CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOMEFor the years ended December 31, 2024 and 2023 Year Ended Yar Ended December 31, 2024 December 31, 2023 NET REVENUES: Product $18,716,196 $7,439,045 Post contract support 4,334,017 4,692,487 Other services - 168,052 Revenues 23,050,213 12,299,584 COST OF NET REVENUES: Cost of Sales 10,843,766 4,767,159 Post contract support 1,679,692 1,681,267 Other services - 86,841 Cost of revenue 12,523,458 6,535,267 GROSS PROFIT 10,526,755 5,764,317 RESEARCH AND DEVELOPMENT EXPENSES 2,804,894 2,729,492 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 11,226,974 9,675,190 TOTAL OPERATING EXPENSES 14,031,868 12,404,682 OPERATING LOSS (3,505,113) (6,640,365)OTHER (EXPENSE) INCOME: (Loss) gain from change in fair value of earnout liability (18,171,380) 21,976,349 (Loss) gain from change in fair value of warrant liability (33,512,633) 1,341,120 Loss from change in fair value of convertible debt (141,636) (240,784)Loss on note conversion (1,144,676) - Interest expense, net (1,003,096) (55,685)Other income (expense) 13,644 (9,501)Total other (expense) income, net (53,959,777) 23,011,499 (LOSS) INCOME BEFORE PROVISON FOR INCOME TAXES (57,464,890) 16,371,134 Provision for income taxes - - NET (LOSS) INCOME (57,464,890) 16,371,134 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation income (loss), net 9,338 (2,702) TOTAL COMPREHENSIVE (LOSS) INCOME $(57,455,552) $16,368,432 NET (LOSS) INCOME PER SHARE: Basic $(2.34) $1.20 Diluted $(2.34) $0.80 Weighted average shares of common stock outstanding Basic 24,585,955 13,671,376 Diluted 24,585,955 20,390,663 AIRSHIP AI HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETSAs of December 31, 2024 and 2023 December 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS: Cash and cash equivalents $11,414,830 $3,124,413 Accounts receivable, net of allowance for credit losses of $0 1,226,757 1,648,904 Prepaid expenses and other 17,883 18,368 Income tax receivable - 7,230 Total current assets 12,659,470 4,798,915 PROPERTY AND EQUIPMENT, NET - 1,861 OTHER ASSETS Other assets 165,960 182,333 Operating lease right of use asset 882,024 1,104,804 TOTAL ASSETS $13,707,454 $6,087,913 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable - trade $759,480 $2,908,472 Advances from founders 1,300,000 1,750,000 Accrued expenses 51,649 200,531 Senior Secured Convertible Promissory Notes - 2,825,366 Current portion of operating lease liability 305,178 174,876 Deferred revenue- current portion 3,238,483 4,008,654 Total current liabilities 5,654,790 11,867,899 NON-CURRENT LIABILITIES: Operating lease liability, net of current portion 638,525 943,702 Warrant liability 34,180,618 667,985 Earnout liability 23,304,808 5,133,428 Deferred revenue- non-current 2,951,850 4,962,126 Total liabilities 66,730,591 23,575,140 COMMITMENTS AND CONTINGENCIES (Note 9) STOCKHOLDERS' DEFICIT: Preferred stock - no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023 - - Common stock - $0.0001 par value, 200,000,000 shares authorized, 30,588,413 and 22,812,048 shares issued and outstanding as of December 31, 2024 and 2023 3,056 2,281 Additional paid in capital 21,918,867 - Accumulated deficit (74,941,590) (17,476,700)Accumulated other comprehensive loss (3,470) (12,808)Total stockholders' deficit (53,023,137) (17,487,227) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $13,707,454 $6,087,913 AIRSHIP AI HOLDINGS, INC.
Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond REDMOND, Wash., March 03, 2025 (GLOBE NEWSWIRE) -- Airship AI Holdings, Inc.(NASDAQ: AISP) ("Airship AI” or the "Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the quarter and year ended December 31, 2024.
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