The sharp revenue drop and widening losses cast doubt on the company's ability to achieve its 15-25% growth guidance. Traders should monitor Q2 2026 results for signs of backlog conversion and margin recovery. Cash burn rate suggests potential need for additional capital within 12 months if losses persist.
Price Chart
Executive Summary
AIRO reported Q1 2026 revenue of $8.9M, down 24.6% YoY, with gross margin halving to 26.6%. Net loss widened to $(15.5)M from $(2.0)M, driven by product mix shift to lower-margin upgrades and continued investment. Management reiterated full-year 2026 revenue growth guidance of 15-25% and introduced negative Adjusted EBITDA guidance, but the significant quarterly miss and cash burn are concerning.
Key Financial Metrics
Key Facts
- Revenue declined 24.6% YoY to $8.9M (Q1 2025: $11.8M)
- Gross margin fell to 26.6% from 58.8% a year ago
- Operating loss expanded to $(17.2)M from $(3.1)M
- Net loss per share worsened to $(0.49) from $(0.12)
- Cash balance dropped to $54.2M from $74.4M in three months (burn ~$20M)
- Drone backlog exceeded $150M as of April 30, 2026
- Reiterated FY2026 revenue growth guidance of 15-25%
- Introduced FY2026 Adjusted EBITDA guidance of negative mid- to high-teens $M
Financial Impact
Revenue decline of $2.9M YoY and net loss increase of $13.5M YoY
Risk Factors
- Revenue seasonality could persist, making full-year guidance challenging
- Cash burn of ~$20M in a quarter leaves limited runway ($54.2M cash)
- Margin compression from product mix shift to lower-margin upgrades
- NATO funding delays or production bottlenecks could slow backlog conversion
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-022859 |
| Document: form8-k.htm | 0001493152-26-022859 |
| Document: 0001493152-26-022859-index-headers.html | 0001493152-26-022859 |
| Document: 0001493152-26-022859-index.html | 0001493152-26-022859 |
| Document: 0001493152-26-022859.txt | 0001493152-26-022859 |
| 8-K Data (Synthetic) | 0001493152-26-022859 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 4, 2026 7w ago | Insider Cluster | $7.33 $7.27 | ▼ −0.82% | ▲ +0.30% | $5.05 (−31.11%) |
Aug 17, 2026 10w ago | Insider Cluster | $8.98 $8.14 | ▲ +9.35% | ▲ +9.15% | $5.05 (+43.76%) |
May 14, 2026 23w ago | 8-K | $6.62 $6.26 | ▲ +5.37% | ▲ +4.65% | $5.05 (+23.66%) |
Apr 21, 2026 27w ago | DEFA14A | $8.40 $7.96 | ▼ −5.24% | ▼ −6.32% | $5.05 (−39.88%) |
Mar 31, 2026 30w ago | 8-K | $7.61 $8.82 | ▲ +15.98% | ▲ +12.03% | $5.05 (−33.60%) |
Mar 12, 2026 32w ago | Insider Cluster | $10.17 $9.96 | ▼ −2.06% | ▼ −1.09% | $5.05 (−50.34%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers