The technology sector moved lower Tuesday, taking with it a host of hot stocks that had been riding Wall Street’s enthusiasm for the artificial-intelligence revolution. But one small name stood out in a big way in a sea of mostly red: Shares of Airship AI Holdings Inc.
AISP,
+200.00%
rocketed 200%, after the sensor and data-management company said it received a contract with the U.S. Department of Justice.
The Redmond, Wash.-based company uses AI to help law-enforcement, defense, and public-sector customers harness data. Airship’s “large” contract with a DOJ agency is for the company’s “video and data-management platform supporting emerging public-safety and investigative requirements,” according to a release. Paul Allen, the company’s president, said in the release that Airship AI has a “strong pipeline” for the year. Airship AI is still a relatively tiny company, with a market capitalization of about $135 million. The company went public in December through a merger with a special-purpose acquisition company. A June 2023 presentation on Airship’s investor-relations site says the company generated $14.5 million in revenue during 2022, with a 58% gross margin and “positive” earnings before interest, taxes, depreciation and amortization, or Ebitda. Airship’s letter to shareholders this January highlighted a $10.9 million award from the U.S. Department of Homeland Security. At the time, the company said it had a roughly $11.8 million backlog “that will be delivered and invoiced” across the first and second quarters of 2024. Other …
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AISP,
+200.00%
rocketed 200%, after the sensor and data-management company said it received a contract with the U.S. Department of Justice.
The Redmond, Wash.-based company uses AI to help law-enforcement, defense, and public-sector customers harness data. Airship’s “large” contract with a DOJ agency is for the company’s “video and data-management platform supporting emerging public-safety and investigative requirements,” according to a release. Paul Allen, the company’s president, said in the release that Airship AI has a “strong pipeline” for the year. Airship AI is still a relatively tiny company, with a market capitalization of about $135 million. The company went public in December through a merger with a special-purpose acquisition company. A June 2023 presentation on Airship’s investor-relations site says the company generated $14.5 million in revenue during 2022, with a 58% gross margin and “positive” earnings before interest, taxes, depreciation and amortization, or Ebitda. Airship’s letter to shareholders this January highlighted a $10.9 million award from the U.S. Department of Homeland Security. At the time, the company said it had a roughly $11.8 million backlog “that will be delivered and invoiced” across the first and second quarters of 2024. Other …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]