Air T, Inc. reported financial results for the fiscal second quarter ended September 30, 2026, showing a significant increase in revenue driven by the acquisition of Regional Express Holdings Pty Ltd.
For the quarter, total revenues reached $146.9 million, a $82.8 million increase or 129% compared to the prior year. This growth was attributed to $56.8 million in revenue from Rex, which was acquired on December 18, 2025. The company reported an operating loss of $11.8 million and a net loss per share of $7.48, compared to an operating income of $5.5 million and net income per share of $1.61 in the prior year.
Adjusted EBITDA for the quarter was $4.4 million, a decrease from $7.9 million in the prior year. The company’s equity method investment balance was $26.2 million at September 30, 2026.
Segment performance varied across the company's operations:
- Regional Airline: Generated $56.8 million in revenue with an Adjusted EBITDA loss of $0.9 million. The loss was driven by fuel costs and unscheduled engine removals.
- Overnight Air Cargo: Reported $34.5 million in revenue and $2.6 million in Adjusted EBITDA, an increase of $0.8 million from the prior year.
- Commercial Aircraft, Engines and Parts: Recorded $28.5 million in revenue and $1.5 million in Adjusted EBITDA, a decrease from $6.9 million in the prior year due to the absence of a large gain on sale of aircraft.
- Ground Support Equipment: Reported $18.9 million in revenue and $2.7 million in Adjusted EBITDA, an increase of $1.0 million from the prior year.
- Digital Solutions: Contributed $2.6 million in revenue and $0.1 million in Adjusted EBITDA.
- Aviation Leasing and Asset Management: Reported $7.8 million in revenue and $1.3 million in Adjusted EBITDA, representing full quarter operations following the acquisition of Arena on June 10, 2026.
