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Airship AI Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, reporting net revenues of $2,868,000, an increase from $2,384,000 in the same quarter the previous year. The increase is attributed to higher product sales.
Cost of net revenues for the quarter was $714,000, compared to $782,000 in the same quarter of the previous year, reflecting a decrease due to reduced equipment purchases.
The company reported a gross profit of $2,154,000 for the quarter, compared to $1,602,000 in the previous year.
Research and development expenses increased to $1,074,000 from $689,000, primarily due to increased product development costs.
Selling, general, and administrative expenses rose to $2,667,000 from $2,142,000, mainly due to higher insurance costs and professional fees.
Net income for the quarter was $6,214,000, up from a net loss of $1,667,000 in the previous year. This change is primarily due to gains from changes in the fair value of financial instruments.
Cash used in operating activities was $4,398,000, while cash provided by financing activities was $7,780,000.
As of September 30, 2024, Airship AI had total assets of $9,096,370 and total liabilities of $22,016,953.
The filing details various financial agreements, including a Master Loan Agreement with Victor Huang and an extension agreement related to a senior secured convertible promissory note with Platinum Capital Partners Inc.
The company does not anticipate cash dividend payments to common stockholders in the near future.
Airship AI continues to focus on expanding its AI-driven data management solutions and increasing its presence in both government and commercial sectors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Airship AI Holdings Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.