Revenue Performance - Consolidated revenue increased by $39.5 million (16%) to $286.8 million for the fiscal year ended March 31, 2024 compared to the prior fiscal year [193]. - Revenue from the overnight air cargo segment increased by $25.0 million (28%) due to higher labor revenues and an increase in the fleet from 85 to 105 aircraft [193]. - The ground equipment sales segment experienced a revenue decrease of $11.3 million (23%) to $37.2 million, primarily due to lower sales of deicing trucks [194]. - The commercial jet engines and parts segment's revenue increased by $23.8 million (23%) to $125.5 million, driven by higher component part sales [195]. Operating Income and EBITDA - Consolidated operating income for the fiscal year ended March 31, 2024 was $1.3 million compared to an operating loss of $4.4 million in the prior fiscal year [197]. - Adjusted EBITDA for the fiscal year ended March 31, 2024 was $5.6 million, a decrease of $0.4 million compared to the prior fiscal year [200]. - The overnight air cargo segment's Adjusted EBITDA increased by $2.6 million, while the ground equipment sales segment's Adjusted EBITDA decreased by $4.7 million [201]. - Operating income from continuing operations improved to $1.264 million in fiscal 2024, compared to a loss of $4.407 million in fiscal 2023 [234]. - Adjusted EBITDA for the fiscal year ended March 31, 2024, was $5.622 million, a decrease of 6.8% from $6.029 million in the prior fiscal year [234]. - The Overnight Air Cargo segment reported an Adjusted EBITDA of $7.142 million, up 58.4% from $4.505 million in the previous year [235]. - The Ground Equipment Sales segment experienced a significant decline, with Adjusted EBITDA of $(1.409) million compared to $3.314 million in the prior year [235]. - The Commercial Jet Engines and Parts segment's Adjusted EBITDA decreased to $6.119 million from $7.105 million, reflecting a decline of 13.9% [235]. Non-Operating Loss and Tax Rate - The company recorded a net non-operating loss of $5.2 million for the fiscal year ended March 31, 2024, an improvement from a loss of $6.9 million in the prior fiscal year [203]. - The effective tax rate for the fiscal year ended March 31, 2024 was -18.5%, influenced by foreign rate differentials and changes in valuation allowance [204]. Cash Flow and Working Capital - As of March 31, 2024, the Company held approximately $7.8 million in total cash, cash equivalents, and restricted cash, with working capital amounting to $56.0 million, an increase of $3.8 million compared to March 31, 2023 [209]. - Cash provided by operating activities for fiscal year 2024 was $17.2 million, a slight increase of $269,000 compared to $16.9 million in fiscal year 2023 [223]. - Cash used in investing activities for fiscal year 2024 was $2.5 million, a decrease from $6.2 million in the prior fiscal year, primarily due to investments in unconsolidated entities [224]. - Cash used in financing activities for fiscal year 2024 was $13.9 million, compared to $12.4 million in the prior fiscal year, driven by decreased net proceeds from lines of credit [225]. Debt and Compliance - The Company obtained a waiver letter from Minnesota Bank & Trust on June 24, 2024, waiving two outstanding events of default related to the debt service coverage ratio as of March 31, 2024 [210]. - As of March 31, 2024, all credit agreements, including those with AirCo 1, Air T Acquisition 22.1, and Contrail, were in compliance with their respective covenants [212]. - The Company entered into a Note Purchase Agreement on February 22, 2024, issuing $15.0 million in senior secured notes with an annual interest rate of 8.5% [216]. - The Revolver - MBT had no outstanding balance as of March 31, 2024, and matures on August 31, 2024, with management seeking to refinance it [220]. Economic Conditions and Risks - Future economic developments such as inflation and supply chain issues present uncertainty and risk regarding the company's financial condition and results of operations [207]. - The Company experienced supply chain disruptions in fiscal 2024, impacting procurement of raw materials and increasing costs due to inflation and labor market shortages [229]. Securities and Interest Payments - The company has $43.2 million in Trust Preferred Securities outstanding as of March 31, 2024 [244]. - The Trust Preferred Securities have an annual distribution rate of 8% on a liquidation amount of $25.00 per share, payable quarterly [238]. - The company has the option to defer interest payments on Junior Subordinated Debentures for up to 20 consecutive quarters [243]. Seasonal Trends - The ground equipment sales segment is historically seasonal, with higher revenues typically in the second and third fiscal quarters [245].

Zacks Investment Research has recently initiated coverage of Air T, Inc. (AIRT) , assigning a "Neutral" recommendation to the company's shares. This assessment comes amid a mixed outlook for the company, which has been making notable strides in the aviation space despite industry challenges. Air T, presently operating from Charlotte, NC, is a diversified holding company engaged in aviation-related businesses. The company operates in four industry segments — Overnight Air Cargo, Ground Equipment Sales, Comme ...

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 December 31, 2023 ☐ 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 jurisdic ...

