Air T, Inc. (Airt): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'aérospatiale et de l'aviation, Air T, Inc. (Airt) se démarque comme une puissance multiforme, naviguant stratégiquement des paysages de marché complexes grâce à son modèle commercial innovant. En mélangeant de manière transparente la distribution spécialisée des pièces, les services de maintenance et les investissements stratégiques, cette entreprise a sculpté un créneau unique dans l'écosystème de l'aviation, offrant des solutions sur mesure qui vont au-delà des limites traditionnelles de l'industrie. Des compagnies aériennes régionales aux opérateurs d'équipements de soutien au sol, Air T, Inc. propose des propositions de valeur complètes qui transforment les défis en opportunités, ce qui en fait une étude de cas fascinante dans la stratégie commerciale adaptative.

Air T, Inc. (Airt) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les fabricants aérospatiaux et aéronautiques

En 2024, Air T, Inc. maintient des partenariats stratégiques avec les fabricants aérospatiaux suivants:

Fabricant	Détails du partenariat	Année établie
Textron Aviation	Approvisionnement et modification des avions	2018
Avion Piper	Support composant et support technique	2016

Partenariats avec les compagnies aériennes régionales et les opérateurs de fret

Air T, Inc. collabore avec les compagnies aériennes régionales et opérateurs de fret suivantes:

• Cargaison d'air de montagne
• Ameriflight
• Aérien du sud

Relations de la chaîne d'approvisionnement avec les pièces et les fournisseurs d'équipement des avions

Les partenariats clés de la chaîne d'approvisionnement comprennent:

Fournisseur	Composants primaires	Valeur du contrat annuel
Parker Hannifin Corporation	Systèmes hydrauliques	2,3 millions de dollars
Honeywell Aerospace	Équipement d'avionique et de navigation	1,7 million de dollars

Partenariats du réseau de services de maintenance et de réparation

Les partenariats du réseau de maintenance comprennent:

• AAR Corp - Services de maintenance, de réparation et de refonte
• Standardaero - Support technique et réparation des composants

Valeur totale du réseau de partenariat: environ 5,4 millions de dollars par an

Air T, Inc. (Airt) - Modèle d'entreprise: activités clés

Distribution et logistique des pièces de l'avion

Revenus annuels de la distribution des pièces de l'avion: 12,4 millions de dollars (2023 Exercice)

Canal de distribution	Volume	Contribution des revenus
Distribution domestique	68% du total des pièces	8,4 millions de dollars
Distribution internationale	32% du total des pièces	4 millions de dollars

Services de maintenance et de réparation des avions

Revenus de services de maintenance: 5,7 millions de dollars (2023)

• Contrats de maintenance totale: 47
• Valeur du contrat moyen: 121 000 $
• Réparation du délai d'exécution: 5-7 jours ouvrables

Fabrication d'équipement aérospatial

Revenus de segment de fabrication: 8,2 millions de dollars (2023)

Catégorie de produits	Unités produites	Revenu
Équipement de soutien au sol	124 unités	3,6 millions de dollars
Équipement de chargement spécialisé	86 unités	4,6 millions de dollars

Production d'équipements de soutien et de soutien au sol spécialisés

Production totale d'équipements spécialisés: 6,9 millions de dollars (2023)

• Part de marché de l'équipement de soutien au sol: 2,3%
• Pourcentage d'exportation d'équipement de cargaison: 42%
• Installations de fabrication: 2 emplacements

Investissement et gestion de portefeuille des actifs liés à l'aviation

Valeur du portefeuille d'investissement: 22,5 millions de dollars (2023)

Type d'actif	Allocation de portefeuille	Valeur
Location d'avions	45%	10,1 millions de dollars
Investissements technologiques de l'aviation	35%	7,9 millions de dollars
Investissements en startup aérospatiale	20%	4,5 millions de dollars

Air T, Inc. (Airt) - Modèle d'entreprise: Ressources clés

Expertise technique en génie de l'aviation et de l'aérospatiale

En 2024, Air T, Inc. maintient une équipe technique spécialisée avec une moyenne de 15,7 ans d'expérience en génie aérospatial. Le département d'ingénierie de l'entreprise se compose de 22 professionnels à temps plein titulaire d'un diplôme avancé en génie aérospatial.

