AIR Global PLC reported first-half revenue of $206.9 million, up 3.7% from a year earlier, while adjusted EBITDA was essentially unchanged at $71.7 million. The flavored shisha molasses company, which listed on Nasdaq in May, said performance was affected by supply-chain disruptions following the closure of the Strait of Hormuz, through which about 70% of its historical shipment volumes had traveled. FSM shipment volumes fell 9%, although volumes recovered after a 38.6% decline in March and returned to growth in June.
AIR posted a net loss of $81.8 million, compared with a profit of $32 million in the first half of 2025. The loss included $48.2 million in listing-related equity expenses, $47.7 million in IPO-related cash costs, $12.4 million in share-based compensation, and $3.8 million in supply-chain disruption costs. Higher logistics and raw-material costs also pressured results.
For 2026, AIR expects revenue growth of 4% to 6%, stable shipment volumes and low- to mid-single-digit adjusted EBITDA growth. The company said higher logistics and raw-material costs, accelerated factory footprint changes and incremental public-company expenses will weigh on earnings. Over the medium term, AIR expects low-single-digit organic FSM volume growth, mid-single-digit revenue growth and high-single-digit adjusted EBITDA growth.
