Here are the 10-Q quarterly reports from Air T Inc (AIRT) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AIRT and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AIRT filings page.
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. 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.
Air T, Inc. reported lower revenue and a quarterly loss while completing a major distressed acquisition. For the quarter ended December 31, 2025, operating revenue was $71.1 million, down from $77.9 million a year earlier, as commercial aircraft, engines and parts sales declined sharply. The company posted a net loss attributable to stockholders of $2.5 million, or $0.91 per share, versus a $1.3 million loss last year, although nine‑month net income to stockholders was modestly positive at $0.3 million.
During the quarter, Air T closed the purchase of Australian regional airline operator Rex Express Holdings Ltd. through its Air T Rex subsidiary. It paid $11.0 million in cash to a creditors trust and assumed Commonwealth facility debt with a $22.2 million fair value against net assets of $106.9 million, creating a preliminary bargain purchase gain of $95.8 million recorded as a deferred credit. Rex contributed $5.2 million of revenue and a $1.5 million net loss post‑acquisition.
Total assets rose to $381.8 million from $173.8 million, driven by aircraft, engines, parts and leased assets from Rex, while total debt increased to $196.9 million from $110.7 million, including new institutional and Commonwealth facilities. Cash, cash equivalents and restricted cash increased to $42.2 million, but operating activities used $25.0 million of cash over nine months, reflecting higher inventories, investment in equity method ventures and working capital needs.