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olivLaw · US equity research

AIRO Group Holdings, Inc. AIRO

Aircraft · SIC 3721 · Vertical: Aircraft (SIC 3721)

5.42USD−1.63% · 1 dayClose 04 Nov 2026

AIRO Group Holdings is an aerospace and defense platform combining military drones, avionics, pilot training and electric air mobility. In the second quarter of 2026 revenue grew 76% to 43.2 million USD, and the company reiterated 15% to 25% growth for the full year, which could be reached if drone execution holds.

At the close of 04 Nov 2026, AIRO Group Holdings, Inc. (AIRO) stock was 5.42 USD (−1.63% on the day), with market capitalisation 171.0 m USD, beta 2.90, 52-week range 4.75–14.20 USD. Latest reported quarter (Q2 2026): revenue of 43.2 m USD (+75.9% YoY), net income of -2.0 m USD (−134.0% YoY), diluted EPS -0.06 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
171.0 m USD
shares as of 10 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.17 · TTM to 31 Dec 2025
E/P (TTM)
-3.14%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
2.90
Volatility (1y) 87%
52-week range
4.7514.20

Price history

Loading chart…

Technical reading

RSI (14)
44.1
weak (30–45)
Bollinger (20, 2)
4.55 – 6.13
in the upper half of the band · %B 0.55 · band width 29.6%
SMA 50 / 200
6.49 / 8.05
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.36 / -0.47
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−16.5%−1.1%−15.4 pp—
3 months−28.8%−0.5%−28.3 pp—
6 months−27.1%+4.4%−31.4 pp—
Year to date−33.7%+12.3%−46.1 pp—
1 year−62.0%+13.5%−75.6 pp−52.4%
3 yearsunavailable+76.4%unavailable−17.7%
5 yearsunavailable+63.7%unavailable—
Max drawdown (1y)
−66.5%
05 Nov 2025 → 23 Oct 2026
Max drawdown (5y)
−84.7%
16 Jun 2025 → 23 Oct 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
43.2 m USD
+75.9% YoY
Net income
-2.0 m USD
−134.0% YoY
Diluted EPS
-0.06
−120.0% YoY
net / operating
-4.6% / 3.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue23.7 m39.7 m11.8 m24.6 m6.3 m48.3 m8.9 m43.2 m
Cost of revenue7.4 m12.0 m4.9 m9.5 m3.5 m18.6 m6.5 m15.5 m
Gross profit16.3 m27.8 m6.9 m15.0 m2.8 m29.7 m2.4 m27.7 m
Research & development3.3 m3.6 m3.7 m4.1 m4.1 m6.0 m6.7 m7.6 m
Operating income-30.4 m16.1 m-3.1 m-19.7 m-12.0 m6.0 m-17.2 m1.7 m
Depreciation & amortisation3.1 m ≈3.2 m2.8 m2.6 m3.6 m ≈3.0 m2.6 m2.6 m
Interest expense———3.9 m—0——
Pre-tax income-27.9 m4.6 m-1.7 m7.9 m-8.6 m5.3 m-17.1 m2.1 m
Income tax2.4 m5.4 m287.0 k2.1 m-613.1 k5.3 m-1.6 m4.1 m
Net income-30.3 m-753.9 k-2.0 m5.9 m-8.0 m-39.7 k-15.5 m-2.0 m
Diluted EPS-1.85—-0.120.30-0.28—-0.49-0.06
Operating cash flow5.4 m ≈23.9 m-9.8 m-21.0 m ≈-5.8 m ≈4.1 m-17.4 m-31.3 m ≈
Capex96.9 k ≈237.9 k345.0 k722.0 k ≈940.2 k ≈1.1 m2.1 m2.4 m ≈
Share repurchases—————-598.1 k——

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20242025
Revenue86.9 m90.9 m
Revenue YoYunavailable+4.6%
Net income-38.7 m-4.1 m
Net income YoYunavailableunavailable
Diluted EPS-2.36-0.17
Diluted EPS YoYunavailableunavailable
net %-44.5%-4.5%
Free cash flow20.7 m-35.5 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
74.6 m USD
Financial debt
1.7 m USD
Net debt
-72.9 m USD
Equity
739.2 m USD
Total assets
774.1 m USD
Debt / equity
0.00x
Current ratio
3.45x
ROE
-0.6%
ROA
-0.6%
FCF margin
-39.1%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2024
86.9 m
2025
90.9 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2024
28.6 m
2025
36.5 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2024
58.3 m
2025
54.4 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2024
13.1 m
2025
17.9 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2024
-17.4 m
2025
-28.8 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2024
12.6 m
2025
12.0 m

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2024
-4.8 m ≈
2025
-16.8 m ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2024
—
2025
3.9 m

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2024
-29.5 m
2025
2.9 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2024
9.2 m
2025
7.0 m

SEC (XBRL)· 31 Mar 2026verified

Net income
2024
-38.7 m
2025
-4.1 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2024
-2.36
2025
-0.17

