Company: AIRTP
Filing Date: 2025-02-12
Form Type: 10-Q
Source: 0000353184-25-000009
Chunk: 30

Company: AIR T INC
Filing Date: 2025-02-12
Form: 10-Q
Item: Item 8
Chunk 30
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 31,2024202320242023Product SalesOvernight air cargo$10,513 $10,050 $30,281 $28,428 Ground equipment sales10,108 8,080 31,258 31,556 Commercial jet engines and parts29,488 21,381 83,271 81,535 Corporate and other395 153 862 775 Support ServicesOvernight air cargo20,067 18,929 61,762 56,378 Ground equipment sales1,486 223 1,939 474 Commercial jet engines and parts1,846 2,533 6,151 8,393 Corporate and other1,781 1,478 4,984 3,967 Leasing RevenueGround equipment sales— 24 30 58 Commercial jet engines and parts1,172 12 1,687 35 Corporate and other415 397 1,285 1,209 OtherOvernight air cargo12 39 119 138 Ground equipment sales252 114 428 386 Commercial jet engines and parts182 213 756 500 Corporate and other163 130 722 322 Total$77,880 $63,756 $225,535 $214,154 See Note 14 for the Company's disaggregated revenues by geographic region and Note 15 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.Contract Balances and CostsContract liabilities relate to deferred revenue, our unconditional right to receive consideration in advance of performance with respect to subscription revenue and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2024 and December 31, 2024 and the amount of contract liabilities as of April 1, 2024 that were recognized as revenue during the nine-month period ended December 31, 2024 (in thousands):Outstanding contract liabilitiesOutstanding contract liabilities as of April 1, 2024Recognized as RevenueAs of December 31, 2024$3,956 As of April 1, 2024$4,359 For the nine months ended December 31, 2024$(3,613)

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