AerSale Q4 Adjusted EBITDA Up 17.1% to $15.2M on USM Growth
Fourth-quarter revenue was $90.9 million, down 4% year over year, but ex-flight equipment sales revenue grew across component MRO, USM and leasing. Adjusted EBITDA rose 17.1% to $15.2 million in Q4 and 38.2% to $46.1 million for full-year 2025, driven by cost efficiencies and recurring businesses.
1. Q4 and Full-Year Financial Performance
AerSale reported fourth-quarter revenue of $90.9 million, down 4% year over year, with $20.9 million of flight equipment sales versus $31.0 million a year earlier. Adjusted EBITDA increased 17.1% to $15.2 million in Q4, while full-year revenue was $335.3 million (–2.8%) and full-year adjusted EBITDA rose 38.2% to $46.1 million.
2. Segment Revenue Growth
In Asset Management, excluding flight equipment sales, Q4 revenue rose 9.1% on stronger USM and leasing activity, and full-year ex-sales revenue jumped 47.3%. TechOps posted Q4 revenue of $34.0 million, up 10.7%, with full-year TechOps revenue at $123.7 million (–4.5%) and gross margin improving to 25.6% from 16.6%.
3. Liquidity, Inventory and Feedstock
The company ended 2025 with $71.6 million of liquidity, including $67.2 million of revolver availability, after $23.0 million of operating cash use for feedstock. Full-year feedstock acquisitions totaled $99.6 million, with a win rate of 6.0% versus 8.6% a year earlier, and inventory stood at $364 million, including $150 million ready for USM and $118 million in whole assets.
4. Operational Expansion and 2026 Outlook
AerSafe engineered solutions sales are ramping ahead of the FAA’s November 2026 compliance deadline. New landing-gear approvals for 737 MAX and 787, a 90,000-sq. ft. aerostructures facility, Millington expansion and Boeing 757 freighter conversions (two leases, five in inventory) position the company for revenue and profitability gains in 2026.