Airship AI Holdings reported Q3 2024 revenue of $2.87 million, a 20.3% increase from $2.38 million in Q3 2023, driven by higher product sales. Gross profit rose 34.5% to $2.15 million, while operating loss widened to $1.59 million. The company recorded net income of $6.21 million, primarily due to non-cash gains from changes in fair value of financial instruments.Research and development expenses increased 55.9% to $1.07 million as the company invested in product development. Selling, general and administrative expenses grew 24.5% to $2.67 million, mainly due to increased insurance costs and professional fees related to the merger and Nasdaq listing. The company closed an $8 million public offering in September 2024, receiving net proceeds of approximately $7.3 million.The company achieved significant operational milestones, including meeting the First Operating Performance Milestone for earnout shares. As of September 30, 2024, Airship AI maintained $6.52 million in cash and cash equivalents, with management confirming no substantial concerns about the company's ability to continue as a going concern through November 2025. The company continues to focus on expanding its AI-driven software application portfolio while managing the transition to more hardware-based solutions.

Airship AI Holdings reported Q3 2024 revenue of $2.87 million, a 20.3% increase from $2.38 million in Q3 2023, driven by higher product sales. Gross profit rose 34.5% to $2.15 million, while operating loss widened to $1.59 million. The company recorded net income of $6.21 million, primarily due to non-cash gains from changes in fair value of financial instruments.Research and development expenses increased 55.9% to $1.07 million as the company invested in product development. Selling, general and administrative expenses grew 24.5% to $2.67 million, mainly due to increased insurance costs and professional fees related to the merger and Nasdaq listing. The company closed an $8 million public offering in September 2024, receiving net proceeds of approximately $7.3 million.The company achieved significant operational milestones, including meeting the First Operating Performance Milestone for earnout shares. As of September 30, 2024, Airship AI maintained $6.52 million in cash and cash equivalents, with management confirming no substantial concerns about the company's ability to continue as a going concern through November 2025. The company continues to focus on expanding its AI-driven software application portfolio while managing the transition to more hardware-based solutions.