AerSale (Nasdaq: ASLE) grows Q1 2026 revenue and leasing while cutting loss

Rhea-AI Filing Summary

AerSale Corporation reported first quarter 2026 results with modest growth in sales and a sharper improvement in profitability metrics, though it remained unprofitable. Total revenue rose to $70.6 million, up 7.4% from $65.8 million a year earlier, largely from stronger engine and Boeing 757 freighter leasing activity and higher flight equipment sales.

Adjusted EBITDA more than doubled to $7.4 million, or 10.4% of revenue, compared with $3.2 million, or 4.8% of revenue, as more equipment went on lease and flight equipment sales increased. The reported net loss narrowed to $3.5 million from $5.3 million, and adjusted net income was roughly breakeven.

Asset Management Solutions revenue grew 10.0% to $43.1 million, helped by 18 engines and three B757 freighters on lease, while Technical Operations revenue rose 3.4% to $27.5 million on stronger on-airport MRO work. Gross margin slipped slightly to 26.7% from 27.3% due to start-up and training costs at expanded facilities and higher labor in Goodyear. Operating cash flow was negative $26.7 million as AerSale invested heavily in inventory, including aircraft, engines, and parts, and expanded its aircraft and engines held for lease.

Insights

Equity research analyst

AerSale grew leasing and cut losses, but cash outflows remained high.

AerSale delivered Q1 2026 revenue of $70.6 million, up 7.4% year over year, while narrowing its net loss to $3.5 million. Adjusted EBITDA rose to $7.4 million, or 10.4% of revenue, reflecting more engines and B757 freighters on lease and higher flight equipment sales.

Segment data shows the strategy shift toward recurring activities. Asset Management Solutions revenue climbed 10.0% to $43.1 million, and Technical Operations revenue increased 3.4% to $27.5 million, helped by on-airport MRO in Goodyear and the ramp-up in Millington under a long-term CRJ maintenance agreement. These expansions brought start-up and training costs that trimmed gross margin to 26.7%.

On the balance sheet, total assets reached $668.1 million by March 31, 2026, with aircraft and engines held for lease rising to $121.5 million. Operating cash flow was negative $26.7 million, mainly from a $29.9 million inventory build and working capital movements, funded by heavier use of the revolving credit facility, which increased to $137.8 million.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total revenue: $70.6 million Net loss: $3.5 million Adjusted EBITDA: $7.4 million +5 more

8 metrics

Total revenue $70.6 million Three months ended March 31, 2026; up 7.4% year over year

Net loss $3.5 million Three months ended March 31, 2026; improved from $5.3 million loss

Adjusted EBITDA $7.4 million Q1 2026; 10.4% of revenue, up 131.9% from $3.2 million

Asset Management Solutions revenue $43.1 million Q1 2026; increased 10.0% from $39.2 million year over year

Technical Operations revenue $27.5 million Q1 2026; up 3.4% from $26.6 million in Q1 2025

Operating cash flow -$26.7 million Net cash used in operating activities for Q1 2026

Aircraft and engines held for lease, net $121.5 million Balance at March 31, 2026; up from $102.4 million at December 31, 2025

Revolving credit facility balance $137.8 million Outstanding as of March 31, 2026; increased from $110.1 million

Key Terms

Adjusted EBITDA, used serviceable material (USM), maintenance repair and overhaul (MRO), Asset Management Solutions Segment (AMS), +2 more

6 terms

Adjusted EBITDA financial

"Adjusted EBITDA1 in the first quarter of 2026 increased by $4.2 million to $7.4 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

used serviceable material (USM) financial

"includes leasing, used serviceable material (“USM”) and maintenance repair and overhaul (“MRO”) activities"

Pre-owned components or materials that have been inspected, tested, and certified as safe and functional for continued use; think of them as certified, recycled parts that pass quality checks before being reinstalled. Investors should care because relying on used serviceable material can lower replacement costs and improve margins, but it also affects regulatory compliance, warranty exposure and perceived reliability—factors that influence operating expenses, risk profile and long-term asset value.

