Net loss per share of $5.86 for the quarter ended June 30, 2026, is the number Air T, Inc. (NASDAQ: AIRT) disclosed in a Friday 8-K. That compares to a net loss of $0.61 per share a year earlier, a nearly tenfold widening. Revenue of $115.5 million, up $44.6 million or 63% year over year, carries a substantial asterisk: $55.9 million of the total came from Regional Express Holdings Pty Ltd (Rex), the Australian regional airline Air T acquired on December 18, 2025, with no prior-year comparable period.
Revenue in, margin compressed
Rex's first full quarter inside Air T produced $55.9 million across passenger fares, ancillary fees, freight, charter, and government subsidy income. The segment's adjusted EBITDA was $1.9 million on an operating loss of $7.7 million, with depreciation and amortization of $8.8 million accounting for most of that gap. Fuel expense reached $11.8 million. Rex carries no fuel hedge and no Australian dollar/U.S. dollar currency hedge, absorbing cost pressure through fare adjustments, capacity management, and fuel levy arrangements with certain state governments. Higher unscheduled engine removals, together with lower throughput from third-party maintenance, repair, and overhaul providers, also reduced available aircraft below planned levels.
Consolidated adjusted EBITDA (non-GAAP) was $0.8 million, down from $1.5 million in the prior-year period. Operating loss was $12.8 million versus operating income of $0.8 million a year ago. Loss before income taxes reached $15.0 million, compared to $0.8 million.
Segment reads
Overnight air cargo revenue held roughly flat at $31.2 million. Adjusted EBITDA for the segment rose $0.5 million to $2.1 million, driven by improved FedEx maintenance results at Mountain Air Cargo and higher parts and labor revenue at Worldwide Aircraft Services.
Commercial aircraft, engines, and parts revenue fell $1.6 million to $20.8 million. A $3.3 million decline in component sales at Contrail, tied to lower leasing revenue, was the primary driver. AirCo Companies and Worthington Aviation also saw softer revenue, partially offset by large service projects and offsite teardown work at Jet Yard Companies.
Ground support equipment fell from $15.1 million to $3.7 million, an $11.4 million drop. Air T said the swing owed to two items: the annual U.S. military order, which fell in the first quarter of fiscal 2026, is now anticipated in the third quarter of fiscal 2027; and a large one-time deicing truck order from the prior-year period did not recur. Backlog for the segment stood at $9.0 million at June 30, 2026, versus $7.2 million a year earlier.
Digital solutions contributed $2.6 million, up from $2.1 million.
Chairman and CEO Nick Swenson called quarter-over-quarter analysis in seasonal and transaction-based businesses like Global Ground Support and Contrail "sometimes unproductive," and noted that integrations of Arena into Crestone and Rex into Air T continue. The equity method investee balance was $27.9 million at June 30, 2026, versus $19.9 million at June 30, 2025.
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