olivLaw · US equity research
Air T, Inc. AIRT
Air Courier Services · SIC 4513 · Vertical: Air transportation (SIC 451x)
Air T, Inc. is a holding company based in Charlotte, North Carolina, that owns overnight air cargo, airport ground support equipment, commercial aircraft component, digital aviation, Australian regional airline and aircraft leasing businesses. The December 2025 acquisition of Rex changed its profile, and renewing its FedEx contracts is now central to its outlook. Consolidated revenue reached 327.1 million USD in fiscal 2026, while the first quarter of fiscal 2027 showed an operating loss of 12.8 million USD.
At the close of 04 Nov 2026, Air T, Inc. (AIRT) stock was 28.70 USD (+0.74% on the day), with market capitalisation 77.0 m USD, P/E 1.2 on diluted EPS of 23.59 USD over the last 12 months, dividend yield 1.05%, beta 0.29, 52-week range 18.35–34.26 USD. Latest reported quarter (Q1 2027): revenue of 115.5 m USD (+62.9% YoY), net income of -15.8 m USD, diluted EPS -5.86 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 52.8
- neutral
- Bollinger (20, 2)
- 24.53 – 31.67
- in the upper half of the band · %B 0.58 · band width 25.4%
- SMA 50 / 200
- 29.54 / 25.06
- mixed trend
- MACD (12, 26, 9)
- -0.45 / -0.69
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −5.0% | −1.1% | −3.9 pp | — |
| 3 months | −10.3% | −0.5% | −9.8 pp | — |
| 6 months | +35.5% | +4.4% | +31.1 pp | — |
| Year to date | +50.3% | +12.3% | +37.9 pp | — |
| 1 year | +30.1% | +13.5% | +16.6 pp | +4.8% |
| 3 years | +19.6% | +76.4% | −56.8 pp | +57.9% |
| 5 years | +3.0% | +63.7% | −60.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 81.2 m | 77.9 m | 66.3 m | 70.9 m | 64.2 m | 71.1 m | 120.9 m | 115.5 m |
| Operating income | 3.6 m | 1.4 m | -2.6 m | 848.0 k | 5.5 m | -3.8 m | -13.8 m | -12.8 m |
| Depreciation & amortisation | 949.0 k | 1.3 m | 1.3 m | 1.3 m | 827.0 k | 1.6 m | 8.6 m | 9.9 m |
| Interest expense | 2.2 m | 2.6 m | 1.7 m | 2.3 m | 2.3 m | 2.4 m | 5.1 m | 5.7 m |
| Pre-tax income | 3.3 m | -896.0 k | -7.5 m | -807.0 k | 7.2 m | -1.9 m | 81.5 m | -15.0 m |
| Income tax | 336.0 k | 347.0 k | -331.0 k | -136.0 k | 2.2 m | 121.0 k | -817.0 k | 660.0 k |
| Net income | 2.5 m | -1.3 m | -7.0 m | -1.6 m | 4.4 m | -2.5 m | 77.7 m | -15.8 m |
| Diluted EPS | 0.91 | -0.47 | -2.57 ≈ | -0.61 | 1.61 | -0.91 | 28.75 ≈ | -5.86 |
| Operating cash flow | 2.9 m ≈ | 16.3 m ≈ | 4.1 m | -1.1 m | -5.4 m ≈ | -18.5 m ≈ | -44.0 k | -2.8 m |
| Capex | 242.0 k ≈ | 351.0 k ≈ | 149.0 k | 231.0 k | 213.0 k ≈ | 783.0 k ≈ | 15.3 m | 21.3 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 10 percentile of its own 21-quarter history (min 0.8, median 14.3, max 122.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 215.5 m | 236.8 m | 175.1 m | 177.1 m | 247.3 m | 286.8 m | 291.9 m | 327.1 m |
| Revenue YoY | +10.8% | +9.9% | −26.0% | +1.1% | +39.7% | +16.0% | +1.7% | +12.1% |
| Net income | 1.3 m | 7.7 m | -7.3 m | 10.9 m | -12.3 m | -6.8 m | -6.1 m | 78.0 m |
| Net income YoY | −41.2% | +471.3% | −195.0% | unavailable | −212.5% | unavailable | unavailable | unavailable |
| Diluted EPS | 0.44 | 2.73 | -2.53 | 3.78 | -4.32 | -2.42 | -2.23 | 28.85 |
| Diluted EPS YoY | −60.4% | +520.5% | −192.7% | unavailable | −214.3% | unavailable | unavailable | unavailable |
| net % | 0.6% | 3.2% | -4.2% | 6.2% | -5.0% | -2.4% | -2.1% | 23.8% |
| Free cash flow | 19.8 m | -27.5 m | -5.7 m | -34.6 m | 15.7 m | 16.1 m | 22.4 m | -41.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 20.3 m USD
- Financial debt
- 208.2 m USD
- Net debt
- 187.9 m USD
- Equity
- 80.9 m USD
- Total assets
- 409.1 m USD
- Debt / equity
- 2.57x
- Current ratio
- 1.67x
- ROE
- unavailable
- ROA
- 26.8%