maintenance repair and overhaul (MRO) financial

"continued growth in the engine leasing portfolio focused on high‑demand engine types and improved performance at ... MRO facilities"

Asset Management Solutions Segment (AMS) financial

"Asset Management Solutions Segment (“AMS”) revenue increased 10.0% to $43.1 million"

non-GAAP financial measures financial

"This press release includes non-GAAP financial measures, including adjusted EBITDA, adjusted net income (loss)"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

revolving credit facility financial

"Revolving credit facility | 137,796 | 110,053"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

0001754170false00017541702026-05-072026-05-07

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Date of Report (date of earliest event reported): May 7, 2026

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AerSale Corporation

(Exact name of registrant as specified in its charter)

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Delaware	001-38801	84-3976002
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification Number)

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9850 NW 41^st Street, Suite 400

Doral, FL 33178

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(Address of principal executive offices) (Zip Code)

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Registrant’s telephone number, including area code:

(305) 764-3200

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Not Applicable

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:

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	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	ASLE	The Nasdaq Capital Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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Emerging growth company  ☐

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02. Results of Operations and Financial Condition.

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On May 7, 2026, AerSale Corporation (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2026. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing, except as expressly set forth by specific reference in such a filing.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

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Exhibit No.	Description
99.1	Press Release of AerSale Corporation, dated May 7, 2026.
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104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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	AERSALE CORPORATION
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Date: May 7, 2026	By:	/s/ Paul A. Hechenberger
	Name:	Paul A. Hechenberger
	Title:	SVP, General Counsel & Corporate Secretary

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Exhibit 99.1

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AerSale Reports First Quarter 2026 Results

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First Quarter 2026 Highlights

● Revenue of $70.6 million versus $65.8 million in the prior year period

● Net loss of $3.5 million versus net loss of $5.3 million in the prior year period

● Adjusted net income¹ of $0.1 million versus adjusted net loss of $2.7 million in the prior year period

● Adjusted EBITDA¹ of $7.4 million versus adjusted EBITDA of $3.2 million in the prior year period

● Feedstock acquisitions of $25.1 million versus $43.4 million in the prior year period

● Inventory of $369.5 million

● Aircraft and engines held for lease² of $121.5 million

MIAMI, Florida, May 7, 2026 (GLOBE NEWSWIRE) – AerSale Corporation (Nasdaq: ASLE) (“AerSale” or the “Company”) today reported first quarter 2026 financial results.

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​	​	(in thousands, except per-share amount)
​	​	(Unaudited)
​	​	Three Months Ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025		​ ​ ​	Percent Change
Total revenue	​	$	70,614	​	$	65,776	​	7.4	%
Net loss	​	​	(3,450)	​	​	(5,277)	​	34.6	%
Adjusted net income (loss) (1)	​	​	66	​	​	(2,665)	​	102.5	%
Adjusted EBITDA (1)	​	​	7,360	​	​	3,174	​	131.9	%
Diluted loss per share	​	​	(0.07)	​	​	(0.10)	​	30.0	%
Adjusted diluted earnings (loss) per share (1)	​	​	0.00	​	​	(0.05)	​	100.0	%
Feedstock acquisitions	​	$	25,056	​	$	43,439	​	(42.3)	%

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First Quarter 2026 Results of Operations

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The Company’s revenue for the first quarter of 2026 was $70.6 million, representing a 7.4% increase compared to $65.8 million in the first quarter of 2025, primarily driven by increased engine and B757 freighter leasing activity. Adjusted EBITDA¹ in the first quarter of 2026 increased by $4.2 million to $7.4 million, or 10.4% of total revenue, representing an increase of 131.9% compared to $3.2 million, or 4.8% of total revenue, in the comparable prior year period. The increase in adjusted EBITDA¹ was mainly driven by more equipment on lease and flight equipment sales during the period.

