Executive Summary
Air T Inc delivered a revenue quarter of $70.87 million in QQ1 2026, reflecting a year-over-year rise of 6.71% and a quarterly rise of 6.87%. The gross profit of $15.48 million produced a gross margin of 21.84%, while EBITDA stood at $2.79 million (EBITDAR 3.94%). Operating income was a modest $0.446 million, yielding an operating margin of 0.63%. Despite EBITDA and operating income being positive, the company reported a net loss of $1.636 million and earnings per share of -$0.61, pressured by net interest and other non-operating items (total other expenses negative $1.253 million). Net cash from operating activities was negative at $1.10 million, driven by working capital movements (change in working capital -$2.167 million) and receivables/inventory dynamics, while financing activities provided a substantial inflow of $12.58 million, supporting a net increase in cash of $8.47 million to $15.22 million at period-end. The balance sheet shows a sizeable debt load (long-term debt $140.35 million; total debt $139.12 million) and a thin equity base ($5.29 million in stockholders’ equity) against total assets of $190.04 million. These dynamics imply a near-term liquidity cushion from financing activity but highlight meaningful leverage and limited net income, which investors should monitor as management evaluates deleveraging, working capital optimization, and potential margin expansion opportunities. Overall, the QQ1 2026 print signals near-term momentum in revenue but continued profitability and balance-sheet optimization as critical variables for sustained upside.
Key Performance Indicators
QoQ: 113.81% | YoY:177.30%
QoQ: 76.72% | YoY:-388.36%
QoQ: 76.54% | YoY:-408.33%
Key Insights
Revenue: $70.87m (+6.71% YoY; +6.87% QoQ). Gross Profit: $15.477m; Gross Margin: 21.84%. EBITDA: $2.791m; EBITDA Margin: 3.94%. Operating Income: $0.446m; Operating Margin: 0.63%. Net Income: -$1.636m; Net Margin: -2.31%. EPS: -$0.61. Operating Cash Flow: -$1.095m; Free Cash Flow: -$1.095m. Cash at End: $15.223m. Total Debt: $139.121m; Long-Term Debt: $140.348m; Net Debt: $124.661m. Total Assets: $190.037m; Total Liabilities: $184.745m; Stockholders’ Equity: $5.292m. QoQ and YoY metrics reflec...
Financial Highlights
Revenue: $70.87m (+6.71% YoY; +6.87% QoQ). Gross Profit: $15.477m; Gross Margin: 21.84%. EBITDA: $2.791m; EBITDA Margin: 3.94%. Operating Income: $0.446m; Operating Margin: 0.63%. Net Income: -$1.636m; Net Margin: -2.31%. EPS: -$0.61. Operating Cash Flow: -$1.095m; Free Cash Flow: -$1.095m. Cash at End: $15.223m. Total Debt: $139.121m; Long-Term Debt: $140.348m; Net Debt: $124.661m. Total Assets: $190.037m; Total Liabilities: $184.745m; Stockholders’ Equity: $5.292m. QoQ and YoY metrics reflect a mix of operating leverage and non-operating charges; revenue grew, but profitability remained pressured by interest/financing costs and working capital effects.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
70.87M |
6.71% |
6.87% |
| Gross Profit |
15.48M |
10.27% |
59.34% |
| Operating Income |
446.00K |
177.30% |
113.81% |
| Net Income |
-1.64M |
-388.36% |
76.72% |
| EPS |
-0.61 |
-408.33% |
76.54% |
Management Commentary
Transcript not provided in the data. No verbatim management quotes were supplied. The analysis therefore relies on the QQ1 2026 financial results and public filings. If a subsequent earnings call transcript is available, we will extract management perspectives on revenue mix, leverage strategy, and near-term cash flow optimization.
No earnings call transcript provided in the data; quotes could not be sourced from management.
— N/A
No earnings call transcript provided in the data; quotes could not be sourced from management.
— N/A
Forward Guidance
No explicit forward guidance was included in the provided materials. Investors should monitor: (1) Air T’s ability to monetize its diverse asset base (Overnight Air Cargo, Ground Equipment, and Commercial Engines/Parts) to drive EBITDA and cash flow, (2) debt-reduction progress and any covenant relief or refinancing terms, (3) working capital management to improve operating cash flow, and (4) potential capital allocation decisions (dividends, buybacks, or strategic investments). Given the sizable debt load and negative net income, the achievability of any improvement hinges on debt maturity profiles, cost controls, and stabilizing non-operating costs. A cautious stance is warranted until management provides incremental guidance on deleveraging timelines and operating margin improvements.