AIRT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03

Price $29.80

Market Cap (MRQ) $81M

P/E (TTM) -12.1

EPS (TTM) $-2.46

Revenue (TTM) $272M

ROE (TTM) -342.8%

52W Range $18–$35

AIRT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

04

range

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Stock splits 2

Ex-date	Split	Type
June 11, 2019	3-for-2	Forward
May 16, 1994	1-for-5	Reverse

10-Year Performance Revenue, net income, margins and EPS trends

06

Revenue$292M

2016-03-31 → 2025-03-31

EPS$-2.23

2016-03-31 → 2025-03-31

Free Cash Flow$22M

2017-03-31 → 2025-03-31

Net margin-2.5%

2017-03-31 → 2025-03-31

Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric	AIRT	5Y avg	Peer Median	Verdict
P/E (TTM)	-12.15Y avg ≈-5.2	≈-5.2	·	·
P/S (TTM)	0.35Y avg ≈0.3	≈0.3	0.4	Undervalued
P/B (MRQ)	-68.85Y avg ≈2.5	≈2.5	·	·
Price / FCF (TTM)	-3.65Y avg ≈-0.7	≈-0.7	·	·
Price / Cash Flow (TTM)	-3.95Y avg ≈-6.0	≈-6.0	·	·
Price / Tangible Book (MRQ)	-5.3	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric	AIRT	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-0.14%5Y avg ≈-0.20%	≈-0.20%	-8.2%	Top tier
EBITDA Margin (TTM)	1.7%5Y avg ≈1.2%	≈1.2%	-3.9%	Below avg
Pretax Margin (TTM)	-1.1%5Y avg ≈-1.4%	≈-1.4%	-13.0%	Top tier
Net Profit Margin (TTM)	-2.5%5Y avg ≈-1.5%	≈-1.5%	-13.7%	Top tier
ROA (TTM)	-2.4%5Y avg ≈-2.4%	≈-2.4%	-3.5%	In line
ROE (TTM)	-342.8%5Y avg ≈-184.2%	≈-184.2%	-68.4%	Weak
ROIC	-64.4%5Y avg ≈-17.3%	≈-17.3%	-5.9%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	AIRT	5Y avg	Peer Median	Verdict
Current Ratio (MRQ)	1.05Y avg ≈2.7	≈2.7	1.2	Low liquidity
Quick Ratio (MRQ)	0.55Y avg ≈0.7	≈0.7	0.7	Low liquidity
Interest Coverage	0.25Y avg ≈-0.1	≈-0.1	2.8	Low liquidity

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric	5Y trend	AIRT	5Y avg	Peer Median	Verdict
Revenue YoY		1.8%5Y avg ≈14.6%	≈14.6%	·	·
Revenue CAGR 3Y		18.1%	·	·	·

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric	AIRT	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-2.235Y avg ≈$-1.54	≈$-1.54	·	·
Revenue / Share	$106.135Y avg ≈$83.39	≈$83.39	·	·
Cash Flow / Share	$8.545Y avg ≈$1.70	≈$1.70	·	·
Cash / Share	$2.195Y avg ≈$2.52	≈$2.52	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	AIRT	5Y avg	Peer Median	Verdict
Asset Turnover	1.75Y avg ≈1.3	≈1.3	1.1	Top tier
Receivables Turnover	12.55Y avg ≈13.2	≈13.2	9.1	Top tier
Revenue / Employee	≈$175.2K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

13

Annualized Payout≈$0.20Paid annually

Ex-date	Amount	Currency	Yield
Jun 5, 2013	$0.20	USD	≈3.1%
Jun 6, 2012	$0.17	USD	≈3.0%
Jun 1, 2011	$0.17	USD	≈2.6%
Jun 2, 2010	$0.22	USD	≈2.5%
Jun 3, 2009	$0.22	USD	≈3.8%
Jun 4, 2008	$0.20	USD	≈3.4%
Jun 6, 2007	$0.17	USD	≈3.0%
Jun 7, 2006	$0.17	USD	≈2.1%
Jun 8, 2005	$0.17	USD	≈1.5%
Jun 9, 2004	$0.13	USD	≈3.8%
Jun 3, 2002	$0.08	USD	≈3.7%
May 24, 2001	$0.10	USD	≈3.7%
May 24, 2000	$0.07	USD	≈4.8%
May 12, 2000	$0.05	USD	≈2.5%
May 12, 1999	$0.01	USD	≈0.35%
May 13, 1998	$0.02	USD	≈0.30%
May 29, 1997	$0.02	USD	≈0.56%
Mar 29, 1996	$0.04	USD	≈1.5%
Apr 26, 1993	$0.03	USD	≈2.3%
Dec 30, 1991	$0.03	USD	≈4.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14

Next Report Nov 10, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Aug 11, 2026	$1.61	—	—
Dec. 31, 2025		$-2.55	—	—
March 31, 2024		$-0.19	—	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15

