AerSale Reports Third Quarter 2026 Results

Revenue excluding Flight Equipment sales grew 16.2% year over year, while adjusted EBITDA margin fell to 9.3% from 13.3%.

Rhea-AI Summary

AerSale (ASLE) reported third-quarter 2026 revenue of $91.6 million, with growth in both operating segments but lower margins and a wider loss. Revenue rose 28.6% year over year. Net loss was $15.0 million versus $0.1 million, including a $13.4 million non-cash goodwill impairment charge. Adjusted EBITDA, a non-GAAP earnings measure, fell to $8.6 million from $9.5 million.

Asset Management Solutions revenue rose 28.9%, while Technical Operations revenue increased 28.2%. Gross margin declined to 22.5% from 30.2%. A Boeing 737 aircraft sale and additional engine sales previously expected in the third quarter shifted to the fourth quarter. AerSale has commitments for a $35 million Boeing 737 sale to the U.S. Marshals Service and expects a stronger fourth quarter. Quarter-end liquidity was $23.1 million; operating activities used $42.7 million in cash year to date.

15 points · 0 major

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0 major · 22 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue increased 28.6% to $91.6 million year over year, versus $70.9 million in the second quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Boeing 737 sale commitments total $35 million with the U.S. Marshals Service; AerSale expects fourth-quarter closing. 15% of market cap
• Minor pointRevenue excluding Flight Equipment sales grew 16.2% to $82.3 million in the third quarter year over year.
• Minor pointFlight Equipment sales reached $9.3 million in the third quarter versus $0.4 million a year earlier.
• Minor pointAsset Management Solutions revenue increased 28.9% to $50.5 million in the third quarter year over year.

10 minor points

• Minor pointAsset Management Solutions revenue excluding Flight Equipment grew 6.4% to $41.3 million in the third quarter year over year.
• Minor pointTechnical Operations revenue increased 28.2% to $41.0 million in the third quarter year over year.
• Minor pointMillington generated revenue from two regional-carrier maintenance check lines, versus none in the prior-year quarter.
• Minor pointB757 freighters on lease increased to five at September 30, 2026, from three at June 30, 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.AerSale was awarded seven A330 airframes, with the first closing anticipated in the coming weeks.
• Minor point. Forward-looking: it has not happened yet and may not happen.AerSale expects leasing margins to improve as B757 utilization increases and additional engines enter leases.
• Minor point. Forward-looking: it has not happened yet and may not happen.AerSale expects adjusted EBITDA improvement as new-program ramp-up costs diminish over time.
• Minor point. Forward-looking: it has not happened yet and may not happen.Management and sales changes are expected by AerSale to improve performance in 2027.
• Minor pointYear-to-date Technical Operations revenue rose 14.1% to $102.288 million versus the prior-year period.
• Minor pointYear-to-date selling, general and administrative expenses decreased to $62.015 million from $66.048 million.

Negative

• Moderate pointThird-quarter net loss widened to $15.0 million from $0.1 million in the prior-year period.
• Moderate pointThird-quarter adjusted EBITDA fell 9.7% to $8.559 million; margin declined to 9.3% from 13.3% year over year.
• Moderate pointThird-quarter gross margin declined to 22.5% from 30.2% in the prior-year period.
• Moderate pointOperating activities used $42.7 million in cash year to date, primarily for inventory and capitalized repairs.
• Moderate pointYear-to-date revenue declined 4.6% to $233.102 million versus the prior-year period.
• Moderate pointYear-to-date net loss was $24.048 million, versus net income of $3.178 million a year earlier.
• Moderate pointYear-to-date adjusted EBITDA declined 41.4% to $18.130 million versus the prior-year period.

