AIRT

MINNEAPOLIS, MN / ACCESS Newswire / August 14, 2026 / Air T, Inc. (NASDAQ:AIRT) today reported results for its fiscal 2027 first quarter ended June 30, 2026. Revenues totaled $115.5 million for the quarter ended June 30, 2026, an increase of $44.6 million, or 63%, compared to the same quarter in the prior fiscal year. The Company reported an operating loss of $12.8 million for the quarter, compared to operating income of $0.8 million in the prior-year quarter, a decrease of $13.7 million. Adjusted EBITDA was $0.8 million, a decrease of 45% from $1.5 million in the prior-year quarter. On a trailing twelve-month basis, revenues were $371.7 million, an increase of $75.4 million, or 25%, over the twelve months ended June 30, 2025. The operating loss for the trailing twelve-month period was $24.9 million, compared to operating income of $3.3 million in the prior-year period, a decrease of $28.2 million, while Adjusted EBITDA increased 19% to $9.5 million from $8.0 million. The operating loss in both the three-month ended and twelve-month ended June 30, 2026 periods was driven primarily by two items: transaction and integration costs related to Crestone Air Partners' acquisition of Arena Aviation Partners, and non-cash depreciation arising from the fair-value step-up of the Rex aircraft fleet recorded in purchase accounting. While challenges exist that we must overcome, management remains confident in the long-term prospects of both Crestone and Rex. CRESTONE COMPLETES ACQUISITION OF ARENA On June 10, Crestone acquired Arena Aviation Capital for $33.9 million - $21.7 million of cash plus $12.2 million of contingent consideration. The combined platform includes $3.0 billion of assets actively under management and $0.6 billion of assets committed under LOI: 124 aircraft and 17 engines, supported by a team of 55 experienced professionals based in Denver, Amsterdam, and Dublin. Blue Owl, an investor familiar and aligned with Air T's permanent capital investment philosophy, was also brought on and funded $10.0 million of the purchase for Class B preferred units representing 10.25% of the platform. Air T owns 83.9% of Crestone following the acquisition. Post-close, the platform contributed $1.4 million of fees in the final twenty-one days of this quarter; a $3.5 million 21-day operating loss; and a $0.3 million 21-day adjusted EBITDA loss. The operating loss was primarily driven by $3.0 million of acquisition-related transaction costs, and the segment's adjusted EBITDA loss reflects fixed general and administrative costs incurred over the full 21-day period against a limited number of transaction closings, primarily a timing issue. Concurrent with the acquisition, as of June 10th, Air T launched a new reporting segment: Aviation Leasing and Asset Management. Going forward, Crestone and Arena will be consolidated into Air T's financials through this segment. This acquisition reflects the core of our investment thesis: we seek to empower dynamic, insightful leaders to build on businesses that they know well, and give them the runway and resources to thrive. REX DELIVERS QUARTER OF POSITIVE ADJUSTED EBITDA, CONTINUES OPERATIONAL TRANSFORMATION In 1Q27, Rex generated $55.9 million of revenue, $1.9 million of Adjusted EBITDA, and $7.7 million of operating losses. The operating loss is primarily attributable to $8.8 million of Depreciation & Amortization driven by the revaluation of the fleet at acquisition for purchase accounting. Recall upon closing of the Rex acquisition, Air T recognized a $111.2 million bargain purchase gain which drove a non-cash write-up of Rex assets - as a result, these assets will correspondingly incur elevated D&A charges going forward. This is an entirely non-cash item that supports an otherwise fully owned and paid off fleet of Saab 340 aircraft. Owning a fleet provides Rex with crucial variable utilization capability, allowing the company to match passenger traffic supply with demand. Air T continues to focus on recovering the core operational foundation at Rex, which has previously supported over two decades of consistently profitable execution. The binding constraint continues to be aircraft availability due to unscheduled engine removals and third-party MRO turnaround times. Rex presently operates with 32 active aircraft, 30 of which are scheduled on regular lines of flying. Air T deeply values our continued partnership with the Australian Commonwealth and the regional and remote communities that Rex serves. We see active aircraft growth and network restoration as top Rex priorities. We are committed to growing essential connectivity to remote and rural Australia with our highly-skilled, steadfast and customer-centric management team. OTHER QUARTERLY HIGHLIGHTS Air T ended the quarter with $21.7 million in cash and restricted cash and $42.4 million in available funds under its lines of credit. Since current management arrived in October 2013, the Company has repurchased 840,855 shares, net of issuances, representing 31% of shares outstanding. PLEASE ASK US QUESTIONS! If you have questions related to this release or other Air T matters, please use our interactive Q&A capability through Slido.com, accessible from our www.airt.com website. Questions will be answered at our Annual Meeting and in our quarterly investor deck. ANNUAL MEETING Our Annual Meeting will be held on Tuesday, August 25, 2026, and we would enjoy the chance to meet our shareholders in person. The meeting will be held in person at the Company's Minnesota executive office, 5000 W. 36th Street, Suite 105, Minneapolis, Minnesota 55416. The meeting will also be accessible by webcast by visiting https://agm.issuerdirect.com/airt. We recommend that you log in at least 15 minutes before the meeting to ensure you are logged in when the meeting starts. The proxy materials were either made available to you over the Internet or mailed to you beginning on or about July 10, 2026. ABOUT AIR T, INC. Established in 1980, Air T Inc. is a portfolio of 21 companies and 1,600+ employees across six core segments: overnight air cargo, ground support equipment, commercial aircraft, engines and parts, regional airline, digital solutions, and aviation leasing and asset management. We seek to expand, strengthen and diversify after-tax cash flow per share. Contains forward-looking statements subject to risks and uncertainties, including the integration and performance of Rex and Arena, fuel and foreign exchange volatility, aircraft availability, and geopolitical conditions, as described in the Company's SEC filings. CONTACT: Tracy Kennedy, Chief Financial Officer - [email protected] - www.airt.com APPENDIX - LTM RECONCILIATIONS ($000s) EXHIBIT A - TOTAL REVENUE EXHIBIT B - OPERATING INCOME EXHIBIT C - ADJUSTED EBITDA SOURCE: Air T, Inc. View the original press release on ACCESS Newswire

CHARLOTTE, NC / ACCESS Newswire / June 29, 2026 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies with processes and insights that drive increasing value over time. We believe we can invest corporate resources to help activate growth and overcome challenges. Our core segments are overnight air cargo; ground support equipment; commercial aircraft, engines and parts; digital solutions; and regional airline. Today, Air T announced results for the fiscal year ended March 31, 2026: Revenues totaled $327.1 million for the fiscal year ended March 31, 2026, an increase of $35.2 million, or 12% from the prior fiscal year. Revenues for the fiscal year ended March 31, 2026 included $55.3 million related to our acquisition of Regional Express Holdings Pty Ltd ("Rex") completed on December 18, 2025. Operating loss was $11.2 million for the fiscal year ended March 31, 2026, compared to operating income in the prior fiscal year of $1.9 million. Earnings before income taxes were $86.0 million for the fiscal year ended March 31, 2026, compared to a loss before income taxes of $5.0 million in the prior fiscal year. Results for the fiscal year ended March 31, 2026 include a $111.2 million non-cash bargain purchase gain related to the Rex acquisition. The gain does not represent cash generated by Rex or operating income from Rex's business. Adjusted EBITDA* was $10.1 million for the fiscal year ended March 31, 2026, compared to $7.4 million in the prior fiscal year. The investment balance for the Company's equity method investees was $26.1 million at March 31, 2026, compared to $19.0 million at March 31, 2025. Net income per share was $28.85 for the fiscal year ended March 31, 2026, compared to net loss per share of $2.23 for the prior fiscal year. As noted above, fiscal year 2026 results include a $111.2 million non-cash pre-tax bargain purchase gain related to the Rex acquisition. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure. Company Chairman and CEO Nick Swenson commented: "Air T's fiscal 2026 represents an important year of transformation. The completion of the Rex acquisition and Crestone's merger with Arena in the first quarter of fiscal 2027 will be transformative to our long-term balance sheet and income statement. Our current year results were subject to significant expenses associated with the Rex acquisition, and just over three months of Rex's operating activity in our income statement during their seasonally slow summer. We believe that both acquisitions will be significant positive generators of shareholder value over time. Moreover, we believe our allocator-operator model - making space for dynamos- continues to be an intangible driver of shareholder value. Leaders are motivated when they have their own ship to sail on a course of their choosing. We know that Air T is difficult to understand and clearly some will put us in the "too hard" pile. And while it's certainly possible we are too optimistic, our perception is that the underlying businesses in the Air T portfolio have continued to perform well and are set on a course to build per share value over time." Business Segment Results Overnight Air Cargo This segment provides air express delivery services, primarily for FedEx Corporation, and repair services. Revenues from the overnight air cargo segment increased by $3.8 million (3%) for the fiscal year ended March 31, 2026 compared to the prior fiscal year. The increase was driven by Worldwide Aircraft Services, Inc. ("WASI") and Royal Aircraft Services, LLC ("Royal"). Royal was acquired in May 2025, driving an additional $1.5 million in revenue with no prior-year comparable. WASI experienced an increase in revenue of $2.8 million, driven by increases in labor revenue from expanded third-party maintenance activity and project-based revenue. Revenues at Mountain Air Cargo, Inc. ("MAC") and CSA Air, Inc. ("CSA") remained relatively consistent with the prior year. Adjusted EBITDA* for this segment was $6.9 million for the fiscal year ended March 31, 2026, an increase of $0.1 million when compared to the prior fiscal year, as WASI's substantial improvement offset declines at MAC and CSA. Ground Support Equipment ("GGS") This segment-which includes some of the world-leading offerings in the category-manufactures, repairs, and maintains mobile deicers and other specialized ground-support equipment. Customers include passenger and cargo airlines, airports, the military, and other industrial customers. Revenues for this segment totaled $47.2 million for the fiscal year ended March 31, 2026, up 21% versus $38.9 million in the prior fiscal year. The increase was driven primarily by new and expanded deicing contracts and catering equipment sales, partially offset by lower overhaul revenue. Adjusted EBITDA* for this segment was $4.3 million in the fiscal year ended March 31, 2026, compared to an adjusted EBITDA* loss of $0.8 million in the prior fiscal year. The improvement reflects an $8.2 million revenue increase generating approximately $6.4 million of incremental gross margin and the elimination of elevated inventory carrying costs and overhead variances that weighed on prior fiscal year results. At March 31, 2026, this segment's order backlog was $0.6 million compared to $14.3 million at March 31, 2025. The decrease was driven by the timing of the annual U.S. Air Force order, which was placed in May 2026. Commercial Aircraft, Engines and Parts This segment acquires, leases, manages, repairs, disassembles, and sells commercial aircraft, jet engines, and aviation components, and provides related asset management, procurement, overhaul, repair, and logistics services. Revenues for this segment totaled $89.9 million for the fiscal year ended March 31, 2026, a decrease of $29.5 million from the prior fiscal year. The decrease was driven primarily by a $38.8 million decrease in component sales at Contrail. The prior fiscal year reflected an elevated level of trading activity not expected to recur at that level in the foreseeable future. The decrease in revenue at Contrail was partially offset by activity at the other companies in this segment. Most notably, Worthington Aviation, LLC ("Worthington") revenues increased by $7.8 million year-over-year, or 23%, to $41.0 million, reflecting maintenance, repair and overhaul ("MRO") volume growth and expansion in Australia. Landing Gear Support Services, Inc. ("LGSS") revenues increased by $1.2 million year-over-year, or 36%, to $4.6 million, driven by a brokered landing gear sale and incremental lease revenue. Jet Yard Companies won new major projects and additional off-site teardown projects. Adjusted EBITDA* for this segment was $7.3 million for the fiscal year ended March 31, 2026, compared to $9.2 million in the prior fiscal year. The decrease was primarily attributable to Contrail's revenue-driven decline, partially offset by improvement at Jet Yard Companies and LGSS. The earnout remeasurement gain of $0.7 million and inventory write-down of $0.9 million are recorded within this segment. Digital Solutions This segment develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. The digital solutions segment contributed $9.1 million of revenues for the fiscal year ended March 31, 2026, compared to $7.3 million in the prior fiscal year. The increase of $1.8 million was primarily due to increased revenue of $1.8 million at WorldACD, reflecting growth in data analytics and airspace management engagements. Revenue at Ambry Hills Technology, LLC remained flat at $0.9 million for the fiscal year ended March 31, 2026, with annual recurring revenue at $1.1 million. Adjusted EBITDA* loss for this segment was $0.4 million for the fiscal year ended March 31, 2026. Adjusted EBITDA* loss increased by $0.2 million in the current fiscal year, primarily due to WorldACD's improvement being offset by wider losses at Ambry Hills Technology. Regional Airline This segment provides scheduled regional passenger and cargo airline services in Australia, operating a fleet of aircraft serving regional communities and connecting passengers to major metropolitan centers. Regional airline revenues for the fiscal year ended March 31, 2026 were $55.3 million, representing the contribution of Rex for the period from its acquisition date of December 18, 2025 through March 31, 2026. There is no prior-year comparable. Revenue consisted of passenger revenue, ancillary fees, freight and charter, and government subsidy income. Adjusted EBITDA*for this segment was less than $0.1 million for the fiscal year ended March 31, 2026. The significant add-backs to this segment's operating loss of $14.2 million includes $8.8 million of depreciation and amortization, $2.0 million of non-recurring post-acquisition integration expenses and $3.4 million of landholder duty charges, a one-time transaction-based tax imposed by Australian state and territory governments on the transfer of interests in landholding entities, incurred as a direct result of the acquisition. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures. Non-GAAP Financial Measures The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure, to evaluate the Company's financial performance. The Company defines Adjusted EBITDA as operating income (loss), adjusted for depreciation and amortization and the other items shown in the reconciliation below. Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to our business which could result in the addition or elimination of select non-GAAP financial measures in the future. Adjusted EBITDA is not intended to replace or be an alternative to operating income, the most directly comparable amounts reported under GAAP. The following table provides a reconciliation of operating (loss) income to Adjusted EBITDA (in thousands): The following table provides the Company's Adjusted EBITDA by segment (in thousands): NOTE REGARDING STAKEHOLDER QUESTIONS If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer. ABOUT AIR T, INC. Established in 1980, Air T, Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground support equipment, commercial aircraft, engines and parts, regional airline and digital solutions. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.com. The information on our website is available for information purposes only and is not incorporated by reference into this press release. FORWARD-LOOKING STATEMENTS Certain statements in this press release, including those contained in "Overview," are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words "believes", "pending", "future", "expects," "anticipates," "estimates," "depends" or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as: An inability to finance our operations through bank or other financing or through the sale or issuance of debt or equity securities; Economic and industry conditions in the Company's markets; The risk that contracts with FedEx could be terminated or adversely modified; The risk that the number of aircraft operated for FedEx is reduced; The risk that GGS customers will defer or reduce significant orders for deicing equipment; The impact of any terrorist activities or armed conflict on U.S. soil or abroad; Changes in U.S. and foreign trade regulations and tariffs; The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels; The Company's ability to meet debt service covenants and to refinance existing debt obligations; The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided; Market acceptance of the Company's commercial and military equipment and services; Competition from other providers of similar equipment and services; Changes in government regulation and technology; The risk that we may not successfully integrate Rex (including financial reporting, systems, and personnel), which could adversely affect our results and reporting; The risk that Rex's revenues and operating costs may be volatile or unpredictable and that we may be unable to offset cost increases or revenue decreases through pricing, surcharges, cost reductions, or other measures, which could adversely affect our results; The risk that Rex may be unable to return aircraft to service on anticipated timelines, to retain regulated route contracts and protected airport slots, or to maintain compliance with the Rex Regional Commitments under the Commonwealth Facilities; The risk that the bargain purchase gain recognized in connection with the Rex acquisition may increase scrutiny by investors, regulators, creditors, or other parties regarding the valuation assumptions and accounting judgments used in determining the purchase price allocation