Income Statement 15

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$292M	$287M	$247M	$177M	$175M	$237M	$216M	$195M	$148M	$148M	$112M	$101M
R&D Expense	·	·	·	·	·	·	·	$195.7K	$1M	$777.9K	$0	·
SG&A Expense	$58M	$51M	$43M	$30M	$34M	$40M	$34M	$29M	$22M	$18M	$14M	$13M
Operating Expenses	$290M	$286M	$252M	$168M	$184M	$229M	$206M	$190M	$152M	$142M	$109M	$98M
Operating Income	$2M	$1M	$-4M	$9M	$-9M	$7M	$9M	$4M	$-3M	$6M	$3M	$3M
Interest Expense	$8M	$7M	$8M	$5M	$5M	$5M	$3M	$2M	·	$80.7K	·	·
Other Non-op	$-209.0K	$8.0K	$-471.0K	$1M	$3M	$-1M	$-261.0K	$-2M	$-571.7K	$-80.7K	·	$15.1K
Pretax Income	$-5M	$-4M	$-11M	$13M	$-12M	$3M	$6M	$3M	$-4M	$6M	$3M	·
Income Tax	$423.0K	$729.0K	$432.0K	$1M	$-3M	$-544.0K	$2M	$195.0K	$725.0K	$2M	$931.0K	$1M
Net Income	$-6M	$-7M	$-12M	$11M	$-7M	$8M	$1M	$2M	$-3M	$4M	$2M	$1M
EPS (Basic)	$-2.23	$-2.42	$-4.32	$3.79	$-2.53	$2.74	$0.44	$0.74	$-1.51	$1.86	$1.05	$0.61
EPS (Diluted)	$-2.23	$-2.42	$-4.32	$3.78	$-2.53	$2.73	$0.44	$0.74	$-1.51	$1.84	$1.04	$0.60
Shares (Basic)	2,750,000	2,816,000	2,847,000	2,880,000	2,882,000	2,791,000	3,052,000	3,064,209	2,125,224	2,372,527	2,359,610	2,414,184
Shares (Diluted)	2,750,000	2,816,000	2,847,000	2,888,000	2,882,000	2,798,000	3,060,000	3,071,528	2,125,224	2,396,824	2,379,928	2,433,058
EBITDA	$6M	$4M	$-245.0K	$11M	$-6M	$13M	$16M	$4M	$-3M	·	$3M	$3M

Balance Sheet 32

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$6M	$7M	$6M	$6M	$11M	$6M	$12M	$5M	$3M	$5M	$13M	$4M
Short-term Investments	$422.0K	$531.0K	$0	$859.0K	$1M	$2M	$2M	$290.4K	$2M	$5M	$5M	$1M
Receivables	$24M	$23M	$27M	$20M	$7M	$13M	$11M	$15M	$19M	$12M	$10M	$10M
Inventory	$39M	$61M	$71M	$75M	$72M	$61M	$27M	$34M	$20M	$12M	$8M	$12M
Prepaid Expense	$3M	$2M	$3M	$10M	$4M	$5M	$6M	$1M	$2M	$2M	$612.3K	$845.6K
Other Current Assets	$5M	$3M	·	·	·	·	·	$658.6K	·	·	·	$135.7K
Current Assets	$79M	$103M	$117M	$128M	$106M	$98M	$71M	$62M	$49M	$39M	$39M	$31M
PP&E (Net)	$20M	$21M	$21M	$21M	$9M	$5M	$4M	$5M	$5M	$5M	$3M	$4M
PP&E (Gross)	$30M	$29M	$28M	$27M	$13M	$10M	$8M	$9M	$10M	$8M	$7M	$12M
Accum. Depreciation	$9M	$8M	$7M	$5M	$5M	$4M	$3M	$5M	·	·	·	·
Goodwill	$11M	$11M	$11M	$10M	$4M	$4M	$4M	$4M	$4M	$275.4K	·	·
Intangibles	$10M	$11M	$12M	$13M	$2M	$749.0K	$998.0K	$1M	$1M	$1M	·	·
Other Non-current Assets	$2M	$4M	$4M	$3M	$6M	$2M	$200.0K	$421.0K	$372.0K	$317.5K	$224.2K	$135.7K
Total Assets	$174M	$177M	$190M	$208M	$141M	$151M	$115M	$97M	$65M	$52M	$43M	$37M
Accounts Payable	$18M	$15M	$10M	$9M	$8M	$11M	$11M	$10M	$12M	$7M	$5M	$6M
Accrued Liabilities	$17M	$16M	$13M	$13M	·	·	·	$12M	$9M	$7M	$4M	$3M
Short-term Debt	·	·	·	·	·	·	·	$9M	$25.0K	$2M	·	·
Current Liabilities	$48M	$47M	$64M	$31M	$28M	$68M	$53M	$31M	$20M	$16M	$8M	$9M
Capital Leases	$12M	$11M	$11M	$7M	$7M	$7M	$0	·	·	·	·	·
Deferred Tax	$2M	$2M	$2M	$3M	$595.0K	$579.0K	$0	$92.0K	$8.0K	$546.0K	$416.0K	$842.0K
Other Non-current Liabilities	$866.0K	$0	$47.0K	$1M	$2M	$1M	$597.0K	$785.8K	$3M	$615.2K	·	·
Total Liabilities	$168M	$158M	$164M	$171M	$119M	$120M	$86M	$71M	$42M	$17M	·	·
Long-term Debt	$110M	$113M	$125M	$136M	$87M	$86M	$58M	$48M	·	·	·	·
Total Debt	·	·	·	·	·	·	·	$9M	$25.0K	·	$5M	·
Common Stock	$758.0K	$758.0K	$757.0K	$756.0K	$756.0K	$756.0K	$506.0K	$510.9K	$510.7K	$593.1K	$593.1K	$588.8K
Paid-in Capital	$947.0K	$859.0K	$728.0K	$393.0K	$0	$3M	$3M	$4M	$4M	$5M	$5M	$5M
Retained Earnings	$2M	$8M	$14M	$27M	$16M	$24M	$21M	$21M	$18M	$29M	$24M	$22M
Treasury Stock	$6M	$5M	$4M	$3M	$3M	$3M	$0	·	·	·	·	·
AOCI	$-647.0K	$-80.0K	$816.0K	$-263.0K	$-684.0K	$-537.0K	$-205.0K	$-260.9K	$-212.0K	$-140.5K	$-134.9K	$-7.8K
Stockholders' Equity	$-3M	$5M	$12M	$25M	$14M	$24M	$24M	$25M	$23M	$34M	$30M	$27M
Liabilities + Equity	$174M	$177M	$190M	$208M	$141M	$151M	$115M	$97M	$65M	$52M	$43M	$37M
Shares Outstanding	2,702,639	3,030,000	3,027,000	3,023,000	3,023,000	2,881,853	2,022,637	2,043,607	2,042,789	2,372,527	2,372,527	2,355,028

