Slide 1: A Portfolio of Powerful Companies
As of December 31, 2024 A PORTFOLIO OF POWERFUL COMPANIES Planet Microcap Las Vegas April 23, 2025 NASDAQ: AIRT
Slide 2: Safe Harbor
Statements in this document, which contain more than historical information, may be considered forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may differ materially from those e
Slide 3: What does AIRT do?
What does AIRT do? • We invest to build aviation businesses for the long run • We start businesses • We acquire businesses △ We care deeply about delivering outstanding products xxand services 3
Slide 4: Strength from Coherent Strategy
Strength from Coherent Strategy We apply discernment and coordinated action to make investments that we believe will compound capabilities and capital 4
Slide 5: Organizational Design
Organizational Design Air T is a decentralized portfolio of responsible and autonomous businesses — each of which is independent yet interrelated. Air T finds, develops, and focuses resources to activate growth and overcome challenges. Air T makes space for dynamos and dynamic teams. Air T is an all
Slide 6: Corporate Leadership
Corporate Leadership Nick Swenson Katrina Philp Dan Philp Tracy Kennedy Chief Executive Officer Chief of Staff SVP Corporate Development Chief Financial Officer Working together since 2007 Working together since 2007 Working together since 2007 Working together since 2018 Mark Jundt Ryan Ohlhorst Ki
Slide 7: Our Eleven Year Journey
Our Eleven Year Journey As of 12/31/2013 12/31/2024 Businesses 3 14 Revenue (for 9-month periods ended 12/31) $75.3M $225.4M Adj. EBITDA (for 9-month periods ended 12/31) $2.3M $8.6M Total Debt $0.0M $123.5M Total Assets $36.5M $187.6M Tangible Net Working Capital1 $15.6M $52.9M Market Capitalizatio
Slide 8: Flywheel
Identify good ideas Build a brand and industrious Match with network capital partners FLYWHEEL Generate Secure and extremely empower attractive returns dynamic on capital management 88
Slide 9: Air T's Portfolio of Companies
Air T’s Portfolio of Companies As of and For the 9 months ended 12/31/24 1 As disclosed in our SEC filings, these investments are accounted for under the equity method of accounting on a three-month lag, and therefore, the revenues listed here are for the nine-month period ended September 30, 2024 9
Slide 10: Consolidated Companies Financial Trends
FY Results Consolidated Companies Financial Trends (For the Nine-Month Periods Ended 12/31) 2024 2023 2022 2021 2020 Revenue $225.5M $214.2M $172.9M $125.6M $128.4M Adjusted EBITDA1 (before Corporate Overhead) $13.1M $7.2M $10.8M $5.1M $2.9M Corporate Overhead2 ($4.5M) ($4.3M) ($5.6M) ($3.2M) ($4.2M
Slide 11: Non-Operating Assets
OTHER Non-Operating Assets (For the Nine-Month Period Ended 12/31) 1 As disclosed in our filings, these investments are accounted for under the equity method of accounting on a three-month lag, and therefore, these amounts are for the nine-month periods ended September 30 2On August 4, 2023, Insigni
Slide 12: Cadillac Castings, Inc. (CCI)
Cadillac Castings, Inc. (“CCI”) • Core Mission: Cadillac Casting, Inc. is a leading manufacturer of American-made high-quality ductile iron castings, prioritizing innovation, reliability, and technological excellence for automotive and industrial markets. • Rich History: Founded in 1922 by the Dodge
Slide 13: Lendway (LDWY)
Lendway (“LDWY”) • Core Mission: Lendway, Inc. (NASDAQ: LDWY) focuses on specialty agriculture, managing high- quality agricultural investments globally to maximize stockholder value. • Business Transition: On August 4, 2023, Lendway, formerly Insignia Systems, Inc., shifted its focus from in-store
