Airship AI Holdings Reports Significant Revenue Growth and Improved Net Income in Latest Quarter

Airship AI Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a substantial increase in net revenues, which reached $1.73 million for the three months ended September 30, 2024, compared to $910,000 for the same period in 2023. For the nine months ended September 30, 2024, revenues totaled approximately $16.53 million, a notable rise from $4.42 million in the prior year. This growth was primarily driven by increased product sales and substantial purchase orders from federal government agency customers.

Gross profit for the third quarter of 2024 was reported at $2.15 million, up from $1.60 million in the same quarter of 2023. However, the company recorded an operating loss of $1.59 million for the three months ended September 30, 2024, compared to a loss of $1.23 million in the same period in 2023. For the nine-month period, the operating loss improved to $2.01 million from $6.02 million year-over-year, indicating a positive trend in operational efficiency.

Airship AI's net income for the third quarter of 2024 was $6.21 million, a significant turnaround from a net loss of $1.67 million in the same quarter of 2023. This improvement was largely attributed to a substantial increase in other income, primarily from gains in the fair value of earnout and warrant liabilities. For the nine months ended September 30, 2024, the net loss was $7.29 million, slightly worse than the $6.48 million loss reported in the same period in 2023.

The company’s cash and cash equivalents increased to $6.52 million as of September 30, 2024, up from $3.12 million at the end of 2023. This increase was bolstered by net cash provided by financing activities, which totaled $7.78 million for the nine months ended September 30, 2024, compared to $2.71 million in the prior year. The company closed an $8 million public offering in September 2024, generating approximately $7.3 million in net proceeds for working capital and corporate purposes.

Strategically, Airship AI completed a merger with BYTE Acquisition Corp. on December 21, 2023, which has positioned it for growth in the AI-driven data management sector. The company is focusing on expanding its footprint within government agencies and enhancing its product offerings, including Outpost AI, Acropolis, and Airship Command. As of September 30, 2024, the company had 51 employees and is headquartered in Redmond, WA, with additional operations in Charlotte, NC, and Taiwan.