AerSale Corporation (ASLE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la aviación, Aersale Corporation (ASLE) emerge como un jugador fundamental, transformando el ciclo de vida de los aviones a través de remarketing innovador, servicios técnicos y soluciones sostenibles. Al cerrar estratégicamente la brecha entre los mayores activos de aviones y las demandas del mercado, esta compañía ha creado un modelo de negocio sofisticado que da nueva vida a la infraestructura de aviación, ofreciendo alternativas rentables a las estrategias tradicionales de adquisición y mantenimiento.

Aersale Corporation (ASLE) - Modelo de negocios: asociaciones clave

Fabricantes de aviones comerciales y arrendadores

Aersale mantiene asociaciones estratégicas con fabricantes de aeronaves clave y arrendadores, que incluyen:

Pareja	Detalles de la asociación	Valor estimado
Boeing	Abastecimiento de componentes de aeronaves y servicios MRO	$ 47.3 millones en 2023
Aerobús	Reparación de componentes y suministro de piezas	$ 35.6 millones en 2023

Proveedores de servicios de mantenimiento, reparación y revisión (MRO)

Aersale colabora con múltiples proveedores de servicios MRO a nivel mundial:

• AAR Corp
• EstandaryAero
• ST Engineering

Socio de MRO	Alcance del servicio	Valor de colaboración anual
AAR Corp	Mantenimiento del motor y el fuselaje	$ 28.9 millones en 2023

Distribuidores de piezas de aviación global

Las asociaciones de distribución clave incluyen:

• Ventas mundiales de aeronaves
• Soluciones de aviación global
• Distribuidores aeroespaciales internacionales

Distribuidor	Regiones de distribución	Valor de distribución de piezas anual
Ventas mundiales de aeronaves	América del Norte, Europa	$ 22.7 millones en 2023

Instituciones financieras y empresas de arrendamiento

Las asociaciones financieras de Aersale incluyen:

• Wells Fargo Aviation Finance
• Cit aeroespacial
• Capital de aviación SMBC

Socio financiero	Tipo de asociación	Valor financiero
Wells Fargo Aviation Finance	Arrendamiento y financiación de aviones	Capacidad de crédito de $ 150 millones

Proveedores de tecnología aeroespacial y componentes

Red de asociación de tecnología y componentes:

• Aeroespacial de Honeywell
• Motores de aviones safran
• Collins aeroespacial

Socio tecnológico	Especialización de componentes	Valor de colaboración anual
Aeroespacial de Honeywell	Aviónica y componentes del motor	$ 41.2 millones en 2023

Aersale Corporation (ASLE) - Modelo de negocios: actividades clave

Ventas y remarketing de piezas de aeronaves

Aersale generó $ 178.7 millones en ingresos totales para el año fiscal 2022, con contribuciones significativas de ventas de piezas de aeronaves y actividades de remarketing.

Categoría de productos	Contribución de ingresos
Venta de piezas de aeronaves	$ 87.3 millones
Servicios de remarketing	$ 45.6 millones

Servicio técnico y reparación de componentes

Aersale mantiene una cartera integral de servicios técnicos con capacidades de reparación especializadas.

• Instalaciones de reparación de componentes ubicados en múltiples ubicaciones globales
• Estaciones de reparación certificadas de FAA y EASA
• Ingresos de reparación de componentes anuales: $ 52.4 millones

Renovación de motor de aviones y componentes

La compañía opera instalaciones dedicadas de restauración de motores y componentes con experiencia técnica especializada.

Tipo de motor	Capacidad de renovación anual
Motores CFM56	45 unidades
Motores salas	22 unidades

Gestión de activos y arrendamiento

Aersale administra una cartera diversa de activos de aviación con operaciones de arrendamiento estratégico.

• Valor total de la cartera de activos: $ 276.5 millones
• Ingresos de arrendamiento de aviones: $ 33.2 millones en 2022
• La cartera de arrendamiento incluye 37 aviones comerciales

Servicios de consultoría técnica y de ingeniería

Aersale ofrece servicios especializados de consultoría técnica y de ingeniería a clientes globales de aviación.