Slide 14: Crestone Asset Management (CAM)
Crestone Asset Management (“CAM”) 14
Slide 15: Aircraft JVs
Aircraft JVs As of 12/31/24 3/31/24 3/31/23 3/31/22 Aircraft JV Assets Under Management $515M $428M $150M $84M (net of dispositions) Aircraft JV Assets $564M $429M $150M $84M Purchased ■ We manage assets for ourselves and our investor partners. The asset types include leased aircraft, consignments,
Slide 16: Aircraft JVs Capital Partners
Aircraft JVs Capital Partners xxxxxxxxxxxxxxx: A leading alternative asset manager redefining investment solutions with over $250 billion in assets, focusing on credit, GP strategic capital, and real estate to deliver strong, risk-adjusted returns. xxxxxxxxxxxxxxxxxxxxxxxxxx: A New York-based altern
Slide 17: Aircraft Asset Management 24-1 (AAM 24-1)
Aircraft Asset Management 24-1 (“AAM 24-1”) AAM 24-1 is a wholly-owned consolidated subsidiary of Air T, created for the purpose of investing in Crestone Asset Management, LLC and other aviation deals alongside our AAM 24-1 Standalone Financials Aircraft JVs capital partners. These investments are h
Slide 18: Strength of Aircraft JVs Platform
Strength of Aircraft JVs Platform Extracting maximum value through the last decade of an aircraft’s lifecycle, drawing on the expertise and capabilities of the Air T family A full-service aviation Commercial aircraft Global support Focused on airframe Emerging leader of Delivers landing gear asset m
Slide 19: Dividends Received from Equity Method Investees
DISTRIBUTIONS AIR T, INC. Dividends Received from Equity Method Investees (For the Nine-Month Periods Ended 12/31) Equity Method Investment (in millions) 2024 2023 2022 Lendway (“LDWY”) $0.0 $0.0 $0.0 CCI $0.0 $0.5 $0.3 CAM $3.9 $1.4 $0.0 Other $1.2 $0.2 $0.1 Total $5.1 $2.1 $0.4 19
Slide 20: Corporate and Other Subcomponent of Operating Income
Corporate and Other Subcomponent of Operating Income (excluding Equity Method Investments) Nine-Month Periods Ended 2024 2023 2022 2021 2020 12/31 Corporate Overhead ($4.5M) ($4.3M) ($5.6M) ($3.2M) ($4.2M) Other subsidiaries1 ($3.1M) ($2.9M) ($2.9M) ($3.1M) ($2.9M) Total Corporate and Other ($7.6M)
Slide 21: Capitalization Table
CAPITALIZATION TABLE AIR T, INC.’s capital structure is designed to appropriately shape our bet sizes; in part by utilizing non-recourse leverage For example, AIR T guarantees Contrail’s bank loans to a maximum limit of $1.6 million. 1We entered interest rate swaps to provide a fixed rate of 5.09% a
Slide 22: Debt Summary
Debt Summary1 53% 47% 1See the debt table on slide 21 for details on the specific debt facilities 22
Slide 23: AIRTP
“AIRTP” Overview: AIRTP represents preferred security issued by Air T Funding, a finance subsidiary of Air T, Inc., listed on NASDAQ under the ticker AIRTP. Security: Trust-preferred securities with a $25.00 par value per share, ensuring priority over common stock, with consistent dividend payments.
Slide 24: Air T Digital
Air T Digital As of 12/31/24 3/31/24 3/31/23 3/31/22 ARR1 $7.3M $5.9M $4.7M $3.9M ■ Consists of WorldACD and Ambry Hill Technologies ■ We invest in companies that provide digital aviation and other business services that generate recurring subscription revenues. 1ARR, or Annual Recurring Revenue, is
Slide 25: Q&A
Q&A APOR[JFOLIO OF POWERFUL COMPANIES
Slide 26: Appendix
Appendix APOR[JFOLIO OF POWERFUL COMPANIES
Slide 27: Adjusted EBITDA Reconciliation
FY Results Adjusted EBITDA Reconciliation (For the Nine-Months Period Ended 12/31) The Company uses adjusted earnings before taxes, interest, and depreciation and amortization ("Adjusted EBITDA"), a non-GAAP financial measure as defined by the SEC, to evaluate the Company's financial performance. Th