AerSale is like the CarMax or Carvana for commercial aircraft, specializing in buying, selling, and leasing used planes, engines, and components.

Beyond that, they're also a specialized industrial 'aircraft hospital and recycling center,' providing heavy maintenance, major modifications (like cargo conversions), and salvaging valuable parts from end-of-life jets.

• Aircraft, Engines, and Airframe Sales & Leasing: AerSale sells and leases aftermarket commercial aircraft, engines, and airframes.
• Aircraft Component Parts Sales: The company disassembles aircraft and engines to sell their component parts.
• Maintenance, Repair, and Overhaul (MRO) Services: AerSale provides heavy aircraft maintenance, component MRO for various aircraft systems, and general repair services.
• Aircraft Modification and Conversion Services: This includes services like aircraft modifications, cargo and tanker conversions, and internally developed engineered solutions.
• Aircraft Disassembly and Storage Services: The company offers end-of-life aircraft disassembly services and provides aircraft storage solutions.

Based on the provided company description, AerSale (ASLE) sells primarily to other companies. While specific customer names are not disclosed in the background information, its major customers fall into the following categories:

• Passenger and cargo airlines
• Leasing companies
• Original equipment manufacturers (OEMs)
• Government and defense contractors
• Maintenance, repair, and overhaul (MRO) service providers

Nicolas Finazzo, Chairman & Chief Executive Officer

Nicolas Finazzo co-founded AerSale in 2008. He also co-founded and served as Chief Executive Officer of AeroTurbine, Inc. in 1997, an aftermarket supplier combining aircraft and engine sales, leasing, parts sales, and MRO. AeroTurbine was successfully grown and sold in 2006 to Cerberus, where it was merged into AerCap Holdings. Early in his career, he established a commercial aircraft leasing company that became the regional air carrier Air Florida Commuter. He also founded and was President of Southern Express Airways, Inc., a commuter airline (1981-1987). AerSale itself was launched with backing from the private equity firm Leonard Green & Partners, L.P. Prior to AerSale, Mr. Finazzo held roles such as Vice President and Corporate General Counsel at International Air Leases, Inc. and Vice President & General Counsel at AeroThrust, Inc.

Martin Garmendia, Chief Financial Officer, Treasurer and Secretary

Martin Garmendia has served as Chief Financial Officer of AerSale since 2018, having joined the company in 2015 as Vice President & Controller. Before joining AerSale, he held various financial roles at NextEra Energy (NYSE: NEE) from 2006 to 2015, including Senior Director of Corporate Accounting for Florida Power & Light and Controller during the IPO of NextEra Energy Partners (NYSE: NEP). He also served as Finance Manager of the Forecast Budget & Analysis Group at Bacardi USA, Inc. from 2003 to 2006.

Gary Jones, Chief Operating Officer and Head of Material Sales

Gary Jones oversees AerSale's operations and material sales strategies. He previously served as President of AerSale's Materials Group since 2019.

Paul A. Hechenberger, Senior Vice President, General Counsel & Corporate Secretary

Paul Hechenberger joined AerSale in August 2025. His previous roles include Partner at Shutts & Bowen, General Counsel at iAero Group, Deputy General Counsel at Spirit AeroSystems, and General Counsel at BBA Aviation (Aftermarket Services). He has extensive experience counseling companies on M&A, commercial and government contracting, joint ventures, and governance.

Craig Wright, Senior Vice President & Head of Asset Management

Craig Wright is responsible for AerSale's asset management strategy. His prior positions at AerSale include Division President, Aircraft & Engine Management, President, Chief Commercial Officer, and Senior Vice President of Aircraft Leasing. Before joining AerSale, Mr. Wright was Vice President of Fleet for Macquarie AirFinance and Director of Corporate Finance for GATX Capital Corp.

The key risks to AerSale's business are primarily tied to the cyclical and volatile nature of the commercial aviation sector, challenges in its supply chain for acquiring assets, and its financial leverage.

