Segment Information

3 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

Air T's portfolio of businesses are managed on a highly decentralized basis. These businesses are aggregated into operating segments in a manner that reflects how Air T views the business activities. The Company's chief operating decision maker is the Chief Executive Officer. The Chief Executive Officer is ultimately responsible for significant capital allocation decisions and evaluating operating performance. In assessing performance for the Company's businesses, the chief operating decision maker ("CODM") reviews operating income and Adjusted EBITDA. Certain operating segments are aggregated into reportable segments.

Effective as of the fourth quarter of fiscal year 2025, the Company renamed the ground support equipment segment to ground support equipment and renamed the commercial jet engines and parts segment to commercial aircraft, engines and parts to better align the descriptions of the segments with their activities.

Additionally, the Company elected to separately disclose the digital solutions segment, as of the fourth quarter of fiscal year 2025, to align presentation in the financial statements with a key anticipated long-term growth area for the Company. Digital solutions was previously classified as part of insignificant business activities. As a result of this change, prior period segment information has been recast to conform to our current presentation in our financial statements

The Company's four business segments are as follows:

Reportable Segment	Principal Business Activities
Overnight Air Cargo	Overnight Air Cargo primarily operates under its relationship with FedEx spanning over 40 years and represent two of eight companies in the U.S. that have North American feeder airlines under contract with FedEx. MAC and CSA operate and maintain Cessna Caravan, Sky Courier, ATR-42 and ATR-72 aircraft that fly daily small-package cargo routes throughout the eastern United States and upper Midwest, and in the Caribbean.
Commercial Aircraft, Engines and Parts (formerly known as Commercial Jet Engines and Parts)	The Commercial Aircraft, Engines and Parts segment manages and leases aviation assets; supplies surplus and aftermarket commercial jet engine components; provides commercial aircraft disassembly/part-out services; commercial aircraft parts sales; procurement services and overhaul and repair services to airlines
Ground Support Equipment (formerly known as Ground Support Sales)	Ground Support Equipment manufactures and provides mobile deicers and other specialized equipment products to passenger and cargo airlines, airports, the military and industrial customers.
Digital Solutions	Digital Solutions develops and provides digital aviation and other business services to customers within the aviation industry to generate recurring subscription revenues. Digital Solutions has historically been reported as part of the central corporate function referred to as Corporate and Other.

The information that follows shows data of Air T's reportable segments reconciled to amounts reflected in our Consolidated Financial Statements. Intersegment eliminations are included to reconcile segment totals to consolidated amounts.

The cost and expense information presented below is based on the information regularly provided to the CODM. Further, asset information is not included in the information regularly provided to the CODM as it is not a key determining factor in the performance of the Company's reportable segments.

The Company also has a "Corporate and Other" category which includes unallocated Air T holding company costs that are not directly attributable to the ongoing operating activities of our reportable segments in addition to revenues and expenses for non-reportable operating segments.

Segment data is summarized in the following tables (in thousands):

	Three Months Ended June 30, 2025
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Total
Revenue from external customers	$	30,589	$	21,960	$	15,070	$	2,096	$	69,715
Intersegment revenue	862		468		—		—		1,330
	31,451		22,428		15,070		2,096		71,045
Reconciliation of revenue
Other revenue1									1,199
Elimination of intersegment revenue2									(1,374)
Total consolidated revenue									$	70,870
Cost of sales:
Cost of sales from external sources	25,899		14,656		12,303		836
Intersegment operating expense	862		436		—		—
	26,761		15,092		12,303		836
Less:3
General and administrative	3,086		6,123		1,393		1,302		11,904
Other segment items4	138		757		36		208		1,139
Segment profit (loss)	1,466		456		1,338		(250)		3,010
Reconciliation of profit (loss)
Other revenue1									1,199
Other cost of sales1									(415)
Other expenses1									(1,118)
Interest expense									(2,314)
Loss from equity method investments									(19)
Other non-operating income									678
Earnout remeasurement									402
Other corporate expenses5									(2,375)
Elimination of intersegment profits									145
Loss before income taxes									$	(807)

	Three Months Ended June 30, 2024
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Total
Revenue from external customers	$	30,383	$	26,250	$	7,354	$	1,678	$	65,665
Intersegment revenue	—		364		—		—		364
	30,383		26,614		7,354		1,678		66,029
Reconciliation of revenue
Other revenue1									789
Elimination of intersegment revenue2									(407)
Total consolidated revenue									$	66,411
Cost of sales:
Cost of sales from external sources	25,709		18,533		6,533		556
Intersegment operating expense	8		289		—		—
	25,717		18,822		6,533		556
Less:3
General and administrative	2,738		6,519		1,501		1,388		12,146
Other segment items4	97		191		95		198		581
Segment profit (loss)	1,831		1,082		(775)		(464)		1,674
Reconciliation of profit (loss)
Other revenue1									789
Other cost of sales1									(285)
Other expenses1									(907)
Interest expense									(1,946)
Income from equity method investments									1,923
Other non-operating income									683
Earnout remeasurement									20
Other corporate expenses5									(1,943)
Elimination of intersegment profits									95
Loss before income taxes									$	103

	Three Months Ended June 30, 2025
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Total Reportable segments		Corporate and Other		Total
Depreciation and amortization	$	138	$	757	$	36	$	207	$	1,138	$	146	$	1,284
Capital Expenditures	65		166		—		—		231		—		231

	Three Months Ended June 30, 2024
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Total Reportable segments		Corporate and Other		Total
Depreciation and amortization	$	97	$	190	$	95	$	198	$	580	$	180	$	760
Capital Expenditures	191		62		54		—		307		32		339

Reconciliation of operating income (loss) and elimination of intersegment loss was as follows:
	Three Months Ended June 30, 2025
(in thousands)	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Reportable Segment Total		Corporate and Other		Eliminations		Total
Operating income (loss) from external sources	$	1,466	$	551	$	1,338	$	(250)	$	3,105	$	(2,659)	$	—	$	446
Intersegment operating (loss) income	—		(95)		—		—		(95)		(50)		145		—
Operating income (loss)	1,466		456		1,338		(250)		3,010		(2,709)		145		446
	Three Months Ended June 30, 2024
	Overnight Air Cargo		Commercial Aircraft, Engines and Parts		Ground Support Equipment		Digital Solutions		Reportable Segment Total		Corporate and Other		Eliminations		Total
Operating income (loss) from external sources	$	1,839	$	1,095	$	(775)	$	(464)	$	1,695	$	(2,272)	$	—	$	(577)
Intersegment operating (loss) income	(8)		(13)		—		—		(21)		(74)		95		—
Operating income (loss)	1,831		1,082		(775)		(464)		1,674		(2,346)		95		(577)