Air T Inc SEC Filings

Air T, Inc. shared an updated FY26 Q4 investor presentation highlighting a larger, more diversified aviation platform. For the year ended March 31, 2026, revenue reached $327.1 million and Adjusted EBITDA was $10.1 million, increases of 12% and 38% from the prior year.

The presentation outlines the completed acquisition of Arena Aviation Capital through majority‑owned Crestone Air Partners, which lifts aviation assets under management from $0.8 billion to $3.6 billion. It also reviews the December 2025 Rex regional airline acquisition, showing a preliminary $111 million bargain purchase gain and stub‑period revenue of $55 million with an operating loss of $14 million. Air T details segment trends, consolidated gross debt of $210.6 million (net debt $190.2 million), aircraft asset‑management growth to $917 million of assets under management, and extensive risk factors covering operations, leverage, and integration of Rex.

Air T, Inc. reported fiscal year 2026 results showing both growth and major portfolio changes. Revenue reached $327.1 million for the year ended March 31, 2026, up 12% or $35.2 million, including $55.3 million from the newly acquired Regional Express Holdings (Rex).

Despite higher sales, the company recorded an operating loss of $11.2 million, compared with operating income of $1.9 million a year earlier, reflecting acquisition and integration costs and weaker performance in some aviation parts activities. However, earnings before income taxes were $86.0 million, driven by a $111.2 million non‑cash bargain purchase gain from the Rex acquisition.

Adjusted EBITDA, which excludes items like depreciation, acquisition costs and the bargain gain, improved to $10.1 million from $7.4 million, and net income per share was $28.85 versus a net loss per share of $2.23 in the prior year. Segment results were mixed: Ground Support Equipment swung from an Adjusted EBITDA loss to a $4.3 million profit, Overnight Air Cargo and Digital Solutions posted modest improvements, while Commercial Aircraft, Engines and Parts saw lower revenue and Adjusted EBITDA as trading at Contrail normalized. The new Regional Airline segment contributed Rex’s initial results with $55.3 million of revenue and near break‑even Adjusted EBITDA after substantial non‑recurring charges.

Air T, Inc. reported fiscal year 2026 results showing both growth and major portfolio changes. Revenue reached $327.1 million for the year ended March 31, 2026, up 12% or $35.2 million, including $55.3 million from the newly acquired Regional Express Holdings (Rex).

Despite higher sales, the company recorded an operating loss of $11.2 million, compared with operating income of $1.9 million a year earlier, reflecting acquisition and integration costs and weaker performance in some aviation parts activities. However, earnings before income taxes were $86.0 million, driven by a $111.2 million non‑cash bargain purchase gain from the Rex acquisition.

Adjusted EBITDA, which excludes items like depreciation, acquisition costs and the bargain gain, improved to $10.1 million from $7.4 million, and net income per share was $28.85 versus a net loss per share of $2.23 in the prior year. Segment results were mixed: Ground Support Equipment swung from an Adjusted EBITDA loss to a $4.3 million profit, Overnight Air Cargo and Digital Solutions posted modest improvements, while Commercial Aircraft, Engines and Parts saw lower revenue and Adjusted EBITDA as trading at Contrail normalized. The new Regional Airline segment contributed Rex’s initial results with $55.3 million of revenue and near break‑even Adjusted EBITDA after substantial non‑recurring charges.

Air T, Inc. files its annual report describing a diversified holding company focused on growing free cash flow per share through aviation and related businesses. The company operates five core segments: overnight air cargo, ground support equipment, commercial aircraft, engines and parts, digital solutions, and a newly created regional airline segment from its acquisition of Regional Express Holdings Pty Ltd in Australia.

The overnight air cargo segment relies heavily on long‑standing dry‑lease arrangements with FedEx, which provided about 35% of consolidated revenue in the year ended March 31, 2026. Ground Support Equipment is centered on deicing trucks and related equipment, including a multi‑year U.S. Air Force contract, while the commercial aircraft, engines and parts segment trades, leases, stores and disassembles aircraft and engines. Digital solutions provide data and software to aviation customers.

The Rex acquisition adds a 98‑aircraft regional airline network in Australia, extensive regulated routes and government‑backed facilities tied to strict operating commitments. The report highlights significant leverage, concentrated ownership—two holders control about 67% of common stock—and key risks including FedEx customer concentration, refinancing needs, cybersecurity, regulatory compliance, and integration and labor risks at Rex.