- FCF margin
- -12.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 175.1 m | 177.1 m | 247.3 m | 286.8 m | 291.9 m | 327.1 m | SEC (XBRL)· 29 Jun 2026verified |
| Operating income | -9.2 m | 8.8 m | -4.4 m | 1.3 m | 1.9 m | -11.2 m | SEC (XBRL)· 29 Jun 2026verified |
| Depreciation & amortisation | 3.1 m | 1.9 m | 4.2 m | 2.8 m | 4.4 m | 12.3 m | SEC (XBRL)· 29 Jun 2026verified |
| EBITDA | -6.1 m ≈ | 10.6 m ≈ | -245.0 k ≈ | 4.1 m ≈ | 6.3 m ≈ | 1.1 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Interest expense | 4.6 m | 4.9 m | 7.9 m | 6.9 m | 8.4 m | 12.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Pre-tax income | -11.8 m | 13.4 m | -11.4 m | -4.0 m | -5.0 m | 86.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Income tax | -3.4 m | 1.2 m | 432.0 k | 729.0 k | 423.0 k | 1.4 m | SEC (XBRL)· 29 Jun 2026verified |
| Net income | -7.3 m | 10.9 m | -12.3 m | -6.8 m | -6.1 m | 78.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Diluted EPS | -2.53 | 3.78 | -4.32 | -2.42 | -2.23 | 28.85 | SEC (XBRL)· 29 Jun 2026verified |
| Weighted average diluted shares | 2.9 m | 2.9 m | 2.8 m | 2.8 m | 2.8 m | 2.7 m | SEC (XBRL)· 29 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 11.0 m | 5.6 m | 5.8 m | 7.1 m | 5.9 m | 20.3 m | SEC (XBRL)· 29 Jun 2026verified |
| Receivables | 6.5 m | 19.7 m | 27.2 m | 22.9 m | 23.9 m | 39.9 m | SEC (XBRL)· 29 Jun 2026verified |
| Inventories | 72.0 m | 75.2 m | 71.1 m | 60.7 m | 38.5 m | 77.1 m | SEC (XBRL)· 29 Jun 2026verified |
| Current assets | 105.8 m | 128.2 m | 116.6 m | 102.9 m | 78.5 m | 160.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Property, plant & equipment, net | 8.5 m | 21.2 m | 21.4 m | 20.9 m | 20.3 m | 162.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Goodwill | 4.2 m | 10.1 m | 10.6 m | 10.5 m | 10.5 m | 11.8 m | SEC (XBRL)· 29 Jun 2026verified |
| Intangibles (excl. goodwill) | 1.6 m | 13.3 m | 12.1 m | 11.0 m | 10.0 m | 13.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Total assets | 140.8 m | 207.6 m | 189.6 m | 177.2 m | 173.8 m | 409.1 m | SEC (XBRL)· 29 Jun 2026verified |
| Accounts payable | 8.3 m | 9.4 m | 10.4 m | 15.1 m | 17.8 m | 37.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Long-term debt | 87.5 m | 135.8 m | 125.1 m | 112.9 m | 110.3 m | 208.2 m | SEC (XBRL)· 29 Jun 2026verified |
| Current liabilities | 28.2 m | 30.9 m | 64.3 m | 46.8 m | 47.7 m | 95.5 m | SEC (XBRL)· 29 Jun 2026verified |
| Total liabilities | 119.4 m | 171.1 m | 163.9 m | 158.4 m | 168.2 m | 317.9 m | SEC (XBRL)· 29 Jun 2026verified |
| Equity | 14.7 m | 25.7 m | 13.0 m | 5.8 m | -1.5 m | 80.9 m | SEC (XBRL)· 29 Jun 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.8 m | -33.1 m | 16.9 m | 17.2 m | 23.5 m | -25.0 m | SEC (XBRL)· 29 Jun 2026verified |
| Capex | 3.9 m | 1.5 m | 1.2 m | 1.1 m | 1.1 m | 16.5 m | SEC (XBRL)· 29 Jun 2026verified |
| Free cash flow | -5.7 m ≈ | -34.6 m ≈ | 15.7 m ≈ | 16.1 m ≈ | 22.4 m ≈ | -41.5 m ≈ | SEC (XBRL)· 29 Jun 2026derived |
| Investing cash flow | 2.5 m | -33.4 m | -6.2 m | -2.5 m | -20.2 m | -21.8 m | SEC (XBRL)· 29 Jun 2026verified |
| Financing cash flow | 71.0 k | 59.3 m | -12.4 m | -13.9 m | -4.8 m | 65.4 m | SEC (XBRL)· 29 Jun 2026verified |
| Share repurchases | — | — | — | 876.0 k | 1.4 m | 28.0 k | SEC (XBRL)· 29 Jun 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 77.0 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation56
- Returns1
- Quality30
- Balance sheet21
- Growth81
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.94 – 539.98 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/E227.33 – 539.98 (Mid 418.92)9 companies used · median multiple 17.8x · quartiles 9.6x – 22.9xCPA, DAL, FDX, FDXF, LUV, RJET, RYAAY, SKYW, UAL
