your badges 52W Range $2–$12 2% of range Analyst Rating BUY 9 analysts Price Target $4 +154% upside P/E -9.8 ROE -12.0% Net Profit Margin -7.8%

AIRS Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $1.77
Market Cap (MRQ) $127M
P/E (TTM) -9.8
EPS (TTM) $-0.18
Revenue (TTM) $151M
Div Yield 0.00%
ROE (TTM) -12.0%
Debt/Equity (MRQ) 0.4
52W Range $2–$12

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10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$152M
2019-12-31 → 2025-12-31
EPS$-0.19
2021-12-31 → 2025-12-31
Free Cash Flow$692.0K
2021-12-31 → 2025-12-31
Net margin-7.8%
2021-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend AIRS 5Y avg Peer Median Verdict
P/E (TTM) -9.85Y avg ≈-374.9 ≈-374.9 · ·
P/S (TTM) 0.85Y avg ≈2.6 ≈2.6 1.6 Overvalued
P/B (MRQ) 1.25Y avg ≈5.0 ≈5.0 2.3 Overvalued
EV / EBITDA 132.55Y avg ≈66.0 ≈66.0 · ·
Price / FCF (TTM) 166.65Y avg ≈33.6 ≈33.6 · ·
Price / Cash Flow (TTM) 99.15Y avg ≈26.1 ≈26.1 25.4 Overvalued
EV / Revenue 1.15Y avg ≈3.0 ≈3.0 · ·
EV / FCF 233.95Y avg ≈45.5 ≈45.5 · ·
Price / Tangible Book (MRQ) 1.8 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13
Dividend Yield0.00%
Payout Ratio0.00%
Ex-dateAmountCurrencyYield
Aug 25, 2022$0.41USD≈4.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise 31.2%
Next Report Nov 05, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 7, 2026 $0.01 $0.01 —
March 31, 2026 May 8, 2026 $-0.01 $-0.02 51.0%
Dec. 31, 2025 $-0.02 $-0.03 21.6%
Sept. 30, 2025 $-0.04 $-0.02 -96.1%
June 30, 2025 $0.02 $-0.01 247.1%
March 31, 2025 $-0.02 $-0.06 67.3%
Dec. 31, 2024 $-0.09 $-0.04 -103.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 13
Metric Trend 202520242023202220212020
Revenue $152M$180M$196M$169M$133M$63M
SG&A Expense $82M$99M$102M$101M$66M$24M
Operating Expenses $163M$182M$186M$173M$118M$53M
Operating Income $-12M$-2M$10M$-5M$16M$10M
Interest Expense ··$6M$7M$5M$2M
Pretax Income $-18M$-8M$3M$-11M$11M$8M
Income Tax $-6M$188.0K$7M$3M$329.0K$0
Net Income $-12M$-8M$-4M$-15M$11M$8M
EPS (Basic) $-0.19$-0.14$-0.08$-0.26$-0.01·
EPS (Diluted) $-0.19$-0.14$-0.08$-0.26$-0.01·
Shares (Basic) 60,450,76957,688,90656,778,79355,684,70155,640,154·
Shares (Diluted) 60,450,76957,688,90656,778,79355,684,70155,640,154·
EBITDA $1M$10M$20M$4M$22M·
Balance Sheet 25
Metric Trend 202520242023202220212020
Cash & Equivalents $8M$8M$10M$10M$25M$10M
Prepaid Expense $6M$6M$4M$4M$4M$1M
Current Assets $15M$17M$16M$17M$29M$12M
PP&E (Net) $28M$37M$29M$24M$14M$7M
Accum. Depreciation $26M$19M$12M$6M$3M$1M
Goodwill $82M$82M$82M$82M$82M$82M
Intangibles $37M$42M$46M$51M$56M$61M
Other Non-current Assets $3M$5M$6M$3M$2M$2M
Total Assets $187M$213M$204M$201M$201M$180M
Accounts Payable $5M$6M$4M$4M$3M$1M
Accrued Liabilities $5M$8M$3M$7M$4M$581.0K
Current Liabilities $28M$29M$20M$22M$16M$9M
Capital Leases $20M$28M$23M$20M$15M$14M
Deferred Tax $878.0K$7M$7M$5M$4M$0
Other Non-current Liabilities $0$817.0K$716.0K$1M$0·
Total Liabilities $100M$135M$120M$130M$117M$56M
