$ASLE

AerSale Corp

CIK:0001754170|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 70,932	$ 107,382	$ 141,546	$ 173,158
Cost of sales and operating expenses:
Total cost of sales	54,658	72,045	106,391	119,856
Gross profit	16,274	35,337	35,155	53,302
Selling, general and administrative expenses	21,024	22,823	43,237	47,435
(Loss) income from operations	(4,750)	12,514	(8,082)	5,867
Other (expense) income:
Interest expense, net	(2,451)	(2,452)	(4,581)	(3,633)
Other income, net	2	134	1,009	2,022
Change in fair value of warrant liability		131		74
Total other expense, net	(2,449)	(2,187)	(3,572)	(1,537)
(Loss) income before income tax provision	(7,199)	10,327	(11,654)	4,330
Income tax benefit (expense)	1,629	(1,752)	2,634	(1,032)
Net (loss) income	$ (5,570)	$ 8,575	$ (9,020)	$ 3,298
(Loss) earnings per share:
Basic (in dollars per share)	$ (0.12)	$ 0.18	$ (0.19)	$ 0.07
Diluted (in dollars per share)	$ (0.12)	$ 0.18	$ (0.19)	$ 0.07
Weighted average shares outstanding:
Basic (in shares)	47,348,476	46,914,100	47,294,858	49,596,045
Diluted (in shares)	47,348,476	47,092,413	47,294,858	49,782,764
Products
Revenue:
Total revenue	$ 32,083	$ 74,589	$ 67,387	$ 111,711
Cost of sales and operating expenses:
Total cost of sales	24,473	50,630	48,496	78,269
Leasing
Revenue:
Total revenue	12,362	8,231	24,208	15,732
Cost of sales and operating expenses:
Total cost of sales	4,230	2,651	8,693	5,659
Services
Revenue:
Total revenue	26,487	24,562	49,951	45,715
Cost of sales and operating expenses:
Total cost of sales	$ 25,955	$ 18,764	$ 49,202	$ 35,928

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net (loss) income	$ (9,020)	$ 3,298
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	11,779	9,471
Amortization of debt issuance costs	199	191
Amortization of operating lease assets	20	104
Inventory reserve	3,440	1,579
Deferred income taxes	(2,400)	1,010
Change in fair value of warrant liability		(74)
Share-based compensation	3,120	1,828
Changes in operating assets and liabilities:
Accounts receivable	(3,740)	(9,887)
Income tax receivable	602	12
Inventory	(52,064)	(42,878)
Deposits, prepaid expenses, and other current assets	(3,971)	(780)
Other assets	8	7
Advance vendor payments	(687)	1,906
Accounts payable	15,077	829
Income tax payable	(126)
Accrued expenses	2,159	2,675
Deferred revenue	287	(151)
Lessee and customer purchase deposits	1,363	1,566
Deferred insurance proceeds		3,700
Other liabilities	477	158
Net cash used in operating activities	(33,477)	(25,436)
Cash flows from investing activities:
Proceeds from sale of assets		1,750
Acquisition of aircraft and engines held for lease, including capitalized costs	(2,645)	(1,922)
Purchase of property and equipment	(1,796)	(3,587)
Net cash used in investing activities	(4,441)	(3,759)
Cash flows from financing activities:
Proceeds from long-term debt		220
Repayments of long-term debt	(496)	(302)
Proceeds from revolving credit facility	125,799	195,874
Repayments of revolving credit facility	(89,700)	(120,600)
Payments of debt issuance costs		(114)
Purchase of treasury stock		(45,000)
Proceeds from the issuance of Employee Stock Purchase Plan shares	137	195
Taxes paid related to net share settlement of equity awards		(29)
Net cash provided by financing activities	35,740	30,244
(Decrease) increase in cash and cash equivalents	(2,178)	1,049
Cash and cash equivalents, beginning of period	4,379	4,698
Cash and cash equivalents, end of period	2,201	5,747
Supplemental disclosure of cash activities
Income tax (refunds) payments, net	(398)	165
Interest paid	4,501	3,462
Supplemental disclosure of noncash investing activities
Reclassification of inventory to equipment held for lease, net	$ 36,341	2,583
Reclassification of inventory to property and equipment, net		$ 4,454

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 2,201	$ 4,379
Accounts receivable, net of allowance for credit losses of $1,098 and $1,173 as of June 30, 2026 and December 31, 2025, respectively	46,394	42,654
Income tax receivable	1,126	1,728
Inventory:
Aircraft, airframes, engines, and parts	227,179	205,379
Advance vendor payments	6,366	5,679
Deposits, prepaid expenses, and other current assets	13,141	9,170
Total current assets	296,407	268,989
Fixed assets:
Aircraft and engines held for lease, net	133,029	102,361
Property and equipment, net	31,517	32,006
Inventory:
Aircraft, airframes, engines, and parts	148,868	158,385
Operating lease right-of-use assets	27,525	30,130
Deferred income taxes	11,184	8,784
Deferred financing costs, net	825	1,024
Other assets	578	586
Goodwill	19,860	19,860
Other intangible assets, net	17,268	18,347
Total assets	687,061	640,472
Current liabilities:
Accounts payable	44,722	29,645
Accrued expenses	9,462	7,233
Income tax payable	203	329
Lessee and customer purchase deposits	2,025	780
Current operating lease liabilities	3,828	4,313
Current portion of long-term debt	993	993
Deferred revenue	817	530
Deferred insurance proceeds	28,610	28,610
Total current liabilities	90,660	72,433
Revolving credit facility	146,152	110,053
Long-term debt	788	1,284
Long-term lease deposits	3,610	3,492
Long-term operating lease liabilities	26,090	28,190
Maintenance deposit payments and other liabilities	1,093	589
Total liabilities	268,393	216,041
Stockholders' equity:
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 47,683,297 and 47,221,513 shares as of June 30, 2026 and December 31, 2025, respectively	5	5
Additional paid-in capital	279,986	276,729
Retained earnings	138,677	147,697
Total stockholders' equity	418,668	424,431
Total liabilities and stockholders' equity	$ 687,061	$ 640,472