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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% | -89.4% |
| 2024 | $87M | $-13M | $-39M | $21M | -7.1% | 101.0% | 19.2% |
| 2023 | $43M | $-15M | $-32M | $21M | -5.5% | 153.2% | 27.0% |
| 2022 | $17M | $-23M | $-26M | $-5M | -4.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 17.08 | 43.25 | 86.94 | 90.91 |
| Operating 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 | 54.42 |
| Operating Expense | - | 31.13 | 34.85 | 37.76 | 83.18 |
| Research And Development | - | 9.30 | 11.87 | 13.13 | 17.92 |
| Selling General And Administration | - | 21.83 | 22.98 | 24.62 | 65.26 |
| Total Expenses | - | 44.08 | 53.19 | 66.37 | 119.67 |
| Operating Income | - | -27 | -9.93 | 20.56 | -28.76 |
| Total Operating Income As Reported | - | -27 | -9.93 | -17.43 | -28.76 |
| EBITDA | - | -23.10 | -14.78 | -12.73 | 25.33 |
| Normalized EBITDA | - | -23.22 | -14.78 | 35.73 | 9.77 |
| EBIT | - | -33.15 | -28.03 | -25.72 | 12.74 |
| Interest Expense | - | 3.62 | 2.14 | 3.76 | 9.80 |
| Net Interest Income | - | -3.62 | -2.14 | -3.76 | -9.80 |
| Other Non Operating Income Expenses | - | -6.27 | -18.09 | 2.17 | 25.94 |
| Other Income Expense | - | -6.15 | -18.09 | -46.28 | 41.50 |
| Interest Expense Non Operating | - | 3.62 | 2.14 | 3.76 | 9.80 |
| Net Non Operating Interest Income Expense | - | -3.62 | -2.14 | -3.76 | -9.80 |
| Pretax Income | - | -36.76 | -30.16 | -29.48 | 2.94 |
| Tax Provision | - | -11.21 | 2.29 | 9.21 | 7.04 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.04 | 0 | -10.18 | 3.27 |
| Net Income Continuous Operations | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income From Continuing And Discontinued Operation | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income From Continuing Operation Net Minority Interest | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income Common Stockholders | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Net Income Including Noncontrolling Interests | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Normalized Income | - | -25.64 | -32.46 | -0.41 | -16.40 |
| Diluted NI Availto Com Stockholders | - | -25.55 | -32.46 | -38.69 | -4.10 |
| Basic Average Shares | - | 24.89 | 24.89 | 24.89 | 23.68 |
| Diluted Average Shares | - | 24.89 | 24.89 | 24.89 | 23.68 |
| Reconciled Depreciation | - | 10.05 | 13.25 | 12.99 | 12.59 |
| Reconciled Cost Of Revenue | - | 12.95 | 18.34 | 28.62 | 36.49 |
| Total Unusual Items | - | 0.12 | 0 | -48.46 | 15.56 |
| Total Unusual Items Excluding Goodwill | - | 0.12 | 0 | -48.46 | 15.56 |
| Special Income Charges | - | -0.54 | 0 | -48.46 | 15.56 |
| Other Special Charges | -0.71 | 0.54 | - | 10.46 | -15.56 |
| Impairment Of Capital Assets | - | - | 0 | 37.99 | 0 |
| Gain On Sale Of Security | -15.34 | 0.67 | - | - | - |
| General And Administrative Expense | - | 17.23 | 17.60 | 18.20 | 58.64 |
| Other Gand A | - | 17.23 | 17.60 | 18.20 | 58.64 |
| Selling And Marketing Expense | - | 4.60 | 5.37 | 6.42 | 6.62 |
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 | $295M | -71.79 | 0.40 | -0.6% | 8.94 |
| Public Policy Holding Company, Inc. | PPHC | $306M | -7.83 | 4.08 | -52.1% | -18.14 |
| Omega Flex, Inc. | OFLX | $304M | 20.51 | 3.61 | 17.6% | 13.97 |
| AerSale Corporation | ASLE | $300M | 34.99 | 0.71 | 2.0% | 12.35 |
| CompX International Inc. | CIX | $298M |
| - |
| - |
| - |
| - |
| - |
| - |
| 15.30 |
| 2.15 |
| 14.1% |
| 9.29 |
| NL Industries, Inc. | NL | $296M | -7.83 | 0.83 | -10.5% | -3.96 |
| Energy Services of America Corporation | ESOA | $288M | 757.77 | 4.86 | 0.6% | 20.45 |
| PAMT CORP | PAMT | $280M | - | 1.33 | -25.0% | 17.44 |
| Tredegar Corporation | TG | $277M | 8.28 | 1.28 | 15.5% | 5.65 |
| Peer Median | - | 15.30 | 1.74 | 1.3% | 10.82 | |