Key Highlights

● Second-quarter net Revenue was $4.12 million, up 92% year on year.

● Gross Profit was $3.09 million, a 75% gross margin.

● Cash stood at $12.37 million at 30 June 2026, with operating cash use of $235,000.

● Management targets cash-flow-positive operations by the end of 2026.

Latest verified development: second-quarter results

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 92% increase implies year-ago revenue of roughly $2.15 million, back-calculated 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, 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. 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 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.

Operating cash use, margin and backlog at Airship AI

The end-2026 target of cash-flow-positive operations sits against second-quarter operating cash use of $235,000 and a loss of roughly $4.5 million once the non-cash income is excluded.