Board Change • Aug 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Independent Director Jamie Thingelstad was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jul 13
Air T, Inc., Annual General Meeting, Aug 25, 2026 Air T, Inc., Annual General Meeting, Aug 25, 2026. Location: 5000 west 36th street, suite 105, minneapolis, minnesota 55416, United States Announcement • Jul 12
Air T, Inc. has filed a Follow-on Equity Offering in the amount of $8 million. Air T, Inc. has filed a Follow-on Equity Offering in the amount of $8 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering New Risk • Jul 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (61% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$86.3m market cap). Reported Earnings • Jun 30
Full year 2026 earnings released: EPS: US$28.85 (vs US$2.23 loss in FY 2025) Full year 2026 results: EPS: US$28.85 (up from US$2.23 loss in FY 2025). Revenue: US$327.1m (up 12% from FY 2025). Net income: US$78.0m (up US$84.1m from FY 2025). Profit margin: 24% (up from net loss in FY 2025). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Dec 19
Air T, Inc. (NasdaqCM:AIRT) completed the acquisition of Regional Express Holdings Limited for AUD 1. Air T, Inc. (NasdaqCM:AIRT) entered into a Sale and Implementation Deed to acquire Regional Express Holdings Limited on October 20, 2025. Air T and the Commonwealth of Australia have entered into an agreement pursuant to which Rex’s financing arrangements will be restructured in connection with the acquisition.
The proposed acquisition contemplates a continuation and growth of Rex’s regional airline business and continuing employment for its workforce.
The transaction remains subject to certain other approvals, including approval by Rex’s creditors and the Federal Court of Australia. The expected completion of the transaction is by calendar year end 2025. As of November 11, 2025 majority of Regional Express Holdings Limited creditors both in number and in value voted in favor of Air T, Inc.
Houlihan Lokey, Inc. acted as financial advisor to Rex. EY acted as administrator to Rex.
Air T, Inc. (NasdaqCM:AIRT) completed the acquisition of Regional Express Holdings Limited on December 17, 2025. A cash consideration of AUD 1 will be paid by Air T, Inc. for Regional Express Holdings Limited. As part of the consideration, Air T, Inc. is Regional Express Holdings Limited assuming liabilities valued at approximately AUD 108 million. As of December 11, 2025, the transaction has been approved by the Federal Court of Australia. Announcement • Jun 25
Air T, Inc., Annual General Meeting, Aug 14, 2025 Air T, Inc., Annual General Meeting, Aug 14, 2025. Location: minnesota executive office, 5000 west 36th street, suite 200, minnesota 55416., minneapolis United States Announcement • Oct 23
Air T, Inc. Appoints Tracy Kennedy as Chief Financial Officer On August 7, 2024, Air T, Inc. appointed Tracy Kennedy (“ Kennedy ”), the Company’s Chief Accounting Officer, on an interim basis, to assume the duties of principal financial officer of the Company, effective September 3, 2024. On October 16, 2024, following an extensive search of potential internal and external candidates, the Board of Directors (the “ Board ”) of the Company approved Kennedy’s permanent appointment as the Company’s Chief Financial Officer, and the Company simultaneously entered into an Employment Agreement (the “ Employment Agreement ”) with Kennedy. Kennedy, age 34, was appointed as the Company’s Chief Accounting Officer around October, 2022. As Chief Accounting Officer, Kennedy has been tasked with regulatory compliance (including SEC reporting), corporate governance, risk management, cash-flow management, accounting policies establishment, and internal controls enhancement. Previously, Kennedy served as the Company’s Director of Accounting from May, 2018, to February, 2019, and then as the Company’s Corporate Controller from February, 2019, to October, 2022. In her role as Corporate Controller, Kennedy was responsible for maintaining accurate books and reports and for running the day-to-day accounting operations of the Company. Announcement • Aug 08
