AIRO on Nasdaq
AIRO Group Holdings, Inc.
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Last updated Oct 16, 2026.
Overview
Compare with Joby Aviation, BETA Technologies, Inc. or AgEagle Aerial Systems Inc., or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
59.9%Gross margin3
-31.6%Operating margin3
-4.5%Net margin3
4.6%Revenue growth, 20253
-0.6%Return on equity3
0.00×Debt to equity3
-$35.5MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Product and Service, Other brought in 90% of the revenue AIRO Group Holdings, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Product and Service, Other | $86.9M | $90.9M |
| Service | $6.3M | $10.1M |
Business segments
Drones brought in 87% of the revenue AIRO Group Holdings, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| Drones | $74.7M | $79.1M |
| Avionics | $8.7M | $6.9M |
| Training | $3.6M | $4.9M |
Regions
Europe brought in 86% of the revenue AIRO Group Holdings, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| Europe | $75.3M | $78.0M |
| United States | $10.1M | $9.3M |
| Other | $1.6M | $3.6M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue40¢$36.5M
- Research and development20¢$17.9M
- Other costs32¢$29.5M
- Income tax8¢$7.0M
Out of $90.9M in revenue.3 The company lost money this year.
Financial statements
Every line of the income statement in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $90.9M | $86.9M |
| Cost of revenue | $36.5M | $28.6M |
| Gross profit | $54.4M | $58.3M |
| Research and development | $17.9M | $13.1M |
| Sales and marketing | $6.6M | $6.4M |
| General and administrative | $58.6M | $18.2M |
| Goodwill impairment | $38.0M | |
| Total operating expenses | $83.2M | $75.8M |
| Loss from operations | -$28.8M | -$17.4M |
| Interest expense, net | -$9.8M | -$3.8M |
| Gain (loss) on extinguishment of debt | $15.6M | -$10.5M |
| Other income, net | $25.9M | $2.2M |
| Total other income (expense) | $31.7M | -$12.1M |
| Income (loss) before income tax expense | $2.9M | -$29.5M |
| Income tax expense | -$7.0M | -$9.2M |
| Net loss | -$4.1M | -$38.7M |
| Net loss per share - basic | -$0.17 | -$2.36 |
| Net loss per share - diluted | -$0.17 | -$2.36 |
| Weighted-average number of common shares used in computing net loss per share, basic | 23.7K shares | 16.4K shares |
| Weighted-average number of common shares used in computing net loss per share, diluted | 23.7K shares | 16.4K shares |
Every line of the balance sheet in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash | $74.4M | $20.7M | |
| Restricted cash | $193.0K | $170.0K | |
| Inventory | $11.6M | $8.8M | |
| Prepaid expenses and other current assets | $7.5M | $2.3M | |
| Deferred offering costs | $799.0K | ||
| Total current assets | $106.5M | $42.6M | |
| Property and equipment, net | $9.0M | $6.8M | |
| Right-of-use operating lease assets | $3.3M | $352.0K | |
| Goodwill | $571.7M | $557.5M | $602.6M |
| Intangible assets, net | $83.5M | $93.5M | |
| Other assets | $259.0K | $208.0K | |
| Total assets | $774.1M | $701.0M | |
| Accrued expenses | $7.6M | $16.4M | |
| Operating lease liabilities, current | $902.0K | $213.0K | |
| Deferred revenue | $4.5M | $10.3M | |
| Related party borrowings | $1.2M | $6.0M | |
| Revolving lines of credit | $127.0K | ||
| Current maturities of debt | $1.2M | $28.0M | |
| Investor notes at fair value | $13.8M | ||
| Due to seller | $3.1M | ||
| Total current liabilities | $30.9M | $96.6M | |
| Long-term debt, net of current maturities | $500.0K | $688.0K | |
| Deferred compensation | $11.2M | ||
| Deferred tax liability | $1.0M | $767.0K | |
| Long-term deferred revenue | $8.0K | $10.0K | |
| Operating lease liabilities, noncurrent | $2.5M | $146.0K | |
| Other long-term liabilities | $50.0K | $50.0K | |
| Contingent consideration | $42.8M | ||
| Total liabilities | $34.9M | $152.3M | |
| Additional paid-in capital | $963.0M | $764.7M | |
| Treasury shares, 1,218 and 0 shares as of December 31, 2025 and 2024, respectively | -$21.2M | ||
| Accumulated other comprehensive income (loss) | $7.9M | -$9.5M | |
