AIRO Group Holdings, Inc.
AIRO Nasdaq Aircraft Financials FY2024–FY2025
Revenue
Total sales reported in the income statement.
$90.9M
4.6%
vs prior year
Operating margin
Operating income as a share of revenue.
−31.6%
11.6 pts
Net income
Profit after all expenses, interest and tax.
−$4.1M
Free cash flow
Cash from operations minus capital spending.
−$35.5M
271.6%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−2.8%
0.4 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.90 EPS (TTM)
What AIRO Group Holdings, Inc. does
No business description yet.
- Legal name
- AIRO Group Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 31, 2026
- Accession · CIK
- 0001493152-26-014116
0001927958
Revenue and margins
AIRO Group Holdings, Inc. had $90.9M of revenue in fiscal 2025, up 4.6% on the year before.
FY24
Revenue $86.9M
FY25
Revenue $90.9M
Q2 '24
Revenue $9.8M
Q3 '24
Revenue $23.7M
Q4 '24
Revenue $39.7M
Q1 '25
Revenue $11.8M
Q2 '25
Revenue $24.6M
Q3 '25
Revenue $6.3M
Q4 '25
Revenue $48.3M
Q1 '26
Revenue $8.9M
Q2 '26
Revenue $43.2M
FY24
Gross 67.1%
Operating −20.1%
Net −44.5%
FCF 23.8%
FY25
Gross 59.9%
Operating −31.6%
Net −4.5%
FCF −39.1%
Gross
Operating
Net
FCF
Q2 '24
Gross 59.0%
Operating −27.5%
Net −57.3%
FCF —
Q3 '24
Gross 68.7%
Operating −128.2%
Net −128.1%
FCF 22.3%
Q4 '24
Gross 69.9%
Operating 40.5%
Net −1.9%
FCF 59.7%
Q1 '25
Gross 58.8%
Operating −26.1%
Net −16.7%
FCF −85.6%
Q2 '25
Gross 61.2%
Operating −80.2%
Net 23.9%
FCF −88.5%
Q3 '25
Gross 44.4%
Operating −190.7%
Net −126.7%
FCF −106.7%
Q4 '25
Gross 61.4%
Operating 12.4%
Net −0.1%
FCF 6.3%
Q1 '26
Gross 26.6%
Operating −192.8%
Net −173.6%
FCF −218.8%
Q2 '26
Gross 64.1%
Operating 3.8%
Net −4.6%
FCF −78.2%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY24
Net income −$38.7M
FY25
Net income −$4.1M
Q2 '24
Net income −$5.6M
Q3 '24
Net income −$30.3M
Q4 '24
Net income −$0.8M
Q1 '25
Net income −$2.0M
Q2 '25
Net income $5.9M
Q3 '25
Net income −$8.0M
Q4 '25
Net income −$0.0M
Q1 '26
Net income −$15.5M
Q2 '26
Net income −$2.0M
FY24
Diluted EPS −$2.36
FY25
Diluted EPS −$0.17
Q2 '24
Diluted EPS −$0.34
Q3 '24
Diluted EPS −$1.85
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$0.12
Q2 '25
Diluted EPS $0.30
Q3 '25
Diluted EPS −$0.28
Q4 '25
Diluted EPS −$0.07
Q1 '26
Diluted EPS −$0.49
Q2 '26
Diluted EPS −$0.06
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY24
Return on capital −2.4%
Return on equity −7.1%
Return on assets −5.5%
FY25
Return on capital −2.8%
Return on equity −0.6%
Return on assets −0.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$35.5M in fiscal 2025, −39.1% of revenue. Cash from operations minus capital spending.
FY24
Free cash flow $20.7M
FY25
Free cash flow −$35.5M
Q2 '24
Free cash flow —
Q3 '24
Free cash flow $5.3M
Q4 '24
Free cash flow $23.7M
Q1 '25
Free cash flow −$10.1M
Q2 '25
Free cash flow −$21.7M
Q3 '25
Free cash flow −$6.7M
Q4 '25
Free cash flow $3.0M
Q1 '26
Free cash flow −$19.5M
Q2 '26
Free cash flow −$33.8M
FY24
Cash from operations $21.5M
Capital spending $0.8M
FY25
Cash from operations −$32.4M
Capital spending $3.1M
Cash from operations
Capital spending
Q2 '24
Cash from operations —
Capital spending —
Q3 '24
Cash from operations $5.4M
Capital spending $0.1M
Q4 '24
Cash from operations $23.9M
Capital spending $0.2M
Q1 '25
Cash from operations −$9.8M
Capital spending $0.3M
Q2 '25
Cash from operations −$21.0M
Capital spending $0.7M
Q3 '25
Cash from operations −$5.8M
Capital spending $0.9M
Q4 '25
Cash from operations $4.1M
Capital spending $1.1M
Q1 '26
Cash from operations −$17.4M
Capital spending $2.1M
Q2 '26
Cash from operations −$31.3M
Capital spending $2.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
AIRO Group Holdings, Inc. returned $19.4M to shareholders in fiscal 2025. The diluted share count rose 44.5%.