Air T, Inc. files its annual report describing a diversified holding company focused on growing free cash flow per share through aviation and related businesses. The company operates five core segments: overnight air cargo, ground support equipment, commercial aircraft, engines and parts, digital solutions, and a newly created regional airline segment from its acquisition of Regional Express Holdings Pty Ltd in Australia.

The overnight air cargo segment relies heavily on long‑standing dry‑lease arrangements with FedEx, which provided about 35% of consolidated revenue in the year ended March 31, 2026. Ground Support Equipment is centered on deicing trucks and related equipment, including a multi‑year U.S. Air Force contract, while the commercial aircraft, engines and parts segment trades, leases, stores and disassembles aircraft and engines. Digital solutions provide data and software to aviation customers.

The Rex acquisition adds a 98‑aircraft regional airline network in Australia, extensive regulated routes and government‑backed facilities tied to strict operating commitments. The report highlights significant leverage, concentrated ownership—two holders control about 67% of common stock—and key risks including FedEx customer concentration, refinancing needs, cybersecurity, regulatory compliance, and integration and labor risks at Rex.

Air T, Inc. reorganized its aviation asset management platform and completed the acquisition of Arena Aviation Partners B.V. through Crestone Air Partners, LLC. Air T and a management affiliate first bought out a 10% minority interest in Crestone Asset Management, then exchanged nearly all of their interests for servicing agreement rights, which were contributed into Crestone Air Partners.

Crestone Air Partners was capitalized with servicing rights as Class A Common Units and $21.7 million of cash as Class B Preferred Units, plus an additional $50 thousand Class A cash contribution. Using these funds, Crestone Air Partners acquired 100% of Arena for cash consideration of $21.75 million, subject to adjustments, and set up an indemnity escrow. Certain Arena holders may also receive contingent payments currently expected to total about $23.0 million, depending on future collections under specified agreements.

Separately, Air T’s subsidiaries entered Amendment No. 6 to their Alerus Credit Agreement, adding a temporary overline revolving credit commitment of up to $2.8 million. Borrowings under the new Overline Note bear interest at a floating rate equal to the greater of 5.00% or one-month term SOFR plus 2.50%, are secured by existing collateral, and become immediately due upon default with a rate step-up of 5 percentage points.

Air T, Inc. reorganized its aviation asset management platform and completed the acquisition of Arena Aviation Partners B.V. through Crestone Air Partners, LLC. Air T and a management affiliate first bought out a 10% minority interest in Crestone Asset Management, then exchanged nearly all of their interests for servicing agreement rights, which were contributed into Crestone Air Partners.

Crestone Air Partners was capitalized with servicing rights as Class A Common Units and $21.7 million of cash as Class B Preferred Units, plus an additional $50 thousand Class A cash contribution. Using these funds, Crestone Air Partners acquired 100% of Arena for cash consideration of $21.75 million, subject to adjustments, and set up an indemnity escrow. Certain Arena holders may also receive contingent payments currently expected to total about $23.0 million, depending on future collections under specified agreements.

Separately, Air T’s subsidiaries entered Amendment No. 6 to their Alerus Credit Agreement, adding a temporary overline revolving credit commitment of up to $2.8 million. Borrowings under the new Overline Note bear interest at a floating rate equal to the greater of 5.00% or one-month term SOFR plus 2.50%, are secured by existing collateral, and become immediately due upon default with a rate step-up of 5 percentage points.

Air T, Inc. is planning an unregistered private offering of additional trust preferred securities to its existing trust preferred securityholders. The securities will be sold in a private placement and will not be registered under the Securities Act, so any sale must rely on an exemption from registration.

The company states that the purpose of the proposed offering would be to raise capital for potential strategic acquisitions or other strategic investments. Amount, basic terms, size, and timing of the offering have not been determined, and the notice is described as a preliminary interest check rather than a binding offer.

Air T, Inc. is planning an unregistered private offering of additional trust preferred securities to its existing trust preferred securityholders. The securities will be sold in a private placement and will not be registered under the Securities Act, so any sale must rely on an exemption from registration.

The company states that the purpose of the proposed offering would be to raise capital for potential strategic acquisitions or other strategic investments. Amount, basic terms, size, and timing of the offering have not been determined, and the notice is described as a preliminary interest check rather than a binding offer.

Air T, Inc., through majority-owned Crestone Air Partners, entered into a Share Purchase Agreement to acquire all outstanding shares of Arena Aviation Capital for aggregate consideration in excess of $35 million, subject to customary post-closing adjustments.

