AI Analysis | Feedback

Here are 1-3 brief analogies for Air T (AIRT):

• A tiny Berkshire Hathaway focused on logistics, aviation, and industrial businesses.
• Like a smaller Atlas Air operating cargo planes for major shippers, but also diversified into broader logistics and industrial supplies.
• A more diversified Fastenal or Grainger that also owns and operates an air cargo fleet.

AI Analysis | Feedback

• Aircraft Ground Support Equipment: Manufactures and sells specialized equipment, such as de-icers, for aircraft maintenance and operations on the ground.
• Air Cargo & Passenger Charter Services: Provides on-demand air transportation for cargo and passengers primarily using turboprop aircraft.
• Aircraft Maintenance Services: Offers maintenance, repair, and overhaul services for aircraft.
• Logistics & Freight Forwarding: Provides freight forwarding, customs brokerage, and supply chain management solutions.
• Industrial Product Sales & Distribution: Distributes industrial tools, equipment, and related supplies, and offers third-party fulfillment services.

AI Analysis | Feedback

Air T (symbol: AIRT) primarily sells its products and services to other companies (Business-to-Business or B2B).

Major Customer Companies:

• FedEx Corporation (NYSE: FDX): FedEx is a significant and explicitly named major customer for Air T's Air Cargo segment. Air T's subsidiaries, such as CSA Air and Southern Airways Express, provide regional air cargo services to FedEx for the distribution of time-sensitive freight. Revenue from FedEx has consistently represented a substantial portion of Air T's consolidated total revenues (e.g., approximately 32.5% for the fiscal year ended March 31, 2023).

While FedEx is the most prominent explicitly named major customer in Air T's financial filings, its other business segments serve a diverse range of companies. These customers typically include, but are not limited to:

• Airlines and Ground Handling Companies: For its Ground Support Equipment (GSE), Maintenance, Repair, and Overhaul (MRO), and Logistics & Ground Handling segments, Air T supplies equipment, parts, and services to various commercial airlines and third-party ground handling companies worldwide.
• Military Organizations: Air T's GSE segment also provides specialized equipment to various military organizations globally.
• Freight Forwarders and Logistics Providers: The Logistics & Ground Handling segment serves integrated cargo carriers, freight forwarders, and other logistics providers.
• Utility Companies and Industrial Energy Users: For its Power and Energy segment, customers typically include entities seeking renewable energy solutions.

AI Analysis | Feedback

null

AI Analysis | Feedback

Nicholas Swenson, Chairman & CEO

Nicholas Swenson assumed the role of CEO of Air T in February 2014 and has served as Chairman of the Board since August 2013. An accomplished leader in the financial investment sector, he is also the managing member of AO Partners L.P. since 2012 and was the founder and managing member of Groveland Capital, LLC, an investment management firm, established in March 2009. Prior to that, he was a Portfolio Manager and Partner at Whitebox Advisors, LLC from 2001 to 2009. His experience also includes a role as a Research Analyst at Varde Partners, LLC, a hedge fund specializing in distressed debt, from 1999 to 2001, and as an Associate in Corporate Finance at Piper Jaffray, Inc. from 1996 to 1998. Swenson's work at Whitebox Advisors was notably referenced in Michael Lewis's book "The Big Short" for his accurate navigation of the subprime trade market. He holds an M.B.A. in Finance from the University of Chicago and a B.A. in History from Middlebury College. Air T's strategy under Swenson focuses on "buying to build" rather than short-term trading, often positioning the company as an alternative to private equity-backed investments.

Tracy Kennedy, Chief Financial Officer

Tracy Kennedy was promoted to Chief Financial Officer of Air T, Inc., effective October 2024. Having been with Air T for over six years, she has held several key financial positions within the company, including Director of Accounting, Corporate Controller, and most recently, Chief Accounting Officer. Her leadership and comprehensive understanding of the company's financials were highlighted during her promotion. Kennedy's focus is on leveraging her extensive knowledge of Air T's operations to create long-term shareholder value and propel the company's initiatives.

Mark Jundt, Secretary & General Counsel

Mark Jundt serves as the Secretary and General Counsel for Air T, Inc.

Katrina Philp, Chief of Staff

Katrina Philp holds the position of Chief of Staff at Air T, Inc.

