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Airship AI (NASDAQ: AISP) reported strong financial results for Q1 2024, with net revenues of $10.6 million, representing 84.5% of its full-year 2023 revenue. Despite a gross profit of $2.6 million and a gross margin of 25%, the company faced operating losses of $1.4 million and an additional loss of $30.6 million from warrant liabilities.
Operational highlights include contracts with the DOJ and DHS worth millions, and a robust $120 million pipeline. Cash usage in operations was $1.7 million, with cash equivalents at $1.7 million. The company aims for triple-digit revenue growth and positive cash flow in 2024. Key events include a major customer event and participation in the Nasdaq closing bell ceremony.
Airship AI Holdings, a leader in AI-driven surveillance solutions, will ring the Nasdaq closing bell on May 15, 2024, to celebrate recent successes, including a growing backlog of $11.8 million and a pipeline of $140 million. The company aims for triple-digit revenue growth and positive cash flow in fiscal year 2024.