Air T (AIRT) FY27 Q1 revenue reaches $115.5M as Rex purchase price allocation stays open
A first-quarter FY27 investor update from Air T, Inc. (NASDAQ: AIRT) shows $115.5M in consolidated revenue for the three months ended June 30, 2026, against consolidated adjusted EBITDA of $0.8M. The Regional Airline…
Key takeaways
- Air T (NASDAQ: AIRT) reported $115.5M in consolidated revenue and $0.8M in consolidated adjusted EBITDA for the FY27 first quarter ended June 30, 2026.
- The Regional Airline segment, reflecting the acquisition of Australian carrier Rex through a DOCA administration process, led all six operating units with $55.9M in quarterly revenue.
- Rex's purchase price allocation remains in its measurement period, and Air T cautioned that revisions could materially change reported results from period to period.
- On a last-twelve-months basis through June 30, Air T reported $371.7M in revenue and $9.5M in adjusted EBITDA across all 21 companies.
- As of the June 30, 2026 filing, Air T had more than 1,600 employees, total debt of $246.3M, book value of $66.9M, and market capitalization of $71.1M.
A first-quarter FY27 investor update from Air T, Inc. (NASDAQ: AIRT) shows $115.5M in consolidated revenue for the three months ended June 30, 2026, against consolidated adjusted EBITDA of $0.8M. The Regional Airline segment, which reflects the acquisition of Rex, an Australian regional carrier brought through an DOCA administration process, led all six operating units at $55.9M in quarterly revenue. Rex's purchase price allocation remains in its measurement period, with the company cautioning that revisions could materially change reported results from period to period.
Segment results for the quarter
Overnight Air Cargo posted $30.0M in revenue and $2.1M in adjusted EBITDA, the strongest margin contribution in the period. Commercial Aircraft Engines and Parts brought in $20.5M in revenue but ran a ($0.5M) adjusted EBITDA loss. Digital Solutions added $2.5M and $0.4M. Ground Support Equipment reported $3.7M in revenue and ($0.2M); Aviation Leasing and Asset Management contributed $1.4M and ($0.3M). Those segment results, netted against corporate overhead and intersegment eliminations, produce the $0.8M consolidated adjusted EBITDA.
On the last-twelve-months view through June 30, Air T reported $371.7M in LTM revenue and $9.5M in LTM adjusted EBITDA across all 21 companies. Overnight Air Cargo anchored that period at $128.4M in LTM revenue and $7.4M in LTM adjusted EBITDA. Commercial Aircraft Engines and Parts added $88.3M and $6.1M. The Regional Airline's LTM revenue reached $111.2M with LTM adjusted EBITDA also printing at $1.9M, the same figure as the single quarter alone.
The twelve-year arc provides context. Air T reported $100.8M in revenue across three businesses in the fiscal year ended March 31, 2014. The June 30, 2026 filing shows 21 companies and more than 1,600 employees. Total debt stood at $246.3M, holdco recourse debt at $74.1M, book value at $66.9M, and market capitalization at $71.1M.
What to watch
The filing calls out Rex-specific execution risks, starting with aircraft return-to-service timelines and the company's ability to retain regulated route contracts along with protected airport slots. Unexpected liabilities from the Australian DOCA administration structure are also flagged as a potential drag on results and liquidity. The open item for this setup is the finalized Rex purchase price allocation, including any bargain purchase gain and its tax treatment, which Air T said could materially shift reported figures as the measurement period closes.