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As a reminder to investors, the Company’s revenue is likely to fluctuate from quarter-to-quarter and year-to-year based on the timing of flight equipment sales and therefore, performance should be monitored based on the more recurring aspects of our business, which includes leasing, used serviceable material (“USM”) and maintenance repair and overhaul (“MRO”) activities.

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In the first quarter of 2026, flight equipment sales were $5.2 million and consisted of one engine, compared to $1.8 million from one engine sold in the comparable prior‑year period. Excluding flight equipment sales, revenue grew 2.2% as the Company continued to expand the more recurring parts of its business. The increase was due in part to greater leasing revenue from an expanded lease pool, including the deployment of three Boeing 757 freighter aircraft, as well as continued growth in the engine leasing portfolio focused on high‑demand engine types that are expected to remain strong during the lease period. The Company also saw improved performance at the Goodyear, Arizona and Millington, Tennessee on-airport MRO facilities as the Company filled previously unutilized hanger capacity. This was partially offset by lower USM and MRO parts sales, as well as lower revenue from our Roswell, New Mexico facility due to lower stored aircraft.

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Nick Finazzo, Chief Executive Officer at AerSale, stated, “Our first quarter performance reflects continued progress in growing the more recurring parts of our business through increased leasing activity and disciplined execution across our platform. During the quarter, we commenced work at our Millington facility following the award of a long‑term, multi‑line regional airline maintenance agreement and at our expanded Aerostructures facility. These expansion projects

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resulted in expected start‑up costs, which created modest margin pressure that we expect to normalize as volumes increase and operations mature.”

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Mr. Finazzo continued, “We also continued to execute on our leasing strategy with the placement of an additional B757 freighter, ending the quarter with three aircraft on lease and one additional aircraft under letter of intent. With a strong inventory position and expanding capacity, we remain focused on monetizing our assets and delivering a more consistent earnings profile over time.”

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Asset Management Solutions Segment (“AMS”) revenue increased 10.0% to $43.1 million during the first quarter of 2026 compared to $39.2 million in the first quarter of 2025. Excluding flight equipment sales, total revenue in the first quarter of 2026 increased 1.3% to $37.9 million from $37.5 million in the prior year, driven by increased leasing activity and favorable engine mix, partially offset by lower USM volume. The Company had 18 engines and three B757 freighter aircraft on lease in the current quarter, compared to 16 engines and one B757 freighter on lease in the prior year period.

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Technical Operations (“TechOps”) revenue increased 3.4% to $27.5 million in the first quarter of 2026 compared to $26.6 million in the first quarter of 2025, driven primarily by higher revenue from on‑airport MRO operations. Revenue growth was led by increased storage work scope in Goodyear, Arizona and by the continued ramp‑up of operations in Millington, Tennessee in support for a recently awarded long term CRJ multi-line maintenance agreement. These increases were partially offset by lower MRO parts sales during the quarter.

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Gross margin decreased to 26.7% for the first quarter of 2026 compared to 27.3% in the same period last year, as TechOps margins declined due to start‑up and training costs related to the CRJ lines in Millington and the expansion in Aerostructures. In addition, Goodyear incurred higher labor costs in the quarter as it ramped up labor in anticipation of demand during the remainder of the year.

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Selling, general, and administrative expenses were $22.2 million in the first quarter of 2026 versus $24.6 million in the first quarter of 2025. AerSale incurred $1.8 million of share-based compensation expense in the first quarter of 2026 versus $1.2 million in the first quarter of 2025. The favorable cost reductions are a result of our efficiency initiatives that have reduced overall costs, as well as one-time severance charges incurred in the prior year period.

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Loss from operations was $3.3 million in the first quarter of 2026 compared to $6.6 million in the first quarter of 2025.

