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Wednesday, January 03, 2024 12:48:28 PM
Airship AI Holdings Completes Business Combination with BYTE Acquisition Corp.
Combined Company to Begin Trading on Nasdaq Under “AISP” on December 22, 2023
Business Combination Strategically Positions Airship AI, a Robust AI-Driven Video, Sensor and Data Management Surveillance Platform for Government Agencies and Enterprises, to Accelerate Growth and Revenue
As Part of its $163 Million Pipeline, Airship AI Has Begun Delivery of Multiple Firm Fixed Price Contracts Worth $10.9 Million, Awarded in September 2023 by an Agency Within the Department of Homeland Security (DHS)
December 21, 2023 11:55 AM Eastern Standard Time
REDMOND, Wash. & NEW YORK--(BUSINESS WIRE)--Airship AI Holdings, Inc. (“Airship AI”), a robust AI-driven video, sensor and data management surveillance platform that provides complex automated monitoring, predictive event analysis and intelligence to large institutions operating in dynamic and mission-critical environments with rapidly increasing volumes of data and data sources, and BYTE Acquisition Corp. (NASDAQ: BYTS), a special purpose acquisition company (“BYTE”), have completed the previously announced business combination (the “Business Combination”). BYTE’s shareholders approved the Business Combination at an extraordinary general meeting held on December 19, 2023.
“We believe that today’s milestone, combined with our visible and robust $163 million pipeline, will help accelerate the delivery of our AI-driven edge video, sensor and data management platform”
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In connection with the Business Combination closing, the combined company has been renamed “Airship AI Holdings, Inc.” (the “Company”). Beginning at the open of trading on December 22, 2023, the Company’s common stock and warrants will trade on Nasdaq under the ticker symbols “AISP” and “AISPW,” respectively.
This transaction valued Airship AI at pre-money equity value of approximately $225 million. As a public company, the Company will have enhanced visibility, selling opportunities and financial flexibility to perform its business plan and broaden its customer base.
Airship AI Highlights
Large and Rapidly Growing Size of Addressable Market
$7 billion edge AI software and hardware addressable market today, projected to grow to over $40 billion in 20301.
This growth is expected to be driven by strong demand for AI solutions in public safety, industrial, and logistics settings.
Differentiated End-to-End Solution
Airship AI leverages AI at the edge to help improve public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers.
Solutions work with clients’ existing hardware and capitalize on rapidly growing use of AI to create efficiency, increase speed, reduce costs, and improve decision-making.
Blue-Chip Customer Base
Existing customers include federal government agencies across the Department of Homeland Security, Department of Justice, Department of Defense, and Intelligence Community, along with state and local law enforcement agencies and Fortune 500 companies FedEx and Home Depot.
In December 2023 began delivery of multiple firm fixed price contracts worth $10.9 million, awarded in September 2023 by an agency within the Department of Homeland Security (DHS), for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders, leveraging the Company’s edge IoT appliance, Outpost AI.
Strong Growth with Software Margin
2022A: $14.5 million revenue, 57.9% gross margin, positive EBITDA.
NTM (Next Twelve Months, which denotes July 1, 2023 - June 30, 2024 forecast period): $39 million revenue, 65% gross margin, $9 million EBITDA.
Opportunity for margin expansion with recently launched Edge products.
Visible and Robust Pipeline
Strong pipeline predominantly with the U.S. government in addition to new growth opportunities within the commercial sector
Management Commentary
“We believe that today’s milestone, combined with our visible and robust $163 million pipeline, will help accelerate the delivery of our AI-driven edge video, sensor and data management platform,” said Paul Allen, President of Airship AI. “Our Outpost AI edge device, Acropolis operating system, and Command Nexus viewing client will enable us to take a significant share of the approximately $7 billion edge AI software and hardware addressable market today, which is projected to grow to over $40 billion in 2030. These differentiated end-to-end solutions serve a blue-chip customer base that includes federal government agencies across the Department of Homeland Security, Department of Justice, Department of Defense, and Intelligence Community, along with state and local law enforcement agencies and Fortune 500 companies FedEx and Home Depot.
“Most recently we began delivery of multiple firm fixed price contracts worth $10.9 million, awarded by an agency within the Department of Homeland Security (DHS), for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders, leveraging Outpost AI. These awards affirm our strategic vision of providing tailored solutions designed to meet exacting and rapidly evolving technical requirements with solutions that work with clients’ existing hardware and capitalize on rapidly growing use of AI to create efficiency, increase speed, reduce costs, and improve decision-making.
“With a hard fought foothold with our blue-chip customer base, we are at an inflection point that now positions us to execute a multi-prong growth strategy that we expect will deliver a double-digit revenue growth rate with opportunity for margin expansion and positive EBITDA. In this next phase of our development, we expect to see growth from new opportunities within the commercial sector. The board of Airship AI would like to thank the team at BYTE for the successful completion of the Business Combination,” concluded Allen.
