Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 3

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 1
Chunk 3
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 on scheduled routes. In addition, 2 Cessna Caravan and 1 Sky Courier aircraft were considered hard-parked. Hard-parked aircraft are covered under the agreements with FedEx, do not receive an administrative fee, and do not operate scheduled routes but do receive a nominal storage fee. 

Revenues from MAC and CSA’s contracts with FedEx accounted for approximately 39% and 36% of the Company’s consolidated revenue for the fiscal years ended March 31, 2025 and 2024, respectively. The loss of FedEx as a customer would have a material adverse effect on the Company. FedEx has been a customer of the Company since 1980. MAC and CSA are not contractually precluded from providing services to other parties and MAC occasionally provides third-party maintenance services to other airline customers.

MAC and CSA operate under separate aviation certifications. MAC is certified to operate under Part 121, Part 135 and Part 145 of the regulations of the FAA. These certifications permit MAC to operate and maintain aircraft that can carry a maximum cargo capacity of 7,500 pounds on the Cessna Caravan 208B under Part 135 and a maximum cargo capacity of 14,000 pounds for the ATR-42 and 17,800 pounds for the ATR-72 aircraft under Part 121. The maximum payload (cargo capacity) for the Cessna 408 operated under Part 135 is 6,000 pounds. The maximum structural payload (cargo capacity) for the ATR72-600F operated under Part 121 is 20,281 pounds. CSA is certified to operate and maintain aircraft under Part 135 of the FAA regulations. This certification permits CSA to operate aircraft with a maximum cargo capacity of 7,500 pounds.

MAC and CSA, together, operated the following FedEx-owned cargo aircraft, exclusively through dry leases for the last five years:

Number of Aircraft as of March 31,Type of AircraftModel YearForm of Ownership20252024202320222021Cessna Caravan 208B (single turbo prop)1985-1996Dry lease6871615449Cessna SkyCourier 408 (twin turbo prop)12022-2023Dry lease1211400ATR-42 (twin turbo prop)1992Dry lease99998ATR-72 (twin turbo prop)1992Dry lease10101099ATR-72-600 (twin turbo prop)2022-2023Dry lease44100103105857266

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