Air T, Inc. Announces CFO Changes Air T, Inc. announced that its Chief Financial Officer, Brian Ochocki, is departing the Company on or about September 3, 2024. The Company has initiated a search for a successor who will build on this strong foundation. In the interim, Tracy Kennedy, Chief Accounting Officer, will oversee the financial operations of the Company. Ms. Kennedy has earned increasing levels of responsibility over her six years at Air T. Announcement • Jul 11
Air T, Inc., Annual General Meeting, Aug 21, 2024 Air T, Inc., Annual General Meeting, Aug 21, 2024. Location: minnesota executive office, 5000 w. 36 street, suite 200, minnesota 55416, minneapolis United States Announcement • Apr 07
Air T Receives Approval from the Nasdaq Stock Market to Transfer the Listing of its Common Stock from the Nasdaq Global Market to the Nasdaq Capital Market On April 4, 2024, Air T, Inc. (the ‘Company’) received approval (the ‘Approval’) from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (the ‘Nasdaq’) that the Company’s application to transfer the listing of its Common Stock, par value $0.25 per share (the ‘Common Stock’) from the Nasdaq Global Market to the Nasdaq Capital Market has been approved. The Common Stock will be transferred to the Nasdaq Capital Market at the opening of business on April 8, 2024. The Company’s Common Stock will continue to trade under the symbol “AIRT”. The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market, and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements. As previously disclosed, the Company received a letter from Nasdaq on February 15, 2024 notifying the Company that it was not in compliance with the minimum stockholders’ equity requirement for continued listing set forth in Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders’ equity of at least $10,000,000. Upon the transfer of listing of the Company’s securities on the Nasdaq Capital Market on April 8, 2024, such deficiency would be resolved. New Risk • Mar 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 37% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (US$59.3m market cap). Announcement • Feb 23
Air T Receives a Deficiency Letter from the Listing Qualifications Department of the Nasdaq Stock Market On February 15, 2024, Air T, Inc. received a deficiency letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that it is not in compliance with the minimum stockholders’ equity requirement for continued listing set in Nasdaq Listing Rule 5450(b)(1)(A). Nasdaq Listing Rule 5450(b)(1)(A) requires listed companies to maintain stockholders’ equity of at least $10,000,000. The Company has identified its history of stock buybacks as a significant contributing cause, given the direct impact stock buybacks have on stockholders’ equity. The Staff further indicated that, as of the date of the Letter, the Company did not comply with certain requirements under the alternative standards set in Nasdaq Listing Rules 5450(b)(2) and 5450(b)(3) for continued listing on the Nasdaq Global Select Market. Specifically, the Staff identified that the Company does not meet the alternative standard requiring a certain minimum number of publicly (i.e. non-insider) held shares. This is also directly linked to the Company’s history of stock buybacks, given Company insiders do not participate in such buybacks by selling their shares to the Company. Subsequently, the number of publicly held shares shrinks 1:1 each time the Company buys back its stock. The Letter has no immediate effect on the listing of the Company’s common stock, and its common stock will continue to trade on The Nasdaq Global Select Market under the symbol “AIRT” at this time. In accordance with Nasdaq Listing Rule 5810(c)(2), the Company has been provided 45 calendar days, or until April 1, 2024, to submit