Airship AI Holdings, Inc. - AISP STOCK NEWS

Airship AI Holdings, Inc. (NASDAQ: AISP) has successfully closed its previously announced public offering, raising net proceeds of approximately $7.04 million. The offering consisted of 2,882,883 shares of common stock and warrants to purchase an equal number of shares at a combined price of $2.775 per share and associated warrant. The warrants have an exercise price of $2.65 per share, are immediately exercisable, and will expire in five years. Roth Capital Partners and The Benchmark Company, acted as co-placement agents for the offering, which was made pursuant to an effective registration statement. The company plans to use the proceeds for working capital and general corporate purposes.

Airship AI Holdings, Inc. (NASDAQ: AISP), a leader in AI-driven surveillance solutions, has announced the pricing of a public offering of 2,882,883 shares of common stock and warrants at $2.775 per share. The offering, expected to close around September 3, 2024, aims to raise approximately $8.0 million in gross proceeds.

Key details include:

• Warrants to purchase up to 2,882,883 additional shares
• Warrant exercise price of $2.65 per share
• Warrants exercisable immediately, expiring after 5 years
• Co-placement agents: Roth Capital Partners and The Benchmark Company,

The company plans to use the net proceeds for working capital and general corporate purposes. The offering is made pursuant to an effective SEC registration statement.

Airship AI Holdings, Inc. (NASDAQ: AISP) has secured a significant contract with the Department of Defense (DoD) for its Acropolis Enterprise Sensor Management platform. The contract spans a base year with four option years and marks the first deployment of Airship AI's Acropolis ecosystem at the DoD level. This platform will enable the agency to manage digital evidence globally with enhanced efficiency.

The selection followed thorough market research by the DoD, which found Airship AI's platform uniquely capable of supporting secure collaboration among DoD and other federal agencies in joint investigative operations. This contract is part of Airship AI's broader collaboration with various DoD agencies, including the Navy, Army, and Air Force, with several projects expected to advance from pilot to full acquisition in coming quarters.

Airship AI Holdings, Inc. (NASDAQ: AISP) reported strong financial results for Q2 2024. Net revenues reached $6.4 million, with a gross profit of $4.5 million and a gross margin of 70%. The company achieved an operating income of $1.0 million, marking significant progress towards its full-year cash flow positive objective. First half 2024 combined net revenue of $17.0 million represents 128% of the company's full-year revenue in 2023.

Key operational highlights include:

• A backlog of $2.0 million in firm fixed price contracts
• An increase in the total validated pipeline to ~$150 million
• Completion of multiple contracts worth $10.9 million for the U.S. Department of Homeland Security
• New partnerships and product developments, including an integrated 5G modem for Outpost AI

The company maintains a positive outlook for 2024, projecting triple-digit revenue growth and positive cash flow.

Airship AI (NASDAQ: AISP) has been added to the Russell 3000®, Russell 2000®, and Russell Microcap® indexes, effective after the U.S. market close on June 28, 2024, as part of FTSE Russell's annual reconstitution. This inclusion signifies the company's strong potential in AI-driven video, sensor, and data management surveillance solutions. Over the past year, Airship AI has made significant progress in providing integrated AI solutions for various sectors, including law enforcement, defense, logistics, and retail. The company is optimistic about leveraging its ecosystem and expects to benefit from increased awareness and a broader base of institutional investors.

Airship AI Holdings has announced a six-figure contract extension with an existing agency within the Department of Justice (DOJ). This contract marks the fourth extension for Airship AI's Acropolis software and hardware deployment, important for nationwide public safety and security operations. The Acropolis platform helps manage devices and sensors across a digital ecosystem, offering advanced analytics and efficient data processing through its Outpost AI Edge Appliance, built on the NVIDIA Jetson platform. This contract is seen as validation of the platform's significance to national security and the effectiveness of Airship AI's business strategy for long-term sustainment and operational efficiency.

Airship AI announced an extension agreement with Platinum Capital Partners for a $2 million Senior Secured Convertible Promissory Note, pushing the maturity date to June 22, 2025. In return, Airship AI issued 232,360 restricted common shares to cover all interest and extension fees through the new maturity date. Platinum can compel the company to repurchase these shares at $2.27518 per share between December 22, 2024, and December 22, 2025. The principal amount of the Note is convertible into common shares at the lower of $3.69717 or 65% of the VWAP for the preceding five trading days, with a minimum price of $2.27518. The Note also includes anti-dilution protection and is secured by a blanket lien on all company assets. This agreement reflects an ongoing financial restructuring to improve liquidity and shareholder value.

Airship AI (NASDAQ: AISP) announced a significant five-year system expansion contract with a Fortune 100 transportation and e-commerce company. The contract, valued in the six-figure range, will enhance the deployment of Airship’s Acropolis Enterprise Video and Data Management platform. This expansion aims to support global operational and physical security requirements, leveraging AI to boost efficiency and decision-making. The contract includes health monitoring, technical support, and software maintenance. Airship AI's platform is designed to work with existing sensors, reducing the need for costly replacements.

Airship AI (NASDAQ: AISP) has secured a substantial contract from a third agency within the Department of Justice (DOJ) for its Acropolis Enterprise Sensor Management Platform. This six-figure contract includes a base year with four additional option years, enhancing public safety and investigative capabilities. The award leverages work from other DOJ and Department of Homeland Security agencies to transition to a FedRAMP certified cloud environment, ensuring standardized and secure cloud services. Airship AI's Acropolis system, built on the NVIDIA Jetson platform, offers advanced analytics and encryption, indicating the strength and scalability of their solutions.