AerSale Reports First Quarter 2026 Results
Rhea-AI Summary
AerSale (Nasdaq: ASLE) reported Q1 2026 revenue of $70.6M (up 7.4% vs. Q1 2025) and a net loss of $3.5M (improved from $5.3M). Adjusted EBITDA rose to $7.4M (10.4% of revenue), driven by higher leasing and flight equipment sales.
Inventory totaled $369.5M, aircraft and engines held for lease were $121.5M, and feedstock acquisitions were $25.1M.
AI-generated analysis. Not financial advice.
Positive
- Revenue +7.4% to $70.6M
- Adjusted EBITDA +131.9% to $7.4M
- Adjusted net income swung to $0.1M from a loss
- Leasing revenue growth and expanded lease pool (18 engines, 3 B757 freighters)
Negative
- Net loss of $3.5M remains
- Feedstock acquisitions down 42.3% to $25.1M
- Gross margin declined to 26.7% from 27.3% due to TechOps start‑up costs
Key Figures
Market Reality Check
Peers on Argus
ASLE shows a modest 1.81% gain pre-earnings while peers are mixed: CAAP up 2.93%, KELYB up 3.56%, but UP down 7.96%. This points to stock-specific rather than broad sector momentum.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 05 | Quarterly earnings | Positive | -11.8% | Full-year 2025 profit and strong adjusted EBITDA despite modest revenue decline. |
| Nov 06 | Quarterly earnings | Neutral | -12.1% | Q3 2025 revenue dip but underlying growth excluding prior-year engine sales. |
| Aug 06 | Quarterly earnings | Positive | +23.2% | Q2 2025 revenue up 39.3% with strong GAAP profit and EBITDA. |
| May 07 | Quarterly earnings | Negative | -12.5% | Q1 2025 revenue drop and shift from prior-year profit to GAAP net loss. |
| Mar 06 | Annual earnings | Positive | +16.6% | Q4 and full-year 2024 profit with higher adjusted EBITDA and liquidity. |
Earnings releases have often triggered sizable moves, with both strong rallies and sharp selloffs, indicating event-driven volatility around results.
Recent earnings for AerSale show alternating periods of strong growth and setbacks. Q2 2025 delivered robust revenue and profit, while Q3 and Q4 2025, and Q1 2025, saw softer top-line trends or losses that were met with double‑digit stock declines after several reports. Nonetheless, adjusted EBITDA and profitability generally improved in late 2024 and full‑year 2025, reflecting a shift toward higher-margin leasing and MRO, which frames the Q1 2026 results as part of a margin-focused transition.
Historical Comparison
Over the past five earnings-related announcements, AerSale’s average price move was about 0.68%, with individual reactions ranging from sharp gains to notable declines.
Earnings reports since early 2024 show a transition toward improved adjusted EBITDA and profitability, supported by leasing and MRO growth despite lumpier flight equipment sales.
Market Pulse Summary
This announcement highlights Q1 2026 revenue growth to $70.6M, a narrowed GAAP net loss, and a significant rise in adjusted EBITDA to $7.4M, driven by leasing and MRO activity. At the same time, gross margin softened and cash declined, while inventory and aircraft held for lease remained sizable. Investors may focus on how effectively AerSale monetizes its $369.5M inventory base and whether recurring leasing and services continue to offset lumpier flight equipment sales.
Key Terms
adjusted ebitda financial
non-gaap financial
used serviceable material technical
maintenance repair and overhaul technical
warrant liability financial
revolving credit facility financial
AI-generated analysis. Not financial advice.
First Quarter 2026 Highlights
- Revenue of
$70.6 million versus$65.8 million in the prior year period - Net loss of
$3.5 million versus net loss of$5.3 million in the prior year period - Adjusted net income1 of
$0.1 million versus adjusted net loss of$2.7 million in the prior year period - Adjusted EBITDA1 of
$7.4 million versus adjusted EBITDA of$3.2 million in the prior year period - Feedstock acquisitions of
$25.1 million versus$43.4 million in the prior year period - Inventory of
$369.5 million - Aircraft and engines held for lease2 of
$121.5 million
MIAMI, May 07, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (Nasdaq: ASLE) (“AerSale” or the “Company”) today reported first quarter 2026 financial results.
| (in thousands, except per-share amount) | ||||||||||||
| (Unaudited) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2026 | 2025 | Percent Change | ||||||||||
| Total revenue | $ | 70,614 | $ | 65,776 | 7.4 | % | ||||||
| Net loss | (3,450 | ) | (5,277 | ) | 34.6 | % | ||||||
| Adjusted net income (loss)(1) | 66 | (2,665 | ) | 102.5 | % | |||||||
| Adjusted EBITDA(1) | 7,360 | 3,174 | 131.9 | % | ||||||||
| Diluted loss per share | (0.07 | ) | (0.10 | ) | 30.0 | % | ||||||
| Adjusted diluted earnings (loss) per share(1) | 0.00 | (0.05 | ) | 100.0 | % | |||||||
| Feedstock acquisitions | $ | 25,056 | $ | 43,439 | (42.3 | ) | % | |||||
First Quarter 2026 Results of Operations
The Company’s revenue for the first quarter of 2026 was
As a reminder to investors, the Company’s revenue is likely to fluctuate from quarter-to-quarter and year-to-year based on the timing of flight equipment sales and therefore, performance should be monitored based on the more recurring aspects of our business, which includes leasing, used serviceable material (“USM”) and maintenance repair and overhaul (“MRO”) activities.
In the first quarter of 2026, flight equipment sales were
Nick Finazzo, Chief Executive Officer at AerSale, stated, “Our first quarter performance reflects continued progress in growing the more recurring parts of our business through increased leasing activity and disciplined execution across our platform. During the quarter, we commenced work at our Millington facility following the award of a long‑term, multi‑line regional airline maintenance agreement and at our expanded Aerostructures facility. These expansion projects resulted in expected start‑up costs, which created modest margin pressure that we expect to normalize as volumes increase and operations mature.”
Mr. Finazzo continued, “We also continued to execute on our leasing strategy with the placement of an additional B757 freighter, ending the quarter with three aircraft on lease and one additional aircraft under letter of intent. With a strong inventory position and expanding capacity, we remain focused on monetizing our assets and delivering a more consistent earnings profile over time.”
Asset Management Solutions Segment (“AMS”) revenue increased
Technical Operations (“TechOps”) revenue increased
Gross margin decreased to
Selling, general, and administrative expenses were
Loss from operations was
Income tax benefit was
Net loss for the first quarter of 2026 was
Diluted loss per share was
Conference Call Information
The Company will host a conference call today, May 7, 2026 at 4:30 pm Eastern Time to discuss these results. A live audio webcast will be available to the public on a listen-only basis at https://ir.aersale.com/news-events/events. An archived replay of the webcast will also be available on the Investors portion of the AerSale website at https://ir.aersale.com/ for one year.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share. AerSale defines adjusted EBITDA as net income (loss) excluding interest expense, depreciation and amortization, income tax expense (benefit), and other non-cash, non-recurring or unusual items. Adjusted net income (loss) is defined as net income (loss) excluding mark-to-market adjustments relating to our private warrants, stock-based compensation expense, inventory write-offs and other non-cash, non-recurring or unusual items. Adjusted diluted earnings (loss) per share is adjusted net income divided by the diluted weighted average number of shares outstanding during the measurement period.
AerSale believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to AerSale’s financial condition and results of operations. AerSale’s management uses certain of these non-GAAP measures to compare AerSale’s performance to that of prior periods for trend analyses and for budgeting and planning purposes. These non-GAAP measures should not be construed as an alternative to net income (loss) or net income (loss) margin as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP).
You should review AerSale’s financial statements and not rely on any single financial measure to evaluate AerSale’s business. Other companies may calculate adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share differently, and therefore AerSale’s adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of net income (loss), the Company’s closest GAAP measure, to adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share, are outlined in the tables below following the Company’s condensed consolidated financial statements.
