AIR T INC

For the period ended Jun 30, 2026. Filed Aug 14, 2026.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2026 · Filed Aug 14, 2026

AIRT$29.08+1.4%Stored close · as of Nov 10, 2026

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Segment Information

Segment Information

Air T's portfolio of businesses is managed on a highly decentralized basis. These businesses are aggregated into operating segments in a manner that reflects how Air T views the business activities. The Company's chief operating decision maker ("CODM") is the Chief Executive Officer. The Chief Executive Officer is ultimately responsible for significant capital allocation decisions and evaluating operating performance. In assessing performance for the Company's businesses, the CODM reviews operating income and Adjusted EBITDA. Certain operating segments are aggregated into reportable segments.

On June 10, 2026, the Company acquired Arena and received a distribution of servicing agreement rights for CAM as discussed in Note 2 and Note 9, respectively. The acquisition and resulting distribution of the servicing agreement rights will be reported in the new aviation leasing and asset management segment based on new business operations not previously part of the consolidated Company.

The Company'ssix business segments are as follows:

Reportable Segment	Principal Business Activities
Regional Airline	The regional airline segment's primary operations focus on sustaining and growing essential regional passenger and cargo air connectivity. The segment consists of Regional Express Holdings Pty Ltd, which operates a fleet of Saab 340 aircraft that provide vital connections between Australia's regional centers and capital cities for its customers.
Overnight Air Cargo	The overnight air cargo segment primarily operates under its relationship with FedEx, which spans over 40 years. Its two operating companies represent two of the eight companies in the U.S. that have North American feeder airlines under contract with FedEx. MAC and CSA operate and maintain Cessna Caravan, Sky Courier, ATR-42 and ATR-72 aircraft that fly daily small-package cargo routes throughout the eastern United States and upper Midwest, and in the Caribbean.
Commercial Aircraft, Engines and Parts	The commercial aircraft, engines and parts segment manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines
Ground Support Equipment	The ground support equipment segment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers.
Digital Solutions	The digital solutions segment develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues.
Aviation Leasing and Asset Management	The aviation leasing and asset management segment originates and structures asset acquisitions and related financings and provides lease administration, technical and risk management, and remarketing services for aircraft and engines on lease to airline customers globally. Aviation leasing and asset management further monetizes assets at the end of their economic lives through engine separation and continued component leasing, aircraft disassembly, and sale of airframe and engine materials in coordination with other specialized aviation businesses.

The information that follows shows data of Air T's reportable segments reconciled to amounts reflected in our Condensed Consolidated Financial Statements. Intersegment eliminations are included to reconcile segment totals to consolidated amounts.

The cost and expense information presented below is based on the information regularly provided to the CODM. Further, asset information is not included in the information regularly provided to the CODM as it is not a key determining factor in the performance of the Company's reportable segments.

The Company also has a "Corporate and Other" category which includes unallocated Air T holding company costs that are not directly attributable to the ongoing operating activities of our reportable segments in addition to revenues and expenses for non-reportable operating segments.

Segment data is summarized in the following tables (in thousands):

	Three Months Ended June 30, 2026
	Regional Airline	Overnight Air Cargo	Commercial Aircraft, Engines and Parts	Ground Support Equipment	Digital Solutions	Aviation Leasing and Asset Management	Total
Revenue from external customers	$55,909	$29,969	$20,523	$3,683	$2,487	$1,365	$113,936
Intersegment revenue	—	1,230	325	—	140	—	1,695
	55,909	31,199	20,848	3,683	2,627	1,365	115,631
Reconciliation of revenue
Other revenue1					1,570
Elimination of intersegment revenue2					(1,740)
Total consolidated revenue					$115,461
Cost of sales:
Cost of sales from external sources	45,258	24,628	14,791	2,526	887	233
Intersegment operating expense	44	1,230	226	—	7	—
	45,302	25,858	15,017	2,526	894	233
General and administrative	9,264	3,263	6,404	1,367	1,314	4,332	25,944
Other segment items4	9,070	155	173	37	268	297	10,000
Segment profit (loss)	$(7,727)	$1,923	$(746)	$(247)	$151	$(3,497)	$(10,143)
Reconciliation of profit (loss)
Other revenue1					1,570
Other cost of sales1					(430)
Other expenses1					(1,264)
Interest expense					(5,673)
Income from equity method investments					3,215
Other non-operating income					246
Other corporate expenses5					(2,669)
Elimination of intersegment profits					111
Loss before income taxes					$(15,037)

1 Revenue, cost of sales, and expenses from segments below the quantitative thresholds or that do not constitute a business segment are attributable to an investment advisory business, a laser printer manufacturer, and a commercial property owned by the Company.

