Airship AI Holdings, Inc. filings document operating results and material events for an AI-driven video, sensor, and data management surveillance company. Current reports furnish quarterly financial and operational releases, including revenue, gross margin, cash flow, backlog, pipeline, warrant-liability and earnout-liability disclosures.
The filing record also covers governance and capital structure. Proxy materials and annual meeting reports document director elections, auditor ratification, shareholder voting, and board committee charters. Other 8-K disclosures describe warrant exercise inducement agreements, private-placement warrants, registered share issuance under Form S-3, and Nasdaq-listed common stock and warrants.
Airship AI Holdings, Inc. President Paul M. Allen reported an award of 59,000 options to purchase common stock on March 4, 2026 at an exercise price of $0.00 per share. These options vest quarterly over 4 years. After this grant, he directly holds 835,058 options, 151,948 shares of common stock, and 155,843 earnout rights that may convert into shares if specified operating and share price performance milestones in the merger agreement are met.
Airship AI Holdings reported strong fourth quarter 2025 growth but weaker full-year sales. Q4 net revenues were $6.5 million, up 102% from the prior-year quarter, with gross profit of $3.3 million and a gross margin of 51.2%, helped by higher-margin branded hardware and software.
The company recorded an operating loss of $612,000 in Q4 as it increased stock-based compensation and spending on sales and marketing. Other income of $23.6 million, mainly from gains on earnout and warrant liabilities, contributed to full-year 2025 net income of $29.3 million, or $0.90 per basic share, compared with a large loss in 2024.
For 2025, net revenues were $15.3 million, down from $23.1 million a year earlier, and operating loss widened to $7.2 million. Year-end cash was $11.8 million with accounts receivable of $6.5 million. Backlog was $3.3 million, and the validated sales pipeline was about $173 million, including new awards such as a $1.9 million DHS contract and a $2.8 million commercial contract.
Airship AI Holdings, Inc. received an amended Schedule 13G/A from Highbridge Capital Management, LLC, which reports beneficial ownership of 1,708,795 shares of common stock issuable upon exercise of warrants. This position represents 4.8% of the common stock class, based on 34,175,563 shares outstanding as of November 14, 2025.
Highbridge, a Delaware investment adviser to certain funds and accounts, reports sole voting and dispositive power over these warrant shares. The Highbridge Funds have the right to receive dividends or sale proceeds from the reported shares. The filing states the securities are held in the ordinary course of business and not for the purpose of influencing control of Airship AI.
Airship AI Holdings, Inc. provides AI-driven edge data management for government and commercial customers, structuring video and sensor data in real time through its Outpost AI, Acropolis and Airship Command platforms. The company focuses on law enforcement, defense, intelligence and large commercial deployments, often under multi‑year contracts that bundle hardware, software and services.
As of June 30, 2025, non‑affiliate equity market value was $68,575,909, and as of February 13, 2026, common shares outstanding were 34,372,162. Results are highly concentrated: in 2025, four customers generated 87% of revenue, while 2024 relied on a single customer for 57%. Backlog was $3.3 million with a validated pipeline of $173.4 million across federal and commercial opportunities.
Airship reported 2025 net income of $29.3 million, driven largely by non‑cash fair value gains on warrant and earnout liabilities, but still had an accumulated deficit of $45.6 million and acknowledges a need for additional capital to fund growth. The company highlights awards including $1.9 million from the Department of Homeland Security and $2.8 million from a large commercial customer, while cautioning about risks such as a nascent edge‑AI market, intense competition, supply‑chain exposure, heavy customer concentration, cybersecurity threats, reliance on trade secrets instead of patents, and the possibility that it may not achieve or sustain profitability.
Airship AI Holdings, Inc. insider Victor Huang, the company’s CEO, Chairman and a director and 10% owner, filed an amended Form 4 to update his holdings. The filing reports that on December 15, 2025, he acquired 20,000 Public Warrants (AISPW), each for common stock, at a price of $0.923 per warrant. These public warrants have an exercise price of $4.50 per share and currently expire on December 21, 2028, subject to adjustment and possible earlier redemption or liquidation.
After the reported transactions, Huang beneficially owns 3,972,567 shares of common stock, along with a large package of derivative securities, including options, stock appreciation rights, warrants, earnout rights and public warrants. The amendment states it is filed to report and consolidate all prior direct and indirect holdings as direct holdings.
Airship AI Holdings, Inc. insider updates ownership details in an amended Form 4. A director, chief operating officer and 10% owner reported a transaction dated 12/18/2025 in which 2,063,322 shares of common stock were disposed of with a transaction code "G" at a reported price of $0. Following this change, the insider reports 5,222,920 shares of common stock beneficially owned directly.
The filing also lists several derivative positions. These include warrants with an exercise price of $1.77 for 1,344,951 underlying common shares expiring on 05/08/2027, earnout rights for up to 1,630,642 common shares tied to operating and share price milestones in a prior merger agreement, and options to purchase 100,000 and 50,000 shares at exercise prices of $2.86 and $4.25 expiring on 08/16/2034 and 09/03/2035, with options vesting quarterly over four years. The amendment states it is filed to consolidate all prior direct and indirect holdings into direct holdings.
Airship AI Holdings insider Derek Xu, the company’s Chief Operating Officer, director and 10% owner, reported changes in his holdings as of 12/18/2025. The filing shows indirect beneficial ownership of 5,148,171 shares of common stock through Airship Redmond Family Limited Partnership as described in footnote (2), and 1,031,661 shares each held by AX Redmond Capital Trust and VX Redmond Capital Trust.
Xu also reports derivative positions, including 1,344,951 warrants with a $1.77 exercise price expiring on 05/08/2027, and earnout rights tied to up to 1,406,484 and 224,158 shares of common stock, which become issuable only if operating and share price milestones in the merger agreement are met. In addition, he holds stock options for 100,000 shares at $2.86 expiring on 08/16/2034 and 50,000 shares at $4.25 expiring on 09/03/2035, which vest quarterly over four years.
Airship AI Holdings, Inc. insider Victor Huang, the CEO, Chairman and a 10% owner, reported buying additional public warrants linked to the company’s common stock.
On December 15, 2025, he purchased 14,000 Public Warrants (AISPW shares) directly at a derivative price of $0.9227 each, increasing his directly held Public Warrants to 99,125. On the same date, he bought another 6,000 Public Warrants indirectly through Airship Kirkland Family Limited Partnership at $0.9238 each, bringing indirect Public Warrant holdings to 12,000.
Each Public Warrant has an exercise price of $4.5, is exercisable into common stock, and is scheduled to expire on December 21, 2028. Following these transactions, Huang beneficially owns 204,849 common shares directly and 3,767,718 common shares indirectly through the partnership.
Airship AI Holdings, Inc. director filed a report of equity holdings and a new option grant dated 12/11/2025. The filing shows direct ownership of 9,767 shares of common stock.
The director also holds multiple derivative securities, including options exercisable at $0.57 for 43,952 shares, at $1.64 for 131,857 shares, and at $4.25 for 20,000 shares, plus earnout rights tied to 29,302 shares. On 12/11/2025, the director acquired additional options with an exercise price of $3.28 covering 24,000 shares, expiring on 12/11/2035, with these options vesting quarterly over four years.