AIR T INC (AIRT) Form 8-K — Aug 14, 2026

$AIRTForm 8-KItems 2.02, 7.01, 8.01, 9.01Filed Aug 14, 2026, 4:52 PM ET0000353184-26-000082Original filing

Air T (NASDAQ: AIRT) reported fiscal Q1 2027 revenue of $115.5 million, up 63% year over year, driven by the newly consolidated Rex regional airline and the new Aviation Leasing and Asset Management segment. GAAP results swung sharply negative: a $12.8 million operating loss versus $0.8 million of operating income a year ago, and adjusted EBITDA fell 45% to $0.8 million, weighed down by $3.0 million of Arena deal costs and $8.8 million of non-cash purchase-accounting D&A on the Rex fleet. On a trailing twelve-month basis, adjusted EBITDA still grew 19% to $9.5 million on $371.7 million of revenue.

Key figures

Revenue: $115.5 million (Q1 FY27, quarter ended June 30, 2026)
Total Debt: $231.6 million net of cash ($248.8 million gross)
Revenue Yoy: +63% (+$44.6 million)
Total Assets: $469.1 million (as of 6/30/26)
Cash Position: $21.7 million (cash and restricted cash; $17.1M cash and cash equivalents per debt schedule)
Deal Value Usd: $33.9 million (Crestone acquisition of Arena Aviation Capital: $21.7M cash + $12.2M contingent consideration)
Ltm revenue: $371.7 million (+25% YoY)
Rex q1 revenue: $55.9 million
Ggs order backlog: $9.0 million vs $7.2 million year-ago
Ltm operating loss: -$24.9 million (vs +$3.3 million prior year)
Blue owl investment: $10.0 million for Class B preferred units representing 10.25% of the Crestone/Arena platform
Ltm adjusted ebitda: $9.5 million (+19% YoY)
Combined platform aum: $3.0 billion under management plus $0.6 billion committed under LOI (124 aircraft, 17 engines, 55 professionals)
Market capitalization: $71.1 million (as of 6/30/26)
Rex q1 operating loss: -$7.7 million (including $8.8 million purchase-accounting D&A; $11.8 million fuel spend)
Q1 fy27 operating loss: -$12.8 million (vs +$0.8 million prior-year quarter)
Rex q1 adjusted ebitda: $1.9 million
Q1 fy27 adjusted ebitda: $0.8 million (-45% YoY)
Available credit capacity: $42.4 million under lines of credit
Rex bargain purchase gain: $111.2 million recognized at December 2025 acquisition
Air t ownership of crestone: 83.9%
Alam segment 21 day contribution: revenue $1.4M, operating loss $3.5M, adjusted EBITDA loss $0.3M
Share repurchases since oct 2013: 840,855 shares net of issuances, 31% of shares outstanding
Arena contingent consideration terms: 57.5% of performance-based fees under acquired servicing agreements, uncapped

Price after filing

1 day: 0.0%7 days: -2.3%30 days: +4.3%

Close on the filing date to close N calendar days later (from $29.43). Historical, not a forecast.

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