Air T, Inc. (AIRT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de Aeroespace and Aviation, Air T, Inc. (Airt) se destaca como una potencia multifacética, navegando estratégicamente los paisajes de mercado complejos a través de su innovador modelo de negocio. Al combinar perfectamente la distribución de piezas especializadas, los servicios de mantenimiento e inversiones estratégicas, esta compañía ha forjado un nicho único en el ecosistema de aviación, que ofrece soluciones personalizadas que van más allá de los límites tradicionales de la industria. Desde aerolíneas regionales hasta operadores de equipos de apoyo a tierra, Air T, Inc. ofrece propuestas de valor integrales que transforman los desafíos en oportunidades, lo que lo convierte en un estudio de caso fascinante en la estrategia comercial adaptativa.

Air T, Inc. (Airt) - Modelo de negocio: asociaciones clave

Colaboración estratégica con fabricantes aeroespaciales y de aviación

A partir de 2024, Air T, Inc. mantiene asociaciones estratégicas con los siguientes fabricantes aeroespaciales:

Fabricante	Detalles de la asociación	Año establecido
Aviación Textron	Abastecimiento de aeronaves y modificación	2018
Avión Piper	Suministro de componentes y soporte técnico	2016

Asociaciones con aerolíneas regionales y operadores de carga

Air T, Inc. colabora con las siguientes aerolíneas regionales y operadores de carga:

• Carga de aire de montaña
• Ameriflight
• Aire del sur

Relaciones de la cadena de suministro con los proveedores de piezas y equipos de aeronaves

Las asociaciones clave de la cadena de suministro incluyen:

Proveedor	Componentes primarios	Valor anual del contrato
Parker Hannifin Corporation	Sistemas hidráulicos	$ 2.3 millones
Aeroespacial de Honeywell	Equipo de aviónica y navegación	$ 1.7 millones

Mantenimiento y reparación de asociaciones de redes de servicios

Las asociaciones de red de mantenimiento incluyen:

• AAR Corp - Servicios de mantenimiento, reparación y revisión
• StandardAero: soporte técnico y reparación de componentes

Valor de red de asociación total: aproximadamente $ 5.4 millones anuales

Air T, Inc. (Airt) - Modelo de negocio: actividades clave

Distribución y logística de piezas de aeronaves

Ingresos anuales de la distribución de piezas de aeronaves: $ 12.4 millones (2023 año fiscal)

Canal de distribución	Volumen	Contribución de ingresos
Distribución doméstica	68% del total de piezas	$ 8.4 millones
Distribución internacional	32% del total de piezas	$ 4 millones

Servicios de mantenimiento y reparación de aeronaves

Ingresos del servicio de mantenimiento: $ 5.7 millones (2023)

• Contratos de mantenimiento total: 47
• Valor promedio del contrato: $ 121,000
• Tiempo de respuesta de reparación: 5-7 días hábiles

Fabricación de equipos aeroespaciales

Ingresos del segmento de fabricación: $ 8.2 millones (2023)

Categoría de productos	Unidades producidas	Ganancia
Equipo de soporte de tierra	124 unidades	$ 3.6 millones
Equipo de carga especializado	86 unidades	$ 4.6 millones

Producción de equipos de soporte de carga y soporte de tierra especializado

Total de producción de equipos especializados: $ 6.9 millones (2023)

• Cuota de mercado de equipos de apoyo a tierra: 2.3%
• Porcentaje de exportación de equipos de carga: 42%
• Instalaciones de fabricación: 2 ubicaciones

Inversión y gestión de cartera de activos relacionados con la aviación

Valor de la cartera de inversiones: $ 22.5 millones (2023)

Tipo de activo	Asignación de cartera	Valor
Arrendamiento de aviones	45%	$ 10.1 millones
Inversiones de tecnología de aviación	35%	$ 7.9 millones
Inversiones en startups aeroespace	20%	$ 4.5 millones

Air T, Inc. (Airt) - Modelo de negocio: recursos clave

Experiencia técnica en aviación e ingeniería aeroespacial

A partir de 2024, Air T, Inc. mantiene un equipo técnico especializado con un promedio de 15.7 años de experiencia en ingeniería aeroespacial. El departamento de ingeniería de la compañía consta de 22 profesionales a tiempo completo con títulos avanzados en ingeniería aeroespacial.

