Air T Inc (NASDAQ: AIRT)

Air T, Inc., or AIRT, is a holding company that operates in the transportation industry, specifically in four segments: Overnight Air Cargo, Ground Equipment Sales, Commercial Jet Engines and Parts, and Corporate and Other. The company's main business activities include operating overnight air cargo services, manufacturing and selling ground equipment, managing and leasing commercial jet engines and parts, and providing corporate and other services.

The Overnight Air Cargo segment comprises the operations of Mountain Air Cargo, Inc. (MAC) and CSA Air, Inc. (CSA), which are two of nine companies in the United States with 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. The company's revenues from MAC and CSA's contracts with FedEx accounted for approximately 36% of the company's consolidated revenue for the fiscal years ended March 31, 2024, and 2023.

The Ground Equipment Sales segment is operated by Global Ground Support, LLC (GGS), which manufactures, sells, and services aircraft deicers and other specialized equipment to domestic and international passenger and cargo airlines, ground handling companies, the United States Air Force (USAF), airports, and industrial customers. GGS's product line includes aircraft deicers, scissor-type lifts, military and civilian decontamination units, flight-line tow tractors, glycol recovery vehicles, and other specialized equipment. The company's sales of deicing equipment accounted for approximately 74% of GGS's revenues in the fiscal year ended March 31, 2024.

The Commercial Jet Engines and Parts segment comprises the operations of Contrail Aviation Support, LLC (Contrail), Jet Yard, LLC (Jet Yard), AirCo, LLC, AirCo 1, LLC, AirCo 2, LLC, AirCo Services, LLC, Worthington Aviation, LLC, Jet Yard Solutions, LLC, Air'Zona Aircraft Services, Inc. (Air'Zona), and Landing Gear Support Services, Inc. (LGSS). Contrail is a commercial aircraft trading, leasing, and parts solutions provider, while Jet Yard and Jet Yard Solutions offer commercial aircraft storage, storage maintenance, and aircraft disassembly/part-out services. AirCo operates an established business offering commercial aircraft parts sales, exchanges, procurement services, consignment programs, and overhaul and repair services. Worthington Aviation, like AirCo, operates an established business that supplies spare parts, repair programs, and aircraft maintenance services to the global aviation community of regional and business aircraft fleets. LGSS delivers landing gear focused asset management and technical and commercial services worldwide.

The Corporate and Other segment comprises the company's corporate and other activities, including the operations of Space Age Insurance Company (SAIC), a captive insurance company licensed in Utah. SAIC insures risks of the company and its subsidiaries that were not previously insured by the various company insurance programs.

Air T, Inc. is a significant player in the overnight air cargo market, with MAC and CSA being two of nine companies in the United States that have North American feeder airlines under contract with FedEx. The company's revenues from MAC and CSA's contracts with FedEx accounted for approximately 36% of the company's consolidated revenue for the fiscal years ended March 31, 2024, and 2023. The company's Ground Equipment Sales segment is also a significant player in the market, with GGS being a leading manufacturer and seller of aircraft deicers and other specialized equipment.

Air T, Inc.'s customers are primarily located in the United States, but it also has customers in other countries, including Canada, the Netherlands, and Singapore. The company has a diverse customer base, including FedEx, the United States Air Force, and other domestic and international passenger and cargo airlines, ground handling companies, airports, and industrial customers.

Air T, Inc.'s brand names and/or trade names of its products and services include Mountain Air Cargo, Inc. (MAC), CSA Air, Inc. (CSA), Global Ground Support, LLC (GGS), Contrail Aviation Support, LLC (Contrail), Jet Yard, LLC (Jet Yard), AirCo, LLC, AirCo 1, LLC, AirCo 2, LLC, AirCo Services, LLC, Worthington Aviation, LLC, Jet Yard Solutions, LLC, Air'Zona Aircraft Services, Inc. (Air'Zona), and Landing Gear Support Services, Inc. (LGSS), Space Age Insurance Company (SAIC), and the various aircraft deicers and other specialized equipment manufactured, sold, and serviced by Global Ground Support, LLC (GGS).