Wed, May 15, 12:35 PM (309 days ago)
Airship AI Holdings, Inc. reported a significant net loss of $31.96 million for Q1 2024, primarily driven by non-cash charges totaling $30.88 million, including substantial losses from changes in the fair value of earnout liabilities ($21.48 million) and warrant liabilities ($6.85 million). Revenue saw a dramatic increase to $10.58 million, up 259.8% from Q1 2023, mainly due to higher product sales to federal government agencies. However, the cost of net revenues also rose sharply to $7.95 million, reflecting increased product sales and equipment purchases. Operating expenses grew to $4.03 million, driven by higher insurance costs, professional fees, and other operating expenses. The company's cash position decreased to $1.73 million from $3.12 million at year-end 2023, with net cash used in operating activities amounting to $1.70 million. Despite the losses, the company expects to fund operations through existing cash, customer payments, and potential temporary funding from its CEO. The company’s adjusted working capital deficit stands at approximately $2 million, excluding current deferred revenue and convertible debt expected to convert to equity.