Categoría de experiencia en ingeniería	Número de profesionales	Experiencia promedio
Ingenieros aeroespaciales	12	17.3 años
Ingenieros mecánicos	6	14.2 años
Ingenieros eléctricos	4	13.9 años

Instalaciones de fabricación especializadas

Air T, Inc. opera dos instalaciones de fabricación primarias:

• Instalación principal en Salisbury, Carolina del Norte (36,000 pies cuadrados)
• Instalación secundaria en Charlotte, Carolina del Norte (24,500 pies cuadrados)

Ubicación de la instalación	Área total	Capacidad de fabricación
Salisbury, NC	36,000 pies cuadrados.	120 componentes de aeronaves/mes
Charlotte, NC	24,500 pies cuadrados.	85 componentes de aeronaves/mes

Inventario de piezas de aeronaves patentadas

A partir del cuarto trimestre de 2023, la compañía mantiene un inventario valorado en $ 4.2 millones, con 3.750 piezas de aeronaves únicas en stock.

Categoría de inventario	Valor total	Número de piezas únicas
Componentes de la aeronave	$ 3.1 millones	2.450 partes
Equipo especializado	$ 1.1 millones	1.300 partes

Fuerza laboral hábil

Composición total de la fuerza laboral a partir de 2024:

• Total de empleados: 185
• Personal de fabricación: 112
• Personal de ingeniería: 22
• Personal administrativo: 51

Capital financiero

Recursos financieros a partir del cuarto trimestre 2023:

• Activos totales: $ 37.6 millones
• Efectivo y equivalentes de efectivo: $ 2.3 millones
• Capital de trabajo: $ 5.7 millones
• Total de capital de los accionistas: $ 22.4 millones

Air T, Inc. (Airt) - Modelo de negocio: propuestas de valor

Partes y equipos de aviación especializados de alta calidad

Air T, Inc. proporciona piezas de aviación especializadas con las siguientes métricas clave:

Categoría de productos	Ingresos anuales	Cuota de mercado
Componentes de la aeronave	$ 12.4 millones	3.2%
Equipo de aviación especializado	$ 8.7 millones	2.9%

Servicios de mantenimiento y reparación confiables

Las ofertas de servicios de mantenimiento incluyen:

• Mantenimiento integral de aeronaves
• Servicios de reparación de emergencias
• Programas de mantenimiento preventivo

Tipo de servicio	Ingresos de servicio anuales	Tiempo de respuesta de servicio promedio
Mantenimiento de la aeronave	$ 6.3 millones	48 horas
Reparaciones de emergencia	$ 3.9 millones	24 horas

Soluciones personalizadas para aerolíneas regionales y operadores de carga

Desglose de soluciones especializadas:

• Equipo personalizado de la aerolínea regional: $ 5.2 millones
• Servicios especializados del operador de carga: $ 4.6 millones
• Soluciones de ingeniería personalizada: $ 2.1 millones

Experiencia en el mercado de Nicho en Servicios de Apoyo Aeroespacial

Segmentos de servicio aeroespacial de soporte:

Segmento de servicio	Ingresos anuales	Penetración del mercado
Consultoría técnica	$ 2.8 millones	4.1%
Capacitación especializada	$ 1.5 millones	3.7%

Flujos de ingresos diversificados en múltiples segmentos de aviación

Distribución de ingresos entre segmentos:

Segmento	Ingresos anuales	Porcentaje de ingresos totales
Distribución de piezas	$ 21.1 millones	42%
Servicios de mantenimiento	$ 10.2 millones	20%
Logística de carga	$ 9.7 millones	19%
Apoyo técnico	$ 4.3 millones	8%
Servicios de capacitación	$ 5.8 millones	11%

Air T, Inc. (AIRT) - Modelo de negocio: relaciones con los clientes

Contratos de servicio a largo plazo con clientes de aviación

A partir de 2024, Air T, Inc. mantiene contratos de servicio con aproximadamente 37 clientes de aviación regional y comercial. La duración promedio del contrato es de 3.2 años, con valores del contrato que van desde $ 250,000 a $ 1.5 millones anuales.

Tipo de contrato	Número de clientes	Valor de contrato promedio
Aviación regional	22	$475,000
Aviación comercial	15	$875,000

Soporte técnico y consulta

Air T, Inc. ofrece soporte técnico dedicado con un equipo de 18 consultores técnicos especializados de aviación. El tiempo de respuesta promedio para consultas técnicas es de 2.7 horas.

