$AISPW

Airship AI Holdings, Inc.

CIK:0001842566|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
NET REVENUES:
Product	$ 2,497,120	$ 728,978	$ 6,446,455	$ 4,770,694
Post contract support	1,612,883	1,375,372	3,994,221	2,828,947
Other services	13,782	42,540	36,407	50,277
Revenues	4,123,785	2,146,890	10,477,083	7,649,918
COST OF NET REVENUES:
Cost of sales	576,471	273,721	3,255,844	3,217,328
Post contract support	438,283	332,769	907,262	624,270
Other services	11,283	7,883	50,384	40,799
Cost Of Revenue	1,026,037	614,373	4,213,490	3,882,397
GROSS PROFIT	3,097,748	1,532,517	6,263,593	3,767,521
RESEARCH AND DEVELOPMENT EXPENSES	854,196	740,571	1,697,892	1,459,953
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	3,734,211	2,813,827	7,637,930	6,043,806
TOTAL OPERATING EXPENSES	4,588,407	3,554,398	9,335,822	7,503,759
OPERATING LOSS	(1,490,659)	(2,021,881)	(3,072,229)	(3,736,238)
OTHER INCOME (EXPENSE) :
(Loss) gain from change in fair value of earnout liability	(193,132)	(7,301,585)	(919,319)	2,522,020
(Loss) gain from change in fair value of warrant liability	(833,001)	(14,494,184)	666,401	1,026,999
Interest income, net	110,232	60,599	197,983	138,153
Total other (expense) income, net	(915,901)	(21,735,170)	(54,935)	3,687,172
(LOSS) BEFORE PROVISION FOR INCOME TAXES	(2,406,560)	(23,757,051)	(3,127,164)	(49,066)
Provision for income taxes	0	0	0	0
NET (LOSS)	(2,406,560)	(23,757,051)	(3,127,164)	(49,066)
OTHER COMPREHENSIVE (LOSS)
Foreign currency (loss), net	(11,811)	0	(20,103)	(7,409)
TOTAL COMPREHENSIVE (LOSS)	$ (2,418,371)	$ (23,757,051)	$ (3,147,267)	$ (56,475)
NET (LOSS) PER SHARE:
Basic	$ (0.07)	$ (0.75)	$ (0.09)	$ (0.00)
Diluted	$ (0.07)	$ (0.75)	$ (0.09)	$ (0.00)
Weighted average shares of common stock outstanding
Basic	34,435,232	31,873,639	34,408,949	31,789,346
Diluted	34,435,232	31,873,639	34,408,949	31,789,346

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss)	$ (3,127,164)	$ (49,066)
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities
Stock-based compensation	1,616,680	800,425
Amortization of operating lease right of use asset	206,964	180,004
Gain from change in fair value of warrant liability	(666,401)	(1,026,999)
Loss (gain) from change in fair value of earnout liability	919,319	(2,522,020)
Changes in operating assets and liabilities:
Accounts receivable	2,715,695	(1,330,670)
Inventory	(843,590)	0
Prepaid expenses and other	270,425	(26,775)
Operating lease liability	(212,996)	(180,711)
Accounts payable - trade and accrued expenses	(613,949)	(369,056)
Deferred revenue	314,327	606,049
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	579,310	(3,918,819)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from warrant exercise, net	10	59,850
Repayment of advances from founders	0	(1,300,000)
Proceeds from stock option exercises	56,447	57,822
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	56,457	(1,182,328)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	635,767	(5,101,147)
Effect from exchange rate on cash	(20,103)	(7,409)
CASH AND CASH EQUIVALENTS, beginning of period	11,750,021	11,414,830
CASH AND CASH EQUIVALENTS, end of period	12,365,685	6,306,274
Supplemental disclosures of cash flow information:
Interest paid	0	0
Taxes paid	0	0
Noncash investing and financing
Issuance of common stock for earnout shares	0	5,282,125
Recognition of operating right-of-use asset	0	304,339
Recognition of operating lease liability	$ 0	$ 304,339

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 12,365,685	$ 11,750,021
Accounts receivable, net of allowance for credit losses of $0	3,746,980	6,462,675
Inventory	843,590	0
Prepaid expenses and other	23,766	294,191
Total current assets	16,980,021	18,506,887
OTHER ASSETS
Other assets	160,528	160,528
Operating lease right of use asset	600,951	807,915
TOTAL ASSETS	17,741,500	19,475,330
CURRENT LIABILITIES:
Accounts payable - trade	510,613	1,149,811
Accrued expenses	53,215	27,966
Current portion of operating lease liability	461,538	438,635
Deferred revenue- current portion	4,314,602	4,668,105
Total current liabilities	5,339,968	6,284,517
NON-CURRENT LIABILITIES:
Operating lease liability, net of current portion	189,210	425,109
Warrant liability	12,661,605	13,328,006
Earnout liability	3,540,252	2,620,933
Deferred revenue- non-current	4,634,237	3,966,407
Total liabilities	26,365,272	26,624,972
STOCKHOLDERS' DEFICIT:
Preferred stock - no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock - $0.0001 par value, 200,000,000 shares authorized, 34,439,562 and 34,368,162 shares issued and outstanding as of June 30, 2026 and December 31, 2025	3,441	3,434
Additional paid in capital	40,151,160	38,478,030
Accumulated deficit	(48,747,391)	(45,620,227)
Accumulated other comprehensive loss	(30,982)	(10,879)
Total stockholders' deficit	(8,623,772)	(7,149,642)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 17,741,500	$ 19,475,330