Airship AI Holdings Inc

NASDAQ:AISPUnited States

Nov 14, 2024

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• -- Earnings Flash (AISP) AIRSHIP AI Reports Q3 Revenue $2.9M, from 4:06PM ET on Thursday Nov 14, 2024 by MT Newswires

  4:06PM ET on Thursday Nov 14, 2024 by MT Newswires
  Companies Mentioned: AISP
  04:06 PM EST, 11/14/2024 (MT Newswires) -- ...

• Airship AI Reports Third Quarter 2024 Financial Results, from 4:05PM ET on Thursday Nov 14, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 14, 2024 by Dow Jones
  Companies Mentioned: AISP
  support 1,137,128 1,473,915 3,318,180 3,677,585 ---------- ---------- ---------- ---------- 2,867,649 2,384,356 19,843,695 8,092,971 ---------- ---------- ---------- ---------- COST OF NET REVENUES: Cost of Sales 285,448 439,565 9,381,244 2,575,523 Post contract support 428,820 342,869 1,174,737 1,437,910 ---------- ---------- ---------- ---------- 714,268 782,434 10,555,981 4,013,433 ---------- ---------- ---------- ---------- GROSS PROFIT 2,153,381 1,601,922 9,287,714 4,079,538 RESEARCH AND DEVELOPMENT EXPENSES 1,073,735 688,798 2,471,872 2,028,081 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 2,667,130 2,142,327 8,829,544 8,067,343 ---------- ---------- ---------- ---------- TOTAL OPERATING EXPENSES 3,740,865 2,831,125 11,301,416 10,095,424 ---------- ---------- ---------- ---------- OPERATING LOSS (1,587,484) (1,229,203) (2,013,702) (6,015,886) ---------- ---------- ---------- ---------- OTHER INCOME (EXPENSE): Gain (loss) from change in fair value of earnout liability 5,511,961 - (1,095,962) - Gain (loss) from change in fair value of warrant liability 2,471,186 - (2,833,558) - Gain (loss) from change in fair value of convertible debt 370,548 (400,921) (141,636) (400,921) Loss on note conversion (434,797) - (593,591) - Interest expense, net (133,824) (33,761) (587,149) (57,830) Other income (expense) 16,366 (2,722) (22,922) (7,425) ---------- ---------- ---------- ---------- Total other income (expense), net 7,801,440 (437,404) (5,274,818) (466,176) ---------- ---------- ---------- ---------- INCOME (LOSS) BEFORE PROVISION FOR INCOME TAXES 6,213,956 (1,666,607) (7,288,520) (6,482,062) Provision for income taxes - - - - ---------- ---------- ---------- ---------- NET INCOME (LOSS) 6,213,956 (1,666,607) (7,288,520) (6,482,062) OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation income (loss), net 354 (2,410) 9,338 40,141 ---------- ---------- ---------- ---------- TOTAL COMPREHENSIVE INCOME (LOSS) $ 6,214,310 $(1,669,017) $(7,279,182) $(6,441,921) ========== ========== ========== ========== NET INCOME (LOSS) PER SHARE: Basic $ 0.25 $ (0.07) $ (0.31) $ (0.28) ========== ========== ========== ========== Diluted $ 0.17 $ (0.07) $ (0.31) $ (0.28) ========== ========== ========== ========== Weighted average shares of common stock outstanding Basic 24,696,425 22,812,048 23,609,189 22,812,048 Diluted 35,445,694 22,812,048 23,609,189 22,812,048 AIRSHIP AI HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the nine months ended September 30, 2024 and 2023 (Unaudited) Nine Months Ended Nine Months Ended September 30, September 30, 2024 2023 ------------------- ------------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (7,288,520) $ (6,482,062) Adjustments to reconcile net loss to net cash used in operating activities Depreciation and amortization 1,861 11,160 Stock-based compensation 803,797 479,913 Stock-based compensation- warrants 284,478 2,136,115 Amortization of operating lease right of use asset 174,914 513,234 Accelerated amortization of ROU asset - lease termination - 265,130 Gain from lease termination - (344,093) Issuance of common stock for services 198,500 - Noncash interest expense 520,758 - Loss from change in fair value of warrant liability 2,833,558 - Loss from change in fair value of earnout liability 1,095,962 - Loss from change in fair value of convertible note 141,636 400,921 Loss on note conversions 593,591 - Changes in operating assets and liabilities: Accounts receivable 527,042 104,814 Prepaid expenses and other 132,512 (295) Other assets 26,901 (255,431) Operating lease liability (132,525) (461,203) Payroll and income tax receivable 7,230 960,383 Accounts payable - trade and accrued expenses (2,261,087) 377,519 Accrued income tax expense - (10,000) Deferred revenue (2,058,893) (220,144) --------------- --------------- NET CASH USED IN OPERATING ACTIVITIES (4,398,285) (2,524,039) --------------- --------------- CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock and warrants for offering, net 7,290,000 - Proceeds from convertible promissory note - 1,984,582 Proceeds from warrant exercise 294,049 - Advances from founders, net - 1,150,000 Proceeds from stock option exercises 196,173 - Repayment of small business loan and line of credit - (424,540) --------------- --------------- NET CASH PROVIDED BY FINANCING ACTIVITIES 7,780,222 2,710,042 --------------- --------------- NET INCREASE IN CASH AND CASH EQUIVALENTS 3,381,937 186,003 Effect from exchange rate on cash 9,338 (2,244) CASH AND CASH EQUIVALENTS, beginning of period 3,124,413 298,614 --------------- --------------- CASH AND CASH EQUIVALENTS, end of period $ 6,515,688 $ 482,373 =============== =============== Supplemental disclosures of cash flow information: Interest paid $ - $ 21,438 Taxes paid $ 2,410 $ 17,247 Noncash investing and financing Elimination of advances to founders in connection with contribution of Zeppelin by shareholders $ - $ 1,100,000 Elimination of payables to founders in connection with contribution of Zeppelin by shareholders $ - $ 1,100,000 Issuance of common stock for debt interest payment $ 487,642 $ - Issuance of common stock for debt conversion $ 1,770,340 $ - Recognition of warrant liability $ - $ 15,418