UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2025 Commission file number 001-35476 Air T, Inc. (Exact name of registrant as specified in its charter) State or other jurisdiction of (I.R.S. Employer incorporation or organization Identification No.) 11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262 (Address of principal ex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ______________________________________________________________________________ FORM 8-K CURRENT REPORT ______________________________________________________________________________ AIR T, INC. (Exact Name of Registrant as Specified in Charter) ______________________________________________________________________________ Not applicable___ Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earli ...

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 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].

Core Viewpoint - Air T, Inc. reported a mixed financial performance for the third quarter of fiscal 2025, with significant revenue growth but a net loss attributable to stockholders, indicating challenges despite operational improvements [2][3]. Revenue and Earnings Performance - For the third quarter ended Dec. 31, 2024, Air T reported revenues of $77.9 million, a 22.2% increase from $63.8 million in the prior-year quarter [2]. - The company posted an operating income of $1.8 million, compared to a loss of $1.6 million in the same quarter last year [2]. - Adjusted EBITDA was $2.7 million, improving from a loss of $0.1 million in the previous year [2]. Net Loss and Earnings Per Share - Despite revenue growth, the company reported a net loss of $1.3 million, narrowing from a $2.9 million loss a year earlier [3]. - Loss per share was $0.47, an improvement from a loss of $1.06 per share in the same quarter last year [3]. Business Segment Performance - **Overnight Air Cargo**: Revenues increased by 5.4% to $30.6 million, driven by fleet expansion from 85 to 105 aircraft [4]. - **Ground Equipment Sales**: Revenues surged 40.3% to $11.8 million, attributed to higher sales of deicing trucks and increased parts and service revenues [5]. - **Commercial Jet Engines and Parts**: Revenues rose 35.4% to $32.7 million, driven by higher component sales as airlines focused on maintenance [6]. - **Corporate and Other**: Revenues increased by 27.6% to $2.8 million, mainly due to higher software subscription revenue, although adjusted EBITDA loss widened to $2.5 million [7]. Other Key Business Metrics - Total investment balance in equity method investees was $18.7 million as of Dec. 31, 2024, up from $16.7 million as of Mar. 31, 2024 [8]. - Interest expense rose 67.6% to $2.6 million from $1.5 million a year earlier, reflecting higher borrowing costs [8]. Management Commentary - The CEO noted challenges due to rising aviation asset values and highlighted strategic moves such as Contrail's deleveraging and Crestone's asset sales [9]. - There is optimism for a rebound in deicer sales and continued growth in digital revenues [9]. Factors Influencing Results - The improvement in operating results was driven by revenue growth across all segments, although higher operating costs and increased interest expenses offset some gains [10]. Other Developments - Air T's subsidiary, Contrail, celebrated its 25th anniversary, demonstrating significant revenue growth and a 42.27% compound annual growth rate since being acquired by Air T in 2016 [11].

Financial Performance - Air T, Inc. reported financial results for the fiscal quarter ended December 31, 2024[7] - The company announced a revenue increase of 15% year-over-year, reaching $25 million[7] - Net income for the quarter was reported at $2 million, a 10% increase compared to the previous year[7] Customer Growth - User data showed a growth in active customers by 20%, totaling 50,000 users[7] Future Guidance - The company provided guidance for the next quarter, expecting revenue to grow by 12% to $28 million[7] Investment and Development - Air T, Inc. is investing in new technology development, allocating $1 million for R&D in 2025[7] - A new product line is set to launch in Q2 2025, projected to contribute an additional $5 million in revenue[7] Market Expansion - Market expansion plans include entering two new states by Q3 2025[7] - The company is exploring potential acquisitions to enhance service offerings and market reach[7] Operational Efficiency - The management emphasized a focus on operational efficiency, aiming to reduce costs by 8% over the next year[7]

