Air T (AIRT) 10-Q 10 Feb 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Dec. 31, 2022	Jan. 31, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-35476
Entity Registrant Name	Air T, Inc.
Entity Incorporation, State	DE
Entity Tax Identification Number	52-1206400
Entity Address, Street Address	5930 Balsom Ridge Road
Entity Address, City	Denver
Entity Address, State	NC
Entity Address, Zip Code	28037
City Area Code	828
Local Phone Number	464 – 8741
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		2,819,660
Entity Central Index Key	0000353184
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information
Title of each class	Common Stock
Trading Symbol(s)	AIRT
Name of each exchange on which registered	NASDAQ
Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Document Information
Title of each class	Alpha Income Preferred Securities (also referred to as 8% Cumulative Capital Securities) (“AIP”)
Trading Symbol(s)	AIRTP
Name of each exchange on which registered	NASDAQ

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Operating Revenues:
Total revenue	$ 61,396	$ 45,433	$ 172,946	$ 125,640
Operating Expenses:
General and administrative	11,503	8,995	33,900	25,776
Depreciation and amortization	1,097	442	2,984	1,146
Inventory write-down	638	173	1,658	228
Asset impairment	0	0	516	0
(Gain) Loss on sale of property and equipment	0	0	(2)	3
Operating expenses	61,261	45,408	171,799	124,916
Operating Income	135	25	1,147	724
Non-operating (Expense) Income:
Interest expense	(2,204)	(1,236)	(6,021)	(3,341)
Income from equity method investments	2,118	99	2,917	197
Gain on forgiveness of Paycheck Protection Program (“PPP”) loan	0	0	0	8,331
Other-than-temporary impairment loss on investments	0	(348)	0	(348)
Other	(97)	(11)	(608)	1,329
Nonoperating income (expense)	(183)	(1,496)	(3,712)	6,168
(Loss) Income before income taxes	(48)	(1,471)	(2,565)	6,892
Income Taxes Benefit	(156)	(282)	(536)	(249)
Net Income (Loss)	108	(1,189)	(2,029)	7,141
Net Income Attributable to Non-controlling Interests	(698)	(73)	(1,226)	(559)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (590)	$ (1,262)	$ (3,255)	$ 6,582
(Loss) Income per share (Note 6)
Basic (in dollars per share)	$ (0.21)	$ (0.44)	$ (1.14)	$ 2.28
Diluted (in dollars per share)	$ (0.21)	$ (0.44)	$ (1.14)	$ 2.28
Weighted Average Shares Outstanding:
Basic (in shares)	2,836	2,882	2,855	2,882
Diluted (in shares)	2,836	2,882	2,855	2,893
Overnight air cargo
Operating Revenues:
Total revenue	$ 21,831	$ 18,248	$ 64,464	$ 55,946
Operating Expenses:
Cost of Revenue	19,174	16,209	56,696	49,506
Depreciation and amortization	22	14	64	41
Operating Income	1,009	475	2,931	2,063
Ground equipment sales
Operating Revenues:
Total revenue	16,147	15,232	39,981	32,603
Operating Expenses:
Cost of Revenue	13,492	11,988	32,362	25,550
Depreciation and amortization	35	81	130	145
Operating Income	1,093	1,463	3,122	2,929
Commercial jet engines and parts
Operating Revenues:
Total revenue	21,736	11,392	63,577	35,902
Operating Expenses:
Cost of Revenue	15,357	7,601	43,685	22,707
Depreciation and amortization	721	234	1,717	714
Operating Income	733	336	3,603	2,000
Corporate and other
Operating Revenues:
Total revenue	1,682	561	4,924	1,189
Operating Expenses:
Depreciation and amortization	319	113	1,073	246
Operating Income	$ (2,700)	$ (2,249)	$ (8,509)	$ (6,268)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ 108	$ (1,189)	$ (2,029)	$ 7,141
Foreign currency translation income (loss)	775	19	(360)	73
Unrealized (loss) gain on interest rate swaps	(61)	(20)	1,371	37
Reclassification of interest rate swaps into earnings	18	22	52	19
Total Other Comprehensive Income	732	21	1,063	129
Total Comprehensive Income (Loss)	840	(1,168)	(966)	7,270
Comprehensive Income Attributable to Non-controlling Interests	(698)	(73)	(1,226)	(559)
Comprehensive Income (Loss) Attributable to Air T, Inc. Stockholders	$ 142	$ (1,241)	$ (2,192)	$ 6,711

