Company: AIRTP
Filing Date: 2025-08-12
Form Type: 10-K/A
Source: 0000353184-25-000069
Chunk: 57

Company: AIR T INC
Filing Date: 2025-08-12
Form: 10-K/A
Chunk 57
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 |     |                      | 118,215 |     |   | 125,535 |     |        | -7,320 |     | -6 | % |
| Digital Solutions                      |     |                      |   7,268 |     |   |   5,783 |     |        |  1,485 |     | 26 | % |
| Segments total                         |     |                      | 288,454 |     |   | 284,032 |     |        |  4,422 |     |  2 | % |
| Corporate and Other                    |     |                      |   3,396 |     |   |   2,802 |     |        |    594 |     | 21 | % |
| Total                                  |     | $                    | 291,850 |     | $ | 286,834 |     | $      |  5,016 |     |  2 | % |

Revenues from the overnight air cargo segment increased by $8.5 million (7%) compared to the prior fiscal year, principally attributable to higher labor revenues, increase in admin fees and higher FedEx pass through revenues due to higher billable hours for maintenance. Pass-through costs under the dry-lease agreements with FedEx totaled $39.9 million and $36.4 million for the years ended March 31, 2025 and 2024, respectively.

The ground support equipment segment contributed approximately $38.9 million and $37.2 million to the Company’s revenues for the fiscal years ended March 31, 2025 and 2024, respectively, representing a $1.7 million (5%) increase in the current fiscal year. The increase was primarily driven by an increase in spare part sales and support services provided to customers while deicer sales increased slightly. At March 31, 2025, the ground support equipment segment’s order backlog was $14.3 million compared to $12.6 million at March 31, 2024.

The commercial aircraft, engines and parts segment contributed $118.2 million of revenues in fiscal year ended March 31, 2025 compared to $125.5 million in the prior fiscal year which is a decrease of $7.3 million (6%). The decrease was primarily driven by a lower supply of whole assets available to purchase for tear-down or resale in an increasingly competitive market, further exacerbated by aircraft operators keeping older aircraft in operation for longer than they have in the