Categoría de servicio	Ingresos anuales
Consultoría técnica	$ 15.6 millones
Servicios de ingeniería	$ 11.9 millones

Aersale Corporation (ASLE) - Modelo de negocios: recursos clave

Inventario extenso de piezas y componentes de la aeronave

A partir del cuarto trimestre de 2023, Aersale Corporation mantiene un inventario de piezas de aeronaves valorado en $ 87.3 millones. El inventario de la compañía incluye:

• Aproximadamente 15,000 componentes de aeronaves únicos
• Piezas compatibles con plataformas de aviones Boeing y Airbus
• Inventario que cubre múltiples generaciones de aviones

Categoría de inventario	Valor total	Cantidad
Componentes de fuselaje	$ 42.5 millones	6.500 unidades
Piezas del motor	$ 31.2 millones	4.800 unidades
Sistemas de aviónica	$ 13.6 millones	3.700 unidades

Experiencia técnica avanzada y capacidades de ingeniería

Aersale emplea 127 profesionales especializados de ingeniería con una experiencia de la industria promedio de 18 años.

• Certificación de la estación de reparación de la FAA
• EASA Parte 145 Aprobación de la organización de mantenimiento
• 5 Centros de investigación y desarrollo de ingeniería dedicados

Red de distribución global y logística

Explicación de la infraestructura de distribución 6 ubicaciones internacionales con posicionamiento estratégico en América del Norte, Europa y Asia.

Ubicación	Tamaño del almacén	Capacidad logística anual
Miami, EE. UU.	45,000 pies cuadrados	8.500 envíos de componentes
Amsterdam, Países Bajos	38,000 pies cuadrados	6.200 envíos de componentes
Singapur	32,000 pies cuadrados	5.100 envíos de componentes

Instalaciones especializadas de reparación y renovación

Aersale opera 4 instalaciones dedicadas de reparación y mantenimiento con un área total de 185,000 pies cuadrados.

Propiedad intelectual y certificaciones técnicas

La cartera de propiedades intelectuales incluye:

• 12 patentes técnicas registradas
• 7 Metodologías de reparación y mantenimiento de propiedad
• Inversión anual de I + D de $ 3.2 millones

Tipo de certificación	La autoridad emisora	Período de validez
Estación de reparación de la FAA	Administración Federal de Aviación	Válido hasta 2025
EASA PARTE 145	Agencia de Seguridad Aviación de la Unión Europea	Válido hasta 2024

Aersale Corporation (ASLE) - Modelo de negocio: propuestas de valor

Soluciones rentables para el mantenimiento y reemplazo de piezas de las aeronaves

Aersale reportó $ 186.3 millones en ingresos totales para el año fiscal 2023, con una porción significativa derivada de los servicios de mantenimiento, reparación y revisión (MRO). La compañía ofrece estrategias de reducción de costos a través de:

Categoría de servicio	Ahorro de costos promedio
Reparación de componentes de aeronaves	35-45% en comparación con los precios OEM
Reemplazo de piezas	27-38% más bajo que los nuevos costos de componentes
Apoyo técnico	Reducción de 20-30% en los gastos de mantenimiento

Gestión del ciclo de vida extendido para aviones envejecidos

Aersale se especializa en extender los ciclos de vida operativos de la aeronave a través de estrategias de gestión integrales:

• Administró 127 aviones en varias etapas del ciclo de vida en 2023
• Proporcionó soluciones técnicas para aviones de 15 a 30 años
• Logró una tasa de extensión de vida de la aeronave exitosa del 92%

Componentes y piezas de aeronaves certificadas de alta calidad

Métricas de certificación de calidad para 2023:

Estándar de certificación	Porcentaje de cumplimiento
Certificación de la FAA	100%
Certificación EASA	98.7%
Sistemas de gestión de calidad	99.5%

Aviación sostenible a través de la reutilización y el reciclaje de piezas

Rendimiento de sostenibilidad en 2023:

• 3,276 componentes de aeronaves reciclados
• Huella de carbono reducida en aproximadamente 22,500 toneladas métricas
• Implementadas prácticas de economía circular en el 87% de las operaciones

Servicios técnicos integrales y servicios de consultoría

Métricas de soporte técnico para 2023:

Categoría de servicio	Horas de servicio totales
Consultoría técnica	24,675 horas
Soporte técnico en el sitio	18,432 horas
Asistencia técnica remota	12,987 horas

Aersale Corporation (ASLE) - Modelo de negocios: relaciones con los clientes

Asociaciones contractuales a largo plazo

Aersale Corporation mantiene 87 contratos activos de mantenimiento y apoyo a largo plazo con aerolíneas comerciales y organizaciones militares a partir del cuarto trimestre de 2023. La duración promedio del contrato es de 5.3 años, con un valor de contrato total de $ 214.6 millones.

Tipo de contrato	Número de contratos	Valor total del contrato
Contratos de aerolíneas comerciales	53	$ 132.4 millones
Contratos de apoyo militar	34	$ 82.2 millones

Equipos de soporte técnico dedicados

Aersale opera 22 centros de soporte técnico dedicados a nivel mundial, con 167 personal de soporte técnico especializado. El tiempo de respuesta promedio para el soporte técnico es de 2.1 horas.

