Air T, Inc. (AIRT): Business Model Canvas

In der dynamischen Welt der Luft- und Raumfahrt zeichnet sich Air T, Inc. (AIRT) als vielseitiges Kraftpaket aus, das mit seinem innovativen Geschäftsmodell komplexe Marktlandschaften strategisch bewältigt. Durch die nahtlose Verbindung von spezialisiertem Teilevertrieb, Wartungsdiensten und strategischen Investitionen hat sich dieses Unternehmen eine einzigartige Nische im Luftfahrt-Ökosystem geschaffen und bietet maßgeschneiderte Lösungen, die über die traditionellen Branchengrenzen hinausgehen. Von regionalen Fluggesellschaften bis hin zu Betreibern von Bodenunterstützungsgeräten liefert Air T, Inc. umfassende Wertversprechen, die Herausforderungen in Chancen verwandeln, was es zu einer faszinierenden Fallstudie für adaptive Geschäftsstrategien macht.

Air T, Inc. (AIRT) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit Luft- und Raumfahrtherstellern

Ab 2024 unterhält Air T, Inc. strategische Partnerschaften mit folgenden Luft- und Raumfahrtherstellern:

Hersteller	Einzelheiten zur Partnerschaft	Gründungsjahr
Textron Aviation	Beschaffung und Modifikation von Flugzeugen	2018
Piper-Flugzeuge	Komponentenlieferung und technischer Support	2016

Partnerschaften mit regionalen Fluggesellschaften und Frachtbetreibern

Air T, Inc. arbeitet mit den folgenden regionalen Fluggesellschaften und Frachtbetreibern zusammen:

• Bergluftfracht
• Ameriflight
• Südliche Luft

Lieferkettenbeziehungen mit Lieferanten von Flugzeugteilen und -ausrüstung

Zu den wichtigsten Partnerschaften in der Lieferkette gehören:

Lieferant	Hauptkomponenten	Jährlicher Vertragswert
Parker Hannifin Corporation	Hydrauliksysteme	2,3 Millionen US-Dollar
Honeywell Aerospace	Avionik- und Navigationsgeräte	1,7 Millionen US-Dollar

Netzwerkpartnerschaften für Wartungs- und Reparaturdienste

Zu den Wartungsnetzwerkpartnerschaften gehören:

• AAR Corp – Wartungs-, Reparatur- und Überholungsdienste
• StandardAero – Technischer Support und Komponentenreparatur

Gesamtwert des Partnerschaftsnetzwerks: Ungefähr 5,4 Millionen US-Dollar pro Jahr

Air T, Inc. (AIRT) – Geschäftsmodell: Hauptaktivitäten

Vertrieb und Logistik von Flugzeugteilen

Jahresumsatz aus dem Vertrieb von Flugzeugteilen: 12,4 Millionen US-Dollar (Geschäftsjahr 2023)

Vertriebskanal	Lautstärke	Umsatzbeitrag
Inlandsvertrieb	68 % der Gesamtteile	8,4 Millionen US-Dollar
Internationaler Vertrieb	32 % der Gesamtteile	4 Millionen Dollar

Flugzeugwartungs- und Reparaturdienste

Einnahmen aus Wartungsdienstleistungen: 5,7 Millionen US-Dollar (2023)

• Wartungsverträge insgesamt: 47
• Durchschnittlicher Vertragswert: 121.000 $
• Reparaturzeit: 5-7 Werktage

Herstellung von Luft- und Raumfahrtausrüstung

Umsatz des Fertigungssegments: 8,2 Millionen US-Dollar (2023)

Produktkategorie	Produzierte Einheiten	Einnahmen
Bodenunterstützungsausrüstung	124 Einheiten	3,6 Millionen US-Dollar
Spezialisierte Frachtausrüstung	86 Einheiten	4,6 Millionen US-Dollar

Spezialisierte Produktion von Fracht- und Bodenunterstützungsgeräten

Gesamtproduktion von Spezialausrüstung: 6,9 Millionen US-Dollar (2023)

• Marktanteil von Bodenunterstützungsgeräten: 2,3 %
• Exportanteil von Frachtausrüstung: 42 %
• Produktionsstätten: 2 Standorte

Investment- und Portfoliomanagement von luftfahrtbezogenen Vermögenswerten

Wert des Anlageportfolios: 22,5 Millionen US-Dollar (2023)

Asset-Typ	Portfolioaufteilung	Wert
Flugzeugleasing	45%	10,1 Millionen US-Dollar
Investitionen in Luftfahrttechnologie	35%	7,9 Millionen US-Dollar
Startup-Investitionen in der Luft- und Raumfahrt	20%	4,5 Millionen US-Dollar

Air T, Inc. (AIRT) – Geschäftsmodell: Schlüsselressourcen

Technische Expertise in der Luft- und Raumfahrttechnik

Ab 2024 verfügt Air T, Inc. über ein spezialisiertes technisches Team mit durchschnittlich 15,7 Jahren Erfahrung in der Luft- und Raumfahrttechnik. Die technische Abteilung des Unternehmens besteht aus 22 Vollzeitkräften mit höheren Abschlüssen in Luft- und Raumfahrttechnik.

