Company: AIRTP
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0000353184-25-000126
Chunk: 79

Company: AIR T INC
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 79
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 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):

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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 ended9/30/20259/30/20249/30/20259/30/2024Overnight Air Cargo$1,801 $1,950 $3,414 $3,897 Ground Support Equipment1,653 513 3,027 1 Commercial Aircraft, Engines and Parts6,943 4,141 7,697 5,806 Digital Solutions(208)(80)(294)(393)Segments total$10,189 $6,524 $13,844 $9,311