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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Operating Revenues:        
Total revenue $ 63,756 $ 61,396 $ 214,154 $ 172,946
Operating Expenses:        
General and administrative 13,554 11,503 39,672 33,898
Depreciation and amortization 699 1,097 2,088 2,984
Inventory write-down 321 638 326 1,658
Asset impairment 0 0 0 516
Operating expenses 65,364 61,261 214,343 171,799
Operating (Loss) Income (1,608) 135 (189) 1,147
Non-operating (Expense) Income:        
Interest expense (1,528) (2,204) (5,189) (6,021)
Income from equity method investments 1,038 2,118 2,477 2,917
Other 142 (97) 8 (608)
Nonoperating income (expense) (348) (183) (2,704) (3,712)
Loss before income taxes (1,956) (48) (2,893) (2,565)
Income Taxes Expense (Benefit) 153 (156) 851 (536)
Net (Loss) Income (2,109) 108 (3,744) (2,029)
Net Income Attributable to Non-controlling Interests (870) (698) (1,375) (1,226)
Net Loss Attributable to Air T, Inc. Stockholders $ (2,979) $ (590) $ (5,119) $ (3,255)
Loss per share (Note 6)        
Basic (in dollars per share) $ (1.06) $ (0.21) $ (1.82) $ (1.14)
Diluted (in dollars per share) $ (1.06) $ (0.21) $ (1.82) $ (1.14)
Weighted Average Shares Outstanding:        
Basic (in shares) 2,822 2,836 2,820 2,855
Diluted (in shares) 2,822 2,836 2,820 2,855
Overnight air cargo        
Operating Revenues:        
Total revenue $ 29,018 $ 21,831 $ 84,944 $ 64,464
Operating Expenses:        
Cost of revenue 24,504 19,174 71,841 56,696
Depreciation and amortization 95 22 269 64
Operating (Loss) Income 1,594 1,009 5,568 2,931
Ground equipment sales        
Operating Revenues:        
Total revenue 8,441 16,147 32,474 39,981
Operating Expenses:        
Cost of revenue 6,964 13,492 27,854 32,362
Depreciation and amortization 37 35 107 130
Operating (Loss) Income (522) 1,093 (619) 3,122
Commercial jet engines and parts        
Operating Revenues:        
Total revenue 24,139 21,736 90,463 63,577
Operating Expenses:        
Cost of revenue 19,322 15,357 72,562 43,685
Depreciation and amortization 185 721 565 1,717
Operating (Loss) Income (627) 733 2,002 3,603
Corporate and other        
Operating Revenues:        
Total revenue 2,158 1,682 6,273 4,924
Operating Expenses:        
Depreciation and amortization 382 319 1,147 1,073
Operating (Loss) Income $ (2,053) $ (2,700) $ (7,140) $ (8,509)