AIRO Group Holdings, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
AIRO$5.21+9.0%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)
Condensed Consolidated Balance Sheets
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash | $83,485,824 | $20,740,590 |
| Restricted cash | 192,921 | 170,088 |
| Accounts receivable, net | 1,255,800 | 8,960,705 |
| Related party receivables | 384,164 | 790,967 |
| Inventory | 16,194,693 | 8,822,721 |
| Prepaid expenses and other current assets | 5,086,596 | 2,309,676 |
| Deferred offering costs | - | 798,796 |
| Total current assets | 106,599,998 | 42,593,543 |
| Property and equipment, net | 7,943,414 | 6,833,817 |
| Right-of-use operating lease assets | 2,151,438 | 352,486 |
| Goodwill | 571,568,402 | 557,508,331 |
| Intangible assets, net | 86,063,523 | 93,502,277 |
| Other assets | 249,436 | 208,333 |
| Total assets | $774,576,211 | $700,998,787 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $4,247,481 | $16,439,760 |
| Related party payables | 710,557 | 1,099,970 |
| Accrued expenses | 11,645,845 | 17,457,155 |
| Operating lease liabilities, current | 505,772 | 212,591 |
| Deferred revenue | 2,797,747 | 10,339,978 |
| Related party borrowings | 5,619,063 | 5,971,281 |
| Revolving lines of credit | - | 126,589 |
| Current maturities of debt | 4,459,378 | 27,992,450 |
| Investor notes at fair value | 1,716,712 | 13,819,000 |
| Deferred compensation | 365,477 | - |
| Due to seller | - | 3,147,762 |
| Total current liabilities | 32,068,032 | 96,606,536 |
| Long-term debt, net of current maturities | 674,746 | 688,270 |
| Long-term deferred compensation | - | 11,218,573 |
| Deferred tax liability | 523,868 | 767,331 |
| Long-term deferred revenue | 9,619 | 10,158 |
| Operating lease liabilities, noncurrent | 1,702,800 | 146,214 |
| Other long-term liabilities | 50,000 | 50,000 |
| Contingent consideration | - | 42,782,276 |
| Total liabilities | 35,029,065 | 152,269,358 |
| Commitments and contingencies (Note 10) | - | - |
| Stockholders’ equity: | ||
| Common stock, $0.000001 par value; 1,000,000,000 shares authorized; 32,447,166 issued and 31,303,834 outstanding as of September 30, 2025 and 16,387,180 shares issued and outstanding as of December 31, 2024 | 31 | 16 |
| Additional paid-in capital | 962,397,353 | 764,691,988 |
| Stockholder loan | (5) | (5) |
| Treasury shares, 1,143,332 and 0 shares as of September 30, 2025 and December 31, 2024, respectively | (20,011,133) | - |
| Accumulated other comprehensive income (loss) | 7,678,527 | (9,509,285) |
| Accumulated deficit | (210,517,627) | (206,453,285) |
| Total stockholders’ equity | 739,547,146 | 548,729,429 |
| Total liabilities and stockholders’ equity | $774,576,211 | $700,998,787 |
Condensed Consolidated Statements of Operations
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $6,283,692 | $23,685,377 | $42,628,570 | $47,205,649 |
| Cost of revenue | 3,493,750 | 7,403,642 | 17,871,536 | 16,661,748 |
| Gross profit | 2,789,942 | 16,281,735 | 24,757,034 | 30,543,901 |
| Operating expenses: | ||||
| Research and development | 4,124,171 | 3,258,612 | 11,891,640 | 9,576,867 |
| Sales and marketing | 1,602,461 | 1,557,498 | 4,793,682 | 4,217,556 |
| General and administrative | 9,043,189 | 3,838,776 | 42,821,681 | 12,279,659 |
| Goodwill impairment | - | 37,994,000 | - | 37,994,000 |
| Total operating expenses | 14,769,821 | 46,648,886 | 59,507,003 | 64,068,082 |
| Loss from operations | (11,979,879) | (30,367,151) | (34,749,969) | (33,524,181) |
| Other income (expense): | ||||
| Interest income (expense), net | 79,665 | (1,675,616) | (9,197,656) | (2,917,364) |
| Gain on extinguishment of debt | - | - | 15,559,069 | - |