- Dividend discount (DDM)3.94 – 5.30 (Mid 4.52)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -12.0% | 9 (vs peers) | 16% |
| Net margin · Quality | 17.2% | 93 (vs peers) | 9% |
| FCF conversion · Quality | -100.9% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 9.8% | 81 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.6x | 0 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 1.2x | 100 (vs peers) | 16% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -83.6% | 0 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.0% | 1 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partial81/100 · 1/2 factors with a value
- Quality30/100 · 3/3 factors with a value
- Returns· partial1/100 · 1/2 factors with a value
- Valuation56/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Air T, Inc. (AIRT). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 327.1 m USD in 2026; YoY growth 12.1%; net margin 17.2%; ROE 210.7%.
The estimated value range is 115.64–272.64 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 211.72 USD, the price of 28.70 USD leaves a potential of 637.7% (value / price − 1) and a margin of safety of 86.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.2%
- Revenue CAGR 3Y: 9.8%
- P/E (TTM): 1.2x
- The price is below the estimated value range
What contradicts it
- ROIC: -12.0%
- FCF conversion: -100.9%
- Interest coverage: -1.6x
- FCF yield: -83.6%
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Air transportation (SIC 451x) · same industry group (3-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LTMLATAM Airlines Group S.A. | 27,436.0 bn | 19,289.5 | 141.1% | 10.2% | +11.2% | −1% / unavailable |
| FDXFedEx Corporation | 77.1 bn | 17.8 | 14.2% | 4.7% | +7.7% | +48% / +58% |
| RYAAYRyanair Holdings plc | 61.6 bn | 40.6 | — | — | +3.8% | −13% / +25% |
| DALDelta Air Lines, Inc. | 58.7 bn | 17.8 | 15.9% | 4.6% | +2.8% | +39% / +142% |
| UALUnited Airlines Holdings, Inc. | 37.6 bn | 10.6 | 22.3% | 5.5% | +3.5% | +14% / +194% |
| LUVSouthwest Airlines Co | 22.7 bn | 22.9 | 13.9% | 3.3% | +2.1% | +33% / +82% |
| FDXFFedEx Freight Holding Company, Inc. | 19.4 bn | 29.6 | 88.0% | 7.4% | −1.1% | unavailable / unavailable |
| AALAmerican Airlines Group Inc. | 9.0 bn | — | — | -0.8% | +0.8% | −3% / +10% |
| CPACopa Holdings, S.A. | 6.0 bn | 9.0 | 26.1% | 18.6% | +5.0% | +20% / +57% |
| ALKAlaska Air Group, Inc. | 4.5 bn | — | -4.6% | -1.2% | +21.3% | −7% / +6% |
| SKYWSkywest Inc | 3.1 bn | 8.0 | 15.1% | 9.7% | +15.0% | −19% / +74% |
| ALGTAllegiant Travel Co | 2.2 bn | 56.7 | 1.8% | 0.9% | +3.7% | +7% / +19% |
| ULCCFrontier Group Holdings, Inc. | 1.6 bn | — | -175.4% | -8.9% | −1.4% | +55% / +81% |
| JBLUJetblue Airways Corp | 1.3 bn | — | -55.4% | -10.0% | −2.3% | −22% / −19% |
| RJETRepublic Airways Holdings Inc. | 958.4 m | 9.6 | 7.5% | 4.6% | +13.7% | +2% / +90% |
| AIRTAir T, Inc. | 77.0 m | 1.2 | 210.7% | 17.2% | +12.1% | +30% / +20% |
| FJETStarfighters Space, Inc. | 46.8 m | — | -94.2% | — | unavailable | unavailable / unavailable |
| AZULAzul SA | — | — | — | 0.6% | +10.8% | unavailable / unavailable |
1- and 3-year price returns: for AIRT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.02 Total return -37% · Per year -37% | 31.77 Total return 11% · Per year 11% | 47.76 Total return 66% · Per year 66% |
| 3 years | 19.38 Total return -32% · Per year -12% | 38.28 Total return 33% · Per year 10% | 62.90 Total return 119% · Per year 30% |
| 5 years | 20.86 Total return -27% · Per year -6% | 46.13 Total return 61% · Per year 10% | 82.85 Total return 189% · Per year 24% |
- Exit P/E± 9.57
- Net margin± 6.70
- Annual revenue growth± 5.24