Cash Flow 17

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$4M	$3M	$4M	$2M	$3M	$6M	$7M	$2M	$3M	$1M	$856.9K	$752.4K
Stock-based Comp	·	·	·	·	·	·	·	·	·	$29.3K	$9.0K	$23.2K
Deferred Tax	$-300.0K	$30.0K	$-609.0K	$-367.0K	·	·	$-1M	$-10.6K	$-659.0K	$90.5K	$-372.0K	$911.0K
Amort. of Intangibles	·	·	·	·	·	·	$368.0K	$323.0K	$105.0K	$51.0K	$0	·
Other Non-cash	$48M	$39M	$43M	$-86M	$-136.0K	$-67M	$13M	·	·	·	·	·
Operating Cash Flow	$23M	$17M	$17M	$-33M	$-2M	$-25M	$21M	$-277.8K	$-8M	$3M	$7M	$-554.6K
CapEx	$1M	$1M	$1M	$2M	$4M	$2M	$1M	$2M	$2M	$1M	$799.7K	$1M
Investing Cash Flow	$-20M	$-2M	$-6M	$-33M	$3M	$9M	$-23M	$-27M	$-4M	$-5M	$-2M	$-3M
Debt Issued	$25M	$25M	$11M	$34M	$59M	$36M	$28M	$38M	·	·	·	·
Net Debt Issued	$-10M	$-3M	$-17M	$30M	$32M	$-11M	$12M	$34M	·	·	·	·
Stock Repurchased	$1M	$876.0K	·	·	·	·	$744.2K	·	$8M	·	·	$1M
Net Stock Activity	$-1M	·	·	·	·	·	$-744.2K	·	$-8M	·	·	$-1M
Dividends Paid	·	·	·	·	·	·	·	·	·	·	·	$733.9K
Financing Cash Flow	$-5M	$-14M	$-12M	$59M	$71.0K	$19M	$10M	$29M	$9M	$-6M	$5M	$-2M
Net Change in Cash	$-1M	$753.0K	$-1M	$-8M	$356.0K	$3M	$8M	$1M	$-3M	$-8M	$10M	$-5M
Free Cash Flow	$22M	$16M	$16M	$-35M	$-6M	$-28M	$20M	$-20M	$-10M	·	$6M	$-2M
Levered FCF	$13M	$8M	$7M	$-39M	$-9M	$-33M	$17M	·	·	·	·	·

Profitability 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	0.65%	0.44%	-1.8%	4.9%	-5.2%	3.1%	3.2%	2.2%	-2.1%	·	3.0%	2.6%
Net Margin	-2.1%	-2.4%	-5.0%	6.2%	-4.2%	3.2%	0.54%	1.2%	-2.2%	·	2.2%	1.5%
Pretax Margin	-1.7%	-1.4%	-4.6%	7.6%	-6.7%	1.1%	1.9%	1.4%	-2.8%	·	·	·
EBITDA Margin	2.1%	1.4%	-0.10%	6.0%	-3.5%	5.5%	6.3%	2.2%	-2.1%	·	3.0%	2.6%
ROA	-3.5%	-3.7%	-6.2%	6.3%	-5.0%	5.7%	1.3%	2.8%	-5.5%	·	6.2%	4.0%
ROE	-790.2%	-81.8%	-67.3%	57.0%	-38.6%	31.7%	5.4%	9.5%	-11.2%	·	8.4%	5.4%
ROIC	-64.4%	31.4%	-38.4%	32.5%	-47.6%	36.7%	22.5%	11.5%	-15.8%	·	·	·

Liquidity & Solvency 5

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.6	2.2	1.8	4.1	3.8	1.5	1.4	2.0	2.4	·	4.7	3.5
Quick Ratio	0.6	0.6	0.5	0.8	0.7	0.3	0.6	0.6	1.2	·	3.5	1.7
Debt / Equity	·	·	·	·	·	·	·	0.4	0.0	·	0.2	·
LT Debt / Equity	·	·	·	·	·	·	·	·	·	·	0.2	·
Interest Coverage	0.2	0.2	-0.6	1.8	-2.0	1.6	2.4	·	·	·	·	·