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Income tax benefit was $1.0 million in the first quarter of 2026, compared to $0.7 million in the first quarter of 2025. The Company’s effective tax rate was 22.6% in the first quarter of 2026 compared to 12.0% in the first quarter of 2025.

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Net loss for the first quarter of 2026 was $3.5 million, compared to a net loss of $5.3 million in the prior year. During the first quarter of 2026, the Company recognized $1.8 million of share-based compensation expenses within payroll expenses, $1.6 million in non-cash inventory write-downs, and $0.1 million in facility relocation costs. Excluding these non-cash and unusual items and adjusted for tax, adjusted net income¹ was $0.1 million in the first quarter of 2026, compared to an adjusted net loss¹ of $2.7 million in the first quarter of 2025.

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Diluted loss per share was $0.07 for the first quarter of 2026 compared to a diluted loss per share of $0.10 in the first quarter of 2025. Adjusted for the non-cash and unusual items noted above, adjusted diluted earnings per share¹ was $0.00 for the first quarter of 2026, compared to an adjusted diluted per share loss of $0.05 for the first quarter of 2025.

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Conference Call Information

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The Company will host a conference call today, May 7, 2026 at 4:30 pm Eastern Time to discuss these results. A live audio webcast will be available to the public on a listen-only basis at https://ir.aersale.com/news-events/events. An archived replay of the webcast will also be available on the Investors portion of the AerSale website at https://ir.aersale.com/ for one year.

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Non-GAAP Financial Measures

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This press release includes non-GAAP financial measures, including adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share. AerSale defines adjusted EBITDA as net income (loss) excluding interest expense, depreciation and amortization, income tax expense (benefit), and other non-cash, non-recurring or unusual items. Adjusted net income (loss) is defined as net income (loss) excluding mark-to-market adjustments relating to our private warrants, stock-based compensation expense, inventory write-offs and other non-cash, non-recurring or unusual items. Adjusted diluted earnings (loss) per share is adjusted net income divided by the diluted weighted average number of shares outstanding during the measurement period.

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AerSale believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to AerSale’s financial condition and results of operations. AerSale’s management uses certain of these non-GAAP measures to compare AerSale’s performance to that of prior periods for trend analyses and for budgeting and planning purposes. These non-GAAP measures should not be construed as an alternative to net income (loss) or net income (loss) margin as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP).

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You should review AerSale’s financial statements, and not rely on any single financial measure to evaluate AerSale’s business. Other companies may calculate adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share differently, and therefore AerSale’s adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share measures may not be directly comparable to similarly titled measures of other companies.

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Reconciliations of net income (loss), the Company’s closest GAAP measure, to adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share, are outlined in the tables below following the Company’s condensed consolidated financial statements.

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End Notes

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⁽¹⁾ Adjusted net income (loss), adjusted EBITDA and adjusted diluted earnings (loss) per share are non-GAAP measures. See “Non-GAAP Financial Measures” and “Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Basic/Diluted (Loss) Earnings Per Share Reconciliation Table” at the end of this press release for a discussion of why we believe these non-GAAP measures are useful together with a detailed reconciliation of these measures to their most directly comparable GAAP (Generally Accepted Accounting Principles) measure.

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⁽²⁾ Aircraft and engines held for lease refers to the financial statement line item Aircraft and engines held for lease, net on the Condensed Consolidated Balance Sheet, which is comprised of assets’ cost net of accumulated depreciation.

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First Quarter 2026 Financial Results

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AERSALE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

(Unaudited)

