The strong revenue growth and resolved DHS funding are positive catalysts, but the EPS miss and continued losses temper enthusiasm. Monitor for contract awards in H2 2026, particularly from DHS and CBP, as the $206M pipeline converts to revenue. The stock's small market cap ($66M) and low liquidity amplify moves on any award announcements.
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%. The company highlighted that DHS funding is now resolved through 2029 and the validated pipeline grew to $206M, positioning for potential contract awards in H2, though operating cash flow remains negative and the company is still pre-profitability.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $4.12M, +92% YoY from $2.15M
- Gross profit $3.09M, +102% YoY; gross margin 75%
- EPS -$0.07 vs consensus -$0.03 (133% miss)
- Operating loss -$1.49M, improved from -$2.02M YoY
- Net loss -$2.4M vs -$23.8M YoY (improved due to lower non-cash charges)
- Cash and equivalents $12.37M; operating cash flow -$235k in Q2
- Backlog $6.9M; validated pipeline ~$206M
- DHS funding resolved through 2029; OB3 funding through Sep 2029
- Awarded $1.9M maintenance agreement with Fortune 100 customer
- First deployment of Outpost AI Sentinel vehicle-based edge solution
Financial Impact
Revenue grew 92% YoY to $4.12M, but EPS missed by 133% at -$0.07 vs -$0.03 consensus; operating cash burn of $235k in Q2
Risk Factors
- EPS miss of 133% vs consensus signals ongoing profitability challenges
- Operating cash flow negative; cash runway limited to ~12 quarters at current burn
- 75% of revenue is transactional and recognized same quarter, making backlog less predictive
- Stock has high volatility and low institutional ownership (only 2 holders in 13F)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3340341 |
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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