AerSale Corp (NASDAQ: ASLE)

AerSale Corporation provides full service support to owners and operators of mid life commercial aircraft that lack the infrastructure or expertise to maintain such aircraft cost effectively during the second half of their operating life through retirement from service. The company was founded in 2008 by Nicolas Finazzo and Robert B Nichols as a platform to serve the aviation aftermarket. Early partnership with Leonard Green Partners provided capital to build a purpose built integrated aviation company. Over time AerSale has developed a global footprint with facilities in the United States and a sales network that reaches customers in Europe Asia Latin America and the Middle East. Its mission is to be a one stop provider that saves customers time and money while delivering value to shareholders through operating efficiency.

The company generates revenue primarily through two complementary activities. In the Asset Management Solutions segment it acquires flight equipment from airlines and leasing companies then sells or leases aircraft and engines and disassembles them for used serviceable material that is sold to third parties or used to lower maintenance costs on its leased portfolio. In the Technical Operations segment it provides nose to tail maintenance repair and overhaul services on airframes components and engines and sells proprietary Engineered Solutions such as AerSafe and AerAware that are designed to improve aircraft performance safety and compliance while reducing operating costs. Revenue is also derived from lease income on aircraft and engines that are held for short term periods before eventual disassembly. The company reports that the Asset Management Solutions segment contributed roughly sixty three percent of total revenue in the fiscal year ended December 31 2025 while the Technical Operations segment contributed about thirty seven percent.

The company operates through the following segments: Asset Management Solutions and Technical Operations.

• This segment acquires flight equipment as feedstock for its business. It purchases aircraft and engines from airlines and leasing firms then either leases these assets on a short term basis or sells them outright. When the remaining useful life of an asset is exhausted the segment disassembles the flight equipment to extract used serviceable material including avionics landing gear hydraulics and other components. These parts are sold as low cost alternatives to new original equipment manufacturer parts or are used internally to support maintenance operations. The segment also offers asset management services to third party clients who lack the expertise to optimize their flight equipment investments. Revenue from this segment accounted for approximately sixty three percent of total revenue in the fiscal year ended December 31 2025 and sixty two percent in the prior year. In addition the segment manages a portfolio of leased aircraft that generates steady lease income while providing a source of feedstock for future part sales. The integrated approach allows AerSale to capture value at multiple stages of an asset life cycle from acquisition through leasing to part reclamation.

• This segment provides maintenance repair and overhaul services for aircraft airframes components and engines from facilities located in Goodyear Arizona Roswell New Mexico Millington Tennessee Miami Florida Hialeah Gardens Florida Rio Rancho New Mexico and other sites. It offers nose to tail airframe MRO structural modifications conversions flight system upgrades and long term storage for up to six hundred fifty aircraft in dry desert conditions. At the component level the segment performs specialized repairs on hydraulics composites pneumatics fuel systems electro mechanical assemblies interiors painting flight controls nacelles and landing gear for passenger cargo and military aircraft. The segment also develops manufactures and installs Engineered Solutions under the AerSafe and AerAware brands which are FAA approved supplemental type certificates that enhance safety performance and service life while lowering operating costs. Revenue from this segment represented approximately thirty seven percent of total revenue in the fiscal year ended December 31 2025 and thirty eight percent in the prior year. The segment leverages a strong engineering team to design new repair processes and to obtain Federal Aviation Administration approvals for modifications that can be installed on a wide range of aircraft types. This technical capability enables the company to offer differentiated services that address specific customer needs such as fuel tank flammability mitigation and enhanced vision systems.

AerSale Corporation competes in a highly fragmented aviation aftermarket that includes original equipment manufacturers maintenance repair and overhaul providers aircraft and engine leasing companies used serviceable material dealers and independent manufacturers. Key competitors for its Asset Management Solutions segment include AAR Corp AerCap Delta Air Lines GA Telesis Kellstrom Aerospace Heico Corporation Willis Lease Finance Corp Air Transport Services Group Unical Aviation Satair Group Aviall and FTAI Aviation. For its Technical Operations segment competitors include AAR Corp Aviation Technical Services HAECO Americas MRO Holdings ST Engineering North America Air Transport Services Group Delta TechOps TransDigm Group VSE Corporation Woodward Lufthansa Technik AG and Triumph Group. The company differentiates itself through its integrated one stop business model that combines asset acquisition leasing disassembly parts sales and MRO services under a single platform. Its FAA unlimited repair station ratings for airframe and component work allow rapid approval of modifications and repairs without the typical delays associated with standard certification processes. This capability together with a deep pool of engineering talent and proprietary data on flight equipment values enables AerSale to offer cost effective solutions that reduce downtime and ownership costs for its customers. In addition the company benefits from a proven track record of acquiring and integrating businesses that have expanded its technical capabilities and geographic reach. These acquisitions have added specialized expertise in areas such as landing gear repair composites work and accessory services further strengthening its competitive position.

AerSale Corporation serves more than one thousand customers worldwide with non United States customers representing approximately forty six percent of total revenue in 2025. Its customer base consists of domestic and foreign passenger airlines cargo operators governmental agencies original equipment manufacturers maintenance repair and overhaul providers financial sponsors and aircraft leasing companies. The company notes that a significant portion of its revenue comes from customers that utilize multiple service offerings indicating strong cross selling relationships and recurring business. Long term contracts with major airlines and leasing firms provide a stable base of repeat business while spot market transactions allow the company to capture value from short term opportunities. The diversity of the customer base helps AerSale to mitigate reliance on any single market segment and to adapt to shifts in demand for air travel cargo transport and government aviation programs.