Business
Airship AI Reports Second Quarter 2024 Financial Results
Strong Second Quarter 2024 Net Revenues of $6.4 Million, Gross Profit of $4.5 Million and Gross Margin of 70% Second Quarter Operating Income of $1.0 Million
About this update from Airship Ai Holdings, Inc
[{"type":"text","content":"Strong Second Quarter 2024 Net Revenues of $6.4 Million, Gross Profit of $4.5 Million and Gross Margin of 70% Second Quarter Operating Income of $1.0 Million Represents Significant Progress Towards 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 REDMOND, Wash., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the second quarter ended June 30, 2024. Q2 2024 Financial Highlights Net revenues for the quarter ended June 30, 2024 were $6.40 million.Gross profits for the quarter ended June 30, 2024 were $4.50 million.Gross margin percentage was 70% for the quarter ended June 30, 2024. Higher margins were in part due to product mix, with reduced equipment purchases and increased Outpost AI sales.Operating Income was $1.0 million for the quarter ended June 30, 2024. Operating expenses were lower due to decreased stock-based compensation.Other income for the quarter ended June 30, 2024 was $17.5 million, primarily due to a change in the fair value of earnout liability of $14.9 million, change in fair value of warrant liability of $1.5 million and change in fair value of convertible debt of $1.5 million.Net cash used in operating activities was $2.5 million in the quarter ended June 30, 2024.As of August 14, 2024, our cash and cash equivalents were approximately $1.4 million, which reflects the conversion of accounts receivable and repayment of founder advances in the amount of $800,000. Q2 2024 & Subsequent Operational Highlights Backlog at June 30, 2024, was approximately $2.0 million, representing firm fixed price contracts awarded in the first and second quarters that are expected to be shipped and invoiced in the third and fourth quarters of 2024. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.Increase in our total validated pipeline in the quarter to ~$150 million, a pipeline that includes active opportunities that rolled over from 2023, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data manag...