Air T Inc 2026年季度报告

(Mark one) ☒Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended December 31,2025 Commission File Number 001-35476 Air T, Inc. (Exact name of registrant as specified in its charter)Delaware52-1206400 11020 David Taylor Drive, Suite 305, Charlotte, North Carolina 28262(Address of principal executive offices, including zip code)(980) 595 – 2840(Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: *Issued by Air T Funding Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Actof 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been Yes Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was Yes Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and“emerginggrowthcompany”inRule12b-2oftheExchangeAct. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No Indicatethe number of shares outstanding of each of the issuer's classes of common stock,as of the latest practicable date. Excludes amount attributable to redeemable non-controlling interests in Contrail Aviation Support, LLC ("Contrail") andShanwick B.V. ("Shanwick")See notes to condensed consolidated financial statements.(1) Cumulative translation adjustments were at a loss of $0.8 million and $0.7 million as of March31, 2024 and December31,2024, respectively, and a loss of $0.4 million and a gain of $1.4 million, as of March31, 2025 and December31, 2025,respectively.(2) 1.Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, withoutaudit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally includedin financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes theretoincluded in the Company's Annual Report on Form 10-K for the year ended March31, 2025. The unaudited results of operations for the period The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a goingconcern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Recently Issued Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09- Income Taxes (Topic 740): Improvements to Income TaxDisclosures. The amendments in this update require the addition of specific categories to be disclosed in the rate reconciliation if they meet aquantitative threshold, disclosure of disaggregated income taxes paid to federal, state, and foreign jurisdictions, and disclosure of income orloss from continuing operations disaggregated by federal, state, and foreign jurisdictions. For public business entities, the amendments in this In November 2024, the FASB issued ASU 2024-03- Income Statement- Reporting Comprehensive Income- Expense DisaggregationDisclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The amendments in this update require disaggregateddisclosure of income statement expenses for public business entities. The update does not change the expense captions an entity presents on theface of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within thefootnotes to the financial statements. For public business entities, the amendments in this update are effective for fiscal years beginning after In September 2025, the FASB issued ASU 2025-06- Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40): TargetedImprovements to the Accounting for Internal-Use Software. The amendments in this update modernize the accounting guidance for the costs todevelop software for interna