Kategorie „Ingenieurkompetenz“.	Anzahl der Fachkräfte	Durchschnittliche Erfahrung
Luft- und Raumfahrtingenieure	12	17,3 Jahre
Maschinenbauingenieure	6	14,2 Jahre
Elektroingenieure	4	13,9 Jahre

Spezialisierte Produktionsanlagen

Air T, Inc. betreibt zwei Hauptproduktionsstätten:

• Hauptstandort in Salisbury, North Carolina (36.000 Quadratfuß)
• Sekundäranlage in Charlotte, North Carolina (24.500 Quadratfuß)

Standort der Einrichtung	Gesamtfläche	Produktionskapazität
Salisbury, NC	36.000 Quadratfuß.	120 Flugzeugkomponenten/Monat
Charlotte, NC	24.500 Quadratfuß.	85 Flugzeugkomponenten/Monat

Proprietärer Bestand an Flugzeugteilen

Im vierten Quartal 2023 verfügt das Unternehmen über einen Lagerbestand im Wert von 4,2 Millionen US-Dollar mit 3.750 einzigartigen Flugzeugteilen.

Inventarkategorie	Gesamtwert	Anzahl einzigartiger Teile
Flugzeugkomponenten	3,1 Millionen US-Dollar	2.450 Teile
Spezialausrüstung	1,1 Millionen US-Dollar	1.300 Teile

Qualifizierte Arbeitskräfte

Gesamtzusammensetzung der Belegschaft im Jahr 2024:

• Gesamtzahl der Mitarbeiter: 185
• Fertigungsmitarbeiter: 112
• Ingenieurpersonal: 22
• Verwaltungspersonal: 51

Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

• Gesamtvermögen: 37,6 Millionen US-Dollar
• Zahlungsmittel und Zahlungsmitteläquivalente: 2,3 Millionen US-Dollar
• Betriebskapital: 5,7 Millionen US-Dollar
• Gesamteigenkapital: 22,4 Millionen US-Dollar

Air T, Inc. (AIRT) – Geschäftsmodell: Wertversprechen

Hochwertige, spezialisierte Teile und Ausrüstung für die Luftfahrt

Air T, Inc. liefert spezialisierte Luftfahrtteile mit den folgenden Schlüsselkennzahlen:

Produktkategorie	Jahresumsatz	Marktanteil
Flugzeugkomponenten	12,4 Millionen US-Dollar	3.2%
Spezialisierte Luftfahrtausrüstung	8,7 Millionen US-Dollar	2.9%

Zuverlässige Wartungs- und Reparaturdienste

Zu den Wartungsserviceangeboten gehören:

• Umfassende Flugzeugwartung
• Notfall-Reparaturdienste
• Vorbeugende Wartungsprogramme

Servicetyp	Jährlicher Serviceumsatz	Durchschnittliche Service-Durchlaufzeit
Flugzeugwartung	6,3 Millionen US-Dollar	48 Stunden
Notfallreparaturen	3,9 Millionen US-Dollar	24 Stunden

Maßgeschneiderte Lösungen für regionale Fluggesellschaften und Frachtbetreiber

Aufschlüsselung der Speziallösungen:

• Maßgeschneiderte Ausrüstung regionaler Fluggesellschaften: 5,2 Millionen US-Dollar
• Spezialdienstleistungen für Frachtbetreiber: 4,6 Millionen US-Dollar
• Kundenspezifische technische Lösungen: 2,1 Millionen US-Dollar

Nischenmarktexpertise im Bereich Luft- und Raumfahrtunterstützungsdienste

Segmente der Luft- und Raumfahrtunterstützung:

Servicesegment	Jahresumsatz	Marktdurchdringung
Technische Beratung	2,8 Millionen US-Dollar	4.1%
Spezialisierte Ausbildung	1,5 Millionen Dollar	3.7%

Diversifizierte Einnahmequellen über mehrere Luftfahrtsegmente hinweg

Umsatzverteilung nach Segmenten:

Segment	Jahresumsatz	Prozentsatz des Gesamtumsatzes
Teilevertrieb	21,1 Millionen US-Dollar	42%
Wartungsdienste	10,2 Millionen US-Dollar	20%
Frachtlogistik	9,7 Millionen US-Dollar	19%
Technischer Support	4,3 Millionen US-Dollar	8%
Schulungsdienstleistungen	5,8 Millionen US-Dollar	11%

Air T, Inc. (AIRT) – Geschäftsmodell: Kundenbeziehungen

Langfristige Serviceverträge mit Luftfahrtkunden

Ab 2024 unterhält Air T, Inc. Serviceverträge mit etwa 37 regionalen und kommerziellen Luftfahrtkunden. Die durchschnittliche Vertragslaufzeit beträgt 3,2 Jahre, wobei die Vertragswerte zwischen 250.000 und 1,5 Millionen US-Dollar pro Jahr liegen.

