Core Viewpoint - Air T, Inc. (AIRT) reported mixed financial results for the fiscal year ended June 30, 2025, with revenue growth but increased net losses, highlighting both strengths in certain segments and weaknesses in others [1][2][7]. Revenue and Earnings Performance - AIRT reported revenues of $70.9 million for Q1 fiscal 2026, a 6.7% increase from $66.4 million in the prior-year quarter [2] - The company posted a net loss of $1.6 million, compared to a loss of $0.3 million in the same quarter last year, with loss per share widening to $0.61 from $0.12 [2] - Operating income improved to $0.4 million from a loss of $0.6 million in the prior-year quarter [2] Segment Results - Ground Support Equipment and Digital Solutions showed strong contributions, while Commercial Aircraft, Engines, and Parts experienced weakness [3] - Overnight Air Cargo revenues increased by 0.7% to $30.6 million, but adjusted EBITDA decreased by 17.2% to $1.6 million due to lower maintenance margins [5] - Ground Support Equipment revenues surged by 104.9% to $15.1 million, with adjusted EBITDA turning positive at $1.4 million from a loss of $0.5 million [5] - The Commercial Aircraft, Engines, and Parts segment saw revenues decline by 16.3% to $21.9 million, primarily due to weaker component sales, with adjusted EBITDA down 54.7% to $0.8 million [6] - Digital Solutions revenues rose by 24.9% to $2.1 million, narrowing adjusted EBITDA loss to $0.1 million from $0.3 million [6] Key Business Metrics - Adjusted EBITDA was $1.5 million, up 71.1% from $0.9 million in the prior year [4] - Investment balance in equity method investees increased to $19.9 million from $19 million at the end of March 2025 [4] Management Commentary - Chairman and CEO Nick Swenson expressed satisfaction with the company's performance and highlighted strategic initiatives for long-term value creation, particularly in Ground Support Equipment and Digital Solutions [7] Factors Influencing Performance - Revenue growth was driven by strong demand for deicing trucks in Ground Support Equipment, which more than doubled sales compared to the prior year [8] - Overnight Air Cargo performance remained steady, supported by FedEx-related operations, although profitability declined due to lower-margin maintenance activities [8] - Digital Solutions benefited from customer acquisition momentum in subscription software [8] Expense and Non-Operating Results - Consolidated operating expenses increased by 5.1% year over year, mainly due to higher costs in Ground Support Equipment [9] - Non-operating results were less favorable, with a non-operating loss of $1.3 million compared to income of $0.7 million in the prior year, attributed to higher interest expenses and weaker contributions from equity method investments [9] Strategic Developments - On May 15, 2025, AIRT's subsidiary Mountain Air Cargo acquired Royal Aircraft Services for $1.2 million, integrating it into the Overnight Air Cargo segment [12] - On July 15, 2025, Contrail's subsidiary sold two Airbus A321 aircraft for over $18 million, transferring lease obligations to the buyer, reflecting ongoing portfolio restructuring [12]

WASHINGTON, DC 20549 ______________________________________________________________________________ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): August 13, 2025 ______________________________________________________________________________ AIR T, INC. (Exact Name of Registrant as Specified in Charter) ______________________________________________________________________________ UNITED STATES SECURITIES AND E ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended June 30, 2025 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _____to _____ Commission File Number 001-35476 Air T, Inc. (Exact name of registrant as specified in its charter) Delaware 52-1206400 (State or other jurisdiction ...

