Logotype for Air T Inc

Air T (AIRT) investor relations material

Air T Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Air T Inc
Q3 2026 earnings summary13 Feb, 2026

Executive summary

  • Operates a diversified portfolio of aviation and related businesses, focusing on growth and cash flow generation over 40+ years.

  • Recently expanded internationally by acquiring Regional Express Holdings Ltd. (Rex), Australia's largest independent regional airline, in December 2025, marking entry into the regulated Australian market.

  • Management demonstrates alignment with shareholders through open market stock repurchases, holding $6.4M in treasury stock as of 12/31/25.

  • Net loss attributable to stockholders was $2.5M for the quarter ended 12/31/25, compared to $1.3M in the prior year; nine-month net income was $0.3M, down from $0.9M.

  • The Rex acquisition introduces integration, regulatory, and operational risks.

Financial highlights

  • FY25 revenue reached $291.9M, a 2% increase year-over-year; FYTD26 nine-month revenue was $206.2M, down $19.3M from prior year.

  • Q3 FY2026 revenue was $71.1M, down 8.7% year-over-year; operating loss was $3.8M versus prior year operating income of $1.4M.

  • FY25 adjusted EBITDA was $7.4M, up $1.2M from FY24; FYTD26 adjusted EBITDA was $9.5M, up $1.0M from prior year.

  • Adjusted EBITDA for Q3 FY2026 was $0.2M, down from $2.7M in the prior year quarter.

  • Operating cash flow for the nine months was negative $25.0M, compared to positive $19.4M in the prior year, mainly due to inventory build and changes in working capital.

Outlook and guidance

  • Growth strategies include reinvesting in high-performing businesses, acquiring new cash-flow generating businesses, and creating investment products with outside capital.

  • Management expects the integration of Rex to require significant attention and resources, with anticipated additional costs and complexity.

  • The company believes it has sufficient liquidity to meet obligations for at least the next 12 months, supported by $42.2M in cash and $53.6M in available credit as of 12/31/25.

  • Focus on expanding both organically and through acquisitions, with a strong pipeline for future growth.

Why was Rex acquired at a bargain price?
What sustains GGS segment's backlog growth?
How is Rex's Saab 340 expansion funded?
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Frequently asked questions

Air T, Inc. is a diversified holding company engaged in providing air cargo services, ground support equipment manufacturing, and aviation-related services. The company's business operations are organized into distinct segments, including overnight air cargo, aviation ground support equipment manufacturing, and commercial aircraft and engines trading. Air T's subsidiaries offer a wide range of services, such as aircraft maintenance, repair, and operations, as well as leasing and parts sales. The company serves various industries, including aviation, logistics, and manufacturing. Air T, Inc. is headquartered in Denver, North Carolina, and its shares are listed on the NASDAQ.

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