Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 72

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 72
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 period-to-period comparability. Adjusted EBITDA is not intended to replace or be an alternative to operating income (loss) from continuing operations, the most directly comparable amounts reported under GAAP. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to our business which could result in the addition or elimination of select non-GAAP financial measures in the future.

The table below provides a reconciliation of operating income (loss) from continuing operations to Adjusted EBITDA for the fiscal years ended March 31, 2025 and 2024 (in thousands):

|                                                                      |     | Twelve Months Ended |       | March 31, 2025 |     |   |       | March 31, 2024 |
|:---------------------------------------------------------------------|:----|:--------------------|------:|:---------------|:----|:--|------:|:---------------|
| Operating income (loss) from continuing operations                   |     | $                   | 1,908 |                |     | $ | 1,264 |                |
| Depreciation and amortization (excluding leased assets depreciation) |     |                     | 2,998 |                |     |   | 2,798 |                |
| Asset impairment, restructuring or impairment charges                |     |                     | 1,463 |                |     |   | 1,195 |                |
| Loss on sale of property and equipment                               |     |                     |    15 |                |     |   |    18 |                |
| TruPs issuance expenses                                              |     |                     |   212 |                |     |   |   347 |                |
| Share-based compensation                                             |     |                     |    88 |                |     |   |   106 |                |
| Severance expenses                                                   |     |                     |   244 |                |     |   |   462 |                |
| Earnout remeasurement                                                |     | $                   |   435 |                |     | $ |     — |                |
| Adjusted EBITDA                                                      |     | $                   | 7,363 |                |     | $ | 6,190 |                |

The table below provides Adjusted EBITDA for the Company's four segments and Corporate and other for the fiscal years ended March 31, 2025 and 2024 (in thousands):

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|                                        |     | Twelve Months Ended |