Long-term Debt $56M$70M$72M$84M$83M$33M
Total Debt $56M$70M$72M$84M$83M·
Common Stock $64.0K$58.0K$57.0K$56.0K$56.0K·
Paid-in Capital $128M$108M$104M$86M$84M·
Retained Earnings $-41M$-29M$-20M$-15M$-393.0K·
AOCI $-96.0K$-687.0K$-412.0K$-76.0K$0·
Stockholders' Equity $88M$78M$83M$71M$84M·
Liabilities + Equity $187M$213M$204M$201M$201M$180M
Shares Outstanding 64,542,46158,369,13857,355,67656,181,68955,640,1540
Cash Flow 16
Metric Trend 202520242023202220212020
D&A $13M$12M$10M$8M$7M$6M
Stock-based Comp $2M$4M$18M$29M$7M$325.0K
Deferred Tax $-6M$-252.0K$1M$1M$208.0K$0
Amort. of Intangibles $5M$5M$5M$5M$5M$5M
Other Non-cash $6M$4M$-1M$474.0K$2M·
Operating Cash Flow $3M$11M$24M$24M$27M$14M
CapEx $2M$14M$10M$13M$7M$4M
Investing Cash Flow $-2M$-14M$-10M$-13M$-7M$-4M
Stock Issued $19M$0$0···
Net Stock Activity $19M·····
Dividends Paid $0$252.0K$385.0K$23M$0$0
Financing Cash Flow $-478.0K$630.0K$-13M$-27M$-5M$-5M
Net Change in Cash $214.0K$-2M$646.0K$-16M$15M$5M
Taxes Paid $2M$5M····
Free Cash Flow $692.0K$-3M$14M$12M$20M·
Levered FCF ··$24M$3M$15M·
Profitability 7
Metric Trend 202520242023202220212020
Operating Margin -7.6%-1.0%4.8%-2.7%11.8%·
Net Margin -7.7%-4.6%-2.3%-8.7%7.9%·
Pretax Margin -11.6%-4.5%1.5%-6.7%8.2%·
EBITDA Margin 0.80%5.6%10.1%2.1%16.8%·
ROA -5.8%-4.0%-2.2%-7.3%5.5%·
ROE -13.1%-10.2%-5.3%-20.5%25.3%·
ROIC -5.3%-1.2%-9.1%-3.8%9.2%·
Liquidity & Solvency 5
Metric Trend 202520242023202220212020
Current Ratio 0.60.60.80.71.8·
Quick Ratio 0.30.30.50.41.5·
Debt / Equity 0.60.90.91.21.0·
LT Debt / Equity 0.60.80.81.21.0·
Interest Coverage ··1.5-0.73.2·
Efficiency 1
Metric Trend 202520242023202220212020
Asset Turnover 0.80.91.00.80.7·
Per Share 6
Metric Trend 202520242023202220212020
Book Value / Share $1.36$1.36$1.46$1.26$1.50·
Revenue / Share $2.51$3.13$3.45$3.03$2.40·
Cash Flow / Share $0.05$0.20$0.42$0.44$0.48·
Cash / Share $0.13$0.14$0.18$0.17$0.46·
Dividend / Share ···$0.41··
EPS (TTM) $-0.19$-0.14$-0.08$-0.26$-0.01·
Growth Rates 4
Metric Trend 202520242023202220212020
Revenue YoY -15.8%-8.0%16.1%26.6%112.4%·
Revenue CAGR 3Y -3.5%10.6%46.1%···
Revenue CAGR 5Y 19.3%·····
Net Income YoY ····39.2%·
Valuation (TTM) 16
Metric Trend 202520242023202220212020
Revenue TTM $152M$180M$196M$169M$133M·
Net Income TTM $-12M$-8M$-4M$-15M$11M·
Market Cap $128M$303M$430M$208M$956M·
Enterprise Value $175M$364M$491M$282M$1.01B·
P/E -10.4-37.1-93.6-14.2-1719.0·
P/S 0.81.72.21.27.2·
P/B 1.53.85.12.911.5·
P / Cash Flow 41.226.717.98.535.9·
P / FCF 184.4-114.030.618.049.0·
EV / EBITDA 143.536.224.980.145.3·
EV / FCF 253.2-137.135.024.451.9·
EV / Revenue 1.22.02.51.77.6·
Dividend Yield 0.00%0.08%0.09%11.1%0.00%·
Earnings Yield -9.6%-2.7%-1.1%-7.0%-0.06%·
Payout Ratio 0.00%-3.0%-8.6%-157.8%··
Annual Payout $0$252.0K$385.0K$23M$0·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $152M $180M $196M $169M $133M
Operating Margin % -7.6% -1.0% 4.8% -2.7% 11.8%
Net Income $-12M $-8M $-4M $-15M $11M
Diluted EPS $-0.19 $-0.14 $-0.08 $-0.26 $-0.01