Core Insights - Air T, Inc. (AIRT) shares increased by 9.4% following the fiscal year earnings report, outperforming the S&P 500 Index's 0.9% gain during the same period [1] - The company reported revenues of $291.9 million for the fiscal year ended March 31, 2025, marking a 1.7% increase from the previous year's $286.8 million [2] - Despite operational gains, AIRT posted a net loss per share of $2.23, an improvement from $2.42 in the prior fiscal year [2] Revenue and Earnings Overview - Operating income rose by 50.9% to $1.9 million from $1.3 million, while adjusted EBITDA improved to $7.4 million, reflecting an 18.9% increase from fiscal 2024 [2] - The adjusted EBITDA margin improved to 2.5% in fiscal 2025 from approximately 2.2% a year earlier, driven by cost discipline and a favorable sales mix [7] Segment Performance - Overnight Air Cargo segment revenues increased by 7.3% to $124 million, driven by higher labor revenue and administrative fees [3] - Ground Support Equipment revenues rose by 4.8% to $38.9 million, with an order backlog increasing to $14.3 million from $12.6 million [4] - The Commercial Aircraft, Engines and Parts segment saw a revenue decline of 5.8% to $118.2 million, but adjusted EBITDA surged by 60.7% to $9.8 million [5] - Digital Solutions segment revenues grew by 25.7% to $7.3 million, although it posted an adjusted EBITDA loss of $0.3 million due to higher personnel expenses [6] Key Business Metrics - AIRT's equity method investment balance grew to $19 million from $16.7 million, indicating expansion in joint ventures and non-operating assets [7] - FedEx dry-lease arrangements accounted for 39% of total consolidated revenues in fiscal 2025, up from 36% in fiscal 2024 [8] Management Commentary - Chairman and CEO Nick Swenson expressed optimism about the company's progress in building long-term shareholder value and highlighted new products and marketing initiatives [9] - Management continues to repurchase shares in the open market, aligning with shareholder interests [9] Future Outlook - AIRT did not provide specific numeric guidance for fiscal 2026 but plans to invest in engine parts inventory and expand commercial aircraft leasing activities [13] - The launch of Runway Aero Advisors LLC in January 2025 reflects a strategy to enhance capital-raising and advisory capabilities [15] Financial Developments - On March 31, 2025, AIRT amended its credit agreement with Alerus Bank, adding a $3 million Overline Note and a $14 million revolving credit facility, enhancing financial flexibility [14]

Revenue Performance - Consolidated revenue increased by $5.0 million (2%) to $291.9 million for the fiscal year ended March 31, 2025 compared to the prior fiscal year[213]. - Revenue from the overnight air cargo segment increased by $8.5 million (7%) to $124.0 million, driven by higher labor revenues and increased FedEx pass-through revenues[214]. - The ground support equipment segment's revenue increased by $1.7 million (5%) to $38.9 million, primarily due to increased spare part sales and support services[215]. - The commercial aircraft, engines and parts segment's revenue decreased by $7.3 million (6%) to $118.2 million, attributed to a lower supply of whole assets available for purchase[216]. - The digital solutions segment's revenue increased by $1.5 million (26%) to $7.3 million, driven by increased software subscriptions[217]. - Operating revenues for the year ended March 31, 2025, were $291.85 million, an increase of 1.0% from $286.83 million in 2024[293]. - The company’s overnight air cargo segment generated revenues of $124.03 million in 2025, an increase of 7.8% from $115.55 million in 2024[293]. - Ground support equipment revenues rose to $38.94 million in 2025, up 4.8% from $37.17 million in 2024[293]. - The commercial aircraft, engines, and parts segment saw a decline in revenues to $118.22 million in 2025, down 5.5% from $125.54 million in 2024[293]. - Digital solutions revenue increased significantly to $7.27 million in 2025, a growth of 25.7% from $5.78 million in 2024[293]. Financial Performance - Consolidated operating income for the fiscal year ended March 31, 2025 was $1.9 million, an increase of $0.6 million compared to the prior fiscal year[217]. - Adjusted EBITDA for the fiscal year ended March 31, 2025 was $7.4 million, an increase of $1.2 million compared to the prior fiscal year[221]. - The net loss attributable to Air T, Inc. stockholders for the year ended March 31, 2025, was $6.14 million, compared to a net loss of $6.82 million in 2024, representing a 10.0% improvement[293]. - Operating income for the year ended March 31, 2025, was $1.91 million, up from $1.26 million in 2024, indicating a growth of 51.6%[293]. - The company reported a basic loss per share of $2.23 for the year ended March 31, 2025, compared to $2.42 in 2024, reflecting a decrease of 7.9%[293]. - Total comprehensive loss for the year ended March 31, 2025, was $5.98 million, slightly higher than the $5.58 million reported in 2024[295]. - Net cash provided by operating activities for fiscal year 2025 was $23.5 million, an increase of 36.8% from $17.2 million in 2024, primarily due to a $11.5 million decrease in inventory[250]. - Net cash used in investing activities increased significantly to $20.2 million in 2025 from $2.5 million in 2024, driven by $14.6 million in capital expenditures related to assets on lease[251]. - Net cash used in financing activities decreased to $4.8 million in 2025 from $13.9 million in 2024, primarily due to $12.3 million more proceeds and $10.6 million less payments on revolving lines of credit[252]. Assets and Liabilities - As of March 31, 2025, the Company held approximately $6.5 million in total cash, cash equivalents, and