15 minor points

• Minor pointNon-cash goodwill impairment amounted to $13.4 million in the third quarter.
• Minor pointThird-quarter diluted loss per share was $0.31, versus $0.00 in the prior-year period.
• Minor pointThird-quarter operating loss was $11.6 million, versus operating income of $2.9 million a year earlier.
• Minor pointThird-quarter adjusted net loss was $1.1 million, versus adjusted net income of $1.5 million a year earlier.
• Minor pointThird-quarter adjusted diluted loss per share was $0.02, versus adjusted earnings of $0.04 a year earlier.
• Minor pointTechnical Operations third-quarter gross margin fell to 12.5% from 25.3% in the prior-year period.
• Minor pointAsset Management Solutions third-quarter gross margin declined to 30.5% from 34.1% a year earlier.
• Minor pointBoeing 737 and additional engine sales shifted from expected third-quarter to fourth-quarter closing.
• Minor pointThird-quarter selling, general and administrative expenses rose to $18.8 million from $18.6 million a year earlier.
• Minor pointThird-quarter net interest expense increased to $2.766 million from $2.367 million a year earlier.
• Minor pointYear-to-date Asset Management Solutions revenue fell 15.4% to $130.814 million versus the prior-year period.
• Minor pointYear-to-date diluted loss per share was $0.51, versus earnings of $0.06 a year earlier.
• Minor pointYear-to-date operating loss was $19.718 million, versus operating income of $8.740 million a year earlier.
• Minor pointYear-to-date adjusted net loss was $5.292 million, versus adjusted net income of $8.297 million a year earlier.
• Minor pointYear-to-date adjusted diluted loss per share was $0.11, versus adjusted earnings of $0.16 a year earlier.

News Explained

At September 30, AerSale reported $3.9 million in cash and $19.2 million of available capacity on its $180 million revolving credit facility, expandable to $200 million subject to conditions, lender commitments and borrowing-base availability; the reported liquidity therefore included borrowing capacity, not just cash.

Key Figures

Revenue: $91.6 million Net loss: $15.0 million Adjusted net loss: $1.1 million +5 more

Revenue

$91.6 million

Third quarter 2026; up 28.6% year over year

Net loss

$15.0 million

Third quarter 2026; includes a $13.4 million non-cash goodwill impairment charge

Adjusted net loss

$1.1 million

Third quarter 2026, versus adjusted net income of $1.5 million a year earlier

Adjusted EBITDA

$8.6 million

Third quarter 2026, versus $9.5 million a year earlier

Gross margin

22.5%

Third quarter 2026, versus 30.2% in the same period last year

Liquidity

$23.1 million

At quarter end

Operating cash used

$42.7 million

Year to date

Committed Boeing 737 sale

$35 million

Expected to close in the fourth quarter

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Quarterly earnings

   24h Move

   -6.3%

   Second-quarter revenue and adjusted EBITDA fell year over year, with a $5.6 million net loss.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, goodwill impairment, non-gaap financial measures, used serviceable material, +1 more

5 terms

adjusted ebitda financial

"Adjusted EBITDA in the third quarter of 2026 was $8.6 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

goodwill impairment financial

"Net loss for the third quarter of 2026 was $15.0 million"

Goodwill impairment occurs when a company’s valued reputation or brand strength, known as goodwill, is found to be worth less than previously recorded on its financial statements. This usually happens when the company's performance declines or market conditions change, signaling that the expected benefits from acquisitions or brand value are no longer as strong. It matters to investors because it can indicate that a company's assets are less valuable than initially thought, potentially affecting its overall financial health.

non-gaap financial measures financial

"This press release includes non-GAAP financial measures"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

used serviceable material technical

"used serviceable material (“USM”) sales"

Used serviceable material means pre-owned equipment, parts, or supplies that are still functional and ready for use without major repair. For investors, it signals potential cost savings because companies can operate or replace assets more cheaply than buying new ones, but it also raises questions about remaining lifespan, reliability, and future maintenance costs—similar to buying a dependable, lightly used car instead of a brand-new model.

airworthiness directive regulatory

"comply with the fuel tank flammability Airworthiness Directive"

An airworthiness directive is an official safety order issued by aviation regulators requiring specific inspections, repairs, or changes to an aircraft, engine, or component to address a known safety problem. For investors it matters because compliance can force airlines or manufacturers to take planes out of service, incur repair costs, delay deliveries, or face legal risk—similar to a consumer-product recall that affects production, revenue and reputation.

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Third Quarter 2026 Highlights

• Revenue of $91.6 million versus $71.2 million in the prior year period
• Net loss of $15.0 million, which includes a $13.4 million non-cash goodwill impairment charge, versus a net loss of $0.1 million in the prior year period
• Adjusted net loss¹ of $1.1 million versus adjusted net income¹ of $1.5 million in the prior year period
• Adjusted EBITDA¹ of $8.6 million versus $9.5 million in the prior year period
• Feedstock acquisitions of $7.1 million versus $13.7 million in the prior year period
• Inventory of $334.1 million as of September 30, 2026
• Aircraft and engines held for lease² of $165.9 million
  

MIAMI, Nov. 05, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (Nasdaq: ASLE) (“AerSale” or the “Company”) today reported third quarter 2026 financial results.

