Air T, Inc. is a holding company that owns and operates a portfolio of aviation-related businesses and financial assets—focused on prudently growing earnings power and compounding free cash flow per share—across five core segments (Overnight air cargo; Ground support equipment; Commercial aircraft, engines and parts; Digital solutions; and a newly added Regional airline) with a central corporate capital-allocation function.

# Air T, Inc.

## Company profile
- Air T, Inc. is a holding company with a portfolio of operating businesses and financial assets.
- Its strategic goal is to prudently grow the company’s earnings power and compound free cash flow per share over time.
- The corporate structure includes a central "Corporate and other" function that serves as capital allocator and a shared resource for the consolidated businesses; this function also comprises insignificant businesses and interests.

## Core segments
Air T operates across five core industry segments:

- Overnight air cargo  
  - Operates in the air express delivery services industry.

- Ground support equipment  
  - Manufactures and supplies mobile deicers and other specialized equipment to passenger and cargo airlines, airports, the military, and industrial customers.

- Commercial aircraft, engines and parts  
  - Manages and leases aviation assets and supplies surplus and aftermarket commercial jet engine components.  
  - Provides aircraft disassembly/part-out services, parts sales, procurement services, and overhaul and repair services to airlines.

- Digital solutions  
  - Develops and delivers digital aviation and other business services that generate recurring subscription revenue.

- Regional airline  
  - Provides scheduled regional passenger, freight and charter services and pilot training in Australia.  
  - Operates a fleet of Saab 340 aircraft serving regional communities and connecting passengers to major metropolitan centers.

## Corporate and other
- Central corporate function acting as capital allocator and a resource for the consolidated businesses.  
- Includes insignificant businesses and business interests.

## Recent development
- On December 18, 2025, the company introduced a new reportable segment named Regional Airline.  
- This segment includes all reportable activities of the company’s recent acquisition, Regional Express Holdings Pty Ltd (Rex), as described in Note 2 of the Notes to Consolidated Financial Statements.

Air T, Inc. is a holding company operating in aviation logistics, manufacturing, and digital solutions, with a significant fleet leased to FedEx and a diversified portfolio of aerospace and ground support businesses.

# Company Overview: Air T, Inc.

## Business Operations
- **Type:** Holding company with a portfolio of operating businesses and financial assets.
- **Primary Goal:** Grow earnings power and compound free cash flow per share over time.
  
## Core Industry Segments
1. **Overnight Air Cargo**
   - Focus: Air express delivery services.
   - Operations: Operates via Mountain Air Cargo (MAC), CSA Air, and Worldwide Aircraft Services (WASI).
   - Fleet: As of March 31, 2025, owns 103 aircraft under dry-lease agreements with FedEx (typical lease terms, renewal in 2026).
   - Customers: Primarily FedEx (since 1980), which accounted for approximately 39% of company revenues in fiscal 2025.
   - Revenue FY 2025: $124.0 million (7% increase over FY 2024).
   - Employees: Not specified, but MAC and CSA operate aircraft with crew.
   
2. **Ground Support Equipment (GSE)**
   - Location: Olathe, Kansas.
   - Products: Manufactures and services aircraft deicers, mobile deicing trucks, scissor lifts, decontamination units, tow tractors, glycol recovery vehicles.
   - Customers: Domestic and international passenger and cargo airlines, airports, U.S. Air Force, industrial clients.
   - Revenue FY 2025: $38.9 million (5% increase over FY 2024).
   - Market: Highly competitive; relies on product quality, reliability, delivery, and price.
   - Seasonal: Business peaks in second and third fiscal quarters for deicing products.
   - Contract: U.S. Air Force supply contract expiring in October 2027; 15 deicers sold in FY 2025.
   
3. **Commercial Aircraft, Engines, and Parts**
   - Principal Entities: Contrail (trading, leasing, parts solutions), Jet Yard, Jet Yard Solutions (disassembly and storage), AirCo (parts sales, overhaul), Worthington (parts and maintenance), LGSS (landing gear services), Air'Zona (FBO), WASI (repair station).
   - Focus: Buying, selling, leasing, disassembling, overhauling, and providing parts/services for commercial aircraft and engines.
   - Specialty: Focus on CFM56 and V2500A5 engines powering Boeing 737 and Airbus A320 aircraft.
   - Operations: Aircraft storage/disassembly in Arizona; parts procurement and overhaul services.
   - Revenue FY 2025: $118.2 million (6% decline from FY 2024).
   