NEW YORK, Jan. 17, 2024 /PRNewswire/ -- Ashland Place Finance LLC ("Ashland Place"), a commercial aviation financing platform, today announced the completion of a new facility financing the acquisition of three B737-800 freighters for Atalaya Capital Management ("Atalaya") and Crestone Air Partners ("Crestone"). This is the second transaction that the Ashland Place platform has completed with each of Atalaya and Crestone, having separately previously financed a 777-300ER for Atalaya in August 2022 and four ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) Commission File Number 001-35476 Air T, Inc. (Exact name of registrant as specified in its charter) Delaware 52-1206400 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262 (Address of principal executive offices, including zip code) (980) 595 – 2840 (Registrant's telephone number, including area code) ...

As filed with the Securities and Exchange Commission on August 23, 2023 Registration Nos. 333-xxxxxxxx UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Air T, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware (State or other jurisdiction of incorporation) 4513 (Primary Standard Industrial Classification Code Number) 52-1206400 (I.R.S. Employer Identification No.) 11020 David Taylor Drive, Suite 305, Ch ...

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, 2023 ☐ 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 ...

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, 2023 or ☐ 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. registrant as specified in its charter) | --- | |--------------------------------| | | | (Exact name | | Delaware | | ...

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) Air T, Inc. reported a **37.7% revenue increase** to **$172.9 million** for the nine months ended December 31, 2022, but recorded a **$3.3 million net loss** primarily due to the absence of a prior-year PPP loan forgiveness gain and increased interest expenses [Condensed Consolidated Statements of Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) For the nine months ended December 31, 2022, revenues increased **37.7%** to **$172.9 million**, but the company reported a **net loss of $3.3 million** primarily due to the absence of a prior-year PPP loan forgiveness gain Financial Performance Summary (in thousands, except per share data) | Metric | Three Months Ended Dec 31, 2022 | Three Months Ended Dec 31, 2021 | Nine Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2021 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues** | $61,396 | $45,433 | $172,946 | $125,640 | | **Operating Income** | $135 | $25 | $1,147 | $724 | | **Net (Loss) Income Attributable to Air T, Inc. Stockholders** | $(590) | $(1,262) | $(3,255) | $6,582 | | **Diluted (Loss) Income per share** | $(0.21) | $(0.44) | $(1.14) | $2.28 | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) For the nine months ended December 31, 2022, the company reported a **total comprehensive loss of $966 thousand**, a significant downturn from **$7.3 million in comprehensive income** in the prior year Comprehensive Income (Loss) Summary (in thousands) | Metric | Nine Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net Income (Loss) | $(2,029) | $7,141 | | Total Other Comprehensive Income | $1,063 | $129 | | **Total Comprehensive Income (Loss)** | **$(966)** | **$7,270** | [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of December 31, 2022, total assets increased slightly to **$212.4 million**, while total liabilities grew to **$177.8 million** primarily due to increased current portion of long-term debt, leading to a decrease in total equity Balance Sheet Summary (in thousands) | Metric | December 31, 2022 | March 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $131,096 | $128,243 | | **Total Assets** | **$212,361** | **$207,599** | | Total Current Liabilities | $67,945 | $30,907 | | **Total Liabilities** | **$177,846** | **$171,121** | | **Total Equity** | **$22,452** | **$25,717** | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended December 31, 2022, net cash used in operating activities improved to **$3.8 million**, while net cash used in investing activities decreased to **$3.1 million**, and net cash provided by financing activities declined to **$4.9 million** Cash Flow Summary (in thousands) | Metric | Nine Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | $(3,815) | $(19,690) | | Net cash used in investing activities | $(3,090) | $(19,546) | | Net cash provided by financing activities | $4,866 | $29,079 | | **Net Decrease in Cash** | **$(1,858)** | **$(10,088)** | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail key accounting policies, acquisitions, and financing arrangements, notably disclosing a forecasted **debt service coverage ratio covenant violation** for the Contrail subsidiary and significant income from equity method investments - Management forecasts a violation of the debt service coverage ratio for its Contrail subsidiary's credit agreement during the next twelve months, primarily due to a principal payment on its Main Street loan becoming due in November 2023 Contrail is in discussions with the lender (ONB) for a waiver or alternative financing[28](index=28&type=chunk)[29](index=29&type=chunk) - The company completed the acquisition of GdW Beheer B.V., a Dutch aviation data company, on February 10, 2022, for a total consideration of **$15.3 million**, resulting in **$6.3 million of goodwill**[37](index=37&type=chunk)[39](index=39&type=chunk) - Income from equity method investments for the nine months ended Dec 31, 2022 was **$2.9 million**, a substantial increase from **$0.2 million** in the prior year, primarily driven by a **$1.8 million income recognition** from Insignia Systems, Inc. following