Recommendation: Buy
| Entry Date | Symbol | Recommendation | Entry Price (USD) | Target 1 (USD) | Target 2 (USD) | Holding Duration | Potential Upside* |
|---|---|---|---|---|---|---|---|
| 20 May, 25 | AISP | Buy | USD 5.37 | USD 5.64 | USD 5.96 | Same day | 11.0% |
*Potential Upside (%) indicates the expected percentage increase from the Entry Price to the Target 2 Price.
Data Powered by EOD Historical Data (“EODHD”).
Airship AI Holdings, Inc. provides artificial intelligence (AI)-driven video, sensor, and data management surveillance platform in the United States. The company offers Outpost AI, an edge-based device for video and metadata recording; Airship Command, a suite of visualization tools that allows customers to interact with their data and devices; and Acropolis, an enterprise management software. It serves government, public sector, law enforcement, military, and commercial enterprise organizations. The company is headquartered in Redmond, Washington.
Pipeline Strength: Maintains a robust USD 135 million validated sales pipeline, indicating significant revenue potential over the next 18–24 months
Net Income Surge: Achieved USD 23.7 million in net income in Q1 2025, primarily due to USD 25.4 million in non-cash gains
Negative Operating Cash Flow: Used USD 2.1 million in operating cash flow, reflecting a current lack of operational self-sufficiency
Operating Loss: Reported an operating loss of USD 1.7 million in Q1 2025 due to increased expenses
Airship AI’s reliance on government contracts with restricted visibility and timing uncertainties poses a significant risk to revenue predictability and investor transparency
| Entry Price | Support* | Target 1 | Target 2 |
|---|---|---|---|
| 5.37 | 4.94 | 5.64 | 5.96 |
Data Source: REFINITIV, Analysis: StockNextt
*Support can be considered as an indicative stop-loss, and if prices move below that level on closing basis individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements from the date of recommendation on the stock.
Financial Performance Overview: Airship AI Holdings, Inc. reported first quarter 2025 net revenues of USD 5.5 million, with a gross profit of USD 2.2 million, resulting in a gross margin of 40%. The margin was affected by a higher proportion of third-party hardware in solution sales compared to proprietary software. Despite increased operating expenses—particularly in stock-based compensation and sales and marketing—the company maintained a strong top-line performance. The operating loss for the quarter stood at USD 1.7 million.
Non-Cash Gains Drive Net Income: The company posted net income of USD 23.7 million, or USD 0.75 per basic share, for the quarter ended March 31, 2025. This was primarily due to USD 25.4 million in other income, which included a USD 9.8 million gain from changes in the fair value of earnout liabilities and USD 15.5 million from changes in warrant liabilities. These are non-cash items and do not reflect core operational profitability but positively influenced the company’s bottom line.
Cash Flow and Liquidity: Airship AI used USD 2.1 million in net cash for operating activities in the first quarter, indicating ongoing investment and business development efforts. As of March 31, 2025, the company held USD 8.8 million in cash and cash equivalents. Additionally, it has the potential to raise capital through its At-the-Market Offering Agreement with Roth Capital Partners, allowing up to USD 25 million in common stock offerings under a broader USD 50 million shelf registration.
Operational Momentum and Strategic Expansion: Operational highlights include a USD 2.0 million backlog from firm fixed-price contracts and a robust USD 135 million sales pipeline comprising both short- and long-term opportunities. Although most contract details remain undisclosed due to confidentiality agreements, Airship AI is expanding its sales force and increasing visibility through tradeshows, customer events, and partner-driven sales initiatives. This proactive approach supports rapid scaling across government and commercial sectors.
Strategic Positioning and Market Tailwinds: The company is strategically capitalizing on macro tailwinds, including anticipated federal budget releases and supplemental appropriations from the new pro-border security U.S. administration. Engagements with federal agencies suggest growing interest in Airship’s AI-driven surveillance and data management technologies. Concurrently, the company is gaining traction in commercial markets by addressing organized retail crime through partnerships with integrators and resellers.
Product Innovation and Future Outlook: Airship AI is set to release new Outpost AI product offerings and expand its Acropolis software platform for secure cloud deployments. A focus on AI innovation includes launching computer vision and generative AI applications. The company maintains its 2025 guidance of 30% year-over-year revenue growth and expects to achieve positive cash flow by year-end. Management underscores that its ongoing investments in talent, digital transformation, and brand awareness position it well for sustainable growth.
Considering recent key business, financial updates, current trading levels, and key business risks, a ‘Buy’ recommendation has been given on Airship AI Holdings, Inc (NASDAQ: AISP) at the closing market price of USD 5.37, as on May 19, 2025.
Data Powered by EOD Historical Data (“EODHD”).
Sector: Technology Industry: Software - Infrastructure
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AISP Airship AI Holdings Inc |
-0.29 5.47% | 5.01 | 8.74 | 169.49 | 5.87 | - | 5.60 | 8.07 |
| MSFT Microsoft Corporation |
-4.65 1.01% | 453.52 | 37.32 | 29.94 | 13.03 | 12.45 | 13.06 | 24.59 |
| ORCL Oracle Corporation |
-1.655 1.03% | 158.66 | 29.34 | 18.66 | 5.55 | 74.06 | 7.10 | 18.13 |
| ADBE Adobe Systems Incorporated |
3.89 0.93% | 421.50 | 46.32 | 26.81 | 11.51 | 16.73 | 11.55 | 31.20 |
| PANW Palo Alto Networks Inc |
-11.26 5.79% | 183.22 | 44.57 | 45.05 | 11.98 | 20.70 | 11.82 | 77.11 |
Data Powered by EOD Historical Data (“EODHD”).
Related Risks: This report may be looked at from high-risk perspective and recommendations are provided are for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.
Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is May 19,2025. The reference data in this report has been partly sourced from REFINITIV.
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Target: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Target 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Target 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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