Latest news with #ChirinjeevKathuria
Business Wire
10 hours ago
- Business
- Business Wire
AIRO Group Holdings, Inc. to Attend Paris Air Show 2025
ALBUQUERQUE, N.M. & MONTREAL & STØVRING, Denmark & WASHINGTON--(BUSINESS WIRE)--AIRO Group Holdings, Inc. (Nasdaq: AIRO)('AIRO' or the 'Company'), a company specializing in advanced aerospace and defense technologies, announced today that Company executives, including Executive Chairman and Co-Founder Dr. Chirinjeev Kathuria and CEO and Co-Founder Joe Burns, will attend the 55 th edition of the Paris Air Show, taking place from June 16 to June 22, 2025, in Paris, France. Experiencing triple-digit percentage year-over-year revenue growth, commanding global enterprise backlog and accelerating military training momentum Share Shares of AIRO common stock began trading on the Nasdaq Global Market under the ticker symbol 'AIRO' on June 13, 2025. AIRO's market debut comes amid strong historical financial performance for the Company and underscores its commitment to an integrated portfolio of cutting-edge technologies, including the development of fully autonomous AI-enabled surveillance drones, eVTOL hybrid and electric cargo aircraft, advanced avionics systems and comprehensive flight operations training solutions. In 2024, AIRO achieved over $86 million in revenue, reflecting growth of more than 100% from the previous year. This increase is attributed to an increase in drone shipments and support revenue driven by market entry strategies to target NATO member countries. 'The strength of AIRO lies in its diversified yet complementary portfolio of products and services, all centered around a unified aerospace and defense ecosystem,' said Executive Chairman, Dr. Chirinjeev Kathuria. 'AIRO's complementary business segments, with strategic locations in the US, Canada, and Europe, provide unparalleled access for our global client base. With significant year-over-year revenue and EBITDA growth, we believe our offerings are essential for both current and future operational landscapes.' Segment Overview AIRO's Drones (Uncrewed Air Systems) segment, the largest segment, experienced unprecedented revenue growth over the past two years, generating over $75 million in 2024. This success is largely due to the global demand for its military drone equipment and services, led by AIRO's branded RQ-35 Heidrun. 'The demand for our systems continues to rise globally, serving warfighters in challenging operational environments,' said CEO, Joe Burns. 'Our surveillance drone solutions have proven themselves in harsh battlefield conditions, offering precision, accuracy, and AI-enabled operational, communication and data analysis capabilities.' The Electric Air Mobility segment also saw significant progress into 2025, with a backlog of over 300 eVTOL aircraft orders from notable operators worldwide. AIRO's focus on cargo transportation, certification, and manufacturing in Canada, along with its patented Slowed Rotor Compound technology, positions it uniquely for certification in as early as 2027. 'Our eVTOL family has attracted attention due to its size, mission profiles, minimal noise footprint and cargo capacity,' said CEO, Joe Burns. AIRO's Training segment, renowned for delivering specialized military training solutions to the US Department of Defense (DoD) for over a decade, has recently secured a second-phase five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract valued at over $5.7 billion. This contract focuses on providing Close Air Support (CAS) and Adversary Air pilot training. Under multiple IDIQ contracts—including the Combat Air Force/Commercial Air Service (CAF CAS II) and Terminal Air Attack Controller Trainer (TAACT) Contracts—AIRO's elite training teams deliver initial qualification and follow-on training for DoD clients on an ongoing basis. To enable it to provide a wide variety of specialized training operations, AIRO is expanding its aircraft fleet of L-39 and S-211 fighter jets and Twin-Cessnas equipped for these missions. 'We are proud to deliver high-caliber training support to our military partners,' said CEO, Joe Burns. 'Our expert aircrews and specialized aircraft aim to ensure our warfighters receive realistic and effective training. I am extremely proud of this dedicated team of specialized trainers operating AIRO's military training business.' This press release shall not constitute an offer to sell or the solicitation of an offer to buy AIRO securities, nor shall there be any sale of AIRO securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. About AIRO AIRO is a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. AIRO is organized into four operating segments, each of which represents a critical growth vector in the aerospace and defense market: Drones, Avionics, Training, and Electric Air Mobility. Forward-Looking Statements The statements contained in this press release that are not historical facts are forward-looking statements. You can identify forward-looking statements