Air T, Inc. Reports FY23 Results; FY23 EPS $(4.32); Revenue $247.3M

Today the Company is announcing results for the Fiscal year ended March 31, 2023:

• Revenues totaled $247.3 million for the fiscal year ended March 31, 2023, an increase of $70.2 million, or 40% from the prior year.
• Operating loss was $4.4 million for the fiscal year ended March 31, 2023, compared to operating income in the prior year of $8.8 million.
• Adjusted EBITDA* profit of $6.0 million for the year ended March 31, 2023, compared to Adjusted EBITDA* profit of $11.4 million in the prior year.
• Loss per share of $4.32 for the year ended March 31, 2023, compared to income per share of $3.79 for the prior year.
• Total Equity decreased from $24.6 million as of March 31, 2022, to $11.9 million as of March 31, 2023, a decrease of $12.7 million, or (49.5)%.

*Adjusted EBITDA is a non-GAAP financial measure; see below for further explanation and reconciliation to GAAP measure.