Air T, Inc. (Airt): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da aeroespacial e da aviação, a Air T, Inc. (Airt) se destaca como uma potência multifacetada, navegando estrategicamente paisagens complexas de mercado por meio de seu inovador modelo de negócios. Ao misturar perfeitamente distribuição de peças especializadas, serviços de manutenção e investimentos estratégicos, esta empresa esculpiu um nicho único no ecossistema de aviação, oferecendo soluções personalizadas que vão além dos limites tradicionais da indústria. De companhias aéreas regionais a operadores de equipamentos de apoio ao solo, a Air T, Inc. oferece proposições abrangentes de valor que transformam desafios em oportunidades, tornando -o um estudo de caso fascinante na estratégia de negócios adaptativa.

Air T, Inc. (Airt) - Modelo de Negócios: Principais Parcerias

Colaboração estratégica com fabricantes aeroespaciais e de aviação

A partir de 2024, a Air T, Inc. mantém parcerias estratégicas com os seguintes fabricantes aeroespaciais:

Fabricante	Detalhes da parceria	Ano estabelecido
Textron Aviation	Fornecimento de aeronaves e modificação	2018
Aeronaves Piper	Fornecimento de componentes e suporte técnico	2016

Parcerias com companhias aéreas regionais e operadores de carga

A Air T, Inc. colabora com as seguintes companhias aéreas regionais e operadores de carga:

• Cargo da Mountain Air
• Ameriflight
• Ar do sul

Relacionamentos da cadeia de suprimentos com peças de aeronaves e fornecedores de equipamentos

As principais parcerias da cadeia de suprimentos incluem:

Fornecedor	Componentes primários	Valor anual do contrato
Parker Hannifin Corporation	Sistemas hidráulicos	US $ 2,3 milhões
Aeroespacial Honeywell	Avônico e equipamento de navegação	US $ 1,7 milhão

Parcerias de rede de serviços de manutenção e reparo

As parcerias de rede de manutenção incluem:

• AAR Corp - Manutenção, reparo e serviços de revisão
• StandardAero - Suporte técnico e reparo de componentes

Valor da rede total de parcerias: aproximadamente US $ 5,4 milhões anualmente

Air T, Inc. (Airt) - Modelo de Negócios: Atividades -chave

Distribuição de peças de aeronaves e logística

Receita anual da distribuição de peças de aeronaves: US $ 12,4 milhões (2023 ano fiscal)

Canal de distribuição	Volume	Contribuição da receita
Distribuição doméstica	68% do total de peças	US $ 8,4 milhões
Distribuição internacional	32% do total de peças	US $ 4 milhões

Serviços de manutenção e reparo de aeronaves

Receita do Serviço de Manutenção: US $ 5,7 milhões (2023)

• Contratos totais de manutenção: 47
• Valor médio do contrato: US $ 121.000
• Reparar tempo de resposta: 5-7 dias úteis

Fabricação de equipamentos aeroespaciais

Receita do segmento de fabricação: US $ 8,2 milhões (2023)

Categoria de produto	Unidades produzidas	Receita
Equipamento de apoio ao solo	124 unidades	US $ 3,6 milhões
Equipamento de carga especializado	86 unidades	US $ 4,6 milhões

Produção especializada de equipamentos de carga e suporte terrestre

Produção total de equipamentos especializados: US $ 6,9 milhões (2023)

• Equipamento de apoio ao solo Participação de mercado: 2,3%
• Porcentagem de exportação de equipamentos de carga: 42%
• Instalações de fabricação: 2 locais

Gerenciamento de investimentos e portfólio de ativos relacionados à aviação

Valor da carteira de investimentos: US $ 22,5 milhões (2023)

Tipo de ativo	Alocação de portfólio	Valor
Leasing de aeronaves	45%	US $ 10,1 milhões
Investimentos em tecnologia da aviação	35%	US $ 7,9 milhões
Investimentos de startups aeroespaciais	20%	US $ 4,5 milhões

Air T, Inc. (Airt) - Modelo de negócios: Recursos -chave

Experiência técnica em engenharia aeroespacial e aeroespacial

A partir de 2024, a Air T, Inc. mantém uma equipe técnica especializada com uma média de 15,7 anos de experiência em engenharia aeroespacial. O Departamento de Engenharia da Companhia é composto por 22 profissionais em tempo integral com diplomas avançados em engenharia aeroespacial.

