AIRO

As of June 30, 2026, cash and restricted cash were about 26.0 million against roughly 5.5 million of revolver borrowings and about 1.3 million of other current debt, with no long-term debt outstanding. The company subsequently collected significant Q2 receivables in July, improving liquidity.

However, H1 2026 operating cash flow was negative 48.7 million and TTM free cash flow about negative 57 million once capex is considered, reflecting working-capital swings and growth investment. Net cash and minimal structural leverage are positives, but cash burn tempers our score.