Airwa Inc. is a US-listed company in the application software industry. Its financial year ends in April.
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Under review: every model's value for Airwa Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Airwa Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to July 2026 was $44m, up 251.1% on a year earlier, faster than the 101.3% growth a quarter earlier. Free-cash-flow margin rose to 18.8% from -30.6% a year earlier. Operating margin narrowed to -18.0% from 44.9%. It passes 1 of our 2 financial-health checks.
Our model value for Airwa is under review, so past values are not shown until it is resolved.
Source: 10-Q filed September 22, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Airwa Inc.'s trailing-twelve-month revenue grew 251.1% year on year, with a free-cash-flow margin of 18.8%.
Current signal Revenue growth accelerating: TTM revenue growth rose to 251.1% (+149.8pp vs the prior quarter).
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Share price | $1632000000.00 | $432000000.00 | $5472000.00 | $600000.00 | $36280.00 | $584.80 |
| Market value | $9.15tn | $139.47tn | $6.4bn | $18.18tn | $12m | $14m |
| + Net debt (− = net cash) | −$665622 | $16m | $3m | −$39351 | −$54744 | −$13m |
| Enterprise value | $9.15tn | $139.47tn | $6.4bn | $18.18tn | $12m | $862591 |
| Multiples | ||||||
| Price / sales | n/m | n/m | n/m | n/m | 0.9x | 0.5x |
| Price / earnings | — | — | — | n/m | 3.3x | — |
| Price / free cash flow | — | — | — | n/m | — | — |
| EV / EBITDA | — | — | — | n/m | 1.2x | — |
Weak moat
How hard Airwa's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -62.3% of total assets over 10 years.
Gross margin has been a median 33.5%, moving by 29.3 percentage points (standard deviation) across 7 years.
Operating margin has been a median -18.0%; its worst year was -278.6%.
Free cash flow was positive in 1 of 6 years, at a median -58.9% of revenue.
AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (20 before it).
No analyst estimates are published for Airwa Inc.: too few analysts cover it.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| YYAI | −99% | −98% | −70% | −99% | −100% |
| Industry peers (median) | −50% | +19% | +2% | −20% | −14% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| YYAI | 8% | 25% | 42% | 42% | 27% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| YYAI | −99% | −99% | −98% | −100% | −100% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since January 8, 2021: 100% from April 16, 2021 to October 23, 2026. Getting back needed a 299999975078% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY24 Q2 | $9.3M |
| FY24 Q3 | $8.2M |
| FY24 Q4 | $9.7M |
| FY25 Q1 | $9.8M |
| FY25 Q2 | $10.8M |
| FY25 Q3 | $13.6M |
| FY25 Q4 | $12.8M |
| FY26 Q1 | $12.5M |
| FY26 Q2 | $12.3M |
| FY26 Q3 | $16M |
| FY26 Q4 | $25.8M |