and bargain purchase gain; The risk that Rex's operations are subject to extensive regulation and oversight and that compliance failures or adverse regulatory actions could materially harm our business and results; The risk that the Rex transaction structure, including the Australian DOCA/administration process, could result in unexpected liabilities, claims, or delays that could materially harm our results and liquidity; The risk that fluctuations in the Australian dollar/U.S. dollar exchange rate may adversely affect our reported revenues, expenses, assets, liabilities, cash flows, and financing obligations; The risk that fuel prices, fuel availability, and related currency exposure may adversely affect Rex's operating costs and results, and that Rex may be unable to offset such increases through fares, surcharges, capacity management, or other measures; The risk that Rex may require additional liquidity to support ongoing operations, fleet reactivation, working capital, debt service, and compliance with the Commonwealth Facilities; The risk that labor disputes, work stoppages, unsuccessful Enterprise Agreement negotiations, wage escalations, or shortages of pilots, engineers, flight attendants, or other skilled personnel may disrupt Rex's operations or increase costs; The risk that non-compliance with the Rex Regional Commitments or the Commonwealth Facilities could increase interest costs, trigger defaults, or permit the Commonwealth to exercise remedies against collateral securing the facilities; Changes in the value of marketable securities held as investments; Mild winter weather conditions reducing the demand for deicing equipment; Market acceptance and operational success of the Company's aircraft asset management business and related aircraft capital joint venture; and Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage. We also wish to caution investors that other factors might in the future prove to be important in affecting our results of operations. New factors emerge from time to time. It is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or a combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACTTracy KennedyChief Financial [email protected] SOURCE: Air T, Inc. View the original press release on ACCESS Newswire

Shares of Air T, Inc. AIRT have lost 0.6% since the company reported its earnings for the quarter ended Dec. 31, 2025. This compares to the S&P 500 Index’s 0.02% decline over the same time frame. Over the past month, the stock gained 13.5% against the S&P 500’s 1.9% decline. For the third quarter of fiscal 2026 ended Dec. 31, 2025, Air T reported revenues of $71.1 million, down 8.7% from $77.9 million in the prior-year quarter. The company posted an operating loss of $3.8 million against an operating income of $1.4 million a year earlier. Net loss attributable to Air T stockholders widened to $2.5 million, or $(0.91) per share, from a loss of $1.3 million, or $(0.47) per share, in the prior-year period. On a nine-month basis, revenue declined 8.6% to $206.2 million from $225.5 million, while net income attributable to Air T stockholders fell 69.8% to $0.3 million, or $0.10 per share, from $0.9 million, or $0.32 per share, a year earlier. Segment performance was mixed. Overnight air cargo revenue was essentially flat at $30.6 million. Ground support equipment sales rose 7.9% to $12.8 million from $11.8 million. Commercial aircraft, engines and parts revenue fell 42.4% to $18.8 million from $32.7 million. Digital solutions revenue increased 24.9% to $2.5 million from $1.9 million, while the newly added regional airline segment contributed $5.2 million for the partial quarter following the Rex acquisition. Adjusted EBITDA for the quarter was $0.2 million, down from $2.7 million in the prior-year period. By segment, ground support equipment generated $1.7 million in adjusted EBITDA, up from $0.2 million a year earlier, reflecting improved product mix and spending discipline. Overnight air cargo produced $1 million, down 48.6% from $1.9 million. Commercial aircraft, engines and parts posted an adjusted EBITDA loss of $0.2 million against a $2.9 million profit last year. The regional airline segment reported a $0.5 million adjusted EBITDA loss for its initial 13 days of operations under Air T ownership. Order backlog in ground support equipment segment nearly doubled to $12.9 million as of Dec. 31, 2025, from $6.2 million a year earlier. AIRT’s equity method investments balance increased to $33.6 million as of Dec. 31, 2025, from $19 million as of March 31, 2025, underscoring continued capital deployment into affiliated ventures. Air T, Inc. price-consensus-eps-surprise-chart | Air T, Inc. Quote Chairman and CEO Nick Swenson highlighted the December 2025 acquisition of Rex Regional Airlines, describing it as a strategic entry into the Australian regional airline market. Swenson emphasized the quality of the Rex management team and characterized the airline as a critical link between capital cities and regional Australia. He also acknowledged that the transaction required significant effort from Air T’s team throughout 2025. The revenue decline was primarily due to weakness in the commercial aircraft, engines and parts segment, where lower component sales at Contrail reflected reduced inventory purchases over the prior 12 months. Additionally, the newly consolidated Rex operations generated a net loss of $1.5 million in the initial period due to fixed operating costs, regulatory compliance requirements and transaction-related integration expenses. At the same time, the Rex acquisition resulted in a preliminary bargain purchase gain of $95.8 million, recorded as a deferred credit on the balance sheet, as the estimated fair value of net assets acquired exceeded the $11 million purchase consideration. Air T did not provide formal financial guidance for upcoming quarters or the remainder of fiscal 2026. Management commentary centered on operational integration of Rex and execution priorities rather than issuing specific revenue or earnings forecasts. On Dec. 18, 2025, Air T completed the acquisition of substantially all assets and operations of Rex Express Holdings Ltd. The preliminary fair value of assets acquired totaled $164.8 million against liabilities of $57.9 million, resulting in net assets of $106.9 million. The transaction included the assumption of liabilities under a Commonwealth Facility Agreement and the establishment of a creditors trust to address pre-existing claims, positioning Rex to exit voluntary administration and resume operations under AIRT’s ownership. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air T, Inc. (AIRT): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CHARLOTTE, NC / ACCESS Newswire / February 13, 2026 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies with processes and insights that drive increasing value over time. We believe we can invest corporate resources to help activate growth and overcome challenges. Our core segments are overnight air cargo; ground support equipment; commercial aircraft, engines and parts; regional airline; and digital solutions. Today the Company is announcing results for the fiscal third quarter ended December 31, 2025: Revenues totaled $71.1 million for the quarter ended December 31, 2025, a decrease of $6.7 million, or 9% from the prior year's comparable quarter. Operating loss was $3.8 million for the quarter ended December 31, 2025, a decrease of $5.2 million from the prior year comparable quarter's operating income of $1.4 million. Adjusted EBITDA* profit of $0.2 million for the quarter ended December 31, 2025, compared to an Adjusted EBITDA* profit of $2.7 million in the prior year's comparable quarter. Earnings per share was $(0.91) for the quarter ended December 31, 2025, compared to earnings per share of $(0.47) in the prior year's comparable quarter. The investment balance for the Company's equity method investees was $33.6 million at December 31, 2025; as compared to $19.0 million at March 31, 2025. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure. Company Chairman and CEO Nick Swenson commented: "In December 2025, Air T acquired Rex Regional Airlines through a competitive bidding process organized for the benefit of Rex creditors by the Administrators of the Rex Voluntary Administration. Importantly, the transaction includes a series of long-term commitments by Rex to the Commonwealth of Australia. Notable among these commitments is the requirement the Rex repays - in full - its AUD $108 million Loan from the Commonwealth by allocating 70% of Rex's excess cash flows to amortizing the Commonwealth Loan. In addition, Rex is obligated to run the airline according to a Rex Regional Commitments (RRC) plan that will expand the number of Saab 340s servicing regional and remote Australia from approximately thirty (30) to approximately forty-four (45) over the next two years. Air T invested AUD $50 million cash into Rex as part of the acquisition, which will be used to fund the engine overhauls needed to meet the RRC plan. Our decision to buy Rex was driven in large part by the quality of the Rex management team. Air T is a decentralized portfolio of companies and Australia is as geographically decentralized as it gets. The interactions we have had with the Rex team give us a lot of hope for the future of this venerable and beloved Australian brand. Rex is a good business serving as a critical link from capital cities to regional and remote Australia. We look forward to working together to deliver a bright future for Air T Rex. Doing the Rex deal required significant efforts by the multi-talented Air T team. This intense period took up most of 2025 and remains ongoing. Watching Air T team in action highlights for me their dedication to working collegially and their ability to do good work. I am very thankful for the people of Air T. They deserve appreciation and respect from all shareholders." 