Air T, Inc. SEC filings document material events, operating results, capital-structure disclosures, and governance matters for its aviation portfolio. Form 8-K reports include quarterly results releases, Regulation FD investor presentations, trust preferred securities matters, and notices related to common stock and cumulative capital securities.
The filings also record the completed Rex acquisition through amended 8-K disclosure, including acquired-business financial statements and unaudited pro forma financial information required by Item 9.01. Governance and compensation filings cover board and audit committee changes, executive employment arrangements, and other corporate actions affecting the company's public-company reporting record.
AIR T, Inc. updated its investor presentation for FY27’s second quarter. Consolidated revenue for the three months ended September 30, 2026, was $146.9 million, versus $64.2 million a year earlier. Adjusted EBITDA was $4.4 million, compared with $7.9 million, and GAAP operating results were a loss of $11 million versus income of $5 million.
For the trailing 12 months ended September 30, revenue was $454.5 million versus $279.2 million, while adjusted EBITDA was $6.0 million versus $10.8 million. Quarterly Ground Support Equipment revenue was $18.9 million versus $9.6 million, primarily reflecting more deicing trucks sold to a large U.S. Military customer. Commercial Aircraft, Engines and Parts adjusted EBITDA was $1.5 million versus $6.9 million; AIR T cited lower Contrail revenue following a $7.0 million one-time aircraft-sale gain in the prior-year quarter, partly offset by improvement at AirCo and LGSS.
The Regional Airline segment reported $56.8 million in revenue and a $0.9 million adjusted EBITDA loss. AIR T said fuel spending was the primary loss driver; unscheduled engine removals and lower engine throughput from third-party maintenance providers also reduced aircraft available for service. Shareholders can submit questions through Slido; AIR T said answers will be provided live and in writing at the annual meeting and in writing quarterly.
Air T, Inc. (AIRT) reported fiscal second-quarter revenue of $146.9 million for the quarter ended September 30, 2026, up $82.8 million, or 129%, from a year earlier; $56.8 million related to Rex, acquired December 18, 2025. The company recorded an $11.8 million operating loss, versus $5.5 million operating income, and a $16.2 million pretax loss, versus $7.2 million income. Net loss per share was $7.48, compared with net income per share of $1.61. Adjusted EBITDA, a non-GAAP measure, was $4.4 million versus $7.9 million.
Results varied by segment: Ground Support Equipment revenue increased to $18.9 million from $9.6 million, and Adjusted EBITDA rose to $2.7 million from $1.7 million, primarily reflecting order timing. Overnight Air Cargo revenue was $34.5 million and Adjusted EBITDA was $2.6 million, up from $1.8 million. Commercial Aircraft, Engines and Parts Adjusted EBITDA was $1.5 million versus $6.9 million, with the prior-year period including a $7.0 million aircraft-sale gain. Rex posted a $0.9 million Adjusted EBITDA loss; unscheduled engine removals, overhaul delays and higher fuel prices contributed.
Air T, Inc. (AIRT) reported second-quarter fiscal 2027 revenue of $146.937 million, compared with $64.150 million a year earlier, but operating results shifted from $5.508 million of income to an $11.804 million loss. Net loss attributable to Air T stockholders was $20.012 million, versus $4.355 million of income. For the six months ended September 30, 2026, revenue was $262.399 million and stockholder net loss was $35.818 million, compared with revenue of $135.020 million and income of $2.719 million in the prior-year period.
The business mix now includes Regional Express Holdings Pty Ltd, acquired by subsidiary Air T Rex Acquisition, Inc. on December 18, 2025, and Arena Aviation Partners B.V., acquired by subsidiary Crestone Air Partners, LLC for $34.1 million on June 10, 2026. Arena contributed $5.1 million in revenue and $0.6 million in net income through September 30, 2026. Six-month operating cash use was $13.207 million, and total debt, net, was $272.383 million as of September 30, 2026, versus $208.196 million as of March 31, 2026.
AIR T INC (AIRT) amended its senior credit facility with Alerus Financial through Amendment No. 7 to the Alerus Credit Agreement, expanding liquidity and extending maturities. The revolving credit commitment increases from $20.0 million to $25.0 million, with the revolving termination date set at August 27, 2029.
The borrowing base now includes 85% of eligible investment-grade accounts, 80% of other eligible accounts, 50% of eligible inventory and 40% of eligible work-in-process inventory, with inventory and work-in-process together capped at 75% of the borrowing base. An accordion option permits up to an additional $3.5 million revolving commitment for one 120-day period per fiscal year, subject to a 0.50% origination fee and covenant compliance.
The subsidiaries issued an Amended and Restated Revolving Credit Note for $25.0 million maturing August 27, 2029, and a Consolidated Term Note for $11.46 million with scheduled principal payments through August 15, 2031 and final maturity on August 27, 2031. Interest is based on CME one-month term SOFR plus a leverage-based margin initially at 2.50%, with a maximum permitted leverage ratio of 3.00 to 1.00, a 0.25% unused commitment fee, and a 5.00 percentage point default rate step-up.
AIR T, INC. (AIRT) reported the results of its 2026 Annual Meeting of Stockholders held on August 25, 2026. Of 2,696,509 common shares outstanding and entitled to vote, 2,483,550 shares were represented, a turnout of 92.1%.