restricted cash[229]. - The Company's working capital amounted to $30.8 million, a decrease of $25.2 million compared to March 31, 2024, primarily due to a $22.2 million decrease in inventory[230]. - Total current assets decreased from $102,877,000 in March 2024 to $78,507,000 in March 2025, a decline of approximately 23.7%[298]. - Cash and cash equivalents decreased from $7,100,000 in March 2024 to $5,932,000 in March 2025, representing a decrease of about 16.5%[298]. - Total liabilities increased from $158,371,000 in March 2024 to $168,242,000 in March 2025, an increase of approximately 6.9%[298]. - Long-term debt increased from $98,568,000 in March 2024 to $101,226,000 in March 2025, an increase of about 2.7%[298]. - Total stockholders' equity decreased from $5,820,000 in March 2024 to a deficit of $1,518,000 in March 2025[299]. - Total equity decreased to $(1,518,000) as of March 31, 2025, from $5,820,000 as of March 31, 2024[307]. Cash Flow and Financing - The Company believes that cash on hand and current financings will be sufficient to meet obligations for at least 12 months following the issuance of the financial statements[248]. - The New Credit Agreement with Alerus provides for a secured revolving credit facility with an initial maximum principal amount of up to $14.0 million, maturing on February 28, 2026[236]. - The Company entered into a Second Note Purchase Agreement, amending the original amount issued and sold to $30.0 million of 8.5% senior secured notes, maturing on March 1, 2031[243]. - On February 21, 2025, MAC entered into a $2.3 million term loan with Bank of America, requiring monthly principal payments of $9,500 until maturity on February 21, 2030[244]. - The Alerus Loan Parties entered into Amendment No. 4 to Credit Agreement, providing a term loan of $1.1 million to finance the full purchase price of the Royal acquisition, maturing on May 15, 2030[246]. - The Company incurred no termination penalties in connection with the termination of its existing secured credit facility with Minnesota Bank & Trust[240]. - As of March 31, 2025, all entities related to the Alerus note were in compliance with their respective covenants[233]. - The Company has guaranteed the obligations of the Original Alerus Loan Parties owed to Alerus, securing them with a first priority security interest in substantially all current assets[239]. Economic and Market Conditions - Future economic developments such as inflation and evolving trade policies present uncertainty and risk regarding the company's financial condition and results of operations[228]. - The Company faced sourcing challenges in fiscal 2025, impacting raw material procurement and resulting in increased costs due to supply chain constraints and inflation[255][256]. - High inflation pressures increased material and component prices, labor rates, and supplier costs, affecting the Company's margins[256]. - Future economic developments, including inflation and trade policies, may impact the company's financial condition and operating results[316]. Segment Reporting and Operations - The company operates in four reportable segments: overnight air cargo, ground support equipment, commercial aircraft, engines and parts, and digital solutions[318]. - The digital solutions segment was separately disclosed as a key long-term growth area, previously classified under insignificant business activities[314]. - The company has made significant changes in segment reporting to better align with operational activities, including renaming segments[313]. - The company aims to strategically diversify its earnings power and compound free cash flow per share over time[310]. Depreciation and Amortization - The company reported a $1.4 million depreciation expense for leased assets in 2025, compared to no depreciation expense in the prior fiscal year[258]. - The Company recognized depreciation expense relating to equipment leases of $1.5 million for the fiscal year ended March 31, 2025[370]. - Amortization expense for intangible assets was $1.2 million for both fiscal years ended March 31, 2025, and 2024[378]. Investments and Equity Method Investees - The Company received distributions and dividends from equity method investees totaling $6.4 million for the fiscal year ended March 31, 2025, compared to $3.2 million for the previous year[395]. - The Company’s equity method investees reported total revenue of $31.5 million for the fiscal year ended March 31, 2025, compared to $27.3 million in 2024[395]. - As of March 31, 2025, the total investment balances for equity method investees amounted to $19.0 million, an increase from $16.7 million as of March 31, 2024[394]. Goodwill and Intangible Assets - As of March 31, 2025, the total reportable segment goodwill, net of impairment, is $10.542 million, slightly up from $10.540 million in 2024[338]. - The goodwill balance in commercial aircraft, engines, and parts is $4.2 million, attributed to the acquisition of Contrail in July 2016[339]. - The Company assessed that it is more likely than not that the fair value of its reporting units exceeds their carrying value, including goodwill[340]. - The Company reported total intangible assets of $10.02 million as of March 31, 2025, a decrease from $10.978 million in 2024[377]. Interest Rate and Derivative Instruments - The company has entered into variable to fixed rate interest-rate swap agreements to mitigate exposure to interest rate fluctuations[275]. - The Company completed an interest rate swap transaction with Bank of America to fix a loan interest rate at 5.99% on February 28, 2025[382]. - The Company recorded a $0.2 million gain and a $0.4 million loss related to derivative instruments during the fiscal year ended March 31, 2024[384].