2 Elimination of intersegment revenue includes eliminations related to Other revenue in the tables above totaling $45.0 thousand for the three months ended June 30, 2026. After eliminations, Other revenue from third parties is $1.5 million for the three months ended June 30, 2026.

3 The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts shown.

4 Other segment items consist of depreciation and amortization and remeasurement of the earnout liability.

5 Other corporate expenses consist of unallocated expenses that are related to the activities of Corporate and other in support of the overall business. Unallocated expenses include, but are not limited to: shared services that are not allocated, costs associated with the corporate headquarters and, expenses related to identifying and pursuing new corporate business initiatives.

	Three Months Ended June 30, 2025
Overnight Air Cargo · Commercial Aircraft, Engines and Parts · Ground Support Equipment · Digital Solutions · Total
Revenue from external customers	$30,589	$21,960	$15,070		$2,096	$69,715
Intersegment revenue	862	468	—		—	1,330
	31,451	22,428	15,070		2,096	71,045
Reconciliation of revenue
Other revenue1				1,199
Elimination of intersegment revenue2				(1,374)
Total consolidated revenue				$70,870
Cost of sales:
Cost of sales from external sources	25,899	14,656	12,303		836
Intersegment operating expense	862	436	—		—
	26,761	15,092	12,303		836
General and administrative	3,086	6,123	1,393		1,302	11,904
Other segment items4	138	355	36		208	737
Segment profit (loss)	$1,466	$858	$1,338		$(250)	3,412
Reconciliation of profit (loss)
Other revenue1				1,199
Other cost of sales1				(415)
Other expenses1				(1,118)
Interest expense				(2,314)
Loss from equity method investments				(19)
Other non-operating income				678
Other corporate expenses5				(2,375)
Elimination of intersegment profits				145
Loss before income taxes				$(807)

2 Elimination of intersegment revenue includes eliminations related to Other revenue in the tables above totaling $44.0 thousand for the three months ended June 30, 2025. After eliminations, Other revenue from third parties is $1.2 million for the three months ended June 30, 2025.

3 The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

4 Other segment items consist of depreciation and amortization and remeasurement of the earnout liability.

	Three Months Ended June 30, 2026
	Regional Airline	Overnight Air Cargo	Commercial Aircraft, Engines and Parts	Ground Support Equipment	Digital Solutions	Aviation Leasing and Asset Management	Total Reportable segments	Corporate and Other	Total
Depreciation and amortization	$8,819	$155	$173	$37	$268	$297	$9,749	$136	$9,885
Capital expenditures	20,849	187	50	—	—	—	21,323	—	21,323

	Three Months Ended June 30, 2025
	Overnight Air Cargo	Commercial Aircraft, Engines and Parts	Ground Support Equipment	Digital Solutions	Total Reportable segments	Corporate and Other	Total
Depreciation and amortization	$138	$757	$36	$207	$1,139	$146	$1,284
Capital expenditures	65	166	—	—	231	—	231

Reconciliation of operating income (loss) and elimination of intersegment loss was as follows:

	Three Months Ended June 30, 2026
	Regional Airline	Overnight Air Cargo	Commercial Aircraft, Engines and Parts	Ground Support Equipment	Digital Solutions	Aviation Leasing and Asset Management	Total Reportable Segments	Corporate and Other	Eliminations	Total
Operating income (loss) from external sources	$(7,683)	$1,923	$(722)	$(247)	$150	$(3,497)	$(10,076)	$(2,749)	$—	$(12,825)
Intersegment operating (loss) income	(44)	—	(24)	—	1	—	(67)	(44)	111	—
Operating income (loss)	$(7,727)	$1,923	$(746)	$(247)	$151	$(3,497)	$(10,143)	$(2,793)	$111	$(12,825)
Regional Airline · Overnight Air Cargo · Commercial Aircraft, Engines and Parts · Ground Support Equipment · Digital Solutions · Total Reportable Segments · Corporate and Other · Eliminations · Total
Operating income (loss) from external sources	$—	$1,466	$953	$1,338	$(250)	$3,507	$(2,659)	$—	$848
Intersegment operating (loss) income	—	—	(95)	—	—	(95)	(50)	145	—
Operating income (loss)	$—	$1,466	$858	$1,338	$(250)	$3,412	$(2,709)	$145	$848

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