Third Quarter 2026 Financial Results:

During the third quarter of 2026, we continued to focus on our strategic initiatives of monetizing our asset base, scaling our Maintenance, Repair, and Overhaul (“MRO”) operations, and growing recurring revenue streams of our business. Revenue and adjusted EBITDA improved sequentially from the second quarter. Flight Equipment sales in the quarter consisted of one whole engine. The sale of a Boeing 737 aircraft and additional engines previously expected to occur in the third quarter are now expected to close in the fourth quarter.

		(in thousands, except per-share amount)
		(Unaudited)
		Three Months Ended September 30,												Nine Months Ended September 30,
		2026				2025				Percent Change				2026				2025			Percent Change
Asset Management Solutions		$	50,547			$	39,201			28.9		%		$	130,814			$	154,679		(15.4	)	%
Technical Operations			41,009				31,990			28.2		%			102,288				89,670		14.1		%
Total revenue		$	91,556			$	71,191			28.6		%		$	233,102			$	244,349		(4.6	)	%
Net (loss) income			(15,028	)			(120	)		(12,423.3	)	%			(24,048	)			3,178		(856.7	)	%
Adjusted net (loss) income(1)			(1,106	)			1,525			(172.5	)	%			(5,292	)			8,297		(163.8	)	%
Adjusted EBITDA(1)			8,559				9,479			(9.7	)	%			18,130				30,924		(41.4	)	%
Diluted (loss) earnings per share			(0.31	)			(0.00	)		NM					(0.51	)			0.06		(950.0	)	%
Adjusted diluted (loss) earnings per share(1)			(0.02	)			0.04			(150.0	)	%			(0.11	)			0.16		(168.8	)	%
Feedstock acquisitions		$	7,127			$	13,670			(47.9	)	%		$	37,766			$	84,219		(55.2	)	%

The Company’s revenue for the third quarter of 2026 was $91.6 million, representing a 28.6% increase compared to $71.2 million in the third quarter of 2025 and an increase from $70.9 million in the second quarter of 2026. Growth was driven by leasing, used serviceable material (“USM”) sales, heavy MRO, strong commercial demand for the Company’s AerSafe® product, as well as $9.3 million of Flight Equipment sales, compared with $0.4 million in the prior-year period.

Adjusted EBITDA¹ in the third quarter of 2026 was $8.6 million, or 9.3% of total revenue, compared to $9.5 million, or 13.3% of total revenue, in the comparable prior year period. Excluding Flight Equipment sales, revenue grew 16.2% to $82.3 million in the third quarter of 2026 compared to the prior-year period, with gains in leasing, USM, heavy MRO, and Engineered Solutions. We expect continued improvement in adjusted EBITDA as the ramp-up costs of new programs designed to deliver higher profitability and recurring revenue are expected to diminish over time.

We encourage investors to evaluate performance across multiple quarters and through the more recurring parts of our business: leasing, USM and MRO.

Nicolas Finazzo, Chief Executive Officer at AerSale, stated, “The initiatives we have undertaken since early 2025 to make inventory and Flight Assets ready for sale or lease, optimize our sales force, invest in technology, and complete major facilities expansion projects, are taking hold. As such, our third quarter operational results improved meaningfully over the second quarter. Five of our seven 757 freighters are now on lease. We are using advanced analytics to strengthen USM sales by rapidly identifying the most cost-efficient way to make USM ready for sale. In TechOps, we have similarly created advanced analytics that have identified the factors affecting output and profitability at Millington, Goodyear, and our Component MRO shops, which should improve the efficiency of our workforce and increase utilization of our available capacity.”

Mr. Finazzo continued, “We enter the fourth quarter with a well-defined Flight Equipment pipeline expected to close before year end. We have commitments for a $35 million sale of a Boeing 737 aircraft to the U.S. Marshals Service, and other customers for engines now in the final stages of restoration. Together with our expanded lease portfolio and a clear path to monetizing the inventory we have built, we expect a significantly stronger fourth quarter.”

