AIRO

Revenue remains delivery- and milestone-driven with concentrated defense exposure. Guidance acknowledges variability by quarter and management still expects negative adjusted EBITDA for 2026. TTM revenue is about 106.7 million (Q3 2025 6.3 million, Q4 2025 48.3 million, Q1 2026 8.9 million, Q2 2026 43.2 million), with drones the dominant segment.

Backlog offers visibility, but it includes NATO-allocated orders pending formalization, and AIRO notes lack of long-term customer commitments. We require sustained positive operating cash flow and more diversified backlog conversion before upgrading predictability.