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Side-by-side financial comparison of C3.ai, Inc. (AI) and Airship AI Holdings, Inc. (AISP). Click either name above to swap in a different company.
C3.ai, Inc. is the larger business by last-quarter revenue ($75.1M vs $6.5M, roughly 11.6× Airship AI Holdings, Inc.). Airship AI Holdings, Inc. runs the higher net margin — 353.6% vs -139.3%, a 492.9% gap on every dollar of revenue. On growth, Airship AI Holdings, Inc. posted the faster year-over-year revenue change (102.5% vs -20.3%). Over the past eight quarters, C3.ai, Inc.'s revenue compounded faster (-2.1% CAGR vs -21.6%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Airship Industries was a British manufacturers of modern non-rigid airships (blimps) active under that name from 1980 to 1990 and controlled for part of that time by Alan Bond. The first company, Aerospace Developments, was founded in 1970, and a successor, Hybrid Air Vehicles, remains active as of 2022. Airship Industries itself was active between 1980 and 1990.
AI vs AISP — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $6.5M |
| Net Profit | $-104.7M | $23.0M |
| Gross Margin | 40.4% | 51.2% |
| Operating Margin | -149.2% | -9.4% |
| Net Margin | -139.3% | 353.6% |
| Revenue YoY | -20.3% | 102.5% |
| Net Profit YoY | -58.7% | 145.8% |
| EPS (diluted) | $-0.75 | $0.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $6.5M | ||
| Q3 25 | $70.3M | $1.2M | ||
| Q2 25 | $108.7M | $2.1M | ||
| Q1 25 | $98.8M | $5.5M | ||
| Q4 24 | $94.3M | $3.2M | ||
| Q3 24 | $87.2M | $2.9M | ||
| Q2 24 | $86.6M | $6.4M | ||
| Q1 24 | $78.4M | $10.6M |
| Q4 25 | $-104.7M | $23.0M | ||
| Q3 25 | $-116.8M | $6.4M | ||
| Q2 25 | $-79.7M | $-23.8M | ||
| Q1 25 | $-80.2M | $23.7M | ||
| Q4 24 | $-66.0M | $-50.2M | ||
| Q3 24 | $-62.8M | $6.2M | ||
| Q2 24 | $-72.9M | $18.5M | ||
| Q1 24 | $-72.6M | $-32.0M |
| Q4 25 | 40.4% | 51.2% | ||
| Q3 25 | 37.6% | 51.3% | ||
| Q2 25 | 62.1% | 71.4% | ||
| Q1 25 | 59.1% | 40.6% | ||
| Q4 24 | 61.3% | 38.6% | ||
| Q3 24 | 59.8% | 75.1% | ||
| Q2 24 | 59.6% | 70.4% | ||
| Q1 24 | 57.8% | 24.9% |
| Q4 25 | -149.2% | -9.4% | ||
| Q3 25 | -177.7% | -243.5% | ||
| Q2 25 | -81.8% | -94.2% | ||
| Q1 25 | -88.7% | -31.2% | ||
| Q4 24 | -79.8% | -46.5% | ||
| Q3 24 | -83.2% | -55.4% | ||
| Q2 24 | -95.1% | 15.3% | ||
| Q1 24 | -105.3% | -13.3% |
| Q4 25 | -139.3% | 353.6% | ||
| Q3 25 | -166.2% | 544.4% | ||
| Q2 25 | -73.3% | -1106.6% | ||
| Q1 25 | -81.2% | 430.8% | ||
| Q4 24 | -69.9% | -1564.8% | ||
| Q3 24 | -72.0% | 216.7% | ||
| Q2 24 | -84.2% | 288.4% | ||
| Q1 24 | -92.6% | -302.3% |
| Q4 25 | $-0.75 | $0.75 | ||
| Q3 25 | $-0.86 | $0.15 | ||
| Q2 25 | $-0.60 | $-0.75 | ||
| Q1 25 | $-0.62 | $0.61 | ||
| Q4 24 | $-0.52 | $-1.72 | ||
| Q3 24 | $-0.50 | $0.17 | ||
| Q2 24 | $-0.59 | $0.61 | ||
| Q1 24 | $-0.60 | $-1.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $11.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $-7.1M |
| Total Assets | $961.3M | $19.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $11.8M | ||
| Q3 25 | $711.9M | $5.8M | ||
| Q2 25 | $742.7M | $6.3M | ||
| Q1 25 | $724.3M | $8.8M | ||
| Q4 24 | $730.4M | $11.4M | ||
| Q3 24 | $762.5M | $6.5M | ||
| Q2 24 | $750.4M | $226.8K | ||
| Q1 24 | $723.3M | $1.7M |
| Q4 25 | $771.9M | $-7.1M | ||
| Q3 25 | $798.8M | $-40.1M | ||
| Q2 25 | $838.3M | $-46.9M | ||
| Q1 25 | $860.2M | $-23.5M | ||
| Q4 24 | $859.0M | $-53.0M | ||
| Q3 24 | $874.9M | $-12.9M | ||
| Q2 24 | $873.4M | $-28.0M | ||
| Q1 24 | $898.0M | $-48.1M |
| Q4 25 | $961.3M | $19.5M | ||
| Q3 25 | $968.7M | $8.1M | ||
| Q2 25 | $1.0B | $10.1M | ||
| Q1 25 | $1.1B | $12.9M | ||
| Q4 24 | $1.0B | $13.7M | ||
| Q3 24 | $1.1B | $9.1M | ||
| Q2 24 | $1.0B | $5.3M | ||
| Q1 24 | $1.1B | $4.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $-3.5M |
| Free Cash FlowOCF − Capex | $-46.9M | — |
| FCF MarginFCF / Revenue | -62.4% | — |
| Capex IntensityCapex / Revenue | 0.5% | — |
| Cash ConversionOCF / Net Profit | — | -0.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $-3.5M | ||
| Q3 25 | $-33.5M | $-583.6K | ||
| Q2 25 | $11.3M | $-1.8M | ||
| Q1 25 | $-22.0M | $-2.1M | ||
| Q4 24 | $-38.7M | $-2.1M | ||
| Q3 24 | $8.0M | $-251.4K | ||
| Q2 24 | $21.3M | $-2.5M | ||
| Q1 24 | $-39.1M | $-1.7M |
| Q4 25 | $-46.9M | — | ||
| Q3 25 | $-34.3M | — | ||
| Q2 25 | $10.3M | — | ||
| Q1 25 | $-22.4M | — | ||
| Q4 24 | $-39.5M | — | ||
| Q3 24 | $7.1M | — | ||
| Q2 24 | $18.8M | — | ||
| Q1 24 | $-45.1M | — |
| Q4 25 | -62.4% | — | ||
| Q3 25 | -48.8% | — | ||
| Q2 25 | 9.5% | — | ||
| Q1 25 | -22.7% | — | ||
| Q4 24 | -41.9% | — | ||
| Q3 24 | 8.2% | — | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | -57.6% | — |
| Q4 25 | 0.5% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 7.8% | — |
| Q4 25 | — | -0.15× | ||
| Q3 25 | — | -0.09× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.09× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -0.04× | ||
| Q2 24 | — | -0.13× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
AISP
Segment breakdown not available.
