Business
AerSale Reports Second Quarter 2024 Results
Second Quarter 2024 Highlights Revenue of $77.1 million versus $69.3 million in the prior year period. GAAP net loss of $3.6 million versus GAAP net loss of
About this update from Aersale Corporation
[{"type":"text","content":"\nSecond Quarter 2024 Highlights\n\n\n\nRevenue of $77.1 million versus $69.3 million in the prior year period.\n\n\n\nGAAP net loss of $3.6 million versus GAAP net loss of $2.7 million in the prior year period.\n\n\n\nAdjusted Net Loss of $2.6 million versus Adjusted Net Loss of $0.6 million in the prior year period.\n\n\n\nAdjusted EBITDA1 of $3.2 million versus $(0.5) million in the prior year period.\n\n\n\nFlight equipment sales consisted of five engines and no aircraft compared to four engines and two unserviceable airframes in the prior year period.\n\n\n\nFeedstock acquisitions of $36 million and additional $71 million under contract as of June 30, 2024.\n\n\n\nFlight Equipment inventory of $378.8 million as of June 30, 2024.\n\n\n\n CORAL GABLES, Fla.--(BUSINESS WIRE)--\nAerSale Corporation (Nasdaq: ASLE) (the “Company”) today reported results for the second quarter ended June 30, 2024. The Company’s revenue for the second quarter of 2024 was $77.1 million compared to $69.3 million in the second quarter of 2023. Revenue for the second quarter of 2024 included $17.9 million of flight equipment sales compared to $17.6 million of flight equipment sales in the prior-year period. Flight equipment sales in the second quarter of 2024 consisted of five engines compared to four engines and two unserviceable airframes in the prior year period. The increase in sales was primarily the result of higher volume of USM sold and strong MRO revenue amid a robust commercial backdrop. As a reminder to investors, the Company’s revenues are likely to fluctuate from quarter-to-quarter and year-to-year based on flight equipment sales and therefore, progress should be monitored based on MRO activity, asset purchases and related sales.\n\n\nNick Finazzo, AerSale’s Chief Executive Officer, commented, “Our results improved over the prior year driven by higher feedstock acquisitions over the past 18 months, continued demand in MRO and incremental volume of AerSafe™. We have also advanced on a set of initiatives to drive future growth and more consistently exceed our fixed cost hurdles. We have progressed on the multi-year expansion of both capacity and capabilities at our on and off-airport MRO facilities, which includes our new on-airport MRO in Millington, Tennessee, pneumatics capability at our Miami, Florida accessories shop, and tripling the s...