One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Airship AI Holdings, Inc.
AISP · NGM · Technology · Software - Infrastructure
Current price
$1.97
52-week range
$1.69 - $7.20
Market cap
$67.85M
Balance sheet
Healthy
-7.19x Concerning
Net cash $11.71M. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Revenue grew 18.5% last year.
- Reward Trades at 2.9x P/E vs peer median 9.0x (67.2% cheaper).
- Risk Forward P/E (49.2x) is higher than trailing (2.9x) - earnings are expected to drop.
- Risk Operating margin compressed from -19.4% to -36.1% over 3 years.
What this company does
Airship AI Holdings, Inc.
Airship AI creates software that uses artificial intelligence (AI) to help organizations analyze large amounts of information from sources like video cameras and other sensors. The company makes money by selling these systems, mostly to government agencies and businesses for security and surveillance. This matters because it helps them quickly sort through a sea of data to find important events or patterns that need attention.
How the company got here
Founded in 2006, Airship AI spent years developing its technology before becoming a publicly traded company in late 2023 through a merger with a special purpose acquisition company (a shell company set up to buy a private company and take it public). [2] This move was designed to give the company more visibility and financial flexibility to grow its business. [19] Based in Redmond, Washington, the company has established itself by winning contracts with major U.S. government agencies and large corporations. [3, 19]
What it actually does
Airship AI creates artificial intelligence (AI) software that helps organizations watch and understand huge amounts of video and sensor data in real-time. [1, 5] Think of it as a super-smart security guard that can monitor thousands of camera feeds at once to automatically spot specific objects, people, or events as they happen. [5] The system helps customers like the Department of Homeland Security, police departments, and large companies like FedEx manage security and improve their day-to-day operations by turning raw data into useful information. [1, 2]
AI-Powered Surveillance Platform
This is the company's main business, combining software and hardware to analyze data from sources like video cameras, drones, and other sensors. [5, 10] Customers buy this integrated system which includes 'Outpost AI' devices that process information right at the source (known as the 'edge'), the 'Acropolis' software that acts as the central brain for managing everything, and 'Airship Command' which provides the viewing tools. [3, 6] This segment makes money by selling these bundled hardware and software solutions to government and commercial clients, representing the largest part of the business. [8, 10]
Professional & Support Services
Beyond the initial sale, Airship AI earns money by providing ongoing services to its customers. [3, 4] This includes things like technical support, software maintenance, and custom services like training the AI to recognize specific things a customer needs to track. [3, 20] These services are often sold as multi-year maintenance and support contracts, which creates a source of recurring revenue (predictable income that is expected to continue in the future). [6, 20]
What management is betting on now
The company's leadership is focused on expanding beyond its core government clients into new commercial areas like retail, healthcare, and logistics. [18] They are heavily investing in their 'edge' technology, which allows data to be analyzed instantly where it's collected, making their system faster and more efficient. [15] A key priority is to improve gross margins (the percentage of profit from sales after subtracting the direct costs of the product or service) to make the business more profitable. [15] Management is also hiring more sales staff to chase a growing pipeline (a list of potential future sales) of opportunities with both government and private companies. [15, 18]
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$4.12M
Net income
$-2.41M
Diluted EPS
-0.07
Operating cash flow
$-235.17K
Free cash flow
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Revenue
$6.35M
Net income
$-720.60K
Diluted EPS
-0.02
Operating cash flow
$814.48K
Free cash flow
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Sources
Revenue
$6.49M
Net income
$22.96M
Diluted EPS
0.75
Operating cash flow
$-3.50M
Free cash flow
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Revenue
$1.18M
Net income
$6.41M
Diluted EPS
0.15
Operating cash flow
$-583.60K
Free cash flow
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Revenue
$2.15M
Net income
$-23.76M
Diluted EPS
-0.75
Operating cash flow
$-1.82M
Free cash flow
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Revenue
$5.50M
Net income
$23.71M
Diluted EPS
0.61
Operating cash flow
$-2.10M
Free cash flow
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Revenue
$3.21M
Net income
$-50.18M
Diluted EPS
-1.69
Operating cash flow
$-2.11M
Free cash flow
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Revenue
$2.87M
Net income
$6.21M
Diluted EPS
0.17
Operating cash flow
$-251.42K
Free cash flow
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Is it cheap or expensive?
Fair value — vs current price $1.97
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $11.7M - more cash than debt. Interest coverage -7.2x.
Net debt
$-11.71M
Interest coverage
-7.19x
Airship AI Holdings, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 4 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
AISP
BASELINE
Airship AI Holdings, Inc.
Total debt $650.75K Interest coverage -7.19x This is the baseline the peer rows are being compared against.
Total debt $7.95M Interest coverage -868.72x Neither company has much profit cushion over interest right now.
Total debt $26.55M Interest coverage -11.33x Neither company has much profit cushion over interest right now.
Total debt $74.48M Interest coverage 15.62x This peer still has a real interest-payment cushion, while AISP does not.
Total debt $22.75M Interest coverage -4.60x Neither company has much profit cushion over interest right now.
Total debt $952.64K Interest coverage -22.23x Neither company has much profit cushion over interest right now.
What you should know
The case for and against AISP
2 Rewards
2 Risks
Rewards
-
Revenue grew 18.5% last year.
-
Trades at 2.9x P/E vs peer median 9.0x (67.2% cheaper).
Risks
-
Forward P/E (49.2x) is higher than trailing (2.9x) - earnings are expected to drop.
-
Operating margin compressed from -19.4% to -36.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
2.94x
Forward P/E
49.25x
P/B
-7.88x
P/S
3.74x
EV/EBITDA
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PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
56.2%
Operating margin
-36.1%
Net margin
144.6%
ROE
—
ROA
-29.4%
Health
Liquidity and balance-sheet strength
Debt / equity
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Current ratio
3.18x
Quick ratio
3.02x
Total debt
$650.75K
Total cash
$12.37M
Growth
How the business has been compounding
Revenue TTM
$18.15M
Revenue 5Y CAGR
11.6%
EPS TTM
0.67
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-3.51M
Free CF TTM
$-8.00M
FCF margin
-44.1%
Dividend
Shareholder payout
Yield
—
Payout ratio
0.0%
Last ex-div date
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