Efficiency 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover		1.7	1.6	1.2	1.0	1.2	1.8	2.4	2.4	2.5	·	2.8	2.8
Receivables Turnover		12.5	11.4	10.5	13.5	17.9	19.8	14.6	11.4	9.5	·	11.3	9.2

Per Share 7

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$-1.19	$1.72	$4.22	$8.59	$4.76	$8.33	$12.04	$12.29	$11.24	·	$12.56	$11.62
Revenue / Share	$106.13	$101.86	$86.87	$61.31	$60.76	$84.63	$122.47	$94.99	$69.86	·	$47.14	$41.42
Cash Flow / Share	$8.54	$6.10	$5.94	$-11.46	$-0.63	$-8.96	$10.26	$-0.14	$-3.55	·	$3.35	$-0.23
Cash / Share	$2.19	$2.56	$2.06	$1.96	$3.82	$2.07	$6.19	$2.35	$1.35	·	$5.97	$1.60
Dividend / Share	·	·	·	·	·	·	·	·	·	·	·	$0.30
Dividend Paid / Share	·	·	·	·	·	·	·	·	·	·	·	$0.30
EPS (TTM)	$-2.23	$-2.42	$-4.32	$3.78	$-2.53	$2.73	$0.44	$0.74	$-1.51	$1.84	$1.04	$0.60

Growth Rates 2

Metric	Trend	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY		1.8%	16.0%	39.7%	1.1%	·	·	·	·	·	·	·	·
Revenue CAGR 3Y		18.1%	17.9%	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$292M	$287M	$247M	$177M	$175M	$237M	$216M	$195M	$148M	$148M	$112M	$101M
Net Income TTM	$-6M	$-7M	$-12M	$11M	$-7M	$8M	$1M	$2M	$-3M	$4M	$2M	$1M
Market Cap	$46M	$62M	$71M	$65M	$69M	$36M	$41M	$34M	$27M	·	$39M	$19M
Enterprise Value	·	·	·	·	·	·	·	$39M	$23M	·	$24M	·
P/E	-7.6	-9.2	-5.8	6.0	-9.4	4.6	45.7	22.8	-8.9	8.8	15.8	13.4
P/S	0.2	0.2	0.3	0.4	0.4	0.2	0.2	0.2	0.2	·	0.3	0.2
P/B	-14.2	12.9	5.9	2.6	5.0	1.5	1.7	1.4	1.2	·	1.3	0.7
P / Tangible Book	·	·	·	53.1	8.7	·	·	·	·	·	·	·
P / Cash Flow	1.9	3.6	4.2	-2.0	-37.7	-1.4	1.9	-124.1	-3.6	·	4.9	-34.3
P / FCF	2.0	3.8	4.5	-1.9	-12.0	-1.3	2.1	-1.7	-2.8	·	6.4	-10.3
EV / EBITDA	·	·	·	·	·	·	·	9.1	-7.3	·	7.2	·
EV / FCF	·	·	·	·	·	·	·	-1.9	-2.3	·	4.1	·
EV / Revenue	·	·	·	·	·	·	·	0.2	0.2	·	0.2	·
Dividend Yield	·	·	·	·	·	·	·	·	·	·	·	3.9%
Earnings Yield	-13.2%	-10.9%	-17.2%	16.6%	-10.6%	21.8%	2.2%	4.4%	-11.2%	11.4%	6.3%	7.4%
Payout Ratio	·	·	·	·	·	·	·	·	·	·	·	50.0%
Annual Payout	·	·	·	·	·	·	·	·	·	·	·	$733.9K

Income Statement 14

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Revenue	$71M	$64M	$71M	$66M	$78M	$81M	$66M	$73M	$64M	$79M	$71M	$74M	$61M	$61M	$51M	$51M
SG&A Expense	$17M	$18M	$15M	$15M	$14M	$14M	$15M	$13M	$13M	$13M	$12M	$9M	$12M	$11M	$12M	$4M
Operating Expenses	$75M	$66M	$70M	$69M	$76M	$78M	$67M	$71M	$65M	$78M	$71M	$80M	$61M	$61M	$50M	$43M
Operating Income	$-4M	$6M	$446.0K	$-3M	$1M	$4M	$-577.0K	$1M	$-2M	$761.0K	$658.0K	$-6M	$135.0K	$179.0K	$834.0K	$8M
Interest Expense	·	·	·	·	·	·	·	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M
Other Non-op	$47.0K	$-201.0K	$678.0K	$33.0K	$-420.0K	$-505.0K	$683.0K	$0	$142.0K	$-777.0K	$643.0K	$137.0K	$-97.0K	$-357.0K	$-154.0K	$-109.0K
Pretax Income	$-2M	$7M	$-807.0K	$-7M	$-896.0K	$3M	$103.0K	$-1M	$-2M	$-1M	$184.0K	$-9M	$-48.0K	$-2M	$-610.0K	$7M
Income Tax	$121.0K	$2M	$-136.0K	$-331.0K	$347.0K	$336.0K	$71.0K	$-122.0K	$153.0K	$487.0K	$211.0K	$968.0K	$-156.0K	$-572.0K	$192.0K	$1M
Net Income	$-2M	$4M	$-2M	$-7M	$-1M	$3M	$-335.0K	$-2M	$-3M	$-2M	$-531.0K	$-9M	$-590.0K	$-1M	$-1M	$4M
EPS (Basic)	$-0.91	$1.61	$-0.61	$-2.55	$-0.47	$0.91	$-0.12	$-0.60	$-1.06	$-0.57	$-0.19	$-3.18	$-0.21	$-0.43	$-0.50	$1.51
EPS (Diluted)	$-0.91	$1.61	$-0.61	$-2.55	$-0.47	$0.91	$-0.12	$-0.60	$-1.06	$-0.57	$-0.19	$-3.18	$-0.21	$-0.43	$-0.50	$1.52
Shares (Basic)	2,703,000	2,703,000	2,703,000	·	2,756,000	2,760,000	2,761,000	·	2,822,000	2,820,000	2,818,000	·	2,836,000	2,865,000	2,866,000	·
Shares (Diluted)	2,703,000	2,703,000	2,703,000	·	2,756,000	2,760,000	2,761,000	·	2,822,000	2,820,000	2,818,000	·	2,836,000	2,865,000	2,866,000	·
EBITDA	$-4M	$6M	$2M	·	$2M	$4M	$183.0K	·	$-2M	$761.0K	$1M	·	$135.0K	$179.0K	$2M	·

