Air T, Inc. Reports $327.1 Million Revenue for Fiscal Year Ending March 31, 2026

Air T, Inc. reported a consolidated revenue of $327.1 million for the fiscal year ending March 31, 2026, marking a 12% increase from $291.9 million in the previous fiscal year. This growth was primarily driven by the inclusion of approximately one quarter of operations from the recently acquired Regional Express Holdings Pty Ltd (Rex), strong demand in the ground support equipment segment, and gains in the overnight air cargo and digital solutions segments. However, the commercial aircraft, engines, and parts segment experienced a significant decline in revenue, dropping 25% to $89.9 million, largely due to decreased component sales at Contrail, which had seen elevated trading activity in the prior year.

The acquisition of Rex on December 18, 2025, introduced a new reportable segment for Air T, which contributed $55.3 million in revenue for the short period it was included in the financial results. The acquisition was executed under a Deed of Company Arrangement (DOCA) during Rex's voluntary administration proceedings, allowing Air T to assume approximately $71.2 million in liabilities while recognizing a non-cash bargain purchase gain of $111.2 million. This gain reflects the excess of the acquisition-date fair value of net assets over the consideration transferred, significantly impacting the company's financial position.

Operationally, Air T's overnight air cargo segment generated $128.7 million in revenue, a 3% increase from the previous year, supported by contributions from Worldwide Aircraft Services, Inc. and Royal Aircraft Services, LLC, the latter being a new acquisition. The ground support equipment segment also saw a 21% increase in revenue to $47.2 million, driven by expanded deicing contracts. However, the segment's backlog of orders decreased from $14.3 million to $0.6 million year-over-year, primarily due to the timing of annual orders from the U.S. Air Force.

As of March 31, 2026, Air T employed approximately 1,666 individuals, with 969 of those working for Rex in Australia. The company reported a consolidated operating loss of $11.2 million, significantly impacted by the initial consolidation of Rex, which incurred an operating loss of $14.2 million during the reporting period. The outlook for Air T remains cautious, with management acknowledging the potential risks associated with economic fluctuations, inflation, and the dependency on FedEx, which accounted for 35% of consolidated revenues in the fiscal year. The company is focused on integrating Rex and managing its operational complexities while navigating the competitive landscape of the aviation industry.