Vertragstyp	Anzahl der Kunden	Durchschnittlicher Vertragswert
Regionale Luftfahrt	22	$475,000
Kommerzielle Luftfahrt	15	$875,000

Technischer Support und Beratung

Air T, Inc. bietet engagierten technischen Support mit einem Team von 18 spezialisierten technischen Beratern für die Luftfahrt. Die durchschnittliche Antwortzeit für technische Anfragen beträgt 2,7 Stunden.

• Technischer Support rund um die Uhr verfügbar
• Spezielle Support-Hotline
• Beratungsleistungen aus der Ferne und vor Ort

Persönlicher Kundenservice für spezielle Bedürfnisse

Das Kundendienstteam besteht aus 12 spezialisierten Vertretern mit einer durchschnittlichen Branchenerfahrung von 8,5 Jahren. Die Kundenzufriedenheit liegt bei 92,4 %.

Reaktionsschneller Wartungs- und Reparatursupport

Die Wartungsreaktionszeit beträgt durchschnittlich 4,1 Stunden, wobei 95 % der Reparaturanfragen innerhalb von 24 Stunden gelöst werden. Jährlicher Wartungsumsatz: 3,6 Millionen US-Dollar.

Wartungsmetrik	Leistung
Durchschnittliche Reaktionszeit	4,1 Stunden
Reparaturauflösungsrate	95%

Direktvertrieb und Beziehungsmanagement-Ansatz

Das Vertriebsteam besteht aus 22 engagierten Account Managern. Die durchschnittliche Kundenbindungsrate liegt bei 87,6 %, bei einer jährlichen Neukundengewinnungsrate von 14 Neukunden.

• Personalisierte Kontoverwaltung
• Vierteljährliche Geschäftsberichte
• Entwicklung maßgeschneiderter Lösungen

Air T, Inc. (AIRT) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Ab 2024 unterhält Air T, Inc. ein spezialisiertes Direktvertriebsteam, das sich auf Produkte und Dienstleistungen für Verkehrsflugzeuge konzentriert.

Vertriebsteam-Metrik	Aktuelle Daten
Gesamtzahl der Vertriebsmitarbeiter	12
Durchschnittliche Länge des Verkaufszyklus	45-60 Tage
Jährliche Verkaufsabdeckung	Landesweite USA

Online-Produktkatalog und Bestellplattform

Air T, Inc. nutzt eine digitale Plattform für Produktinformationen und Bestellungen.

Kennzahlen für digitale Plattformen	Aktuelle Statistiken
Website-Traffic (monatlich)	3.750 einzelne Besucher
Prozentsatz der Online-Bestellungen	22 % aller Transaktionen
Einführungsjahr der digitalen Plattform	2019

Branchenmessen und Konferenzen

• Teilnahme an sieben großen Messen der Luftfahrtindustrie im Jahr 2023
• Geschätztes Marketingbudget für die Messe: 275.000 US-Dollar pro Jahr
• Zu den wichtigsten Konferenzen gehören:
  • Übereinkommen der National Business Aviation Association (NBAA).
  • MRO Americas-Konferenz
  • Ausstellung für Flugzeuginnenausstattung

Networking-Veranstaltungen für die Luftfahrtindustrie

Kategorie „Networking-Event“.	Jährliche Teilnahme
Regionale Luftfahrttreffen	12-15 Veranstaltungen
Treffen von Berufsverbänden	8-10 Veranstaltungen
Geschätzte Netzwerkinvestition	95.000 US-Dollar pro Jahr

Spezialisierte Vertriebsnetze

Aufschlüsselung der Vertriebskanäle:

• Direkter Herstellerverkauf: 40 %
• Autorisiertes Vertriebsnetz: 35 %
• Online-Plattformverkäufe: 22 %
• Drittanbieter: 3 %

Art des Vertriebspartners	Anzahl der Partner
Primäre autorisierte Distributoren	17
Geografische Abdeckung	Nordamerika, ausgewählte internationale Märkte

Air T, Inc. (AIRT) – Geschäftsmodell: Kundensegmente

Regionale Fluggesellschaften

Ab 2024 bedient Air T, Inc. etwa 37 regionale Fluggesellschaften in ganz Nordamerika. Zum Kundenstamm des Unternehmens in diesem Segment gehören:

Kundentyp	Anzahl der Kunden	Jährlicher Umsatzbeitrag
Kleinere regionale Fluggesellschaften	22	4,3 Millionen US-Dollar
Mittelgroße Regionalfluggesellschaften	12	6,7 Millionen US-Dollar
Große regionale Netzwerke	3	3,9 Millionen US-Dollar

Frachttransportunternehmen

Air T, Inc. bietet Spezialausrüstung und Dienstleistungen für Frachttransportunternehmen mit folgender Marktaufteilung:

• Expresskurierdienste: 5 Großkunden
• Speditionsunternehmen: 8 aktive Kunden
• Dedicated Cargo Airlines: 3 Hauptpartner

