Air T, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026 with the U.S. Securities and Exchange Commission on November 13, 2026, reporting a net loss of $35,241 thousand for the six months ended on that date.

Key Highlights

  • Six-month net loss: Air T reported a net loss of $35,241 thousand for the six months ended September 30, 2026, compared to net income of $4,362 thousand for the same period in 2025.
  • Six-month revenues more than doubled: Total operating revenues for the six months ended September 30, 2026 were $262,399 thousand, up from $135,020 thousand in the prior-year period, according to the filing.
  • Regional airline segment added: The regional airline segment contributed $112,671 thousand in operating revenues for the six months ended September 30, 2026, with no comparable revenue reported for the same period in 2025.
  • Loss per share: Basic and diluted loss per share attributable to Air T, Inc. stockholders was $(13.34) for the six months ended September 30, 2026, versus earnings of $1.01 per share in the prior-year period.
  • Total assets grew: Total assets stood at $483,049 thousand as of September 30, 2026, compared to $409,123 thousand as of March 31, 2026.
  • Long-term debt increased: Long-term debt rose to $263,705 thousand as of September 30, 2026, from $204,563 thousand as of March 31, 2026.
  • Shares outstanding: Common shares outstanding were 2,668,705 as of September 30, 2026, with 2,666,988 shares outstanding as of October 31, 2026.

Air T's Fiscal Second Quarter 2027 Results: Regional Airline Growth, Rising Losses

Air T, Inc. (NASDAQ:AIRT), a Delaware-incorporated company headquartered in Charlotte, North Carolina, disclosed its condensed consolidated financial statements for the three and six months ended September 30, 2026. According to the filing, total operating revenues for the three months ended September 30, 2026 reached $146,937 thousand, more than doubling the $64,150 thousand reported for the same quarter in 2025. The company attributed much of this growth to the addition of its regional airline segment, which generated $56,762 thousand in quarterly revenues and had no comparable figure in the prior-year quarter.

Despite the revenue increase, the filing reported an operating loss of $11,804 thousand for the three months ended September 30, 2026, against operating income of $5,508 thousand a year earlier. For the six-month period, the operating loss was $24,626 thousand compared to operating income of $6,354 thousand in the prior-year period. The filing shows that general and administrative expenses for the six months ended September 30, 2026 were $59,787 thousand, up from $33,130 thousand in the comparable 2025 period. Depreciation and amortization for the same six-month period rose to $22,196 thousand from $2,111 thousand. Additionally, an earnout remeasurement charge of $3,402 thousand was recorded for the six months ended September 30, 2026.

On the balance sheet, goodwill increased to $19,109 thousand as of September 30, 2026, from $11,818 thousand as of March 31, 2026, and intangible assets, net, rose to $54,536 thousand from $13,029 thousand, according to the filing. Total Air T, Inc. stockholders' equity declined to $46,251 thousand from $79,810 thousand over the same period, reflecting the net losses recorded during the six-month period. The company's retained earnings fell to $44,292 thousand from $80,113 thousand. Interest expense for the six months ended September 30, 2026 was $11,519 thousand, compared to $4,565 thousand in the prior-year period.

What Was Disclosed

Air T, Inc. filed a Form 10-Q for the period ended September 30, 2026, disclosing a net loss of $35,241 thousand for the six-month period, a sharp reversal from prior-year income, alongside significant increases in revenues, assets, and long-term debt tied in part to the addition of a regional airline segment.