| End Notes | |
| (1) | Adjusted net income (loss), adjusted EBITDA and adjusted diluted earnings (loss) per share are non-GAAP measures. See “Non-GAAP Financial Measures” and “Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Basic/Diluted (Loss) Earnings Per Share Reconciliation Table” at the end of this press release for a discussion of why we believe these non-GAAP measures are useful together with a detailed reconciliation of these measures to their most directly comparable GAAP (Generally Accepted Accounting Principles) measure. |
| (2) | Aircraft and engines held for lease refers to the financial statement line item Aircraft and engines held for lease, net on the Condensed Consolidated Balance Sheet, which is comprised of assets’ cost net of accumulated depreciation. |
First Quarter 2026 Financial Results
| AERSALE CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue: | ||||||||
| Products | $ | 35,304 | $ | 37,122 | ||||
| Leasing | 11,846 | 7,501 | ||||||
| Services | 23,464 | 21,153 | ||||||
| Total revenue | 70,614 | 65,776 | ||||||
| Cost of sales and operating expenses: | ||||||||
| Cost of products | 24,023 | 27,639 | ||||||
| Cost of leasing | 4,463 | 3,008 | ||||||
| Cost of services | 23,247 | 17,164 | ||||||
| Total cost of sales | 51,733 | 47,811 | ||||||
| Gross profit | 18,881 | 17,965 | ||||||
| Selling, general and administrative expenses | 22,213 | 24,612 | ||||||
| Loss from operations | (3,332 | ) | (6,647 | ) | ||||
| Other (expense) income: | ||||||||
| Interest expense, net | (2,130 | ) | (1,181 | ) | ||||
| Other income, net | 1,007 | 1,888 | ||||||
| Change in fair value of warrant liability | - | (57 | ) | |||||
| Total other (expense) income, net | (1,123 | ) | 650 | |||||
| Loss before income tax provision | (4,455 | ) | (5,997 | ) | ||||
| Income tax benefit | 1,005 | 720 | ||||||
| Net loss | $ | (3,450 | ) | $ | (5,277 | ) | ||
| Loss per share: | ||||||||
| Basic | $ | (0.07 | ) | $ | (0.10 | ) | ||
| Diluted | $ | (0.07 | ) | $ | (0.10 | ) | ||
| Weighted average shares outstanding: | ||||||||
| Basic | 47,240,034 | 52,338,258 | ||||||
| Diluted | 47,240,034 | 52,338,258 | ||||||
| AERSALE CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheet (in thousands, except share data) (Unaudited) | ||||||
| March 31, | December 31, | |||||
| 2026 | 2025 | |||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 2,085 | $ | 4,379 | ||
| Accounts receivable, net of allowance for credit losses of | 47,116 | 42,654 | ||||
| Income tax receivable | 1,126 | 1,728 | ||||
| Inventory: | ||||||
| Aircraft, airframes, engines, and parts | 214,703 | 205,379 | ||||
| Advance vendor payments | 4,900 | 5,679 | ||||
| Deposits, prepaid expenses, and other current assets | 12,085 | 9,170 | ||||
| Total current assets | 282,015 | 268,989 | ||||
| Fixed assets: | ||||||
| Aircraft and engines held for lease, net | 121,489 | 102,361 | ||||
| Property and equipment, net | 31,998 | 32,006 | ||||
| Inventory: | ||||||
| Aircraft, airframes, engines, and parts | 154,783 | 158,385 | ||||
| Operating lease right-of-use assets | 28,873 | 30,130 | ||||
| Deferred income taxes | 9,735 | 8,784 | ||||
| Deferred financing costs, net | 925 | 1,024 | ||||
| Other assets | 578 | 586 | ||||
| Goodwill | 19,860 | 19,860 | ||||
| Other intangible assets, net | 17,810 | 18,347 | ||||
| Total assets | $ | 668,066 | $ | 640,472 | ||
| Current liabilities: | ||||||
| Accounts payable | $ | 31,260 | $ | 29,645 | ||
| Accrued expenses | 7,198 | 7,233 | ||||
| Income tax payable | 324 | 329 | ||||
| Lessee and customer purchase deposits | 2,123 | 780 | ||||
| Current operating lease liabilities | 4,114 | 4,313 | ||||
| Current portion of long-term debt | 993 | 993 | ||||
| Deferred revenue | 724 | 530 | ||||
| Deferred insurance proceeds | 28,610 | 28,610 | ||||
| Total current liabilities | 75,346 | 72,433 | ||||
| Revolving credit facility | 137,796 | 110,053 | ||||
| Long-term debt | 1,036 | 1,284 | ||||