- Annual dilution± 0.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Air T, Inc. is a holding company based in Charlotte, North Carolina, that owns overnight air cargo, airport ground support equipment, commercial aircraft component, digital aviation, Australian regional airline and aircraft leasing businesses. The December 2025 acquisition of Rex changed its profile, and renewing its FedEx contracts is now central to its outlook. Consolidated revenue reached 327.1 million USD in fiscal 2026, while the first quarter of fiscal 2027 showed an operating loss of 12.8 million USD.
SWOT
Strengths
- The company has a long relationship with FedEx and a multi-decade operating history, along with a diversified portfolio of aviation services that support one another 1.
- Diversification across five to six segments reduces reliance on any single market, and some segments such as digital solutions have recurring revenue 13.
- The Rex acquisition brought a regulated operation and a presence in Australia, which broadens the company's asset base 1.
Weaknesses
- Dependence on FedEx is very high, and losing this customer would have a material adverse effect on the whole company 1.
- Quarterly results are volatile, and segments such as ground equipment and components show large swings from quarter to quarter 23.
- Rex integration is at an early stage, and fuel and restructuring costs contributed to the first-quarter operating loss 3.
Opportunities
- If the FedEx negotiations conclude favorably, the company could keep its core revenue base and expand maintenance services for third-party customers 1.
- Growth in leasing and asset management through its new investment structure could bring more recurring revenue 2.
- If Rex restores its fleet and stabilizes costs, the regional segment could become a growth driver over the medium term 3.
Threats
- FedEx contracts can be terminated on short notice, and a reduction in the number of aircraft could seriously affect results 1.
- Volatile fuel prices and regulatory risks in Australia could erode the margin of the regional segment 13.
- Cybersecurity risks, inflation and competition for skilled staff could raise costs and reduce profitability 1.
Risks
- Dependence on FedExhigh
Most of the cargo segment relies on a single customer, and the contracts can be ended on short notice if certain conditions are met 1.
- Rex integration riskhigh
Integrating a company under a different regulatory regime and reporting framework could delay results and increase costs 1.
- Fuel costsmedium
Higher fuel prices could reduce the margins of the regional segment, and the company does not hedge its fuel exposure 3.
- Debt and liquiditymedium
The company carries significant financial obligations, and if cash flows prove insufficient it may need to seek other financing or alternatives 1.
- Seasonality and weatherlow
Deicer sales depend on winter, and a mild winter could reduce demand and quarterly revenue 1.
Investment thesis
What would need to be true (bull case)
- If Rex restores its fleet and stabilizes costs, the regional segment could add meaningful revenue and profit to the whole company.
- If the FedEx negotiations conclude on acceptable terms, the company's main revenue base could remain stable.
- Diversification into digital services, leasing and ground equipment could reduce earnings volatility as these segments grow.
What would break the thesis
- If FedEx reduces the number of aircraft or ends its contracts, revenue and profitability could fall quickly.
- If Rex integration takes longer than expected, operating losses could continue and may require additional financing.
- If the components and ground equipment segments remain volatile, quarterly results could stay hard to predict.
