AIR T INC

Listed Company

AIRTPCIK 0000353184NasdaqNon-AcceleratedSmaller ReportingAir Courier ServicesDelawareFY ends Mar 31

Period

FY 2025

Revenue

$291.85M

Net Income

$-6.14M

Total Assets

$173.78M

Equity

$-3.22M

Shares Out

2.70M

Op. Cash Flow

$23.50M

Business

Air T Inc. is a holding company that owns and operates a portfolio of aviation-related businesses and financial assets focused on compounding free-cash-flow per share. Its main products and services include overnight air cargo operations, manufacturing and servicing of ground support equipment (notably mobile deicers), commercial aircraft, engines and parts trading, leasing, disassembly and overhaul services, and digital aviation software and data solutions. The company reports four core segments—Overnight Air Cargo, Ground Support Equipment, Commercial Aircraft, Engines and Parts, and Digital Solutions—plus Corporate and other. It sells services and products to airlines, airports, ground handlers, the U.S. military and industrial customers, distributes via contractual feeder agreements (including with major integrators), direct sales, repair station services and cloud-based subscription platforms across domestic and international markets.

Summary from filing dated 2025-06-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Revenue	292	287	—	—	—
General and administrative	58	51	43	30	34
Depreciation and amortization	4	3	4	2	3
Earnout remeasurement	435,000	0	—	—	—
Operating expenses	290	286	—	—	—
Operating Income	2	1	−4	9	−9
Interest expense	−8	−7	—	—	—
Income from equity method investments	2	2	1	37,000	−723,000
Other	−209,000	8,000	−471,000	1	3
Non-operating income (expense)	−7	−5	−7	5	−3
Loss before income taxes	−5	−4	−11	13	−12
Income Tax Expense	423,000	729,000	432,000	1	−3
Net Loss	−5	−5	−12	12	−8
Net Income Attributable to Non-controlling Interests	−729,000	−2	−510,000	−1	1
Net Loss Attributable to Air T, Inc. Stockholders	−6	−7	−12	11	−7
Basic (in dollars per share)	−2.23	−2.42	−4.32	3.79	−2.53
Diluted (in dollars per share)	−2.23	−2.42	−4.32	3.78	−2.53
Basic (in shares)	3	3	3	3	3
Diluted (in shares)	3	3	3	3	3

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Cash and cash equivalents	6	7	6	6	11
Marketable securities	422,000	531,000	0	859,000	1
Restricted cash	575,000	743,000	1	3	5
Restricted investments	683,000	1	2	2	2
Accounts receivable, net of allowance for doubtful accounts of $1,338 and $1,420	24	23	27	20	7
Income tax receivable	681,000	561,000	536,000	3	4
Inventories, net	39	61	71	75	72
Prepaid expenses	3	2	3	—	—
Due from Crestone Asset Management, LLC for expense reimbursements	180,000	3	2	—	—
Other current assets	4	3	—	—	—
Total Current Assets	79	103	117	128	106
Assets on lease or held for lease, net of accumulated depreciation of $1,451 and $8	15	252,000	83,000	15	2
Property and equipment, net of accumulated depreciation of $9,240 and $7,705	20	21	21	21	9
Intangible assets, net of accumulated amortization of $6,330 and $5,119	10	11	12	13	2
Right-of-use ("ROU") assets	13	11	12	7	8
Equity method investments	19	17	13	10	4
Other assets (includes $0 and $1,909 measured at fair value)	2	4	4	3	6
Goodwill	11	11	11	10	4
Total Assets	174	177	190	208	141
Accounts payable	18	15	10	9	8
Accrued expenses and other (Note 10)	17	16	13	13	—
Current portion of earnout liability	430,000	0	—	—	—
Short-term lease liability	2	2	2	1	1
Total Current Liabilities	48	47	64	31	28
Deferred income tax liabilities, net	2	2	2	3	595,000
Long-term lease liability	12	11	11	7	7
Long-term earnout liability	1	0	—	—	—
Other non-current liabilities	866,000	0	47,000	1	2
Total Liabilities	168	158	164	171	119
Redeemable non-controlling interest	7	13	13	11	7
Commitments and contingencies (Note 21)	—	—	—	—	—
Preferred stock, $1.00 par value, 2,000,000 shares authorized	0	0	0	0	0
Common stock, $0.25 par value; 4,000,000 shares authorized, 3,030,245 and 3,030,245 shares issued, 2,702,639 and 2,775,163 shares outstanding	758,000	758,000	757,000	756,000	756,000
Treasury stock, 327,606 shares at $19.55 and 256,850 shares at $19.31	−6	−5	−4	−3	—
Additional paid-in capital	947,000	859,000	728,000	393,000	0
Retained earnings	2	8	14	27	16
Accumulated other comprehensive loss	−647,000	−80,000	816,000	−263,000	−684,000
Total Air T, Inc. Stockholders' (Deficit) Equity	−3	5	12	25	14
Non-controlling Interests	2	1	1	1	989,000
Total (Deficit) Equity	−2	6	13	26	15
Total Liabilities and (Deficit) Equity	174	177	190	208	141

