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- **Core growth despite headwinds**: Q3 revenue down 14% YoY due to no whole asset sales, but core business (USM + leasing) up 18.5% YoY
- **Margin expansion**: Adjusted EBITDA margin 13.3% vs 10.0% YoY, driven by cost cuts and higher-margin teardown work
- **MRO growth pipeline**: 2026 MRO revenue target $25 million (vs $50 million full capacity)
- **757 P2F momentum**: 1 aircraft leased Q3, 2 under LOI, 3 remaining to place
- **Engine demand surge**: Insatiable demand for narrow-body and wide-body engines, with 6-12 month lead times

**【CEO Summary Section】**
- Q3 2025 revenue: $71.2 million (down 14% YoY) due to absence of engine/aircraft sales, which contributed $22.6 million in Q3 2024.
- Core business growth: Excluding whole asset sales, revenue grew 18.5% YoY to $71.2 million, driven by:
  - USM (Used Serviceable Material) sales: +40.9% YoY
  - Leasing revenue: 15 engines and 1,757 freighter aircraft on lease
- Margin improvement: Adjusted EBITDA $9.5 million (13.3% of sales vs 10.0% YoY), despite no whole asset sales
- Inventory strength: $371.1 million feedstock, including 9 engines available for sale/lease
- 757 P2F program: 1 aircraft leased Q3, 2 under LOI, 3 remaining to place
- AerSafe: $22 million delivered YTD, backlog secured for 2025 targets
- MRO expansion: New facilities at Goodyear, Millington, and Roswell nearing full production

**【CFO Financial Commentary】**
- Q3 2025 financial highlights:
  - Revenue: $71.2 million (vs $82.7 million YoY)
  - Gross margin: 30.2% (vs 28.6% YoY)
  - SG&A: $18.6 million (down 14% YoY)
  - Operating income: $2.9 million (vs $2.0 million YoY)
  - Adjusted EBITDA: $9.5 million (vs $8.2 million YoY)
  - Liquidity: $58.9 million (cash $5.3 million + $53.6 million revolver)
- 2026 outlook:
  - MRO expansion to add $25 million revenue and $4-5 million EBITDA
  - Full year 2026 MRO capacity: $50 million revenue
  - Engine shop delays causing 6-12 month lead times

**【Q&A Key Highlights】**
1. MRO Expansion:
   - 2026 MRO revenue target: $25 million (vs $50 million full capacity)
   - Millington facility signed LOI for regional carrier fleet program
2. 757 P2F Progress:
   - 1 aircraft leased Q3, 2 under LOI, 3 remaining
   - No direct competitors for 757 freighter performance
3. Engine Demand:
   - Insatiable demand for narrow-body (737NG, A320) and wide-body (PW4000, CF6-80) engines
   - Preference for long-term leases over cash sales
4. Facility Transitions:
   - Roswell fully transitioned to teardown/decommissioning
   - Goodyear near full capacity with short-term A320neo work
   - Millington to start with regional carrier program

AerSale Corporation (ASLE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ASLE

ASLE fundamentals

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