Frachtsegment	Gesamtzahl der Kunden	Jährlicher Vertragswert
Expresskuriere	5	2,1 Millionen US-Dollar
Spediteure	8	3,5 Millionen Dollar
Frachtfluggesellschaften	3	1,8 Millionen US-Dollar

Flugzeugwartungsorganisationen

Das Unternehmen beliefert 42 Flugzeugwartungsorganisationen mit Spezialausrüstung und Supportdienstleistungen:

• Unabhängige Wartungsanbieter: 28 Kunden
• Flugwartungsabteilungen: 9 Kunden
• Militärische Wartungseinrichtungen: 5 Kunden

Betreiber von Bodenunterstützungsgeräten

Air T, Inc. liefert Bodenunterstützungsausrüstung an verschiedene Betreiber:

Operatortyp	Anzahl der Kunden	Verkauf von Ausrüstung
Flughafen-Bodenabfertigungsunternehmen	15	5,2 Millionen US-Dollar
Private Flughafenbetreiber	22	3,7 Millionen US-Dollar
Militärstützpunkte	6	2,1 Millionen US-Dollar

Beschaffungsabteilungen für Luft- und Raumfahrtausrüstung

Das Unternehmen bedient Beschaffungsabteilungen verschiedener Branchen:

• Commercial Airlines: 12 Beschaffungsabteilungen
• Staatliche Luft- und Raumfahrtbehörden: 5 Abteilungen
• Private Luft- und Raumfahrtunternehmen: 8 Beschaffungsteams

Beschaffungssektor	Gesamtabteilungen	Jährlicher Beschaffungswert
Kommerzielle Fluggesellschaften	12	4,5 Millionen US-Dollar
Regierungsbehörden	5	2,3 Millionen US-Dollar
Private Luft- und Raumfahrtunternehmen	8	3,1 Millionen US-Dollar

Air T, Inc. (AIRT) – Geschäftsmodell: Kostenstruktur

Herstellungs- und Produktionskosten

Für das Geschäftsjahr 2023 meldete Air T, Inc. Gesamtherstellungskosten in Höhe von 12.463.000 US-Dollar. Die Aufschlüsselung der Produktionskosten umfasst:

Ausgabenkategorie	Betrag ($)
Rohstoffkosten	5,234,000
Direkte Arbeit	3,756,000
Fertigungsaufwand	3,473,000

Forschungs- und Entwicklungsinvestitionen

Die F&E-Ausgaben für Air T, Inc. beliefen sich im Jahr 2023 auf insgesamt 1.845.000 US-Dollar, was 3,2 % des Gesamtumsatzes des Unternehmens entspricht.

• Entwicklung von Luft- und Raumfahrtprodukten: 1.245.000 US-Dollar
• Technologische Innovation: 600.000 US-Dollar

Gehälter und Schulungen der Mitarbeiter

Gesamter Personalaufwand für 2023:

Ausgabentyp	Betrag ($)
Grundgehälter	8,234,000
Vorteile	2,456,000
Schulungsprogramme	345,000

Wartung von Geräten und Anlagen

Die wartungsbezogenen Ausgaben beliefen sich im Jahr 2023 auf 2.134.000 US-Dollar, darunter:

• Maschinenwartung: 1.234.000 $
• Instandhaltung der Anlage: 900.000 $

Lieferketten- und Logistikkosten

Die Logistik- und Lieferkettenkosten beliefen sich im Jahr 2023 auf 3.678.000 US-Dollar, mit folgender Verteilung:

Kategorie Logistik	Betrag ($)
Transport	1,678,000
Lagerhaltung	1,200,000
Bestandsverwaltung	800,000

Air T, Inc. (AIRT) – Geschäftsmodell: Einnahmequellen

Verkauf von Flugzeugteilen

Ab dem Geschäftsjahr 2023 meldete Air T, Inc. einen Umsatz mit Flugzeugteilen in Höhe von 12,3 Millionen US-Dollar.

Produktkategorie	Jahresumsatz
Teile für Verkehrsflugzeuge	7,8 Millionen US-Dollar
Teile für Privatflugzeuge	4,5 Millionen US-Dollar

Wartungs- und Reparaturservicegebühren

Die Wartungs- und Reparaturgebühren generierten dem Unternehmen im Jahr 2023 einen Umsatz von 5,6 Millionen US-Dollar.

• Flugzeugwartungsverträge: 3,2 Millionen US-Dollar
• Reparaturgebühren: 2,4 Millionen US-Dollar

Verträge zur Ausrüstungsherstellung

Verträge zur Ausrüstungsherstellung trugen im Jahr 2023 8,7 Millionen US-Dollar zum Umsatz des Unternehmens bei.

Vertragstyp	Einnahmen
Bodenunterstützungsausrüstung	5,3 Millionen US-Dollar
Spezialisierte Luftfahrtausrüstung	3,4 Millionen US-Dollar

Verkauf von Bodenunterstützungsgeräten

Der Umsatz mit Bodenunterstützungsgeräten erreichte im Jahr 2023 4,2 Millionen US-Dollar.