a plan to regain compliance (the “Compliance Plan”). If the Compliance Plan is acceptable to the Staff, of which there can be no assurance, they may grant an extension of up to 180 calendar days from the date of the Letter, or until August 13, 2024, to evidence compliance. If the Staff does not accept the Compliance Plan, the Company will have the opportunity to appeal the Staff’s determination to a Nasdaq Hearings Panel. The Company has identified several different plans to address the Letter, and intends to submit the Compliance Plan or resolve the deficiency on or before April 1, 2024. However, there can be no assurance that the Company will be able to regain compliance with the Stockholders’ Equity Requirement or will otherwise be in compliance with the Nasdaq Listing Rules. Reported Earnings • Feb 14
Third quarter 2024 earnings released: US$1.06 loss per share (vs US$0.21 loss in 3Q 2023) Third quarter 2024 results: US$1.06 loss per share (further deteriorated from US$0.21 loss in 3Q 2023). Revenue: US$63.8m (up 3.8% from 3Q 2023). Net loss: US$2.98m (loss widened 405% from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Second quarter 2024 earnings released: US$0.57 loss per share (vs US$0.43 loss in 2Q 2023) Second quarter 2024 results: US$0.57 loss per share (further deteriorated from US$0.43 loss in 2Q 2023). Revenue: US$79.0m (up 30% from 2Q 2023). Net loss: US$1.61m (loss widened 31% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Reported Earnings • Aug 13
First quarter 2024 earnings released: US$0.19 loss per share (vs US$0.50 loss in 1Q 2023) First quarter 2024 results: US$0.19 loss per share (improved from US$0.50 loss in 1Q 2023). Revenue: US$71.4m (up 40% from 1Q 2023). Net loss: US$531.0k (loss narrowed 63% from 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Announcement • Jul 25
Air T, Inc., Annual General Meeting, Aug 16, 2023 Air T, Inc., Annual General Meeting, Aug 16, 2023, at 08:30 Central Daylight. Location: Company’s Minnesota executive office 5000 W. 36th Street, Suite 200 Minneapolis Minnesota United States Agenda: To Elect as directors the seven (7) nominees named in the accompanying proxy statement to hold office until the next annual meeting of stockholders and until their respective successors are elected and qualified; To approve, on an advisory basis, the compensation paid to the Company’s named executive officers as disclosed in the accompanying proxy statement; To approve an amendment to the Company’s Certificate of Incorporation to allow for the exculpation of officers; and to discuss other matters. New Risk • Jun 29
New major risk - Revenue and earnings growth Earnings have declined by 15% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Earnings have declined by 15% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$75.0m market cap). Reported Earnings • Jun 29
Full year 2023 earnings released: US$4.32 loss per share (vs US$3.79 profit in FY 2022) Full year 2023 results: US$4.32 loss per share (down from US$3.79 profit in FY 2022). Revenue: US$247.3m (up 40% from FY 2022). Net loss: US$12.3m (down 213% from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 12
Third quarter 2023 earnings released: US$0.21 loss per share (vs US$0.44 loss in 3Q 2022) Third quarter 2023 results: US$0.21 loss per share (improved from US$0.44 loss in 3Q 2022). Revenue: US$61.4m (up 35% from 3Q 2022). Net loss: US$590.0k (loss narrowed 53% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Feb 07
Air T, Inc. (NasdaqGM:AIRT) acquired Worldwide Aircraft Services, Inc. for $3.1 million. Air T, Inc. (NasdaqGM:AIRT) acquired Worldwide Aircraft Services, Inc. for $3.1 million on January 31, 2023. Approximately $1,628,000 of the purchase price was paid at closing. The remaining amount bears interest at the rate of six percent (6%) per annum and is payable via periodic payments up to the January 1, 2026 maturity date. Air T about to secure $1 million of term loan to partially fund the acquisition.