| Long-term lease deposits | 3,182 | 3,492 | ||||
| Long-term operating lease liabilities | 27,150 | 28,190 | ||||
| Maintenance deposit payments and other liabilities | 773 | 589 | ||||
| Total liabilities | 245,283 | 216,041 | ||||
| Stockholders’ equity: | ||||||
| Common stock, | 5 | 5 | ||||
| Additional paid-in capital | 278,531 | 276,729 | ||||
| Retained earnings | 144,247 | 147,697 | ||||
| Total stockholders' equity | 422,783 | 424,431 | ||||
| Total liabilities and stockholders’ equity | $ | 668,066 | $ | 640,472 | ||
| AERSALE CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (3,450 | ) | $ | (5,277 | ) | ||
| Adjustments to reconcile net income to net cash used in operating activities | ||||||||
| Depreciation and amortization | 6,138 | 4,943 | ||||||
| Amortization of debt issuance costs | 99 | 90 | ||||||
| Amortization of operating lease assets | 18 | 53 | ||||||
| Inventory reserve | 2,732 | 829 | ||||||
| Deferred income taxes | (951 | ) | (403 | ) | ||||
| Change in fair value of warrant liability | - | 57 | ||||||
| Share-based compensation | 1,802 | 1,160 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (4,462 | ) | (5,221 | ) | ||||
| Income tax receivable | 602 | (239 | ) | |||||
| Inventory | (29,941 | ) | (39,709 | ) | ||||
| Deposits, prepaid expenses, and other current assets | (2,915 | ) | 873 | |||||
| Other assets | 8 | (35 | ) | |||||
| Advance vendor payments | 779 | 107 | ||||||
| Accounts payable | 1,615 | (6,647 | ) | |||||
| Income tax payable | (5 | ) | - | |||||
| Accrued expenses | (101 | ) | (18 | ) | ||||
| Deferred revenue | 194 | (857 | ) | |||||
| Lessee and customer purchase deposits | 1,033 | 1,251 | ||||||
| Deferred insurance proceeds | - | 3,700 | ||||||
| Other liabilities | 142 | 122 | ||||||
| Net cash used in operating activities | (26,663 | ) | (45,221 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Acquisition of aircraft and engines held for lease, including capitalized costs | (2,074 | ) | (1,128 | ) | ||||
| Purchase of property and equipment | (1,052 | ) | (2,411 | ) | ||||
| Net cash used in investing activities | (3,126 | ) | (3,539 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term debt | - | 220 | ||||||
| Repayments of long-term debt | (248 | ) | (151 | ) | ||||
| Proceeds from revolving credit facility | 83,043 | 148,943 | ||||||
| Repayments of revolving credit facility | (55,300 | ) | (55,100 | ) | ||||
| Payments of debt issuance costs | - | (114 | ) | |||||
| Purchase of treasury stock | - | (45,000 | ) | |||||
| Taxes paid related to net share settlement of equity awards | - | (45 | ) | |||||
| Net cash provided by financing activities | 27,495 | 48,753 | ||||||
| Decrease in cash and cash equivalents | (2,294 | ) | (7 | ) | ||||
| Cash and cash equivalents, beginning of period | 4,379 | 4,698 | ||||||
| Cash and cash equivalents, end of period | $ | 2,085 | $ | 4,691 | ||||
| Supplemental disclosure of cash activities | ||||||||
| Income tax payments (refunds), net | $ | 3 | $ | (191 | ) | |||
| Interest paid | $ | 2,030 | $ | 1,063 | ||||
| Supplemental disclosure of noncash investing activities | ||||||||
| Reclassification of inventory to equipment held for lease, net | $ | 21,487 | $ | 3,509 | ||||
| AERSALE CORPORATION AND SUBSIDIARIES Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Basic/Diluted (Loss) Earnings Per Share Reconciliation Table (in thousands, except per and percentage share data) (Unaudited) | ||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||||
| % of Total | % of Total | |||||||||||||||
| 2026 | Revenue | 2025 | Revenue | |||||||||||||
| Reported net loss | $ | (3,450 | ) | (4.9 | ) | % | $ | (5,277 | ) | (8.0 | ) | % | ||||
| Addbacks: | ||||||||||||||||
| Change in fair value of warrant liability | - | - | % | 57 | 0.1 | % | ||||||||||
| Share-based compensation | 1,802 | 2.6 | % | 1,160 | 1.8 | % | ||||||||||