Catégorie d'expertise en génie	Nombre de professionnels	Expérience moyenne
Ingénieurs aérospatiaux	12	17,3 ans
Ingénieurs mécaniques	6	14,2 ans
Ingénieurs électriciens	4	13,9 ans

Installations de fabrication spécialisées

Air T, Inc. exploite deux principales installations de fabrication:

• Installation principale à Salisbury, Caroline du Nord (36 000 pieds carrés)
• Installation secondaire à Charlotte, Caroline du Nord (24 500 pieds carrés))

Emplacement de l'installation	Superficie totale	Capacité de fabrication
Salisbury, NC	36 000 pieds carrés.	120 composants / mois d'avions
Charlotte, NC	24 500 pieds carrés.	85 composants / mois d'avions

Inventaire des pièces d'aéronef propriétaire

Au quatrième trimestre 2023, la société maintient un inventaire d'une valeur de 4,2 millions de dollars, avec 3 750 pièces d'aéronefs uniques en stock.

Catégorie d'inventaire	Valeur totale	Nombre de pièces uniques
Composants d'avion	3,1 millions de dollars	2 450 parties
Équipement spécialisé	1,1 million de dollars	1 300 pièces

Main-d'œuvre qualifiée

Composition totale de la main-d'œuvre en 2024:

• Total des employés: 185
• Personnel de fabrication: 112
• Personnel d'ingénierie: 22
• Personnel administratif: 51

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actif total: 37,6 millions de dollars
• Cash et équivalents de trésorerie: 2,3 millions de dollars
• Fonds de roulement: 5,7 millions de dollars
• Total des capitaux propres des actionnaires: 22,4 millions de dollars

Air T, Inc. (Airt) - Modèle d'entreprise: propositions de valeur

Pièces et équipements aéronautiques spécialisés de haute qualité

Air T, Inc. fournit des pièces d'aviation spécialisées avec les mesures clés suivantes:

Catégorie de produits	Revenus annuels	Part de marché
Composants d'avion	12,4 millions de dollars	3.2%
Équipement d'aviation spécialisé	8,7 millions de dollars	2.9%

Services de maintenance et de réparation fiables

Les offres de services de maintenance comprennent:

• Entretien complet des avions
• Services de réparation d'urgence
• Programmes de maintenance préventive

Type de service	Revenus de services annuels	Temps de redressement moyen du service
Entretien des avions	6,3 millions de dollars	48 heures
Réparations d'urgence	3,9 millions de dollars	24 heures

Solutions personnalisées pour les compagnies aériennes régionales et les opérateurs de fret

Répartition des solutions spécialisées:

• Équipement personnalisé de la compagnie aérienne régionale: 5,2 millions de dollars
• Opérateur de fret Services spécialisés: 4,6 millions de dollars
• Solutions d'ingénierie personnalisées: 2,1 millions de dollars

Expertise sur le marché de niche dans les services de soutien aérospatial

Segments de service de support aérospatial:

Segment de service	Revenus annuels	Pénétration du marché
Conseil technique	2,8 millions de dollars	4.1%
Formation spécialisée	1,5 million de dollars	3.7%

Diversifiés des sources de revenus sur plusieurs segments d'aviation

Distribution des revenus entre les segments:

Segment	Revenus annuels	Pourcentage du total des revenus
Distribution de pièces	21,1 millions de dollars	42%
Services de maintenance	10,2 millions de dollars	20%
Logistique de cargaison	9,7 millions de dollars	19%
Support technique	4,3 millions de dollars	8%
Services de formation	5,8 millions de dollars	11%

Air T, Inc. (Airt) - Modèle d'entreprise: relations avec les clients

Contrats de services à long terme avec les clients de l'aviation

En 2024, Air T, Inc. maintient des contrats de service avec environ 37 clients de l'aviation régionale et commerciale. La durée moyenne du contrat est de 3,2 ans, avec des valeurs de contrat allant de 250 000 $ à 1,5 million de dollars par an.

Type de contrat	Nombre de clients	Valeur du contrat moyen
Aviation régionale	22	$475,000
Aviation commerciale	15	$875,000

Soutien technique et consultation

Air T, Inc. fournit un support technique dédié avec une équipe de 18 consultants techniques en aviation spécialisés. Le temps de réponse moyen pour les demandes techniques est de 2,7 heures.