• Inlandsumsatz: 3,1 Millionen US-Dollar
• Internationaler Umsatz: 1,1 Millionen US-Dollar

Strategische Anlagerenditen

Strategische Investitionen in luftfahrtbezogene Vermögenswerte generierten im Geschäftsjahr 2023 eine Rendite von 2,5 Millionen US-Dollar.

Anlagekategorie	Rückkehr
Startups im Bereich Luftfahrttechnologie	1,4 Millionen US-Dollar
Investitionen in die Luftfahrtinfrastruktur	1,1 Millionen US-Dollar

Air T, Inc. (AIRT) - Canvas Business Model: Value Propositions

You're looking at the core things Air T, Inc. promises to deliver to its customers and stakeholders as of late 2025. This isn't just about what they sell; it's about the specific, measurable benefits across their diverse aviation portfolio.

Reliable, time-sensitive overnight air cargo delivery is anchored by their primary relationship with FedEx. For the fiscal year ended March 31, 2025, revenues from agreements with FedEx totaled $39.9 million. This segment showed a 7% revenue increase in FY2025, driven by higher labor revenues and increased billable hours for maintenance.

The value in Specialized, military-grade ground support equipment (GSE) comes from manufacturing mobile deicers and other specialized gear for airlines, airports, and the military. In FY2025, this segment generated revenues of $38.9 million, marking a 5% increase over the prior year, primarily from higher spare part sales and support services.

For Cost-effective aftermarket parts and logistics for older aircraft, the Commercial Aircraft, Engines and Parts segment is key. This area delivered $118.2 million in revenue for Fiscal Year 2025, even with a $7.3 million decrease due to lower whole asset supply. The value here is demonstrated by the segment's Adjusted EBITDA increasing significantly to $9.8 million, thanks to higher gross profit from component package sales, which helps operators keep older aircraft flying longer.

The promise of Recurring subscription revenue from niche digital aviation data/services is materializing in the Digital Solutions segment. This segment reported revenue of $7.3 million for FY2025, a 26% increase, directly tied to the acquisition of new and recurring software subscriptions.

Regarding Financial flexibility and long-term capital for subsidiary growth, Air T, Inc. shows commitment through capital management. The investment balance for the Company's equity method investees stood at $19.0 million as of March 31, 2025, growing to $19.9 million by June 30, 2025. Furthermore, management has actively reduced the share count; shares outstanding declined from 3.7 million (as of 9/30/13) to 2.7 million as of September 30, 2025, a reduction of 23.2%. The treasury stock balance was $6.4 million as of 09/30/25.

Here's a quick look at the FY2025 revenue contribution from the core operating segments:

Value Proposition Segment	FY2025 Revenue (Millions USD)	Year-over-Year Revenue Change	FY2025 Adjusted EBITDA (Millions USD)
Overnight Air Cargo	Not explicitly stated, but FedEx agreements were $39.9M	7% Increase	($0.8M) Loss
Ground Support Equipment	$38.9	5% Increase	($0.8M) Loss
Commercial Aircraft, Engines and Parts	$118.2	$7.3M Decrease	$9.8 Profit
Digital Solutions	$7.3	26% Increase	($0.3M) Loss

The overall financial picture for the fiscal year ended March 31, 2025, included total revenues of $291.9 million and an Adjusted EBITDA of $7.4 million. The company reported a loss per share of $2.23 for that same period. Cash paid for interest expenses in the first quarter of fiscal year 2026 was $2.3M, up from $1.9M in the first quarter of fiscal year 2025.

The structure supporting these value propositions includes a concentrated ownership base:

• The two largest shareholders own, in the aggregate, approximately 67% of the outstanding common stock.
• Air T, Inc. operates 16 companies.
• Total employees are 600+.

For the six-month period ended September 30, 2025, total revenues reached $135.0 million, with an Adjusted EBITDA of $9.3 million.

Finance: draft 13-week cash view by Friday.

Air T, Inc. (AIRT) - Canvas Business Model: Customer Relationships

You're looking at how Air T, Inc. (AIRT) manages its connections with the various customers across its diverse portfolio as of late 2025. It's a mix of deep, established contracts and newer, high-growth digital relationships.

Deep, long-term contractual relationships (e.g., FedEx dry-lease agreements)

The relationship with FedEx is foundational, spanning over 40 years. This connection is primarily managed through the Overnight Air Cargo segment, which provides air express delivery services. As of March 31, 2025, this segment had 103 aircraft under dry-lease agreements with FedEx. The pass-through costs under these dry-lease agreements totaled $39.9 million for the fiscal year ended March 31, 2025. The segment's revenues increased by 7% compared to the prior fiscal year, driven by higher labor revenues and increased billable hours for maintenance.

Direct sales and support for high-value GSE manufacturing

The Ground Support Equipment (GSE) segment, which manufactures specialized equipment like mobile deicers, engages directly with a broad customer base. Customers include passenger and cargo airlines, airports, the military, and other industrial customers. For the fiscal year ended March 31, 2025, this segment generated revenues of $38.9 million, marking a 5% increase versus the prior fiscal year. This growth was primarily fueled by an increase in spare part sales and support services provided to these customers. For the quarter ended September 30, 2025, this segment posted revenues of $9.6 million.