Institutional owners (13F) 113 filers · $188.3M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 113
Value held $188.3M
New positions 27
Exited positions 9
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
27 (-1 vs prior Q) 9 (-16 vs prior Q) 38 (+13 vs prior Q) 30 (+1 vs prior Q) +3.9M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Vesey Street Capital Partners, L.L.C. $136,458,810 30,324,180 72.49% Shares
BlackRock, Inc. $5,754,921 1,278,871 3.06% Shares
WEXFORD CAPITAL LP $3,787,803 841,734 2.01% Shares
UBS Group AG $3,564,824 792,183 1.89% Shares
FourWorld Capital Management LLC $3,375,000 750,000 1.79% Shares
FLPUTNAM INVESTMENT MANAGEMENT CO $3,113,951 691,989 1.65% Shares
VANGUARD GROUP INC $2,279,098 1,151,060 1.21% Shares
AQR CAPITAL MANAGEMENT LLC $2,118,256 470,723 1.13% Shares
GEODE CAPITAL MANAGEMENT, LLC $2,030,804 451,224 1.08% Shares
CenterBook Partners LP $1,763,154 391,812 0.94% Shares
MILLENNIUM MANAGEMENT LLC $1,679,958 373,324 0.89% Shares
STATE OF WISCONSIN INVESTMENT BOARD $1,417,262 314,947 0.75% Shares
Saba Capital Management, L.P. $1,408,694 313,043 0.75% Shares
JANE STREET GROUP, LLC $1,348,659 299,702 0.72% Shares
CITIZENS FINANCIAL GROUP INC/RI $1,320,561 293,458 0.70% Shares
MARSHALL WACE, LLP $1,303,140 289,586 0.69% Shares
VANGUARD CAPITAL MANAGEMENT LLC $1,293,372 287,416 0.69% Shares
STATE STREET CORP $1,249,619 277,693 0.66% Shares
GOLDMAN SACHS GROUP INC $1,071,968 238,215 0.57% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $1,069,200 237,600 0.57% Put option
SUSQUEHANNA INTERNATIONAL GROUP, LLP $956,250 212,500 0.51% Call option
TUDOR INVESTMENT CORP ET AL $656,568 145,904 0.35% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $644,036 143,119 0.34% Shares
VANGUARD FIDUCIARY TRUST CO $641,547 142,566 0.34% Shares
NORTHERN TRUST CORP $536,319 119,182 0.28% Shares
Manatuck Hill Partners, LLC $450,000 100,000 0.24% Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC $432,900 96,200 0.23% Shares
Centiva Capital, LP $387,045 86,010 0.21% Shares
CITIGROUP INC $338,648 75,255 0.18% Shares
IEQ CAPITAL, LLC $313,817 69,737 0.17% Shares
MORGAN STANLEY $311,988 69,330 0.17% Shares
Dauntless Investment Group, LLC $303,120 67,360 0.16% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $285,426 63,428 0.15% Shares
TWO SIGMA INVESTMENTS, LP $277,970 61,771 0.15% Shares
BARCLAYS PLC $261,433 58,096 0.14% Shares
BOOTHBAY FUND MANAGEMENT, LLC $233,600 51,911 0.12% Shares
State of Wyoming $215,842 47,965 0.11% Shares
Arax Advisory Partners $206,954 45,990 0.11% Shares
Mariner, LLC $196,786 43,730 0.10% Shares
ALLIANCEBERNSTEIN L.P. $189,327 66,900 0.10% Shares
JANE STREET GROUP, LLC $180,000 40,000 0.10% Call option
JANE STREET GROUP, LLC $156,150 34,700 0.08% Put option
Nuveen, LLC $146,219 32,493 0.08% Shares
DIMENSIONAL FUND ADVISORS LP $145,526 32,339 0.08% Shares
Bank of New York Mellon Corp $116,871 25,971 0.06% Shares
Jain Global LLC $105,336 23,408 0.06% Shares
Waverly Advisors, LLC $100,818 22,404 0.05% Shares
ExodusPoint Capital Management, LP $99,778 22,173 0.05% Shares
Cerity Partners LLC $99,423 22,094 0.05% Shares
UNITED BANK $96,750 21,500 0.05% Shares

