Air T (AIRT) Q4 2026 earnings summary

Executive summary

• FY26 revenue reached $327.1M, up 12% year-over-year, driven by acquisitions including Regional Express Holdings (REX) and Arena Aviation Capital, with REX contributing $55.3M since December 2025.

• Adjusted EBITDA increased to $10.1M from $7.4M, a 38% rise, while operating loss was $11.2M due to acquisition-related expenses and partial-year REX contribution.

• Earnings before income taxes reached $86.0M, up from a $5.0M loss, due to a $111.2M non-cash bargain purchase gain from the REX acquisition.

• Net income per share was $28.85, compared to a net loss per share of $2.23 in the prior year, primarily due to the one-time gain from the REX acquisition.

• The company continues to pursue a four-pronged growth strategy: reinvesting in high-performing businesses, acquiring new cash-flow generating businesses, identifying marketable securities, and creating investment products with outside capital.

Financial highlights

• Revenue increased to $327.1M from $291.9M in FY25, with organic and acquisition-driven growth contributing.

• Adjusted EBITDA rose to $10.1M from $7.4M, with one-time expenses related to acquisitions and integration, especially REX.

• Book value grew to $80.9M, and tangible net working capital reached $80.0M as of 3/31/26.

• Distributions received from equity method investees totaled $6.5M, supporting overall cash flow; equity method investees balance increased to $26.1M.

• Net income per share was $28.85, compared to a loss of $2.23.

Outlook and guidance

• Management expects the REX and Crestone/Arena acquisitions to be transformative for long-term balance sheet and income statement.

• The expanded Crestone platform is expected to deliver scalable fee revenue as AUM grows, with potential upside from carried interest not yet recognized.

• No explicit forward guidance provided, but growth strategies emphasize continued acquisition and investment activity.

• Leadership remains optimistic about continued value creation and performance of underlying businesses.

• Focus on integrating recent acquisitions, especially REX, and reactivating stored aircraft to increase operational capacity.