Asset Management Solutions Segment (“AMS”) revenue increased 28.9% to $50.5 million in the third quarter of 2026 compared to $39.2 million in the third quarter of 2025. Excluding Flight Equipment sales, AMS revenue grew 6.4% to $41.3 million from $38.8 million in the prior year, driven by higher leasing and USM revenue. Leasing revenue grew on the strength of an expanded B757 freighter lease portfolio. USM revenue also increased with volumes building throughout the quarter as the Company continued to monetize existing inventory. Feedstock acquisitions were $7.1 million for the third quarter and $37.8 million year to date, compared with $84.2 million in the prior year to date period, reflecting our disciplined approach to pricing in a competitive sellers’ market. The Company was awarded seven A330 airframes, which meet our return requirements, with the first airframe anticipated to close in the coming weeks. As of September 30, 2026, the Company had 18 engines and five B757 freighter aircraft on lease, compared with 18 engines and three B757 freighter aircraft on lease as of June 30, 2026. We are advancing identified opportunities for our remaining two B757 freighters and are working closely with our engine MRO partners to finalize engines currently in repair.

Technical Operations Segment (“TechOps”) revenue increased 28.2% to $41.0 million in the third quarter of 2026 compared with $32.0 million in the third quarter of 2025. Heavy MRO revenue grew as Millington ramped up, generating revenue from two check lines awarded by a regional carrier, compared with none in the prior year. Goodyear revenue was in line with the prior year, and anticipated incremental maintenance has already begun in the fourth quarter. Roswell performed ahead of plan on storage and fixed-price check work. Component MRO revenue was flat year over year. We have significantly optimized our management and sales organization to market our diverse service and product offerings with a full-service approach and an emphasis on cross selling, which we expect to improve performance in 2027. Engineered Solutions revenue increased over the prior year, driven by AerSafe® kit deliveries as operators must comply with the fuel tank flammability Airworthiness Directive.

Gross margin was 22.5% for the third quarter of 2026, compared with 30.2% in the same period last year. TechOps gross margin was 12.5%, compared with 25.3% in the prior-year period. AMS gross margin was 30.5%, compared with 34.1% in the same period last year. As recently deployed B757 freighters continue to be integrated into operations, the Company expects leasing margins to improve as 757 utilization increases and additional engines are placed on lease.

Selling, general, and administrative expenses were $18.8 million in the third quarter of 2026, compared to $18.6 million in the third quarter of 2025. SG&A included $0.5 million of share-based compensation expense versus $1.3 million in the prior-year period.

Loss from operations was $11.6 million in the third quarter of 2026, which includes a $13.4 million non-cash goodwill impairment charge, compared with income from operations of $2.9 million in the third quarter of 2025.

Income tax expense was $0.7 million in both the third quarter of 2026 and 2025. The Company’s effective tax rate was negative 4.8% in the third quarter of 2026.

Net loss for the third quarter of 2026 was $15.0 million, which includes a non-cash goodwill impairment charge of $13.4 million, compared to a net loss of $0.1 million in the prior-year period. Excluding the goodwill impairment charge, share-based compensation expense, and other adjusting items³, adjusted net loss¹ was $1.1 million compared with adjusted net income¹ of $1.5 million in the third quarter of 2025.

Diluted loss per share was $0.31 for the third quarter of 2026 compared to $0.00 in the third quarter of 2025. Adjusted for the items noted above, adjusted diluted loss per share¹ was $0.02 for the third quarter of 2026, compared to adjusted diluted earnings per share¹ of $0.04 in the prior-year period.

AerSale ended the quarter with liquidity of $23.1 million consisting of $3.9 million in cash and cash equivalents and $19.2 million of available capacity on its $180 million revolving credit facility, expandable to $200 million, subject to conditions and the availability of lender commitments and borrowing base availability. Year-to-date cash used in operating activities of $42.7 million primarily reflects continued investment in inventory through feedstock acquisitions and capitalized repair costs to ready Flight Equipment for lease or sale. The Flight Equipment transactions scheduled for the fourth quarter are expected to improve available liquidity.

Conference Call Information

The Company will host a conference call with Nicolas Finazzo, Chief Executive Officer, and Martin Garmendia, Chief Financial Officer, on Thursday, November 5, 2026, at 4:30 pm Eastern Time to discuss its third quarter financial 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. Adjusted net income (loss) is defined as net income (loss) excluding mark-to-market adjustments relating to our private warrants, share-based compensation expense, inventory write-offs, goodwill impairment, and other non-cash, non-recurring, or unusual items. AerSale defines adjusted EBITDA as adjusted net income (loss) excluding interest expense, net, depreciation and amortization, income tax (expense) benefit, and other non-cash, non-recurring, or unusual items. Adjusted diluted earnings (loss) per share is adjusted net income (loss) 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), net income (loss) per diluted share 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), and adjusted diluted earnings (loss) per share measures may not be directly comparable to similarly titled measures of other companies.