Michael Moore, CEO of Global Ground Support LLC

Michael Moore is the Chief Executive Officer of Global Ground Support LLC, one of Air T's subsidiary companies. Global Ground Support LLC manufactures and provides mobile deicers and other specialized equipment to airlines, airports, military, and industrial clients.

AI Analysis | Feedback

1. Heavy Reliance on FedEx: Air T's Overnight Air Cargo segment is highly dependent on FedEx, with contracts from FedEx accounting for approximately 36% of the company's consolidated revenue in fiscal years 2023 and 2024. Any termination or adverse modification of these contracts, or a reduction in the number of aircraft operated for FedEx, could have a material adverse effect on Air T's business and financial results.
2. Liquidity Challenges and Debt Burden: The company faces significant liquidity challenges due to a heavy debt load. Rising interest rates could further increase debt servicing costs, thereby reducing cash flow. Despite revenue growth, Air T has reported net losses, which magnifies the impact of financial risks.
3. Fluctuating Results Across Diverse Business Segments: Air T operates across several segments, including commercial aircraft, engines and parts, and ground support equipment, each susceptible to market fluctuations. Factors such as economic conditions, competitive markets, and changes in demand (e.g., reduced sales of ground equipment due to mild winters or decreased availability of aircraft assets) can lead to inconsistent operating results within these segments.

AI Analysis | Feedback

The rapid expansion of Amazon Air presents a clear emerging threat to Air T's air cargo segment. As Amazon continues to build out its own integrated air cargo and logistics network, it directly competes with traditional carriers like FedEx, which is a primary customer for Air T's regional air cargo operations. Amazon Air's growth could reduce FedEx's overall shipping volume or market share, potentially impacting the demand for and pricing of services provided by FedEx feeder operators like Air T. This shift represents a disruptive move by a major e-commerce player to internalize logistics.

AI Analysis | Feedback

Air T (symbol: AIRT) operates across several distinct business segments, each with its own addressable market. The primary segments include Overnight Air Cargo, Aviation Ground Support Equipment, Commercial Aircraft, Engines & Parts, and Digital Solutions.

Overnight Air Cargo Services

Air T, through its subsidiaries Mountain Air Cargo, Inc. and CSA Air, Inc., provides air cargo services, primarily as a contract carrier for FedEx, in the eastern United States, Canada, the Caribbean Islands, the Bahamas, and South America.

• Global Air Cargo Market: The global air cargo market was valued at USD 185.3 billion in 2023 and is projected to grow to USD 275.16 billion by 2033, with a compound annual growth rate (CAGR) of 5.00% from 2025 to 2033. Other estimates place the global air freight market at USD 257.44 billion in 2023, projected to reach USD 501.32 billion by 2030, growing at a CAGR of 10.3% from 2024 to 2030. The global cargo airlines industry market size is estimated at $155.4 billion in 2025.
• North America Air Cargo Market: North America held a significant share of the global air cargo market, with a market size of USD 74.49 billion in 2025, representing more than 40% of the global revenue. The U.S. air cargo market accounted for over 70% of the revenue share in the North America region in 2023 and is expected to exceed USD 50 billion by 2032.

Aviation Ground Support Equipment

Air T's subsidiary, Global Ground Support LLC (GGS), manufactures and sells aircraft deicers, scissor-lift trucks, tow tractors, and other specialized ground support equipment (GSE) to airlines, airports, military, and industrial customers worldwide.

• Global Ground Support Equipment Market: The global ground support equipment market size was valued at USD 9.17 billion in 2024 and is predicted to grow to USD 17.44 billion by 2032, exhibiting a CAGR of 8.79% during the forecast period of 2025-2032. Another estimate places the global market at USD 8.23 billion in 2025, reaching approximately USD 11.79 billion by 2034, with a CAGR of 4.05% from 2025 to 2034. The global aircraft ground handling system market was valued at USD 103.2 billion in 2023 and is estimated to grow at a CAGR of over 5.3% from 2024 to 2032.
• U.S. / North America Ground Support Equipment Market: The U.S. ground support equipment market size was valued at USD 4.2 billion in 2024 and is expected to reach USD 8.2 billion by 2033, growing at a CAGR of 7.8% during 2025-2033. North America's ground support equipment market surpassed USD 2.70 billion in 2024. The U.S. ground support equipment market for military and business aviation was valued at US$ 246.2 million in 2019 and is projected to reach US$ 327.3 million by 2027. North America held the largest revenue share of around 33.0% in the global ground support equipment market in 2023.

