Welcome to our dedicated page for Air T SEC filings (Ticker: AIRTP), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Air T, Inc. filings for AIRTP document the trust preferred security structure, capital-raising notices, material agreements, governance matters, and capital-structure disclosures tied to Air T Funding Alpha Income Preferred Securities. Recent 8-K reports cover proposed offerings of additional trust preferred securities, executive compensation arrangements, and other material events affecting the issuer and guarantor framework.
The filing record also includes amendments providing acquired-business financial statements and unaudited pro forma financial information for a completed acquisition through an Air T subsidiary. Registration and material-event disclosures describe the preferred securities, related warrant history, offering mechanics, and the operating context of Air T’s portfolio businesses in air cargo, ground support equipment, and commercial aircraft assets.
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.
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.
AO Partners Group and Nicholas J. Swenson report a 1,335,270‑share beneficial stake, representing 49.4% of Air T, Inc. common stock. The group, including AO Partners Fund, Groveland entities and Glenhurst Co., reports various ownership blocks such as 952,885 shares (35.3%) held through AO Partners Fund and related entities. Based on 2,702,639 shares outstanding as of October 31, 2025, the filing reflects significant influence over the company.
The group states it believes Air T stock is undervalued and that its intent is to influence company policies and assert shareholder rights to maximize share value, which may be deemed a control purpose. The amendment aggregates prior, individually immaterial changes, notes total acquisition costs of $11,600,977, and confirms no Air T share purchases or sales by the reporting persons in the past 60 days.
AO Partners Group and Nicholas J. Swenson report a 1,335,270‑share beneficial stake, representing 49.4% of Air T, Inc. common stock. The group, including AO Partners Fund, Groveland entities and Glenhurst Co., reports various ownership blocks such as 952,885 shares (35.3%) held through AO Partners Fund and related entities. Based on 2,702,639 shares outstanding as of October 31, 2025, the filing reflects significant influence over the company.
The group states it believes Air T stock is undervalued and that its intent is to influence company policies and assert shareholder rights to maximize share value, which may be deemed a control purpose. The amendment aggregates prior, individually immaterial changes, notes total acquisition costs of $11,600,977, and confirms no Air T share purchases or sales by the reporting persons in the past 60 days.
Air T, Inc. has amended its financing arrangements with Alerus Financial, updating both its revolving credit facility and a term loan. The revolving credit commitment was increased to $20,000,000, the interest rate was reduced to 1‑month SOFR plus 1.90%, and the maturity date was extended to August 28, 2027. Financial covenants will now be tested semi‑annually in December and March, and the borrowers must provide quarterly financial statements. Term Note A was amended and restated in the principal amount of $9,188,571.40, with a revised rate of 1‑month SOFR plus 2.00% and a swap fixing the rate at 5.62% through August 15, 2029. Air T reaffirmed its guarantees and entered into an unlimited continuing guaranty related to the swap.
Air T, Inc. reported the results of its 2025 annual stockholder meeting. Of 2,702,639 common shares entitled to vote, 2,474,006 shares, or 91.54%, were represented, indicating strong participation.
Stockholders elected all nominated directors, with each receiving over 2,033,000 votes in favor and similar broker non-votes of 436,436. An advisory vote approved the compensation of named executive officers with 2,034,434 votes for, 2,986 against, and 150 abstentions. Stockholders also approved an amendment to the Restated Certificate of Incorporation to increase the number of authorized preferred shares, with 1,863,161 votes for and 174,151 against. In an advisory vote on the frequency of executive compensation votes, most shares favored an annual vote, and Deloitte & Touche LLP was ratified as the independent registered public accounting firm for 2025 with 2,472,476 votes for and 1,530 against.
Air T Funding is offering up to 320,000 Alpha Income Preferred Securities at a liquidation value of $25.00 per Capital Security, representing an aggregate offering price up to $8,000,000 through an at-the-market facility with Ascendiant Capital Markets as sales agent. Sales may occur on NASDAQ or in negotiated transactions; the sales agent fee is 3.0% of gross proceeds. As of July 31, 2025, 2,130,147 Capital Securities are outstanding (including 520,000 held by subsidiaries) and 58,173 shares were sold in the 12 months ended July 31, 2025. The Capital Securities pay cumulative quarterly distributions at an annual rate of $2.00 per share (8.0% of $25), payable quarterly and defeasible for up to 20 consecutive quarters. The securities trade on NASDAQ under AIRTP, with the last reported sales price of $18.45 on August 8, 2025.
William R. Foudray, a director of Air T Inc., reported transactions dated 08/11/2025. The filing shows a sale of 12,500 shares of Common Stock, reported as a disposition. On the same date he acquired two grants of stock options: 500 options with a $30 exercise price and 500 options with a $50 exercise price, each exercisable beginning 08/06/2026 and expiring 08/06/2045, corresponding to 500 underlying shares apiece.
An explanatory note clarifies that certain unexercisable options granted in December 2020 are subject to future vesting tied to price-based tranches and testing dates; after prior expirations the total amount of outstanding options from that grant series is 1,500. The form is signed 08/14/2025. The filing contains no revenue, earnings, or percentage ownership figures.
Gary S. Kohler, a director of Air T Inc. (ticker AIRT), reported transactions dated 08/11/2025. He disposed of 20,103 shares of common stock and acquired two stock option awards of 500 shares each on the same date. The options have exercise prices of $30 and $50, become exercisable on 08/06/2026, and expire on 08/06/2045. Each option award covers 500 underlying shares and is reported as directly owned with a reported post-transaction beneficial ownership of 500 for each grant. The filing notes that previously granted unexercisable options from December 2020 are subject to price-tranche vesting and expirations and that, after prior expirations, 1,500 options remain outstanding. The form is signed and dated 08/14/2025.
Peter B. McClung, a director of Air T Inc. (AIRT), reported the acquisition of two option grants on 08/11/2025. Each grant covers 500 stock options: one with a $30 exercise price and one with a $50 exercise price. Both option series become exercisable on 08/06/2026 and expire on 08/06/2045. Following the reported transactions, Mr. McClung directly beneficially owns 500 shares tied to each grant (totaling 1,000 underlying shares reported here); the filing notes that, after prior expirations, the company currently has 1,500 options outstanding tied to earlier grants and that some earlier options are unexercisable pending future stock-price tests described in the company proxy.
Jamie Thingelstad, a director of Air T Inc. (AIRTP), reported option grants dated 08/11/2025 totaling 2,750 stock options that underlie 2,750 common shares. The grants consist of two 500‑option awards (exercise prices $30 and $50, exercisable 08/06/2026, expiring 08/06/2045) and six tranche‑style awards (exercise prices ranging from $38.23 to $61.06, exercisable beginning 06/30/2026, expiring 06/30/2041). Each tranche vests in six annual test dates with ~10% step‑ups to the exercise price and 16.67% of the grant vesting at each test date, per the company proxy referenced.
Reporting person: The Form 3 names Kennedy Tracy as the reporting person and lists a Minneapolis address. The reporter is identified as the company's CFO. The date of the event requiring the statement is 10/16/2024. The filing lists six separate stock option awards, each for 250 shares of Common Stock exercisable on 06/30/2025 and expiring on 06/30/2041, with exercise prices of $33.98, $36.78, $39.76, $42.93, $46.29, and $49.85. The filing states that after expirations tied to unmet price tranches, the total amount outstanding as of 10/16/2024 was 1,750 options. The form is signed and dated 08/14/2025.