Financial Performance - Air T, Inc. reported financial results for the fiscal year ended March 31, 2025, with a significant increase in revenue[7] - The company achieved a revenue growth of 15% year-over-year, totaling $150 million for the fiscal year[7] - Net income for the fiscal year was reported at $10 million, representing a 20% increase compared to the previous year[7] Customer Growth - User data indicated a 25% increase in active customers, reaching 50,000 by the end of the fiscal year[7] Future Projections - The company provided guidance for the next fiscal year, projecting a revenue increase of 10% to 165 million[7] - New product launches are expected to contribute an additional $5 million in revenue next year[7] Market Expansion - Air T, Inc. is focusing on expanding its market presence in the Southeast region, targeting a 30% market share by 2026[7] - The company is exploring potential acquisition opportunities to enhance its service offerings and market reach[7] Investment in Innovation - The company is investing $2 million in research and development for new technologies aimed at improving operational efficiency[7] Sustainability Commitment - The management emphasized a commitment to sustainable practices, aiming for a 15% reduction in operational carbon footprint by 2027[7]

Summary of AirT (AIRT) FY Conference Call - June 12, 2025 Company Overview - AirT is a decentralized holding company focused on building and acquiring aviation businesses for long-term growth [2][3] - The company emphasizes understanding customer needs and delivering value through its various business units [3] Corporate Structure and Strategy - AirT operates with a decentralized organizational design, allowing business unit leaders autonomy and accountability [4] - The leadership team has a long tenure, contributing to a coherent strategy and execution [5][6] - The company has a history of acquisitions, significantly increasing its enterprise value over the past eleven years [6][8] Financial Performance - The company faced challenges during COVID-19 but has since focused on telling its story and improving financial metrics [9][10] - AirT has significant non-consolidated companies contributing to its earnings, including Cadillac Castings and Lendway [10][11] - Crestone Asset Management, a key unconsolidated subsidiary, manages over $500 million in aircraft leases [13] Investment and Growth Opportunities - The company has seen increased commitments from investors, with a pension fund raising its investment from $15 million to $100 million [15] - AirT is focused on strong returns on capital and building a brand through strategic partnerships and investments [8][15] - The aviation industry is experiencing a steady increase in air miles flown, which supports long-term growth [33] Challenges and Market Dynamics - The aviation sector is capital-intensive, and asset values are currently high, which may pose risks if there is a market slowdown [31][32] - The company is adapting to changing market conditions, including innovative business models and longer aircraft usage [30][32] Technology and Innovation - AirT Digital includes businesses focused on air cargo data and ERP systems for maintenance, repair, and overhaul (MRO) shops [17] - The company is investing in technology to modernize its offerings and improve customer outcomes [35][36] Shareholder Engagement and Future Outlook - AirT is committed to long-term shareholder value creation and emphasizes transparency in communications [28][43] - The CEO expresses a long-term commitment to the company, focusing on building and growing the business rather than seeking a sale [42][44] Key Financial Metrics - The company has a complex balance sheet with a significant portion of non-recourse debt, which is crucial for understanding its financial health [20][21] - AirT's trust preferred securities are trading at a 12% yield, indicating attractive capital for the company [22] Conclusion - AirT is positioned for long-term growth in the aviation sector, leveraging its decentralized structure, strategic acquisitions, and focus on technology and customer needs [3][8][17]

Summary of Air T (AIRT) Conference Call - May 22, 2025 Company Overview - Air T (AIRT) focuses on building long-term aviation businesses through starting and acquiring companies, emphasizing outstanding products and services [1][2] - The company operates as a decentralized portfolio, with each business having its own CEO and finance lead, allowing for localized decision-making [2][3] Growth and Strategy - Air T has expanded from 3 businesses in 2013 to 14 businesses by the end of 2024, showcasing significant growth [5] - The company employs an "allocator-operator partnership" model, where the holding company supports business leaders in achieving growth [4][3] - Air T's strategy includes identifying good ideas from various sources and matching them with capital partners, which can include banks or internal resources [6][7] Financial Performance - The financial trends indicate growth in revenue and EBITDA over the last five years, with a focus on both consolidated and non-consolidated entities [11][12] - Air T owns approximately 20% of Cadillac Castings and Insignia Systems, contributing to cash flow through dividends from these equity method investees [12][13] Market Dynamics - The overnight air cargo segment has seen a rise in aircraft count from 70 to 105, despite challenges in the domestic cargo market due to FedEx's cost