Reconciliations of net income (loss) and diluted earnings (loss) per share, the Company’s closest GAAP measures, 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 (loss) earnings per share are non-GAAP measures. See “Non-GAAP Financial Measures” above and “Adjusted EBITDA, Adjusted Net (Loss) Income and Adjusted 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) measures.

⁽²⁾ Aircraft and engines held for lease refers to the financial statement line item Aircraft and engines held for lease, net within the Condensed Consolidated Balance Sheet, which is comprised of the cost of the assets net of accumulated depreciation.

⁽³⁾ During the prior year period there were also adjustments for change in warrant liability, payroll taxes related to share-based compensation, facility relocation costs, and restructuring costs.

Third Quarter 2026 FinancialResults
AERSALE CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue:
Products		$	54,545			$	36,968			$	121,932			$	148,679
Leasing			10,420				9,403				34,628				25,135
Services			26,591				24,820				76,542				70,535
Total revenue			91,556				71,191				233,102				244,349
Cost of sales and operating expenses:
Cost of products			39,330				27,295				87,826				105,564
Cost of leasing			4,248				2,849				12,941				8,508
Cost of services			27,420				19,561				76,622				55,489
Total cost of sales			70,998				49,705				177,389				169,561
Gross profit			20,558				21,486				55,713				74,788
Selling, general and administrative expenses			18,778				18,613				62,015				66,048
Goodwill impairment			13,416				-				13,416				-
(Loss) income from operations			(11,636	)			2,873				(19,718	)			8,740
Other (expense) income:
Interest expense, net			(2,766	)			(2,367	)			(7,347	)			(6,000	)
Other income, net			62				128				1,071				2,150
Change in fair value of warrant liability			-				(21	)			-				53
Total other expense, net			(2,704	)			(2,260	)			(6,276	)			(3,797	)
(Loss) income before income tax provision			(14,340	)			613				(25,994	)			4,943
Income tax (expense) benefit			(688	)			(733	)			1,946				(1,765	)
Net (loss) income		$	(15,028	)		$	(120	)		$	(24,048	)		$	3,178
(Loss) earnings per share:
Basic		$	(0.31	)		$	(0.00	)		$	(0.51	)		$	0.07
Diluted		$	(0.31	)		$	(0.00	)		$	(0.51	)		$	0.06
Weighted average shares outstanding:
Basic			47,725,030				47,180,634				47,440,357				48,779,067
Diluted			47,725,030				47,180,634				47,440,357				49,056,561

AERSALE CORPORATION AND SUBSIDIARIES Condensed Consolidated Balance Sheet (in thousands, except share data) (Unaudited)
		September 30,			December 31,
		2026			2025
Current assets:
Cash and cash equivalents		$	3,866		$	4,379
Accounts receivable, net of allowance for credit losses of $1,098 and $1,173 as of September 30, 2026 and December 31, 2025, respectively			50,970			42,654
Income tax receivable			1,302			1,728
Inventory:
Aircraft, airframes, engines, and parts			222,938			205,379
Advance vendor payments			10,885			5,679
Deposits, prepaid expenses, and other current assets			14,834			9,170
Total current assets			304,795			268,989
Fixed assets:
Aircraft and engines held for lease, net			165,912			102,361
Property and equipment, net			32,086			32,006
Inventory:
Aircraft, airframes, engines, and parts			111,210			158,385
Operating lease right-of-use assets			26,499			30,130
Deferred income taxes			9,713			8,784
Deferred financing costs, net			724			1,024
Other assets			587			586
Goodwill			6,444			19,860
Other intangible assets, net			16,721			18,347
Total assets		$	674,691		$	640,472
Current liabilities:
Accounts payable		$	32,149		$	29,645
Accrued expenses			9,372			7,233
Income tax payable			-			329
Lessee and customer purchase deposits			1,735			780
Current operating lease liabilities			3,759			4,313
Current portion of long-term debt			2,260			993
Deferred revenue			2,348			530
Deferred insurance proceeds			28,610			28,610
Total current liabilities			80,233			72,433
Revolving credit facility			158,675			110,053
Long-term debt			590			1,284
Long-term lease deposits			4,447			3,492
Long-term operating lease liabilities			25,145			28,190
Maintenance deposit payments and other liabilities			1,460			589
Total liabilities			270,550			216,041
Stockholders’ equity:
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 47,730,257 and 47,221,513 shares as of September 30, 2026 and December 31, 2025, respectively			5			5
Additional paid-in capital			280,487			276,729
Retained earnings			123,649			147,697
Total stockholders' equity			404,141			424,431
Total liabilities and stockholders’ equity		$	674,691		$	640,472

