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.