1. Volatility in the Commercial Aviation Sector and Whole Asset Sales: AerSale's business is fundamentally linked to the commercial aviation sector, which is prone to volatility due to macroeconomic conditions, fuel price fluctuations, and airline profitability. A significant portion of its revenue, particularly from the Asset Management Solutions segment, can be "lumpy" and experience considerable quarter-to-quarter swings due to the timing of large, one-off whole aircraft and engine sales. While the company is strategically shifting towards more stable leasing and Maintenance, Repair, and Overhaul (MRO) services, this inherent cyclicality and revenue unpredictability remain a dominant risk.
2. Supply Chain Disruptions and Limited Feedstock Availability: AerSale's operations depend on acquiring "attractively priced feedstock," which refers to used aircraft and engines for disassembly, sale, or lease. The global supply of these assets can be limited. Furthermore, general supply chain disruptions can lead to significant material and parts shortages, delivery delays, increased costs, and labor shortages, adversely affecting both its Asset Management Solutions and Technical Operations segments.
3. Financial Leverage and Liquidity Risks: The company has experienced a significant increase in financial leverage and has reported negative operating cash flow in some periods. AerSale often finances its inventory growth and share repurchase programs with debt, betting on future monetization of its inventory through Used Serviceable Material (USM) sales and leasing to stabilize cash flow. Its ability to access and manage financing on favorable terms is crucial, and reliance on variable interest rates for some indebtedness exposes it to increased finance expenses if rates rise.

The increasing global focus on decarbonization and sustainability within the aviation industry, coupled with the introduction of more fuel-efficient and environmentally friendly new-generation aircraft, represents a clear emerging threat. This trend incentivizes airlines to accelerate the retirement of older, less efficient aircraft from their fleets. As AerSale's business heavily relies on the aftermarket for existing and often older aircraft, engines, and parts, as well as providing maintenance and modification services to extend their operational life, a rapid decline in the economic viability and operational lifespan of these older assets could significantly reduce demand for their core services. While this might increase demand for end-of-life disassembly services, the overall value proposition of extending the life of these aircraft would diminish, impacting their Asset Management Solutions and Technical Operations segments.

AerSale (NASDAQ: ASLE) operates within several significant addressable markets globally and in North America, primarily centered around aftermarket commercial aircraft, engines, and parts, as well as related maintenance and modification services. The market sizes for their main products and services are outlined below:

• Commercial Aircraft Maintenance, Repair, and Overhaul (MRO) Services: The global commercial aircraft MRO services market was valued at approximately USD 110.7 billion in 2023 and is projected to reach USD 146.9 billion by 2032. Other estimates place the global market at USD 90.85 billion in 2024, projected to reach USD 120.96 billion by 2030. By 2025, the MRO market is estimated to reach USD 119 billion, growing to USD 156 billion by 2035. North America holds a significant share, with one estimate showing it leading the global market with a 39.15% share, valued at USD 27 billion in 2025.
• Aircraft Engine MRO: As a subset of the broader MRO market, the global aircraft engine MRO market size was approximately USD 88.91 billion in 2024 and is projected to grow to around USD 147.46 billion by 2034. Another source estimates the global market at USD 58.4 billion in 2024, forecast to reach USD 89.2 billion by 2030. North America is identified as the largest market, accounting for approximately 40% of the global share, estimated at USD 15.77 billion in 2024.
• Commercial Aircraft Aftermarket Parts (including Used Serviceable Material - USM): The global commercial aircraft aftermarket parts market size reached USD 44.3 billion in 2024 and is expected to reach USD 72.3 billion by 2033. Other reports indicate the market was valued at USD 48.71 billion in 2024 and is projected to grow to USD 93.52 billion by 2032. North America dominated this market with a 33.02% share in 2023, valued at USD 14.18 billion, and is expected to continue to dominate.
• Commercial Aircraft Disassembly, Dismantling, and Recycling: This global market, which includes end-of-life services and the sourcing of component parts, was valued at approximately USD 5.2 billion in 2023 and is projected to reach around USD 10.8 billion by 2032. Another estimate projects the market to reach USD 9.67 billion in 2026 and USD 15.64 billion by 2034. North America holds the majority of this market, valued at USD 2.3 billion in 2024, and is projected to grow to USD 3.4 billion by 2035.
• Commercial Aircraft Leasing: The global commercial aircraft leasing market was valued at USD 154.1 billion in 2023 and is projected to reach USD 315.9 billion by 2033. Other reports suggest the market was valued at approximately USD 90.02 billion in 2024 and is expected to reach USD 161.09 billion by 2034. North America is projected to hold the largest share of the global commercial aircraft leasing market.
• Aircraft Modification (including cargo and tanker conversions): The global aircraft modification market size was approximately USD 96.8 billion in 2024 and is expected to reach approximately USD 138.1 billion by 2031. North America held the largest market share, over 40% of the global revenue, with a market size of approximately USD 38.7 billion in 2024.
• Freighter Conversions (a specific type of modification): The global freighter conversions market was valued at USD 409 million in 2024 and is projected to grow to USD 1020 million by 2032. Another source estimates the global market at USD 4.5 billion in 2023, growing to USD 13.30 billion by 2033. North America currently dominates the broader freighter aircraft market, which includes conversions, holding a 39.25% share in 2025.