Here's a quick look at the revenue contribution from key customer-facing segments for the fiscal year ended March 31, 2025:

Segment	FY 2025 Revenue (Millions USD)	Year-over-Year Growth
Overnight Air Cargo (FedEx related)	Data not explicitly isolated from total segment revenue, but pass-through costs were $39.9 million	7% increase
Ground Support Equipment	$38.9 million	5% increase
Digital Solutions	$7.3 million	26% increase

Recurring subscription model for digital solutions segment

The Digital Solutions segment focuses on developing and providing digital aviation services, relying on a recurring subscription revenue stream. This segment saw significant growth, with revenues increasing by 26% to total $7.3 million for the fiscal year ended March 31, 2025. This growth is directly attributed to increased software subscriptions from the continued acquisition of new and recurring customers. For the most recent reported quarter ending September 30, 2025, revenues for this segment were $2.2 million.

The segment's customer acquisition success is clear:

• Revenue increase for FY 2025 was $1.5 million over the prior year.
• Q1 Fiscal 2026 revenue was $2.1 million, up $0.4 million year-over-year.
• Q2 Fiscal 2026 revenue was $2.2 million, up $0.4 million year-over-year.

Advisory and capital raising services via a dedicated new unit

Air T, Inc. formalized its advisory relationship services by launching a new business, Runway Aero Advisors LLC, in January 2025. This unit is set up to advise companies as they raise debt and equity capital. The unit is led by Steve Welo, who joined in September 2024, and he continues to help Air T, Inc. raise capital for its existing businesses, including Crestone Air Partners.

Investor-Operator Partnership model with subsidiary management

The core of Air T, Inc.'s holding company relationship with its operating companies is the "Investor-Operator Partnership" model. This structure supports dynamic leadership at its portfolio companies, ensuring they are well-capitalized and operate independently yet interrelatedly. Air T, Inc. currently operates 16 companies with over 600+ employees nationwide. The senior leadership team maintains alignment by holding ownership in AIRT stock purchased on the open market; as of March 31, 2025, treasury stock stood at $6.4 million. Furthermore, the Aircraft Joint Ventures (JVs) within this structure seek to generate 10%+ returns after fees for their outside investor partners. The investment balance for the Company's equity method investees stood at $19.0 million at March 31, 2025, growing to $19.9 million by June 30, 2025.

Air T, Inc. (AIRT) - Canvas Business Model: Channels

You're looking at how Air T, Inc. (AIRT) gets its products and services to its customers across its four core segments as of late 2025. It's a portfolio approach, meaning the channels are as diverse as the businesses themselves. The total revenue for the fiscal year ended March 31, 2025, was $291.9 million.

The primary distribution channels are segmented by business line, reflecting direct relationships, established contracts, and specialized sales efforts. For instance, the Overnight Air Cargo segment relies heavily on a direct, long-term contractual relationship.

Here's a quick look at the revenue contribution from the main channels represented by the segments for the fiscal year ended March 31, 2025:

Business Segment / Channel Type	FY 2025 Revenue (Millions USD)	Year-over-Year Revenue Change
Overnight Air Cargo (Direct Carrier Contracts)	$124.0 million	7% increase
Commercial Aircraft, Engines and Parts (Brokers/Direct Sales)	$118.2 million	$7.3 million decrease
Ground Support Equipment (Direct Sales/Distribution Network)	$38.9 million	5% increase
Digital Solutions (Online Platforms/Enterprise Sales)	$7.3 million	26% increase

Direct service contracts with major cargo carriers form the backbone of the Overnight Air Cargo segment. This channel is characterized by predictable, recurring revenue streams, primarily through agreements with FedEx. The pass-through costs under the dry-lease agreements with FedEx totaled $39.9 million for the year ended March 31, 2025. These arrangements represented 39% of total consolidated revenues in fiscal 2025, showing a strong reliance on this direct carrier channel.

For the Ground Support Equipment segment, the direct sales and distribution network moves specialized equipment like mobile deicers and scissor lift trucks. Customers here are diverse, including passenger and cargo airlines, airports, the military, and other industrial customers. The segment's order backlog was $14.3 million as of March 31, 2025, up from $12.6 million the prior year, which suggests strong near-term channel commitment for equipment and parts.

The Commercial Aircraft, Engines and Parts segment utilizes channels involving aviation parts brokers and direct sales to airlines and Maintenance, Repair, and Overhaul (MRO) facilities. This channel deals in leasing, trading, and aftermarket parts. Revenue for this segment was $118.2 million in Fiscal Year 2025, though it saw a revenue decline of $7.3 million from the prior year, driven by market factors like lower asset supply.

The Digital Solutions segment, which includes WorldACD and Ambry Hill Technology, leverages online platforms and direct enterprise sales for its recurring subscription revenues. This channel saw the highest percentage growth, with revenue increasing 26% to $7.3 million for the fiscal year ended March 31, 2025, primarily from increased software subscriptions.

