Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 74

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1A
Chunk 74
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 to management’s initial profit margin assessment. 

◦Evaluating the reasonableness of management’s judgments about changes to the initial profit margin estimates, if any.

•We assessed the reasonableness of management’s projections of sales patterns, expected future demand and costs to refurbish by:

◦Comparing the information to historical results of those business units.

◦Evaluating the methodology and assumptions used by, and the qualifications of, the Company’s third-party valuation specialist.

◦Performing the following procedures for a representative sample of inventories:

◦Evaluating the key assumptions underlying the valuation by examining recent sales of comparable parts and component condition.

◦Utilizing historical costs to develop an independent estimate of costs necessary to refurbish the parts.

▪We compared management’s assumptions to market data and industry forecasts.

/s/ Deloitte & Touche LLP 

Minneapolis, Minnesota  

June 27, 2025

We have served as the Company's auditor since 2018.

45

AIR T, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS)Year Ended March 31,(In thousands, except per share data) 20252024Operating Revenues:Overnight air cargo$124,031 $115,546 Ground support equipment38,940 37,168 Commercial aircraft, engines and parts118,215 125,535 Digital solutions7,268 5,783 Corporate and other3,396 2,802 291,850 286,834 Operating Expenses:Overnight air cargo104,760 97,690 Ground support equipment33,994 31,834 Commercial aircraft, engines and parts84,896 99,222 Digital solutions2,462 1,710 Corporate and other1,191 1,202 General and administrative57,848 51,114 Depreciation and amortization4,356 2,798 Earnout remeasurement435 — 289,942 285,570 Operating Income1,908 1,264 Non-operating (Expense) Income:Interest expense(8,387)(6,916)Income from equity method investments1,700 1,689 Other(209)8 (6,896)(5,219)Loss before income taxes(4,988)(3,955)Income Tax Expense423 729 Net Loss(5,411)(4,684