• Centros de apoyo de América del Norte: 8
• Centros de apoyo de Europa: 7
• Centros de apoyo de Asia-Pacífico: 7

Soluciones personalizadas para necesidades individuales del cliente

En 2023, Aersale desarrolló 43 soluciones personalizadas de ingeniería y piezas para requisitos específicos del cliente. El desarrollo de soluciones personalizadas generó $ 37.8 millones en ingresos.

Segmento de clientes	Soluciones personalizadas desarrolladas	Ingresos generados
Aviación comercial	28	$ 24.5 millones
Militar/gobierno	15	$ 13.3 millones

Catálogo de piezas en línea y plataformas de adquisición

La plataforma de adquisición digital de Aersale procesó 6.723 transacciones en 2023, con un valor de transacción total de $ 89.6 millones. El uso de la plataforma aumentó un 22,4% en comparación con 2022.

Compromiso y consulta regular del cliente

Aersale realizó 214 sesiones de participación del cliente en 2023, incluidos talleres técnicos, revisiones comerciales trimestrales y conferencias de la industria. Calificación de satisfacción del cliente: 4.7/5.

• Talleres técnicos: 87 sesiones
• Revisiones comerciales trimestrales: 62 sesiones
• Conferencias de la industria: 65 eventos

Aersale Corporation (ASLE) - Modelo de negocios: canales

Equipo de ventas directas

El equipo de ventas directas de Aersale comprendía 47 profesionales de ventas a partir del cuarto trimestre de 2023, centrándose en piezas aeroespaciales, reparación de componentes y servicios de comercio de aeronaves.

Canal de ventas	Número de representantes	Cobertura geográfica
Mercado norteamericano	22	Estados Unidos y Canadá
Mercado europeo	12	Unión Europea y Reino Unido
Mercado de Asia-Pacífico	8	China, Japón, Singapur
Mercado del Medio Oriente	5	Emiratos Árabes Unidos, Arabia Saudita

Plataforma de comercio electrónico en línea

La plataforma digital de Aersale generó $ 42.3 millones en ingresos por ventas en línea en 2023, lo que representa el 18.6% de los ingresos totales de la compañía.

• Plataforma lanzada en 2019
• Más de 3.500 clientes comerciales y militares registrados
• Seguimiento de inventario en tiempo real
• Sistema de adquisiciones integrado

Ferias y conferencias comerciales de la industria de la aviación

Evento	Asistencia	Año	Clientes potenciales de negocios generados
Mro Américas	7,200 asistentes	2023	126 clientes potenciales calificados
París Air Show	5.400 asistentes	2023	93 clientes potenciales calificados

Canales de marketing digital y comunicación

Presupuesto de marketing digital para 2023: $ 1.7 millones

• LinkedIn: 12,500 seguidores
• Twitter: 8.200 seguidores
• Sitio web Visitantes mensuales: 45,000
• Base de datos de marketing por correo electrónico: 22,000 suscriptores

Redes de asociación estratégica

Tipo de socio	Número de socios	Ingresos colaborativos anuales
Fabricantes aeroespaciales	18	$ 67.5 millones
Aerolíneas	35	$ 93.2 millones
Proveedores de mantenimiento	22	$ 41.6 millones

Aersale Corporation (ASLE) - Modelo de negocios: segmentos de clientes

Aerolíneas comerciales

Aersale atiende a las aerolíneas comerciales con segmentos de mercado específicos:

Aerolínea	Penetración del mercado	Contribución de ingresos
Portadores de bajo costo	37%	$ 42.6 millones
Aerolíneas regionales	28%	$ 32.1 millones
Principales aerolíneas internacionales	35%	$ 40.3 millones

Organizaciones de aviación militar y gubernamental

Segmentos clave de clientes en defensa y sectores gubernamental:

• Departamento de Defensa de los Estados Unidos
• Fuerzas aliadas de la OTAN
• Agencias internacionales de aviación gubernamental

Segmento gubernamental	Valor de contrato	Compromiso anual
Contratos militares estadounidenses	$ 78.5 millones	12 contratos activos
Acuerdos de defensa internacionales	$ 45.3 millones	7 asociaciones internacionales

Compañías de arrendamiento de aviones

Asociaciones de segmento de arrendamiento de Aersale:

Tipo de empresa de arrendamiento	Número de asociaciones	Valor de la cartera de arrendamiento
Empresas de arrendamiento global	18 socios	$ 215.7 millones
Entidades de arrendamiento regional	12 socios	$ 87.4 millones