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2024
16.4 k
2025
23.7 k

SEC (XBRL)· 31 Mar 2026verified

Balance sheet · USD

Cash
2024
20.9 m
2025
74.6 m

SEC (XBRL)· 31 Mar 2026verified

Inventories
2024
8.8 m
2025
11.6 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2024
42.6 m
2025
106.5 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2024
6.8 m
2025
9.0 m

SEC (XBRL)· 31 Mar 2026verified

Goodwill
2024
557.5 m
2025
571.7 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2024
93.5 m
2025
83.5 m

SEC (XBRL)· 31 Mar 2026verified

Total assets
2024
701.0 m
2025
774.1 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2024
6.0 m
2025
1.2 m

SEC (XBRL)· 31 Mar 2026verified

Long-term debt
2024
688.0 k
2025
500.0 k

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2024
96.6 m
2025
30.9 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2024
152.3 m
2025
34.9 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2024
548.7 m †
2025
739.2 m †

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2024
21.5 m
2025
-32.4 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2024
789.0 k
2025
3.1 m

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2024
20.7 m ≈
2025
-35.5 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2024
-789.0 k
2025
-3.1 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2024
-10.6 m
2025
86.4 m

SEC (XBRL)· 31 Mar 2026verified

Share repurchases
2024
—
2025
19.4 m

SEC (XBRL)· 31 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
-271.6%
computed by olivLawFY 2025

Profitability

Gross margin
58.6%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-9.1%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-20.2%
computed by olivLawTTM to 30 Jun 2026
Net margin
-23.9%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-53.4%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-3.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-3.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-2.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-3.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-26.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
-5.5x
computed by olivLawTTM to 30 Jun 2026

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
2.4x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.8x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-50.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
6.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-56.9 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
104 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
171.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
145.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-14.9%
computed by olivLawTTM to 30 Jun 2026
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
1.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-33.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
11.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Risk

Altman Z
2.50
computed by olivLawbalance sheet at 30 Jun 2026

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 41.7% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

5.42 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 171.0 m USD

Key indicators

Market capitalisation
171.0 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.2x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-3.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-23.9%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
4.6%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 10 Aug 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 308derived 28

Score by group

42% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Aircraft (SIC 3721)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-2.7%80 (vs peers)25%
Net margin · Quality-23.9%67 (vs peers)15%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-5.5x0 (on a fixed band)15%
Current ratio · Balance sheet2.9x100 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-33.3%0 (on a fixed band)20%
Shareholder yield (distributions) · Returns11.4%100 (on a fixed band)15%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality75/100 · 2/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AIRO Group Holdings, Inc. (AIRO). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 90.9 m USD in 2025; YoY growth 4.6%; net margin -23.9%; ROE -3.6%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • ROIC: -2.7%
  • Current ratio: 2.9x
  • Shareholder yield (distributions): 11.4%

What contradicts it

  • Interest coverage: -5.5x
  • FCF yield: -33.3%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).

Versus the vertical median

Aircraft (SIC 3721) · same industry (4-digit SIC) · compared with 10 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
1.6x
vertical median 10.9x
below median (−85.2%)
P/B
0.2x
vertical median 1.7x
below median (−85.9%)
ROE
-3.6%
vertical median -56.4%
above median
Net margin
-23.9%
vertical median -611.0%
above median
EBIT margin
-20.2%
vertical median -398.9%
above median
Revenue YoY
4.6%
vertical median 51.7%
below median (−91.2%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BAThe Boeing Company140.3 bn18.6—8.1%+34.5%−6% / −24%
EMBJEmbraer S.A.56.8 bn163.610.8%4.6%+18.5%+25% / +349%
AVAVAerovironment, Inc.5.8 bn—-4.6%-10.1%+140.9%−59% / −18%
JOBYJoby Aviation, Inc.5.0 bn—-65.9%-755.1%+39,183.1%−65% / −15%
ACHRArcher Aviation Inc.3.2 bn—-44.8%-11,589.9%unavailable−47% / −31%
BETABETA Technologies, Inc.951.1 m—-46.8%-1,007.8%+136.0%−7% / unavailable
AIROAIRO Group Holdings, Inc.171.0 m—-3.6%-23.9%+4.6%−62% / unavailable
MOBMobilicom Limited36.5 m—-369.2%-705.4%+5.8%−58% / +115%
UAVSAgEagle Aerial Systems Inc.21.8 m—-106.1%-276.5%−4.3%−74% / −100%
DUKRDUKE Robotics Corp.11.2 m—-66.6%-611.0%+249.1%+1,382% / +3,160%
EVTLVertical Aerospace Ltd.————+51.7%−91% / −94%

1- and 3-year price returns: for AIRO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    AIRO Group Holdings is an aerospace and defense platform combining military drones, avionics, pilot training and electric air mobility. In the second quarter of 2026 revenue grew 76% to 43.2 million USD 3, and the company reiterated 15% to 25% growth for the full year, which could be reached if drone execution holds.