a litigation settlement[9](index=9&type=chunk)[67](index=67&type=chunk) Total Debt Summary (in thousands) | Category | December 31, 2022 | March 31, 2022 | | :--- | :--- | :--- | | Total Debt | $142,796 | $136,932 | | Less: Unamortized Debt Issuance Costs | $(912) | $(1,124) | | **Total Debt, net** | **$141,884** | **$135,808** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the **37.7% revenue increase** to **$172.9 million** for the first nine months of fiscal 2023, a **net loss** due to higher interest expenses and the absence of a prior-year PPP loan forgiveness gain, and the forecasted **breach of a debt covenant** by the Contrail subsidiary [Results of Operations](index=27&type=section&id=Results%20of%20Operations) For the nine months ended December 31, 2022, consolidated revenue increased **37.7%** to **$172.9 million**, primarily driven by the **Commercial Jet Engines and Parts segment**, while a **net loss** was recorded due to the absence of a prior-year PPP loan forgiveness gain and increased interest expense Revenue by Segment - Nine Months Ended Dec 31 (in thousands) | Segment | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Overnight Air Cargo | $64,464 | $55,946 | $8,518 | 15.2% | | Ground Equipment Sales | $39,981 | $32,603 | $7,378 | 22.6% | | Commercial Jet Engines and Parts | $63,577 | $35,902 | $27,675 | 77.1% | | Corporate and Other | $4,924 | $1,189 | $3,735 | 314.1% | | **Total** | **$172,946** | **$125,640** | **$47,306** | **37.7%** | Operating Income (Loss) by Segment - Nine Months Ended Dec 31 (in thousands) | Segment | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Overnight Air Cargo | $2,931 | $2,063 | $868 | | Ground Equipment Sales | $3,122 | $2,929 | $193 | | Commercial Jet Engines and Parts | $3,603 | $2,000 | $1,603 | | Corporate and Other | $(8,509) | $(6,268) | $(2,241) | | **Total** | **$1,147** | **$724** | **$423** | - The significant decrease in net non-operating income for the nine-month period was primarily due to an **$8.3 million gain on PPP loan forgiveness** in the prior year that did not recur in the current period[136](index=136&type=chunk) [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2022, the company had **$6.5 million in cash** and **$22.0 million available credit**, but faces a significant liquidity risk from a forecasted **debt service coverage ratio covenant violation** by its Contrail subsidiary - The company faces a significant liquidity risk as management forecasts a violation of the debt service coverage ratio covenant for its subsidiary Contrail within the next twelve months The company is pursuing a waiver or refinancing to avoid default[151](index=151&type=chunk)[152](index=152&type=chunk) - As of December 31, 2022, the company had approximately **$6.5 million in cash** and restricted cash, **$0.6 million in marketable securities**, and **$22.0 million available** under its lines of credit[143](index=143&type=chunk) - Working capital decreased significantly to **$63.2 million** from **$97.4 million** at March 31, 2022, primarily due to the reclassification of revolving credit facilities at Air T and Contrail to current liabilities as they become due within a year[144](index=144&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) The company uses Adjusted EBITDA, a non-GAAP measure, which for the nine months ended December 31, 2022, increased substantially to **$5.2 million** from **$1.9 million** in the prior year, driven by higher operating income Reconciliation of Operating Income to Adjusted EBITDA (in thousands) | | Nine Months Ended Dec 31, 2022 | Nine Months Ended Dec 31, 2021 | | :--- | :--- | :--- | | Operating income | $1,147 | $724 | | Depreciation and amortization | $1,810 | $956 | | Asset impairment, restructuring or impairment charges | $2,174 | — | | (Gain) Loss on disposition of assets | $(2) | $3 | | Securities expenses | $38 | $215 | | **Adjusted EBITDA** | **$5,167** | **$1,898** | Adjusted EBITDA by Segment - Nine Months Ended Dec 31 (in thousands) | Segment | 2022 | 2021 | | :--- | :--- | :--- | | Overnight Air Cargo | $3,331 | $2,106 | | Ground Equipment Sales | $3,252 | $3,074 | | Commercial Jet Engines and Parts | $5,802 | $2,524 | | Corporate and Other | $(7,218) | $(5,806) | | **Total Adjusted EBITDA** | **$5,167** | **$1,898** | [Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is **interest rate risk** on its variable-rate debt, which it mitigates using derivative instruments like interest rate swaps - The company's primary market risk is interest rate risk on its variable-rate debt It employs a risk management policy that permits using derivative instruments like interest rate swaps to hedge against this exposure[165](index=165&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2022, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of December 31, 2022, the company's disclosure controls and procedures are effective[166](index=166&type=chunk) - No changes occurred during the quarter ended December 31, 2022, that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[167](index=167&type=chunk) PART II [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased a total of **28,752 shares** of its common stock on the open market during the quarter ended December 31, 2022, under its authorized share repurchase program Share Repurchases - Quarter Ended December 31, 2022 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | October 2022 | 9,781 | $20.17 | | November 2022 | 7,527 | $21.98 | | December 2022 | 11,444 | $24.35 | | **Total** | **28,752** | | [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) No other information was reported for this item during the period [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including amendments to loan agreements and CEO/CFO certifications