AERSALE CORPORATION AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited)
		Nine Months Ended September 30,
		2026				2025
Cash flows from operating activities:
Net (loss) income		$	(24,048	)		$	3,178
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation and amortization			17,990				14,237
Amortization of debt issuance costs			300				292
Amortization of operating lease assets			32				215
Inventory reserve			4,216				2,580
Deferred income taxes			(929	)			1,738
Change in fair value of warrant liability			-				(53	)
Share-based compensation			3,626				3,125
Goodwill impairment			13,416				-
Changes in operating assets and liabilities:
Accounts receivable			(8,316	)			(8,968	)
Income tax receivable			426				951
Inventory			(47,369	)			(50,291	)
Deposits, prepaid expenses, and other current assets			(5,664	)			(305	)
Other assets			(1	)			8
Advance vendor payments			(5,206	)			615
Accounts payable			2,504				(3,050	)
Income tax payable			(329	)			-
Accrued expenses			2,071				(694	)
Deferred revenue			1,818				(874	)
Lessee and customer purchase deposits			1,910				(1,029	)
Deferred insurance proceeds			-				3,700
Other liabilities			859				292
Net cash used in operating activities			(42,694	)			(34,333	)
Cash flows from investing activities:
Proceeds from sale of assets			-				1,750
Acquisition of aircraft and engines held for lease, including capitalized costs			(3,441	)			(2,678	)
Purchase of property and equipment			(3,705	)			(4,494	)
Net cash used in investing activities			(7,146	)			(5,422	)
Cash flows from financing activities:
Proceeds from long-term debt			1,267				1,174
Repayments of long-term debt			(694	)			(462	)
Proceeds from revolving credit facility			153,322				256,469
Repayments of revolving credit facility			(104,700	)			(171,900	)
Payments of debt issuance costs			-				(115	)
Purchase of treasury stock			-				(45,000	)
Proceeds from the issuance of Employee Stock Purchase Plan shares			137				195
Taxes paid related to net share settlement of equity awards			(5	)			(37	)
Net cash provided by financing activities			49,327				40,324
(Decrease) increase in cash and cash equivalents			(513	)			569
Cash and cash equivalents, beginning of period			4,379				4,698
Cash and cash equivalents, end of period		$	3,866			$	5,267
Supplemental disclosure of cash activities
Income tax refunds, net		$	(356	)		$	(725	)
Interest paid		$	7,209			$	5,762
Supplemental disclosure of noncash investing activities
Reclassification of inventory to equipment held for lease, net		$	72,769			$	27,189
Reclassification of inventory to property and equipment, net		$	-			$	3,417
Reclassification of equipment held for lease, net from property and equipment, net		$	-			$	(8,773	)