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-03-31	FY 2024 2024-03-31	FY 2023 2023-03-31	FY 2022 2022-03-31	FY 2021 2021-03-31
Depreciation and amortization	4	3	4	2	3
Inventory write-down	1	1	—	—	—
Other	2	1	769,000	876,000	1
Accounts receivable	−2	4	−6	−13	6
Inventories	21	9	10	−18	−129,000
Accounts payable	3	5	992,000	1	−3
Accrued expenses	1	2	−893,000	−485,000	−341,000
Employee retention credit receivable	0	940,000	8	−9	0
Other	−200,000	−3	5	−2	−6
Total adjustments	22	18	17	−40	−2
Net cash provided by operating activities	23	17	17	−33	−2
Investment in unconsolidated entities	−7	−5	−3	−7	—
Distribution from unconsolidated entities	6	3	683,000	—	—
Capital expenditures related to property & equipment	−1	−1	−1	−2	−4
Capital expenditures related to assets on lease or held for lease	−15	0	0	−28,000	−2
Disbursements for note receivable - Lendway	−4	0	—	—	—
Other	237,000	18,000	−111,000	364,000	−919,000
Net cash used in investing activities	−20	−2	−6	−33	3
Proceeds from lines of credit	137	124	139	99	66
Payments on lines of credit	−131	−142	−133	−85	−106
Proceeds from term loan	25	25	11	34	59
Payments on term loan	−35	−28	−28	−4	−27
Proceeds received from issuance of TruPs	910,000	9	0	11	—
Repurchase of common stock	−1	−876,000	—	—	—
Other	758,000	−616,000	−2	3	−2
Net cash used in financing activities	−5	−14	−12	59	71,000
Effect of foreign currency exchange rates on cash and cash equivalents	408,000	−16,000	361,000	−341,000	−412,000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	−1	753,000	−1	−8	356,000
Assumption of liabilities to acquire assets on lease	720,000	0	—	—	—
Non-cash contribution from non-controlling interest	475,000	0	—	—	—
Contingent earnout for Contrail Aviation Support, LLC ("Contrail") redeemed interest	1	0	—	—	—
Related-party note payable for Contrail redeemed interest	5	0	—	—	—
Due from CAM expense reimbursements converted into notes receivable - CAM	3	0	—	—	—
Equipment leased or held for lease transferred to inventory	0	73,000	13	12,000	20
Equipment in inventory transferred to assets on lease	112,000	260,000	33,000	13	0
Operating cash payments for operating leases	2	2	2	2	2
Cash paid during the year for interest	8	4	6	2	3
Cash paid during the year for income taxes	983,000	917,000	1	429,000	477,000

Filings

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