Start here if you're new
what it is
Airship sells AI surveillance software that helps government customers search video, sensor, and vehicle data.
how it gets paid
Full year 2025 net revenue was ~$15.3M (down vs. 2024) — per the Q4 2025 release.
why growth slowed
GAAP net income for 2025 was ~$29.3M (~$0.90 per basic share), driven largely by non-cash fair-value items — operating cash flow was still negative in Q4.
what just happened
Q4 2025: ~$6.5M net revenue, ~51.2% gross margin, ~$0.6M GAAP operating loss; ~$3.5M cash used in operations in the quarter.
At a glance
n/a balance sheet
-$0.19 fy2024 eps est
$23M fy2024 rev est
47.1% operating margin
~$90M market cap
What they do
Airship sells AI surveillance software that helps government customers search video, sensor, and vehicle data.
Airship sells into government, law enforcement, and military buyers, where sales cycles are slow and replacement is painful once systems are installed. You do not rip out a surveillance stack lightly. Its 53-employee team sells a full product suite across edge hardware, enterprise software, and visualization tools, which matters when one contract can swing a company with only $15M in annual revenue.
How they make money
$15M
annual revenue · revenue declined -33.5% last year
total revenue
$15M
33.5%
The products that matter
video and sensor data platform
Outpost AI
$15.3M total company revenue
This is the core platform behind the business. With only $15.3M in total revenue, the product matters because there is not another segment here to hide weak execution.
core platform
Key numbers
51.2%
Q4'25 gross margin
Gross margin for the quarter ended Dec 31, 2025 — per the company release (GAAP).
$0M
long-term debt
Long-term debt → money owed beyond a year → so what: with $0M of long-term debt and only 1% of capital tied to it, the balance sheet is unusually clean for a microcap.
$23M
fy2024 revenue est
Revenue estimate → expected yearly sales → so what: hitting $23M after a $15M trailing base would mean roughly 53% growth.
$6.5M
Q4'25 net revenue
Net revenue for the quarter ended Dec 31, 2025 — still lumpy vs. the ~$15.3M full-year base.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $0M (1% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AISP right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Q4 2025 net revenue ~$6.5M; GAAP operating loss ~$0.6M.
Full-year 2025 GAAP net income ~$29.3M (~$0.90 per basic share) reflected large non-cash gains (earn-out and warrant fair-value changes). Operating cash flow was ~$(3.5)M in Q4. Gross margin was ~51.2% in Q4 and ~49.5% for the full year — per the Feb 17, 2026 release.
$6.5M
Q4 net rev
$(0.6)M
Q4 op loss
51.2%
Q4 gross margin
the number that mattered
Separating ~$6.5M operating-quarter revenue from GAAP net income driven by non-cash items — cash operations still matter.
source: Airship AI Q4 & FY2025 results (Feb 17, 2026) — Globe Newswire via Yahoo Finance · ir.airship.ai
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What could go wrong
The #1 risk is government-contract lumpiness dressed up as AI growth.
med
One quarter is carrying too much weight
Q4 revenue was $6.5M, but the full year still ended at $15.3M after a 33.5% decline. If that quarter was timing rather than trend, the growth story resets fast.
On a revenue base this small, one soft quarter can erase a big part of the rebound narrative.
med
The 12.3x sales multiple assumes proof arrives soon
Price-to-sales means market value divided by revenue. At 12.3x, you are paying a premium multiple for a company with $15.3M in sales and an uneven growth record.
If revenue stalls, the multiple has more room to fall than expand.
med
Government budget timing can move the whole business
The company sells into government surveillance workflows. That sounds sticky until awards slip, renewals get delayed, or procurement cycles stretch.
A delay that would be manageable for a larger vendor matters much more when annual revenue is only $15.3M.
med
Thin coverage means less signal, more noise
There is no xvary composite score here, no formal balance-sheet grade, and limited analyst depth. That does not make the stock bad. It makes the information environment worse.
When coverage is thin, price moves can outrun fundamentals in both directions.
A single contract delay can hit a $15.3M revenue base hard, and paying 12.3x sales means you do not have much room for that mistake.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next report
Q1 2026 earnings on the calendar
Estimated for May 14, 2026. You want to see whether revenue stays anywhere near Q4's $6.5M level.
metric
The path from $15.3M to $23M
That revenue estimate implies a sharp rebound. If you own this stock, this is the number that decides whether the market got ahead of itself.
risk
Contract timing, not just contract headlines
A new award helps. Revenue recognition is what matters. On a $15.3M base, timing matters almost as much as winning.
trend
Margin holding near 50%
Gross margin was ~49.5% for the full year and ~51.2% in Q4. If growth returns while that range holds, the model starts to look more real.
Analyst rankings
chart momentum
average
momentum rank 3 — the stock is moving with the broader market, no unusual signal.
source: institutional data
Institutional activity
institutional ownership data for AISP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$3
current price
n/a
target midpoint · n/a from current
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