Air T Q1 adjusted EBITDA USD -7.7 million

Air T, Inc. (NASDAQ: AIRT) reported its first-quarter fiscal 2026 financial results, showing mixed performance across its business segments. For the quarter ended June 30, 2026, the company reported adjusted EBITDA loss of $7.7 million, a significant decline compared to the $1.5 million profit in the same period of the prior year. This loss reflects a challenging operating environment and varied performance across its core segments.

Revenues for the quarter totaled $70.9 million, an increase of $4.5 million, or 7%, compared to the prior year’s first quarter. Despite the revenue growth, the company’s operating income was $0.4 million, a modest improvement from the prior year’s operating loss of $0.6 million. The adjusted EBITDA loss was primarily driven by underperformance in the Commercial Jet Engines and Parts segment, which reported a $0.8 million loss, down from $1.7 million in the prior year.

The Overnight Air Cargo segment contributed $1.6 million in adjusted EBITDA, a $0.3 million decrease from the prior year, due to lower margins on maintenance revenue. In contrast, the Ground Equipment Sales segment showed strong performance, with adjusted EBITDA of $1.4 million, a $1.9 million improvement from the prior year. The Digital Solutions segment also showed progress, with reduced adjusted EBITDA loss of $0.1 million, compared to $0.3 million in the prior year.

The company’s Chairman and CEO, Nick Swenson, noted that the quarter’s results were impacted by lower component sales in the Commercial Jet Engines and Parts segment and lower margins in the Overnight Air Cargo segment. Despite these challenges, Swenson expressed confidence in the company’s strategic initiatives and long-term value creation potential.

Looking ahead, Air T will need to address the underperformance in key segments while leveraging the growth in others to improve overall profitability. The company’s ability to adapt to market conditions and execute on its strategic priorities will be critical in the coming quarters.