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AIRT

Air T, Inc.

AIRT

Air T, Inc. • NASDAQ
$19.90 ▲ 8.45% (+1.55)
Market Cap $53.78 M
52w High $26.70
52w Low $14.56
Dividend Yield 0%
P/E -9.9
Volume 1.05K
Outstanding Shares 2.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $64.15M ▼ $18.099M ▲ $4.355M ▲ 6.789% ▲ $1.61 ▲ $10.313M ▲
Q1-2026 $70.87M ▲ $15.031M ▲ $-1.636M ▲ -2.308% ▲ $-0.61 ▲ $2.791M ▲
Q4-2025 $66.315M ▼ $12.942M ▼ $-7.028M ▼ -10.598% ▼ $-2.6 ▼ $-4.239M ▼
Q3-2025 $77.88M ▼ $15.174M ▲ $-1.297M ▼ -1.665% ▼ $-0.47 ▼ $2.993M ▼
Q2-2025 $81.242M $14.202M $2.52M 3.102% $0.91 $6.41M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $18.64M ▲ $184.741M ▼ $177.434M ▼ $69K ▲
Q1-2026 $14.945M ▲ $190.037M ▲ $184.745M ▲ $-4.63M ▼
Q4-2025 $6.354M ▼ $173.778M ▼ $168.242M ▼ $-3.216M ▼
Q3-2025 $18.458M ▲ $187.623M ▼ $173.623M ▼ $5.114M ▼
Q2-2025 $8.612M $197.116M $181.04M $7.035M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $4.355M ▲ $-5.409M ▼ $16.66M ▲ $-8.831M ▼ $2.565M ▼ $-5.622M ▼
Q1-2026 $-1.636M ▲ $-1.095M ▼ $-2.724M ▲ $12.577M ▲ $8.466M ▲ $-1.326M ▼
Q4-2025 $-7.028M ▼ $4.119M ▼ $-3.389M ▼ $-12.788M ▼ $-12.26M ▼ $3.97M ▼
Q3-2025 $-1.244M ▼ $16.333M ▲ $-2.605M ▲ $-4.507M ▼ $9.583M ▲ $15.982M ▲
Q2-2025 $2.963M $2.931M $-16.203M $13.785M $479K $-11.909M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Commercial Jet Engines Inventory Segment
Commercial Jet Engines Inventory Segment
 $0 ▲$90.00M ▲$20.00M ▼$20.00M ▲
Ground Equipment Sales
Ground Equipment Sales
 $0 ▲$30.00M ▲$20.00M ▼$10.00M ▼
Overnight Air Cargo
Overnight Air Cargo
 $0 ▲$90.00M ▲$30.00M ▼$30.00M ▲
NonUS
NonUS
 $10.00M ▲$0 ▼$0 ▲$0 ▲
UNITED STATES
UNITED STATES
 $60.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown over the past few years and then flattened out more recently, suggesting the company has reached a steadier but not strongly expanding level of activity. Margins have improved from earlier years but are still fairly thin, so small changes in pricing, volume, or cost can swing results. Operating profit has hovered around breakeven, and net income has often been slightly negative, which signals that the core business is close to—but not consistently above—true profitability. Earnings per share have been quite volatile from year to year, implying that one‑off items, accounting adjustments, or financial structure have a big effect on reported results. Overall, the income statement shows a business that is operating close to the line between loss and profit, with modest underlying improvement but no clear, durable earnings power yet.

Balance Sheet

Balance Sheet The balance sheet looks highly stretched. Total assets have stayed in a fairly tight band, but debt accounts for a large share of the capital structure, while shareholder equity has shrunk to a very thin layer. That means the company is heavily leveraged and has little cushion to absorb shocks, write‑downs, or weak years. Cash on hand is small relative to total assets and borrowings, so day‑to‑day liquidity likely depends on ongoing cash generation and access to credit rather than on a large cash reserve. This structure can boost returns in good times but increases financial risk if business conditions or asset values deteriorate.

Cash Flow

Cash Flow Despite thin accounting profits, the business has produced generally positive operating cash flow in recent years, after a difficult year where cash flowed out of the business. Free cash flow has also been modestly positive lately, helped by low levels of capital spending. This suggests the company can pull cash out of its operations even when reported earnings are weak, likely due to working capital management and non‑cash expenses. However, the limited investment in new assets may also indicate either a disciplined capital allocation approach or a constraint on growth investment, depending on management’s intent and financing capacity.

Competitive Edge

Competitive Edge Air T operates in aviation niches where relationships, reliability, and specialized know‑how matter more than scale alone. Its long‑standing role as a feeder airline to a major express carrier provides recurring business and deep operational integration, which can be hard for rivals to displace. The ground support equipment segment, especially de‑icing trucks, benefits from a reputation for durability and a sole‑source position with the U.S. Air Force, adding a layer of embedded customer dependence. The aircraft asset management businesses trade on market insight and relationships rather than unique technology, but they operate in a space where expertise and inventory access are key. Overall, Air T’s moat is relationship‑ and niche‑driven rather than size‑ or brand‑driven, and it remains vulnerable to changes in key contracts or aviation cycles.

Innovation and R&D

Innovation and R&D Innovation at Air T is practical and operations‑focused, not about breakthrough technologies. The ground support unit has introduced equipment that reduces labor needs and de‑icing fluid usage, blending cost savings with environmental benefits. The cargo airlines have invested in systems that tighten coordination, accounting, and maintenance planning, improving efficiency without altering the basic business model. On the asset management side, the edge comes from structuring deals and understanding the secondary market for aircraft and engines rather than from formal R&D. A newer digital data segment hints at a push toward more information‑driven, higher‑margin services, but it is still early and its long‑term impact is uncertain.

Summary

Air T is a small, diversified aviation holding company operating close to the break‑even line on its income statement, with improving but still fragile profitability. The balance sheet is highly leveraged with minimal equity, which heightens financial risk and makes consistent cash generation and lender support very important. Recent years show the company can produce positive cash flow, aided by restrained capital spending, yet this also limits visible organic growth investment. Competitively, Air T leans on entrenched relationships, specialized equipment, and niche aviation expertise rather than scale or brand dominance. Its innovation efforts center on operational efficiency and selective digital initiatives rather than heavy R&D. Overall, it is a niche aviation platform with meaningful contract and leverage risk, modest but real cash‑generation ability, and potential upside tied to disciplined capital allocation and the evolution of its key customer and digital data relationships.

NEWS

November 12, 2025 · 5:25 PM UTC

Air T, Inc. Reports Second Quarter Fiscal 2026 Results

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November 11, 2025 · 5:00 PM UTC

Air T Welcomes Creditor Support for Rex Acquisition

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October 21, 2025 · 6:00 AM UTC

Air T Enters into Agreement with Regional Express Holdings Limited

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