| FY27 Q1 | $44.1M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY24 Q2 | -34.5% |
| FY24 Q3 | -29.6% |
| FY24 Q4 | -2.7% |
| FY25 Q1 | 3.6% |
| FY25 Q2 | 15.8% |
| FY25 Q3 | 65.8% |
| FY25 Q4 | 32.8% |
| FY26 Q1 | 28.0% |
| FY26 Q2 | 13.9% |
| FY26 Q3 | 17.7% |
| FY26 Q4 | 101.3% |
| FY27 Q1 | 251.1% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY24 Q2 | -188.0% |
| FY24 Q3 | -197.0% |
| FY24 Q4 | 0.6% |
| FY25 Q1 | 44.4% |
| FY25 Q2 | 73.8% |
| FY25 Q3 | 60.1% |
| FY25 Q4 | 51.3% |
| FY26 Q1 | 44.9% |
| FY26 Q2 | 27.4% |
| FY26 Q3 | 7.9% |
| FY26 Q4 | -23.7% |
| FY27 Q1 | -18.0% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY24 Q2 | -135.5% |
| FY24 Q3 | -133.2% |
| FY24 Q4 | -11.8% |
| FY25 Q1 | -26.9% |
| FY25 Q2 | -15.6% |
| FY25 Q3 | -25.0% |
| FY25 Q4 | -26.2% |
| FY26 Q1 | -30.6% |
| FY26 Q2 | -288.6% |
| FY26 Q3 | 2.6% |
| FY26 Q4 | -82.0% |
| FY27 Q1 | 18.8% |
| Fiscal year | 2017 Apr 2017 | 2018 Apr 2018 | 2019 Apr 2019 | 2020 Apr 2020 | 2021 Apr 2021 | 2022 Apr 2022 | 2023 Apr 2023 | 2024 Apr 2024 | 2025 Apr 2025 | 2026 Apr 2026 | LTM Jul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 0 | 0 | 0 | 1 | 11 | 16 | 10 | 5 | 13 | 26 | 44 |
| Gross profit | 0 | 0 | — | −1 | 3 | 4 | 3 | 4 | 10 | 3 | 7 |
| EBITDA | 0 | −0 | −0 | −7 | −4 | −47 | −10 | 5 | 10 | −6 | −8 |
| Operating income | 0 | −0 | −0 | −7 | −4 | −47 | −22 | 4 | 7 | −6 | −8 |
| Net income | 0 | −0 | −0 | −9 | −19 | −52 | −71 | 3 | 3 | −18 | −19 |
| Diluted EPS | $0.00 | $0.00 | $0.00 | −$1763.84 | −$3337.00 | −$160.41 | −$60597.34 | −$12429.17 | $10842.51 | −$752.73 | — |
| Growth (year on year) | |||||||||||
| Revenue | — | −9.9% | −100.0% | — | +>999% | +49.0% | −38.4% | −47.6% | +146.7% | +101.3% | +251.1% |
| EBITDA | — | −231.5% | — | — | — | — | — | — | +89.9% | −160.9% | −196.3% |
| Operating income | — | −305.2% | — | — | — | — | — | — | +70.7% | −193.1% | −240.5% |
| Net income | — | −305.2% | — | — | — | — | — | — | +33.0% | −603.0% | — |
| Diluted EPS | — | — | — | — | — | — | — | — | — | −106.9% | — |
| Margins | |||||||||||
| Gross margin | 100.0% | 100.0% | — | −99.8% | 28.9% | 26.2% | 28.0% | 77.3% | 76.8% | 12.9% | 15.3% |
| EBITDA margin | 27.5% | −40.1% | — | <−999% | −34.5% | −289.8% | −104.8% | 96.8% | 74.6% | −22.5% | −18.8% |
| Operating margin | 25.8% | −58.8% | — | <−999% | −34.5% | −290.1% | −221.3% | 74.2% | 51.3% | −23.7% | −18.0% |
| Net margin | 25.8% | −58.8% | — | <−999% | −172.1% | −321.5% | −717.1% | 50.5% | 27.2% | −68.0% | −43.9% |
| Free-cash-flow margin | 83.5% | −68.6% | — | −613.3% | −41.8% | −76.8% | −64.1% | 0.8% | −3.0% | −80.8% | — |
| Cash flow | |||||||||||
| Cash from operations | 0 | −0 | −0 | −4 | −5 | −12 | −6 | 0 | −0 | −21 | 8 |
| Capital spending | −0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |
| Free cash flow | 0 | −0 | −0 | −4 | −5 | −12 | −6 | 0 | −0 | −21 | — |
