Airship AI Reports Full Year 2024 Financial Results
Airship AI Holdings, Inc. (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, has announced its financial and operational results for the quarter and year ending December 31, 2024.
2024 Financial Highlights
The Company achieved substantial net revenue growth in 2024, reaching $23.1 million—an impressive 87% increase compared to the FY 2023 net revenue of $12.3 million. This revenue growth was primarily propelled by increased sales to federal government customers, with significant awards for their cloud-based Acropolis offerings and edge-based Outpost AI appliances.
The gross profit for the year was $10.5 million, with a gross margin of 45.7%. Despite the rise in sales, the operating loss for 2024 was reported at $3.5 million, mainly due to increased stock-based compensation and transaction costs linked to recent mergers and overall sales levels. The Company’s balance sheet was strengthened with the conversion of $2.8 million in senior secured convertible notes, leaving Airship AI with no debt entering 2025.
Operational Highlights
As of December 31, 2024, the Company had a backlog of $5.5 million, with orders expected to be delivered and invoiced in the first two quarters of 2025. The total validated pipeline at year-end stood at approximately $135 million. Due to the sensitive nature of customer deployment, many of the Company’s contracts are confidential.
Notable contracts awarded include a $4.0 million firm-fixed price contract with a U.S. Department of Homeland Security agency, and a $1.2 million support and maintenance contract for a Fortune 100 Transportation and E-Commerce company. Additionally, follow-on contracts for existing clients along the U.S. southern border mark the continuation of pivotal projects valued at over $50 million for the next four years.
In terms of strategic initiatives, Airship AI executed a successful $8.0 million at-the-market public offering, strengthening its capital position. New team members have been hired, bolstering expertise at both C-Suite and other significant levels within the Company. Airship AI also launched a revamped marketing and branding campaign targeting new business verticals and partnerships to enhance growth.
2025 Outlook
Looking forward to 2025, Airship AI forecasts net revenues of approximately $30 million, reflecting further growth of 30% YoY. The Company anticipates positive cash flow from business operations for the full year. Expansion and innovation will continue across their product offerings, including the unveiling of new AI solutions and enhancements to their Acropolis software platform.
Plans include the launch of their Digital Evidence Management System (DEMS), the Evidence Discovery Server (EDS), to support both stand-alone operations and integrations with other platforms. Their strategy also involves improving internal operational efficiencies and building stronger connections with partners through innovative AI-based support offerings.
Management Commentary
Paul Allen, President of Airship AI, reflects on 2024 as a pivotal year marked by the completion of their first full year as a public company amidst an evolving global landscape. Mr. Allen highlighted the substantial revenue growth achieved, allowing the Company to be well-positioned for continued success in 2025. The emphasis will be on leveraging the new U.S. administration’s focus on border security and public safety to drive further advancements.
In closing, Mr. Allen invited stakeholders to the upcoming Analyst Technology Showcase in Dripping Springs, Texas, signaling Airship AI’s ongoing commitment to innovation and community engagement.
About Airship AI Holdings, Inc.
Founded in 2006, Airship AI is a U.S. owned and operated technology company based in Redmond, Washington. It offers an AI-driven video, sensor, and data management surveillance platform that enhances public safety and operational efficiency for both public sector and commercial clients. Their product suite comprises Outpost AI edge technologies, the Acropolis software stack, and Command visualization tools designed to deliver predictive analysis and meaningful intelligence to decision-makers.