Stockholders elected directors Raymond E. Cabillot, William R. Foudray, Gary S. Kohler, Peter McClung, and Nicholas J. Swenson, with each nominee receiving over 2.17 million votes for and minimal votes withheld, plus 299,695 broker non-votes. An advisory vote approved the compensation of named executive officers with 2,180,386 votes for, 2,842 against, 625 withheld, and 299,695 broker non-votes. Stockholders also ratified the appointment of Deloitte & Touche LLP as independent registered public accounting firm with 2,481,936 votes for, 1,596 against, and 17 abstentions.
AIR T, INC. (AIRT) filed an amended current report to correct the auditor’s report attached to prior disclosures about its subsidiary Crestone Air Partners, LLC’s acquisition of Arena Aviation Partners B.V. completed on June 10, 2026. The only change is that Baran Audit & Assurance Services B.V. now explicitly states its audits of Arena’s 2024 and 2025 IFRS financial statements were conducted in accordance with U.S. GAAS. The underlying Arena financial statements and previously filed unaudited pro forma financial information for the combined business remain unchanged.
Arena’s audited consolidated financials show 2025 revenue of EUR 10,094,448 and profit of EUR 692,072, compared with 2024 revenue of EUR 25,883,581 and profit of EUR 9,540,040. As of December 31, 2025, Arena reports total assets of EUR 5,495,763, negative equity of EUR 9,373,000 and loans from related parties of EUR 10,746,131, indicating the business is funded largely through subordinated shareholder loans.
AIR T INC (AIRT) filed an amendment to provide detailed financial statements and unaudited pro forma information for the acquisition of Arena Aviation Partners B.V. through its consolidated subsidiary Crestone Air Partners, LLC (CAP). CAP acquired 100% of Arena on June 10, 2026 for total consideration of $33.9 million, including $21.7 million cash and contingent consideration recorded at an estimated fair value of $12.2 million.
The preliminary purchase price allocation assigns $29.7 million to identifiable intangible assets and $8.2 million to goodwill, with total assets of $42.7 million and liabilities of $8.8 million. For the year ended March 31, 2026, the pro forma combined revenues are $338.5 million and net income attributable to Air T stockholders is $72.6 million. For the three months ended June 30, 2026, pro forma combined revenues are $120.0 million and the net loss attributable to Air T stockholders is $14.6 million. The pro forma data incorporate transaction accounting adjustments, new intangible amortization, financing changes, and non‑controlling interest allocations.
Air T, Inc. reported strong top-line expansion but weaker profitability for the fiscal 2027 first quarter ended June 30, 2026. Revenue was $115.5 million, up 63% year over year, driven largely by the newly consolidated Regional Airline segment and growth in several aviation businesses. The company recorded an operating loss of $12.8 million, versus operating income of $0.8 million a year earlier, and Adjusted EBITDA of $0.8 million, down 45% from $1.5 million.
On a trailing twelve‑month basis, revenue reached $371.7 million, up 25%, while operating results deteriorated to a $24.9 million loss compared with $3.3 million of income in the prior period; Adjusted EBITDA rose 19% to $9.5 million. The Regional Airline business (Rex) generated $55.9 million of quarterly revenue and $1.9 million of Adjusted EBITDA but posted a $7.7 million operating loss, largely due to $8.8 million of non‑cash depreciation and amortization from purchase accounting.
Crestone Air Partners completed the $33.9 million acquisition of Arena Aviation Capital, creating a new Aviation Leasing and Asset Management segment. The combined platform manages $3.0 billion of assets and has $0.6 billion committed under LOI, with 124 aircraft and 17 engines under oversight. Air T ended the quarter with $21.7 million in cash and restricted cash and $42.4 million in available credit, and has repurchased 840,855 shares since 2013, representing 31% of shares outstanding.
Air T, Inc. reported fiscal first-quarter 2027 results for the quarter ended June 30, 2026. Revenue was $115.5 million, up $44.6 million or 63% year-over-year, driven largely by the first full quarter from the December 2025 acquisition of Regional Express Holdings Pty Ltd (“Rex”), which contributed $55.9 million.
The company recorded an operating loss of $12.8 million, versus operating income of $0.8 million a year earlier, and a loss before income taxes of $15.0 million. Adjusted EBITDA declined to $0.8 million from $1.5 million. Net loss per share widened to $5.86 from $0.61. Segment results were mixed: Overnight Air Cargo Adjusted EBITDA rose to $2.1 million and Digital Solutions to $0.4 million, while Commercial Aircraft, Engines and Parts and Ground Support Equipment moved to Adjusted EBITDA losses. The Ground Support Equipment segment’s revenue fell to $3.7 million from $15.1 million, though backlog increased to $9.0 million. The investment balance in equity method investees increased to $27.9 million from $19.9 million, and a new Aviation Leasing and Asset Management segment reported early-stage revenues and an Adjusted EBITDA loss.
Air T, Inc. reported sharply higher scale but moved to a loss for the quarter ended June 30, 2026. Operating revenue rose to about $115.5 million from $70.9 million, driven by the new regional airline segment (Rex), contributions from aviation leasing and asset management, and growth in digital solutions, partly offset by a steep decline in ground support equipment sales.
The company recorded an operating loss of about $12.8 million and a net loss attributable to stockholders of roughly $15.8 million, versus a small profit a year earlier, as fuel costs, higher depreciation and amortization (about $9.9 million), and interest expense of $5.7 million weighed on results. Cash used in operations was about $2.8 million, and heavy capital expenditures of roughly $21.3 million plus the $33.9 million Arena Aviation Partners acquisition helped lift total assets to $469.1 million and total debt to about $248.8 million. The Arena deal added an aviation leasing and asset management segment, significant new customer relationship intangibles, and approximately $8.2 million of goodwill.