Watch for contract awards in Q3 as DHS funding is now in place and requirements are moving through procurement. The $206M pipeline and $6.9M backlog provide near-term revenue visibility, but continued operating losses and dilution risk from warrants remain overhangs.
Price Chart
Executive Summary
Airship AI reported Q2 2026 revenue of $4.12M (+92% YoY) and gross margin of 75%, but EPS of -$0.07 missed consensus of -$0.03 by 133%. Management highlighted that DHS funding is now resolved through 2029 and the validated pipeline grew to $206M, positioning for potential contract awards in H2.
Key Financial Metrics
Key Facts
- Q2 2026 net revenue $4.12M, up 92% YoY from $2.15M
- Gross profit $3.09M, gross margin 75% vs 71% in Q2 2025
- Net loss $2.4M ($0.07/share) vs net loss $23.8M ($0.75/share) in Q2 2025
- EPS of -$0.07 missed consensus of -$0.03 by 133%
- Backlog $6.9M as of Aug 6, 2026; total validated pipeline ~$206M
- DHS funding resolved under Secure America Act through FY2029; OB3 funding also through Sep 2029
- Operating cash flow used $235K in Q2; cash balance $12.37M
Financial Impact
Revenue growth of 92% YoY and gross margin expansion to 75% are positive, but the large EPS miss relative to consensus tempers the outlook. The resolved funding backdrop supports pipeline conversion.
Risk Factors
- Continued net losses and negative operating cash flow
- Dependence on government contract awards and timing
- Potential dilution from warrant exercises (warrant liability $12.7M)
- Small analyst coverage (1 analyst) limits consensus reliability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001654954-26-007329 |
| Document: airsp_8k.htm | 0001654954-26-007329 |
| Document: 0001654954-26-007329-index-headers.html | 0001654954-26-007329 |
| Document: 0001654954-26-007329-index.html | 0001654954-26-007329 |
| Document: 0001654954-26-007329.txt | 0001654954-26-007329 |
| 8-K Data (Synthetic) | 0001654954-26-007329 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 22, 2026 4w ago | Institutional Cluster | $1.98 $2.16 | ▼ −9.37% | ▼ −9.93% | $2.16 (−9.37%) |
Aug 6, 2026 11w ago | 8-K | $1.92 $2.10 | ▲ +9.38% | ▲ +8.78% | $2.16 (+12.50%) |
Aug 6, 2026 11w ago | Press Release | $1.92 $2.10 | ▲ +9.38% | ▲ +8.78% | $2.16 (+12.50%) |
May 11, 2026 24w ago | Press Release | $2.44 $2.84 | ▼ −16.39% | ▼ −16.70% | $2.16 (+11.48%) |
US Market Status
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