FTAI Aviation Ltd.
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
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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, 2025 · Filed Jul 31, 2025
Contents
Item 1. Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024
CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited)
(Dollars in thousands, except share and per share data)
| Three Months Ended June 30, · Six Months Ended June 30, | |||||
|---|---|---|---|---|---|
| Notes | 2025 | 2024 | 2025 | 2024 | |
| Revenues | |||||
| Aerospace products revenue | $420,686 | $245,200 | $685,111 | $434,257 | |
| MRE Contract revenue | 69,585 | — | 170,223 | — | |
| Lease income | 62,439 | 70,754 | 130,879 | 123,915 | |
| Maintenance revenue | 73,104 | 51,187 | 122,711 | 96,977 | |
| Asset sales revenue | 47,915 | 72,433 | 66,854 | 111,040 | |
| Other revenue (1) | 2,508 | 4,020 | 2,539 | 4,099 | |
| Total revenues | 12 | 676,237 | 443,594 | 1,178,317 | 770,288 |
| Expenses | |||||
| Cost of sales | 369,258 | 205,857 | 617,972 | 348,661 | |
| Operating expenses | 2 | 34,328 | 29,099 | 66,766 | 54,416 |
| General and administrative | 2,442 | 2,969 | 5,558 | 6,652 | |
| Acquisition and transaction expenses | 4,489 | 8,019 | 11,781 | 14,198 | |
| Management fees and incentive allocation to affiliate | 11 | — | 3,554 | — | 8,449 |
| Internalization fee to affiliate | 15 | — | 300,000 | — | 300,000 |
| Depreciation and amortization | 4, 6 | 55,236 | 56,691 | 114,798 | 106,611 |
| Asset impairment | — | — | — | 962 | |
| Total expenses | 465,753 | 606,189 | 816,875 | 839,949 | |
| Other (expense) income | |||||
| Interest expense | (63,965) | (55,196) | (126,005) | (102,903) | |
| Loss on extinguishment of debt | — | (13,920) | — | (13,920) | |
| Equity in losses of unconsolidated entities (2) | 5 | (5,003) | (694) | (12,617) | (1,361) |
| Gain on sale to the 2025 Partnership | 34,604 | — | 45,474 | — | |
| Other income (expense) | 27,156 | (498) | 60,227 | 136 | |
| Total other expense | (7,208) | (70,308) | (32,921) | (118,048) | |
| Income (loss) before income taxes | 203,276 | (232,903) | 328,521 | (187,709) | |
| Provision for (benefit from) income taxes | 10 | 37,878 | (13,033) | 60,737 | (7,461) |
| Net income (loss) | 165,398 | (219,870) | 267,784 | (180,248) | |
| Less: Dividends on preferred shares | 3,709 | 8,335 | 9,824 | 16,670 | |
| Less: Loss on redemption of preferred shares | — | — | 6,327 | — | |
| Net income (loss) attributable to shareholders | $161,689 | $(228,205) | $251,633 | $(196,918) | |
| Earnings (loss) per share: | 13 | ||||
| Basic | $1.58 | $(2.26) | $2.45 | $(1.96) | |
| Diluted | $1.57 | $(2.26) | $2.44 | $(1.96) | |
| Weighted average shares outstanding: | |||||
| Basic | 102,558,777 | 100,958,524 | 102,555,644 | 100,602,214 | |
| Diluted | 103,147,860 | 100,958,524 | 103,144,727 | 100,602,214 | |
(1) Includes servicing fees of $2,052 and $2,600 for the three and six months ended June 30, 2025, respectively, from the 2025 Partnership.
(2) Includes the profit elimination of $(4,935) and $(11,885) for the three and six months ended June 30, 2025, respectively, and $0 and $0 for the three and six months ended June 30, 2024, respectively, for sales to the 2025 Partnership.
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