Airship AI sees 2024 getting back to trajectory of triple-digit revenue growth

Airship AI Holdings (AISP) issued a letter to stockholders from Paul Allen, Airship AI President, which read in part, “2023 was a transformative year in many ways for Airship AI and for our technology and business, highlighted by our Nasdaq listing in December through a business combination with BYTE Acquisition Corp. (BYTS), a special purpose acquisition company. Our entry into the public markets serves multiple purposes, including the ability to raise capital for expansion and growth and, more importantly, financial transparency, a frequent discussion point with many larger government agencies with whom Airship is engaged. Throughout calendar year 2023 we saw robust demand across our entire product set, including our newly announced AI driven edge appliance. Significant progress was made across many customer fronts in the law enforcement space, both at the federal and state / local levels, as was our expansion into new solution areas within existing commercial accounts. 2023 also highlighted significant investments in our internal capabilities to handle future growth responsibly, including the tools and processes needed to forecast and report on a timely basis…We believe 2024 will be a milestone year for Airship AI, getting back to a trajectory of triple-digit revenue growth and positive EBITDA. Our momentum is supported in part by the $10.9 million award of the combined orders from the Department of Homeland Security, which include our edge Outpost AI appliance. These, combined with other orders received late in the second half of 2023, represent an approximate $11.8 million backlog that will be delivered and invoiced across Q1 and Q2 of 2024. In addition to this strong backlog of orders, we are carrying a validated pipeline of approximately $140 million into 2024, including opportunities that rolled over from 2023. This pipeline consists of single and multi-year opportunities for our AI-driven edge, video, and sensor and data management platform across all our customer verticals. We additionally believe the intense focus on the crisis along the U.S. borders will continue to heighten demand for AI driven border surveillance solutions, an area of significant focus for Airship both tactically and strategically going into the new year. In addition to our visible and robust pipeline, we intend to further leverage our new position as a public company to make additional tactical and strategic investments across our sales, marketing and development organizations. These investments should allow us to further capitalize on the explosive growth that we see across the $7.0 billion edge AI hardware and software addressable markets1 today, leveraging our existing Outpost AI hardware and software platform offering as well as expanding our core software offerings in support of existing customers and opportunities. We also see significant expansionary opportunities in the commercial and retail markets, especially around those companies involved in fighting Organized Retail Crime, a space we view as the perfect nexus opportunity between public and private sector organizations tackling a common challenge. We believe by leveraging our existing relationships and technical solutions with both public and private sector organizations, we are uniquely positioned to help solve some of the challenges associated with ORC. Finally, many of the back-office investments made in 2023 will help drive the continued expansion of margins through improved sourcing, supply chain management and production-based process efficiencies. These efforts along with a continued focus on improving development cycles and time to market for new solutions complement the aggressive growth forecasted.”