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Segment Information | 3 Months Ended
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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 revenue 1 |  |  |  |  |  |  |  |  | 1,199 |
Other cost of sales 1 |  |  |  |  |  |  |  |  | (415) |
Other expenses 1 |  |  |  |  |  |  |  |  | (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 revenue 1 |  |  |  |  |  |  |  |  | 789 |
Other cost of sales 1 |  |  |  |  |  |  |  |  | (285) |
Other expenses 1 |  |  |  |  |  |  |  |  | (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) |

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- Definition The entire disclosure for reporting segments including data and tables. 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