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AIRO Group Holdings, Inc., a multi-faceted advanced Aerospace and Defense company in the United States, Europe, and internationally. The company operates through four segments: Drones, Avionics, Training, and Electric Air Mobility. Its Drones segment develops, manufactures, and sells drones. The Avionics segment develops, manufactures, and sells avionics for military and general aviation aircraft, drones, and eVTOLs. This segment offers flight displays, connected panels, and GPS/GNSS sensors. The Training segment currently provides military pilot training, which includes adversary air, close air support, ISR, aircraft leasing, pilot training, ground liaison services, and JTAC, as well as full joint theatre ISR and simulated ground strike training and consulting services. Its Electric Air Mobility segment develops a rotorcraft eVTOL for cargo applications through our Jaunt brand. The company was incorporated in 2021 and is headquartered in McLean, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $91M | $25M | $-4M | $-36M | -0.6% | 4.6% | - |
| 2024 | $87M | $-13M | $-39M | $21M | -7.1% | 101.0% | - |
| 2023 | $43M | $-15M | $-32M | $21M | -5.5% | 153.2% | - |
| 2022 | $17M | $-23M | $-26M | $-5M | -4.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 17.08 | 43.25 | 86.94 | 90.91 |
| Cost Of Revenue | 12.95 | 18.34 | 28.62 | 36.49 |
| Gross Profit | 4.13 | 24.91 | 58.32 | 54.41 |
| Operating Expense | 31.13 | 34.85 | 37.76 | 83.18 |
| Operating Income | -27 | -9.93 | 20.56 | -28.77 |
| EBITDA | -23.10 | -14.78 | -12.73 | 25.33 |
| EBIT | -33.15 | -28.03 | -25.72 | 12.74 |
| Pretax Income | -36.76 | -30.16 | -29.48 | 2.94 |
| Tax Provision | -11.21 | 2.29 | 9.21 | 7.04 |
| Net Income | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income Common Stockholders | -25.55 | -32.46 | -38.69 | -4.10 |
| Total Expenses | 44.08 | 53.19 | 66.37 | 119.67 |
| Interest Expense | 3.62 | 2.14 | 3.76 | 9.80 |
| Research And Development | 9.30 | 11.87 | 13.13 | 17.92 |
| Selling General And Administration | 21.83 | 22.98 | 24.62 | 65.26 |
| Normalized EBITDA | -23.22 | -14.78 | 35.73 | 9.77 |
| Normalized Income | -25.64 | -32.46 | -0.41 | -16.40 |
| Basic EPS | -1.03 | -1.30 | -1.55 | -0.17 |
| Diluted EPS | -1.03 | -1.30 | -1.55 | -0.17 |
| Tax Effect Of Unusual Items | 0.04 | 0 | -10.18 | 3.27 |
| Tax Rate For Calcs | 0.30 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | 0.12 | 0 | -48.45 | 15.56 |
| Total Unusual Items Excluding Goodwill | 0.12 | 0 | -48.45 | 15.56 |
| Net Income From Continuing Operation Net Minority Interest | -25.55 | -32.46 | -38.69 | -4.10 |
| Reconciled Depreciation | 10.05 | 13.25 | 12.99 | 12.59 |
| Reconciled Cost Of Revenue | 12.95 | 18.34 | 28.62 | 36.49 |
| Net Interest Income | -3.62 | -2.14 | -3.76 | -9.80 |
| Net Income From Continuing And Discontinued Operation | -25.55 | -32.46 | -38.69 | -4.10 |
| Total Operating Income As Reported | -27 | -9.93 | -17.43 | -28.77 |
| Diluted Average Shares | 24.89 | 24.89 | 24.89 | 23.68 |
| Basic Average Shares | 24.89 | 24.89 | 24.89 | 23.68 |
| Diluted NI Availto Com Stockholders | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income Including Noncontrolling Interests | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income Continuous Operations | -25.55 | -32.46 | -38.69 | -4.10 |
| Other Income Expense | -6.15 | -18.09 | -46.28 | 41.50 |
| Other Non Operating Income Expenses | -6.27 | -18.09 | 2.17 | 25.95 |
| Special Income Charges | -0.54 | 0 | -48.45 | 15.56 |
| Other Special Charges | 0.54 | 0 | 10.46 | -15.56 |
| Impairment Of Capital Assets | 0 | 0 | 37.99 | 0 |
| Gain On Sale Of Security | 0.67 | 0 | 0 | 0 |
| Net Non Operating Interest Income Expense | -3.62 | -2.14 | -3.76 | -9.80 |
| Interest Expense Non Operating | 3.62 | 2.14 | 3.76 | 9.80 |
| Selling And Marketing Expense | 4.60 | 5.37 | 6.42 | 6.62 |
| General And Administrative Expense | 17.23 | 17.60 | 18.20 | 58.64 |
| Other Gand A | 17.23 | 17.60 | 18.20 | 58.64 |
| Operating Revenue | 17.08 | 43.25 | 86.94 | 90.91 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| AIRO Group Holdings, Inc.this co. | AIRO | $236M | - | 0.32 | -0.6% | -10.00 |
| EVI Industries, Inc. | EVI | $262M | 39.57 | 1.63 | 5.2% | 13.66 |
| Alta Equipment Group Inc. | ALTG | $242M | - | -27.19 | 912.5% | 26.59 |
| RCM Technologies, Inc. | RCMT | $233M | 14.67 | 5.02 | 35.5% | 9.20 |
| Perma-Fix Environmental Services, Inc. | PESI | $227M |
| - |
| 4.52 |
| -27.5% |
| -22.03 |
| Gencor Industries, Inc. | GENC | $212M | 13.91 | 0.99 | 7.4% | 4.37 |
| AirJoule Technologies Corporation | AIRJ | $206M | - | 0.69 | -3.4% | -13.58 |
| Xerox Holdings Corporation | XRX | $205M | - | 0.45 | -152.9% | 15.41 |
| PAMT CORP | PAMT | $204M | - | 0.97 | -25.0% | 122.57 |
| Peer Median | - | 14.67 | 0.98 | 0.9% | 11.43 | |