Airship AI Holdings, Inc. Earnings Per Share Disclosure
14. Earnings per Share
The following table sets forth the computation of basic and diluted net income (loss) per share attributable to common stockholders:
|
| Years Ended, |
| |||||
|
| December 31, 2025 |
|
| December 31, 2024 |
| ||
Net income (loss) |
| $ | 29,321,363 |
|
| $ | (57,464,890 | ) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding- |
|
|
|
|
|
|
|
|
Basic |
|
| 32,413,133 |
|
|
| 24,585,955 |
|
Add: dilutive effect of stock options, SARs and warrants |
|
| 6,268,268 |
|
|
| - |
|
Diluted |
|
| 38,681,401 |
|
|
| 24,585,955 |
|
|
|
|
|
|
|
|
|
|
Income (loss) per share- |
|
|
|
|
|
|
|
|
Basic |
| $ | 0.90 |
|
| $ | (2.34 | ) |
Diluted |
| $ | 0.76 |
|
| $ | (2.34 | ) |
The following potentially dilutive shares were not included in the calculation of diluted shares outstanding for the periods presented as the effect would have been anti-dilutive:
Anti-dilutive shares |
| December 31, 2025 |
|
| December 31, 2024 |
| ||
Public Warrants |
|
| 16,145,008 |
|
|
| 16,158,410 |
|
Private Warrants |
|
| 515,000 |
|
|
| 515,000 |
|
Warrants |
|
| 2,918,918 |
|
|
| 5,288,280 |
|
Outstanding stock options |
|
| 2,235,750 |
|
|
| 5,527,559 |
|
Earnout shares |
|
| - |
|
|
| 1,250,000 |
|
SARs |
|
| - |
|
|
| 1,758,105 |
|
|
|
| 21,814,676 |
|
|
| 30,497,354 |
|
The 3,750,000-remaining unvested earnout shares as of December 31, 2025 and 2024 are excluded from basic and diluted net loss per share as such shares are contingently issuable until the Company exceeds certain milestone thresholds that have not been achieved. The 1,250,000 vested earnout shares are included as anti-dilutive shares for the year ended December 31, 2024 of which 1,160,906 were issued to applicable personnel on January 7, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 17, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Apr 1, 2024 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.