24/7 Market News- Airship AI Reports Q2 2024 Financial Results

August 15, 2024

DENVER, Colo., Aug 15, 2024 (247marketnews.com)- Airship AI Holdings, Inc. (NASDAQ: AISP) reported its second quarter financial and operational results.

Airship’s second quarter 2024 financial highlights include net quarterly revenues of $6.40 million, gross profits of $4.50 million, and 70 % gross margin percentage.

Airship also increased its total validated pipeline in the quarter to approximately $150 million.

In addition to its validated pipeline, its 2024 outlook includes triple-digit revenue growth and positive cash flow for calendar year, rapidly improving gross profit margins, and a strong recurring revenue model.

Airship AI’s President, AI Paul Allen, commented, “The second quarter of 2024 saw strong continued momentum in support of our trajectory for triple-digit revenue growth for the full year.

“Our team was able to generate strong revenues for the quarter of $6.4 million, at a gross margin percentage of 70%, reflecting a significant margin increase from the first quarter. We were also able to achieve positive operating income of $1.0 million for the quarter, quickly closing in on our objective of being cash flow positive for the fiscal year.

“Our business strength across all product categories persisted, with notable successes in our core software offering, Acropolis, and our edge IoT appliance, Outpost AI. This quarter, we gained multiple new customers transitioning from third-party platforms and completed integrations with complementary third-party solutions. Our strategy of delivering best-of-breed solutions while remaining technology-agnostic—allowing integration with Airship or serving as downstream recipients of Airship-structured data—remains effective in a marketplace characterized by proprietary platforms and market consolidation.

“With several major U.S. government agencies transitioning to Airship this quarter—both moving to FedRAMP High—we remain optimistic about our offerings and their alignment with both current and emerging challenges in public safety and physical security. We are equally enthusiastic about new pilot opportunities with both new and existing agencies, where we are effectively bridging technical and operational gaps left by existing third-party solutions.

“The drive behind these conversions and pilot opportunities is largely fueled by the ongoing enthusiasm for Outpost AI. This platform seamlessly integrates data security from the edge to the cloud while adhering to NDAA/TAA compliance and being tailored for public safety and law enforcement. Additionally, we’re witnessing early orders for our latest Outpost AI appliance, which comes equipped with an integrated 5G modem. This new appliance offers customers a highly secure solution for edge analytics, data management, and the secure streaming of analyzed data back to the datacenter or FedRAMP cloud.

“These releases also supported our expanding partnerships with industry solution providers, including a custom integration around Outpost AI with Skydio, Inc., a leading U.S. drone manufacturer, allowing customers to run advanced analytics on real-time drone derived data at the edge. We also entered a new partnership with T-Mobile U.S., aimed at leveraging their advanced 5G networking capabilities for optimized high speed secure backhaul of edge data from our newest Outpost AI platform.

“Looking ahead, we are more confident than ever in our capacity to tackle some of the nation’s most pressing technical challenges. As the interplay between artificial intelligence and human cognition becomes increasingly critical, our technology complements rather than replaces human judgment and interaction in public safety scenarios. It enables human minds to concentrate on other tasks, intervening only when a situation truly demands attention. Lastly, we would like to highlight that our current cash flows are strong, and the balance sheet is a snapshot in time, for which we have converted a large portion of accounts receivables to our current cash balance that stood at approximately $1.4 million as of August 14, 2024, following the repayment of the founder advances in the amount of $800,000.”

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