4. **Digital Solutions**
   - Entities: WACD (data aggregator for air cargo shipments), Ambry Hills Technology (software solutions for MRO and aftermarket businesses).
   - Revenue FY 2025: $7.3 million (26% increase from FY 2024).
   - Focus: Recurring subscription revenues from aviation industry software and data services.

## Corporate & Other
- Acts as capital allocator and resource for operating units.
- Includes insignificant businesses and interests.
- Employees: 646 full-time and full-time equivalents as of March 31, 2025.
- Stockholders: Approximately 149 legal record holders as of March 31, 2025.
- Market Capitalization (as of September 30, 2024): ~$14.3 million in market value of common equity held by non-affiliates.

## Financial Highlights (Fiscal Year Ended March 31, 2025)
- **Total Revenue:** $291.9 million (2% increase over FY 2024).
- **Net Loss:** $6.14 million attributable to Air T stockholders.
- **Operating Income:** $1.9 million.
- **Adjusted EBITDA:** $7.4 million (1.2 million increase over FY 2024).
- **Employees:** 646.
- **Customer Base (Air Cargo):** Mainly FedEx, with dependency significant; FedEx revenue represented 39% of total FY 2025 revenue.

## Summary
- Air T operates across multiple aviation-related segments — core activities include air cargo logistics for FedEx, manufacturing and servicing of ground support equipment, buying/selling/leasing/disassembling commercial aircraft and engines, and providing digital solutions to aviation industry clients.
- The company has a substantial fleet of leased aircraft with FedEx, a broad manufacturing base for ground support equipment, and a diversified portfolio of aerospace parts and services.
- It employs over 600 employees, with key relationships primarily with FedEx, and generates hundreds of millions in annual revenue.

Air T, Inc. is a diversified holding company with a strong presence in the overnight air cargo, ground equipment sales, commercial jet engines and parts, aiming to enhance its earnings power and free cash flow.

# Air T, Inc.

## Business Structure
- Air T, Inc. is a holding company with a diverse portfolio of operating businesses and financial assets, aiming to grow earnings power and free cash flow per share over time.
- Operates in four primary industry segments:
  - Overnight Air Cargo
  - Ground Equipment Sales
  - Commercial Jet Engines and Parts
  - Corporate and Other

## Industry Segments

### 1. Overnight Air Cargo
- Operations: Mountain Air Cargo, Inc. (MAC), CSA Air, Inc. (CSA), and Worldwide Aircraft Services, Inc. (WASI).
- Key customer: FedEx, which generates approximately 36% of the company's consolidated revenue.
- Aircraft: Operates 105 aircraft under dry-lease agreements with FedEx, including:
  - 71 Cessna Caravan 208B
  - 11 Cessna SkyCourier 408
  - 9 ATR-42
  - 10 ATR-72
  - 4 ATR-72-600
- Revenue concentration: Approximately 91% of operating revenues for this segment come from FedEx.
- Operated by separate management teams.

### 2. Ground Equipment Sales
- Operations: Global Ground Support, LLC (GGS), specializing in manufacture and servicing of aircraft deicers and ground support equipment.
- Deicing equipment sales accounted for about 74% of GGS's revenues for the fiscal year ending March 31, 2024.
- Major customers: Domestic and international airlines, military, and industrial customers.

### 3. Commercial Jet Engines and Parts
- Operating entities include Contrail, Jet Yard, AirCo, Worthington, and others.
- Services: Trading, leasing, and parts solutions for commercial jet engines, plus third-party support for aircraft disassembly and repair.
- The segment operates outside seasonal fluctuations.

### 4. Corporate and Other
- Function: Acts as a capital allocator and resource for the company's consolidated businesses.
- Accounts for minor businesses and interests.

## Financial and Workforce
- Total employees: 624 full-time and full-time-equivalent employees as of March 31, 2024; employees are not represented by labor unions.
- The company manages multiple divisions to support financial performance while maintaining regulatory compliance across operations.

## Risks
- Dependency on major customers, especially FedEx.
- Regulatory scrutiny and operational risks in the air cargo and aviation sectors.
- Market fluctuations that affect costs and profitability across segments.

Air T, Inc. operates across air cargo, ground equipment, and commercial aviation, and maintains a diversified segment structure to support resilience and financial performance.

AIR T INC

10-K / June 29, 2026

10-K / June 27, 2025

10-K / June 26, 2024

10-K / June 29, 2026

Air T, Inc.

Company profile

Core segments

Corporate and other

Recent development