[8-K] Tactile Systems Technology, Inc. Reports Material Event

Rhea-AI Filing Summary

Air Lease Corp. (AL) Q2-25 10-Q highlights

• Revenue climbed 9.7% YoY to $731.7 m as the owned fleet expanded to 495 aircraft and ancillary income improved.
• Net income surged to $385.2 m and diluted EPS to $3.33, propelled by a $344.0 m insurance recovery related to Russian-detained aircraft; YTD recoveries reach $675.9 m.
• Fleet metrics remain strong: NBV $29.1 bn, average age 4.8 yrs, lease term 7.2 yrs, utilisation 100%.
• Orderbook totals 241 aircraft with $14.1 bn obligations through 2031; 58% already placed, yet both Airbus and Boeing warn of further delivery delays.
• Balance sheet/liquidity: cash $454.8 m plus $7.5 bn undrawn revolver give $7.9 bn liquidity; debt $20.5 bn (76.7% fixed, 97.4% unsecured) at 4.28% blended cost.
• Operating cash flow reached $862 m; quarterly common dividend held at $0.22.
• Key watch-points: rising interest expense (+9% YoY), sizeable cap-ex pipeline, potential tariff impacts and supply-chain delays.

Positive

• $344 m insurance recovery turns prior Russian asset write-off into net gain, boosting equity and cash.
• Revenue up 9.7% YoY on fleet expansion and ancillary income growth.
• Available liquidity $7.9 bn after revolver upsizing to $8.4 bn; strong funding runway.
• Fleet utilisation 100% and average age 4.8 yrs support stable lease cash flows.
• Debt 97.4% unsecured, giving flexibility and unencumbered asset pool.

Negative

• Net income largely one-off; core profitability less impressive without Russian settlement credit.
• Interest expense +9% YoY and likely to climb with higher SOFR and commercial paper usage.
• $14.1 bn capex commitments amid Airbus/Boeing delays increase execution and financing risk.
• Trade-tariff uncertainty could affect future cross-border deliveries and lessee demand.
• Composite funding cost 4.28% up from 4.14%, pressuring future margins.

Insights

Financial Analyst

TL;DR – One-off insurance gains drive record profit, but core lease economics stay healthy.

The $344 m Russian settlement transforms headline earnings, lifting ROE and retaining capital for growth while boosting book equity by 9%. Even stripping the gain, pre-tax profit improved on fleet growth and disciplined SG&A. Liquidity is ample at $7.9 bn, the revolver extension to 2029 de-risks funding, and debt remains predominantly unsecured, preserving collateral flexibility. Management placed 100% of deliveries through 2026, mitigating placement risk. Guidance on orderbook delays suggests capex can be staggered, easing near-term cash burn. Overall, valuation catalysts emerge from elevated EPS, stronger balance sheet and continued dividend growth.

Risk Analyst

TL;DR – Earnings quality mixed; leverage and supply-chain issues temper upside.

The profit spike is non-recurring; sustainable earnings must absorb a 4.28% funding cost and $14 bn of future aircraft payments. Interest expense already rose 9% YoY and will increase as SOFR resets and commercial paper scales. Orderbook delays introduce cancellation exposure and potential lessee walk-aways, while new U.S. trade tariffs create uncertainty for cross-border deliveries. Leverage at 2.5× NBV/debt is high for a rising-rate cycle, though largely fixed-rate. Any stall in aircraft sales could pressure cash generation. Impact: neutral—solid liquidity offsets macro and execution risks.

0001027838false00010278382025-08-042025-08-04

​

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 4, 2025

TACTILE SYSTEMS TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-37799		41-1801204
(State or other jurisdiction of		(Commission		(I.R.S. Employer
incorporation)		File Number)		Identification No.)

3701 Wayzata Blvd, Suite 300, Minneapolis, MN 55416

(Address of principal executive offices) (Zip Code)

(612) 355-5100

(Registrant’s telephone number, including area code)

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

☐ 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))

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share	TCMD	The Nasdaq Stock Market LLC

​

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). ☐ Emerging growth company

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. ☐

​

​

​

Item 2.02. Results of Operations and Financial Condition.

​

On August 4, 2025, Tactile Systems Technology, Inc. (“we,” “us,” and “our”) issued a press release disclosing our results of operations and financial condition for our most recently completed fiscal quarter. A copy of the press release is attached hereto as Exhibit 99.1.

​

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in that filing.

​

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

​

EXHIBIT INDEX

​

Exhibit No.				Description
99.1			Press Release dated August 4, 2025 (Earnings Release)
104	​		Cover Page Interactive Data File (embedded within the Inline XBRL document)
​		​		​

​

​

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.

​

		TACTILE SYSTEMS TECHNOLOGY, INC.
Date: August 4, 2025		By:	/s/ Elaine M. Birkemeyer
			Elaine M. Birkemeyer
			Chief Financial Officer

​

​

​

​

FAQ

What was Air Lease (AL) diluted EPS for Q2 2025?

Diluted EPS rose to $3.33, up from $0.81 in Q2 2024, largely due to insurance recoveries.

How much did AL recover from Russian-detained aircraft?

Year-to-date cash settlements total $675.9 million, exceeding the original $791 million write-off when combined with 2023 recoveries.

What is Air Lease’s orderbook exposure?

AL has 241 aircraft on order with purchase commitments of $14.1 billion through 2031; 58% are already placed with lessees.

What is the company’s current liquidity position?

As of June 30 2025, AL held $454.8 m cash and $7.5 bn of undrawn revolver capacity, for total liquidity of $7.9 bn.

How has Air Lease’s interest expense trended?

Q2 2025 interest expense rose to $222.3 m, up from $203.3 m a year ago, reflecting higher rates and debt balances.

What dividend did Air Lease declare?

The board approved a $0.22 per-share quarterly cash dividend on Class A common stock, payable Oct 8 2025.