$AIRO

AIRO Group Holdings, Inc.

CIK:0001927958|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 43,180	$ 24,550	$ 52,081	$ 36,345
Cost of revenue	15,493	9,516	22,029	14,378
Gross profit	27,687	15,034	30,052	21,967
Operating expenses:
Research and development	7,576	4,101	14,280	7,767
Sales and marketing	2,355	1,758	4,332	3,191
General and administrative	16,102	28,864	26,944	33,779
Total operating expenses	26,033	34,723	45,556	44,737
Income (loss) from operations	1,654	(19,689)	(15,504)	(22,770)
Other income (expense):
Interest income (expense), net	208	(8,010)	584	(9,277)
Gain on extinguishment of debt		15,559		15,559
Other income (expense), net	206	20,068	(110)	22,730
Total other income	414	27,617	474	29,012
Income (loss) before income tax expense	2,068	7,928	(15,030)	6,242
Income tax expense	(4,062)	(2,057)	(2,417)	(2,344)
Net (loss) income	$ (1,994)	$ 5,871	$ (17,447)	$ 3,898
Net (loss) income per share – basic	$ (0.06)	$ 0.32	$ (0.56)	$ 0.22
Net (loss) income per share – diluted	$ (0.06)	$ 0.30	$ (0.56)	$ 0.20
Weighted-average number of shares of common stock used in computing net (loss) income per share, basic	31,470	18,490	31,433	17,445
Weighted-average number of shares of common stock used in computing net (loss) income per share, diluted	31,470	19,473	31,433	19,592

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (17,447)	$ 3,898
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Stock-based compensation	2,606	18,763
Non-cash gain on IPO transactions		(932)
Note issuance for legal settlement		750
Provision for credit losses	24	7
Non-cash interest		1,064
Non-cash investor note interest		6,731
Non-cash gain on debt extinguishment		(15,559)
Change in investor notes at fair value		186
Depreciation and amortization	6,335	6,126
Amortization of right-of-use lease assets	510	86
Change in fair value of contingent consideration		(20,272)
Change in fair value of warrant liability		(1,843)
Changes in operating assets and liabilities:
Accounts receivable	(34,882)	(12,613)
Related party receivables	225
Prepaid expenses and other assets	694	(119)
Inventory	(3,253)	(633)
Accounts payable, accrued expenses and other long-term liabilities	629	(9,404)
Related party payables	(6,539)	5
Lease liabilities	(534)	(104)
Deferred revenue	2,909	(7,216)
Deferred compensation		325
Net cash used in operating activities	(48,723)	(30,754)
Cash flows from investing activities:
Purchase of property and equipment and investment in intangible assets	(4,508)	(1,067)
Net cash used in investing activities	(4,508)	(1,067)
Cash flows from financing activities:
Proceeds from the sale of common stock, net		61,471
Change in lines of credit	5,492	(127)
Proceeds from borrowings		8,500
Repayments on borrowings	(1,284)	(14,072)
Proceeds from related party borrowings		231
Repayments on related party borrowings	(176)	(709)
Debt issuance costs paid		(170)
Proceeds from the exercise of warrants		2
Payment of contingent consideration		(3,267)
Cash paid to seller		(2,246)
Net cash provided by financing activities	4,032	49,613
Effect of exchange rate changes	651	1,833
Net (decrease) increase in cash and restricted cash	(48,548)	19,625
Cash and restricted cash as of beginning of period	74,551	20,911
Cash and restricted cash as of end of period	26,003	40,536
Supplemental disclosures of non-cash information:
Financing of insurance premiums	942	927
Right-of-use assets obtained in exchange for operating lease liabilities	174
Purchases of property and equipment included in accounts payable	114
Deferred compensation settled in common stock		460
Reclass between accrued expenses and notes payable		622
Reclass between accrued expenses and contingent consideration		5,268
Initial recognition of warrant liability		2,885
Deferred consideration for licensing arrangement	1,000
Reclass of warrants to equity		1,042
Deferred offering cost in accounts payable		3,126
Reclass between related party payables and related party borrowings	1,007
Debt settled in common stock		8,935
Contingent consideration settled in common stock		$ 13,976

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash	$ 25,850	$ 74,358
Restricted cash	153	193
Inventory	14,514	11,639
Prepaid expenses and other current assets	7,637	7,508
Total current assets	94,489	106,476
Property and equipment, net	11,809	8,986
Right-of-use operating lease assets	2,917	3,278
Goodwill	568,210	571,653
Intangible assets, net	79,413	83,487
Other assets	209	259
Total assets	757,047	774,139
Current liabilities:
Accrued expenses	7,621	7,624
Operating lease liabilities, current	922	902
Deferred revenue	7,220	4,497
Related party borrowings	5	1,161
Revolving lines of credit	5,492
Current maturities of debt	1,348	1,190
Total current liabilities	32,975	30,865
Long-term debt, net of current maturities		500
Deferred tax liability	1,046	1,046
Long-term deferred revenue	11	8
Operating lease liabilities, noncurrent	2,075	2,478
Other long-term liabilities	800	50
Total liabilities	36,907	34,947
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.000001 par value; 1,000,000 shares authorized; 32,773 issued and 31,555 outstanding as of June 30, 2026 and 32,594 issued and 31,376 outstanding as of December 31, 2025
Additional paid-in capital	965,628	963,022
Treasury shares, 1,218 shares as of June 30, 2026 and December 31, 2025	(21,220)	(21,220)
Accumulated other comprehensive income	3,736	7,947
Accumulated deficit	(228,004)	(210,557)
Total stockholders’ equity	720,140	739,192
Total liabilities and stockholders’ equity	757,047	774,139
Nonrelated Party [Member]
Current assets:
Accounts receivable, net	46,167	12,385
Current liabilities:
Accounts payable	7,035	6,599
Related Party [Member]
Current assets:
Accounts receivable, net	168	393
Current liabilities:
Accounts payable	$ 3,332	$ 8,892