Balance Sheet 30

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Cash & Equivalents	$37M	$17M	$14M	$6M	$18M	$9M	$8M	$7M	$4M	$5M	$6M	$6M	$5M	$7M	$7M	$6M
Short-term Investments	$595.0K	$1M	$485.0K	$422.0K	·	·	·	$531.0K	$326.0K	·	$365.0K	·	$622.0K	$788.0K	$877.0K	$859.0K
Receivables	$43M	$19M	$25M	$24M	$25M	$31M	$23M	$23M	$18M	$27M	$32M	$27M	$15M	$23M	$16M	$20M
Inventory	$65M	$47M	$40M	$39M	$39M	$51M	$58M	$61M	$54M	$54M	$64M	$71M	$86M	$88M	$86M	$75M
Prepaid Expense	$3M	$4M	$4M	$3M	$3M	$2M	$2M	$2M	$10M	$10M	$8M	$3M	$12M	$13M	$12M	$10M
Other Current Assets	$5M	$8M	$7M	$4M	$4M	$5M	$5M	$3M	·	·	·	·	·	·	·	·
Current Assets	$161M	$96M	$93M	$79M	$90M	$103M	$101M	$103M	$89M	$98M	$113M	$117M	$131M	$147M	$137M	$128M
PP&E (Net)	$136M	$20M	$20M	$20M	$21M	$21M	$21M	$21M	$21M	$21M	$21M	$21M	$21M	$21M	$21M	$21M
PP&E (Gross)	·	·	·	$30M	·	·	·	$29M	·	·	·	$28M	·	·	·	$27M
Accum. Depreciation	$11M	$10M	$10M	$9M	$9M	$8M	$8M	$8M	$8M	$7M	$7M	$7M	$6M	$6M	$6M	$5M
Goodwill	$12M	$12M	$12M	$11M	$10M	$11M	$11M	$11M	$11M	$10M	$11M	$11M	$10M	$10M	$10M	$10M
Intangibles	$14M	$10M	$10M	$10M	$10M	$11M	$11M	$11M	$11M	$11M	$12M	$12M	$11M	$11M	$12M	$13M
Other Non-current Assets	$5M	$2M	$2M	$2M	$3M	$3M	$3M	$4M	$4M	$4M	$4M	$4M	$4M	$4M	$3M	$3M
Total Assets	$382M	$185M	$190M	$174M	$188M	$197M	$175M	$177M	$163M	$172M	$187M	$190M	$212M	$226M	$213M	$208M
Accounts Payable	$16M	$16M	$18M	$18M	$10M	$16M	$14M	$15M	$14M	$12M	$11M	$10M	$9M	$13M	$11M	$9M
Accrued Liabilities	$47M	$22M	$21M	$17M	$16M	$14M	$15M	$16M	$12M	$12M	$15M	$13M	$15M	$14M	$14M	$13M
Current Liabilities	$168M	$46M	$49M	$48M	$47M	$45M	$47M	$47M	$45M	$51M	$50M	$64M	$68M	$73M	$29M	$31M
Capital Leases	$13M	$11M	$11M	$12M	$12M	$13M	$12M	$11M	$11M	$11M	$11M	$11M	$6M	$6M	$6M	$7M
Deferred Tax	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$3M	$3M	$3M	$2M	$3M	$3M	$3M	$3M
Other Non-current Liabilities	$2M	$231.0K	$886.0K	$866.0K	$3M	$2M	$1M	$0	$0	$0	$47.0K	$47.0K	$1M	$1M	$1M	$1M
Total Liabilities	$376M	$177M	$185M	$168M	$174M	$181M	$163M	$158M	$142M	$149M	$162M	$164M	$178M	$192M	$178M	$171M
Long-term Debt	$194M	$118M	$124M	$110M	$123M	$127M	$112M	$113M	$101M	$108M	$121M	$125M	$142M	$153M	$140M	$136M
Common Stock	$758.0K	$758.0K	$758.0K	$758.0K	$758.0K	$758.0K	$758.0K	$758.0K	$758.0K	$758.0K	$757.0K	$757.0K	$757.0K	$757.0K	$756.0K	$756.0K
Paid-in Capital	$1M	$1M	$987.0K	$947.0K	$908.0K	$878.0K	$876.0K	$859.0K	$990.0K	$911.0K	$807.0K	$728.0K	$650.0K	$571.0K	$472.0K	$393.0K
Retained Earnings	$2M	$5M	$494.0K	$2M	$9M	$10M	$8M	$8M	$9M	$12M	$13M	$14M	$23M	$25M	$26M	$27M
Treasury Stock	$6M	$6M	$6M	$6M	$6M	$5M	$5M	$5M	$4M	$4M	$4M	$4M	$4M	$3M	$3M	$3M
AOCI	$1M	$-162.0K	$-465.0K	$-647.0K	$-79.0K	$204.0K	$-186.0K	$-80.0K	$231.0K	$241.0K	$583.0K	$816.0K	$800.0K	$68.0K	$-300.0K	$-263.0K
Stockholders' Equity	$-1M	$69.0K	$-5M	$-3M	$5M	$7M	$4M	$5M	$7M	$10M	$11M	$12M	$21M	$23M	$24M	$25M
Liabilities + Equity	$382M	$185M	$190M	$174M	$188M	$197M	$175M	$177M	$163M	$172M	$187M	$190M	$212M	$226M	$213M	$208M
Shares Outstanding	2,702,639	2,702,639	2,702,639	2,702,639	2,742,259	2,760,047	2,760,047	2,775,163	2,821,504	2,821,504	2,817,754	2,818,374	2,821,996	2,850,748	2,866,418	2,866,418