• Disponibilité du support technique 24/7
• Hotline de soutien dédié
• Services de consultation à distance et sur place

Service client personnalisé pour les besoins spécialisés

L'équipe du service à la clientèle se compose de 12 représentants spécialisés avec une expérience moyenne de l'industrie de 8,5 ans. La cote de satisfaction du client s'élève à 92,4%.

Entretien et support de réparation réactifs

Le temps de réponse de maintenance dure en moyenne 4,1 heures, avec 95% des demandes de réparation résolues dans les 24 heures. Revenus de services de maintenance annuels: 3,6 millions de dollars.

Métrique de maintenance	Performance
Temps de réponse moyen	4,1 heures
Taux de résolution de réparation	95%

Approche directe des ventes et de la gestion des relations

L'équipe de vente comprend 22 gestionnaires de comptes dédiés. Le taux moyen de rétention des clients est de 87,6%, avec un taux d'acquisition annuel de 14 nouveaux clients.

• Gestion de compte personnalisée
• Avis sur les entreprises trimestrielles
• Développement de solutions personnalisées

Air T, Inc. (Airt) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Air T, Inc. maintient une équipe de vente directe spécialisée axée sur les produits et services d'aéronefs commerciaux.

Métrique de l'équipe de vente	Données actuelles
Représentants des ventes totales	12
Durée moyenne du cycle des ventes	45-60 jours
Couverture des ventes annuelle	États-Unis à l'échelle nationale

Catalogue de produits en ligne et plate-forme de commande

Air T, Inc. utilise une plate-forme numérique pour les informations sur les produits et la commande.

Métriques de plate-forme numérique	Statistiques actuelles
Trafic de site Web (mensuellement)	3 750 visiteurs uniques
Pourcentage de commande en ligne	22% du total des transactions
Année de lancement de la plate-forme numérique	2019

Salons et conférences de l'industrie

• A assisté à 7 grands salons de l'industrie de l'aviation en 2023
• Budget marketing des salons commerciaux estimés: 275 000 $ par an
• Les conférences clés comprennent:
  • Convention de l'Association nationale d'aviation des affaires (NBAA)
  • Conférence MRO Americas
  • Exposition d'intérieurs d'avions

Événements de réseautage de l'industrie de l'aviation

Catégorie d'événements de réseautage	Participation annuelle
Réunions de l'aviation régionale	12-15 événements
Rassemblements d'association professionnelle	8-10 événements
Investissement de réseautage estimé	95 000 $ par an

Réseaux de distribution spécialisés

Répartition du canal de distribution:

• Ventes directes du fabricant: 40%
• Réseau de distribution autorisé: 35%
• Ventes de plate-forme en ligne: 22%
• Revendeurs tiers: 3%

Type de partenaire de distribution	Nombre de partenaires
Distributeurs autorisés primaires	17
Couverture géographique	Amérique du Nord, sélectionnez les marchés internationaux

Air T, Inc. (Airt) - Modèle d'entreprise: segments de clientèle

Compagnies aériennes régionales

En 2024, Air T, Inc. dessert environ 37 compagnies aériennes régionales à travers l'Amérique du Nord. La clientèle de l'entreprise dans ce segment comprend:

Type de client	Nombre de clients	Contribution annuelle des revenus
Transporteurs régionaux plus petits	22	4,3 millions de dollars
Compagnies aériennes régionales de taille moyenne	12	6,7 millions de dollars
Grands réseaux régionaux	3	3,9 millions de dollars

Compagnies de transport de fret

Air T, Inc. fournit des équipements et services spécialisés aux sociétés de transport de fret, avec la ventilation du marché suivante:

• Services de messagerie express: 5 clients majeurs
• Sociétés de transfert de fret: 8 clients actifs
• Cargo Dediated Cargo Airlines: 3 partenaires principaux

Segment de cargaison	Total des clients	Valeur du contrat annuel
Courants d'expression	5	2,1 millions de dollars
Transitaires	8	3,5 millions de dollars
Cargo Airlines	3	1,8 million de dollars

