AIRO Group Holdings
AIRO on Nasdaq. AIRO Group Holdings sells drones, avionics, training, and electric air mobility to military and commercial buyers. Market value $205m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-27.62 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$6.53 a share, 14% above its 1-year low
Over the past year the price has ranged from $5.71 to $22.47.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $57 million in the past 12 months, a shortfall of $36 million in the year to December 2025.
| Revenue | |
| Revenue | $91m |
| Operating margin | |
| Operating margin | -31.6% |
| Debt to equity | |
| Debt to equity | 0.00 |
| Shares outstanding | |
| Shares outstanding | 0.03bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.00× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $43 million last quarter, up 76% on a year ago.
- A loss of $2 million, after a profit of $6 million a year ago.
- 62% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| June 2025 | $25m |
| September 2025 | $6m |
| December 2025 | $48m |
| March 2026 | $9m |
| June 2026 | $43m |
| Quarter to | Amount |
|---|---|
| June 2025 | $6m |
| September 2025 | -$8m |
| December 2025 | -$39,658 |
| March 2026 | -$15m |
| June 2026 | -$2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 31 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 96 funds in all.
Largest holders overall
- Woodline Partners LP$21m
- BlackRock$10mAdded
- HighTower Advisors$7m
- Vanguard Capital Management$6m
- Brighton Jones$5m
- Geode Capital Management$3mAdded
- State Street$3mAdded
- Millennium Management$3mNew
- Defiance ETFs$2mAdded
- Penserra Capital Management$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Chirinjeev KathuriaPassive investorat least 14.6%(filed with 1 related holder)Since 30 June 2026
- Woodline Partners LPPassive investor8.5%+1.3 ptsSince 30 September 2025
- Joseph D. BurnsPassive investorat least 5.3%(filed with 1 related holder)Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Chirinjeev Kathuria Passive investor | at least 14.6% (filed with 1 related holder) | 30 June 2026 | |
Woodline Partners LP Passive investor | 8.5%+1.3 pts | 30 September 2025 | |
Joseph D. Burns Passive investor | at least 5.3% (filed with 1 related holder) | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 2 sold $909,935.
- Uczekaj JohnPresident and COO, DirectorSold
- Date
- 2 September 2026
- Shares
- 7,230
- Price
- $7.10
- Value
- $51,344
- Pylypiv MariyaChief Financial OfficerSold
- Date
- 2 September 2026
- Shares
- 8,697
- Price
- $7.08
- Value
- $61,593
- Pylypiv MariyaChief Financial OfficerSold
- Date
- 14 August 2026
- Shares
- 19,389
- Price
- $9.72
- Value
- $188,532
- Uczekaj JohnPresident and COO, DirectorSold
- Date
- 14 August 2026
- Shares
- 16,887
- Price
- $9.72
- Value
- $164,129
- Uczekaj JohnPresident and COO, DirectorSold
- Date
- 6 July 2026
- Shares
- 154
- Price
- $7.76
- Value
- $1,195
- Pylypiv MariyaChief Financial OfficerSold
- Date
- 17 June 2026
- Shares
- 30,028
- Price
- $7.66
- Value
- $230,014
- Uczekaj JohnPresident and COO, DirectorSold
- Date
- 6 April 2026
- Shares
- 144
- Price
- $8.84
- Value
- $1,273
- Uczekaj JohnPresident and COO, DirectorSold
- Date
- 12 March 2026
- Shares
- 396
- Price
- $10.43
- Value
- $4,130
- Pylypiv MariyaChief Financial OfficerSold
- Date
- 12 March 2026
- Shares
- 20,078
- Price
- $10.26
- Value
- $206,000
- Uczekaj JohnPresident and COO, DirectorSold
- Date
- 5 January 2026
- Shares
- 183
- Price
- $9.42
- Value
- $1,724
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | Uczekaj John President and COO, Director | Sold | 7,230 | $7.10 | $51,344 |
| 2 September 2026 | Pylypiv Mariya Chief Financial Officer | Sold | 8,697 | $7.08 | $61,593 |
| 14 August 2026 | Pylypiv Mariya Chief Financial Officer | Sold | 19,389 | $9.72 | $188,532 |
| 14 August 2026 | Uczekaj John President and COO, Director | Sold | 16,887 | $9.72 | $164,129 |
| 6 July 2026 | Uczekaj John President and COO, Director | Sold | 154 | $7.76 | $1,195 |
| 17 June 2026 | Pylypiv Mariya Chief Financial Officer | Sold | 30,028 | $7.66 | $230,014 |
| 6 April 2026 | Uczekaj John President and COO, Director | Sold | 144 | $8.84 | $1,273 |
| 12 March 2026 | Uczekaj John President and COO, Director | Sold | 396 | $10.43 | $4,130 |
| 12 March 2026 | Pylypiv Mariya Chief Financial Officer | Sold | 20,078 | $10.26 | $206,000 |
| 5 January 2026 | Uczekaj John President and COO, Director | Sold | 183 | $9.42 | $1,724 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in AIRO Group Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 3 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Our Chief Executive Officer and Chief Financial Officer, with assistance from other members of management, have evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026, and based on their evaluation, have concluded that our disclosure controls and procedures were not effective as of such date due to material weaknesses in internal control over financial reporting, described below.”
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.