Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Airship AI Holdings, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2021
FY2022
FY2023
FY2023
FY2024
FY2025
Revenue
14.5
12.3
23.1
15.3
Cost of revenue
6.13
6.54
12.5
7.62
Gross profit
8.42
5.76
10.5
7.7
Research and development
2.73
2.8
3.08
Selling, general and administrative
0.1
7.63
9.68
11.2
11.8
Selling and marketing
0.07
0.09
0.01
General and administrative
0.92
1.28
Operating expenses
11.2
12.4
14
14.9
Operating income
-1.02
-2.82
-6.64
-3.51
-7.22
Interest expense
0.08
0.06
Interest income
0.04
0
Other non-operating income
2.35
23
-54
36.5
Pre-tax income
16.4
-57.5
Income tax
0.01
0
0
0
Net income
5.02
-0.49
16.4
16.4
-57.5
29.3
EBITDA
-2.81
-6.63
-3.5
-7.22
EPS, basic
1.20
-2.34
0.90
EPS, diluted
0.80
-2.34
0.76
Shares, basic (weighted)
8.76
13.4
13.7
13.7
24.6
32.4
Shares, diluted (weighted)
8.76
13.4
20.4
20.4
24.6
38.7
Balance sheet
FY2021
FY2022
FY2023
FY2023
FY2024
FY2025
Cash and equivalents
1.66
0.3
3.12
11.4
11.8
Receivables
1.23
6.46
Inventory
0
Other current assets
0.57
0.02
0.02
0.02
0.29
Total current assets
2.24
1.99
4.8
12.7
18.5
Property, plant and equipment
0.02
0
0
Lease right-of-use assets
0.8
1.1
0.88
0.81
Total assets
326
3.91
6.09
13.7
19.5
Accounts payable
0.02
0.22
2.91
0.76
1.15
Accrued liabilities
0.18
0.12
0.2
0.05
0.03
Deferred revenue
4.17
4.01
3.24
4.67
Short-term debt
0.63
0.17
0.31
0.44
Total current liabilities
0.2
6.03
11.9
5.65
6.28
Long-term debt
0.13
0
Lease liabilities
0.2
0.94
0.64
0.43
Total liabilities
20.4
12.3
23.6
66.7
26.6
Total debt
0.13
0
0.31
0.44
Paid-in capital
1.96
0
21.9
38.5
Retained earnings
-18
-10.3
-17.5
-74.9
-45.6
Other comprehensive income
-0.01
-0.01
-0
-0.01
Shareholders' equity
-8.41
-8.36
-17.5
-53
-7.15
Total equity
-18
-11.8
-17.5
-53
-7.15
Total liabilities and equity
326
3.91
6.09
13.7
19.5
Shares outstanding
13.4
22.8
30.6
34.4
Cash flow statement
FY2021
FY2022
FY2023
FY2023
FY2024
FY2025
Net income
5.02
0.49
16.4
16.4
-57.5
29.3
Depreciation and amortization
0.01
0.01
0
0
Stock-based compensation
0.55
0.72
1.36
1.63
Deferred income tax
0
0
0
0
Change in receivables
0.13
-0.94
0.42
-5.24
Change in payables
0.02
0
1.5
Cash from operations
-1.55
-2.9
-3.29
-6.5
-8
Acquisitions
-324
Cash from investing
-324
Stock issued
0
0.24
0.15
Cash from financing
327
1.87
6.12
14.8
8.35
Exchange rate effect
-0
0.01
-0.01
Net change in cash
1.66
-0.61
2.83
8.28
0.34
Interest paid
0.02
0.02
0.01
0
Income taxes paid
0
0.02
0
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1.82 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
56.2%
Gross profit / revenue.
Operating margin
-36.1%
Operating income / revenue.
Net margin
144.6%
Net income / revenue.
Operating cash flow margin
-19.3%
Cash from operations / revenue.
Return on assets (ROA)
147.9%
Net income / average total assets.
R&D / revenue
18.3%
Research and development expense / revenue.
SG&A / revenue
74.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
13.5%
Stock-based compensation (from the cash flow statement) / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-33.5%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-26.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
42.1%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
57.3%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.18x
Current assets / current liabilities.
Quick ratio
3.02x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.32x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.76
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.53
Revenue / diluted weighted shares.
Operating cash flow per share
-$0.10
Cash from operations / diluted weighted shares.
Book value per share
-$0.25
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
2.39x
Market cap / net income. Only when net income is positive.
P/S
3.45x
Market cap / revenue.
EV/Sales
2.77x
Enterprise value / revenue.
Earnings yield
41.9%
Net income / market cap (the inverse of P/E).
What was Airship AI Holdings, Inc.'s revenue in fiscal 2025?
Airship AI Holdings, Inc. reported revenue of $15.3M for fiscal 2025, 33.5% lower than the year before.
Was Airship AI Holdings, Inc. profitable in fiscal 2025?
Yes. Net income was $29.3M, a net margin of 191.4%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.