Airship AI’s 2023 Recap and Exciting 2024 Prospects

REDMOND, Wash., Jan. 22, 2024 (GLOBE NEWSWIRE) — Airship AI Holdings, Inc. (NASDAQ: AISP), fondly referred to as “Airship AI,” takes center stage in the arena of AI-driven video, sensor, and data management, carving a niche as a pioneer in technological innovation. Today, Paul Allen, President of Airship AI, pens a missive to stockholders, guiding them through the highs of 2023 and unveiling the flight plan for an exhilarating journey into 2024.

Nasdaq Listing and Beyond: A Transformative 2023

The year 2023 witnessed Airship AI’s transformative journey, marked prominently by its Nasdaq listing in December. This milestone was achieved through a strategic alliance with BYTE Acquisition Corp. (NASDAQ: BYTS), a special purpose acquisition company. The move into the public markets served dual purposes – raising capital for expansion and growth and, critically, enhancing financial transparency, a key consideration in engagements with prominent government agencies.

Throughout the calendar year, Airship AI experienced robust demand across its comprehensive product suite. A notable addition to their offerings was the AI-driven edge appliance, Outpost AI. The company made substantial strides in the law enforcement space, securing partnerships at both federal and state/local levels. Simultaneously, Airship AI explored new solution areas within existing commercial accounts. The year also witnessed substantial internal investments to fortify capabilities for future growth, including tools and processes for accurate forecasting and reporting.

Charting the Skies of 2024: A Milestone Year

Airship AI’s trajectory for 2024 is set for a milestone year, anticipating triple-digit revenue growth and positive EBITDA. The journey is buoyed by the recognition of excellence – a $10.9 million award for combined orders from the Department of Homeland Security (DHS), featuring the coveted Outpost AI appliance. This, coupled with additional orders from late 2023, contributes to an impressive $11.8 million backlog, slated for delivery and invoicing in Q1 and Q2 of 2024.

Beyond the backlog, Airship AI carries a validated pipeline of approximately $140 million into 2024. This pipeline, encompassing opportunities carried over from 2023, spans single and multi-year ventures across the AI-driven edge, video, sensor, and data management platform. The company anticipates heightened demand for AI-driven border surveillance solutions, particularly in addressing the crisis along the U.S. borders.

Leveraging Public Status for Strategic Growth

With a newly acquired public status, Airship AI plans to make tactical and strategic investments across its sales, marketing, and development organizations. These strategic maneuvers aim to capitalize on the explosive growth within the $7.0 billion edge AI hardware and software markets. Additionally, the company eyes expansionary opportunities in the commercial and retail sectors, particularly in combating Organized Retail Crime (ORC). Airship AI positions itself as a unique bridge between public and private sector organizations, ready to contribute solutions to challenges associated with ORC.

Back-Office Investments and Sustained Growth

The back-office investments made in 2023 serve as engines for continued margin expansion. Improved sourcing, supply chain management, and production-based process efficiencies are pivotal in driving sustained growth. The company maintains a steadfast focus on refining development cycles and reducing time to market for new solutions, aligning seamlessly with aggressive growth forecasts.

As Airship AI navigates the boundless skies of innovation, stockholders are thanked for their unwavering support. The company eagerly anticipates engaging with stakeholders at its on-site investor day in the coming months, fostering a sense of shared excitement for the journey ahead.