Airship AI Holdings, Inc. reported strong financial results for Q2 2024, with revenue increasing 131% to $6.4 million compared to $2.8 million in Q2 2023. Gross profit rose 169% to $4.5 million, driven by improved product mix with increased Outpost AI sales. The company posted operating income of $976,000 versus a loss of $3.1 million in the prior year period.The company recorded net income of $18.5 million for Q2 2024, compared to a net loss of $3.1 million in Q2 2023, primarily due to non-cash gains from changes in fair value of warrants, earnout liability and convertible debt totaling $17.9 million. Operating expenses decreased 26% to $3.5 million, mainly due to lower stock-based compensation, partially offset by increased insurance and professional fees related to the merger and Nasdaq listing.As of June 30, 2024, Airship AI had cash of...Show More

Airship AI Holdings, Inc. reported strong financial results for Q2 2024, with revenue increasing 131% to $6.4 million compared to $2.8 million in Q2 2023. Gross profit rose 169% to $4.5 million, driven by improved product mix with increased Outpost AI sales. The company posted operating income of $976,000 versus a loss of $3.1 million in the prior year period.The company recorded net income of $18.5 million for Q2 2024, compared to a net loss of $3.1 million in Q2 2023, primarily due to non-cash gains from changes in fair value of warrants, earnout liability and convertible debt totaling $17.9 million. Operating expenses decreased 26% to $3.5 million, mainly due to lower stock-based compensation, partially offset by increased insurance and professional fees related to the merger and Nasdaq listing.As of June 30, 2024, Airship AI had cash of $227,000 and accounts receivable of $3.4 million. The company received purchase orders from federal government agencies totaling over $16 million, which started shipping in Q1 and Q2 2024. Management believes current resources and operations will be sufficient to fund the business for at least the next 12 months, supported by strong order backlog and potential founder funding if needed.