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​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Revenue:	​	​	​	​	​	​
Products	​	$	35,304	​	$	37,122
Leasing	​		11,846	​		7,501
Services	​		23,464	​		21,153
Total revenue	​		70,614	​		65,776
Cost of sales and operating expenses:	​	​	​	​	​	​
Cost of products	​		24,023	​		27,639
Cost of leasing	​		4,463	​		3,008
Cost of services	​		23,247	​		17,164
Total cost of sales	​		51,733	​		47,811
Gross profit	​		18,881	​		17,965
Selling, general and administrative expenses	​		22,213	​		24,612
Loss from operations	​		(3,332)	​		(6,647)
Other (expense) income:	​		​	​		​
Interest expense, net	​		(2,130)	​		(1,181)
Other income, net	​	​	1,007	​	​	1,888
Change in fair value of warrant liability	​	​	-	​	​	(57)
Total other (expense) income, net	​		(1,123)	​		650
Loss before income tax provision	​		(4,455)	​		(5,997)
Income tax benefit	​		1,005	​		720
Net loss	​	$	(3,450)	​	$	(5,277)
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Loss per share:	​	​	​	​	​	​
Basic	​	$	(0.07)	​	$	(0.10)
Diluted	​	$	(0.07)	​	$	(0.10)
Weighted average shares outstanding:	​	​	​	​	​	​
Basic	​	​	47,240,034	​	​	52,338,258
Diluted	​	​	47,240,034	​	​	52,338,258

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AERSALE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheet

(in thousands, except share data)

(Unaudited)

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​	​	​	​	​	​	​
​	​ ​ ​	March 31,		​ ​ ​	December 31,
​	​	2026		​ ​ ​	2025
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	2,085	​	$	4,379
Accounts receivable, net of allowance for credit losses of $1,098 and $1,173 as of March 31, 2026 and December 31, 2025, respectively	​		47,116	​		42,654
Income tax receivable	​	​	1,126	​	​	1,728
Inventory:	​	​	​	​	​	​
Aircraft, airframes, engines, and parts	​		214,703	​		205,379
Advance vendor payments	​		4,900	​		5,679
Deposits, prepaid expenses, and other current assets	​		12,085	​		9,170
Total current assets	​		282,015	​		268,989
Fixed assets:	​	​	​	​		​
Aircraft and engines held for lease, net	​		121,489	​		102,361
Property and equipment, net	​		31,998	​		32,006
Inventory:	​	​	​	​	​	​
Aircraft, airframes, engines, and parts	​		154,783	​		158,385
Operating lease right-of-use assets	​	​	28,873	​		30,130
Deferred income taxes	​		9,735	​		8,784
Deferred financing costs, net	​		925	​		1,024
Other assets	​		578	​		586
Goodwill	​		19,860	​		19,860
Other intangible assets, net	​		17,810	​		18,347
Total assets	​	$	668,066	​	$	640,472
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Current liabilities:	​	​	​	​		​
Accounts payable	​	$	31,260	​	$	29,645
Accrued expenses	​		7,198	​		7,233
Income tax payable	​		324	​		329
Lessee and customer purchase deposits	​		2,123	​		780
Current operating lease liabilities	​	​	4,114	​	​	4,313
Current portion of long-term debt	​	​	993	​	​	993
Deferred revenue	​		724	​		530
Deferred insurance proceeds	​	​	28,610	​	​	28,610
Total current liabilities	​		75,346	​		72,433
Revolving credit facility	​	​	137,796	​		110,053
Long-term debt	​	​	1,036	​		1,284
Long-term lease deposits	​	​	3,182	​	​	3,492
Long-term operating lease liabilities	​	​	27,150	​	​	28,190
Maintenance deposit payments and other liabilities	​		773	​		589
Total liabilities	​	​	245,283	​	​	216,041
Stockholders’ equity:	​	​	​	​		​
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 47,241,615 and 47,221,513 shares as of March 31, 2026 and December 31, 2025, respectively	​		5	​		5
Additional paid-in capital	​		278,531	​		276,729
Retained earnings	​		144,247	​		147,697
Total stockholders' equity	​		422,783	​		424,431
Total liabilities and stockholders’ equity	​	$	668,066	​	$	640,472

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AERSALE CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