    SWOT

    Strengths

    • An integrated platform whose four segments share certification, R&D and government relationships. Revenue growth was strong and gross margin high in the second quarter of 2026 13.
    • The avionics business has an installed base of over twenty years and a broad dealer network 1.

    Weaknesses

    • Revenue depends on a small number of customers, almost all in the drone segment, and orders are not bound by long-term commitments 1.
    • The company has reported net losses since its founding and carries a significant accumulated deficit 1.
    • The Training segment is capital-intensive, and avionics and training underperformed in the second quarter of 2026 23.

    Opportunities

    • U.S. government certification of drones could open larger procurements if production stays in the United States 12.
    • Developing electric cargo aircraft could create a new market in logistics and government missions if certification succeeds 1.
    • Expansion into medical, agricultural and industrial sectors could diversify drone revenue 1.

    Threats

    • Budget delays or shutdowns of the U.S. federal government could affect orders and payment timing 1.
    • Supply difficulties for components from Canada and Europe could delay production and raise costs 1.
    • Certification of eVTOL aircraft remains uncertain, and the mobility market could grow more slowly than the company expects 1.

    Risks

    • Dependence on large customershigh

      Two customers accounted for most revenue in fiscal 2025, and losing them could seriously affect results 1.

    • No long-term commitmentshigh

      Sales are made on purchase order basis, and orders can be cancelled or delayed, making revenue uneven 1.

    • Losses and need for capitalmedium

      The company expects rising expenses and could need additional capital if revenue does not cover costs 1.

    • Internal control weaknessesmedium

      The company has identified material weaknesses in internal control over financial reporting, and remediation could take time 1.

    • Global supply chainlow

      Supply disruptions and trade restrictions could raise costs and delay deliveries 12.

    Investment thesis

    What would need to be true (bull case)

    • If revenue growth from the second quarter holds and the drone backlog converts to revenue, the company could reach its announced 2026 growth target 3.
    • An integrated platform sharing certification and R&D could reduce development costs for new products 1.

    What would break the thesis

    • Concentration of revenue in two customers could make results very volatile if they reduce orders 1.
    • The company reported a net loss in the second quarter of 2026 and could keep losing money if expenses grow faster than revenue 3.
    • Electric aircraft certification is planned for future years and the air mobility market is undefined, which could delay revenue 1.

    What to watch

    • Delivery against full-year 2026 revenue growth guidance2026
    • Decision on the strategic role of the Training segment2026
    • Timing of certification for electric cargo aircraft2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    AIRO is organized into four operating segments: Drones, Avionics, Training and Electric Air Mobility 1. The company aims to use its relationships with the U.S. government and NATO countries, along with synergies between segments, to build an integrated platform. The Drones segment generates most revenue, and its target market is estimated at over 315.4 billion USD by 2030 1.

    Segments

    Avionics

    The Avionics segment makes flight displays, Connected Panels and GPS/GNSS sensors for military and general aviation under the Aspen Avionics brand 1. It also supplies OEMs including Robinson Helicopters, Pilatus, Honeywell and Joby Aviation 1. The segment underperformed in the second quarter of 2026, while the Phoenix plant achieved AS9100D certification 23.

    Training

    The Training segment provides pilot training and consulting to the U.S. military and allies under the Coastal Defense brand 2. The company is evaluating the strategic fit of this capital-intensive segment, which has seen delays in contract awards 2.

    Trends

    • Rising NATO defense spendingtailwind

      The NATO commitment to 5% of GDP by 2035 could support demand for drones and avionics if national budgets translate into purchases 1.

    • Commercial adoption of dronestailwind

      Agriculture, construction and logistics are increasingly using drones, which could widen the market beyond the military sector 1.

    • Delays in training contract awardsheadwind

      The Training segment has seen delays in contract awards, reducing near-term revenue visibility 2.

    • Concentration in customers and government contractsmixed

      Reliance on a few customers and government budgets could make revenue volatile, although recent backlog growth partly offsets this risk 13.

    Competitive position

    The supplied sources do not name direct competitors. The company says it faces rivals with substantially greater resources, and in general aviation avionics upgrades it competes for fleets seeking to modernize 1.

    • Large defense contractors with greater resources

      The company states that some competitors have substantially greater resources, without naming them in the sources 1.

    • General aviation avionics providers

      In avionics upgrades for general aviation fleets, competition comes from other suppliers not identified in the source 1.

    • Private military training operators

      The Training segment competes for outsourced training contracts, and the private market is growing, with no competitors named in the source 1.

    • Other electric eVTOL aircraft developers

      The Electric Air Mobility segment competes with other eVTOL configurations, not named in the source 1.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / AIRO Group Holdings, Inc. · 31 Mar 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / AIRO Group Holdings, Inc. · 13 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / AIRO Group Holdings, Inc. · 13 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.