Upon closing, the combined platform is expected to have approximately 124 aircraft and 17 engines on lease worldwide, with over US$4 billion of assets under management and more than 55 employees across 5 countries. Air T and Crestone are also evaluating a potential strategic transaction that could involve selling a minority equity interest in Crestone or its affiliates, though discussions are preliminary and no definitive agreement has been executed.

Air T, Inc., through majority-owned Crestone Air Partners, entered into a Share Purchase Agreement to acquire all outstanding shares of Arena Aviation Capital for aggregate consideration in excess of $35 million, subject to customary post-closing adjustments.

Upon closing, the combined platform is expected to have approximately 124 aircraft and 17 engines on lease worldwide, with over US$4 billion of assets under management and more than 55 employees across 5 countries. Air T and Crestone are also evaluating a potential strategic transaction that could involve selling a minority equity interest in Crestone or its affiliates, though discussions are preliminary and no definitive agreement has been executed.

Air T, Inc. entered into a new employment agreement with Chief Financial Officer Tracy Kennedy effective February 27, 2026. Kennedy’s base salary is set at $331,000 per year, rising to $360,000 on January 1, 2027 and $397,000 on January 1, 2028.

She is eligible for quarterly incentive bonuses based on a 1–5 performance rating, ranging from 0% of quarterly base salary for a rating of 1 up to 90% or more for a rating of 5, with some discretion at the CEO’s judgment. The agreement keeps her employment at-will, provides standard benefits and four weeks of vacation, and includes non-compete, non-solicitation, non-disparagement and confidentiality covenants.

If she is terminated without cause, Kennedy may receive severance equal to six months of base salary plus one additional month per year of employment, capped at twelve months, subject to signing a general release.

Air T, Inc. entered into a new employment agreement with Chief Financial Officer Tracy Kennedy effective February 27, 2026. Kennedy’s base salary is set at $331,000 per year, rising to $360,000 on January 1, 2027 and $397,000 on January 1, 2028.

She is eligible for quarterly incentive bonuses based on a 1–5 performance rating, ranging from 0% of quarterly base salary for a rating of 1 up to 90% or more for a rating of 5, with some discretion at the CEO’s judgment. The agreement keeps her employment at-will, provides standard benefits and four weeks of vacation, and includes non-compete, non-solicitation, non-disparagement and confidentiality covenants.

If she is terminated without cause, Kennedy may receive severance equal to six months of base salary plus one additional month per year of employment, capped at twelve months, subject to signing a general release.

Air T, Inc. files an amended current report to add full financial statements for its newly acquired subsidiary, Regional Express Holdings Limited (Rex Express), and unaudited pro forma information for the combined business.

For the year ended 30 June 2025, Rex Express generated revenue of A$305,187,000 and recorded a total loss after tax of A$114,643,000, including A$22,923,000 from discontinued operations. As of that date, Rex Express reported total assets of A$190,922,000, total liabilities of A$352,247,000, and a deficiency in equity of A$161,325,000.

The statements describe Rex Express’s voluntary administration in 2024–2025 and a Deed of Company Arrangement with Air T, Inc. and creditors. The Commonwealth of Australia restructured a loan, forgiving A$39,750,000 and converting the remaining A$107,800,000 balance to a long-term, interest‑free facility, while providing a separate A$60,000,000 facility. Air T also put in place a A$50,000,000 five‑year loan facility and acquired Rex Express for nominal consideration of A$1. The directors prepare Rex Express’s accounts on a going‑concern basis, supported by these financings and plans to restore its regional fleet.

Air T, Inc. files an amended current report to add full financial statements for its newly acquired subsidiary, Regional Express Holdings Limited (Rex Express), and unaudited pro forma information for the combined business.

For the year ended 30 June 2025, Rex Express generated revenue of A$305,187,000 and recorded a total loss after tax of A$114,643,000, including A$22,923,000 from discontinued operations. As of that date, Rex Express reported total assets of A$190,922,000, total liabilities of A$352,247,000, and a deficiency in equity of A$161,325,000.

The statements describe Rex Express’s voluntary administration in 2024–2025 and a Deed of Company Arrangement with Air T, Inc. and creditors. The Commonwealth of Australia restructured a loan, forgiving A$39,750,000 and converting the remaining A$107,800,000 balance to a long-term, interest‑free facility, while providing a separate A$60,000,000 facility. Air T also put in place a A$50,000,000 five‑year loan facility and acquired Rex Express for nominal consideration of A$1. The directors prepare Rex Express’s accounts on a going‑concern basis, supported by these financings and plans to restore its regional fleet.

