51 unchanged sentences
We may not be effective in executing this or any other aspect of our growth strategy.
+Added: For the year ended December 31, 2025, we had revenue from ninety two customers and four customers represented 87% of total revenue.
+Added: The primary reason for the high level of customer concentration for the year ended December 31, 2025 was due to reliance on these four customers for the year ended December 31, 2025.
+Added: As of December 31, 2025, three customers represent approximately 34%, 33% and 17% of outstanding account receivables.
+Added: Due to the nature of the customers and timely payment history, customer concentration and credit risk in account receivables is estimated to be minimal.
For the year ended December 31, 2024, we had revenue from seventy-four customers and one customer represented 57% of total revenue, although such a high level of customer concentration is not typical.
2 unchanged sentences
Due to the nature and concentration of the customers and timely payment history, credit risk in account receivables is estimated to be minimal.
−Removed: For the year ended December 31, 2023, three customers represented 34%, 21% and 12% of total revenue from 58 customers, although such a high level of customer concentration is not typical.
−Removed: The primary reason for the increase in reliance on a single customer for the year ended December 31, 2023 was due to the lag-time in delivering on a large order which was not fulfilled until 2023.
−Removed: As of December 31, 2023, three customers represented approximately 51%, 26% and 17% of outstanding account receivables.
−Removed: Due to the nature and concentration of the customers and timely payment history, credit risk in account receivables is minimal.
From time to time, we may lose a major customer.
156 unchanged sentences
Airship AI has not been consistently profitable in the past and may not achieve or maintain profitability in the future.
−Removed: We have incurred losses from operations the past few years and had an accumulated deficit of $74,942,000 as of December 31, 2024.
+Added: We have incurred losses from operations the past few years and had an accumulated deficit of $45.6 million as of December 31, 2025.
There can be no assurance that Airship AI will ever achieve the level of revenues needed to be profitable in the future and if profitability is achieved, that it will be sustained.
1 unchanged sentence
Airship AI will need to obtain additional capital and increase sales to become profitable.
−Removed: The net income for the year ended December 31, 2023 was primarily as a result of the gain from change in fair value of earnout liability of approximately $21,976,000.
+Added: The net income for the year ended December 31, 2025 was $29,321,000 primarily as a result of the gain from change in fair value of change in fair value of warrant liability of $20,853,000 and the gain from change in fair value of change earnout liability of approximately $15,402,000.
+Added: The net loss for the year ended December 31, 2024 was primarily a result of the loss from change in fair value of warrant liability of $33,513,000 and the loss from change in fair value of earnout liability of $18,171,000.
Airship AI requires substantial additional funding, which may not be available to Airship AI on acceptable terms, or at all, and, if not so available, may require Airship AI to delay, limit, reduce or cease its operations.
82 unchanged sentences
Airship AI sells its product to commercial and government customers under agreements that are normally paid within 30 days of contract completion.
−Removed: For the year ended December 31, 2024, we had revenue from seventy-four customers and one customer represented 57% of total revenue, although such a high level of customer concentration is not typical.
−Removed: The primary reason for the high level of customer concentration for the year ended December 31, 2024 was due to one large order received in late 2023 which was fulfilled in the year ended December 31, 2024.
−Removed: As of December 31, 2024, four customers represent approximately 36%, 25%, 19% and 12% of outstanding account receivables.
+Added: For the year ended December 31, 2025, we had revenue from ninety two customers and four customers represented 87% of total revenue.
+Added: The primary reason for the high level of customer concentration for the year ended December 31, 2025 was due to reliance on these four customers for the year ended December 31, 2025.
+Added: As of December 31, 2025, three customers represent approximately 34%, 33% and 17% of outstanding account receivables.
Due to the nature of the customers and timely payment history, customer concentration and credit risk in account receivables is estimated to be minimal.
−Removed: For the year ended December 31, 2023, three customers represented 34%, 21% and 12% of total revenue from 58 customers, although such a high level of customer concentration is not typical.
−Removed: The primary reason for the increase in reliance on a single customer for the year ended December 31, 2023 was due to the lag-time in delivering on a large order received in late 2022 which was not fulfilled until 2023.
−Removed: As of December 31, 2023, three customers represented approximately 51%, 26% and 17% of outstanding account receivables.
−Removed: Due to the nature of the customers and timely payment history, customer concentration and credit risk in account receivables is minimal.
We expect to continue to derive a significant portion of our revenue from a limited number of customers in the future and, in some cases, the portion of our revenue attributable to individual customers may increase.
161 unchanged sentences
No software development costs have been capitalized during the years ended or as of December 31, 2025 and 2024.
+Added: On July 4, 2025, OBBBA was signed into law in the United States.
+Added: Key provisions of the OBBBA include the permanent extension of once-temporary provisions of the Tax Cuts and Jobs Act of 2017, along with the introduction of other significant changes that may impact the Company.
+Added: The legislation has multiple effective dates, with certain provisions effective in the Company’s fiscal year 2025 and others implemented through the Company’s fiscal year 2028.
+Added: The Company continues to evaluate the impact of the OBBBA and has included the impact of changes in the law that were effective during its fiscal year 2025 in the results of its consolidated financial statements.
Risks Related to Our Securities
126 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.