| Other income, net | 3,325,049 | 4,095,037 | 26,055,344 | 2,312,872 |
| Total other income (expense) | 3,404,714 | 2,419,421 | 32,416,757 | (604,492) |
| Loss before income tax benefit (expense) | (8,575,165) | (27,947,730) | (2,333,212) | (34,128,673) |
| Income tax benefit (expense) | 613,149 | (2,382,796) | (1,731,130) | (3,811,383) |
| Net loss | $(7,962,016) | $(30,330,526) | $(4,064,342) | $(37,940,056) |
| Net loss per share – basic and diluted (1) | $(0.28) | $(1.85) | $(0.19) | $(2.32) |
| Weighted-average number of shares of common stock used in computing net income (loss) per share, basic and diluted (1) | 28,248,045 | 16,387,180 | 21,085,294 | 16,387,180 |
| (1) | Prior year share and per share amounts have been retroactively adjusted to reflect the impact of a 1-for-1.7 reverse stock split effected on March 7, 2025, as discussed in Note 1. |
Condensed Consolidated Statements of Comprehensive Income (loss)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net loss | $(7,962,016) | $(30,330,526) | $(4,064,342) | $(37,940,056) |
| Other comprehensive income (loss): | ||||
| Foreign currency translation, net of tax | (1,057,133) | 5,172,806 | 17,187,812 | 2,120,796 |
| Total other comprehensive (loss) income | (1,057,133) | 5,172,806 | 17,187,812 | 2,120,796 |
| Comprehensive (loss) income | $(9,019,149) | $(25,157,720) | $13,123,470 | $(35,819,260) |
Condensed Consolidated Statements of Stockholders’ Equity
| Common Stock · Additional Paid-In · Stockholder · Treasury Stock · Accumulated Other Comprehensive Income · Accumulated · Total Stockholders’ | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Capital · Loan · Shares · Amount · (Loss) · Deficit · Equity | ||||||||||
| Balance as of July 1, 2025 | 27,025,503 | $27 | $873,379,525 | $(5) | - | $ | - | $8,735,660 | $(202,555,611) | $679,559,596 |
| Stock issued in connection with the Management Carveout Plan | 63,447 | - | - | - | 7,872 | (175,140) | - | (175,140) | ||
| Conversion of Jaunt deferred compensation | 185,426 | - | 4,209,525 | - | 19,148 | (423,328) | - | - | 3,786,197 | |
| Issuance and exercise of Libertas warrants | 52,207 | - | 1,153,219 | - | - | - | - | 1,153,219 | ||
| RSU vesting | 263,563 | - | - | - | - | - | - | - | - | |
| Sale of common stock in Follow-on Offering, including over-allotment, net of $6,792,665 offering costs | 4,830,000 | 5 | 82,562,330 | - | - | - | - | - | 82,562,335 | |
| Repurchase of common stock | (1,116,312) | (1) | - | - | 1,116,312 | (19,412,665) | - | - | (19,412,666) | |
| Stock-based compensation | - | - | 1,092,754 | - | - | - | - | - | 1,092,754 | |
| Foreign currency translation adjustment | - | - | - | - | - | - | (1,057,133) | - | (1,057,133) | |
| Net loss | - | - | - | - | - | - | - | (7,962,016) | (7,962,016) | |
| Balance as of September 30, 2025 | 31,303,834 | $31 | $962,397,353 | $(5) | 1,143,332 | $(20,011,133) | $7,678,527 | $(210,517,627) | $739,547,146 | |
| Common Stock · Additional Paid-In · Stockholder · Accumulated Other Comprehensive · Accumulated · Total Stockholders’ | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Loan | Loss | Deficit | Equity | |
| Balance as of July 1, 2024 (1) | 16,387,180 | $16 | $764,446,983 | $(5) | $(3,813,173) | $(175,368,576) | $585,265,245 |
| Stock-based compensation | - | - | 122,502 | - | - | - | 122,502 |
| Foreign currency translation adjustment | - | - | - | - | 5,172,806 | - | 5,172,806 |
| Net loss | - | - | - | - | - | (30,330,526) | (30,330,526) |
| Balance as of September 30, 2024(1) | 16,387,180 | $16 | $764,569,485 | $(5) | $1,359,633 | $(205,699,102) | $560,230,027 |