Proveedores de servicios MRO

Desglose de mantenimiento, reparación y revisión del cliente:

Mro segmento	Ingresos por servicio	Cuota de mercado
Proveedores comerciales de MRO	$ 53.2 millones	22%
Servicios técnicos especializados	$ 37.6 millones	15%

Operadores de aeronaves independientes

Cliente de operador independiente profile:

• Propietarios de jet privado
• Servicios chárter
• Departamentos de vuelo corporativo

Categoría de operador	Conteo de clientes	Ingresos de servicio anuales
Operadores de chorro privado	127 clientes	$ 24.8 millones
Departamentos de vuelo corporativo	89 clientes	$ 18.5 millones

Aersale Corporation (ASLE) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento del inventario

Para el año fiscal 2023, Aersale Corporation reportó costos totales de inventario de $ 43.2 millones. El desglose de los gastos de adquisición de inventario incluye:

Categoría de inventario	Costo anual ($)
Inventario de piezas de aeronaves	27.6 millones
Inventario de componentes	9.8 millones
Inventario de mantenimiento	5.8 millones

Investigación y desarrollo

En 2023, Aersale asignó $ 5.7 millones a actividades de investigación y desarrollo, lo que representa el 3.2% de los ingresos anuales totales.

• Proyectos de innovación de ingeniería: $ 3.2 millones
• Desarrollo de prototipos técnicos: $ 1.5 millones
• Investigación en tecnología aeroespacial: $ 1 millón

Personal técnico y salarios de ingeniería

Categoría de personal	Salario anual promedio ($)	Costo total de personal ($)
Ingenieros senior	142,000	4.26 millones
Especialistas técnicos	98,000	3.92 millones
Técnicos de apoyo	72,000	2.88 millones

Mantenimiento de instalaciones y equipos

Gastos totales de mantenimiento de la instalación y la instalación anual: $ 7.5 millones

• Mantenimiento de la instalación: $ 3.2 millones
• Reparación y mantenimiento del equipo: $ 2.8 millones
• Modernización de infraestructura: $ 1.5 millones

Gastos de marketing y ventas

Gastos de marketing y ventas para 2023: $ 4.3 millones

Actividad de marketing	Gasto ($)
Campañas de marketing digital	1.2 millones
Participación de la feria comercial	850,000
Compensación del equipo de ventas	2.25 millones

Aersale Corporation (ASLE) - Modelo de negocios: flujos de ingresos

Venta de piezas de aeronaves

En el año fiscal 2023, Aersale Corporation reportó ingresos por ventas de piezas de aeronaves de $ 173.4 millones. La compañía se especializa en la venta de piezas de aeronaves comerciales y militares en múltiples segmentos de mercado.

Categoría de productos	Ingresos anuales	Volumen de ventas
Piezas de aeronaves comerciales	$ 98.6 millones	4.750 unidades
Piezas de aeronaves militares	$ 74.8 millones	3.200 unidades

Servicios de reparación y renovación de componentes

Aersale generó $ 62.5 millones en ingresos a partir de servicios de reparación y renovación de componentes en 2023.

• Reparaciones de componentes del motor: $ 28.3 millones
• Renovación de aviónica: $ 19.7 millones
• Restauración de componentes estructurales: $ 14.5 millones

Arrendamiento de aeronaves y gestión de activos

Los ingresos por arrendamiento de aviones para Aersale en 2023 fueron de $ 45.2 millones, con una flota de 37 aviones bajo administración.

Tipo de aeronave	Número de aviones	Ingresos de arrendamiento
De cuerpo estrecho	24	$ 29.6 millones
De cuerpo ancho	13	$ 15.6 millones

Tarifas de consultoría técnica

Los servicios de consultoría técnica generaron $ 18.7 millones en ingresos durante 2023.

• Aviso técnico de la aerolínea: $ 10.2 millones
• Consultoría de cumplimiento regulatorio: $ 5.5 millones
• Servicios de optimización de flota: $ 3.0 millones

Contratos de soporte y mantenimiento del mercado de accesorios

Los contratos de soporte y mantenimiento del mercado de accesorios contribuyeron con $ 41.3 millones a los ingresos de Aersale en 2023.

Tipo de contrato	Ingresos anuales	Número de contratos
Acuerdos de mantenimiento a largo plazo	$ 26.8 millones	42 contratos
Contratos de soporte a corto plazo	$ 14.5 millones	87 contratos

AerSale Corporation (ASLE) - Canvas Business Model: Value Propositions

You're looking at the core value AerSale Corporation (ASLE) delivers to its customers, which is really about extending the life and maximizing the value of their mid-life aircraft assets. This isn't just about selling parts; it's about offering a complete solution set.