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​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended March 31,
​	​	2026		​ ​ ​	2025
Cash flows from operating activities:	​	​	​	​	​	​
Net loss	​	$	(3,450)	​	$	(5,277)
Adjustments to reconcile net income to net cash used in operating activities	​	​	​	​	​	​
Depreciation and amortization	​		6,138	​		4,943
Amortization of debt issuance costs	​		99	​		90
Amortization of operating lease assets	​	​	18	​		53
Inventory reserve	​		2,732	​		829
Deferred income taxes	​		(951)	​		(403)
Change in fair value of warrant liability	​	​	-	​	​	57
Share-based compensation	​	​	1,802	​	​	1,160
Changes in operating assets and liabilities:	​		​	​		​
Accounts receivable	​		(4,462)	​		(5,221)
Income tax receivable	​	​	602	​	​	(239)
Inventory	​		(29,941)	​		(39,709)
Deposits, prepaid expenses, and other current assets	​		(2,915)	​		873
Other assets	​		8	​		(35)
Advance vendor payments	​		779	​		107
Accounts payable	​		1,615	​		(6,647)
Income tax payable	​	​	(5)	​	​	-
Accrued expenses	​		(101)	​		(18)
Deferred revenue	​		194	​		(857)
Lessee and customer purchase deposits	​		1,033	​		1,251
Deferred insurance proceeds	​	​	-	​	​	3,700
Other liabilities	​		142	​		122
Net cash used in operating activities	​		(26,663)	​		(45,221)
Cash flows from investing activities:	​		​	​		​
Acquisition of aircraft and engines held for lease, including capitalized costs	​		(2,074)	​		(1,128)
Purchase of property and equipment	​		(1,052)	​		(2,411)
Net cash used in investing activities	​		(3,126)	​		(3,539)
Cash flows from financing activities:	​		​	​		​
Proceeds from long-term debt	​	​	-	​		220
Repayments of long-term debt	​		(248)	​		(151)
Proceeds from revolving credit facility	​		83,043	​		148,943
Repayments of revolving credit facility	​		(55,300)	​		(55,100)
Payments of debt issuance costs	​	​	-	​	​	(114)
Purchase of treasury stock	​	​	-	​		(45,000)
Taxes paid related to net share settlement of equity awards	​	​	-	​	​	(45)
Net cash provided by financing activities	​		27,495	​		48,753
​	​	​	​	​	​	​
Decrease in cash and cash equivalents	​		(2,294)	​		(7)
Cash and cash equivalents, beginning of period	​		4,379	​		4,698
Cash and cash equivalents, end of period	​	$	2,085	​	$	4,691
​	​	​	​	​	​	​
Supplemental disclosure of cash activities	​		​	​		​
Income tax payments (refunds), net	​	$	3	​	$	(191)
Interest paid	​	$	2,030	​	$	1,063
Supplemental disclosure of noncash investing activities	​	​	​	​	​	​
Reclassification of inventory to equipment held for lease, net	​	$	21,487	​	$	3,509

​

​

​

​

​

​

​

​

​

​

​

​

​

​

AERSALE CORPORATION AND SUBSIDIARIES

Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted Basic/Diluted (Loss) Earnings Per Share Reconciliation Table

(in thousands, except per and percentage share data)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31,

​

​ ​ ​

​

​

​ ​ ​

% of Total

​ ​ ​

​

​

​

% of Total

​

​ ​ ​

2026

​ ​ ​

Revenue

​ ​ ​

2025

​ ​ ​

Revenue

Reported net loss

​

$

(3,450)

​

(4.9)

%

​

$

(5,277)

​

(8.0)

%

Addbacks:

​

​

​

​

​

​

​

​

​

​

​

​

Change in fair value of warrant liability

​

​

-

​

-

%

​

​

57

​

0.1

%

Share-based compensation

​

​

1,802

​

2.6

%

​

​

1,160

​

1.8

%

Payroll taxes related to share-based compensation

​

​

-

​

-

%

​

​

18

​

0.0

%

Inventory write-off

​

​

1,615

​

2.3

%

​

​

-

​

-

%

Facility relocation costs

​

​

130

​

0.2

%

​

​

358

​

0.5

%

Restructuring costs

​

​

-

​

-

%

​

​

1,054

​

1.6

%

Legal settlement

​

​

-

​

-

%

​

​

400

​

0.6

%

Income tax effect of adjusting items (1)