Cash Flow 11

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
D&A	$2M	$827.0K	$1M	$1M	$1M	$949.0K	$760.0K	$710.0K	$699.0K	$699.0K	$690.0K	$1M	$1M	$1M	$861.0K	$714.0K
Other Non-cash	·	·	$-743.0K	·	·	·	$-312.0K	·	·	·	$3M	·	·	·	$-2M	·
Operating Cash Flow	$-18M	$-5M	$-1M	$4M	$16M	$3M	$113.0K	$-6M	$7M	$12M	$3M	$21M	$10M	$-11M	$-3M	$-13M
CapEx	$783.0K	$213.0K	$231.0K	$149.0K	$351.0K	$242.0K	$339.0K	$398.0K	$121.0K	$153.0K	$404.0K	$170.0K	$245.0K	$412.0K	$351.0K	$325.0K
Investing Cash Flow	$-7M	$17M	$-3M	$-3M	$-3M	$-16M	$2M	$-3M	$63.0K	$177.0K	$-21.0K	$-3M	$-1M	$-716.0K	$-1M	$-14M
Debt Issued	$55M	$0	$11M	$27.0K	$15M	$10M	$0	$25M	$0	$0	$0	$2M	$0	$2M	$6M	$18M
Net Debt Issued	·	·	$9M	·	·	·	$-3M	·	·	·	$-1M	·	·	·	$5M	·
Financing Cash Flow	$50M	$-9M	$13M	$-13M	$-5M	$14M	$-1M	$11M	$-8M	$-13M	$-4M	$-17M	$-12M	$12M	$5M	$30M
Net Change in Cash	$24M	$3M	$8M	$-12M	$10M	$479.0K	$862.0K	$3M	$-736.0K	$-498.0K	$-669.0K	$580.0K	$-3M	$-58.0K	$1M	$3M
Free Cash Flow	·	·	$-1M	·	·	·	$-226.0K	·	·	·	$3M	·	·	·	$-3M	·
Levered FCF	·	·	·	·	·	·	·	·	·	·	$3M	·	·	·	$-5M	·

Profitability 7

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Operating Margin	-5.3%	8.6%	0.63%	·	2.3%	4.8%	-0.87%	·	-2.5%	0.96%	0.92%	·	0.22%	0.29%	1.6%	·
Net Margin	-3.5%	6.8%	-2.3%	·	-1.7%	3.1%	-0.50%	·	-4.7%	-2.0%	-0.74%	·	-0.96%	-2.0%	-2.8%	·
Pretax Margin	-2.6%	11.3%	-1.1%	·	-1.1%	4.1%	0.16%	·	-3.1%	-1.4%	0.26%	·	-0.08%	-3.1%	-1.2%	·
EBITDA Margin	-5.3%	8.6%	2.4%	·	2.3%	4.8%	0.28%	·	-2.5%	0.96%	1.9%	·	0.22%	0.29%	3.3%	·
ROA	-0.86%	2.3%	-0.90%	·	-0.74%	1.4%	-0.18%	·	-1.6%	-0.81%	-0.27%	·	-0.31%	-0.65%	-0.80%	·
ROE	-124.3%	122.6%	645.4%	·	-21.6%	29.8%	-4.3%	·	-21.1%	-9.8%	-3.0%	·	-2.8%	-5.5%	-7.6%	·
ROIC	343.9%	5553.8%	-8.0%	·	49.3%	49.8%	-4.3%	·	-25.1%	11.0%	-0.85%	·	-1.4%	0.55%	4.5%	·

