Logo

AIRTP

Air T, Inc.

AIRTP

Air T, Inc. • NASDAQ
$19.60 ▼ -0.66% (-0.13)
Market Cap $59.67 M
52w High $19.99
52w Low $14.37
Dividend Yield 2.00%
P/E 58.33
Volume 2.03K
Outstanding Shares 3.04M

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 Q2-2025Q3-2025Q4-2025Q1-2026
Commercial Jet Engines Inventory Segment
Commercial Jet Engines Inventory Segment
 $30.00M ▲$30.00M ▲$30.00M ▲$20.00M ▼
Ground Equipment Sales
Ground Equipment Sales
 $10.00M ▲$10.00M ▲$10.00M ▲$20.00M ▲
Overnight Air Cargo
Overnight Air Cargo
 $30.00M ▲$30.00M ▲$30.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Air T’s revenue has been fairly flat in recent years, with only modest growth. The company usually earns a small gross profit, but operating profit and net income hover around break‑even. That means the underlying businesses are working, yet profitability is thin and vulnerable to any downturn or cost surprise. There was one clearly better year in the recent past, but the last few years have slipped back into small losses. Overall, this is a business that runs close to the line: small changes in demand, pricing, or costs can swing results from profit to loss.

Balance Sheet

Balance Sheet The balance sheet looks tight. Total assets are modest, cash levels are low relative to the size of the business, and debt makes up a large share of the capital structure. Reported equity is very thin, which points to a highly leveraged company with limited cushion if things go wrong. This structure can amplify returns when operations go well but also raises financial risk and limits flexibility in a prolonged downturn or if credit conditions tighten.

Cash Flow

Cash Flow Despite thin accounting profits, the company has generally produced positive cash flow from operations in recent years, aside from one weak year. Free cash flow has also been positive most of the time, helped by relatively light capital spending. This suggests the businesses are reasonably cash‑generative even when reported earnings are not strong. However, with low cash balances and meaningful debt, continued steady cash generation remains critical; there is not much room for operational missteps.

Competitive Edge

Competitive Edge Air T’s strength lies in its diversified, aviation‑focused portfolio. It has a long‑standing role as a contract carrier within the FedEx feeder network, which is a major anchor relationship and difficult for rivals to displace. Its de‑icing and ground support equipment arm serves specialized needs, including the U.S. military, where reliability and track record matter more than price alone. The aircraft, engines, and parts business focuses on niche, often overlooked segments of the aviation asset market where expertise can create an edge. Together, these create a set of narrow but defensible positions. The main risks are dependence on a few large customers, the cyclical nature of aviation, and the company’s limited financial buffer if competition or demand weakens.

Innovation and R&D

Innovation and R&D Innovation at Air T is less about lab‑style R&D and more about systems, data, and specialized know‑how. Its digital solutions businesses provide air‑cargo market data and modern, cloud‑based software tailored to aviation maintenance and operations, which can carry attractive margins and recurring revenue if adoption grows. Internally, the company has been upgrading to modern ERP systems to improve efficiency and oversight across cargo and other operations. In asset management, its platform for buying, leasing, and parting out aircraft and engines reflects deep industry knowledge rather than flashy technology. Overall, innovation is targeted and practical, aimed at making operations smarter and stickier rather than reinventing aviation technology itself.

Summary

Air T is a lean, aviation‑centric holding company with a collection of niche businesses: feeder air cargo for FedEx, aircraft and engine asset management, de‑icing and ground support equipment, and growing digital data and software services. Its main positives are diversification across several aviation niches, long‑term strategic relationships, and evidence that the businesses can generate cash even when reported profits are thin. The main concerns are very slim profit margins, a heavily leveraged balance sheet with limited equity, and exposure to aviation cycles and key customers. Future outcomes will hinge on management’s ability to grow higher‑margin digital and service offerings, maintain key contracts, and carefully manage leverage and cash in what is, by nature, a cyclical and operationally demanding industry.