2FIRSTS | Special Report|AIR H1 Revenue Rises 3.7% as Shisha Volumes Fall 9%, Testing Its Shift Beyond Traditional Hookah
Summary
AIR Global PLC reported H1 2026 revenue of $206.9 million, a 3.7% increase year-over-year, despite a 9.0% decline in Flavored Shisha Molasses (FSM) shipment volumes. Pricing and mix adjustments, particularly a 14.0% global increase, offset volume losses. Traditional shisha remains the core business, accounting for nearly all revenue, while New Growth Categories (NGC) contributed only $2.2 million (1% of total revenue). Supply-chain disruptions in the Strait of Hormuz caused a 38.6% drop in March shipments, prompting AIR to accelerate factory and logistics reorganization. The company invested $20 million in Greentank Innovations and allocated $2 million to U.S. PMTA-related costs, signaling a shift toward closed-system vaping technology and regulatory capabilities. Adjusted EBITDA remained flat at $71.7 million, but net loss surged to $81.8 million due to listing-related expenses. AIR’s future hinges on whether its NGC investments can develop into a second revenue stream beyond traditional hookah.
(Source:2Firsts)