| Stock-based pay | — | — | — | 4 | 0 | 32 | 1 | — | 0 | — | — |
| Free cash flow after stock pay | — | — | — | −8 | −5 | −45 | −7 | — | −0 | — | — |
| Balance sheet | |||||||||||
| Cash | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 13 | 11 |
| Total debt | 0 | 0 | 0 | — | 0 | 17 | 3 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −0 | −0 | −0 | −0 | −1 | 16 | 3 | −0 | −0 | −13 | −11 |
| Diluted shares | — | — | — | — | — | — | — | 30m | — | — | — |
| Returned to shareholders | |||||||||||
| Buybacks | — | 0 | 0 | 0 | — | — | — | — | — | — | — |
| Total returned | — | 0 | 0 | 0 | — | — | — | — | — | — | — |
| Quarter | 2025 Q2 Oct 2024 | 2025 Q3 Jan 2025 | 2025 Q4 Apr 2025 | 2026 Q1 Jul 2025 | 2026 Q2 Oct 2025 | 2026 Q3 Jan 2026 | 2026 Q4 Apr 2026 | 2027 Q1 Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3 | 3 | 3 | 3 | 3 | 7 | 13 | 21 |
| Gross profit | 3 | 3 | 2 | 2 | 2 | 0 | −2 | 6 |
| EBITDA | 3 | 1 | 2 | 2 | 1 | −1 | −8 | −0 |
| Operating income | 2 | 1 | 1 | 1 | 0 | −2 | −6 | −0 |
| Net income | −1 | −0 | 0 | 1 | −0 | −2 | −17 | −1 |
| Diluted EPS | $151.95 | −$1.41 | $10830.56 | $3464.10 | −$1.18 | −$0.05 | −$752.71 | −$9.63 |
| Growth (year on year) | ||||||||
| Revenue | +42.5% | +580.7% | −20.1% | −8.3% | −8.3% | +113.1% | +327.8% | +608.1% |
| EBITDA | — | +95.4% | −43.7% | −29.8% | −74.0% | −164.5% | −496.6% | −110.5% |
| Operating income | — | +58.5% | −55.1% | −38.9% | −97.7% | −395.3% | −576.6% | −119.9% |
| Net income | −177.5% | −247.2% | −99.4% | — | — | — | — | −140.2% |
| Diluted EPS | −97.6% | −100.1% | — | — | — | — | — | −100.3% |
| Margins | ||||||||
| Gross margin | 77.3% | 77.3% | 75.2% | 75.2% | 75.2% | 5.6% | −12.2% | 26.5% |
| EBITDA margin | 93.9% | 38.9% | 67.5% | 74.5% | 26.6% | −11.8% | −62.6% | −1.1% |
| Operating margin | 71.2% | 16.2% | 42.7% | 49.7% | 1.8% | −22.5% | −47.6% | −1.4% |
| Net margin | −41.7% | −12.6% | 0.3% | 42.0% | −7.4% | −23.2% | −132.3% | −2.4% |
| Free-cash-flow margin | 23.8% | −4.1% | −14.1% | −36.1% | <−999% | 512.1% | −192.3% | 130.3% |
| Cash flow | ||||||||
| Cash from operations | 1 | −0 | −0 | −1 | −31 | 36 | −25 | 28 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | 1 | −0 | −0 | −1 | −31 | 36 | −25 | 28 |
| Stock-based pay | — | — | 0 | — | — | — | — | — |
| Free cash flow after stock pay | — | — | −0 | — | — | — | — | — |
| Last 12 months unless stated | YYAI | LHSW | AEYE | RZLV | YXT | DTSS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $44m | $43m | $43m | $47m | $47m | $41m | $479m |
| Revenue growth, last 12 months | 251.1% | 18.4% | 8.1% | >999% | 2.8% | −43.2% | 12.0% |
| Revenue growth, 3-year average | 67.0% | — | 11.1% | — | — | — | 11.2% |
| Revenue growth, latest quarter | 608.1% | — | 7.2% | — | — | — | 11.9% |
| Gross margin | 15.3% | 21.4% | 79.8% | — | 68.3% | 10.2% | 69.2% |