Categoria de experiência em engenharia	Número de profissionais	Experiência média
Engenheiros Aeroespaciais	12	17,3 anos
Engenheiros mecânicos	6	14,2 anos
Engenheiros elétricos	4	13,9 anos

Instalações de fabricação especializadas

Air T, Inc. opera duas instalações de fabricação primárias:

• Instalação principal em Salisbury, Carolina do Norte (36.000 pés quadrados)
• Instalação secundária em Charlotte, Carolina do Norte (24.500 pés quadrados)

Localização da instalação	Área total	Capacidade de fabricação
Salisbury, NC	36.000 pés quadrados.	120 componentes de aeronaves/mês
Charlotte, NC	24.500 pés quadrados.	85 componentes de aeronaves/mês

Inventário de peças de aeronaves proprietárias

A partir do quarto trimestre de 2023, a empresa mantém um inventário no valor de US $ 4,2 milhões, com 3.750 peças de aeronaves exclusivas em estoque.

Categoria de inventário	Valor total	Número de peças únicas
Componentes de aeronaves	US $ 3,1 milhões	2.450 partes
Equipamento especializado	US $ 1,1 milhão	1.300 peças

Força de trabalho qualificada

Composição total da força de trabalho a partir de 2024:

• Total de funcionários: 185
• Equipe de fabricação: 112
• Equipe de engenharia: 22
• Equipe administrativo: 51

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 37,6 milhões
• Caixa e equivalentes em dinheiro: US $ 2,3 milhões
• Capital de giro: US $ 5,7 milhões
• Total dos acionistas do patrimônio líquido: US $ 22,4 milhões

Air T, Inc. (Airt) - Modelo de Negócios: Proposições de Valor

Peças e equipamentos de aviação especializados de alta qualidade

Air T, Inc. fornece peças de aviação especializadas com as seguintes métricas -chave:

Categoria de produto	Receita anual	Quota de mercado
Componentes de aeronaves	US $ 12,4 milhões	3.2%
Equipamento de aviação especializado	US $ 8,7 milhões	2.9%

Serviços de manutenção e reparo confiáveis

As ofertas de serviços de manutenção incluem:

• Manutenção abrangente de aeronaves
• Serviços de reparo de emergência
• Programas de manutenção preventiva

Tipo de serviço	Receita anual de serviço	Tempo médio de resposta do serviço
Manutenção de aeronaves	US $ 6,3 milhões	48 horas
Reparos de emergência	US $ 3,9 milhões	24 horas

Soluções personalizadas para companhias aéreas regionais e operadores de carga

Redução de soluções especializadas:

• Equipamento Custom Regional Airline: US $ 5,2 milhões
• Operador de carga Serviços Especializados: US $ 4,6 milhões
• Soluções de engenharia personalizadas: US $ 2,1 milhões

Nicho de experiência no mercado de serviços de suporte aeroespacial

Segmentos de serviço de suporte aeroespacial:

Segmento de serviço	Receita anual	Penetração de mercado
Consultoria técnica	US $ 2,8 milhões	4.1%
Treinamento especializado	US $ 1,5 milhão	3.7%

Fluxos de receita diversificados em vários segmentos de aviação

Distribuição de receita entre segmentos:

Segmento	Receita anual	Porcentagem da receita total
Distribuição de peças	US $ 21,1 milhões	42%
Serviços de manutenção	US $ 10,2 milhões	20%
Logística de carga	US $ 9,7 milhões	19%
Suporte técnico	US $ 4,3 milhões	8%
Serviços de treinamento	US $ 5,8 milhões	11%

Air T, Inc. (Airt) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de serviço de longo prazo com clientes de aviação

A partir de 2024, a Air T, Inc. mantém contratos de serviço com aproximadamente 37 clientes de aviação regional e comercial. A duração média do contrato é de 3,2 anos, com valores de contrato que variam de US $ 250.000 a US $ 1,5 milhão anualmente.

Tipo de contrato	Número de clientes	Valor médio do contrato
Aviação Regional	22	$475,000
Aviação comercial	15	$875,000

Suporte técnico e consulta

A Air T, Inc. fornece suporte técnico dedicado a uma equipe de 18 consultores técnicos de aviação especializados. O tempo médio de resposta para consultas técnicas é de 2,7 horas.

