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Air T, Inc. Continues Track Record of Growth in First Quarter Fiscal 2027: Crestone Completes Acquisition of Arena

AIRT
  • Air T, Inc. reported fiscal 2027 first quarter revenues of $115.5 million, a 63% increase from the prior year.
  • The quarter ended June 30, 2026, showed an operating loss of $12.8 million & Adjusted EBITDA of $0.8 million.
  • Trailing twelve-month revenues reached $371.7 million, while the operating loss for the period was $24.9 million.
  • Operating losses were driven by transaction costs related to the Crestone acquisition of Arena Aviation Partners & non-cash depreciation from Rex fleet revaluation.
  • Crestone completed its acquisition of Arena Aviation Capital on June 10 for $33.9 million in cash & contingent consideration.
  • Blue Owl invested $10.0 million for 10.25% of the Crestone platform, leaving Air T with 83.9% ownership.
  • A new reporting segment, Aviation Leasing and Asset Management, was launched to consolidate Crestone & Arena.
  • Rex generated $55.9 million in revenue & $1.9 million in Adjusted EBITDA, though it posted a $7.7 million operating loss due to $8.8 million in non-cash depreciation.
  • Rex continues to face operational constraints from unscheduled engine removals & third-party maintenance turnaround times.
  • The company ended the quarter with $21.7 million in cash & restricted cash, plus $42.4 million available under credit lines.
  • Air T has repurchased 840,855 shares since October 2013, representing 31% of shares outstanding.
  • The Annual Meeting is scheduled for August 25, 2026, at the Minneapolis executive office with a webcast option.