| Common Stock · Additional Paid-In · Stockholder · Treasury Stock · Accumulated Other Comprehensive Income · Accumulated · Total Stockholders’ | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Loan | Shares | Amount | (Loss) | Deficit | Equity | |
| Balance as of January 1, 2025 | 16,387,180 | $16 | $764,691,988 | $(5) | - | - | $(9,509,285) | $(206,453,285) | $548,729,429 |
| Conversion of Coastal Defense promissory note | 203,707 | - | 2,037,070 | - | - | - | - | - | 2,037,070 |
| Conversion of Aspen Bridge notes | 440,584 | 1 | 4,405,840 | - | - | - | - | - | 4,405,841 |
| Conversion of Jaunt Carter debt | 1,122,437 | 1 | 11,224,369 | - | - | - | - | - | 11,224,370 |
| Issuance of investor note interest shares | 1,126,043 | 1 | 11,260,423 | - | - | - | - | - | 11,260,424 |
| Conversion of Airo Drone debt | 37,080 | - | 370,800 | - | - | - | - | - | 370,800 |
| Conversion of Agile Defense debt | 34,360 | - | 343,600 | - | - | - | - | - | 343,600 |
| Conversion of Aspen Contingent Debt | 43,512 | - | 435,120 | - | - | - | - | - | 435,120 |
| Conversion of Jaunt deferred compensation | 46,017 | - | 460,170 | - | - | - | - | - | 460,170 |
| Reclassification of Libertas Warrants | - | - | 1,042,000 | - | - | - | - | - | 1,042,000 |
| Exercise of Libertas Warrants | 104,415 | - | 2,088 | - | - | - | - | - | 2,088 |
| Issuance of Underwriter Warrants | - | - | 2,029,900 | - | - | - | - | - | 2,029,900 |
| Sale of common stock in initial public offering, including over-allotment, net of $12,686,393 offering costs | 6,900,000 | 7 | 56,313,600 | - | - | - | - | - | 56,313,607 |
| Shares issued to NGA | 33,995 | - | 339,950 | - | - | - | - | - | 339,950 |
| Shares issued to Dangroup | 546,173 | 1 | 5,461,730 | - | - | - | - | - | 5,461,731 |
| Stock issued in connection with the Management Carveout Plan | 63,447 | - | - | - | 7,872 | (175,140) | - | - | (175,140) |
| Conversion of Jaunt deferred compensation | 185,426 | - | 4,209,525 | - | 19,148 | (423,328) | - | - | 3,786,197 |
| Issuance and exercise of Libertas warrants | 52,207 | - | 1,153,219 | - | - | - | - | - | 1,153,219 |
| RSU vesting | 263,563 | - | - | - | - | - | - | - | - |
| Sale of common stock in Follow-on Offering, including over-allotment, net of $6,792,665 offering costs | 4,830,000 | 5 | 82,562,330 | - | - | - | - | - | 82,562,335 |
| Repurchase of common stock | (1,116,312) | (1) | - | - | 1,116,312 | (19,412,665) | - | - | (19,412,666) |
| Stock-based compensation | - | - | 14,053,631 | - | - | - | - | - | 14,053,631 |
| Foreign currency translation adjustment | - | - | - | - | - | - | 17,187,812 | - | 17,187,812 |
| Net loss | - | - | - | - | - | - | - | (4,064,342) | (4,064,342) |
| Balance as of September 30, 2025 | 31,303,834 | $31 | $962,397,353 | $(5) | 1,143,332 | $(20,011,133) | $7,678,527 | $(210,517,627) | $739,547,146 |
| Common Stock · Additional Paid-In · Stockholder · Accumulated Other Comprehensive · Accumulated · Total Stockholders’ | |||||||
|---|---|---|---|---|---|---|---|
| Shares | Amount | Capital | Loan | Loss | Deficit | Equity | |
| Balance as of January 1, 2024 (1) | 16,387,180 | $16 | $763,975,896 | $(5) | $(761,163) | $(167,759,046) | $595,455,698 |
| Stock-based compensation | - | - | 593,589 | - | - | - | 593,589 |
| Foreign currency translation adjustment | - | - | - | - | 2,120,796 | - | 2,120,796 |
| Net loss | - | - | - | - | - | (37,940,056) | (37,940,056) |
| Balance as of September 30, 2024(1) | 16,387,180 | $16 | $764,569,485 | $(5) | $1,359,633 | $(205,699,102) | $560,230,027 |
| (1) | Share and per share amounts have been retroactively adjusted to reflect the impact of a 1-for-1.7 reverse stock split effected on March 7, 2025, as discussed in Note 1. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.