Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 222

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 7
Chunk 222
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-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 EndedMarch 31, 2025March 31, 2024Operating 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 charges1,463 1,195 Loss on sale of property and equipment15 18 TruPs issuance expenses212 347 Share-based compensation88 106 Severance expenses244 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):

39

Twelve Months EndedMarch 31, 2025March 31, 2024Overnight Air Cargo$6,808 $7,144 Ground Support Equipment(773)(949)Commercial Aircraft, Engines and Parts9,832 6,119 Digital Solutions(272)149 Segments total15,595 12,463 Corporate and Other(8,232)(6,273)Adjusted EBITDA$7,363 $6,190 

Issuer and guarantor subsidiary summarized information

Air T Funding is a statutory business trust formed under Delaware law in September 2018. Air T Funding exists for the exclusive purposes of (i) issuing and selling its Alpha Income Trust Preferred Securities (also referred to as the 8.0% Cumulative Securities, Capital Securities or “Trust Preferred Securities”), par value $25.00 per share, (ii) using the proceeds from the sale of the Trust Preferred Securities to acquire Junior Subordinated Debentures issued by the Company, and (iii) engaging in only those other activities necessary, advisable or incidental thereto (such as registering the transfer of the Trust Preferred Securities). Accordingly, the Junior Subordinated Debentures are the sole assets of Air T Funding, and payments by the Company under the Junior Subordinated Debentures and a related expense agreement are the sole revenues of Air T Funding. Air T Funding’s business and affairs are conducted by a Property