• Disponibilidade de suporte técnico 24/7
• Linha direta de suporte dedicado
• Serviços de consulta remota e no local

Atendimento ao cliente personalizado para necessidades especializadas

A equipe de atendimento ao cliente consiste em 12 representantes especializados, com uma experiência média do setor de 8,5 anos. A classificação de satisfação do cliente é de 92,4%.

Manutenção responsiva e suporte de reparo

O tempo de resposta da manutenção em média de 4,1 horas, com 95% das solicitações de reparo resolvidas dentro de 24 horas. Receita anual do serviço de manutenção: US $ 3,6 milhões.

Métrica de manutenção	Desempenho
Tempo médio de resposta	4,1 horas
Taxa de resolução de reparo	95%

Abordagem direta de vendas e gerenciamento de relacionamento

A equipe de vendas compreende 22 gerentes de conta dedicados. A taxa média de retenção de clientes é de 87,6%, com uma taxa anual de aquisição de clientes de 14 novos clientes.

• Gerenciamento de contas personalizado
• Revisões de negócios trimestrais
• Desenvolvimento de solução personalizada

Air T, Inc. (Airt) - Modelo de Negócios: Canais

Equipe de vendas diretas

A partir de 2024, a Air T, Inc. mantém uma equipe de vendas direta especializada focada em produtos e serviços de aeronaves comerciais.

Métrica da equipe de vendas	Dados atuais
Total de representantes de vendas	12
Comprimento médio do ciclo de vendas	45-60 dias
Cobertura anual de vendas	Em todo o país, Estados Unidos

Catálogo de produtos online e plataforma de pedidos

A Air T, Inc. utiliza uma plataforma digital para informações e pedidos do produto.

Métricas de plataforma digital	Estatísticas atuais
Tráfego do site (mensalmente)	3.750 visitantes únicos
Porcentagem de pedidos on -line	22% do total de transações
Ano de lançamento da plataforma digital	2019

Feiras e conferências do setor

• Participou de 7 grandes feiras da indústria da aviação em 2023
• Orçamento de marketing estimado da feira comercial: US $ 275.000 anualmente
• As principais conferências incluem:
  • Convenção da Associação Nacional de Aviação de Negócios (NBAA)
  • Conferência da MRO Américas
  • Aeronave Interiors Expo

Eventos de rede da indústria de aviação

Categoria de evento de rede	Participação anual
Reuniões da aviação regional	12-15 eventos
Reuniões de Associação Profissional	8-10 eventos
Investimento estimado em rede	US $ 95.000 por ano

Redes de distribuição especializadas

Distribution Channel Breakdown:

• Vendas diretas do fabricante: 40%
• Rede de distribuidores autorizados: 35%
• Vendas de plataforma on -line: 22%
• Revendedores de terceiros: 3%

Tipo de parceiro de distribuição	Número de parceiros
Distribuidores autorizados primários	17
Cobertura geográfica	América do Norte, Mercados Internacionais Selectados

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

Companhias aéreas regionais

A partir de 2024, a Air T, Inc. atende a aproximadamente 37 companhias aéreas regionais na América do Norte. A base de clientes da empresa neste segmento inclui:

Tipo de cliente	Número de clientes	Contribuição anual da receita
Portadores regionais menores	22	US $ 4,3 milhões
As companhias aéreas regionais de médio porte	12	US $ 6,7 milhões
Grandes redes regionais	3	US $ 3,9 milhões

Empresas de transporte de carga

A Air T, Inc. fornece equipamentos e serviços especializados para empresas de transporte de carga, com a seguinte quebra de mercado:

• Express Courier Services: 5 principais clientes
• Empresas de encaminhamento de frete: 8 clientes ativos
• Airlines de carga dedicada: 3 parceiros principais

Segmento de carga	Total de clientes	Valor anual do contrato
Express Couriers	5	US $ 2,1 milhões
Frete encaminhadores	8	US $ 3,5 milhões
Companhias aéreas de carga	3	US $ 1,8 milhão

Organizações de manutenção de aeronaves

A empresa atende 42 organizações de manutenção de aeronaves com equipamentos especializados e serviços de suporte:

