Air T

Predictability is low. Even before consolidating Rex, the commercial engines/parts businesses and deicers were lumpy; the overnight air cargo segment depends heavily on FedEx fleet allocations month-to-month; and sales of deicers vary with winter severity. The addition of an in-restructuring regional airline raises volatility further.

FY2026 revenue was 327.1 million while LTM revenue to June 30, 2026 reached 371.7 million, but TTM operating income moved to a loss of 24.9 million and cash generation turned negative, making near-term forecasting unreliable. We view revenue growth as largely acquisition-driven and sensitive to external variables.