Sam Gloor, BYTE Chief Executive Officer and Chief Financial Officer, added, “We congratulate Airship AI on today’s accomplishment and look forward to their continued growth and evolution toward their goal of improving public safety and operational efficiency for public sector and commercial customers. As a public company we believe Airship AI is well positioned to execute on their strategy and we are excited to see them take this important next step. We thank the Airship AI team for their hard work and partnership in completing the Business Combination.”
THE REASON FOR GLOBAL WARMING IS BECAUSE HELL IS GETTING HOTTER
Recent AISP News
- Airship AI Announces $4.0 Million Contract Award within the Department of Homeland Security for Full Suite of Airship AI Software, Hardware and Integrated Technical Solutions • GlobeNewswire Inc. • 10/01/2024 12:31:00 PM
- Airship AI Wins Multiple Awards for State and Local Law Enforcement Acropolis Enterprise Video and Data Management Platform Deployments • GlobeNewswire Inc. • 09/17/2024 12:31:00 PM
- Airship AI Announces Closing of $8.0 Million Public Offering • GlobeNewswire Inc. • 09/05/2024 04:45:00 PM
- Airship AI Announces Pricing of $8.0 Million Public Offering Priced At-Market According to Nasdaq Rules • GlobeNewswire Inc. • 08/30/2024 01:00:51 AM
- Airship AI Selected by the Department of Defense for Brand Name Only Award of Acropolis Enterprise Video and Data Management Platform • GlobeNewswire Inc. • 08/20/2024 12:31:00 PM
- Airship AI Reports Second Quarter 2024 Financial Results • GlobeNewswire Inc. • 08/14/2024 08:01:00 PM
- Airship AI Added to Russell 3000®, Russell 2000® and Russell Microcap® Indexes • GlobeNewswire Inc. • 07/01/2024 12:31:00 PM
- Airship AI Announces Six-Figure Contract Extension for Existing Agency Customer within the Department of Justice • GlobeNewswire Inc. • 06/25/2024 12:31:00 PM
- U.S. Index Futures Mixed Following Tech Sell-Off, WTI and Brent Crude Dip Slightly • IH Market News • 06/25/2024 10:37:15 AM
- Airship AI Announces Maturity Date Extension Amendment to Senior Secured Convertible Note • GlobeNewswire Inc. • 06/24/2024 08:15:00 PM
- Airship AI Announces Six-Figure Contract Award with Fortune 100 Transportation & E-Commerce Company for Acropolis Enterprise Video and Data Management Platform Expansion • GlobeNewswire Inc. • 06/18/2024 12:31:00 PM
- Airship AI Announces Six-Figure Sole-Source Contract Award within the Department of Justice for Acropolis Enterprise Video and Data Management Platform • GlobeNewswire Inc. • 06/11/2024 12:31:00 PM
- Airship AI to Attend the Northland Growth Conference 2024 on June 25, 2024 • GlobeNewswire Inc. • 06/05/2024 12:31:00 PM
- Airship AI Set to Join Russell 3000®, Russell 2000® and Russell Microcap® Indexes • GlobeNewswire Inc. • 05/28/2024 02:30:00 PM
- Airship AI Reports First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/15/2024 12:31:00 PM
- Airship AI to Ring the Nasdaq Closing Bell on Wednesday, May 15, 2024 • GlobeNewswire Inc. • 05/02/2024 08:05:00 PM
- Airship AI Announces $2.35 Million Sole-Source Contract Award within the Department of Justice for Outpost AI Edge Appliances • GlobeNewswire Inc. • 04/25/2024 12:31:00 PM
- Airship AI Reports Full Year 2023 Financial Results • GlobeNewswire Inc. • 04/01/2024 08:44:06 PM
- Airship AI Announces Tender Award With Government Agency In Singapore For Acropolis Enterprise Video And Data Management Platform • GlobeNewswire Inc. • 03/15/2024 12:31:00 PM
- Airship AI to Attend the 36th Annual ROTH Conference on March 17-19, 2024 • GlobeNewswire Inc. • 03/07/2024 01:31:00 PM
- Airship AI skyrockets with DOJ contract; Carrier Global sells Fire Industrial division for $1.43 billion, and Latest News • IH Market News • 03/06/2024 11:01:03 AM
- Airship AI Announces Significant Sole-Source Contract Award within the Department of Justice for Acropolis Enterprise Video and Data Management Platform • GlobeNewswire Inc. • 03/05/2024 01:31:00 PM
- Airship AI Issues Stockholder Letter and Provides Corporate Update • GlobeNewswire Inc. • 01/22/2024 01:31:56 PM
- Airship AI Starts Delivery of $10.9 Million US Government Contracts for Advanced Video and Sensor Management • GlobeNewswire Inc. • 12/22/2023 01:31:00 PM
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