2025 Regional Express Holdings Ltd. Acquisition and Related Financial Information On December 18, 2025, the Company completed the acquisition of substantially all of the assets and operations of Rex Express Holdings Ltd ("Rex"), an Australian regional airline operator, pursuant to an asset purchase agreement (the "Acquisition"). The Acquisition represents the Company's entry into the Australian regional airline market and expands the Company's international aviation services portfolio. The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed as of December 18, 2025: Prior to the Acquisition, Rex was subject to voluntary administration proceedings in Australia since July 30, 2024. The transaction is expected to result in a bargain purchase gain due to Rex's distressed financial condition and the administrators' determination, following a formal bidding process, that the Company's offer represented the optimal outcome for Rex's creditors. As the purchase price allocation is not finalized, we have recorded the preliminary bargain purchase gain as a deferred credit - preliminary bargain purchase gain within the consolidated balance sheet. The table below summarizes the calculation of the preliminary bargain purchase gain as of December 31, 2025: The impact on earnings attributable to the acquisition of Rex amounted to $5.2 million in revenue, $5.5 million in cost of sales, $0.3 million in general and administrative expenses and $0.9 million of depreciation and amortization expenses. For the period presented, Rex generated a net loss of $1.5 million. The operating loss during this initial period is attributable to fixed operating costs associated with maintaining flight operations, aircraft and crew, regulatory compliance requirements, and transaction-related integration expenses. Business Segment Results Overnight Air Cargo This segment provides air express delivery services, primarily for FedEx Corporation ("FedEx"), and repair services. Revenues for this segment decreased by an immaterial amount to $30.6 million for the quarter ended December 31, 2025, compared to the previous year's fiscal third quarter revenues of $30.6 million. Adjusted EBITDA* for this segment was $1.0 million for the quarter ended December 31, 2025, a decrease of $1.0 million when compared to the prior year's comparable quarter, primarily driven by 2% increase in cost of sales related to outside maintenance expenses incurred at Mountain Air Cargo and a minimal decrease in revenue. Ground Support Equipment ("GGS") This segment-which includes some of the world-leading offerings in the category-manufactures, repairs, and maintains mobile deicers and other specialized ground-support equipment. Customers include passenger and cargo airlines, airports, the military, and other industrial customers. Revenues for this segment totaled $12.8 million for the quarter ended December 31, 2025, an increase of 8% when compared to revenue of $11.8 million in the previous year's third fiscal quarter. The increase was primarily attributable to higher sales of high-lift catering equipment. At December 31, 2025, the ground support equipment segment's order backlog was $12.9 million compared to $6.2 million at December 31, 2024. Adjusted EBITDA* profit for this segment was $1.7 million in the quarter ended December 31, 2025, an increase of $1.4 million compared to the prior year quarter's Adjusted EBITDA* profit. The increase was primarily driven by an improved product and customer mix, as well as lower non-material spending during the quarter. As of December 31, 2025, this segment's order backlog was $12.9 million versus $6.2 million as of December 31, 2024. Commercial Aircraft, Engines and Parts This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics. Revenues for this segment totaled $18.8 million for the quarter ended December 31, 2025, a decrease of $13.9 million versus the previous year's fiscal third quarter. This decrease was largely attributed to a decrease in component sales at Contrail, driven by a lower level of component inventory purchases during the preceding twelve-month period. Adjusted EBITDA* loss for this segment was $0.2 million for the quarter ended December 31, 2025, a decrease of $3.1 million when compared to the prior year quarter's Adjusted EBITDA* profit of $2.9 million, primarily driven by the lower level of component sales as discussed above. Regional Airline This segment is new as of Q3 for fiscal year 2026 and consists of Regional Express Airlines ("Rex"), which provides scheduled regional passenger airline and cargo services in Australia, operating a fleet of aircraft serving regional communities and connecting passengers and cargo to major metropolitan centers. The Company acquired Rex on December 18, 2025. Revenues for this segment totaled $5.2 million for the quarter ended December 31, 2025. The increase is attributable to the acquisition of Rex on December 18, 2025. The reported revenues represent thirteen days of operations from the acquisition date through December 31, 2025. Adjusted EBITDA* loss for this segment was $0.5 million for the quarter ended December 31, 2025. The reported EBITDA* loss represents thirteen days of operations from the acquisition date through December 31, 2025. Digital Solutions This segment develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Revenues for this segment totaled $2.5 million for the quarter ended December 31, 2025, an increase of $0.5 million versus the previous year's fiscal third quarter. The increase was primarily due to increased software subscriptions represented by monthly recurring revenues of $0.8 million as of December 31, 2025 versus $0.7 million as of December 31, 2024. Adjusted EBITDA* loss for this segment was $0.1 million for the quarter ended December 31, 2025 compared to the $0.1 prior year quarter's Adjusted EBITDA* loss, reflecting a relatively flat year-over-year trend. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures. Non-GAAP Financial Measures The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to our business which could result in the addition or elimination of select non-GAAP financial measures in the future. Adjusted EBITDA is not intended to replace or be an alternative to operating income, the most directly comparable amounts reported under GAAP. The table below provides a reconciliation of operating income to Adjusted EBITDA for the periods ended December 31, 2025, and 2024 (in thousands): The following table shows the Company's Adjusted EBITDA by segment for the periods ended December 31, 2025, and 2024 (in thousands): NOTE REGARDING STAKEHOLDER QUESTIONS If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer. ABOUT AIR T, INC. Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground support equipment, commercial aircraft, engines and parts, regional airline and digital solutions. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.com. The information on our website is available for information purposes only and is not incorporated by reference into this press release. FORWARD-LOOKING STATEMENTS Certain statements in this press release, including those contained in "Overview," are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words "believes", "pending", "future", "expects", "anticipates," "intends", "estimates", "depends", "will" or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as: An inability to finance our operations through bank or other financing or through the sale or issuance of debt or equity securities; Economic and industry conditions in the Company's markets; The risk that contracts with FedEx Corporation ("FedEx") could be terminated or adversely modified; The risk that the number of aircraft operated for FedEx is reduced; The risk that GGS customers will defer or reduce significant orders for deicing equipment; The impact of any terrorist activities or armed conflict on United States soil or abroad; Changes in U.S. and foreign trade regulations and tariffs; The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels; The Company's ability to meet debt service covenants and to refinance existing debt obligations; The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided; Market acceptance of the Company's commercial and military equipment and services; The risk that we may not successfully integrate Rex (including financial reporting, systems, and personnel), which could adversely affect our results and reporting; The risk that Rex's revenues and operating costs may be volatile or unpredictable and that we may be unable to offset cost increases or revenue decreases through pricing, surcharges, cost reductions, or other measures, which could adversely affect our results; The risk that the preliminary purchase price allocation for the Rex acquisition, including the determination and measurement of any bargain purchase gain and related tax treatment, may be revised as valuations and other inputs are finalized during the measurement period, which revisions could materially change our reported results of operations and financial position from period to period; The risk that Rex's operations are subject to extensive regulation and oversight and that compliance failures or adverse regulatory actions could materially harm our business and results; and The risk that the Rex transaction structure, including the Australian DOCA/administration process, could result in unexpected liabilities, claims, or delays that could materially harm our results and liquidity; Competition from other providers of similar equipment and services; Changes in government regulation and technology; Changes in the value of marketable securities held as investments; Mild winter weather conditions reducing the demand for deicing equipment; Market acceptance and operational success of the Company's aircraft asset management business and related aircraft capital joint venture; and Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT Tracy Kennedy Chief Financial Officer [email protected] SOURCE: Air T, Inc. View the original press release on ACCESS Newswire

