BYTE Acquisition (BYTS) - 2024 Q1 - Quarterly Results

Financial Performance - First Quarter 2024 net revenues reached $10.6 million, representing 84.5$2.6 million, with a gross margin percentage of 25%[11] - The Company reported an operating loss of $1.4 million for Q1 2024, attributed to increased insurance costs and professional fees related to the merger and Nasdaq listing[11] - For Q1 2024, Airship AI reported a net loss of$31,964,469, compared to a net loss of $1,712,176 in Q1 2023, indicating a significant increase in losses year-over-year[32] - The company achieved gross profit of$2,628,127 in Q1 2024, up from $804,279 in Q1 2023, reflecting a gross profit margin improvement[32] - Operating loss for Q1 2024 was$1,402,533, an improvement from an operating loss of $1,702,171 in Q1 2023, despite higher operating expenses[32] - Airship AI's total operating expenses increased to$4,030,660 in Q1 2024 from $2,506,450 in Q1 2023, driven by higher selling, general, and administrative expenses[32] Contracts and Opportunities - Backlog stood at approximately$3.4 million, with a validated pipeline of around $120 million for AI-driven edge, video, and sensor data management solutions[12] - The Company was awarded a$2.35 million contract by the DOJ for the Outpost AI appliance, enhancing public safety and investigative capabilities[12] - Airship AI aims for triple-digit revenue growth and positive cash flow objectives in 2024, supported by strong orders from DHS and DOJ[13] - The company expects triple-digit revenue growth for the full year 2024, supported by ongoing contract momentum and a robust pipeline of opportunities[26] - Airship AI has secured contracts with U.S. and foreign governments for its AI-driven solutions, highlighting strong demand in the homeland security and law enforcement sectors[26] - Airship AI has been awarded a contract by a Singapore government agency, indicating expansion opportunities in the Asia-Pacific region[27] Cash and Liabilities - Cash and cash equivalents were $1.7 million as of March 31, 2024, down from$3.1 million at the end of 2023[20] - Total liabilities increased to approximately $52.7 million as of March 31, 2024, compared to$23.6 million at the end of 2023[20] - Cash and cash equivalents at the end of Q1 2024 were $1,725,817, down from$3,124,413 at the beginning of the period, reflecting a net decrease of $1,401,835[33] Research and Development - Research and development expenses for Q1 2024 were$695,366, slightly up from $674,080 in Q1 2023, indicating continued investment in innovation[32] Events and Engagements - The Company hosted a customer technology week in April 2024, attracting over 65 attendees from DOJ and DHS, leading to new opportunities[4] - The Company plans to release new Outpost AI product offerings and expand custom trained AI models for edge analytic workflows[13] - The company anticipates increased activity around pilot programs initiated in 2023, following the approval of the 2024 federal budget[28]