Company: AIRTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000353184-25-000126
Chunk: 15

Company: AIR T INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 2
Chunk 15
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 the Company does not add back depreciation expense for assets that are on lease, as the Company believes this expense matches with the corresponding revenue earned on leased assets.

Management believes that Adjusted EBITDA is a useful measure of the Company's performance because it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. 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. Adjusted EBITDA is not intended to replace or be an alternative to operating income (loss), the most directly comparable amounts reported under GAAP.

The tables below provide a reconciliation of operating income (loss) to Adjusted EBITDA for the three and six months ended September 30, 2025 and 2024 (in thousands):

47

Three months endedSix months ended9/30/20259/30/20249/30/20259/30/2024Operating income$5,508 $3,620 $6,354 $3,062 Depreciation and amortization (excluding certain leased assets depreciation)1730 949 1,432 1,709 Asset impairment, restructuring or impairment charges198 124 239 503 Loss (gain) on sale of property and equipment21 (8)20 (8)Securities issuance expenses20 28 49 129 Share-based compensation41 2 81 18 Severance expenses— 39 — 218 Earnout remeasurement(264)279 (666)259 Deal-sourcing and acquisition related expenses1,628 — 1,837 — Adjusted EBITDA$7,882 $5,033 $9,346 $5,890 (1) Leased assets depreciation expense excluded was $0.1 million and $0.7 million  during the three and six months ended September 30, 2025, respectively. There were no leased assets depreciation expense excluded for both the three and six months ended September 30, 2024.

The table below provides Adjusted EBITDA by segment for the three and six months ended September 30, 2025 and 2024 (in thousands):

Three months endedSix months ended9/30/20259/30/20249/30/20259/30/202