v3.26.1
Segment Information
 3 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
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's six business segments are as follows:

Reportable SegmentPrincipal Business Activities
Regional AirlineThe 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 ManagementThe 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 AirlineOvernight Air CargoCommercial Aircraft, Engines and PartsGround Support EquipmentDigital SolutionsAviation Leasing and Asset ManagementTotal
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 revenue11,570 
Elimination of intersegment revenue2(1,740)
Total consolidated revenue$115,461 
Cost of sales:
Cost of sales from external sources45,258 24,628 14,791 2,526 887 233 
Intersegment operating expense44 1,230 226 — 7 — 
45,302 25,858 15,017 2,526 894 233 
Less:3
General and administrative9,264 3,263 6,404 1,367 1,314 4,332 25,944 
Other segment items49,070 155 173 37 268 297 10,000 
Segment profit (loss)$(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 investments3,215 
Other non-operating income246 
Other corporate expenses5(2,669)
Elimination of intersegment profits111 
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 CargoCommercial Aircraft, Engines and PartsGround Support EquipmentDigital SolutionsTotal
Revenue from external customers$30,589 $21,960 $15,070 $2,096 $69,715 
Intersegment revenue862 468 — — 1,330 
31,451 22,428 15,070 2,096 71,045 
Reconciliation of revenue
Other revenue11,199 
Elimination of intersegment revenue2(1,374)
Total consolidated revenue$70,870 
Cost of sales:
Cost of sales from external sources25,899 14,656 12,303 836 
Intersegment operating expense862 436 — — 
26,761 15,092 12,303 836 
Less:3
General and administrative3,086 6,123 1,393 1,302 11,904 
Other segment items4138 355 36 208 737 
Segment profit (loss)$1,466 $858 $1,338 $(250)3,412 
Reconciliation of profit (loss)
Other revenue1
1,199 
Other cost of sales1
(415)
Other expenses1
(1,118)
Interest expense(2,314)
Loss from equity method investments(19)
Other non-operating income678 
Other corporate expenses5(2,375)
Elimination of intersegment profits145 
Loss before income taxes$(807)
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 $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.
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.