CHARLOTTE, NC / ACCESS Newswire / November 12, 2025 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies with processes and insights that drive increasing value over time. We believe we can invest corporate resources to help activate growth and overcome challenges. Our core segments are overnight air cargo; ground support equipment; commercial aircraft, engines and parts; and digital solutions. Today the Company is announcing results for the fiscal second quarter ended September 30, 2025: Revenues totaled $64.2 million for the quarter ended September 30, 2025, a decrease of $17.1 million, or 21% from the prior year's comparable quarter. Operating income was $5.5 million for the quarter ended September 30, 2025, an increase of $1.9 million from the prior year comparable quarter's operating income of $3.6 million. Adjusted EBITDA* profit of $7.9 million for the quarter ended September 30, 2025, compared to an Adjusted EBITDA* profit of $5.0 million in the prior year's comparable quarter. Earnings per share was $1.61 for the quarter ended September 30, 2025, compared to earnings per share of $0.91 in the prior year's comparable quarter. The investment balance for the Company's equity method investees was $27.9 million at September 30, 2025; as compared to $19.0 million at March 31, 2025. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure. Company Chairman and CEO Nick Swenson commented: "During the quarter, Contrail has reached the significant milestone of eliminating all of its bank debt and holding $6.7 million of cash and cash equivalents at September 30th. Joe and Miriam have done an outstanding job of deleveraging Contrail from the peak of $74.9 million of bank debt during COVID. We are grateful for their outstanding leadership of the Contrail business over many years. In addition, we believe Contrail is well positioned if the secondary market for end of life and low green time engines starts to soften. Earlier this year, the Air T HoldCo team started to engage with various parties about Rex Regional Airlines - the largest regional airline in Australia - which has been in voluntary administration since 2024. If courts approve the transaction, then we expect to close on the acquisition of Rex Regional sometime in December. This closing will mark the end of the beginning on a long journey that we are calling ‘the return to classic Rex.' Expect to hear more from us as the process unfolds." Business Segment Results Overnight Air Cargo This segment provides air express delivery services, primarily for FedEx Corporation ("FedEx"), and repair services. Revenues for this segment decreased by 4% to $29.9 million for the quarter ended September 30, 2025, compared to $31.2 million in the prior year's comparable quarter. The decrease was principally attributable to lower flight admin fees driven by increased soft and hard parked aircraft when compared to the prior year comparable quarter. Adjusted EBITDA* for this segment was $1.8 million for the quarter ended September 30, 2025, a decrease of $0.1 million when compared to the prior year's comparable quarter, reflecting a relatively flat year-over-year trend. Ground Support Equipment ("GGS") This segment-which includes some of the world-leading offerings in the category-manufactures, repairs, and maintains mobile deicers and other specialized ground-support equipment. Customers include passenger and cargo airlines, airports, the military, and other industrial customers. Revenues for this segment totaled $9.6 million for the quarter ended September 30, 2025, down 33% when compared to revenue of $14.5 million in the previous year's second fiscal quarter. The decrease was primarily driven by a lower number of deicing trucks sold in the current quarter compared to the prior comparable quarter as a result of timing: more orders were placed during the first quarter of the current fiscal year. Adjusted EBITDA* profit for this segment was $1.7 million in the quarter ended September 30, 2025, an increase of $1.1 million compared to the prior year quarter's Adjusted EBITDA* profit. The increase was primarily driven by lower costs associated with the reduced revenue noted above. However, the decline in operating expenses as a percentage of net sales was less pronounced than in the prior-year quarter, reflecting higher margins realized on deicing truck sales during the current period. As of September 30, 2025, this segment's order backlog was $12.9 million versus $6.2 million as of September 30, 2024. Commercial Aircraft, Engines and Parts This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics. Revenues for this segment totaled $20.9 million for the quarter ended September 30, 2025, a decrease of $12.0 million versus the previous year's fiscal second quarter. This decrease was largely attributed to a decrease in component sales at Contrail, driven by a lower level of component inventory purchases during the preceding twelve-month period. Adjusted EBITDA* profit for this segment was $6.9 million for the quarter ended September 30, 2025, an increase of $2.8 million when compared to the prior year quarter's Adjusted EBITDA* profit of $4.1 million, primarily due to the gain on the sale of two aircrafts at CASP, partially offset by lower margins realized on component sales at Contrail. Digital Solutions This segment develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Revenues for this segment totaled $2.2 million for the quarter ended September 30, 2025, an increase of $0.4 million versus the previous year's fiscal second quarter. The increase was primarily due to increased software subscriptions driven by continued acquisition of new customers. Adjusted EBITDA* loss for this segment was $0.2 million for the quarter ended September 30, 2025 compared to the prior year quarter's Adjusted EBITDA* loss of $0.1 million, reflecting a relatively flat year-over-year trend. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures. Non-GAAP Financial Measures The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to our business which could result in the addition or elimination of select non-GAAP financial measures in the future. Adjusted EBITDA is not intended to replace or be an alternative to operating income, the most directly comparable amounts reported under GAAP. The table below provides a reconciliation of operating income to Adjusted EBITDA for the periods ended September 30, 2025, and 2024 (in thousands): The following table shows the Company's Adjusted EBITDA by segment for the periods ended September 30, 2025, and 2024 (in thousands): NOTE REGARDING STAKEHOLDER QUESTIONS If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer. ABOUT AIR T, INC. Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground support equipment, commercial aircraft, engines and parts, and digital solutions. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.com. The information on our website is available for information purposes only and is not incorporated by reference into this press release. FORWARD-LOOKING STATEMENTS Certain statements in this press release, including those contained in "Overview," are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words "believes", "pending", "future", "expects", "anticipates," "intends", "estimates", "depends", "will" or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as: An inability to finance our operations through bank or other financing or through the sale or issuance of debt or equity securities; Economic and industry conditions in the Company's markets; The risk that contracts with FedEx could be terminated or adversely modified; The risk that the number of aircraft operated for FedEx is reduced; The risk that GGS customers will defer or reduce significant orders for deicing equipment; The impact of any terrorist activities or armed conflict on United States soil or abroad; Changes in U.S. and foreign trade regulations and tariffs; The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels; The Company's ability to meet debt service covenants and to refinance existing debt obligations; The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided; Market acceptance of the Company's commercial and military equipment and services; Competition from other providers of similar equipment and services; Changes in government regulation and technology; Changes in the value of marketable securities held as investments; Mild winter weather conditions reducing the demand for deicing equipment; Market acceptance and operational success of the Company's aircraft asset management business and related aircraft capital joint venture; and Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT Tracy Kennedy Chief Financial Officer [email protected] SOURCE: Air T, Inc. View the original press release on ACCESS Newswire