Liquidity & Solvency 3

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Current Ratio	1.0	2.1	1.9	·	1.9	2.3	2.1	·	2.0	1.9	2.3	·	1.9	2.0	4.7	·
Quick Ratio	0.5	0.8	0.8	·	0.9	0.9	0.7	·	0.5	0.6	0.8	·	0.3	0.4	0.8	·
Interest Coverage	·	·	·	·	·	·	·	·	-1.1	0.4	0.4	·	0.1	0.1	0.5	·

Efficiency 2

Metric	Trend	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Asset Turnover		0.2	0.3	0.4	·	0.4	0.4	0.4	·	0.3	0.4	0.4	·	0.3	0.3	0.3	·
Receivables Turnover		2.1	2.6	3.0	·	3.6	2.8	2.4	·	3.8	3.2	3.0	·	4.8	3.1	3.8	·

Per Share 5

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Book Value / Share	$-0.43	$0.03	$-1.71	·	$1.86	$2.55	$1.49	·	$2.44	$3.51	$4.02	·	$7.57	$8.01	$8.42	·
Revenue / Share	$26.32	$23.73	$26.22	·	$28.26	$29.44	$24.05	·	$22.59	$28.00	$25.35	·	$21.65	$21.18	$17.75	·
Cash Flow / Share	·	·	$-0.41	·	·	·	$0.04	·	·	·	$1.24	·	·	·	$-0.88	·
Cash / Share	$13.83	$6.46	$5.35	·	$6.73	$3.12	$2.83	·	$1.59	$1.77	$2.01	·	$1.68	$2.48	$2.52	·
EPS (TTM)	$-2.46	$-2.02	·	·	$-0.28	$-0.87	$-2.35	·	$-5.00	$-4.15	$-4.01	·	$0.38	$0.15	$3.18	·

Valuation (TTM) 11

Metric	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Revenue TTM	$272M	$279M	·	·	$298M	$284M	$282M	·	$289M	$286M	$268M	·	$224M	$208M	$191M	·
Net Income TTM	$-7M	$-6M	·	·	$-812.0K	$-2M	$-7M	·	$-14M	$-12M	$-11M	·	$1M	$419.0K	$9M	·
Market Cap	$52M	$64M	$59M	·	$55M	$45M	$59M	·	$48M	$63M	$71M	·	$70M	$49M	$47M	·
P/E	-7.8	-11.7	·	·	-71.2	-18.6	-9.1	·	-3.4	-5.4	-6.3	·	65.1	114.1	5.2	·
P/S	0.2	0.2	·	·	0.2	0.2	0.2	·	0.2	0.2	0.3	·	0.3	0.2	0.2	·
P/B	-44.1	929.1	-12.8	·	10.7	6.3	14.3	·	6.9	6.4	6.2	·	3.3	2.1	2.0	·
P / Tangible Book	·	·	·	·	·	·	·	·	·	·	·	·	·	24.0	23.1	·
P / Cash Flow	·	·	-54.3	·	·	·	521.0	·	·	·	20.3	·	·	·	-18.6	·
Dividend Yield	1.4%	1.1%	·	·	1.3%	1.7%	1.2%	·	1.5%	1.2%	1.0%	·	1.1%	1.5%	1.6%	·
Earnings Yield	-12.9%	-8.5%	·	·	-1.4%	-5.4%	-11.0%	·	-29.6%	-18.6%	-16.0%	·	1.5%	0.88%	19.3%	·
Annual Payout	$733.9K	$733.9K	·	·	$733.9K	$733.9K	$733.9K	·	$733.9K	$733.9K	$733.9K	·	$733.9K	$733.9K	$733.9K	·

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16

Metric	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31
Revenue	$292M	$287M	$247M	$177M	$175M
Operating Margin %	0.65%	0.44%	-1.8%	4.9%	-5.2%
Net Income	$-6M	$-7M	$-12M	$11M	$-7M
Diluted EPS	$-2.23	$-2.42	$-4.32	$3.78	$-2.53

Metric	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31
Current Ratio	1.6	2.2	1.8	4.1	3.8
Quick Ratio	0.6	0.6	0.5	0.8	0.7

Metric	2025-03-31	2024-03-31	2023-03-31	2022-03-31	2021-03-31
Free Cash Flow	$22M	$16M	$16M	$-35M	$-6M

Institutional owners (13F) 17 filers · $6.2M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 17

Value held $6.2M

New positions 3

Exited positions 0

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
3 (-1 vs prior Q)	0 (-4 vs prior Q)	2 (0 vs prior Q)	3 (+1 vs prior Q)	+9K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
RENAISSANCE TECHNOLOGIES LLC	$2,740,392	103,411	43.87%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$1,079,139	42,419	17.28%	Shares
VANGUARD GROUP INC	$900,096	47,852	14.41%	Shares
MORGAN STANLEY	$826,959	31,206	13.24%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$286,589	11,262	4.59%	Shares
VANGUARD FIDUCIARY TRUST CO	$122,952	4,833	1.97%	Shares
BlackRock, Inc.	$121,450	4,583	1.94%	Shares
ROYAL BANK OF CANADA	$69,000	2,600	1.10%	Shares
UBS Group AG	$39,750	1,500	0.64%	Shares
CWM, LLC	$20,676	979	0.33%	Shares
Tower Research Capital LLC (TRC)	$17,358	655	0.28%	Shares
Vanguard Global Advisers, LLC	$15,264	600	0.24%	Shares
FIFTH THIRD BANCORP	$2,650	100	0.04%	Shares
OSAIC HOLDINGS, INC.	$2,517	95	0.04%	Shares
COMERICA BANK	$1,910	100	0.03%	Shares
WELLS FARGO & COMPANY/MN	$17	1	0.00%	Shares
BESSEMER GROUP INC	$3	120	0.00%	Shares