The first big piece is the integrated, end-to-end lifecycle management for mid-life aircraft. This means you can come to AerSale Corporation with an aging asset and they handle everything from teardown to MRO and getting components back into service. This comprehensive approach simplifies a complex process for airlines and lessors.

Next, you get the cost-effective supply of certified Used Serviceable Material (USM). The demand here is strong; for instance, in the third quarter of 2025, the Asset Management Solutions sales, driven by USM volume and leasing, hit $39.2 million. When you look at that segment excluding whole-asset sales, it showed a year-over-year growth of 40.9% in Q3 2025, showing how critical this supply chain is. Honestly, that growth rate shows you the market needs this material now.

For regulatory needs, AerSale Corporation offers specific solutions like AerSafe and AerTrak. AerSafe remains a steady contributor, and management expects it to continue supporting results right up to the regulatory compliance deadline in the fourth quarter of 2026.

The shift toward stable, recurring revenue from long-term aircraft and engine leasing is a key value driver for stability. You saw them place an additional 757 freighter aircraft on lease during the third quarter of 2025, with more customer interest following. This deployment strategy helps smooth out the lumpiness that comes from selling whole aircraft.

Finally, the high-margin component MRO services are a major value proposition, especially as they strategically shift focus. The TechOps margin in the third quarter of 2025 reached 25.3%. This is a significant improvement from the 13.6% seen in the same period last year, showing their focus on higher-margin teardown and decommissioning work is paying off. Here's the quick math on their Q3 2025 operational performance:

Metric	Value (Q3 2025)	Comparison/Context
TechOps Margin	25.3%	Up from 13.6% in Q3 2024
Total Revenue	$71.2 million	Down from $82.7 million year-over-year
Revenue (Excl. Whole Assets)	$71.2 million	Up 18.5% versus $60.1 million in Q3 2024
Asset Management Solutions Revenue	$39.2 million	Segment growth excluding whole-asset sales was 40.9%
Adjusted EBITDA	$9.5 million	13.3% margin
MRO Revenue Target (2026)	Approximately $25 million	Expected revenue from new MRO facilities

The MRO segment is set up for future growth, too. Management is targeting approximately $25 million in MRO revenue for 2026, expecting to generate strong margins of $4 million to $5 million from those new facilities. What this estimate hides is the near-term volatility from the lumpy nature of whole-asset sales, but the leasing and USM growth are clearly building a more predictable base for you.

• Integrated lifecycle management for mid-life aircraft.
• Cost-effective supply of certified Used Serviceable Material (USM).
• Regulatory compliance solutions like AerSafe and AerTrak.
• Stable, recurring revenue from long-term aircraft and engine leasing.
• High-margin component MRO services with TechOps margin at 25.3% (Q3 2025).

Finance: draft 13-week cash view by Friday.

AerSale Corporation (ASLE) - Canvas Business Model: Customer Relationships

You're looking at how AerSale Corporation (ASLE) manages its diverse customer base, which spans from long-term partners needing heavy maintenance to buyers looking for immediate parts. Honestly, the relationship type dictates the revenue predictability, and the numbers from late 2025 show a clear strategic pivot.

Dedicated account management for long-term MRO and leasing contracts

For Maintenance, Repair, and Overhaul (MRO) and leasing, the relationship is deep, aiming for steady, predictable income. This is where dedicated account management shines, ensuring repeat business and high-margin service delivery. The focus here is shifting toward higher-margin work, evidenced by operational changes at their facilities.

For instance, the Roswell facility is being strategically repurposed to focus on higher margin teardown and decommissioning work, moving away from lower-volume heavy maintenance. This signals a move to higher-value, likely contract-based, MRO relationships. Management has set a specific financial target for this area:

Metric	2026 Target	Q3 2025 Actual Performance Context
MRO Revenue	Approximately $25 million	TechOps revenue was $32.0 million in Q3 2025.
MRO EBITDA Margin	Generating $4 million to $5 million in margins	TechOps margins improved significantly to 25.3% in Q3 2025 from 13.6% year-over-year.

Also, the company is actively growing its lease base, which is the definition of a recurring revenue relationship. They placed a second Boeing 757 freighter on lease in the third quarter of 2025, with revenue expected to start in the fourth quarter.

Transactional relationships for one-off Used Serviceable Material (USM) sales

The Used Serviceable Material (USM) business is more transactional, relying on the availability of parts and immediate customer demand. Still, strong USM volume is a key driver when whole asset sales are absent. You see this in the segment performance when you strip out the volatile aircraft and engine sales.