• Provedores de manutenção independentes: 28 clientes
• Divisões de manutenção de companhias aéreas: 9 clientes
• Instalações de manutenção militar: 5 clientes

Operadores de equipamentos de apoio ao solo

A Air T, Inc. fornece equipamentos de apoio ao solo a vários operadores:

Tipo de operador	Número de clientes	Vendas de equipamentos
Empresas de manuseio no solo do aeroporto	15	US $ 5,2 milhões
Operadores de aeroportos privados	22	US $ 3,7 milhões
Bases militares	6	US $ 2,1 milhões

Departamentos de aeroespacas de compras de equipamentos

A empresa atende departamentos de compras em vários setores:

• Airlines comerciais: 12 departamentos de compras
• Agências aeroespaciais do governo: 5 departamentos
• Empresas aeroespaciais privadas: 8 equipes de compras

Setor de compras	Departamentos totais	Valor anual de compras
Companhias aéreas comerciais	12	US $ 4,5 milhões
Agências governamentais	5	US $ 2,3 milhões
Empresas aeroespaciais privadas	8	US $ 3,1 milhões

Air T, Inc. (Airt) - Modelo de negócios: estrutura de custos

Despesas de fabricação e produção

Para o ano fiscal de 2023, a Air T, Inc. registrou despesas totais de fabricação de US $ 12.463.000. A quebra dos custos de produção inclui:

Categoria de despesa	Valor ($)
Custos de matéria -prima	5,234,000
Trabalho direto	3,756,000
Manufatura de sobrecarga	3,473,000

Investimentos de pesquisa e desenvolvimento

As despesas de P&D para a Air T, Inc. em 2023 totalizaram US $ 1.845.000, representando 3,2% da receita total da empresa.

• Desenvolvimento de produtos aeroespaciais: US $ 1.245.000
• Inovação tecnológica: US $ 600.000

Salários e treinamento de funcionários

Total de despesas relacionadas ao pessoal para 2023:

Tipo de despesa	Valor ($)
Salários da base	8,234,000
Benefícios	2,456,000
Programas de treinamento	345,000

Manutenção de equipamentos e instalações

As despesas relacionadas à manutenção para 2023 foram de US $ 2.134.000, que incluíram:

• Manutenção de máquinas: US $ 1.234.000
• Uportagem da instalação: US $ 900.000

Custos de cadeia de suprimentos e logística

As despesas de logística e cadeia de suprimentos de 2023 totalizaram US $ 3.678.000, com a seguinte distribuição:

Categoria de logística	Valor ($)
Transporte	1,678,000
Armazenamento	1,200,000
Gerenciamento de inventário	800,000

Air T, Inc. (Airt) - Modelo de negócios: fluxos de receita

Vendas de peças de aeronaves

No ano fiscal de 2023, a Air T, Inc. relatou receita de vendas de peças de aeronaves de US $ 12,3 milhões.

Categoria de produto	Receita anual
Peças de aeronaves comerciais	US $ 7,8 milhões
Peças de aeronaves privadas	US $ 4,5 milhões

Taxas de serviço de manutenção e reparo

As taxas de serviço de manutenção e reparo geraram US $ 5,6 milhões em receita para a empresa em 2023.

• Contratos de manutenção de aeronaves: US $ 3,2 milhões
• Taxas de serviço de reparo: US $ 2,4 milhões

Contratos de fabricação de equipamentos

Os contratos de fabricação de equipamentos contribuíram com US $ 8,7 milhões para o fluxo de receita da empresa em 2023.

Tipo de contrato	Receita
Equipamento de apoio ao solo	US $ 5,3 milhões
Equipamento de aviação especializado	US $ 3,4 milhões

Vendas de equipamentos de apoio ao solo

As vendas de equipamentos de apoio ao solo atingiram US $ 4,2 milhões em 2023.

• Vendas domésticas: US $ 3,1 milhões
• Vendas internacionais: US $ 1,1 milhão

Retornos estratégicos de investimento

Os investimentos estratégicos em ativos relacionados à aviação geraram US $ 2,5 milhões em retornos para o ano fiscal de 2023.

Categoria de investimento	Retornar
Startups de tecnologia de aviação	US $ 1,4 milhão
Investimentos de infraestrutura de aviação	US $ 1,1 milhão

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.