​

​

(31)

​

(0.0)

%

​

​

(435)

​

(0.7)

%

Adjusted net income (loss)

​

$

66

​

0.1

%

​

$

(2,665)

​

(4.1)

%

Interest expense, net

​

​

2,130

​

3.0

%

​

​

1,181

​

1.8

%

Income tax benefit

​

​

(1,005)

​

(1.4)

%

​

​

(720)

​

(1.1)

%

Depreciation and amortization

​

​

6,138

​

8.7

%

​

​

4,943

​

7.5

%

Reversal of income tax effect of adjusting items (1)

​

​

31

​

-

%

​

​

435

​

0.7

%

Adjusted EBITDA

​

$

7,360

​

10.4

%

​

$

3,174

​

4.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported basic (loss) per share

​

$

(0.07)

​

​

​

​

$

(0.10)

​

​

​

Addbacks:

​

​

​

​

​

​

​

​

​

​

​

​

Change in fair value of warrant liability

​

​

-

​

​

​

​

​

0.00

​

​

​

Share-based compensation

​

​

0.04

​

​

​

​

​

0.02

​

​

​

Payroll taxes related to share-based compensation

​

​

-

​

​

​

​

​

0.00

​

​

​

Inventory write-off

​

​

0.03

​

​

​

​

​

-

​

​

​

Facility relocation costs

​

​

0.00

​

​

​

​

​

0.01

​

​

​

Restructuring costs

​

​

-

​

​

​

​

​

0.02

​

​

​

Legal settlement

​

​

-

​

​

​

​

​

0.01

​

​

​

Income tax effect of adjusting items

​

​

(0.00)

​

​

​

​

​

(0.01)

​

​

​

Adjusted basic earnings (loss) per share

​

$

0.00

​

​

​

​

$

(0.05)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Reported diluted (loss) per share

​

$

(0.07)

​

​

​

​

$

(0.10)

​

​

​

Addbacks:

​

​

​

​

​

​

​

​

​

​

​

​

Change in fair value of warrant liability

​

​

-

​

​

​

​

​

0.00

​

​

​

Share-based compensation

​

​

0.04

​

​

​

​

​

0.02

​

​

​

Payroll taxes related to share-based compensation

​

​

-

​

​

​

​

​

0.00

​

​

​

Inventory write-off

​

​

0.03

​

​

​

​

​

-

​

​

​

Facility relocation costs

​

​

0.00

​

​

​

​

​

0.01

​

​

​

Restructuring costs

​

​

-

​

​

​

​

​

0.02

​

​

​

Legal settlement

​

​

-

​

​

​

​

​

0.01

​

​

​

Income tax effect of adjusting items

​

​

(0.00)

​

​

​

​

​

(0.01)

​

​

​

Adjusted diluted earnings (loss) per share

​

$

0.00

​

​

​

​

$

(0.05)

​

​

​

⁽¹⁾ The income tax effect of current period adjusting items is calculated at the Company's applicable statutory rate of 24% after considering federal and state tax rates.

​

​

​

​

​

​

​

​

Forward Looking Statements

This press release includes “forward-looking statements”. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this press release may constitute forward-looking statements, and include, but are not limited to, statements regarding our anticipated financial performance, including anticipations regarding improved financial results as a result of our recently awarded long-term CRJ maintenance contract and greater demand for AerSale’s USM business; expectations regarding feedstock and commercial demand; our growth trajectory; the expected operating capacity of our MRO facilities and demand for such services; and the sufficiency of our liquidity; AerSale’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” or the negative of these or other similar expressions are intended to identify such forward-looking statements. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Risk Factors, Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and its other filings with the SEC, including its subsequent quarterly reports on Form 10-Q. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and we qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

About AerSale

​

AerSale is a global provider of integrated aviation aftermarket services and solutions, serving operators of Boeing, Airbus, and legacy McDonnell Douglas aircraft. The Company helps aircraft owners and operators optimize the value, safety, and operational efficiency of their fleets across the entire aircraft lifecycle.