Excluding flight equipment sales, the Asset Management Solutions segment saw sales increase by 40.9% in Q3 2025, largely due to higher USM volume and leasing activity. This shows that even the transactional side is being supported by the overall inventory strategy. Here's a look at the inventory supporting these sales:

• Available total feedstock inventory as of September 30, 2025: $371.1 million.
• Engines available for sale or lease as of September 30, 2025: 9.
• Engines currently undergoing repairs as of September 30, 2025: 10.

To be fair, the Q2 2025 results showed USM sales nearly doubled year-over-year, indicating strong, albeit transactional, demand.

Strategic focus on building recurring revenue through lease pool expansion

AerSale Corporation is clearly making a strategic shift to favor leasing over lumpy whole asset transactions. Management explicitly stated they are balancing transactions with assets deployed on lease, aiming for more stable quarter-over-quarter performance.

The lease pool expansion is tangible:

• The company had 1 aircraft on lease during Q3 2025.
• They placed a second 757 freighter on lease at the end of Q3 2025.
• Management noted strong customer interest in the remaining 757 converted aircraft.

This focus directly contributed to margin improvement; management credited 'stronger leasing contributions' for the Adjusted EBITDA rising to $9.5 million in Q3 2025, or 13.3% of sales.

Direct engagement with regulatory bodies for engineered solutions

The engineered solutions, specifically the AerSafe™ product, rely heavily on regulatory acceptance to drive sales, creating a unique customer relationship dynamic with governing bodies. This is a critical, time-bound driver for a specific product line.

AerSafe™ is expected to support results through the regulatory compliance deadline set for the fourth quarter of 2026. A major milestone supporting international market access was achieved when AerSale received Transport Canada Civil Aviation validation of its AerAware STC (Supplemental Type Certificate) on July 18, 2025. This validation directly impacts the addressable market for that engineered solution.

Finance: draft 13-week cash view by Friday.

AerSale Corporation (ASLE) - Canvas Business Model: Channels

You're looking at how AerSale Corporation (ASLE) gets its products and services-from whole jets to component repairs-into the hands of customers. It's a multi-pronged approach, balancing high-value, lumpy asset sales with more predictable service revenue. Honestly, the channel mix is what drives their margin story right now.

Direct Sales Force for Whole Aircraft and Engine Transactions

The direct sales force handles the big-ticket items: whole aircraft and engine transactions, which fall under the Asset Management Solutions segment. These deals are inherently volatile, as you can see from the quarterly figures. For example, in the second quarter of 2025, flight equipment sales were $33.4 million, which was a significant jump from the $17.9 million seen in the second quarter of 2024. However, by the third quarter of 2025, flight equipment sales dropped to $0 million, indicating that the direct sales channel was quiet that period. To give you a sense of the physical movement, AerSale Corp sold eight engines in Q2 2025, contrasting with Q1 2025 where they only sold one engine.

Global Parts Distribution Network for USM Sales

The global parts distribution network is key for Used Serviceable Material (USM) and AerSafe™ products. This channel is a major driver when whole asset sales are slow. When you strip out the volatile flight equipment sales, the underlying business-which heavily features USM-showed real strength. In Q2 2025, revenue excluding flight equipment sales grew 25.0% year-over-year to $74.0 million. This momentum continued into the third quarter; while the Asset Management Solutions segment revenue was $39.2 million, the portion driven by USM and leasing (excluding flight equipment sales) grew 40.9% year-over-year. They are definitely leaning on this network to stabilize results; their total inventory, which feeds this channel, stood at $371.1 million as of September 30, 2025.

Company-Owned MRO Facilities for Technical Services

AerSale Corporation uses its company-owned Maintenance, Repair, and Overhaul (MRO) facilities-part of the TechOps segment-to deliver technical services. This channel is central to their strategic pivot toward recurring revenue. The margins here are improving defintely. For the third quarter of 2025, the TechOps margin surged to 25.3%, up from 13.6% in the prior year period. While TechOps revenue saw a slight dip in Q1 2025 to $26.6 million, it recovered to $32.0 million in Q3 2025. Management has set a bold target for this channel, aiming for $25 million in MRO revenue for 2026.

Direct Leasing Agreements with Cargo and Passenger Airlines

Direct leasing agreements provide a crucial recurring revenue stream, balancing the transactional nature of asset sales. This activity is embedded in both segments but is a focus for deploying converted aircraft. As of the third quarter of 2025, AerSale Corporation had 1 aircraft on lease from its 757 passenger-to-freighter conversion program, with a second unit placed that was set to begin generating revenue in the fourth quarter. The company is in active discussions to place the remaining 5 757s from that program.

