Airship AI

As of June 30, 2026 cash was approximately 12.37 million with no financial debt outstanding, and H1 2026 operating cash flow was positive. However TTM free cash flow remains negative given FY2025 cash burn and only recent improvement. Large warrant and earnout liabilities are non-cash derivatives but represent dilution and headline volatility.

Liquidity is adequate for near-term execution, yet we want multiple quarters of positive cash generation before upgrading this score.