Air T, Inc. (NasdaqGM:AIRT) completed the acquisition of Worldwide Aircraft Services, Inc. on January 31, 2023. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 3 highly experienced directors. Independent Director Travis Swenson was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Second quarter 2023 earnings released: US$0.43 loss per share (vs US$2.62 profit in 2Q 2022) Second quarter 2023 results: US$0.43 loss per share (down from US$2.62 profit in 2Q 2022). Revenue: US$60.7m (up 40% from 2Q 2022). Net loss: US$1.23m (down 116% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$15.35, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 12x in the Logistics industry in the US. Total returns to shareholders of 13% over the past three years. Reported Earnings • Aug 13
First quarter 2023 earnings released: US$0.50 loss per share (vs US$0.10 profit in 1Q 2022) First quarter 2023 results: US$0.50 loss per share (down from US$0.10 profit in 1Q 2022). Revenue: US$50.9m (up 38% from 1Q 2022). Net loss: US$1.43m (down US$1.72m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 29
Full year 2022 earnings released: EPS: US$3.79 (vs US$2.53 loss in FY 2021) Full year 2022 results: EPS: US$3.79 (up from US$2.53 loss in FY 2021). Revenue: US$177.1m (up 1.1% from FY 2021). Net income: US$10.9m (up US$18.2m from FY 2021). Profit margin: 6.2% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 23% share price gain to US$19.64, the stock trades at a trailing P/E ratio of 58.4x. Average trailing P/E is 12x in the Logistics industry in the US. Negligible returns to shareholders over past three years. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Travis Swenson was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to US$19.43, the stock trades at a trailing P/E ratio of 57.8x. Average trailing P/E is 12x in the Logistics industry in the US. Total returns to shareholders of 2.7% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$23.61, the stock trades at a trailing P/E ratio of 70.2x. Average trailing P/E is 14x in the Logistics industry in the US. Total returns to shareholders of 14% over the past three years. Reported Earnings • Feb 15
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: US$0.44 loss per share (down from US$0.73 profit in 3Q 2021). Revenue: US$45.4m (down 19% from 3Q 2021). Net loss: US$1.26m (down 160% from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improved over the past week After last week's 18% share price gain to US$28.00, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 16x in the Logistics industry in the US. Total returns to shareholders of 46% over the past three years. Board Change • Dec 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Independent Director Travis Swenson was the last director to join the board, commencing their role in 2017. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Second quarter 2022 earnings released: EPS US$2.62 (vs US$1.02 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$43.2m (up 21% from 2Q 2021). Net income: US$7.56m (up US$10.5m from 2Q 2021). Profit margin: 18% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Recent Insider Transactions • Aug 25
Lead Independent Director recently bought US$88k worth of stock On the 17th of August, Raymond Cabillot bought around 3k shares on-market at roughly US$33.40 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Recent Insider Transactions • Aug 21
Lead Independent Director recently bought US$88k worth of stock On the 17th of August, Raymond Cabillot bought around 3k shares on-market at roughly US$33.40 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Aug 14
First quarter 2022 earnings released: EPS US$0.10 (vs US$0.29 loss in 1Q 2021) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were flat. First quarter 2022 results: Revenue: US$37.0m (flat on 1Q 2021). Net income: US$289.0k (up US$1.13m from 1Q 2021). Profit margin: 0.8% (up from net loss in 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 135 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 28
Full year 2021 earnings released: US$2.53 loss per share (vs US$0.15 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: US$175.1m (down 26% from FY 2020). Net loss: US$7.28m (loss widened US$6.87m from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 119 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS US$0.73 (vs US$0.07 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: US$55.8m (down 24% from 3Q 2020). Net income: US$2.10m (up US$2.31m from 3Q 2020). Profit margin: 3.8% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 93% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Dec 25
New 90-day high: US$38.38 The company is up 284% from its price of US$10.00 on 25 September 2020. The American market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 7.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: US$11.93 The company is up 10.0% from its price of US$10.80 on 08 September 2020. The American market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Logistics industry, which is up 8.0% over the same period. Reported Earnings • Nov 18
Second quarter 2021 earnings released: US$1.02 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: US$35.6m (down 30% from 2Q 2020). Net loss: US$2.92m (loss widened 21% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 88% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Second quarter 2021 earnings released: US$1.02 loss per share The company reported a poor second quarter result with increased losses and weaker revenues and control over expenses. Second quarter 2021 results: Revenue: US$35.6m (down 30% from 2Q 2020). Net loss: US$2.92m (loss widened 21% from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 88% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 29
New 90-day low: US$9.92 The company is down 16% from its price of US$11.75 on 30 June 2020. The American market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 41% over the same period. 
