Airship AI Holdings, Inc., a leading provider of AI-driven data management platforms, has announced its financial results for the fiscal year ended December 31, 2023. The company reported a net income of $16,371,134, a significant turnaround from the net loss of $487,493 in the previous year. This improvement was attributed to various factors, including the successful completion of a merger with BYTE Acquisition Corp. ('BYTE'), which resulted in net proceeds of $2.8 million. The merger was treated as a reverse recapitalization, with Airship AI being the accounting acquirer. The company's revenue streams include product sales, post-contract support, and other services, with a total net revenue of $12,300,000 for the year. Despite the positive net income, Airship AI reported a working capital deficit of...Show More

Airship AI Holdings, Inc., a leading provider of AI-driven data management platforms, has announced its financial results for the fiscal year ended December 31, 2023. The company reported a net income of $16,371,134, a significant turnaround from the net loss of $487,493 in the previous year. This improvement was attributed to various factors, including the successful completion of a merger with BYTE Acquisition Corp. ('BYTE'), which resulted in net proceeds of $2.8 million. The merger was treated as a reverse recapitalization, with Airship AI being the accounting acquirer. The company's revenue streams include product sales, post-contract support, and other services, with a total net revenue of $12,300,000 for the year. Despite the positive net income, Airship AI reported a working capital deficit of approximately $6,174,000 and an accumulated deficit of $16,582,038 as of December 31, 2023. The company's management believes that its current cash and cash equivalents will be sufficient to fund operations for at least the next 12 months. Airship AI's financial statements also highlighted the issuance of warrants and convertible notes, as well as the establishment of an equity incentive plan post-merger. The company's stock is traded under the ticker symbol 'AISP' on The Nasdaq Global Market.