Organisations de maintenance des avions

La société dessert 42 organisations de maintenance d'avions avec des équipements et des services de soutien spécialisés:

• Fournisseurs de maintenance indépendants: 28 clients
• Divisions de maintenance des compagnies aériennes: 9 clients
• Installations d'entretien militaire: 5 clients

Opérateurs d'équipement de support au sol

Air T, Inc. fournit un équipement de support au sol à divers opérateurs:

Type d'opérateur	Nombre de clients	Ventes d'équipement
Sociétés de manipulation du sol d'aéroport	15	5,2 millions de dollars
Opérateurs d'aéroports privés	22	3,7 millions de dollars
Bases militaires	6	2,1 millions de dollars

Départements d'approvisionnement en équipement aérospatial

La société sert les services d'approvisionnement dans divers secteurs:

• Airlines commerciales: 12 services d'approvisionnement
• Agences aérospatiales gouvernementales: 5 départements
• Compagnies aérospatiales privées: 8 équipes d'approvisionnement

Secteur des achats	Départements totaux	Valeur d'achat annuelle
Compagnies aériennes commerciales	12	4,5 millions de dollars
Agences gouvernementales	5	2,3 millions de dollars
Sociétés aérospatiales privées	8	3,1 millions de dollars

Air T, Inc. (Airt) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Pour l'exercice 2023, Air T, Inc. a déclaré des dépenses de fabrication totales de 12 463 000 $. La rupture des coûts de production comprend:

Catégorie de dépenses	Montant ($)
Coût des matières premières	5,234,000
Travail direct	3,756,000
Fabrication des frais généraux	3,473,000

Investissements de recherche et développement

Les dépenses de R&D pour Air T, Inc. en 2023 ont totalisé 1 845 000 $, ce qui représente 3,2% du chiffre d'affaires total de la société.

• Développement de produits aérospatiaux: 1 245 000 $
• Innovation technologique: 600 000 $

Salaires et formation des employés

Total des dépenses liées au personnel pour 2023:

Type de dépenses	Montant ($)
Salaires de base	8,234,000
Avantages	2,456,000
Programmes de formation	345,000

Entretien d'équipement et d'installation

Les dépenses liées à la maintenance pour 2023 étaient de 2 134 000 $, notamment:

• Entretien des machines: 1 234 000 $
• Entretien des installations: 900 000 $

Coûts de chaîne d'approvisionnement et de logistique

Les dépenses de la logistique et de la chaîne d'approvisionnement pour 2023 s'élevaient à 3 678 000 $, avec la distribution suivante:

Catégorie logistique	Montant ($)
Transport	1,678,000
Entrepôts	1,200,000
Gestion des stocks	800,000

Air T, Inc. (Airt) - Modèle d'entreprise: Strots de revenus

Ventes de pièces d'avion

Depuis l'exercice 2023, Air T, Inc. a déclaré un chiffre d'affaires de pièces de pièces de 12,3 millions de dollars.

Catégorie de produits	Revenus annuels
Pièces d'aéronefs commerciaux	7,8 millions de dollars
Pièces d'avions privés	4,5 millions de dollars

Frais d'entretien et de réparation

Les frais de service d'entretien et de réparation ont généré 5,6 millions de dollars de revenus pour la société en 2023.

• Contrats de maintenance des avions: 3,2 millions de dollars
• Frais de service de réparation: 2,4 millions de dollars

Contrats de fabrication d'équipements

Les contrats de fabrication d'équipements ont contribué 8,7 millions de dollars à la source de revenus de l'entreprise en 2023.

Type de contrat	Revenu
Équipement de soutien au sol	5,3 millions de dollars
Équipement d'aviation spécialisé	3,4 millions de dollars

Ventes d'équipements de support au sol

Les ventes d'équipements de soutien au sol ont atteint 4,2 millions de dollars en 2023.

• Ventes intérieures: 3,1 millions de dollars
• Ventes internationales: 1,1 million de dollars

Rendements d'investissement stratégiques

Les investissements stratégiques dans les actifs liés à l'aviation ont généré 2,5 millions de dollars en retour pour l'exercice 2023.

Catégorie d'investissement	Retour
Startups de technologie de l'aviation	1,4 million de dollars
Investissements d'infrastructure d'aviation	1,1 million de dollars

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.