Air T Posts 12% Revenue Growth and $111M Non-Cash Gain in Fiscal 2026
AIRT•Air T reported fiscal 2026 revenues of $327.1 million, up 12% year-over-year including $55.3 million from the Rex acquisition, while operating loss widened to $11.2 million. Adjusted EBITDA grew to $10.1 million and net income per share swung to $28.85, reflecting a $111.2 million non-cash bargain purchase gain.
1. Financial Results Summary
For the fiscal year ended March 31, 2026, Air T generated $327.1 million in revenue, a 12% increase driven by $55.3 million from the Rex acquisition. Operating loss was $11.2 million versus prior-year income of $1.9 million, while earnings before taxes rose to $86.0 million from a $5.0 million loss, boosted by a $111.2 million non-cash bargain purchase gain. Adjusted EBITDA improved to $10.1 million from $7.4 million, and net income per share turned positive at $28.85 versus a $2.23 loss.
2. Segment Performance Highlights
Overnight air cargo revenues increased by $3.8 million to support growth at WASI and Royal, with segment adjusted EBITDA edging up to $6.9 million. Ground Support Equipment sales rose 21% to $47.2 million, lifting adjusted EBITDA to $4.3 million after turning around a prior-year loss. The commercial aircraft, engines and parts segment saw revenues decline by $29.5 million following lower component trading activity.
3. Strategic Acquisitions and Outlook
The December 2025 acquisition of Regional Express Holdings Pty Ltd contributed both revenue and a significant non-cash gain, while the upcoming Crestone merger is expected to strengthen the balance sheet and income statement. Management views these transactions, combined with the allocator-operator model, as catalysts for long-term per-share value creation despite short-term acquisition expenses.
