Air T, Inc., established in 1980 and headquartered in Denver, North Carolina, operates as a diversified holding company. Its core businesses encompass three primary areas: expedited air freight services, the manufacture and sale of specialized ground support equipment, and comprehensive solutions for commercial aircraft, engines, and components. It also provides printing equipment and maintenance services, serving both domestic and international markets. The expedited air freight division delivers overnight air cargo, notably managing a fleet of 72 aircraft under dry-lease agreements with FedEx as of March 31, 2022. Its ground support equipment segment designs, produces, sells, and maintains a range of specialized machinery. This includes items such as aircraft deicers, scissor lifts, military and civilian decontamination units, flight-line tow tractors, and glycol recovery vehicles. Its clientele spans passenger and cargo airlines, ground handling firms, the United States Air Force, various airports, and industrial enterprises. The commercial aircraft, engine, and parts unit offers a broad spectrum of services. These include commercial aircraft acquisition, leasing, and part solutions; aircraft storage and maintenance, along with disassembly and part-out services. Furthermore, it handles sales, exchanges, procurement, consignment programs, and overhaul and repair for aircraft components. The segment also supplies vital instrumentation, avionics, and electrical accessories for a diverse array of civilian, military transport, regional/commuter, and business/commercial jet and turboprop aircraft. Rounding out its offerings are composite aircraft structures and associated repair and support functions.
Air T, Inc. Continues Track Record of Growth in First Quarter Fiscal 2027: Crestone Completes Acquisition of Arena
Air T reported fiscal Q1 revenue of $115.5 million, up 63% year-over-year, while trailing twelve-month revenue increased 25% to $371.7 million. The company's subsidiary Crestone completed the $33.9 million acquisition of Arena Aviation Capital, creating a combined platform with $3.0 billion of assets under management.
The Rex regional airline segment generated $55.9 million in revenue and achieved positive Adjusted EBITDA of $1.9 million, though it reported a $7.7 million operating loss driven by non-cash depreciation from the fleet revaluation. TTM Adjusted EBITDA grew 19% to $9.5 million.
Air T ended the quarter with $21.7 million in cash and $42.4 million in available credit, maintaining liquidity as it integrates the recent acquisitions.