Show all 113 institutional owners →

Activists & 5%+ owners 1 position

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Rollins Aaron March 13, 2026 23.60% Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 13 insiders · 8 officers · 7 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Yogesh Jashnani Chief Executive Officer April 8, 2026 A 696,475 0 0 $0
Todd Magazine President and CEO Feb. 20, 2024 A 370,339 0 0 $0
Michael J Arthur Chief Financial Officer April 8, 2026 A 215,086 0 0 $0
Dennis Dean Chief Financial Officer March 18, 2025 A 660,668 0 0 $0
Ronald P. Zelhof COO and President Nov. 2, 2022 F 1,103,342 0 0 $0
Brent R Wadman GENERAL COUNSEL April 8, 2026 A 55,272 0 0 $0
Rollins Aaron Executive Chairman May 19, 2025 P 15,146,039 0 0 $0
Philip Bodie Chief Accounting Officer March 18, 2025 A 76,052 0 0 $0
Kenneth Higgins Director May 12, 2026 A 274,066 0 0 $0
Caroline Chu Director May 12, 2026 A 277,066 0 0 $0
Thomas J Aaron Director May 12, 2026 A 276,866 0 0 $0
Pamela L. Netzky Director May 7, 2024 A 88,186 0 0 $0
Chernett Jorey 10% owner April 17, 2026 E 7,053,761 16 1 $1,984,820

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 9 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IWC · iShares Trust 0.01% 33,145 SH Sept. 11, 2026 Daily
IWO · iShares Trust 0.00% 199,185 SH Sept. 11, 2026 Daily
IWM · iShares Trust 0.00% 540,744 SH Sept. 11, 2026 Daily
DFAS · Dimensional ETF Trust 0.00% 17,590 NS July 31, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.00% 287,416 SH Aug. 19, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.00% 55,989 SH Aug. 19, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.00% 755 SH Aug. 19, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.00% 6,684 SH Aug. 19, 2026 Daily
IWN · iShares Trust · 41,321 SH Sept. 11, 2026 Daily

AIRS Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 9 analysts BUY
Median target $4.50 +154.2%
2 22.2% Strong Buy
4 44.4% Buy
3 33.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

2 analysts · 2026-10-02

Mean target $4.50 +154.2%

← Below all targets Current price $1.77
Low$3.00 Mean$4.50 High$6.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
AIRS $128M -10.4 -15.8% -7.7% -13.1% ·
NAKA $154M -1.4 -33.0% -2867.7% -20.0% ·
PARK · · · · · ·
PIII · · · · · ·
PRPO $41M -99.9 29.8% -1.5% -2.7% 44.5%
DCGO $87M -0.5 -47.7% -56.6% -78.5% ·
CVS $100.87B 57.1 7.8% 0.44% 2.4% ·

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26

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Source: SEC 10-Q filed Aug 10, 2026