ACQUISITIONS (Tables)
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12 Months Ended |
Mar. 31, 2026 |
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| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
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| Schedule of Acquisition Date's Fair Value |
Total cash consideration paid is summarized in the table below (in thousands): | | | | | | | Nominal equity value | $ | — | | | Air T's payment to the Creditors Trust | 10,174 | | | Consideration paid | $ | 10,174 | |
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| Schedule of Business Combination, Recognized Asset Acquired and Liability Assumed |
The following table summarizes the current acquisition-date fair values of the assets acquired and liabilities assumed as of December 18, 2025 (in thousands):
| | | | | | | | | | | | | | | Fair value of assets acquired and liabilities assumed: | | Assets: | | | Cash and cash equivalents | $ | 75 | | | Restricted cash | 4,668 | | | Accounts receivable, net | 16,368 | | | Aircraft Parts and supplies | 14,562 | | | Property and equipment, net | | | Aircraft | 70,385 | | | Spare aircraft engines | 21,762 | | | Rotable aircraft parts | 22,942 | | | Land and buildings | 12,659 | | | Other property, plant and equipment | 3,862 | | | Intangible assets, net | 3,215 | | | ROU assets | 3,539 | | | Other non-current assets | 2,950 | | | Total Assets | 176,987 | |
| | | | | | | | | Liabilities: | | | Accounts payable | 2,795 | | | Deferred revenue | 16,018 | | | Accrued expenses and other | 9,888 | | | Short-term lease liability | 800 | | | CFA Debt | 22,203 | | | Long-term lease liability | 2,739 | | | Other non-current liabilities | 1,180 | | | Total Liabilities | 55,623 | | | | | Net Assets | $ | 121,364 | |
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| Schedule of Recognized Gain on Bargain Purchase |
| | | | | | | Total purchase consideration | $ | 10,174 | | | Less: Net assets acquired | (121,364) | | | Bargain purchase gain | $ | (111,190) | |
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| Schedule of Recognized Identified Operations |
The following table sets forth the operating results of Rex that are included in the Company’s consolidated statements of income, inclusive of intercompany transactions, for the period beginning on December 18, 2025 and ending on March 31, 2026:
| | | | | | | March 31, 2026 (in thousands): | Income Statement Post-Acquisition | | Revenue | $ | 55,314 | | | Net loss | (16,653) | |
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| Schedule of Pro Forma Information |
The following unaudited pro forma consolidated financial information reflects the results of operations of the Company for the twelve months ending March 31, 2026 and 2025 as if the Acquisition had occurred on April 1, 2024:
| | | | | | | | | | | | | Twelve Months Ended March 31, | | 2026 | | 2025 | | Net revenues | $ | 492,116 | | | $ | 482,538 | | | Operating loss | (14,995) | | | (10,359) | | | Net Income (Loss) | (28,949) | | | 91,568 | | | Net Income (Loss) per share: | | | | | Basic | $ | (10.71) | | | $ | 33.30 | | | Diluted | $ | (10.71) | | | $ | 33.30 | |
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