Shares of Air T, Inc. AIRT have gained 2.5% since the company reported its earnings for the fiscal year ended June 30, 2025. This compares to the S&P 500 Index’s 0.1% gain over the same time frame. Over the past month, the stock gained 3.2% compared with the S&P 500’s 2.5% rise. Air T reported revenues of $70.9 million for the first quarter of fiscal 2026 ended June 30, 2025, up 6.7% from $66.4 million in the prior-year quarter. Despite the revenue growth, AIRT posted a net loss attributable to stockholders of $1.6 million compared with a loss of $0.3 million in the year-ago quarter. Loss per share was $0.61, widening from $0.12 in the prior-year quarter. Operating income stood at $0.4 million against a loss of $0.6 million in the year-ago quarter. Segment results showed strong contributions from Ground Support Equipment and Digital Solutions, partly offset by weakness in Commercial Aircraft, Engines and Parts. Adjusted EBITDA was $1.5 million, up 71.1% from $0.9 million in the prior year. The company’s investment balance in equity method investees also increased to $19.9 million from $19 million at the end of March 2025. Segment performance revealed mixed dynamics. Overnight Air Cargo revenues were up 0.7% at $30.6 million from $30.4 million, but segment adjusted EBITDA slipped 17.2% to $1.6 million from $1.9 million due to lower maintenance margins. Ground Support Equipment revenues surged 104.9% to $15.1 million from $7.4 million, with adjusted EBITDA turning positive at $1.4 million from a loss of $0.5 million a year earlier. The Commercial Aircraft, Engines and Parts segment posted $21.9 million in revenues, down 16.3% year over year from $26.3 million, primarily due to weaker component sales; Adjusted EBITDA decreased 54.7% to $0.8 million from $1.7 million. Digital Solutions revenues rose 24.9% to $2.1 million from $1.7 million, while narrowing its adjusted EBITDA loss to $0.1 million from $0.3 million. Air T, Inc. price-consensus-eps-surprise-chart | Air T, Inc. Quote Chairman and CEO Nick Swenson emphasized that management is “pleased with the company’s performance” and highlighted execution on the annual plan along with several strategic initiatives aimed at long-term value creation. The commentary suggested confidence in segmental growth drivers, particularly Ground Support Equipment and Digital Solutions, while acknowledging challenges in commercial aircraft-related sales. The revenue increase was primarily fueled by the robust demand for deicing trucks in the Ground Support Equipment segment, which more than doubled sales compared to the prior year. This gain helped offset declines in Commercial Aircraft, Engines and Parts, where lower component sales weighed on results despite incremental lease income from two assets on rent during the quarter. Overnight Air Cargo performance was steady, supported by FedEx-related operations, though profitability declined due to lower-margin maintenance activity. Digital Solutions benefited from customer acquisition momentum in subscription software. On the expense side, consolidated operating expenses increased 5.1% year over year, primarily tied to higher costs in Ground Support Equipment. Non-operating results were less favorable, as higher interest expense and weaker contributions from equity method investments led to a non-operating loss of $1.3 million against income of $0.7 million in the prior year. Air T did not issue specific financial guidance. However, management discussion pointed to an ongoing focus on strategic diversification and growth initiatives, particularly in aviation services and digital solutions, while cautioning on industry and economic risks. On May 15, 2025, Air T’s subsidiary Mountain Air Cargo acquired Royal Aircraft Services, an aircraft maintenance and repair company based in Hagerstown, MD, for $1.2 million. The business has been integrated into the Overnight Air Cargo segment. Additionally, on July 15, 2025, Contrail’s subsidiary sold two Airbus A321 aircraft for over $18 million, effectively transferring lease obligations to the buyer. These moves highlight continued portfolio restructuring and capital allocation in line with Air T’s strategy. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air T, Inc. (AIRT): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CHARLOTTE, NC / ACCESS Newswire / August 13, 2025 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies with processes and insights that drive increasing value over time. We believe we can invest corporate resources to help activate growth and overcome challenges. Our core segments are overnight air cargo; ground support equipment; commercial aircraft, engines and parts; and digital solutions. Today the Company is announcing results for the fiscal first quarter ended June 30, 2025: Revenues totaled $70.9 million for the quarter ended June 30, 2025, an increase of $4.5 million, or 7% from the prior year's comparable quarter. Operating income was $0.4 million for the quarter ended June 30, 2025, an increase of $1.0 million from the prior year comparable quarter's operating loss of $0.6 million. Adjusted EBITDA* profit of $1.5 million for the quarter ended June 30, 2025, compared to an Adjusted EBITDA* profit of $0.9 million in the prior year's comparable quarter. The investment balance for the Company's equity method investees was $19.9 million at June 30, 2025; as compared to 19.0 million at March 31, 2025. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure. Company Chairman and CEO Nick Swenson commented: "Management is pleased with the company's performance in the June Quarter. We are working hard to execute on our annual plan and developing several strategic initiatives which we believe will drive long term value creation." Business Segment Results Overnight Air Cargo This segment provides air express delivery services, primarily for FedEx, and repair services. Revenues for this segment were $30.6 million for the quarter ended June 30, 2025, compared to $30.4 million in the prior year's comparable quarter. Adjusted EBITDA* for this segment was $1.6 million for the quarter ended June 30, 2025, a decrease of $0.3 million when compared to the prior year's comparable quarter. The decrease was driven mainly by lower margins on maintenance revenue. Ground Support Equipment ("GGS") This segment-which includes some of the world-leading offerings in the category-manufactures mobile deicers and other specialized ground-support equipment. Customers include passenger and cargo airlines, airports, the military, and other industrial customers. Revenues for this segment totaled $15.1 million for the quarter ended June 30, 2025, up 105% when compared to revenue of $7.4 million in the previous year's first fiscal quarter. The increase was primarily driven by the higher number of deicing trucks sold in the current year's quarter compared to the prior year's comparable quarter. Adjusted EBITDA* profit for this segment was $1.4 million in the quarter ended June 30, 2025, an increase of $1.9 million compared to the prior year quarter's Adjusted EBITDA* loss of $0.5 million, due primarily to increased costs incurred in connection with the higher sales noted above. The percentage increase in segment operating expenses was less than the percentage increase in segment revenue due to higher margins on the deicing trucks sold in the current quarter. As of June 30, 2025, this segment's order backlog was $7.2 million versus $9.9 million as of June 30, 2024. Commercial Aircraft, Engines and Parts This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics. Revenues for this segment totaled $22.0 million for the quarter ended June 30, 2025, a decrease of $4.3 million versus the previous year's fiscal first quarter. The decrease was primarily driven by lower component sales in the current quarter, partially offset by an increase in lease income resulting from two assets being on lease in the current fiscal year quarter, compared to none in the same fiscal quarter of the prior year. Adjusted EBITDA* for this segment was $0.8 million for the quarter ended June 30, 2025, a decrease of $0.9 million when compared to the prior year quarter's Adjusted EBITDA* of $1.7 million, primarily due to the lower component sales, coupled with lower profit margin on parts sold in the current quarter. Digital Solutions This segment develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Revenues for this segment totaled $2.1 million for the quarter ended June 30, 2025, an increase of $0.4 million versus the previous year's first fiscal quarter. The increase is primarily due to increased software subscriptions driven by continued acquisition of new customers. Adjusted EBITDA* loss for this segment was $0.1 million for the quarter ended June 30, 2025, a decrease in the loss of $0.2 million when compared to the prior year quarter's Adjusted EBITDA* loss of $0.3 million, primarily due to the increased revenue noted above. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures. Non-GAAP Financial Measures The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to our business which could result in the addition or elimination of select non-GAAP financial measures in the future. Adjusted EBITDA is not intended to replace or be an alternative to operating income (loss), the most directly comparable amounts reported under GAAP. The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA for the periods ended June 30, 2025, and 2024 (in thousands): The following table shows the Company's Adjusted EBITDA by segment for the periods ended June 30, 2025, and 2024 (in thousands): NOTE REGARDING STAKEHOLDER QUESTIONS If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com , accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer. ABOUT AIR T, INC. Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground support equipment, commercial aircraft, engines and parts, and digital solutions. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.com. The information on our website is available for information purposes only and is not incorporated by reference into this press release. FORWARD-LOOKING STATEMENTS Certain statements in this press release, including those contained in "Overview," are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words "believes", "pending", "future", "expects," "anticipates," "estimates," "depends" or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as: An inability to finance our operations through bank or other financing or through the sale or issuance of debt or equity securities; Economic and industry conditions in the Company's markets; The risk that contracts with FedEx Corporation ("FedEx") could be terminated or adversely modified; The risk that the number of aircraft operated for FedEx will be reduced; The risk that GGS customers will defer or reduce significant orders for deicing equipment; The impact of any terrorist activities or armed conflict on United States soil or abroad; Changes in U.S. and foreign trade regulations and tariffs; The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels; The Company's ability to meet debt service covenants and to refinance existing debt obligations; The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided; Market acceptance of the Company's commercial and military equipment and services; Competition from other providers of similar equipment and services; Changes in government regulation and technology; Changes in the value of marketable securities held as investments; Mild winter weather conditions reducing the demand for deicing equipment; Market acceptance and operational success of the Company's aircraft asset management business and related aircraft capital joint venture; and Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT Tracy Kennedy Chief Financial Officer [email protected] 704-264-5102 SOURCE: Air T, Inc. View the original press release on ACCESS Newswire

Shares of Air T, Inc. AIRT have gained 9.4% since the company reported its earnings for the fiscal year ended March 31, 2025. This compares to the S&P 500 Index’s 0.9% gain over the same time frame. Over the past month, the stock gained 17.3% compared with the S&P 500’s 3.9% rise. For the fiscal year ended March 31, 2025, Air T reported revenues of $291.9 million, a 1.7% increase from the prior fiscal year’s $286.8 million. Operating income rose 50.9% to $1.9 million from $1.3 million, while adjusted EBITDA improved to $7.4 million from $6.2 million, reflecting an 18.9% increase from fiscal 2024. (Find the latest EPS estimates and surprises on Zacks Earnings Calendar.) Despite these gains in operational metrics, AIRT posted a net loss per share of $2.23, which is a modest improvement from $2.42 in the prior fiscal year. Revenues from the Overnight Air Cargo segment increased 7.3% to $124 million from $115.5 million, driven by higher labor revenue, an increase in administrative fees and higher FedEx pass-through costs related to maintenance. Adjusted EBITDA for the segment decreased 4.7% to $6.8 million from $7.1 million, primarily due to increased loss provisions for bad debt and tax adjustments related to operations in Puerto Rico. Ground Support Equipment Revenues rose 4.8% to $38.9 million from $37.2 million, thanks to increased spare parts sales and service revenues. However, the segment posted an adjusted EBITDA loss of $0.8 million, a slight improvement from the prior year’s $0.9 million loss. Notably, the segment’s order backlog rose to $14.3 million as of March 31, 2025, from $12.6 million a year earlier, indicating healthy demand going into fiscal 2026. The Commercial Aircraft, Engines and Parts segment experienced a revenue decline of 5.8%, totaling $118.2 million from $125.5 million. The shortfall was primarily due to a reduced supply of aircraft available for part-out or resale as operators opted to retain older planes longer amid tight market conditions. However, segment profitability soared, with adjusted EBITDA jumping 60.7% to $9.8 million from $6.1 million, attributable to higher-margin component sales. The smallest of Air T’s four core segments, Digital Solutions, grew revenues by 25.7% to $7.3 million from $5.8 million, fueled by an expanding base of software subscription customers. However, the segment posted an adjusted EBITDA loss of $0.3 million against a modest gain of $0.1 million in the prior year, due to elevated personnel expenses aimed at scaling operations. Air T, Inc. price-consensus-eps-surprise-chart | Air T, Inc. Quote Air T’s adjusted EBITDA margin improved to 2.5% in fiscal 2025 from approximately 2.2% a year earlier, reflecting the impact of cost discipline and a more favorable sales mix, especially within the Commercial Aircraft, Engines and Parts segment. The company’s equity method investment balance grew to $19 million from $16.7 million, signaling continued expansion in joint ventures and non-operating assets. AIRT also continues to generate consistent revenues from FedEx dry-lease arrangements, which represented 39% of total consolidated revenues in fiscal 2025, up from 36% in fiscal 2024. Notably, despite its heavy customer concentration risk with FedEx, Air T remains one of the largest feeder operators in North America. Chairman and CEO Nick Swenson struck an optimistic tone, emphasizing the company’s steady progress in building long-term shareholder value. He highlighted the traction gained from new products and marketing initiatives, reaffirming management’s commitment to enhancing stakeholder returns. Management continues to repurchase shares in the open market, a sign of alignment with shareholders. Several macroeconomic and operational dynamics shaped Air T’s fiscal 2025 performance. In the Overnight Air Cargo segment, the increase in revenue was primarily driven by a rise in billable maintenance hours under the company’s dry-lease agreements with FedEx, which translated into higher pass-through revenues and administrative fees. In the Commercial Aircraft, Engines and Parts segment, although overall revenue declined due to a limited supply of aircraft and engines available for teardown or resale, profitability improved markedly thanks to higher-margin component package sales. Meanwhile, the Ground Support Equipment segment benefited from an uptick in spare parts and support services demand, though sales of deicing units grew only slightly. Lastly, the Digital Solutions business expanded its software subscription base, reflecting effective customer acquisition efforts; however, the segment’s bottom line was affected by higher personnel expenses required to support its operational scaling. Overall, AIRT faced a constrained aircraft parts market as airlines opted to keep aging aircraft in operation longer, which limited the availability of assets for resale and disassembly, a key factor noted by management. Air T did not provide specific numeric guidance for fiscal 2026. However, management plans to continue investing in engine parts inventory, fund deicer builds and expand its commercial aircraft leasing and trading activities. The launch of Runway Aero Advisors LLC in January 2025 also reflects Air T’s broader strategy to build complementary capital-raising and advisory capabilities. Air T continued refining its capital structure. On March 31, 2025, the company amended its credit agreement with Alerus Bank, adding a $3 million Overline Note and a $14 million revolving credit facility, maturing Oct. 31, 2025. The restructuring excluded several co-borrowers and reduced the number of entities under the agreement, potentially enhancing financial flexibility. Another notable update was the launch of Runway Aero Advisors LLC in January 2025, a new subsidiary focused on advising companies on capital raising. The unit is led by Steve Welo, who joined the firm in September 2024, and is expected to support Air T’s existing businesses and its joint ventures like Crestone Air Partners. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Air T, Inc. (AIRT): Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

CHARLOTTE, NC / ACCESS Newswire / June 27, 2025 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies using processes that increase stakeholder value over time. We believe we can apply corporate resources to help activate growth and overcome challenges. Our core segments are overnight air cargo; ground support equipment; commercial aircraft, engines and parts; and digital solutions. Today the Company is announcing results for the Fiscal year ended March 31, 2025: Revenues totaled $291.9 million for the fiscal year ended March 31, 2025, an increase of $5.0 million, or 2% from the prior fiscal year. Operating income was $1.9 million for the fiscal year ended March 31, 2025, compared to operating income in the prior fiscal year of $1.3 million. Adjusted EBITDA* of $7.4 million for the fiscal year ended March 31, 2025, compared to Adjusted EBITDA* of $6.2 million in the prior fiscal year. The investment balance for the Company's equity method investees was $19.0 million at March 31, 2025; as compared to $16.7 million at March 31, 2024. Loss per share of $2.23 for the fiscal year ended March 31, 2025, compared to loss per share of $2.42 for the prior fiscal year. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure. Company Chairman and CEO Nick Swenson commented: "Air T is working to build shareholder value each and every day. We have a number of important initiatives in the works, and we are gaining traction with several new products and marketing channels. We are optimistic about the future." Business Segment Results Effective as of the fourth quarter of fiscal year 2025, we renamed our ground equipment sales segment to ground support equipment and renamed our commercial jet engines and parts segment to commercial aircraft, engines and parts to better align the descriptions of the segments with their activities. Additionally, we have elected to separately disclose the digital solutions segment to better align our financial statement presentation with a key long-term growth area for the Company. Digital solutions was previously classified as part of insignificant business activities. As a result of this change, prior period segment information has been recast to conform to our current presentation in our financial statements and related notes. The Company additionally has a central corporate function that acts as the capital allocator and resource for other consolidated businesses, referred to as Corporate and other. Further, Corporate and other also comprises insignificant businesses and business interests. Overnight Air Cargo This segment provides air express delivery services, primarily for FedEx, and repair services. Revenues from the overnight air cargo segment increased by $8.5 million (7%) compared to the prior fiscal year, principally attributable to higher labor revenues, increase in admin fees and higher FedEx pass through revenues due to higher billable hours for maintenance. Pass-through costs under the dry-lease agreements with FedEx totaled $39.9 million and $36.4 million for the years ended March 31, 2025 and 2024, respectively. Adjusted EBITDA* for this segment was $6.8 million for the fiscal year ended March 31, 2025, a decrease of $0.3 million when compared to the prior fiscal year, due primarily to increased loss provisioning for bad debt and additional taxes related to Puerto Rico operations. Ground Support Equipment This segment-which includes some of the world-leading offerings in the category-manufactures mobile deicers and other specialized ground-support equipment. Customers include passenger and cargo airlines, airports, the military, and other industrial customers. Revenues for this segment totaled $38.9 million for Fiscal Year 2025, up 5% versus $37.2 million in the prior fiscal year. The increase was primarily driven by an increase in spare part sales and support services provided to customers while deicer sales increased slightly. Adjusted EBITDA* loss for this segment was $0.8 million in the fiscal year ended March 31, 2025, compared to an adjusted EBITDA* loss of $0.9 million in the prior fiscal year. At March 31, 2025, the ground support equipment segment's order backlog was $14.3 million compared to $12.6 million at March 31, 2024. Commercial Aircraft, Engines and Parts This segment leases commercial jet engines and aircraft; buys, sells and trades in surplus and aftermarket commercial jet engines, engine parts, airframes, and airframe parts, avionics, and other; then delivers the related documents and logistics. Revenues for this segment totaled $118.2 million in Fiscal Year 2025, a decrease of $7.3 million from Fiscal Year 2024. The decrease was primarily driven by a lower supply of whole assets available to purchase for tear-down or resale in an increasingly competitive market, further exacerbated by aircraft operators keeping older aircraft in operation for longer than they have in the past. Adjusted EBITDA* for this segment was $9.8 million for the fiscal year ended March 31, 2025, compared to Adjusted EBITDA* of $6.1 million in the prior fiscal year. The increase was primarily attributable to increased sales of component packages with a higher gross profit in the current fiscal year. Digital Solutions This segment develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. The digital solutions segment contributed $7.3 million of revenues in the fiscal year ended March 31, 2025 compared to $5.8 million in the prior fiscal year which is an increase of $1.5 million (26%). The increase is primarily due to increased software subscriptions driven by continued acquisition of new and recurring customers. Adjusted EBITDA* loss for the digital solutions segment was $0.3 million for the fiscal year ended March 31, 2025. Adjusted EBITDA* decreased by $0.4 million in the current fiscal year, primarily due to increased personnel needed to continue to scale operations. *Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measures. Non-GAAP Financial Measures The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. This performance measure is not defined by accounting principles generally accepted in the United States and should be considered in addition to, and not in lieu of, GAAP financial measures. Adjusted EBITDA is defined as earnings before taxes, interest, and depreciation and amortization, adjusted for specified items. The Company calculates Adjusted EBITDA by removing the impact of specific items and adding back the amounts of interest expense and depreciation and amortization to earnings before income taxes. When calculating Adjusted EBITDA, the Company does not add back depreciation expense for aircraft engines that are on lease, as the Company believes this expense matches with the corresponding revenue earned on engine leases. There was $1.4 million depreciation expense for leased assets in the current fiscal year, whereas there was no depreciation expense in the prior fiscal year. Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. Adjusted EBITDA is not intended to replace or be an alternative to operating income, the most directly comparable amounts reported under GAAP. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to our business which could result in the addition or elimination of select non-GAAP financial measures in the future. The table below provides a reconciliation of operating income (loss) from continuing operations to Adjusted EBITDA for the periods ended March 31, 2025, and 2024(in thousands): The following table shows the Company's Adjusted EBITDA by segment for the periods ended March 31, 2025, and 2024 (in thousands): NOTE REGARDING STAKEHOLDER QUESTIONS If you have questions related to this release or other Air T matters, please use our interactive Q&A capability, through Slido.com, accessible from our website, to submit your questions. We intend to keep that link open and available for shareholder questions. Questions submitted through Slido will be answered "live" and in writing at our Annual Meeting, and via a written response on a quarterly basis. Note that legal and pragmatic requirements restrict us from answering every question posted, yet we intend to address all reasonable and relevant questions with a written answer. ABOUT AIR T, INC. Established in 1980, Air T Inc. is a portfolio of powerful businesses and financial assets, each of which is independent yet interrelated. Its core segments are overnight air cargo, ground equipment sales, commercial jet engines and parts, and corporate and other. We seek to expand, strengthen and diversify Air T's after-tax cash flow per share. Our goal is to build Air T's core businesses, and when appropriate, to expand into adjacent and other industries. We seek to activate growth and overcome challenges while delivering meaningful value for all stakeholders. For more information, visit www.airt.net. FORWARD-LOOKING STATEMENTS Certain statements in this Report, including those contained in "Overview," are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the Company's financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include those preceded by, followed by or that include the words "believes", "pending", "future", "expects," "anticipates," "estimates," "depends" or similar expressions. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements, because of, among other things, potential risks and uncertainties, such as: An inability to finance our operations through bank or other financing or through the sale or issuance of debt or equity securities; Economic and industry conditions in the Company's markets; The risk that contracts with FedEx Corporation ("FedEx") could be terminated or adversely modified; The risk that the number of aircraft operated for FedEx will be reduced; The risk that GGS customers will defer or reduce significant orders for deicing equipment; The impact of any terrorist activities or armed conflict on United States soil or abroad; Changes in U.S. and foreign trade regulations and tariffs; The Company's ability to manage its cost structure for operating expenses, or unanticipated capital requirements, and match them to shifting customer service requirements and production volume levels; The Company's ability to meet debt service covenants and to refinance existing debt obligations; The risk of injury or other damage arising from accidents involving the Company's overnight air cargo operations, equipment or parts sold and/or services provided; Market acceptance of the Company's commercial and military equipment and services; Competition from other providers of similar equipment and services; Changes in government regulation and technology; Changes in the value of marketable securities held as investments; Mild winter weather conditions reducing the demand for deicing equipment; Market acceptance and operational success of the Company's aircraft asset management business and related aircraft capital joint venture; and Despite our current indebtedness levels, we and our subsidiaries may still be able to incur substantially more debt, which could further exacerbate the risks associated with our substantial leverage. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. We are under no obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. CONTACT Tracy Kennedy Chief Financial Officer [email protected] 704-264-5102 SOURCE: Air T, Inc. View the original press release on ACCESS Newswire