AIRTNasdaqAir Courier ServicesUS GAAP · USD

Air T, Inc

Air T, Inc. is a Delaware-incorporated holding company that owns a portfolio of operating businesses and financial assets, with a stated objective of compounding free cash flow per share over time. Its operating segments span aviation-linked services and products: overnight air cargo flying, ground support equipment manufacturing, aviation asset leasing and aftermarket parts/services, and digital aviation software/data subscriptions. The corporate center functions as a capital allocator across subsidiaries and also holds smaller business interests and unconsolidated investments. The mix creates exposure to both contracted transportation demand (notably a key customer relationship) and more cyclical aviation aftermarket and equipment cycles.

Revenue327m USD
+12.1 %y/y
Operating profit (EBIT)-11.2m USD
−686.8 %y/y
EBIT margin-3.4%
−4.1 ppy/y
Net income78.0m USD
+1,370.1 %y/y
Free cash flow-41.5m USD
−285.3 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-1000100200300400m USD2021: 175 m USD2021: EBIT -9.2 m USD20212022: 177 m USD2022: EBIT 8.8 m USD20222023: 247 m USD2023: EBIT -4.4 m USD20232024: 287 m USD2024: EBIT 1.3 m USD20242025: 292 m USD2025: EBIT 1.9 m USD20252026: 327 m USD2026: EBIT -11 m USD2026327-11
RevenueOperating profit (EBIT)

Business

Share of revenue
Overnight Air Cargo45 %

Contracted overnight air express flying services, including operations tied to a major integrator customer.

Commercial Aircraft, Engines and Parts32 %

Aviation asset leasing plus aftermarket parts, disassembly/part-out, procurement, and overhaul/repair services.

Ground Support Equipment18 %

Manufacture and sale of mobile deicers and other specialized ground equipment to aviation and industrial users.

Digital Solutions5 %

Subscription and software services for aviation aftermarket and cargo data analytics (WACD and AHT).

Products

Reported · share of revenue
37.8%26.6%16.9%14.4%FY2026100 %
  • Overnight Air Cargo37.8 %
  • Commercial Aircraft Engines and Parts26.6 %
  • Regional Airline16.9 %
  • Ground Support Equipment14.4 %
  • Digital Solutions2.8 %
  • Corporate and Other Income1.5 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Air T’s customer base is concentrated in aviation and logistics value chains, with different buying drivers by segment. The overnight air cargo business is dependent on a significant customer and includes dry-lease arrangements that tie performance to that customer’s network decisions and aircraft utilization. Ground support equipment customers include passenger and cargo airlines, airports, the military, and industrial customers, typically purchasing deicers and related equipment ahead of winter operations. The commercial aircraft, engines and parts segment sells to and services airlines and MRO/aftermarket operators that need engine components, parts procurement, and teardown/part-out supply. Digital solutions targets aviation aftermarket businesses and air cargo stakeholders seeking ERP/MRO workflow tools (Vista-Suite) and RFQ automation (Vista-Quote), as well as aggregated cargo shipping data via WACD’s cloud-native platform.

Integrated express delivery networks (key customer)

Buys contracted overnight air cargo flying and uses dry-lease aircraft capacity to support time-definite delivery networks.

Airlines, MROs, and aviation aftermarket operators

Buy engine/aircraft components, parts procurement, overhaul/repair support, and part-out supply to keep fleets operating and manage maintenance costs.

Airports, airlines, military and industrial equipment buyers

Purchase mobile deicers and specialized ground support equipment to maintain winter operations, safety, and turnaround performance.

Aviation software and data subscribers

Subscribe to WACD cargo data and AHT software (Vista-Suite/Vista-Quote) to improve real-time decisions, ERP/MRO workflows, and RFQ efficiency.

Strategy

Air T positions the corporate center as a capital allocator, aiming to diversify and grow earnings power and compound free cash flow per share. The segment mix suggests a balance between contracted/relationship-driven cash flows (overnight air cargo) and more opportunistic or cyclical aviation aftermarket and equipment demand (engines/parts and deicers). Management has also elevated digital solutions to a separately reported segment, signaling an intent to build recurring subscription revenue streams through WACD’s data platform and AHT’s aviation software products. The company explicitly expects growth to come from internal expansion as well as acquisitions, investments, and strategic partnering, which makes integration capability and capital discipline central to execution.

Build recurring digital aviation revenuesMedium term

Subscription software/data can reduce cyclicality versus asset-heavy aviation activities.

Grow via acquisitions and strategic partneringMedium term

Management expects growth primarily from internal expansion plus acquisitions/investments, but integration and controls are key constraints.

