Highlights

  • Airship AI Holdings, Inc. (NASDAQ:AISP) which provides AI-enabled video, sensor and data analytics software, reported second-quarter 2026 results on 6 August 2026.
  • Chief executive Paul Allen said the quarter was one of execution and that what the company said would need.
  • The net loss was $2.4 million, or $0.07 per basic share, for the quarter and $3.13 million for the six months.
  • Cash and cash equivalents were $12.37 million at 30 June 2026, with $3.75 million of accounts receivable.

Airship AI Holdings, Inc. (NASDAQ:AISP) which provides AI-enabled video, sensor and data analytics software, reported second-quarter 2026 results on 6 August 2026. Net revenue was $4.12 million, up 92% year on year, and gross profit was $3.09 million, a 75% gross margin. Chief executive Paul Allen said the quarter was one of execution and that what the company said would need to happen had happened.

The reviewed material did not show no later company results during research. The 92% increase implies year-ago revenue of roughly $2.15 million, my own back-calculation from the rounded percentage.

Loss, non-cash items and cash use

The net loss was $2.4 million, or $0.07 per basic share, for the quarter and $3.13 million for the six months. The quarterly figure includes $2.08 million of non-cash income. Excluding that item, the loss would have been roughly $4.5 million by calculation, so the headline loss understates the underlying shortfall.

Cash and cash equivalents were $12.37 million at 30 June 2026, with $3.75 million of accounts receivable. Operating cash use was $235,000 in the quarter. That is small relative to the net loss, which suggests that non-cash items and working-capital movements account for much of the difference; the cash-flow statement in the filing provides the detail. Accounts receivable of $3.75 million are equivalent to roughly 91% of quarterly revenue, so collection timing is a relevant variable.

Backlog and revenue visibility

Backlog was $6.9 million as of 6 August 2026. The company notes that about 75% of quarterly revenue is transactional and recognised in the same quarter, so backlog is not a direct guide to future quarterly revenue. That is a useful caution: lumpy, short-cycle sales can lift one quarter and fall away in the next.

The backlog is equal to roughly 1.7 times the second-quarter revenue figure by my calculation. That ratio is indicative only, given the transactional nature of most sales.

Outlook

The company gave no numeric guidance. Its stated 2026 targets are cash-flow-positive operations by the end of 2026 and continued gross margin improvement. These are management aims rather than quantified forecasts, and the filing does not set out a numerical path to them. Achievement will depend on revenue growth, cost control and the timing of customer payments.

At a gross margin of 75%, each additional $1 million of revenue would contribute about $0.75 million of gross profit if margins held, an illustration of operating leverage rather than a projection. Operating expenses, which I did not extract, determine how much of that reaches the bottom line.

The six-month figures imply a first-quarter net loss of about $0.7 million, so the second-quarter loss of $2.4 million was larger despite higher revenue. The non-cash items at work in each period make a clean comparison difficult.

Share price, benchmark and what to watch

StockAnalysis.com recorded AISP closing at $2.42 on 9 October 2026, up 5.7% from $2.29 on 8 October and 13% above $2.14 on 7 October. Google Finance showed $1.83 at the 29 September close, so the shares were about 32% higher on 9 October by my arithmetic. The reviewed material did not establish a company announcement explaining the increase and attribute it to no cause. The latest completed session I could retrieve is 9 October, not 15 October. Low-priced small-capitalisation shares can move sharply, so single-session changes carry limited information about fundamentals.

The reviewed material did not establish Airship AI as a constituent of a named index from an authoritative source, so the Nasdaq Composite is used only as a labelled benchmark. Nothing here implies index membership.

Points to watch include operating cash use against the end-2026 target, gross margin, backlog conversion, and the size and nature of any non-cash items that affect reported losses in later quarters, as per its filings.