stockholders equity of -$7.1M indicates technical insolvency and existential solvency risk
- Severe cash burn of -$8.0M operating cash flow with -52.2% FCF margin unsustainable at current trajectory
- Abnormal net margin of 191.4% coupled with negative operating income suggests non-recurring gains, one-time items, or accounting irregularities requiring investigation
- Operating margin of -47.1% indicates unprofitable core business operations despite revenue growth
- Negative interest coverage of -12.3x reflects inability to service debt from operations
Key Metrics to Watch
- Quarterly operating cash flow trend and path to positive operating cash generation
- Operating margin improvement and timeline to operating profitability
- Stockholders equity recovery and identification of one-time gains inflating net income
AISPW Financial Metrics
AISPW Profitability Ratios
AISPW Balance Sheet & Liquidity
AISPW 5-Year Financial Trend
5-Year Trend Summary: Airship AI Holdings, Inc.'s revenue has grown significantly by 58% over the 5-year period, indicating strong business expansion. The most recent EPS of $-2.34 indicates the company is currently unprofitable.
AISPW Growth Metrics (YoY)
AISPW Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $1.2M | $6.2M | $0.15 |
| Q2 2025 | $2.1M | -$49.1K | $0.00 |
| Q1 2025 | $5.5M | $23.7M | $0.61 |
| Q3 2024 | $2.4M | -$1.7M | $-0.07 |
| Q2 2024 | $2.8M | -$1.7M | $-0.14 |
| Q1 2024 | $2.9M | -$1.7M | N/A |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AISPW Capital Allocation
AISPW SEC Filings
Access official SEC EDGAR filings for Airship AI Holdings, Inc. (CIK: 0001842566)