​

AerSale’s comprehensive capabilities include aircraft and engine sales and leasing, used serviceable material (USM) sales, component and airframe MRO services, and FAA-certified engineered solutions. Through internally developed products such as AerSafe®, AerTrak®, and the AerAware™ Enhanced Flight Vision System, AerSale delivers innovative technologies that enhance aircraft performance, improve safety, and reduce operating costs.

With deep technical expertise and a fully integrated business model, AerSale provides everything customers need—through a single, trusted partner.

​

Media:

For more information about AerSale, please visit our website: www.AerSale.com.

Follow us on: LinkedIn | Twitter | Facebook | Instagram

​

AerSale: Jackie Carlon

Telephone: (305) 764-3200

Email: media.relations@aersale.com

​

Investor:

AerSale: investorrelations@aersale.com

​

Source: AerSale Corporation

​

FAQ

How did AerSale (ASLE) perform financially in Q1 2026?

AerSale posted Q1 2026 revenue of $70.6 million, up 7.4% from 2025, and a net loss of $3.5 million, improved from a $5.3 million loss. Adjusted EBITDA more than doubled to $7.4 million, indicating stronger underlying profitability despite continued losses.

What drove AerSale’s revenue growth in the first quarter of 2026?

Revenue growth to $70.6 million was mainly driven by higher engine and B757 freighter leasing activity and increased flight equipment sales of $5.2 million. Excluding flight equipment sales, revenue grew 2.2% as leasing and on-airport MRO operations expanded across multiple facilities.

How did AerSale’s Asset Management Solutions segment perform in Q1 2026?

Asset Management Solutions revenue increased 10.0% to $43.1 million in Q1 2026. Excluding flight equipment sales, revenue rose 1.3% to $37.9 million, supported by more engines and B757 freighters on lease and a favorable engine mix, partially offset by lower used serviceable material volume.

What were the trends in AerSale’s Technical Operations (TechOps) business?

TechOps revenue grew 3.4% to $27.5 million, led by on-airport MRO work in Goodyear, Arizona and the ramp-up of Millington, Tennessee under a long-term CRJ maintenance agreement. However, start-up and training costs and higher labor contributed to slightly lower overall gross margin in the quarter.

Did AerSale generate positive cash flow in the first quarter of 2026?

AerSale used cash in Q1 2026, reporting negative operating cash flow of $26.7 million. The outflow mainly reflected a $29.9 million increase in inventory and working capital changes. The company funded activities partly through its revolving credit facility, with net borrowings during the quarter.

How did AerSale’s adjusted earnings metrics change year over year in Q1 2026?

Adjusted net income improved to roughly breakeven at $0.1 million versus a $2.7 million adjusted net loss a year earlier. Adjusted EBITDA increased to $7.4 million from $3.2 million, while adjusted diluted earnings per share moved to $0.00 from a loss of $0.05.

What is AerSale’s leverage and liquidity position as of March 31, 2026?

As of March 31, 2026, AerSale held $2.1 million in cash and cash equivalents and had $137.8 million outstanding on its revolving credit facility. Total stockholders’ equity was $422.8 million, and total assets reached $668.1 million, reflecting substantial investment in inventory and lease assets.

Filing Exhibits & Attachments

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Press Releases

• EX-99.1 EX-99.1 500.7 KB

Other Documents

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• EX-101 EX-101.DEF 2.8 KB
• EX-101 EX-101.LAB 16.8 KB
• EX-101 EX-101.PRE 9.8 KB