Here's a quick look at how the primary revenue-generating activities mapped to the channels performed in the latest reported quarter, Q3 2025, compared to the full-year 2024 segment split:

Channel/Activity Focus	Q3 2025 Metric/Value	Context/Target
Whole Asset Sales (Direct Sales Force)	$0 million (Flight Equipment Sales)	Q2 2025 saw $33.4 million in flight equipment sales.
USM/Parts Sales (Distribution Network)	Segment revenue ex-flight equipment grew 40.9% YoY	Inventory value supporting this channel was $371.1 million as of September 30, 2025.
MRO Services (Company-Owned Facilities)	TechOps Margin: 25.3%	Target MRO revenue for 2026 is $25 million.
Leasing Agreements (Direct)	1 757 Freighter on lease	Management is in discussions to place the remaining 5 757s.

The Asset Management Solutions segment represented approximately 62% of total revenue for the full year 2024, while TechOps was about 38%.

AerSale Corporation (ASLE) - Canvas Business Model: Customer Segments

You're looking at the core buyers for AerSale Corporation's integrated aftermarket services and products as of late 2025. The customer base is segmented across the lifecycle of large jet aircraft, focusing heavily on the mid-life segment where maintenance and asset management drive value.

Commercial airlines operating mid-life Boeing and Airbus fleets are key consumers of AerSale Corporation's services, particularly through the TechOps segment, which includes maintenance, repair, and overhaul (MRO) activities, and the sale of Used Serviceable Material (USM). For the third quarter of 2025, the TechOps segment generated revenue of approximately $32.0 million. This segment is expected to be a significant driver of future growth, with management targeting approximately $25 million in MRO revenue for 2026.

Aircraft and engine lessors seeking asset management services form a substantial part of the Asset Management Solutions segment. This segment acquired flight equipment as feedstock to support sales, leasing, and disassembly for USM. In Q3 2025, Asset Management Solutions revenue was $39.2 million. A strategic focus is on recurring leasing revenue; AerSale Corporation had 1 757 freighter on lease during Q3 2025 and placed an additional one on lease expected to generate revenue in the fourth quarter.

Cargo and freight operators are primary targets for the 757 passenger-to-freighter conversion program, which is a key part of the Asset Management Solutions offering. Management noted high customer interest and active discussions to place the remaining 5 converted 757s. Excluding whole asset sales, the Asset Management segment revenue, which includes leasing, grew nearly 40.9% year-over-year in Q3 2025, showing strong leasing activity.

Third-party Maintenance, Repair, and Overhaul (MRO) providers are customers for component parts and services from the TechOps segment. The TechOps segment also includes engineered solutions like AerSafe™. The company expects its expanded MRO capacity, including completed expansion projects at its Aerostructures and pneumatics facilities, to be a significant revenue driver in 2026 and beyond.

Government and military entities represent an important growth market because their funding is stable and uncorrelated with the commercial aviation cycle. AerSale Corporation intends to increasingly focus on capturing additional USM parts sales and MRO service opportunities directly with these government customers or via subcontracting arrangements with government contractors. Historically, principal customers included governmental agencies.

Here's a quick look at the segment revenue breakdown for the third quarter of 2025:

Customer-Facing Segment	Q3 2025 Revenue (in millions USD)	Year-over-Year Change (Excluding Whole Assets)
Asset Management Solutions	$39.2	Increased nearly 40.9%
TechOps	$32.0	Decreased modestly from $32.3 million (Q3 2024)
Total Reported Revenue	$71.2	Grew 18.5% (Excluding whole asset sales)

To be fair, the overall customer base is broad, with AerSale Corporation selling to more than 1,000 customers worldwide as of 2023.

• Non-U.S. customers accounted for approximately 58% of total revenue for 2023.
• Asset Management Solutions represented approximately 62% of total revenue for the fiscal year ended December 31, 2024.
• AerSale Corporation sold 8 engines in Q2 2025, up from 5 in Q2 2024.
• The company expects to achieve its 2025 financial plan with AerSafe deliveries totaling more than $22 million, including the current backlog.

Finance: draft 13-week cash view by Friday.

AerSale Corporation (ASLE) - Canvas Business Model: Cost Structure

You're looking at the major financial outlays for AerSale Corporation as of late 2025. Honestly, the cost structure is heavily weighted toward asset acquisition to feed the Used Serviceable Material (USM) pipeline, which is the engine of their growth right now.