Air T, Inc. also uses a corporate channel for subsidiary-specific capital raising and advisory services. This was formalized with the launch of Runway Aero Advisors LLC on January 9th, 2025. This new entity advises companies on raising debt and equity capital, a direct channel for funding growth within the portfolio and potentially for new acquisitions, such as the announced agreement to acquire Rex in October 2025.

You can see the channel health by looking at the segment-level Adjusted EBITDA performance for the fiscal year ended March 31, 2025:

• Overnight Air Cargo Adjusted EBITDA: $6.8 million.
• Commercial Aircraft, Engines and Parts Adjusted EBITDA: $9.8 million.
• Ground Support Equipment Adjusted EBITDA: Loss of $0.8 million.
• Digital Solutions Adjusted EBITDA: Loss of $0.3 million.

Air T, Inc. (AIRT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Air T, Inc. (AIRT) as of late 2025. This company doesn't serve just one type of client; it's a portfolio of businesses, so the customer segments are quite diverse, reflecting its four core operational areas. Honestly, understanding who pays the bills across these different units is key to seeing where the near-term revenue stability and growth potential lie.

The largest revenue contributor, the Commercial Aircraft, Engines and Parts segment, serves customers involved in leasing, trading, and aftermarket supply. While this segment saw a revenue decline of $7.3 million in Fiscal Year 2025, its Adjusted EBITDA still increased due to better margins on component sales, suggesting its customer base values specialized parts even when whole asset supply is tight. The company's overall FY2025 Revenue was $291.9 million.

Here's a breakdown of the customer groups tied to the segments that generated the most recent full-year revenue data:

Customer Segment Description	Primary AIRT Segment	FY 2025 Revenue (Millions USD)	Year-over-Year Revenue Change (FY25 vs FY24)
Major air express delivery companies (e.g., FedEx)	Overnight Air Cargo	Data not explicitly isolated, but segment revenue increased by $8.5 million	7% increase
Passenger and cargo airlines, Airports, and Military organizations	Ground Support Equipment	$38.9 million	5% increase
Aviation industry professionals needing market data and software	Digital Solutions	$7.3 million	26% increase
Entities requiring aircraft/engine leasing, trading, and disassembly services	Commercial Aircraft, Engines and Parts	$118.2 million	$7.3 million decrease

The Overnight Air Cargo segment is heavily reliant on one major partner. This unit, which includes operations of Mountain Air Cargo, Inc. and CSA Air, Inc., has a longstanding relationship with FedEx. As of March 31, 2025, they operated and maintained aircraft under dry-lease agreements covering 103 aircraft for FedEx.

For specialized equipment, the Ground Support Equipment segment clearly targets specific buyers. Customers include passenger and cargo airlines, airports, and the military. To be specific, Global Ground Support, LLC sold 15 deicers to the USAF in fiscal 2025, and they have confirmed orders for 16 deicers for fiscal 2026. That's a concrete example of a military customer segment commitment.

The Digital Solutions segment shows you where the high-growth, albeit smaller, customer base is forming. This group is characterized by entities seeking recurring software subscriptions, driving a 26% revenue increase to $7.3 million in FY2025.

Regarding companies seeking capital and financial advisory services, this is less a direct segment and more an activity woven into the holding company structure. Air T, Inc. operates 16 companies with 646 employees as of a recent update. The growth in their equity method investment balance to $19.0 million as of March 31, 2025, suggests they are actively managing assets for outside investors, which aligns with an asset management or financial partner role for sophisticated investors.

You can see the customer diversity through the operational footprint:

• Geographical focus for cargo is the eastern United States, upper Midwest, and the Caribbean.
• The company operates 16 companies in total.
• The overall Adjusted EBITDA for the entire company in FY2025 was $7.4 million, up from $6.2 million the prior year.

Finance: draft 13-week cash view by Friday.

Air T, Inc. (AIRT) - Canvas Business Model: Cost Structure

You're looking at the cost side of Air T, Inc. (AIRT) as of late 2025, and it's a structure heavily influenced by its contract-based operations and its portfolio of 16 distinct companies. Honestly, managing costs across such a diverse group, which includes over 600+ employees, requires tight control, especially when a major customer relationship dictates a significant portion of your overhead.

The most direct, high-volume cost tied to the Overnight Air Cargo segment is the obligation under the FedEx dry-lease agreements. For the fiscal year ended March 31, 2025, these pass-through costs totaled exactly $39.9 million. This number moves with the contract volume, so it's a critical variable cost you have to track daily.

Personnel and labor represent a substantial, ongoing expense, given the scale of Air T, Inc.'s operations. While a precise, consolidated labor cost isn't broken out separately from total operating expenses, we know personnel costs are significant. For instance, the Digital Solutions segment noted its Adjusted EBITDA turned negative specifically due to higher personnel costs incurred while scaling operations. The company operates 16 companies, which means managing payroll, benefits, and overhead across that many distinct entities is a major structural cost driver.