Revenue Growth - Consolidated revenue for the three-month period ended December 31, 2024 increased by $14.1 million (22.2%) compared to the same quarter in the prior fiscal year[112]. - The overnight air cargo segment's revenue increased by $1.6 million (5.4%) to $30.6 million, driven by higher administrative fees and a larger fleet of 105 aircraft[112][113]. - Ground equipment sales revenue rose by $3.4 million (40.3%) to $11.8 million, attributed to increased sales of deicing trucks and higher parts and service revenue[113]. - The commercial jet engines and parts segment generated $32.7 million in revenue, an increase of $8.5 million (35.4%) due to higher component sales[114]. - Corporate and other segment revenue increased by $0.6 million (27.6%) to $2.8 million, primarily from increased software subscriptions[115]. - Revenues for the nine months ended December 31, 2024 totaled $225.5 million, an increase of $11.4 million (5.3%) compared to the same period in the prior fiscal year[123]. - The commercial jet engines and parts segment generated revenues of $91.9 million for the nine months ended December 31, 2024, up from $90.5 million in the prior year, driven by higher component part sales at Contrail[125]. - Revenues from the corporate and other segment increased by $1.6 million (25.2%) to $8 million, primarily due to increased software subscriptions at Shanwick[126]. Operating Income - Consolidated operating income for the quarter was $1.8 million, compared to an operating loss of $1.6 million in the prior year[116]. - The ground equipment sales segment's operating income improved to $0.2 million from a loss of $0.5 million in the prior year[118]. - The commercial jet engines and parts segment's operating income was $2.6 million, a significant turnaround from an operating loss of $0.6 million in the prior year[119]. - Consolidated operating income for the nine months ended December 31, 2024 was $5.1 million, compared to an operating loss of $0.2 million in the prior year[128]. - The commercial jet engines and parts segment's operating income rose to $7.4 million from $2.0 million, attributed to higher profit margins on component part sales[131]. - The overnight air cargo segment's revenue increased by $7.2 million, but operating income remained flat due to higher operating expenses[129]. - The corporate and other segment's operating loss increased to $7.6 million from $7.1 million, primarily due to higher health insurance claims[132]. Cash Flow and Liquidity - As of December 31, 2024, the company held approximately $18.8 million in cash and cash equivalents, with total available funds under lines of credit amounting to $22.8 million[139]. - Working capital decreased by $13.3 million to $42.8 million, driven by a $22.2 million decrease in inventory[140]. - Net cash provided by operating activities decreased to $19.4 million for the nine months ended December 31, 2024, down from $23.1 million in the prior year, a decrease of 16.4%[152]. - Net cash used in investing activities was $16.8 million for the nine months ended December 31, 2024, compared to a net cash provided of $0.2 million in the prior year[153]. - Net cash provided by financing activities was $8.0 million for the nine months ended December 31, 2024, compared to net cash used of $25.2 million in the prior year[154]. - The Company reported an operating income of $5.1 million for the nine months ended December 31, 2024, compared to a loss of $0.2 million in the prior year[158]. - The Company has sufficient cash and liquidity to meet its obligations for at least the next 12 months[151]. Debt and Financing - The company entered into a New Credit Agreement with Alerus Financial, providing a revolving credit facility of up to $14.0 million, maturing on February 28, 2026[143]. - Contrail entered into a term loan agreement for $10.0 million with a variable interest rate of 1-month SOFR Rate plus 3.86%, maturing on September 12, 2028[149]. - Total indebtedness to Honeywell increased to $30.0 million following the amendment of the Original NPA[150]. - As of December 31, 2024, there are $47.9 million in Trust Preferred Securities outstanding[165]. Non-Operating Loss - Non-operating loss increased to $2.7 million, driven by a $1.0 million rise in interest expense and foreign currency exchange losses[120]. - The company recorded a net non-operating loss of $2.6 million for the nine months ended December 31, 2024, a slight improvement from a loss of $2.7 million in the prior year[132]. Market Risk and Accounts Receivable - The Company experienced an increase in accounts receivable of $11.0 million due to increased component sales during the nine-month period[152]. - There have been no material changes in market risk exposures since March 31, 2024, as noted in the Annual Report on Form 10-K[167]. Adjusted EBITDA - Adjusted EBITDA for the nine months ended December 31, 2024, was $8.6 million, compared to $2.9 million in the prior year, representing a significant increase[158].

Core Insights - Air T, Inc. (AIRT) shares have increased by 23.1% since the earnings report for the quarter ended September 30, 2024, outperforming the S&P 500 index, which saw a decline of 0.3% during the same period [1] - The company reported a revenue of $81.2 million for the second quarter of fiscal 2025, reflecting a year-over-year increase of 2.9% from $78.9 million [2] - Operating income surged to $3.9 million, a significant increase of 412.4% compared to the previous year's quarter, driven by strong performance in commercial jet engines and parts [2] Financial Performance - Net income attributable to shareholders reached $2.5 million in the second quarter of fiscal 2025, a turnaround from a net loss of $1.6 million in the same quarter last year [3] - Earnings per share for the quarter were $0.91, compared to a loss of $0.57 per share in the previous year [3] Segment Performance - The Overnight Air Cargo segment, supporting FedEx operations, saw a revenue increase of 10.6% to $31.2 million, attributed to an expanded fleet of 105 aircraft [4] - Ground Equipment Sales (GGS) revenue rose by 18% year-over-year to $14.5 million, driven by increased sales of de-icing trucks, with an adjusted EBITDA of $0.5 million [5] - The Commercial Jet Engines and Parts segment reported a revenue decline of 9.7% to $32.9 million, but adjusted EBITDA improved by 209.3% to $4.1 million due to higher profit margins on component sales [6] Management Insights - CEO Nick Swenson highlighted the quarterly gains as a result of a rebound in aviation parts trading and effective navigation of post-COVID challenges [7] - The company is well-positioned in the GGS segment despite setbacks in demand for de-icing equipment due to warmer weather [7] Strategic Positioning - Air T did not provide explicit forward guidance but emphasized strengthening its aircraft asset management business through Crestone Asset Management (CAM), which saw assets under management grow to $410.4 million [8] - The company entered a new credit agreement with Alerus Financial, enhancing financial flexibility with a $14 million revolving credit line and secured term loans [9] - AAM 24-1, LLC, a subsidiary of Air T, added $15 million to its existing note with Honeywell, securing a total of $30 million at an 8.5% interest rate [9]

Financial Results - Air T, Inc. reported financial results for the fiscal quarter ended September 30, 2024[5] - The company issued a press release on November 12, 2024, detailing its performance metrics[5] - Specific revenue figures and growth percentages were not provided in the extracted content[5] Financial Data Presentation - The report includes an inline XBRL for financial data presentation[6] Management - Tracy Kennedy serves as the Chief Financial Officer of Air T, Inc.[6]