CHARLOTTE, NC / ACCESS Newswire / June 29, 2026 / Air T, Inc. (NASDAQ:AIRT) is an industrious American company with a portfolio of businesses, each of which is independent yet interrelated. We seek dynamic individuals and teams to operate companies with processes and insights that drive increasing value over time. We believe we can invest corporate resources to help activate growth and overcome challenges.
Our core segments are overnight air cargo; ground support equipment; commercial aircraft, engines and parts; digital solutions; and regional airline.
Today, Air T announced results for the fiscal year ended March 31, 2026:
Revenues totaled $327.1 million for the fiscal year ended March 31, 2026, an increase of $35.2 million, or 12% from the prior fiscal year. Revenues for the fiscal year ended March 31, 2026 included $55.3 million related to our acquisition of Regional Express Holdings Pty Ltd ("Rex") completed on December 18, 2025.
Operating loss was $11.2 million for the fiscal year ended March 31, 2026, compared to operating income in the prior fiscal year of $1.9 million.
Earnings before income taxes were $86.0 million for the fiscal year ended March 31, 2026, compared to a loss before income taxes of $5.0 million in the prior fiscal year. Results for the fiscal year ended March 31, 2026 include a $111.2 million non-cash bargain purchase gain related to the Rex acquisition. The gain does not represent cash generated by Rex or operating income from Rex's business.
Adjusted EBITDA* was $10.1 million for the fiscal year ended March 31, 2026, compared to $7.4 million in the prior fiscal year.
The investment balance for the Company's equity method investees was $26.1 million at March 31, 2026, compared to $19.0 million at March 31, 2025.
Net income per share was $28.85 for the fiscal year ended March 31, 2026, compared to net loss per share of $2.23 for the prior fiscal year. As noted above, fiscal year 2026 results include a $111.2 million non-cash pre-tax bargain purchase gain related to the Rex acquisition.
*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.
Company Chairman and CEO Nick Swenson commented:
"Air T's fiscal 2026 represents an important year of transformation. The completion of the Rex acquisition and Crestone's merger with Arena in the first quarter of fiscal 2027 will be transformative to our long-term balance sheet and income statement. Our current year results were subject to significant expenses associated with the Rex acquisition, and just over three months of Rex's operating activity in our income statement during their seasonally slow summer. We believe that both acquisitions will be significant positive generators of shareholder value over time.