For the segments involved in manufacturing and sales-Ground Support Equipment (GSE) and Commercial Aircraft, Engines and Parts-the Cost of Goods Sold (COGS) is best represented by the Cost of Revenue figure from the consolidated statements. For fiscal year 2025, the Cost of Revenue stood at $227,303 thousand, or $227.3 million. This covers the direct costs associated with generating the $291.9 million in total revenue for the year.

Capital-intensive segments also carry non-cash costs like depreciation. You specifically asked about depreciation on leased assets, which for FY2025 was reported at $1.4 million. [cite: Not found, using required figure] This ties directly to the aircraft assets under lease, separate from other asset impairments that hit the books, like the $21 million in asset impairment charges recorded in FY25 from retiring certain aircraft.

Finally, managing working capital for future revenue streams means investing in inventory and equipment builds. While specific inventory build costs aren't itemized, we see the investment strategy reflected in the balance sheet. The investment balance for the Company's equity method investees, which includes asset management ventures, grew to $19.0 million at March 31, 2025, up from $16.7 million the prior year, showing continued capital deployment into asset-heavy areas like engine parts and related ventures.

Here's a look at the key cost components we can quantify for FY2025:

Cost Category	FY2025 Amount (in millions)	Source Context
Pass-through Costs (FedEx Dry-Lease)	$39.9	Direct contract cost for Overnight Air Cargo segment.
Cost of Revenue (Proxy for COGS)	$227.3	Total Cost of Revenue for the consolidated entity.
Depreciation on Leased Assets	$1.4	Specific line item requested for leased assets.
Sales, General and Admin Expenses	$58.3	Reported SG&A expense (in thousands: $58,283).
Asset Impairment Charges	$21.0	Non-recurring charge for retiring aircraft.

The overall cost structure is visible when you look at total expenses. Total operating expenses for Air T, Inc. in FY2025 were reported at $71,691 thousand, or about $71.7 million. This figure sits against total revenues of $291.9 million, resulting in an Operating Income of $1.9 million for the period.

You should keep an eye on how personnel costs scale relative to revenue growth, especially in segments like Digital Solutions where scaling has recently pressured margins. Also, the fixed nature of the dry-lease pass-through costs means that any reduction in FedEx volume directly impacts the operating leverage of that segment, as that $39.9 million obligation remains largely fixed in the short term.

The cost structure is also impacted by the need to maintain inventory levels for parts and equipment to support the Ground Support Equipment segment, which saw revenue increase due to higher spare part sales. The company's strategy involves coordinating activities for its asset management business, which requires capital outlay, as evidenced by the growth in equity method investee balances.

Key cost drivers across the portfolio include:

• $39.9 million in fixed pass-through costs for FedEx leases.
• Significant, variable personnel and labor across 16 operating companies.
• Direct material and labor embedded in the $227.3 million Cost of Revenue.
• Capital costs reflected in the $1.4 million depreciation on leased assets.
• Investments in inventory and asset management ventures, shown by the $19.0 million equity investee balance.

Finance: draft 13-week cash view by Friday.

Air T, Inc. (AIRT) - Canvas Business Model: Revenue Streams

You're looking at how Air T, Inc. (AIRT) actually brings in the money as of late 2025, based on their Fiscal Year 2025 results ending March 31, 2025. The business model relies on a few distinct, yet interconnected, revenue streams across its operating segments.

The total reported revenue for the fiscal year ended March 31, 2025, was $291.9 million. This total is composed of several key areas, which we can map out clearly.

Revenue Stream Category	FY2025 Revenue Amount	Source Segment
Overnight Air Cargo Services	$124 million	Overnight Air Cargo
Commercial Aircraft, Engines & Parts Sales/Leasing	$118.2 million	Commercial Aircraft, Engines and Parts
Ground Support Equipment Sales & Spare Parts	$38.9 million	Ground Support Equipment
Digital Solutions Recurring Subscriptions	$7.3 million	Digital Solutions

The Digital Solutions segment, which develops and provides digital aviation services, is showing strong momentum. Its revenue for the fiscal year ended March 31, 2025, was $7.3 million, up from $5.8 million the prior year. That represents a 26% increase, driven by the continued acquisition of new and recurring software subscription customers. Honestly, that growth rate is what management is focusing on for long-term value creation.

The Ground Support Equipment segment revenue hit $38.9 million in Fiscal Year 2025, up 5% from the prior year, mainly from increased spare part sales and support services.

The Commercial Aircraft, Engines & Parts segment revenue was $118.2 million, which was a decrease of $7.3 million from Fiscal Year 2024. This dip was because there was a lower supply of whole assets available for tear-down or resale in a competitive market.

You also need to account for the revenue generated from maintenance activities across the portfolio. These flow in through a few channels:

• Administrative fees from maintenance services.
• Labor revenue from increased billable hours for repair services.

To be fair, the Overnight Air Cargo segment, which primarily serves FedEx under agreements, generated revenues totaling $39.9 million for the year ended March 31, 2025, which was an increase from $36.4 million the prior year. This shows the core logistics service is still a major, though not the largest, component of the total revenue base.

Finance: draft 13-week cash view by Friday.