Air T, Inc. furnished an updated investor presentation outlining its FY26 third-quarter position and strategy. For the nine months ended December 31, 2025, revenue was $206.2M versus $225.5M a year earlier, while adjusted EBITDA rose to $9.5M from $8.6M, reflecting margin improvement despite lower sales.

For the twelve months ended March 31, 2025, revenue reached $291.9M with adjusted EBITDA of $7.4M. The company highlighted a long-term expansion from three to 20 businesses over twelve years, with total debt increasing to $194.2M and total assets to $381.8M.

Air T detailed five operating segments and reported the December 18, 2025 acquisition of substantially all assets and operations of Rex Express Holdings Ltd., marking entry into the Australian regional airline market. It also emphasized growth strategies focused on reinvestment, acquisitions, securities investing, and capital partnerships, alongside extensive risk disclosures.

Air T, Inc. furnished an updated investor presentation outlining its FY26 third-quarter position and strategy. For the nine months ended December 31, 2025, revenue was $206.2M versus $225.5M a year earlier, while adjusted EBITDA rose to $9.5M from $8.6M, reflecting margin improvement despite lower sales.

For the twelve months ended March 31, 2025, revenue reached $291.9M with adjusted EBITDA of $7.4M. The company highlighted a long-term expansion from three to 20 businesses over twelve years, with total debt increasing to $194.2M and total assets to $381.8M.

Air T detailed five operating segments and reported the December 18, 2025 acquisition of substantially all assets and operations of Rex Express Holdings Ltd., marking entry into the Australian regional airline market. It also emphasized growth strategies focused on reinvestment, acquisitions, securities investing, and capital partnerships, alongside extensive risk disclosures.

Air T, Inc. reported weaker results for the fiscal third quarter ended December 31, 2025, while completing a major acquisition in Australia. Quarterly revenues were $71.1 million, down 9% from the prior-year quarter, and the company posted an operating loss of $3.8 million versus operating income of $1.4 million a year earlier. Adjusted EBITDA fell to a profit of $0.2 million from $2.7 million, and earnings per share declined to $(0.91) from $(0.47).

On December 18, 2025, Air T acquired substantially all assets and operations of Regional Express Holdings Ltd. (Rex), an Australian regional airline. The preliminary purchase accounting shows net assets of $106.9 million versus total purchase consideration of $11.0 million, creating a preliminary deferred bargain purchase gain of $95.8 million. The new Regional Airline segment contributed $5.2 million of revenue and a $0.5 million Adjusted EBITDA loss over thirteen days.

Segment performance was mixed. Ground Support Equipment revenue rose to $12.8 million with Adjusted EBITDA of $1.7 million and an order backlog of $12.9 million, up from $6.2 million a year earlier. Commercial Aircraft, Engines and Parts revenue dropped to $18.8 million and swung to an Adjusted EBITDA loss of $0.2 million. Digital Solutions revenue grew to $2.5 million with flat Adjusted EBITDA loss of $0.1 million, while Overnight Air Cargo revenue was steady at $30.6 million but Adjusted EBITDA declined to $1.0 million.

Air T, Inc. reported weaker results for the fiscal third quarter ended December 31, 2025, while completing a major acquisition in Australia. Quarterly revenues were $71.1 million, down 9% from the prior-year quarter, and the company posted an operating loss of $3.8 million versus operating income of $1.4 million a year earlier. Adjusted EBITDA fell to a profit of $0.2 million from $2.7 million, and earnings per share declined to $(0.91) from $(0.47).

On December 18, 2025, Air T acquired substantially all assets and operations of Regional Express Holdings Ltd. (Rex), an Australian regional airline. The preliminary purchase accounting shows net assets of $106.9 million versus total purchase consideration of $11.0 million, creating a preliminary deferred bargain purchase gain of $95.8 million. The new Regional Airline segment contributed $5.2 million of revenue and a $0.5 million Adjusted EBITDA loss over thirteen days.

Segment performance was mixed. Ground Support Equipment revenue rose to $12.8 million with Adjusted EBITDA of $1.7 million and an order backlog of $12.9 million, up from $6.2 million a year earlier. Commercial Aircraft, Engines and Parts revenue dropped to $18.8 million and swung to an Adjusted EBITDA loss of $0.2 million. Digital Solutions revenue grew to $2.5 million with flat Adjusted EBITDA loss of $0.1 million, while Overnight Air Cargo revenue was steady at $30.6 million but Adjusted EBITDA declined to $1.0 million.