| Operating margin | −18.0% | −15.8% | −4.8% | −185.6% | −41.5% | −5.7% | 1.1% |
| Operating margin, 3-year average | 23.8% | — | −6.1% | — | — | — | −0.8% |
| Net margin | −43.9% | −13.2% | −7.1% | −216.7% | −46.7% | −5.4% | 1.6% |
| Cash from operations / revenue | 17.9% | −20.7% | 15.4% | −134.9% | −42.9% | 4.9% | 18.1% |
| Free-cash-flow margin | 18.8% | −20.9% | 15.2% | −135.1% | −43.3% | 4.9% | 15.1% |
| Free-cash-flow margin, 3-year average | −12.9% | — | 10.3% | — | — | — | 15.9% |
| Stock pay / revenue | 7.5% | 3.0% | 11.7% | 13.7% | 3.6% | 4.5% | 9.2% |
| Change in share count | 93.4% | 4.8% | 18.7% | 63.7% | 8.1% | 45.9% | 2.3% |
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Advertising | $12M | 46.4% | — |
| Royalty | $7.3M | 28.1% | ▼ 43.4% |
| AI Services | $6.6M | 25.5% | — |
| Region | Revenue | Share | YoY |
|---|---|---|---|
| Singapore | $13.7M | 53.2% | — |
| Hong Kong | $4.7M | 18.4% | ▼ 11.3% |
| United States | $2M | 7.7% | ▼ 53.2% |
| United Kingdom | $1.5M | 5.8% | ▼ 53.2% |
| Malaysia | $1.3M | 5.2% | — |
| VN | $888,300 | 3.4% | — |
| Brazil | $780,000 | 3.0% | — |
| Taiwan | $651,700 | 2.5% | — |
| PH | $180,000 | 0.7% | — |
From Airwa Inc.'s 10-K filed September 21, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Geode Capital Management, LLC | $76,726 | 10K | 29.6% | New |
| Vanguard Capital Management LLC | $76,021 | 10K | 29.3% | New |
| UBS Group AG | $66,425 | 9K | 25.6% | New |
| Vanguard Fiduciary Trust Co | $35,915 | 5K | 13.9% | New |
| Tower Research Capital LLC (TRC) | $2,922 | 0K | 1.1% | New |
| Blackrock, Inc. | $921 | 0K | 0.4% | New |
| Federation Des Caisses Desjardins Du Quebec | $340 | 0K | 0.1% | New |
| Parallel Advisors, LLC | $8 | 0K | 0.0% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Airwa Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Hrt Financial Lp 10% owner | August 11, 2026 | Sell | 885,977 | $0.08 | $70,878 |
| Hrt Financial Lp 10% owner | August 10, 2026 | Sell | 421,879 | $0.08 | $33,750 |
| Hrt Financial Lp 10% owner | August 7, 2026 | Buy | 75,985 | $0.08 | $6,079 |
| Hrt Financial Lp 10% owner | August 4, 2026 | Sell | 414,525 | $0.02 | $8,290 |
| Zhou Hongyu Director | April 10, 2026 | Buy | 10,000 | $0.91 | $9,100 |
| Zhou Hongyu Director | January 21, 2026 | Buy | 4,215,000 | $1.37 | $5.8M |
| Zhou Hongyu Director | January 12, 2026 | Buy | 744,496 | $1.41 | $1M |
| Zhou Hongyu Director | January 11, 2026 | Buy | 365,426 | $1.23 | $449,474 |
| Zhou Hongyu Director | January 8, 2026 | Buy | 139,097 | $1.21 | $168,307 |
| Zhou Hongyu Director | January 7, 2026 | Buy | 50,000 | $1.03 | $51,500 |
| Zhou Hongyu Director | January 6, 2026 | Buy | 123,088 | $1.02 | $125,550 |
| Zhou Hongyu Director | January 5, 2026 | Buy | 16,830 | $1.00 | $16,830 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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