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Air T cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$24.2M in Q1 FY27 · −$64.4M over twelve months

Operating cash flow−$2.8M
Capital spending−$21.3M
Free cash flow−$24.2M

Analysis

In Q1 FY27, Air T generated −$2.8M of operating cash flow and spent $21.3M on capital projects, leaving free cash flow of −$24.2M. That is $22.8M less than in Q1 FY26 (−$1.3M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$26.8M; the largest uses were capital spending ($37.6M), operating cash flow ($26.8M), acquisitions ($24.7M); besides operations, cash came from net borrowing (+) / repaid (−) ($104M); the cash balance rose by $6.4M.

Operating cash flow was −$2.8M against net income of −$15.7M. The largest differences: inventory −$12.8M, depreciation & amortization +$9.9M, receivables +$6.8M.

Free cash flow

Air T: free cash flow by quarterAir T: free cash flow by quarter$2.7MQ2 FY25$16.0MQ3 FY25$4.0MQ4 FY25−$1.3MQ1 FY26−$5.6MQ2 FY26−$19.3MQ3 FY26−$15.3MQ4 FY26−$24.2MQ1 FY27
Operating cash flow less capital spending.
Air T: operating cash flow against capital spendingAir T: operating cash flow against capital spendingOperating cash flowCapital spending$2.9M$242KQ2 FY25$16.3M$351KQ3 FY25$4.1M$149KQ4 FY25−$1.1M$231KQ1 FY26−$5.4M$213KQ2 FY26−$18.5M$783KQ3 FY26−$44K$15.3MQ4 FY26−$2.8M$21.3MQ1 FY27
Latest (Q1 FY27): Operating cash flow −$2.8M, Capital spending $21.3M.

Capital allocation, year by year

Air T: where the cash came from (up) and went (down), by fiscal yearAir T: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY22: Operating cash flow −$33.1MFY22: Net borrowing $45.2MFY22: Capital spending −$1.5MFY22: Acquisitions −$12.8M$45.2MFY22FY23: Operating cash flow $16.9MFY23: Net borrowing −$10.9MFY23: Capital spending −$1.2MFY23: Acquisitions −$2.5M$16.9MFY23FY24: Operating cash flow $17.2MFY24: Net borrowing −$21.2MFY24: Capital spending −$1.1MFY24: Buybacks −$876K$17.2MFY24FY25: Operating cash flow $23.5MFY25: Net borrowing −$3.4MFY25: Capital spending −$1.1MFY25: Buybacks −$1.4M$23.5MFY25FY26: Operating cash flow −$25.0MFY26: Net borrowing $85.8MFY26: Capital spending −$16.5MFY26: Acquisitions −$6.7MFY26: Buybacks −$28K$85.8MFY26
Over these 5 years operating cash flow totalled −$545K; the largest uses were operating cash flow ($58.1M) and net borrowing ($35.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.9M
Debt$246M
Net debt$228M
Due within a year$3.6M
Cash runway3 months

Air T is burning cash: its operations consume cash, a free cash flow of −$64.4M a year at the current rate against $17.9M of cash and investments: a runway of about 3 months; $3.6M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Air T: debt maturities by year (FY26)Air T: debt maturities by year (FY26)$3.6MYear 1$22.8MYear 2$3.0MYear 3$6.8MYear 4$1.5MYear 5$173MAfter year 5
Principal due in each year as disclosed in the annual report, against $17.9M of cash and investments now.

Where the cash came from and went

Air T: sources (+) and uses (−) of cash, Q1 FY27Air T: sources (+) and uses (−) of cash, Q1 FY27Net borrowing (+) / repaid (−)$31.7MCapital spending−$21.3MAcquisitions−$19.2MOther financing$10.6MCash drawn (+) / kept (−)$3.6MOther investing−$3.5MOperating cash flow−$2.8MExchange rates$938K
Air T: sources (+) and uses (−) of cash, TTM to Q1 FY27Air T: sources (+) and uses (−) of cash, TTM to Q1 FY27Net borrowing (+) / repaid (−)$104MCapital spending−$37.6MOperating cash flow−$26.8MAcquisitions−$24.7MOther financing−$8.8MCash drawn (+) / kept (−)−$6.4MExchange rates$1.2MOther investing−$820K

From profit to cash

Air T: net income to operating cash flow, Q1 FY27Air T: net income to operating cash flow, Q1 FY27Net income−$15.7MDepreciation & amortization$9.9MOther non-cash$893KReceivables$6.8MInventory−$12.8MPayables$3.0MAccrued liabilities$1.6MPrepaid and other assets$3.6MIncome taxes payable$44KOther operating capital$3.1MOperating cash flow−$2.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 FY27−$2.8M−$21.3M−$19.2M$31.7M$3.6M−$24.2M
Q4 FY26−$44K−$15.3M−$336K$9.8M$16.9M−$15.3M
Q3 FY26−$18.5M−$783K−$5.2M$57.8M−$24.4M−$19.3M
Q2 FY26−$5.4M−$213K$18K−$9.3M−$2.6M−$5.6M
Q1 FY26−$1.1M−$231K−$1.2M$12.9M−$8.5M−$1.3M
Q4 FY25$4.1M−$149K—−$13.3M$12.0M$4.0M
Q3 FY25$16.3M−$351K—−$4.5M−$9.6M$16.0M
Q2 FY25$2.9M−$242K—$13.8M−$479K$2.7M

Air T: income statement and cash flow

Air T, Q1 FY27: revenue $115M (+63% year over year), operating margin -11.1%. The chart follows the revenue to costs, profit and cash.

Air T: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.