AerSale (ASLE) is expected to experience future revenue growth over the next two to three years driven by several key initiatives and market dynamics:

1. Expanded MRO Capacity and Customer Growth: AerSale is strategically expanding its Maintenance, Repair, and Overhaul (MRO) facilities, including the full operationalization of its on-airport MRO expansion project in Millington, Tennessee. This expansion, coupled with new multi-year maintenance agreements with regional airlines, is anticipated to significantly contribute to revenue and profitability in 2026 and beyond.
2. Increased Demand for Used Serviceable Material (USM) and Leasing Activities: The company is focusing on growing its recurring revenue streams through strong commercial demand for Used Serviceable Material (USM) and an expanded leasing portfolio. This includes the full deployment of its Boeing 757 freighters in 2026, supported by robust inventory levels and a shift in business mix towards higher-margin leasing.
3. AerSafe Product Sales driven by FAA Compliance: Sales of AerSafe, an Engineered Solutions product, are experiencing robust growth as airline operators prepare for a 2026 FAA compliance deadline. This regulatory tailwind presents a significant revenue opportunity as more operators upgrade their aircraft.
4. Growth in Component MRO and New Service Offerings: AerSale is seeing strong growth in its component MRO services, particularly in aerostructures and landing gear overhaul. This growth is bolstered by successfully securing new contracts and obtaining new FAA approvals, such as for the overhaul of Boeing 737 MAX and 787 landing gears, which enhance their service offerings.
5. Future Contribution from AerAware: While currently in its final stages of approval, the Enhanced Flight Vision System AerAware is being actively marketed to commercial and governmental customers. Once the Supplemental Type Certificate (STC) is issued, this new product is expected to provide incremental revenue growth as initial orders and delivery schedules are established.

Share Repurchases

• AerSale announced a definitive agreement in March 2025 to repurchase approximately 6.428 million shares from its long-term private equity sponsor, Leonard Green & Partners, L.P., for $7.00 per share.
• This transaction, valued at approximately $45 million, was expected to reduce the company's outstanding share count by about 12% upon its completion around March 18, 2025.
• The repurchase was funded using AerSale's available cash and its revolving credit facility.

Share Issuance

• AerSale became a publicly traded company in December 2020 through a merger with Monocle Acquisition Corporation, a Special Purpose Acquisition Company (SPAC), and began trading on Nasdaq under the symbol ASLE.

Outbound Investments

• In January 2025, AerSale acquired a parts portfolio from the Sanad Group, a global aerospace engineering and leasing solutions leader. This strategic acquisition expanded AerSale's inventory of high-demand components for various aircraft models, including 737NG, A320 Family, A330/340, Boeing 777, and Embraer E-Jet, and aimed to strengthen Maintenance, Repair, and Overhaul (MRO) synergies.

Capital Expenditures

• Projected capital expenditures are $8 million for 2025, $9 million for 2026, and $11 million for 2027.
• The company's capital expenditures are focused on MRO expansion projects, including ramping up new MRO facilities for aerostructures and pneumatics to support a target of $25 million in MRO revenue for 2026.
• Capital expenditures for the most recent quarter totaled $1.66 million.