Airo Group Holdings, Inc. · NASDAQ:AIRO
Airo — Q4 2025 Earnings Presentation
21 slides from Airo's earnings presentation, Mar 31, 2026
Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation March 31, 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 2025 Highlights ✓ Delivered combat proven autonomous systems to NATO-aligned customers while supporting U.S. forces through training and readiness programs ✓ Executed against a clear platform strategy centered on autonomous drones ✓ Expan
Slide 4: Business Updates
Business Updates Q4 2025 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 and Investor Relations SVP, Training & U.S. Business Development Veteran unmanned systems executive Leads market positioning, investor relations Retired U.S. Air Force Colonel lead
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 2025 marked a transition from platform development to operational execution > > > > > > Completed first U.S. Advanced toward Expanded U.S. and Advanced proposed Strengthened balance manufactured RQ-35 Blue UAS certification, European production strategic
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: Strong Drone Revenue Visibility
Strong Drone Revenue Visibility $150M • Commercial agreements negotiated with multiple government customers Drone Segment Backlog(1) • Strong relationships with key officials and decisionmakers around the world • Demonstrated capabilities with U.S. forces overseas, establishing credibility ~12 Month
Slide 14: Executing With Discipline In 2026
Executing With Discipline In 2026 Strong Liquidity Position Supports Expected Future Growth Planned scaling initiatives across production, certification and go-to-market execution Strategically Investing in the Business Focused on investing in the business for long-term success rather than optimizin
Slide 15: Financial Review
Financial Review Q4 2025 Earnings Presentation
Slide 16: Q4 2025 Key Financial Results
Q4 2025 Key Financial Results Three Months Ended December 31, • Revenue grew 21.7%, largely reflecting increased ($ in M) 2025 2024 drone shipments and new training contracts • Gross profit margin decrease primarily related to Revenue $48.3 $39.7 strategic product discounting and product mix within
Slide 17: Revenue Mix by Segment
Revenue Mix by Segment Quarterly Revenue by Segment • In Drones, continued demand for the RQ-35 Heidrun platform, which reflected deliveries $48.3 incorporating upgraded capabilities 1.2 1.6 ‒ Manufactured first RQ-35 drone in the U.S. in $39.7 December 2025 1.0 1.4 ‒ Targeting Blue UAS certificatio
Slide 18: 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 $3.1 2023 Q1-24 Q2-24 Q3-24 Q4-24 2024 Q1-25 Q2-25 Q3-25 Q4-25 2025 • Drone revenue is largely shaped by customer order cycles and shipment timing • Historically, AIRO has experienced str
Slide 19: Current Liquidity
Current Liquidity Cash Total Debt and Contingent Consideration Key Statistics(2) $83.5 Total Debt(1) $74.4 $91.4 Contingent Consideration $74.4M Cash 40.0 $40.3 $2.9M Total Debt $13.5 51.4 $19.3 $12.5 $2.9 0.5x Q1-25 Q2-25 Q3-25 Q4-25 Q1-25 Q2-25 Q3-25 Q4-25 Total Debt / EBITDA • Strong cash positio
Slide 20: Q4 and FY 2025 Summary
Q4 and FY 2025 Summary (Unaudited) Year Ended December 31, Three Months Ended December 31, ($ in M) 2025 2024 2025 2024 Revenue 48.3 39.7 90.9 86.9 Cost of Revenue 18.6 12.0 36.5 28.6 Gross Profit 29.7 27.8 54.4 58.3 Research and Development 6.0 3.6 17.9 13.1 Sales and Marketing 1.8 2.2 6.6 6.4 Gene
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation (Unaudited) Year Ended December 31, Three Months Ended December 31, ($ in M) 2025 2024 2025 2024 Net Loss (0.0) (0.8) (4.1) (38.7) Depreciation & Amortization 3.0 3.2 12.0 12.6 Income Tax Expense 5.3 5.4 7.0 9.2 Interest Expense, Net 0.6 0.8 9.8 3.8 EBITDA $8.8 $8.7 $2