$AIRT

AIR T INC

CIK:0000353184|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
Total revenue	$ 115,461	$ 70,870
Operating Expenses:
General and administrative	29,648	15,031
Depreciation and amortization	9,885	1,284
Earnout remeasurement	0	(402)
Operating expenses	128,286	70,022
Operating (loss) income	(12,825)	848
Non-operating (expense) income:
Interest expense	(5,673)	(2,314)
Income (loss) from equity method investments	3,215	(19)
Other	246	678
Nonoperating income (expense)	(2,212)	(1,655)
Loss before income taxes	(15,037)	(807)
Income tax expense (benefit)	660	(136)
Net loss	(15,697)	(671)
Net income attributable to non-controlling interests	(112)	(965)
Net loss attributable to Air T, Inc. stockholders	$ (15,809)	$ (1,636)
Loss per share (Note 6)
Basic (in dollars per share)	$ (5.86)	$ (0.61)
Diluted (in dollars per share)	$ (5.86)	$ (0.61)
Weighted average shares outstanding:
Basic (in shares)	2,696	2,703
Diluted (in shares)	2,696	2,703
Regional airline
Operating Revenues:
Total revenue	$ 55,909	$ 0
Operating Expenses:
Cost of revenue	45,258	0
Overnight Air Cargo
Operating Revenues:
Total revenue	29,969	30,589
Operating Expenses:
Cost of revenue	24,628	25,899
Commercial aircraft, engines and parts
Operating Revenues:
Total revenue	20,523	21,960
Operating Expenses:
Cost of revenue	14,791	14,656
Ground support equipment
Operating Revenues:
Total revenue	3,683	15,070
Operating Expenses:
Cost of revenue	2,526	12,303
Digital solutions
Operating Revenues:
Total revenue	2,487	2,096
Operating Expenses:
Cost of revenue	887	836
Aviation leasing and asset management
Operating Revenues:
Total revenue	1,365	0
Operating Expenses:
Cost of revenue	233	0
Corporate and other
Operating Revenues:
Total revenue	1,525	1,155
Operating Expenses:
Cost of revenue	$ 430	$ 415

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (15,697)	$ (671)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,885	1,284
(Income) loss from equity method investments	(3,215)	19
Other	893	440
Changes in operating assets and liabilities:
Accounts receivable	6,789	(653)
Inventories	(12,817)	(1,356)
Accounts payable	3,003	133
Accrued expenses	1,559	3,817
Income taxes payable	44	(335)
Other current assets	3,596	(2,821)
Other	3,130	(952)
Net cash used in operating activities	(2,830)	(1,095)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investments in unconsolidated entities	(8,822)	(2,037)
Distributions from unconsolidated entities	3,164	848
Advances on debt investments	(3,965)	0
Capital expenditures related to property and equipment	(21,323)	(231)
Acquisitions of businesses, net of cash acquired	(19,177)	(1,180)
Other	(58)	(124)
Net cash used in investing activities	(44,023)	(2,724)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	55,390	35,966
Payments on lines of credit	(37,613)	(32,201)
Proceeds from term loan	15,000	10,850
Payments on term loan	(1,060)	(1,752)
Proceeds from issuance of Trust Preferred Securities ("TruPs")	755	0
Contribution from redeemable non-controlling interests	10,000	0
Other	(173)	(286)
Net cash provided by financing activities	42,299	12,577
Effect of foreign currency exchange rates on cash and cash equivalents	938	(292)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(3,616)	8,466
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	25,270	6,757
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	21,654	15,223
Related party
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from notes receivable - CAM	1,160	0
Nonrelated party
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from notes receivable - CAM	$ 4,998	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026
Current Assets:
Cash and cash equivalents	$ 16,667	$ 20,332
Marketable securities	1,247	1,026
Restricted cash	4,987	4,938
Accounts receivable, net of allowance for doubtful accounts of $1,706 and $1,614	33,304	39,889
Income tax receivable	676	196
Inventories, net	90,056	77,127
Prepaid expenses	6,710	8,851
Other current assets	4,475	7,617
Total Current Assets	158,122	159,976
Notes receivable	8,292	9,286
Property and equipment, net of accumulated depreciation of $27,446 and $18,571	175,185	162,024
Intangible assets, net of accumulated amortization of $8,667 and $8,046	57,083	13,029
Right-of-use ("ROU") assets	17,380	14,594
Equity method investments	27,858	26,068
Deferred income tax assets, net	266	102
Goodwill	19,592	11,818
Other assets	5,285	7,466
Total Assets	469,063	409,123
Current Liabilities:
Accounts payable	41,017	36,971
Income taxes payable	977	687
Accrued expenses and other (Note 4)	55,766	49,717
Current portion of earnout liabilities	0	198
Short-term lease liabilities	3,888	3,403
Total Current Liabilities	110,694	95,524
Long-term debt	237,290	204,563
Deferred income tax liabilities, net	9,329	3,359
Long-term lease liabilities	14,553	12,189
Long-term earnout liabilities	12,388	244
Other non-current liabilities	1,651	2,023
Total Liabilities	385,905	317,902
Redeemable non-controlling interests	16,291	10,346
Commitments and contingencies (Note 14)
Air T, Inc. Stockholders' Equity:
Preferred stock, $1.00 par value, 4,000,000 shares authorized	0	0
Common stock, $0.25 par value; 4,000,000 shares authorized, 3,030,245 shares issued, 2,691,664 and 2,701,375 shares outstanding	758	758
Treasury stock, 338,581 shares at $19.63 and 328,870 shares at $19.56	(6,648)	(6,432)
Additional paid-in capital	1,687	1,122
Retained earnings	64,304	80,113
Accumulated other comprehensive income	5,099	4,249
Total Air T, Inc. Stockholders' Equity	65,200	79,810
Non-controlling Interests	1,667	1,065
Total Equity	66,867	80,875
Total Liabilities and Equity	469,063	409,123
CAM
Current Assets:
Equity method investments	4,502	10,322
Bloomia
Current Assets:
Equity method investments	4,111	0
Nonrelated party
Current Liabilities:
Current portion of long-term debt	9,046	3,633
Nonrelated party \| CAM
Current Assets:
Notes receivable	0	1,160
Related party
Current Liabilities:
Current portion of long-term debt	0	915
Related party \| Bloomia
Current Assets:
Notes receivable	$ 0	$ 3,600