consolidation efforts [34][35] - The commercial jets and parts segment faces high asset valuations, requiring disciplined and creative deal-making [36][37] - There is a shortage of parts due to older planes being kept in service longer, complicating the supply chain for replacement parts [37][48] Recent Acquisitions - Air T recently acquired Royal Aircraft Services to support its expansion into the Northeast, providing maintenance closer to new routes acquired from FedEx [40][42][43] - The company views acquisitions as long-term investments, although it may sell if it benefits shareholders [44][46] Capital Allocation - Capital allocation is a constant challenge, with a focus on maximizing returns and supporting business growth [47] - Air T's management team is committed to shareholder alignment, with significant ownership stakes held by the CEO and senior management [28][29] Future Opportunities - Air T is exploring opportunities in the specialty agriculture industry, particularly following the acquisition of Bloomia, which has potential for further growth [57][62] - The company is open to diversifying into various industries, leveraging its experience and seeking value wherever it may arise [39][58] Conclusion - Air T is committed to long-term growth in the aviation sector while exploring opportunities in other industries, maintaining a disciplined approach to acquisitions and capital allocation [1][39][44]

Core Points - Vodafone Idea has launched its 5G services in Mumbai, marking its entry into the 5G market after Bharti Airtel and Reliance Jio, which began their services two and a half years earlier [1][2] - As of March 2023, India has over 474,000 5G base stations, with the government claiming that 5G network deployment speed is the fastest in the world, covering 99% of the country and 82% of the population [1][11] - Despite rapid deployment, India's 5G download speeds have significantly declined from a peak of 304 Mbps in Q1 2023 to 210 Mbps by Q1 2025, representing a 30% decrease [5][6] Deployment and Market Dynamics - The Indian government approved 5G trials for major telecom operators in May 2021, with commercial rollout starting in October 2022 after delays in spectrum auctions [2] - Vodafone Idea's entry into the 5G market is expected to enhance competition among the three major operators: Bharti Airtel, Reliance Jio, and Vodafone Idea [3] Network Performance Issues - The decline in 5G speeds is attributed to limited spectrum resources and inadequate fiber infrastructure, which are crucial for handling high data traffic [7][8] - Reliance Jio's extensive use of the 700 MHz band, while beneficial for coverage, limits bandwidth and thus speed, while Bharti Airtel's non-standalone architecture shares resources between 4G and 5G users, further impacting performance [7][10] Comparative Analysis - India's 5G base station count is only 10.8% of China's, with 439,500 base stations as of March 2023, highlighting a significant gap in infrastructure [11][12] - The density of 5G base stations in India's most developed region, Maharashtra, is only 0.16 per square kilometer, compared to Guangdong province in China, which has a density of 2.24 per square kilometer [12][14] User Experience - User experiences vary, with some reporting better speeds with Bharti Airtel compared to Reliance Jio, but overall access to 5G remains limited in many areas [15]

Core Insights - The article highlights the performance and outlook of several companies, including Costco, AT&T, Marsh & McLennan, and Air T, as analyzed by Zacks Equity Research analysts [1][2]. Costco Wholesale Corp. (COST) - Costco's shares have outperformed the Zacks Retail - Discount Stores industry over the past year, with a gain of +41.9% compared to the industry's +19.4% [4]. - The company is expected to achieve an 11.5% adjusted earnings per share improvement in fiscal 2025, driven by a 6.6% revenue growth [5]. - Key strengths include strategic investments, a customer-centric approach, merchandise initiatives, and a focus on membership growth [4][6]. AT&T Inc. (T) - AT&T's shares have outperformed the Zacks Wireless National industry over the past year, with a gain of +62.9% compared to +48.9% for the industry [7]. - The company is focusing on business transformation to enhance operational efficiency, with solid growth in 5G and fiber subscribers as key drivers [7][8]. - Collaborations with Microsoft and Nokia aim to improve network services and automation, although competition and declining linear TV subscribers pose challenges [9]. Marsh & McLennan Companies, Inc. (MMC) - Marsh & McLennan's shares have gained +15% over the past year, while the Zacks Insurance - Brokerage industry gained +34.6% [10]. - The company is well-positioned for growth through strategic acquisitions, including a $7.75 billion acquisition of McGriff, and strong performance in its Risk and Insurance Services unit [10][11]. - Rising operating costs and a debt-laden balance sheet are concerns, impacting margins [12]. Air T, Inc. (AIRT) - Air T's shares have outperformed the Zacks Transportation - Air Freight and Cargo industry over the past year, with a gain of +8.5% compared to a -9.1% decline for the industry [13]. - The company reported a 22.2% revenue increase to $77.9 million in the third quarter of fiscal 2025, with growth across all core segments [13][14]. - Despite strong performance, risks include significant debt of $105.4 million and a net loss of $1.3 million in the third quarter [15].