0000353184-26-000016
SEC filingAir T, Inc. reported a net loss attributable to stockholders of $2.5 million for Q3 2025, driven by an operating loss of $3.8 million on revenues of $71.1 million. The company generated negative operating cash flow of $25.0 million, primarily due to significant inventory increases and changes in working capital, though this was offset by $53.7 million in net financing cash inflows from debt activities. The balance sheet shows total assets of $381.8 million with substantial debt of $190.5 million long-term and $5.0 million current, resulting in a stockholders' deficit of $1.2 million. Key performance factors included a $4.2 million income from equity method investments that partially offset operating losses, while cost of revenue at $56.7 million represented 79.7% of revenue.
Air T, Inc. reported a net loss of $2.0 million for Q3 2025, with net loss attributable to stockholders of $2.5 million. Revenue totaled $71.1 million, while operating expenses of $74.9 million resulted in an operating loss of $3.8 million. The company's basic and diluted loss per share were both -$1.00 based on 2.7 million weighted average shares outstanding. Non-operating income of $1.9 million, primarily from $4.2 million in equity method investment income, partially offset the operating loss. Income tax expense was $121,000. The company's financial position shows a stockholders' deficit of $1.2 million with total liabilities of $375.9 million against total assets of $381.8 million.
Revenue for the quarter was $71.1 million as reported in the reconciliation of revenue line item. The document does not provide segment breakdowns, geographic mix, or growth drivers beyond this aggregate figure. No comparative period revenue data is provided in the XBRL data or document text, preventing calculation of growth rates or trend analysis. The revenue figure represents the total operating revenues for the period ending December 31, 2025.
Gross profit was $14.4 million (revenue of $71.1 million minus cost of revenue of $56.7 million), resulting in a gross margin of 20.3%. Operating margin was -5.3% due to the $3.8 million operating loss. General and administrative expenses totaled $16.6 million, while depreciation and amortization expense was $1.6 million. The cost structure shows cost of revenue representing 79.7% of total revenue, with operating expenses exceeding revenue by $3.8 million for the quarter.
Operating activities used $25.0 million in cash, primarily due to net loss of $2.0 million adjusted for $3.7 million in depreciation/amortization and $4.2 million equity method income, plus significant working capital changes including $12.6 million increase in inventories. Investing activities provided $7.0 million, mainly from $19.9 million aircraft sale proceeds offset by $10.8 million investments. Financing activities provided $53.7 million through net debt increases. Total cash increased by $35.4 million to $37.4 million cash plus $5.1 million restricted cash. Total debt is $195.5 million ($190.5M long-term + $5.0M current), with current liabilities of $167.7 million including $95.8 million deferred credit.
The filing does not contain management guidance, strategic priorities, or specific risk factor discussions beyond the standard financial statements. No forward-looking statements, projections, or business outlook information is provided in the document content or XBRL data. The analysis is limited to the historical financial results for the quarter ending December 31, 2025.