Commercial Aircraft, Engines & Parts

This segment involves commercial aircraft trading, leasing, and the supply of surplus and aftermarket engine parts, airframes, avionics, and logistics. It also includes aircraft storage, maintenance, disassembly/part-out services, and overhaul/repair services.

• Global Aircraft MRO (Maintenance, Repair, and Overhaul) Market: The global aircraft MRO market size was estimated at USD 90.85 billion in 2024 and is projected to reach USD 120.96 billion by 2030, growing at a CAGR of 4.75% from 2025 to 2030. Another report states the market was valued at USD 96.29 billion in 2025 and is forecasted to reach USD 122.55 billion by 2030, with a 4.94% CAGR.
• North America Aircraft MRO Market: North America dominated the aircraft MRO market with a revenue share of over 25% in 2024. The U.S. market for Aircraft MRO was estimated at $10.3 billion in 2023.
• Global Aircraft Engine MRO Market: The global aircraft engine MRO market size was valued at USD 37.56 billion in 2022 and is projected to grow from USD 42.81 billion in 2023 to USD 59.01 billion by 2030, exhibiting a CAGR of 4.69%.
• Global Aerospace Parts Manufacturing Market: The global aerospace parts manufacturing market size was estimated at USD 913.13 billion in 2023 and is expected to reach USD 1,233.24 billion in 2030, growing at a CAGR of 4.2% from 2024 to 2030. Another source values the market at approximately USD 0.99 trillion in 2025, projected to reach USD 1.41 trillion by 2032, with a CAGR of around 5.16% from 2026 to 2032. It is also expected to be worth around USD 1,547.2 billion by 2033, from USD 905.8 billion in 2023, growing at a CAGR of 5.5% during the forecast period from 2024 to 2033.
• North America Aerospace Parts Manufacturing Market: North America dominated the regional market with the largest revenue share of 51.7% in 2023. It held the biggest market share of 52% in 2024. North America accounts for 44.0% of the market share, translating to USD 398.55 billion.

Digital Solutions

This segment develops and provides digital aviation and other business services to customers within the aviation industry, including companies like WorldACD (data publishing) and Ambry Hill Technology (SaaS products for aviation RFQ & Quote automation and enterprise software). Due to the specialized and niche nature of Air T's specific offerings within this broad category, it is not possible to identify precise addressable market sizes for their digital solutions with the available information. Therefore, the addressable market for Digital Solutions is null.

AI Analysis | Feedback

1. Growth in Ground Support Equipment (GSE) Sales: Air T's Ground Support Equipment segment, which includes the manufacturing and sale of mobile deicers and other specialized ground support equipment, is expected to be a significant driver of revenue. This segment has demonstrated substantial growth, attributed to strong demand and an increased number of deicing trucks sold to customers such as airlines, airports, and the military.
2. Expansion of Digital Solutions: The Digital Solutions segment, offering software and analytics products for cargo and aviation logistics, is identified as a strategic area with considerable growth potential. Revenue growth in this segment is anticipated to be driven by increasing software subscriptions and the ongoing acquisition of new customers.
3. Strategic Investments and Acquisitions: Air T is committed to strategic investments and operational excellence, aiming to build and acquire businesses within the aviation sector. The company's "Investor-Operator Partnership" business model focuses on diligently allocating shareholder capital by acquiring cash-flow generating businesses, which is expected to drive long-term value creation and revenue growth. An example includes the acquisition of Royal Aircraft Services in May 2025 to expand the Overnight Air Cargo segment.
4. Steady Performance and Enhancement of Overnight Air Cargo Services: The Overnight Air Cargo segment, primarily providing air express delivery services for FedEx and repair services, continues to be a crucial component of Air T's operations. While recent growth has been modest, strategic moves like the acquisition of Royal Aircraft Services are intended to support and enhance this segment, contributing to overall revenue.

AI Analysis | Feedback

Outbound Investments

• Air T has engaged in various business combinations and acquisitions, including Shanwick and the consolidation of CASP, LLC, aiming to enhance its portfolio and expand its market presence.
• In October 2025, Air T, Inc. entered into a Sale and Implementation Deed to acquire Regional Express Holdings Limited (Rex), a prominent regional airline in Australia. The acquisition is anticipated to finalize by year-end, contingent on creditor and other necessary approvals.