Airship AI Holdings Files S-1/A with Q1 Financials

TL;DR

Airship AI Q1: $1.34M Rev, $3.74M Loss. Assets $49.4M, Liab $30.9M. Still burning cash.

AI Summary

Airship AI Holdings, Inc. filed an S-1/A on July 8, 2024, detailing its financial performance for the first quarter ended March 31, 2024. The company reported revenue of $1.34 million and a net loss of $3.74 million. Total assets were $49.44 million, with liabilities totaling $30.88 million.

Why It Matters

This filing provides investors with an updated look at Airship AI's financial health and operational progress, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — The company is still in a growth phase, indicated by its net loss, which presents inherent financial risks.

Key Numbers

• $1.34M — Q1 2024 Revenue (Indicates top-line performance for the period.)
• $3.74M — Q1 2024 Net Loss (Shows the company's profitability for the period.)
• $49.44M — Total Assets (Q1 2024) (Represents the company's total resources.)
• $30.88M — Total Liabilities (Q1 2024) (Represents the company's total obligations.)

Key Players & Entities

• Airship AI Holdings, Inc. (company) — Filer of the S-1/A
• BYTE Acquisition Corp. (company) — Former name of Airship AI Holdings, Inc.
• $1.34 million (dollar_amount) — Revenue for the quarter ended March 31, 2024
• $3.74 million (dollar_amount) — Net loss for the quarter ended March 31, 2024
• $49.44 million (dollar_amount) — Total assets as of March 31, 2024
• $30.88 million (dollar_amount) — Total liabilities as of March 31, 2024
• 20240708 (date) — Filing date of the S-1/A

FAQ

Key Financial Figures

• $0.0001 — 2 shares of our common stock, par value $0.0001 per share ("common stock"). The offerin
• $3.73 — at an assumed public offering price of $3.73 per share (the last reported sale price
• $39 m — any on a consolidated basis is at least $39 million, or (2) the aggregate value of ne
• $11.50 — ate warrants, previously exercisable at $11.50 per share, to an exercise price of $7.8
• $7.80 — 1.50 per share, to an exercise price of $7.80 per share. The purpose of this reduced
• $2,000,000 — , Inc. to extend the maturity date of a $2,000,000 senior secured convertible promissory n
• $250 million — on stock held by non-affiliates exceeds $250 million as of the prior June 30, or (2) our ann
• $100 million — 30, or (2) our annual revenues exceeded $100 million during such completed fiscal year and t
• $700 million — on stock held by non-affiliates exceeds $700 million as of the prior June 30. Corporate Inf
• $7.29 m — rom this offering will be approximately $7.29 million, or $8.41 million if the underwri
• $8.41 million — will be approximately $7.29 million, or $8.41 million if the underwriters exercise their over

Filing Documents

• airsp_s1a.htm (S-1/A) — 2654KB
• airsp_ex231.htm (EX-23.1) — 2KB
• airsp_ex11.htm (EX-1.1) — 196KB
• airsp_ex45.htm (EX-4.5) — 101KB
• airsp_ex51.htm (EX-5.1) — 12KB
• airsp_ex1016.htm (EX-10.16) — 20KB
• airsp_ex51img1.jpg (GRAPHIC) — 3KB
• airsp_ex51img2.jpg (GRAPHIC) — 2KB
• 0001654954-24-008675.txt ( ) — 10432KB
• airsp-20240331.xsd (EX-101.SCH) — 92KB
• airsp-20240331_lab.xml (EX-101.LAB) — 492KB
• airsp-20240331_cal.xml (EX-101.CAL) — 49KB
• airsp-20240331_pre.xml (EX-101.PRE) — 410KB
• airsp-20240331_def.xml (EX-101.DEF) — 217KB
• airsp_s1a_htm.xml (XML) — 1692KB

USE OF PROCEEDS

USE OF PROCEEDS 32 CAPITALIZATION 33

DILUTION

DILUTION 34 MARKET INFORMATION OF OUR SECURITIES 35

DESCRIPTION OF SECURITIES BEING OFFERED

DESCRIPTION OF SECURITIES BEING OFFERED 36

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 DESCRIPTION OF AIRSHIP AI'S BUSINESS 46 DIRECTORS AND EXECUTIVE OFFICERS 53

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 59 BENEFICIAL OWNERSHIP OF SECURITIES 66 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE 68 DESCRIPTION OF OUR SECURITIES 72 MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS 84

UNDERWRITING

UNDERWRITING 89 EXPERTS 93 LEGAL MATTERS 93 WHERE YOU CAN FIND MORE INFORMATION 93 INDEX TO FINANCIAL STATEMENTS F-1 1 Table of Contents ABOUT THIS PROSPECTUS This prospectus is part of a registration statement on Form S-1 that we filed with the U.S. Securities and Exchange Commission (the "SEC"). You should carefully read this prospectus and any prospectus supplement, as well as additional information described under " Where You Can Find More Information ," before deciding to invest in our securities. We have not, and the underwriters have not, authorized anyone to provide any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the securities offered hereby, and only under circumstances and in jurisdictions where it is lawful to do so. The information contained in this prospectus or in any applicable free writing prospectus is current only as of its date, regardless of its time of delivery or any sale of our securities. Our business, financial condition, results of operations and prospects may have changed since that date. The information provided in this prospectus contains statistical data and estimates, including those relating to market size and competitive position of the markets in which we participate, that we obtained from our own internal estimates and research, as well as from industry and general publications and research, surveys and studies conducted by third parties. Industry publications, studies and surveys generally state that they have been obtained from sources believed to be reliable. While we believe our internal company research is reliable and the definitions of our market and industry are appropriate, neither th

Use of Proceeds

Use of Proceeds We estimate that the net proceeds from this offering will be approximately $7.29 million, or $8.41 million if the underwriters exercise their over-allotment option in full, after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. We currently intend to use the net proceeds from this offering for working capital and general corporate purposes. See " Use of Proceeds " for additional information. Representative Warrants The registration statement of which this prospectus is a part also registers for sale warrants (the "Representative Warrants") to purchase 214,477 shares of common stock (equal to 10% of the number of shares of common stock sold in this offering, including any shares of common stock sold to cover over-allotments, if any) to Roth Capital Partners, LLC (the "Representative"), as representative of the underwriters in the offering, as a portion of the compensation payable to the Representative in connection with this offering. The Representative Warrants will be immediately exercisable at an exercise price of $3.73 (100% of the public offering price per share of the shares offered hereby) and expire on the fifth anniversary of the commencement of sales of this offering. See " Underwriting " section on page 93.

Risk Factors

Risk Factors An investment in our securities involves a high degree of risk. See " Risk Factors " beginning on page 7 of this prospectus and the

View Full Filing

View this S-1/A filing on SEC EDGAR