| Payroll taxes related to share-based compensation | - | - | % | 18 | 0.0 | % | ||||||||||
| Inventory write-off | 1,615 | 2.3 | % | - | - | % | ||||||||||
| Facility relocation costs | 130 | 0.2 | % | 358 | 0.5 | % | ||||||||||
| Restructuring costs | - | - | % | 1,054 | 1.6 | % | ||||||||||
| Legal settlement | - | - | % | 400 | 0.6 | % | ||||||||||
| Income tax effect of adjusting items(1) | (31 | ) | (0.0 | ) | % | (435 | ) | (0.7 | ) | % | ||||||
| Adjusted net income (loss) | $ | 66 | 0.1 | % | $ | (2,665 | ) | (4.1 | ) | % | ||||||
| Interest expense, net | 2,130 | 3.0 | % | 1,181 | 1.8 | % | ||||||||||
| Income tax benefit | (1,005 | ) | (1.4 | ) | % | (720 | ) | (1.1 | ) | % | ||||||
| Depreciation and amortization | 6,138 | 8.7 | % | 4,943 | 7.5 | % | ||||||||||
| Reversal of income tax effect of adjusting items(1) | 31 | - | % | 435 | 0.7 | % | ||||||||||
| Adjusted EBITDA | $ | 7,360 | 10.4 | % | $ | 3,174 | 4.8 | % | ||||||||
| Reported basic (loss) per share | $ | (0.07 | ) | $ | (0.10 | ) | ||||||||||
| Addbacks: | ||||||||||||||||
| Change in fair value of warrant liability | - | 0.00 | ||||||||||||||
| Share-based compensation | 0.04 | 0.02 | ||||||||||||||
| Payroll taxes related to share-based compensation | - | 0.00 | ||||||||||||||
| Inventory write-off | 0.03 | - | ||||||||||||||
| Facility relocation costs | 0.00 | 0.01 | ||||||||||||||
| Restructuring costs | - | 0.02 | ||||||||||||||
| Legal settlement | - | 0.01 | ||||||||||||||
| Income tax effect of adjusting items | (0.00 | ) | (0.01 | ) | ||||||||||||
| Adjusted basic earnings (loss) per share | $ | 0.00 | $ | (0.05 | ) | |||||||||||
| Reported diluted (loss) per share | $ | (0.07 | ) | $ | (0.10 | ) | ||||||||||
| Addbacks: | ||||||||||||||||
| Change in fair value of warrant liability | - | 0.00 | ||||||||||||||
| Share-based compensation | 0.04 | 0.02 | ||||||||||||||
| Payroll taxes related to share-based compensation | - | 0.00 | ||||||||||||||
| Inventory write-off | 0.03 | - | ||||||||||||||
| Facility relocation costs | 0.00 | 0.01 | ||||||||||||||
| Restructuring costs | - | 0.02 | ||||||||||||||
| Legal settlement | - | 0.01 | ||||||||||||||
| Income tax effect of adjusting items | (0.00 | ) | (0.01 | ) | ||||||||||||
| Adjusted diluted earnings (loss) per share | $ | 0.00 | $ | (0.05 | ) | |||||||||||
| (1) | The income tax effect of current period adjusting items is calculated at the Company's applicable statutory rate of |
Forward Looking Statements
This press release includes “forward-looking statements”. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may constitute forward-looking statements, and include, but are not limited to, statements regarding our anticipated financial performance, including anticipations regarding improved financial results as a result of our recently awarded long-term CRJ maintenance contract and greater demand for AerSale’s USM business; expectations regarding feedstock and commercial demand; our growth trajectory; the expected operating capacity of our MRO facilities and demand for such services; and the sufficiency of our liquidity; AerSale’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” or the negative of these or other similar expressions are intended to identify such forward-looking statements. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors, Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and its other filings with the SEC, including its subsequent quarterly reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
About AerSale
AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.
AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.
With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.
Media:
For more information about AerSale, please visit our website: www.AerSale.com.
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AerSale: Jackie Carlon
Telephone: (305) 764-3200
Email: media.relations@aersale.com
Investor:
AerSale: InvestorRelations@aersale.com
Source: AerSale Corporation