What to watch
- Outcome of the FedEx dry-lease renewal negotiationsAugust 2026
- Trend in Rex operating loss and margin after fuel costs stabilizeQ2 2027
- Annual USAF deicer orders and GGS backlog levelQ3 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Air T is a holding company that aims to grow its earnings power and free cash flow per share over time through a portfolio of operating businesses and financial assets 1. It runs five core aviation segments, to which a new regional airline segment covering Rex was added in December 2025 1. A central corporate function allocates capital across the consolidated businesses 1.
The main revenue sources are air express delivery and airport equipment. The overnight air cargo segment mainly operates under dry-lease contracts with FedEx, where FedEx supplies the aircraft and the company provides crews and operational control 1. The ground support equipment segment makes aircraft deicers and specialized equipment for airports and military customers, with seasonal order patterns 1. The commercial aircraft, engines and parts segment covers leasing, disassembly and repair for airlines 1.
The Rex acquisition, completed on December 18, 2025 under Australian voluntary administration, added a regulated regional airline and expanded the company into Australia 1. In the first quarter of fiscal 2027 Rex alone generated 55.9 million USD of revenue, and the company reported a larger operating loss, partly due to fuel costs 23. Integration is still under way, so the effect of this acquisition on results remains uncertain 3.
Segments
Regional airline (Rex)
This is the newest and largest segment by revenue, and also the most exposed to costs. In the first quarter of fiscal 2027 it brought in 55.9 million USD, and its operating loss was driven mainly by fuel costs, which rose because of higher per-liter prices rather than higher consumption 3.
Market context
Air T operates in niche aviation markets: express cargo, deicing, repair and maintenance, aircraft leasing and digital aviation services 1. Most direct competitors in cargo are privately held, and management believes MAC and CSA together form the largest contract carrier of this type, though industry data does not allow independent confirmation 1. The ground equipment market is described as highly competitive, with rivals that may have greater financial resources 1.
Demand in commercial aviation affects several segments at once, from repair to leasing and ground equipment. The company notes that this market has historically been tied to the financial health of aviation, weather patterns and technological change 1. If air traffic or airline orders decline, these segments could be affected at the same time 1.
Trends
- FedEx contract renewalheadwind
The FedEx dry-lease agreements expire on August 31, 2026, and renewal talks are ongoing 1. The company is cautiously optimistic, but the contracts can be terminated on short notice, so the outcome could substantially change the company's profile 1.
- Rex integrationmixed
The Rex acquisition extends the company into Australia and adds substantial revenue, but integration brings costs and management demands, and first-quarter losses show the effects are still unstable 13. If integration succeeds, the segment could become a steady source of revenue, otherwise it could keep weighing on results.
- Deicing demand and military ordersmixed
Deicer sales depend on winter conditions and the timing of USAF orders, and backlog figures show large swings from quarter to quarter 13. A mild winter or a delay in military orders could reduce segment revenue.
- Recovery in components and leasingmixed
The components and leasing segment declined because of an elevated trading year, and management said that level is not expected to recur soon 1. On the other hand, units such as Worthington and Jet Yard grew, which shows partial recovery 12.
Competitive position
In air cargo the company says MAC and CSA are two of eight carriers operating as FedEx feeders, benchmarked against the other six on safety, reliability and price 1. In ground equipment competition is intense, and some rivals have greater resources 1. Most direct competitors are not publicly listed, which makes precise market share comparisons difficult 1.
In components and leasing, competition depends on the availability of aircraft, engines and parts, and on the ability to refurbish and resell assets in good condition 1. The company also describes the risk that engine values and lease rates could fall if aircraft types become less attractive 1.
- Other FedEx feeder carriers
The six other companies in the FedEx feeder program, most of them private, according to the company's report.
- Deicing and ground equipment manufacturers
Competitors in airport ground equipment, some with greater financial resources, as the company describes.
- Maintenance, repair and overhaul (MRO) companies
Competitors in aircraft maintenance and part-out work, many of which are not publicly listed.
- Australian regional operators
Competitors to Rex on regional routes, where regulated route contracts and protected slots are central to their position.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Air T Shareholders Approve Board, Pay and Deloitte as Rex Engine Constraints PersistYahoo Finance — News · 25 Aug 2026 · EN
The latest news item in our archive is from 25 Aug 2026; the newest SEC filing is from 04 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report28 Aug 2026Shareholder vote
- Current report (amendment)28 Aug 2026Financial statements and exhibits
- Current report (amendment)26 Aug 2026Financial statements and exhibits
- Current report14 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report10 Jul 2026Material agreement · Other events
- Proxy statement10 Jul 2026
- Current report29 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Air T, Inc. · 29 Jun 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Air T, Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Air T, Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.