SEGMENT INFORMATION (Tables)

Air T's five reportable segments are as follows:


Reportable Segment						Principal Business Activities
Overnight Air Cargo						Overnight air cargo primarily operates under its relationship with FedEx spanning over 40 years and represent two of 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 U.S. 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						Ground support equipment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers.
Digital Solutions						Digital solutions develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Prior to March 31, 2025, digital solutions operations were reported as part of the central corporate function referred to as Corporate and Other.
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.

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


	Year ended March 31, 2026
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Regional Airline		Total
Revenue from external customers	$	123,696	$	86,919	$	47,185	$	9,081	$	55,314	$	322,195
Intersegment revenue	4,991		2,990		—		16		—		7,997
	128,687		89,909		47,185		9,097		55,314		330,192
Reconciliation of revenue
Other revenue1											5,074
Elimination of intersegment revenue2											(8,176)
Total consolidated revenue											$	327,090
Cost of sales:
Cost of sales from external sources	104,100		61,579		36,726		3,589		44,878
Intersegment cost of sales	4,992		3,329		—		14		138
	109,092		64,908		36,726		3,603		45,016
Less:3
General and administrative	12,842		25,066		6,209		5,922		15,476
Gain from sale of aircraft	—		(7,034)		—		—		—
Other segment items4	564		738		140		851		9,058
Segment profit (loss)	6,189		6,231		4,110		(1,279)		(14,236)		1,015

Reconciliation of profit (loss)
Other revenue1											5,074
Other cost of sales1											(1,935)
Other expenses1											(4,501)
Interest expense											(12,040)
Income from equity method investments											(1,740)
Gain on bargain purchase											111,190
Other non-operating expense5											(193)
Other corporate expenses											(12,077)
Elimination of intersegment profits											1,227
Earnings before income taxes											$	86,020


	Year ended March 31, 2025
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Regional Airline		Total
Revenue from external customers	$	124,031	$	118,215	$	38,940	$	7,268	$	—	$	288,454
Intersegment revenue	880		1,197		—		—		—		2,077
	124,911		119,412		38,940		7,268		—		290,531
Reconciliation of revenue
Other revenue1											3,570
Elimination of intersegment revenue2											(2,251)
Total consolidated revenue											$	291,850
Cost of sales:
Cost of sales from external sources	104,760		84,896		33,994		2,462		—
Intersegment cost of sales	911		1,323		—		—		—
	105,671		86,219		33,994		2,462		—
Less:3
General and administrative	12,531		24,113		5,888		5,078		—
Other segment items4	489		2,583		268		792		—
Segment profit (loss)	6,220		6,497		(1,210)		(1,064)		—		10,443

Reconciliation of profit (loss)
Other revenue1											3,570
Other cost of sales1											(1,191)
Other expenses1											(3,930)
Interest expense											(8,387)
Income from equity method investments											1,700
Other non-operating expense											(209)
Other corporate expenses5											(7,878)
Elimination of intersegment profits											894
Loss before income taxes											$	(4,988)


	Year ended March 31, 2026
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Regional Airline		Total Reportable Segments		Corporate and other		Total
Depreciation and amortization	$	564	$	1,404	$	140	$	851	$	8,808	$	11,767	$	573	$	12,340
Capital Expenditures	460		580		91		—		14,972		16,103		380		16,483


	Year ended March 31, 2025
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Regional Airline		Total Reportable Segments		Corporate and other		Total
Depreciation and amortization	$	489	$	2,148	$	268	$	792	$	—	$	3,697	$	659	$	4,356
Capital Expenditures	418		14,911		217		36		—		15,582		97		15,679