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks $19.4M
Dividends
Buybacks
Q2 '24
Dividends —
Buybacks —
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends —
Buybacks —
Q2 '25
Dividends —
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks −$0.6M
Q1 '26
Dividends —
Buybacks —
Q2 '26
Dividends —
Buybacks —
Dividends
Buybacks
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.00B
Balance sheet
Cash, debt and the ratios that show how comfortably AIRO Group Holdings, Inc. can carry it.
FY24
Cash $20.9M
Debt $34.7M
FY25
Cash $74.6M
Debt $2.9M
Cash
Debt
| Fiscal year end | FY24 | FY25 |
|---|---|---|
| Cash and short-term investments | $20.9M | $74.6M |
| Debt incl. finance leases | $34.7M | $2.9M |
| Debt / equity | 0.1x | 0.0x |
| Interest coverage | — | −7.4x |
| Current ratio | 0.4x | 3.4x |
| Quick ratio | 0.3x | 3.1x |
| Total assets | $701M | $774M |
| Total liabilities | $152M | $34.9M |
| Shareholders' equity | $549M | $739M |
| Net debt (− = net cash) | $13.7M | −$71.7M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✕ |
| Return on assets rose | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ |
| Debt fell relative to assets | — | ✓ |
| Current ratio rose | — | ✓ |
| Share count didn't rise | — | ✕ |
| Gross margin rose | — | ✕ |
| Revenue rose relative to assets | — | ✕ |
| F-score | — / 3 | 3 / 9 |
| Accruals ratio | −8.6% | 3.8% |
| Altman Z'' | 2.15 | 21.71 |
2 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 |
|---|---|---|
| Income statement | ||
| Revenue | $86.9M | $90.9M |
| Gross profit | $58.3M | $54.4M |
| Research and development | $13.1M | $17.9M |
| Operating income | −$17.4M | −$28.8M |
| Interest expense | — | $3.9M |
| Pretax income | −$29.5M | $2.9M |
| Income tax | $9.2M | $7.0M |
| Net income | −$38.7M | −$4.1M |
| Diluted EPS | −$2.36 | −$0.17 |
| Diluted shares | 0.00B | 0.00B |
| Cash flow | ||
| Cash from operations | $21.5M | −$32.4M |
| Capital expenditure | $0.8M | $3.1M |
| Free cash flow | $20.7M | −$35.5M |
| Depreciation and amortization | $12.6M | $12.0M |
| Stock-based compensation | $0.7M | $19.9M |
| Share buybacks | — | $19.4M |
| Dividends and buybacks | — | $19.4M |
| Balance sheet | ||
| Cash and short-term investments | $20.9M | $74.6M |
| Total debt | $34.7M | $2.9M |
| Current assets | $42.6M | $106M |
| Current liabilities | $96.6M | $30.9M |
| Inventory | $8.8M | $11.6M |
| Property and equipment, net | $6.8M | $9.0M |
| Goodwill | $558M | $572M |
| Intangible assets | $93.5M | $83.5M |
| Total assets | $701M | $774M |
| Total liabilities | $152M | $34.9M |
| Shareholders' equity | $549M | $739M |
| Margins | ||
| Gross margin | 67.1% | 59.9% |
| Operating margin | −20.1% | −31.6% |
| EBITDA margin | −5.5% | −18.4% |
| Net margin | −44.5% | −4.5% |
| FCF margin | 23.8% | −39.1% |
| Returns | ||
| Return on capital | −2.4% | −2.8% |
| Return on capital employed | −2.9% | −3.9% |
| Return on equity | −7.1% | −0.6% |
| Return on assets | −5.5% | −0.6% |
| Return on tangible equity | — | −4.9% |
| Growth | ||
| Revenue growth | — | 4.6% |
| FCF growth | — | −271.6% |
| Share count change | — | 44.5% |
| Financial health | ||
| Debt / equity | 0.1x | 0.0x |
| Interest coverage | — | −7.4x |
| Current ratio | 0.4x | 3.4x |
| Quick ratio | 0.3x | 3.1x |
| Capital allocation | ||
| Capex / revenue | 0.9% | 3.4% |
| Stock comp / revenue | 0.8% | 21.9% |
| Quality scores | ||
| Piotroski F-score | — | 3.0 |
| Altman Z'' | 2.2 | 21.7 |
| Accruals ratio | −8.6% | 3.8% |
Source: SEC EDGAR XBRL filings (CIK 0001927958). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.