Company: AIRTP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0000353184-25-000073
Chunk: 105

Company: AIR T INC
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 105
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 it provides investors additional information about the Company's operations allowing better evaluation of underlying business performance and better period-to-period comparability. We may periodically review and update our non-GAAP financial measures based on our determination of their relevance to 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 months ended June 30, 2025 and 2024 (in thousands):

Three months ended6/30/20256/30/2024Operating income (loss)$446 $(577)Depreciation and amortization (excluding certain leased assets depreciation)1702 760 Asset impairment, restructuring or impairment charges40 378 Gain on sale of property and equipment(1)— Securities issuance expenses30 101 Share-based compensation39 16 Severance expenses— 179 Deal-sourcing expenses210 — Adjusted EBITDA$1,466 $857 (1) Leased assets depreciation expense excluded was $0.6 million and $0 during the three months ended June 30, 2025 and June 30, 2024, respectively. 

The table below provides Adjusted EBITDA by segment for the three months ended June 30, 2025 and 2024 (in thousands):

44

Three months ended6/30/20256/30/2024Overnight Air Cargo$1,613 $1,947 Ground Support Equipment1,374 (511)Commercial Aircraft, Engines and Parts754 1,665 Digital Solutions(86)(312)Segments total$3,655 2,789 Corporate and Other$(2,189)(1,932)Adjusted EBITDA$1,466 $857 

Issuer and guarantor subsidiary summarized information

Air T Funding is a statutory business trust formed under Delaware law in September 2018. Air T Funding exists for the exclusive purposes of (i) issuing and selling its Alpha Income Trust Preferred Securities (also referred to as the 8.0% Cumulative Securities, Capital Securities or “Trust Preferred Securities”), par value $25.00 per share, (ii) using the proceeds from the sale of the Trust Preferred Securities to acquire Junior Subordinated Debentures issued by