Air T Inc SEC Filings

Air T, Inc. reported consolidated operating revenue of $70.87 million for the three months ended June 30, 2025, up from $66.41 million a year earlier, with consolidated segment revenue rising $4.1 million. Revenue growth was led by Ground Support Equipment, which increased roughly $7.7 million, while the Commercial Aircraft, Engines and Parts segment declined about $4.3 million.

Operating income was a modest $0.4 million versus an operating loss the prior year, but the company reported a net loss attributable to Air T stockholders of $1.636 million (basic loss per share $0.61). Interest expense was $2.314 million and equity method results swung to a $0.02 million loss versus prior period income. Cash and cash equivalents rose to $14.46 million and total assets were $190.04 million against total liabilities of $184.75 million, leaving a stockholders' deficit of $4.63 million.

Notable transactions include the May 15, 2025 acquisition of Royal Aircraft Services for $1.2 million and a subsequent July 15, 2025 sale of two Airbus aircraft for over $18.0 million.

Nicholas J. Swenson, reporting as a director, CEO and 10% owner, disclosed transactions in common stock of AIR T INC (AIRT) on 08/11/2025. He reported a direct disposition of 62,920 common shares and recorded significant indirect beneficial ownership through affiliated entities: AO Partners I, L.P. (972,584 shares), Glenhurst Co. (94,938), Groveland Capital, LLC (52,690) and Groveland DST, LLC (169,806), totaling 1,290,018 indirect shares. The filing also shows two stock option grants acquired on 08/11/2025: one with a $30 exercise price and one with a $50 exercise price, each covering 4,000 shares (totaling 8,000 options), exercisable on 08/06/2026 and expiring 08/06/2045, with a reported option price of $0. The filing includes standard disclaimers that Swenson disclaims beneficial ownership except to the extent of his pecuniary interest in the entity-owned shares.

Air T, Inc. filed an amendment to its Annual Report on Form 10-K/A for the fiscal year ended March 31, 2025 to include an updated audit opinion from Deloitte & Touche LLP correcting a clerical header error in the Critical Audit Matter section. The Amendment states no changes to the consolidated financial statements and adds new management certifications and Deloitte's consent; it otherwise speaks as of the original filing date.

The company outlines its four reportable segments — Overnight Air Cargo, Ground Support Equipment, Commercial Aircraft, Engines and Parts, and Digital Solutions — and discloses key metrics: $14.3 million backlog for GGS as of March 31, 2025 (up from $12.6M), 103 aircraft operated under FedEx dry-lease agreements as of March 31, 2025, revenues from FedEx represented approximately 39% of consolidated revenue in FY2025 and 36% in FY2024, 646 employees, aggregate market value of common equity of approximately $14,257,338 as of Sept 30, 2024, and 2,702,639 outstanding common shares as of May 31, 2025.