---
schema_version: "secwatch.filing_event.v1"
accession: "0000353184-26-000082"
form_type: "8-K"
ticker: "AIRT"
cik: "0000353184"
company_name: "AIR T INC"
filed_at: "2026-08-14T20:52:54+00:00"
generated_at: "2026-08-14T20:54:16.709127+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Air T Q1 revenue up 63% to $115.5M; Crestone closes Arena acquisition

## Summary
- Revenue $115.5M (+63% YoY); operating loss $12.8M vs +$0.8M prior year; adjusted EBITDA $0.8M (-45%).
- Crestone acquired Arena Aviation Capital for $33.9M ($21.7M cash + $12.2M contingent); Blue Owl invested $10M for 10.25% preferred; Air T owns 83.9%.
- New Aviation Leasing segment; post-close 21-day: $1.4M fees, $3.5M operating loss, $0.3M adj EBITDA loss.
- Rex: revenue $55.9M, adj EBITDA $1.9M, operating loss $7.7M due to $8.8M D&A from $111.2M bargain purchase gain.
- Cash $21.7M; $42.4M credit line available; repurchased 840,855 shares (31% of outstanding) since Oct 2013.

## SEC filing metadata
- accession: 0000353184-26-000082
- form_type: 8-K
- ticker: AIRT
- cik: 0000353184
- company_name: AIR T INC
- filed_at: 2026-08-14T20:52:54+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/353184/000035318426000082/0000353184-26-000082-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/353184/000035318426000082/airt-20260814.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000353184-26-000082
- JSON: https://secwatch.observer/filing/0000353184-26-000082.json
- Plain text: https://secwatch.observer/filing/0000353184-26-000082.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.