AERSALE CORPORATION AND SUBSIDIARIES Adjusted EBITDA, Adjusted Net (Loss) Income and Adjusted Diluted (Loss) Earnings Per Share Reconciliation Table (in thousands, except per and percentage share data) (Unaudited)
		Three Months Ended September 30,																	Nine Months Ended September 30,
						% of Total								% of Total									% of Total								% of Total
		2026				Revenue				2025				Revenue					2026				Revenue				2025				Revenue
Reported net (loss) income		$	(15,028	)		(16.4	)	%		$	(120	)		(0.2	)	%			$	(24,048	)		(10.3	)	%		$	3,178			1.3		%
Addbacks:
Change in fair value of warrant liability			-			-		%			21			0.0		%				-			-		%			(53	)		(0.0	)	%
Share-based compensation			506			0.6		%			1,297			1.8		%				3,626			1.6		%			3,125			1.3		%
Payroll taxes related to share-based compensation			-			-		%			48			0.1		%				-			-		%			66			0.0		%
Inventory write-off			-			-		%			-			-		%				1,615			0.7		%			-			-		%
Goodwill impairment(2)			13,416			14.7		%			-			-		%				13,416			5.8		%			-			-		%
Facility relocation costs			-			-		%			367			0.5		%				130			0.1		%			1,134			0.5		%
Restructuring costs			-			-		%			-			-		%				-			-		%			1,072			0.4		%
Legal settlement			-			-		%			-			-		%				-			-		%			400			0.2		%
Income tax effect of adjusting items(1)			-			-		%			(88	)		(0.1	)	%				(31	)		(0.0	)	%			(625	)		(0.3	)	%
Adjusted net (loss) income		$	(1,106	)		(1.2	)	%		$	1,525			2.1		%			$	(5,292	)		(2.3	)	%		$	8,297			3.4		%
Interest expense, net			2,766			3.0		%			2,367			3.3		%				7,347			3.2		%			6,000			2.5		%
Income tax expense (benefit)			688			0.8		%			733			1.0		%				(1,946	)		(0.8	)	%			1,765			0.7		%
Depreciation and amortization			6,211			6.8		%			4,766			6.7		%				17,990			7.7		%			14,237			5.8		%
Reversal of income tax effect of adjusting items(1)			-			-		%			88			0.1		%				31			0.0		%			625			0.3		%
Adjusted EBITDA		$	8,559			9.3		%		$	9,479			13.3		%			$	18,130			7.8		%		$	30,924			12.7		%
Reported diluted (loss) earnings per share		$	(0.31	)						$	(0.00	)							$	(0.51	)						$	0.06
Addbacks:
Change in fair value of warrant liability			-								0.00									-								(0.00	)
Share-based compensation			0.01								0.03									0.08								0.06
Payroll taxes related to share-based compensation			-								0.00									-								0.00
Inventory write-off			-								-									0.03								-
Goodwill impairment(2)			0.28								-									0.28								-
Facility relocation costs			-								0.01									0.00								0.02
Restructuring costs			-								-									-								0.02
Legal settlement			-								-									-								0.01
Income tax effect of adjusting items			-								(0.00	)								(0.00	)							(0.01	)
Adjusted diluted (loss) earnings per share		$	(0.02	)						$	0.04								$	(0.11	)						$	0.16

⁽¹⁾ The income tax effect of current period adjusting items is calculated at the Company's applicable statutory rate of 24% after considering federal and state tax rates.

⁽²⁾ Represents a noncash goodwill impairment charge recognized in the third quarter of 2026. See Note E – Intangible Assets, Net; included in our quarterly report on Form 10-Q for the quarter ended September 30, 2026.

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 strategic initiatives and the expected results and benefits thereto; our anticipated financial and operating performance; the expected operating capacity of our MRO facilities and demand for such services; the timing of the expected Boeing 737 sale; and changes to 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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were AerSale's third-quarter 2026 revenue and net loss?

AerSale reported $91.6 million in revenue and a $15.0 million net loss for the third quarter of 2026. Revenue increased 28.6% from the prior-year quarter, while the net loss widened from $0.1 million. The current-quarter loss included a $13.4 million non-cash goodwill impairment charge.

When does AerSale expect its delayed Boeing 737 and engine sales to close?

AerSale expects the Boeing 737 aircraft sale and additional engine sales previously expected in the third quarter to close in the fourth quarter of 2026. The company has commitments for a $35 million Boeing 737 sale to the U.S. Marshals Service, with engines for other customers in the final stages of restoration.

What makes up AerSale's $23.1 million of quarter-end liquidity?

AerSale's September 30, 2026 liquidity consisted of $3.9 million in cash and cash equivalents and $19.2 million of available revolving-credit capacity. Its $180 million revolving facility is expandable to $200 million, subject to conditions, lender commitments and borrowing-base availability.

How much did AerSale spend on feedstock acquisitions in 2026?

AerSale's feedstock acquisitions were $7.1 million in the third quarter and $37.8 million year to date. The comparable prior-year amounts were $13.7 million and $84.2 million. The company attributes the lower spending to pricing discipline in a competitive sellers' market.

How much inventory and leased equipment did AerSale hold at September 30, 2026?

AerSale held $334.1 million of inventory and $165.9 million of aircraft and engines held for lease at September 30, 2026. The equipment amount is the cost of those assets after accumulated depreciation. Its active lease portfolio included 18 engines and five B757 freighter aircraft.