Maintain and optimize key customer-dependent air cargo operationsShort term

The overnight air cargo segment is dependent on a significant customer and changes in that relationship can materially affect utilization and profitability.

Geography

Q2/2024

Air T is U.S.-based, but its operations and tax profile reflect a multi-jurisdiction footprint tied to aviation markets. Disclosures reference operations located in the Netherlands and Puerto Rico, which can influence effective tax rates through foreign rate differentials and valuation allowances. The overnight air cargo and aviation aftermarket activities are inherently linked to global aircraft and engine markets, even when revenue is generated through U.S.-centric customer relationships. No authoritative revenue-by-geography percentages were provided in the excerpts, so geographic revenue concentration cannot be quantified here. Geographic dispersion matters primarily through regulatory regimes for aviation leasing/operations, cross-border supply chains for parts, and currency/tax effects.

United States83 %
Other countries (US filing)17 %

Share of the revenue the company reports by geography.

Risks

Air T’s risk profile is shaped by its holding-company structure and a mix of contract-dependent and cyclical aviation businesses. A major company-specific exposure is customer concentration in overnight air cargo, including dry-lease arrangements and the risk that a material reduction in aircraft flown for that customer could reduce revenue and cash flow. The commercial aircraft, engines and parts segment can be volatile due to aircraft/engine cycle dynamics, residual value and lease-rate risk, and challenges re-leasing or selling assets upon lease termination; repossession and lessee maintenance compliance also affect recoveries. Ground support equipment demand is sensitive to weather patterns because deicer sales can fluctuate with winter severity and timing. Across segments, the company highlights risks from inflation and labor competition, cybersecurity and legacy systems, regulation in aviation leasing/MRO, interest-rate exposure on variable-rate debt (partly mitigated with swaps), and the execution risk of acquisitions and integration.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Overnight Air Cargo segment dependence on a significant customer1Dry-lease agreements with FedEx subject the company to operating risks2Commercial aircraft, engines and parts segment earnings volatility3Liquidity and financing risk at the holding company4Regulatory and liability exposure in aviation leasing/MRO and operations5Cybersecurity and legacy technology constraints6Seasonality and weather sensitivity in ground support equipment7
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Overnight Air Cargo segment dependence on a significant customerImpact: HighLikelihood: Medium

    A reduction in aircraft flown or changes in the customer’s operations could materially reduce revenue and profitability.

    Exposure: Customer concentration; contract/volume risk

  2. Dry-lease agreements with FedEx subject the company to operating risksImpact: HighLikelihood: Medium

    Lease and operating performance are tied to the counterparty’s network needs and operational decisions.

    Exposure: Counterparty and utilization risk

  3. Commercial aircraft, engines and parts segment earnings volatilityImpact: HighLikelihood: Medium

    Engine values and lease rates can decline with aircraft program status and market conditions; re-leasing/sale outcomes can be unfavorable.

    Exposure: Residual value risk; remarketing risk

  4. Liquidity and financing risk at the holding companyImpact: HighLikelihood: Medium

    Future cash flows or financings may be insufficient to meet obligations; higher rates increase debt service costs.

    Exposure: Refinancing and interest-rate risk

  5. Regulatory and liability exposure in aviation leasing/MRO and operationsImpact: MediumLikelihood: Medium

    Changes in laws/regulations or liability claims from aircraft/engine parts could impair the ability to lease/sell assets and increase costs.

    Exposure: Regulatory compliance; product/aviation liability

  6. Cybersecurity and legacy technology constraintsImpact: MediumLikelihood: Medium

    Security threats or inability to maintain legacy systems due to scarce skillsets could disrupt operations and harm results.

    Exposure: Operational disruption; data security

  7. Seasonality and weather sensitivity in ground support equipmentImpact: MediumLikelihood: Low

    Deicing equipment deliveries and demand can vary with winter conditions, affecting quarterly comparability and capacity planning.

    Exposure: Weather-driven demand variability

Accounting

Judgemental items
Seasonality in Ground Support Equipment revenue

Deicer deliveries typically occur prior to winter, lifting Q2–Q3 revenue and operating income versus other quarters.

Impact: Quarterly revenue/margin volatility and comparability

Derivatives (interest-rate swaps) on variable-rate borrowings

Swaps are used to reduce exposure to interest-rate fluctuations and create sensitivity to hedge effectiveness and counterparty performance.

Impact: Interest expense profile and fair value/OCI or earnings impacts

Income tax valuation allowances and foreign rate differentials

Valuation allowances in loss jurisdictions and foreign rate differentials (Netherlands, Puerto Rico referenced) can drive discrete ETR changes.

Impact: Volatile effective tax rate and tax expense timing

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026