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ZYBERNO

Stock Report

Updated Aug 26, 2026

Airship AI Holdings, Inc. (AISPW)

Technology • NASDAQ

$0.52

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

22.0/100

POOR BUSINESS

Airship AI Holdings, Inc. (AISPW) scores 22/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AISPW quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AISPW valuation analysis · → View full AISPW Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (0.0%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.00x)

Operating Margin (Operational Efficiency):CRITICAL (-36.1%)

Return on Capital (Capital Efficiency):CRITICAL (-91.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Airship AI Holdings, Inc. (AISPW) stock report — Zyberno Score 22/100 (POOR BUSINESS). Full financial analysis on Zyberno.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:0.52

Market Cap:$17.91M

Valuation Multiples (3)

P/E Ratio:

0.64x

📊 Click to view full AISPW P/E analysis →

P/S Ratio:0.99x

Peg Ratio:0.02x

Enterprise Metrics (1)

Enterprise Value:$6.66M

Price Action & Momentum (1)

% of 52-Week High:16.1%

B. Profitability Assessment

Return Metrics (4)

ROA:162.9%

Roic:

-91.4%

📊 Click to view full AISPW ROIC analysis →

Reinvestment Rate:0.0%

Fundamental Growth Rate (g):0.0%

Margin Analysis (3)

Operating Margin Ttm:-36.1%

Net Margin Ttm:144.6%

Ebitda Margin:-36.1%

TTM Performance (3)

Gross Margin Ttm:56.2%

Operating Margin Ttm:-36.1%

Net Margin Ttm:144.6%

Yield Metrics (2)

Earnings Yield:$155.71

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-18.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:3.18x

Quick Ratio:3.02x

Cash Ratio:2.32x

Leverage Analysis (1)

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-14.50x

Times Interest Earned:-14.50

Capital Structure (4)

Working Capital:11,640,053.00

Cash And Cash Equivalents:12,365,685.00

Long Term Debt:$650.75K

Net Debt:-$11.25M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $18.15M

Linear Growth: -18.4%

📊 Click to view full AISPW Revenue analysis & methodology →

Cost Of Revenue Ttm:$6.24M

Profitability Breakdown (2)

Gross profit TTM: $10.19M

Linear Growth: -3.3%

📊 Click to view full AISPW Gross Profit analysis & methodology →

-$6.55M

Bottom Line Performance (3)

Net income TTM: $26.24M

Linear Growth: 100.0%

📊 Click to view full AISPW Net Income analysis & methodology →

Income Before Tax:-$57.46M

Ebitda Ttm:-6,551,777.00

Operating Expenses (5)

Operating Expenses:16,745,615.00

R And D Expense:3,314,405.00

Sga Expense:13,431,210.00

Income Tax Expense:$0.00

Interest Expense:497,724.00

Expense Ratios (3)

R And D To Revenue Percentage:80.4%

Sga To Revenue Percentage:325.7%

Ebitda Margin:-36.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$17.74M

Current Assets:$16.98M

Ppe Net:0.00

Goodwill:0.00

Intangible Assets:$0.00

Liability Structure (4)

Total Liabilities:26,365,272.00

Current Liabilities:5,339,968.00

Long Term Debt:$650.75K

Short Term Debt:$461.54K

Equity & Capital (3)

Equity:-$8.62M

Retained Earnings:-$48.75M

Common Stock:200,000,000.00

Working Capital Items (3)

Accounts Receivable:3,746,980.00

Inventory:843,590.00

Accounts Payable:510,613.00

Special Items (2)

Contract Liabilities:8,900,000.00

Stock Based Compensation:666,064.00

C. Cash Flow Analysis

Operating Activities (2)

-$5.09M$0.00

Investment Activities (1)

Investing Cash Flow:$0.00

Financing Activities (3)

Financing Cash Flow:$11.36K

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:323,692,510.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:0.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):0.81

Eps diluted TTM: $0.81

Linear Growth: 8.3%

📊 Click to view full AISPW EPS analysis & methodology →

Earnings Per Share Ttm:$0.76

Revenue & Cash Per Share (2)

Sales Per Share Ttm:0.53

Operating Cash Flow Per Share:-$0.23

Book Value & Capital (2)

Book Value Per Share:-$0.25

Cash Per Share:0.36

Dividend Policy (1)

Dividend Payout Ratio:0.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:1.13x

Working Capital Turnover Ttm:1.56x

Receivables Management (2)

Receivables Turnover Ttm:4.84x

Days Sales Outstanding Ttm:75.36

Inventory Management (2)

Inventory Turnover Ttm:7.39x

Days Inventory Outstanding Ttm:49.36

Payables & Cash Cycle (2)

Days Payable Outstanding:29.88

Cash Conversion Cycle:94.84

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00

Quality Score:60.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Damodaran Growth Analysis (2)

Reinvestment Rate:0.0%

Fundamental Growth Rate (g):0.0%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (2)

Revenue Growth Rate (Linear):-18.4%

Net Income Growth Rate (Linear):100.0%

Other Growth Rates (1)

Gross Profit Growth Rate (Linear):-3.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:AISPW

Company Name:Airship AI Holdings, Inc.

Sector:Technology

Industry:Software

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:penny

Volume Category:N/A

Share Structure (3)

Shares Outstanding:34.44M

Shares Outstanding Basic:34.44M

Shares Outstanding Diluted:34.44M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-26 13:46:12 UTC

Data Timestamp:2026-08-26T13:46:12.701106