Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 0

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 0
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Item 1.    Financial Statements

AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) 

(UNAUDITED)

(In thousands, except per share data)Three Months EndedJune 30,20252024Operating Revenues:Overnight air cargo$30,589 $30,383 Ground support equipment15,070 7,354 Commercial aircraft, engines and parts21,960 26,250 Digital solutions2,096 1,678 Corporate and other1,155 746 70,870 66,411Operating Expenses:Overnight air cargo25,899 25,709 Ground support equipment12,303 6,533 Commercial aircraft, engines and parts14,656 18,533 Digital solutions836 556 Corporate and other415 285 General and administrative15,031 14,612 Depreciation and amortization1,284 760 70,424 66,988 Operating Income (Loss)446 (577)Non-operating (Expense) Income:Interest expense(2,314)(1,946)(Loss) Income from equity method investments(19)1,923 Earnout remeasurement income402 20 Other678 683 (1,253)680 (Loss) Income before income taxes(807)103 Income Tax (Benefit) Expense(136)71 Net (Loss) Income(671)32 Net Income Attributable to Non-controlling Interests(965)(367)Net Loss Attributable to Air T, Inc. Stockholders$(1,636)$(335)Loss per share (Note 6)Basic$(0.61)$(0.12)Diluted$(0.61)$(0.12)

4

Weighted Average Shares Outstanding:Basic$2,703 $2,761 Diluted$2,703 $2,761 

See notes to condensed consolidated financial statements.

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AIR T, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

Three Months EndedJune 30,(In Thousands)20252024Net (Loss) Income$(671)$32 Foreign currency translation gain (loss)413 (50)Reclassification of interest rate swaps into earnings12 (203)Redemption of