ASLE · AerSale Corporation

AerSale's first quarter 2026 results reflect continued progress in growing the more recurring parts of its business, particularly leasing. Revenue increased 7.4% to $70.6 million, driven by higher engine and B757 freighter leasing activity, partially offset by lower USM and MRO parts sales. The company deployed three B757 freighters on lease and expanded its engine leasing portfolio, ending the quarter with 18 engines and three aircraft on lease. Adjusted EBITDA surged 131.9% to $7.4 million, representing 10.4% of revenue, as higher lease income and flight equipment sales (one engine for $5.2 million) boosted profitability. However, gross margin contracted to 26.7% from 27.3% due to start-up costs at the Millington, Tennessee facility (new CRJ maintenance agreement) and Aerostructures expansion, as well as higher labor costs at Goodyear. Net loss improved to $3.5 million from $5.3 million, with adjusted net income of $0.1 million. Management highlighted that revenue will fluctuate due to timing of flight equipment sales, and they remain focused on monetizing assets and delivering a more consistent earnings profile. The company ended the quarter with $369.5 million in inventory and $121.5 million in aircraft and engines held for lease, providing a strong asset base for future leasing and sales.