AIRO Group Holdings Inc (NASDAQ: AIRO) is a defense and aerospace technology company that develops, manufactures, and sells drones, avionics, and military pilot training services. Revenue comes from product sales across three operating segments: Drones, Avionics, and Training, with a fourth segment, Electric Air Mobility, also reported. The Drones segment sells military and commercial unmanned aerial systems under the Sky-Watch brand, positioned as a key supplier to European NATO countries, with GPS-denied operation as a core technical differentiator. The Avionics segment sells flight displays, Connected Panels, and GPS/GNSS sensors under the Aspen Avionics brand, which carries over 20 years of operating history in the general aviation aftermarket. Aspen Avionics also supplies OEMs including Robinson Helicopters, Pilatus, Honeywell, and Joby Aviation. The company was assembled through acquisitions completed in 2022, including Aspen Avionics (April 1, 2022), AIRO Drone and Agile Defense (both February 25, 2022), and Sky-Watch. Net cash used in operations for the year ended December 31, 2025 totaled $32.4 million.

Revenue model

Transactional product sales of drones and avionics hardware, plus military pilot training services fees. The Drones segment is pursuing a Drone-as-a-Service (DaaS) model for commercial end users in addition to direct product sales. Deferred revenue decreased by $6.9 million during the year ended December 31, 2025, indicating some contract-based billing.

Products and services

Drones segment: military and commercial unmanned aerial systems under the Sky-Watch brand, including GPS-denied-capable platforms; DaaS (Drone-as-a-Service) under development. Avionics segment: flight displays, Connected Panels, and GPS/GNSS sensors under the Aspen Avionics brand for military aircraft, general aviation, drones, and eVTOLs. Training segment: military pilot training services through the Agile Defense subsidiary. Electric Air Mobility segment: operations not detailed in available excerpts.

Customers and end markets

Military end users, primarily European NATO member countries (Drones segment via Sky-Watch). General aviation aircraft owners and operators seeking avionics upgrades (Avionics segment). OEM customers including Robinson Helicopters, Pilatus, Honeywell, and Joby Aviation. Commercial drone end markets including agriculture, construction, logistics, and inspection. U.S. and international military training customers.

Value-chain role

Vertically integrated developer and manufacturer of drone platforms and avionics hardware. Sells direct to military end users and commercial customers, and as a component supplier to OEMs. Pursuing joint ventures with Ukrainian UAV developers (Bullet/Degree-Trans LLC and Nord Drone Group LLC, both announced late 2025) to access combat-proven platforms and expand into munitions-delivery drone production for NATO and U.S. markets.

Geographic exposure

United States domestic market across all segments. European NATO member countries via Sky-Watch drone sales. International expansion planned; DCS (Direct Commercial Sales) transactions flagged as higher-risk due to unfamiliar counterparties and variable foreign regulatory environments.

Source: SEC 10-K, filed 2026-03-31

Industry: Aircraft