AIRT

MKT CAP:$55M

Air T, Inc.

Market Cap

$55M

Industrials·Integrated Freight & Logistics·🇺🇸 United States·NASDAQ

Industrials·Integrated·🇺🇸·NASDAQ

Stock Price

$23.00+$3.90 (+20.42%)

Apr 24, 2026

Company Details

Air T, Inc., through its subsidiaries, provides overnight air cargo, ground equipment sale, and commercial jet engines and parts, and printing equipment and maintenance services in the United States and internationally. The company's Overni...

CEO

Nicholas John Swenson

IPO Date

Apr 24, 1984

Website

www.airt.net

Key Metrics TTM

Revenue

$280M

+55.2% YoY

Net Income

-$6M

EPS (Diluted)

-$2.17

Free Cash Flow

$9M

Revenue / Share

$103.70

Gross Margin

19.6%

Operating Margin

-1.4%

Net Margin

-2.1%

FCF Margin

3.3%

P/S

0.2x

P/E

—

Earnings Reports

Q2 2026

Nov 12, 2025

$64MEPS $1.61

Q1 2026

Aug 13, 2025

$71MEPS -$0.61

Q4 2025

Jun 27, 2025

$66MEPS -$2.60

Q2 2024

Nov 13, 2023

$79MEPS -$0.57

Q4 2022

Jun 28, 2022

$51M+10.1%EPS $1.50

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$47M	$10M	-$6M
Q1 22	$37M	$8M	-$4.0K
Q3 22	$45M	$9M	$25.0K
Q4 22	$51M	$13M	$8M
Q2 24	$79M	$14M	$761.0K
Q4 25	$66M	$10M	-$3M
Q1 26	$71M	$15M	$446.0K
Q2 26	$64M	$16M	-$2M

Valuation

Quarter	P/S	P/E
Q4 21	—	—
Q1 22	—	—
Q3 22	—	—
Q4 22	0.4x	—
Q2 24	0.3x	37.2x
Q4 25	0.2x	—
Q1 26	0.2x	—
Q2 26	0.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$5M	$2M
Q1 22	-$9M	-$9M
Q3 22	$3M	-$11M
Q4 22	-$13M	-$14M
Q2 24	$12M	$12M
Q4 25	$4M	$4M
Q1 26	-$1M	-$1M
Q2 26	-$5M	-$6M

Capital Expenditures

Quarter	CapEx
Q4 21	$2M
Q1 22	$136.0K
Q3 22	$14M
Q4 22	$353.0K
Q2 24	$153.0K
Q4 25	$149.0K
Q1 26	$231.0K
Q2 26	$213.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 24	+69.0%	+47.5%
Q4 25	+79.4%	+88.1%
Q1 26	+56.0%	+55.1%
Q2 26	+24.7%	+51.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q2 24	$0	0.0%
Q4 25	$0	0.0%
Q1 26	$0	0.0%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q4 21	$10M
Q1 22	$8M
Q3 22	$9M
Q4 22	$4M
Q2 24	$13M
Q4 25	$15M
Q1 26	$15M
Q2 26	$18M

Revenue Segments

Quarter	Commercial Jet Engines Inventory Segment	Corporate and Other	Ground Equipment Sales	Overnight Air Cargo	Printing Equipment and Maintenance
Q1 22	$10M	$341.0K	$8M	$19M	—
Q3 22	$11M	$561.0K	$15M	$18M	—
Q4 22	$22M	$2M	$10M	$18M	—
Q2 24	$36M	$2M	$12M	$28M	—
Q4 25	$26M	—	$5M	$32M	—
Q1 26	$22M	—	$15M	$31M	$2M
Q2 26	$21M	—	$10M	$31M	$2M

Revenue by Geography

Quarter	Non-US	United States	Commercial Jet Engines Inventory Segment	Corporate Segment and Other Operating Segment	Digital Solutions Segment	Ground Equipment Sales Segment	Overnight Air Cargo Segment
Q1 22	$5M	$32M	—	—	—	—	—
Q1 26	—	—	$22M	$1M	$2M	$15M	$31M
Q2 26	—	—	$21M	$2M	$2M	$10M	$30M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$6M	$859.0K	$6M
Q1 23	$10M	$3M	$12M
Q2 23	$9M	$2M	$12M
Q3 23	$7M	$2M	$9M
Q4 23	$6M	$0	$6M
Q1 24	$6M	$365.0K	$6M
Q2 24	$6M	$1M	$7M
Q3 24	$4M	$326.0K	$5M
Q4 24	$7M	$0	$7M
Q1 25	$9M	$1M	$10M
Q2 25	$9M	$0	$9M
Q3 25	$18M	$0	$18M
Q4 25	$6M	$422.0K	$6M
Q1 26	$14M	$485.0K	$15M
Q2 26	$18M	$1M	$19M
Q3 26	$42M	$1M	$43M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	3M	—	—
Q1 22	3M	0.0%	—
Q3 22	3M	-0.3%	—
Q4 22	3M	+0.2%	—
Q2 24	3M	-2.4%	-2.4%
Q4 25	3M	-4.2%	-6.5%
Q1 26	3M	+0.0%	-6.2%
Q2 26	3M	0.0%	-6.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$1M	40
Q1 22	$924.2K	40
Q3 22	$1M	40
Q4 22	$1M	40
Q2 24	$2M	40
Q4 25	$2M	40
Q1 26	$2M	40
Q2 26	$2M	40

Revenue / Employee