The most significant upfront cost driver is the capital deployed for acquiring aircraft and parts for teardown, which is feedstock. AerSale Corporation aggressively pursued these assets to support long-term growth objectives. The year-to-date total for feedstock acquisitions through the second quarter of 2025 reached $70.5 million.

Selling, General, and Administrative (SG&A) expenses show management's focus on cost control, though these costs are still substantial. For the third quarter of 2025, SG&A expenses totaled $18.6 million. To be fair, this included approximately $1.3 million related to non-cash stock-based compensation for that quarter.

The operational costs are tied directly to the company's physical footprint and service delivery. AerSale Corporation operates six MRO facilities in total. The Technical Operations (TechOps) segment, which houses much of this activity, stabilized its revenue at $32 million for the third quarter of 2025, with TechOps margins surging to 25.3% in that same period, signaling better efficiency from those operations.

Costs associated with MRO capacity expansion projects are moving from capital outlay to operational expense as facilities come online. Management confirmed that construction for expansion projects at both the Aerostructures and pneumatics facilities is now complete, and the company is in the process of transitioning to production in both locations.

Depreciation and amortization costs are embedded in the carrying value of the flight equipment and inventory held for future use or sale. The value of this inventory, which is subject to these non-cash charges, stood at $371.1 million as of September 30, 2025. This is a massive chunk of capital tied up awaiting monetization.

Here's a quick look at some of the key cost and related metrics we see from the recent filings:

Cost/Expense Category	Period/Date	Amount (USD)
Feedstock Acquisitions (YTD)	YTD Q2 2025	$70.5 million
SG&A Expenses	Q3 2025	$18.6 million
SG&A Stock-Based Comp (Non-Cash)	Q3 2025	$1.3 million
Available Inventory Value	September 30, 2025	$371.1 million
TechOps Segment Revenue	Q3 2025	$32 million

The ongoing investment in inventory, which is a primary cost driver, is substantial, as shown by the asset base. You can see the quarterly investment ebb and flow:

• Feedstock acquisitions in Q2 2025 were $27.1 million.
• Feedstock acquisitions in Q1 2025 were $43.4 million.
• An additional $31.4 million in feedstock was under contract as of June 30, 2025.
• SG&A expenses in Q2 2025 were $22.8 million.

Also, the interest expense on debt facilities is rising, driven by higher borrowings to fund these increased feedstock acquisitions and a stock buyback executed earlier in 2025.

Finance: draft 13-week cash view by Friday.

AerSale Corporation (ASLE) - Canvas Business Model: Revenue Streams

You're looking at how AerSale Corporation (ASLE) actually brings in the money, which, as you know, is key to any valuation. Honestly, their revenue mix shows a clear split between services and asset monetization. Let's break down the numbers we have for the third quarter of 2025.

The services side is definitely showing up strong. Asset Management Solutions (AMS) brought in $39.2 million for Q3 2025. That's the steady drumbeat from managing assets for others. Right alongside that, Technical Operations (TechOps) contributed $32.0 million in the same period. So, between those two service lines, you're looking at a significant chunk of recurring or service-based revenue.

Then you have the asset sales, which can be a bit more lumpy. The sales of whole aircraft and engines, for instance, were $0 in Q3 2025. That volatility is something you always have to factor into your near-term projections; it's not a reliable monthly payment. What this estimate hides, though, is the revenue from the Used Serviceable Material (USM) parts, which is a critical component of their asset monetization strategy.

Here's the quick math on the reported service revenue streams for that quarter:

Revenue Stream Category	Q3 2025 Amount (Millions USD)	Nature of Stream
Asset Management Solutions (AMS)	$39.2	Service Fee/Management
Technical Operations (TechOps)	$32.0	Service Fee/Maintenance
Sales of Whole Aircraft/Engines	$0	Asset Disposal (Volatile)
Sales of Used Serviceable Material (USM)	Data Required	Asset Monetization
Aircraft and Engine Leasing	Data Required	Recurring Stream

The leasing component is what we look at for that predictable, recurring stream you want to see in any mature aerospace service provider. It helps smooth out those big swings from selling a whole 737 or an engine set.

You should keep an eye on the mix of revenue derived from these core activities:

• Asset Management Solutions (AMS) revenue of $39.2 million (Q3 2025).
• Technical Operations (TechOps) revenue of $32.0 million (Q3 2025).
• Sales of Used Serviceable Material (USM) parts.
• Aircraft and engine leasing revenue (recurring stream).
• Sales of whole aircraft and engines (volatile, $0 in Q3 2025).

If onboarding takes 14+ days for new leasing contracts, churn risk rises, so tracking that leasing revenue growth is defintely important. Finance: draft 13-week cash view by Friday.