Air T Inc reported QQ2 2025 results showing a pronounced top-line decline but continued operating profitability and positive free cash flow, underscoring the company’s ability to generate earnings even in a revenue-constrained quarter. Revenue for QQ2 2025 stood at $17.13 million, a year-over-year drop of 78.3% and a sequential drop of 74.2%, suggesting material base effects or shifts in project mix. Despite the revenue contraction, the company delivered EBITDA of $6.41 million and net income of $2.52 million, with operating income of $3.90 million and an after-tax margin of roughly 14.7% on the period, culminating in diluted EPS of $0.91 on 2.76 million shares. Cash flow remained positive, with net cash from operating activities of $2.93 million and free cash flow of $3.27 million, contributing to a cash balance of $9.18 million at quarter end. A key architectural feature of the QQ2 results is the substantial debt load: total debt of $146.55 million and net debt of $137.94 million, yielding a debt-to-capitalization around 95% and an interest-coverage ratio near 1.80x, which underscores leverage risk in a volatile revenue environment.