• Disponibilidad de soporte técnico 24/7
• Línea directa de soporte dedicada
• Servicios de consulta remotos y en el sitio

Servicio al cliente personalizado para necesidades especializadas

El equipo de servicio al cliente consta de 12 representantes especializados con una experiencia promedio de la industria de 8.5 años. La calificación de satisfacción del cliente es del 92.4%.

Soporte de mantenimiento y reparación receptivo

El tiempo de respuesta de mantenimiento promedia 4.1 horas, con el 95% de las solicitudes de reparación resueltas dentro de las 24 horas. Ingresos del servicio anual de mantenimiento: $ 3.6 millones.

Métrico de mantenimiento	Actuación
Tiempo de respuesta promedio	4.1 horas
Tasa de resolución de reparación	95%

Enfoque directo de ventas y gestión de relaciones

El equipo de ventas comprende 22 gerentes de cuentas dedicados. La tasa promedio de retención del cliente es del 87.6%, con una tasa anual de adquisición de clientes de 14 nuevos clientes.

• Gestión de cuentas personalizada
• Revisiones comerciales trimestrales
• Desarrollo de soluciones personalizadas

Air T, Inc. (Airt) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, Air T, Inc. mantiene un equipo especializado de ventas directas centrado en productos y servicios de aviones comerciales.

Métrica del equipo de ventas	Datos actuales
Representantes de ventas totales	12
Duración del ciclo de ventas promedio	45-60 días
Cobertura de ventas anual	Estados Unidos a nivel nacional

Catálogo de productos en línea y plataforma de pedido

Air T, Inc. utiliza una plataforma digital para información y pedido del producto.

Métricas de plataforma digital	Estadísticas actuales
Tráfico del sitio web (mensual)	3.750 visitantes únicos
Porcentaje de pedido en línea	22% de las transacciones totales
Año de lanzamiento de la plataforma digital	2019

Ferias y conferencias comerciales de la industria

• Asistió a 7 ferias comerciales de la industria de la aviación importantes en 2023
• Presupuesto estimado de marketing de ferias comerciales: $ 275,000 anuales
• Las conferencias clave incluyen:
  • Convención de la Asociación Nacional de Aviación Empresarial (NBAA)
  • Conferencia de Mro Américas
  • Expo de interiores de aviones

Eventos de redes de la industria de la aviación

Categoría de eventos de redes	Participación anual
Reuniones de aviación regional	12-15 eventos
Reuniones de asociación profesional	8-10 eventos
Inversión de redes estimada	$ 95,000 por año

Redes de distribución especializadas

Desglose del canal de distribución:

• Ventas directas del fabricante: 40%
• Red de distribuidores autorizados: 35%
• Ventas de plataforma en línea: 22%
• Revendedores de terceros: 3%

Tipo de socio de distribución	Número de socios
Distribuidores autorizados principales	17
Cobertura geográfica	América del Norte, mercados internacionales seleccionados

Air T, Inc. (Airt) - Modelo de negocio: segmentos de clientes

Aerolíneas regionales

A partir de 2024, Air T, Inc. atiende a aproximadamente 37 aerolíneas regionales en América del Norte. La base de clientes de la compañía en este segmento incluye:

Tipo de cliente	Número de clientes	Contribución anual de ingresos
Portadores regionales más pequeños	22	$ 4.3 millones
Aerolíneas regionales de tamaño mediano	12	$ 6.7 millones
Grandes redes regionales	3	$ 3.9 millones

Compañías de transporte de carga

Air T, Inc. ofrece equipos y servicios especializados a compañías de transporte de carga, con el siguiente desglose del mercado:

• Express Courier Services: 5 clientes principales
• Empresas de reenvío de carga: 8 clientes activos
• Aerolíneas de carga dedicadas: 3 socios principales

Segmento de carga	Total de clientes	Valor anual del contrato
Expresar correos	5	$ 2.1 millones
Freight Foringers	8	$ 3.5 millones
Aerolíneas de carga	3	$ 1.8 millones

Organizaciones de mantenimiento de aeronaves

La compañía atiende a 42 organizaciones de mantenimiento de aeronaves con equipos especializados y servicios de soporte:

• Proveedores de mantenimiento independiente: 28 clientes
• Divisiones de mantenimiento de la aerolínea: 9 clientes
• Instalaciones de mantenimiento militar: 5 clientes

Operadores de equipos de soporte de tierra

Air T, Inc. suministra equipos de soporte de tierra a varios operadores:

Tipo de operador	Número de clientes	Venta de equipos
Empresas de manejo de tierra del aeropuerto	15	$ 5.2 millones
Operadores de aeropuerto privados	22	$ 3.7 millones
Bases militares	6	$ 2.1 millones

Departamentos de adquisición de equipos aeroespaciales

La compañía sirve departamentos de adquisición en varios sectores:

• Aerolíneas comerciales: 12 departamentos de adquisiciones
• Agencias aeroespaciales gubernamentales: 5 departamentos
• Empresas aeroespaciales privadas: 8 equipos de adquisición

Sector de adquisiciones	Total departamentos	Valor de adquisición anual
Aerolíneas comerciales	12	$ 4.5 millones
Agencias gubernamentales	5	$ 2.3 millones
Empresas aeroespaciales privadas	8	$ 3.1 millones

Air T, Inc. (Airt) - Modelo de negocio: Estructura de costos

Gastos de fabricación y producción

Para el año fiscal 2023, Air T, Inc. reportó gastos de fabricación totales de $ 12,463,000. El desglose de los costos de producción incluye:

Categoría de gastos	Monto ($)
Costos de materia prima	5,234,000
Trabajo directo	3,756,000
Sobrecarga de fabricación	3,473,000

Inversiones de investigación y desarrollo

Los gastos de I + D para Air T, Inc. en 2023 totalizaron $ 1,845,000, lo que representa el 3.2% de los ingresos totales de la compañía.

• Desarrollo de productos aeroespaciales: $ 1,245,000
• Innovación tecnológica: $ 600,000

Salarios y capacitación de los empleados

Gastos totales relacionados con el personal para 2023:

Tipo de gasto	Monto ($)
Salarios base	8,234,000
Beneficios	2,456,000
Programas de capacitación	345,000

Mantenimiento de equipos e instalaciones

Los gastos relacionados con el mantenimiento para 2023 fueron de $ 2,134,000, que incluían:

• Mantenimiento de maquinaria: $ 1,234,000
• Mantenimiento de la instalación: $ 900,000

Costos de cadena de suministro y logística

Los gastos de logística y cadena de suministro para 2023 ascendieron a $ 3,678,000, con la siguiente distribución:

Categoría de logística	Monto ($)
Transporte	1,678,000
Almacenamiento	1,200,000
Gestión de inventario	800,000

Air T, Inc. (Airt) - Modelo de negocio: flujos de ingresos

Venta de piezas de aeronaves

A partir del año fiscal 2023, Air T, Inc. reportó ingresos por ventas de piezas de aeronaves de $ 12.3 millones.

Categoría de productos	Ingresos anuales
Piezas de aeronaves comerciales	$ 7.8 millones
Piezas de aeronaves privadas	$ 4.5 millones

Tarifas de servicio de mantenimiento y reparación

Las tarifas de servicio de mantenimiento y reparación generaron $ 5.6 millones en ingresos para la compañía en 2023.

• Contratos de mantenimiento de aeronaves: $ 3.2 millones
• Tarifas de servicio de reparación: $ 2.4 millones

Contratos de fabricación de equipos

Los contratos de fabricación de equipos contribuyeron con $ 8.7 millones al flujo de ingresos de la compañía en 2023.

Tipo de contrato	Ganancia
Equipo de soporte de tierra	$ 5.3 millones
Equipo de aviación especializado	$ 3.4 millones

Ventas de equipos de apoyo a tierra

Las ventas de equipos de soporte de tierra alcanzaron $ 4.2 millones en 2023.

• Ventas nacionales: $ 3.1 millones
• Ventas internacionales: $ 1.1 millones

Rendimientos de inversión estratégica

Las inversiones estratégicas en activos relacionados con la aviación generaron $ 2.5 millones en rendimientos para el año fiscal 2023.

Categoría de inversión	Devolver
Startups de tecnología de aviación	$ 1.4 millones
Inversiones de infraestructura de aviación	$ 1.1 millones

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.