Activists & 5%+ owners 9 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
AIR T INC, Groveland Capital LLC, AO Partners I, LP, AO Partners LLC, Glenhurst Co., Swenson Nicholas John ×3 filings	April 6, 2026	1.30%	Amendment	Passive investment	SEC
AO Partners I, LP, AO Partners LLC, Swenson Nicholas John, Groveland Capital, LLC, Glenhurst Co. ×2 filings	Jan. 22, 2026	49.40%	Amendment	·	SEC
Air T, Inc., Groveland Capital LLC, AO Partners I, L.P., AO Partners, LLC, Glenhurst Co., Nicholas J. Swenson ×19 filings	Oct. 1, 2024	·	Initial filing	Passive investment	SEC
Farnam Street Partners, L.P., FS Special Opportunities I, L.P., Farnam Street Capital, Inc., Raymond E. Cabillot, Peter O. Haeg, CARR, LLC OF MN ×4 filings	Sept. 27, 2022	·	Initial filing	Passive investment	SEC
AO Partners I, L.P., AO Partners, LLC, Nicholas J. Swenson, Groveland Capital, LLC, Groveland DST LLC, Glenhurst Co. ×25 filings	Feb. 22, 2021	·	Initial filing	·	SEC
The Lion Fund II, L.P., Biglari Capital Corp., Sardar Biglari ×3 filings	July 5, 2016	·	Initial filing	·	SEC
David E. Stern, Barbara R. Wagner ×2 filings	Dec. 18, 2014	·	Initial filing	·	SEC
Estate of David Clark, Walter Clark, Caroline Clark ×4 filings	Dec. 22, 2004	·	Initial filing	·	SEC
William H. Simpson	Aug. 6, 2004	·	Initial filing	·	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 24 insiders · 4 officers · 11 directors

19

Insider	Role	Last activity	Shares owned	Net 12m
Swenson Nicholas John	CEO	Aug. 11, 2025 A	972,584	$0
Tracy Kennedy	CFO	Aug. 11, 2025 A	·	$0
Brett Reynolds	CFO	Nov. 30, 2018 A	·	$0
John Parry	CFO	July 7, 2014 S	1,502	$0
Travis Jacob Swenson	Director	Aug. 11, 2025 A	·	$0
Peter B. Mcclung	Director	Aug. 11, 2025 A	7,500	$0
William R Foudray	Director	Aug. 11, 2025 A	12,500	$0
CABILLOT RAYMOND E	Director	Aug. 11, 2025 A	13,146	$0
Jamie Thingelstad	Director	Aug. 11, 2025 A	·	$0
Gary S Kohler	Director	Aug. 11, 2025 A	14,069	$0
Seth G Barkett	Director	Dec. 31, 2019 S	2,600	$0
John J Gioffre	Director	Aug. 12, 2011 P	2,527	$0
Dennis A Wicker	Director	Sept. 28, 2005 A	·	$0
ABERNETHY CLAUDE S JR	Director	Sept. 28, 2005 A	0	$0
AIR T INC	10% owner	June 15, 2017 P	1,685,104	$0
AO Partners I, LP	10% owner	April 5, 2012 P	264,122	$0
William H Simpson	·	March 27, 2014 S	1,604	$0
Allison T Clark	·	April 9, 2010 G	20,500	$0
Walter Clark	·	Nov. 19, 2009 W	126,756	$0
George C Prill	·	Aug. 6, 2008 M	3,500	$0
Bradley J Wilson	·	Sept. 28, 2005 A	·	$0
Sam W Chesnutt	·	Sept. 28, 2005 A	2,100	$0
Estate of David Clark Sr	·	Nov. 8, 2004 S	207,000	$0
Herman Aubrey Moore Jr	·	Sept. 28, 2004 M	1,000	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 3 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
IWC · iShares Trust	0.01%	4,851 SH	Sept. 11, 2026	Daily
VXF · VANGUARD INDEX FUNDS	0.00%	11,563 SH	Aug. 19, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	30,856 SH	Aug. 19, 2026	Daily

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
AIRT	$46M	-7.6	1.8%	-2.1%	-790.2%	·
GXO	$6.03B	188.0	12.6%	0.24%	1.1%	·
HUBG	·	26.2	-6.1%	2.6%	6.3%	·
FWRD	$783M	-7.1	0.84%	-4.3%	-68.4%	·
AIRTP	$52M	0.7	12.1%	23.8%	203.6%	·
CJMB	$5M	-0.6	-12.8%	-139.2%	-195.4%	36.8%
ARAI	$90M	-6.6	·	-11325.7%	-368.3%	·
FRGT	$14M	-0.6	-19.5%	-60.5%	-137.6%	·
UPS	·	15.1	-2.6%	6.3%	33.8%	·

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26

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AIRT Air T, Inc. - Common Stock