Airo Group Holdings, Inc. · NASDAQ:AIRO
Airo — Q1 2026 Earnings Presentation
22 slides from Airo's earnings presentation, May 14, 2026
Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation May 14, 2026
Slide 2: Disclaimer and Forward-Looking Statements
Disclaimer and Forward-Looking Statements Forward-Looking Statements This presentation and accompanying statements contain forward-looking statements that are subject to risks and uncertainties. All statements contained in this presentation and the accompanying oral commentary, other than statements
Slide 3: On Plan. On Target. Building a Scalable Defense Platform.
On Plan. On Target. Building a Scalable Defense Platform. Key Q1 2026 Highlights ✓ Advanced AI-enabled drone capabilities with launch of full-stack RQ-35 variant ✓ Expanded product portfolio with introduction of new medium-lift drone platforms ✓ Scaled manufacturing capacity to support future demand
Slide 4: Business Updates
Business Updates Q1 2026 Earnings Presentation
Slide 5: Strong Executive Team Driving Platform Execution…
Strong Executive Team Driving Platform Execution… Dr. Chirinjeev Kathuria Joe Burns John Uczekaj Mariya Pylypiv Executive Chairman CEO President & COO CFO • Global industrial and • Former U.S. Airline Captain • Leads platform execution • Public company CFO with IPO, infrastructure investor with with
Slide 6: …Supported by Experienced Operating Leaders
…Supported by Experienced Operating Leaders Martin Schousboe Dan Johnson Christopher Levy CEO, Sky-Watch EVP, Marketing SVP, Training & U.S. Business Development Veteran unmanned systems executive Leads market positioning and engagement Retired U.S. Air Force Colonel leading leading development and
Slide 7: One Integrated Platform Built for Modern Defense
One Integrated Platform Built for Modern Defense AIRO is a single, integrated defense platform designed to develop, deploy and sustain autonomous drone capability at scale Fully Autonomous Avionics Architecture Training Readiness AIRO’s drones are designed, Mission effectiveness enhanced Customer ad
Slide 8: From Platform Build to Operational Execution
From Platform Build to Operational Execution Continued focus on the transition from platform development to operational execution > > > > > > Announced new drone Advanced toward Expanded U.S. Continue to pursue Strengthened balance platforms including the Blue UAS certification, production and strat
Slide 9: Defense Requirements Shifting Toward Scalable Autonomy
Defense Requirements Shifting Toward Scalable Autonomy Global defense customers accelerating investments in systems that deliver speed, resilience and operational scale Increased Demand Higher defense spending driving demand for drone systems Mission-Oriented Strong focus on autonomous ISR and count
Slide 10: Global Commercial & Government Engagement Footprint
Global Commercial & Government Engagement Footprint AIRO has strategically expanded its global presence to support defense procurement pathways and platform scale-up North America Government, defense and training engagements supporting U.S. forces and qualification pathways Europe NATO customers, in
Slide 11: Integrated Platform at Work Across Core Missions
Integrated Platform at Work Across Core Missions AIRO’s integrated drone platform is actively supporting real world defense use cases today ISR & Tactical Training & Electronic Awareness Readiness Resilience Autonomous systems Integrated training Embedded avionics operating in contested and programs
Slide 12: Aligned with Allied Defense Spending Trends and Initiatives
Aligned with Allied Defense Spending Trends and Initiatives AIRO is well-positioned against a backdrop that increasingly favors interoperable, scalable autonomous systems such as the RQ-35 as well as innovative kinetic systems and multi-purpose cargo systems Allied Defense Spending Rising Paradigm S
Slide 13: Strategically Expanding Drone Offerings
Strategically Expanding Drone Offerings FLAGSHIP 2027 Launch 2027 Launch 2027 Launch RQ-35 RQ-70 JC250 JX250 • Flagship ISR drone platform • Next-gen ISR drone platform • New autonomous cargo • New autonomous cargo designed for defense designed for additional drone platform designed for drone platfo
Slide 14: Strong Drone Revenue Visibility
Strong Drone Revenue Visibility $150M • Commercial agreements negotiated with multiple government customers Drone Segment Backlog(1) • Strong relationships with key officials and decisionmakers around the world • Demonstrated capabilities with U.S. forces overseas, establishing credibility ~12 Month
Slide 15: Executing With Discipline In 2026
Executing With Discipline In 2026 Strong Liquidity Position Supports Expected Future Growth Ongoing scaling initiatives across production, certification and go-to-market execution Strategically Investing in the Business Investing in the business for long-term success rather than optimizing for any g
Slide 16: Financial Review
Financial Review Q1 2026 Earnings Presentation
Slide 17: Q1 2026 Key Financial Results
Q1 2026 Key Financial Results Three Months Ended March 31, • Revenue of $8.9M, which was in line with internal ($ in M) 2026 2025 expectations and reflects normal seasonality and timing of customer shipments Revenue $8.9 $11.8 • Gross profit margin decrease primarily driven by product mix within Dro
Slide 18: Revenue Mix by Segment
Revenue Mix by Segment Quarterly Revenue by Segment • In Drones, delivered upgrades in Q1 and expect deliveries to resume in Q2 $48.3 1.2 ‒ Targeting Blue UAS certification in Q2 2026, 1.6 which is expected to expand access to $39.7 procurement opportunities with DoW 1.0 1.4 ‒ Introduced several new
Slide 19: Drone Segment Financial Summary
Drone Segment Financial Summary Quarterly Drone Revenue $79.1 $74.7 $45.5 $37.4 $28.0 $20.9 $22.0 $9.4 $6.9 $8.5 $6.5 $3.1 2023 Q1-24 Q2-24 Q3-24 Q4-24 2024 Q1-25 Q2-25 Q3-25 Q4-25 2025 Q1-26 • Drone revenue is largely shaped by customer order cycles and shipment timing • Historically, AIRO has expe
Slide 20: Current Liquidity
Current Liquidity Cash Total Debt and Contingent Consideration Key Statistics(2) $83.5 Total Debt(1) $74.4 $91.4 Contingent Consideration $54.2M Cash $54.2 40.0 $40.3 $1.2M Total Debt $13.5 51.4 $19.3 $12.5 $2.9 $1.2 $53.0M Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Net Cash • Stron
Slide 21: Q1 2026 Summary
Q1 2026 Summary Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, ($ in M) 2026 2025 Revenue 8.9 11.8 Cost of Revenue 6.5 4.9 Gross Profit 2.4 6.9 Research and Development 6.7 3.7 Sales and Marketing 2.0 1.4 General and Administrative 10.9 4.9 Operating Loss (17.2) (3.1)
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (Unaudited) Three Months Ended March 31, ($ in M) 2026 2025 Net Loss (15.5) (2.0) Depreciation & Amortization 3.2 3.1 Income Tax (Benefit) Expense (1.6) 0.3 Interest (Income) Expense, Net (0.4) 1.3 EBITDA ($14.3) $2.7 Stock-Based Compensation 1.5 0.1 Contingent Conside