| Accumulated deficit | -$210.6M | -$206.5M | |
| Total stockholders equity | $739.2M | $548.7M | $595.5M |
| Total liabilities and stockholders equity | $774.1M | $701.0M | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 1.0B shares | 1.0B shares | |
| Common stock, shares issued | 32.6M shares | 16.4M shares | |
| Common stock, shares outstanding | 31.4M shares | 16.4M shares | |
| Treasury stock, shares | 1.2K shares | 0 shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$4.1M | -$38.7M |
| Stock-based compensation | $19.9M | $716.0K |
| Non-cash gain on IPO transactions | -$5.5M | |
| Note issuance for legal settlement | $750.0K | |
| Provision for credit losses | $18.0K | -$42.0K |
| Non-cash interest | $1.1M | $1.4M |
| Non-cash charge for Libertas warrants | $1.2M | |
| Non-cash investor note interest | $6.7M | |
| Change in investor notes at fair value | $186.0K | $353.0K |
| Non-cash (gain) loss on debt extinguishment | -$15.6M | $10.5M |
| Depreciation and amortization | $12.0M | $12.6M |
| Amortization of right-of-use lease assets | $581.0K | $352.0K |
| Change in fair value of contingent consideration | -$20.3M | -$2.4M |
| Change in fair value of warranty liability | -$1.8M | |
| Change in deferred taxes | $279.0K | -$654.0K |
| Goodwill impairment | $38.0M | |
| Accounts receivable | -$2.3M | -$7.9M |
| Related party receivables | $398.0K | -$346.0K |
| Prepaid expenses and other assets | -$3.7M | -$1.5M |
| Inventory | -$1.7M | -$6.4M |
| Accounts payable, accrued expenses and other long-term liabilities | -$19.2M | $12.8M |
| Related party payables | $6.7M | $1.2M |
| Lease liabilities | -$552.0K | -$359.0K |
| Deferred revenue | -$6.9M | -$76.0K |
| Deferred compensation | -$638.0K | $1.9M |
| Net cash (used in) provided by operating activities | -$32.4M | $21.5M |
| Purchase of property and equipment and investment in intangible assets | -$3.1M | -$789.0K |
| Net cash used in investing activities | -$3.1M | -$789.0K |
| Proceeds from sale of common stock, net | $140.9M | |
| Repurchase of common stock | -$19.4M | |
| Change in lines of credit | -$127.0K | -$621.0K |
| Proceeds from borrowings | $8.5M | $7.0M |
| Repayments on borrowings | -$25.4M | -$1.5M |
| Proceeds from related party borrowings | $231.0K | $1.4M |
| Repayments on related party borrowings | -$5.2M | -$50.0K |
| Debt issuance costs paid | -$170.0K | -$475.0K |
| Proceeds from the exercise of warrants | $3.0K | |
| Taxes paid related to net share settlements of common stock | -$1.2M | |
| Payment of contingent consideration | -$8.5M | |
| Cash paid to seller | -$3.2M | -$16.2M |
| Net cash provided by (used in) financing activities | $86.4M | -$10.6M |
| Effect of exchange rate changes | $2.7M | -$2.3M |
| Net increase in cash and restricted cash | $53.6M | $7.8M |
| Deferred compensation settled in common stock | $4.7M | |
| Reclass between accrued expenses and notes payable | $622.0K | |
| Reclass between accrued expenses and contingent consideration | $5.3M | |
| Financing of insurance premiums | $1.2M | $268.0K |
| Purchases of property and equipment included in accounts payable | $305.0K | |
| Return of property and cancellation of corresponding accounts payable | $2.6M | |
| Right-of-use assets obtained in exchange for operating lease liabilities | $3.5M | $381.0K |
| Initial recognition of warrant liability | $2.9M | |
| Reclass of warrants to equity | $1.0M | |
| Debt settled in common stock | $8.9M | |
| Contingent consideration settled in common stock | $14.0M | |
| Issuance of Underwriter Warrants | $2.0M | |
| Conversion of accounts payable to debt | $357.0K | |
| Extinguishment of the carrying value of principal and interest | $1.4M |
Recent filings
- Sep 4, 20264
- Sep 4, 20264
- Aug 18, 20264
- Aug 17, 20264
- Aug 14, 2026SCHEDULE 13G
- Aug 14, 2026SCHEDULE 13G
- Aug 13, 20268-K
- Aug 13, 202610-Q
- Jul 7, 20264
- Jun 18, 20264
- Jun 5, 20268-K
- Jun 5, 20264
- Jun 5, 20264
- Jun 5, 20264
- Jun 5, 20264
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
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