because they contain words such as 'believes,' 'expects,' 'may,' 'will,' 'should,' 'seeks,' 'intends,' 'plans,' 'estimates,' or 'anticipates,' or similar expressions which concern our strategy, plans, projections or intentions. These forward-looking statements may be included throughout this press release, and include, but are not limited to, statements relating to AIRO's operational landscapes, demand for AIRO's systems, timing and expectations regarding certification of its Slowed Rotor Compound technology, the expected value of its IDIQ contract and expansion of its aircraft fleet. By their nature, forward-looking statements are not statements of historical fact or guarantees of future performance and are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. AIRO's expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date of this release. AIRO undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Yahoo
4 days ago
- Business
- Yahoo
Exclusive: Airo chairman says strong IPO reflects robust aerospace demand
- Airo Group's market debut on Friday is reflective of "healthy investor appetite" for aerospace and defense stocks, and comes as a recent bout of economic uncertainty is calming, the drone maker's Chairman and Co-founder Chirinjeev Kathuria has told in an interview on Friday. At 11:14 ET (15:14 GMT), shares were up as much as 81.5%, trading at $18.50. The stock had opened at $12.90. Airo, which is trading on the Nasdaq Composite under the symbol "AIRO," priced its initial public offering of 6 million shares of its common stock at $10 per share. It had previously said it would offer 5 million shares at a projected range of $14 to $16 a share. The New Mexico-based group said it expected to accrue gross proceeds from the offering of $60 million, before deducting underwriting discounts, commissions and other offerings expenses. Underwriters of the flotation have been granted a 30-day option to purchase up to an additional 900,000 shares, solely to cover any potential over-allotments, Airo added. Cantor Fitzgerald, BTIG, and Mizuho acted as joint lead book-running managers for the proposed offering, it noted. The Airo Group IPO was reportedly multiple times oversubscribed, according to Bloomberg. The offering is expected to close on June 16, subject to customary closing conditions. Kathuria said Airo had gained "significant commercial traction" in recent years, particularly as an increasing number of countries look to bolster their defense capabilities in response to global conflicts. Kathuria had previously indicated interest in buying as much as $5 million worth of shares at the offering price. "Given this recent growth, and the opportunities for our business ahead, we believe this is the ideal time for Airo to enter the public markets and enter our next phase of growth," Kathuria said. Initial public offerings were largely muted after President Donald Trump unveiled his sweeping "reciprocal" tariffs at a so-called "liberation day" event on April 2. Despite a broad-based climb in global stocks since then, investors have flagged worries over uncertainty stemming from often-erratic changes to Trump's trade stance. Some high-profile names, including buy-now-pay-later firm Klarna and ticket platform StubHub, have reportedly delayed their IPO plans as a result of the murky outlook. Yet the IPO market has staged a recent revival. On Thursday, fintech company Chime's shares logged a roughly 37% spike in its debut, following in the footsteps of strong performances from Circle, CoreWeave and eToro after their recent flotations. "The aerospace and defense sector has healthy investor appetite, and we believe we are strategically positioned in this IPO window with macro-economic uncertainty quieting down," Kathuria said. While the duties impact a "wide range of players" in the aerospace and defense segment, Airo's agility and diversification have also given it the tools to weather any changes in U.S. trade policies, Kathuria noted. Although Trump has delayed most of his elevated tariffs for 90 days in order to give officials more time to negotiate trade deals with individual countries, it remains broadly unclear where these talks stand. The White House's pause is due to expire in early July. This week, Trump said the U.S. plans to send out letters to dozens of nations soon that will set out the terms of trade deals. He added that these countries will then have to choose whether to "take it, or [...] leave it." Airo has taken steps to reduce its exposure to the levies, but the company believes the "tariff dynamic is simmering down" and the economic backdrop is becoming "more clear," Kathuria said. (Senad Karaahmetovic contributed reporting.) Related articles Exclusive: Airo chairman says strong IPO reflects robust aerospace demand Visa, Mastercard shares slide as WSJ says Walmart, Amazon exploring stablecoins Toronto-listed Methanex shares rise as Israel-Iran war may boost methanol prices Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