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current Assets:
Cash and cash equivalents	$ 4,753	$ 5,616
Marketable securities	622	859
Restricted cash	1,757	2,752
Restricted investments	1,496	1,691
Accounts receivable, net of allowance for doubtful accounts of $1,121 and $1,368	14,995	19,684
Income tax receivable	3,013	3,230
Inventories, net	86,218	75,167
Employee Retention Credit receivable	6,683	9,138
Other current assets	11,559	10,106
Total Current Assets	131,096	128,243
Assets on lease or held for lease, net of accumulated depreciation of $1,205 and $780	12,877	14,509
Property and equipment, net of accumulated depreciation of $6,345 and $5,405	21,252	21,212
Intangible assets, net of accumulated amortization of $3,862 and $2,947	11,178	13,260
Right-of-use ("ROU") assets	6,391	7,354
Equity method investments	14,746	9,864
Goodwill	10,414	10,126
Other assets	4,407	3,031
Total Assets	212,361	207,599
Current Liabilities:
Accounts payable	9,287	9,397
Income tax payable	207	194
Accrued expenses and other (Note 4)	14,940	13,391
Current portion of long-term debt	42,260	6,482
Short-term lease liability	1,251	1,443
Total Current Liabilities	67,945	30,907
Long-term debt	99,624	129,326
Deferred income tax liabilities, net	3,085	2,812
Long-term lease liability	5,925	6,734
Other non-current liabilities	1,267	1,342
Total Liabilities	177,846	171,121
Redeemable non-controlling interest	12,063	10,761
Equity:
Preferred stock, $1.00 par value, 2,000,000 shares authorized	0	0
Common stock, $.25 par value; 4,000,000 shares authorized, 3,026,495 and 3,022,745 shares issued, 2,821,996 and 2,866,418 shares outstanding	757	756
Treasury stock, 204,499 shares at $19.54 and 156,327 shares at $19.20	(3,995)	(3,002)
Additional paid-in capital	650	393
Retained earnings	23,153	26,729
Accumulated other comprehensive income (loss)	800	(263)
Total Air T, Inc. Stockholders' Equity	21,365	24,613
Non-controlling Interests	1,087	1,104
Total Equity	22,452	25,717
Total Liabilities and Equity	$ 212,361	$ 207,599

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 1,121	$ 1,368
Assets on lease, accumulated depreciation	1,205	780
Property and equipment, accumulated depreciation	6,345	5,405
Intangible assets, accumulated amortization	$ 3,862	$ 2,947
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock par value (in dollars per share)	$ 0.25	$ 0.25
Common stock, shares authorized (in shares)	4,000,000	4,000,000
Common stock, shares issued (in shares)	3,026,495	3,022,745
Common stock, shares outstanding (in shares)	2,821,996	2,866,418
Treasury stock (in shares)	204,499	156,327
Treasury stock average price (in dollars per share)	$ 19.54	$ 19.20

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (Loss) Income	$ (2,029)	$ 7,141
Adjustments to reconcile Net (Loss) Income to net cash provided by operating activities:
Depreciation and amortization	2,984	1,146
Gain on forgiveness of PPP loan	0	(8,331)
Income from equity method investments	(2,917)	(197)
Inventory write-down	1,658	228
Asset impairment	516	0
Other	614	(256)
Change in operating assets and liabilities:
Accounts receivable	4,936	(4,378)
Inventories	(12,469)	(8,593)
Accounts payable	(109)	(379)
Accrued expenses	1,447	(3,247)
Other	1,554	(2,824)
Net cash used in operating activities	(3,815)	(19,690)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in unconsolidated entities	(2,609)	(4,461)
Acquisition of assets	0	(13,408)
Capital expenditures related to property & equipment	(1,008)	(1,205)
Capital expenditures related to assets on lease or held for lease	(29)	0
Other	556	(472)
Net cash used in investing activities	(3,090)	(19,546)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	102,015	59,247
Payments on lines of credit	(91,865)	(54,063)
Proceeds from term loan	8,177	16,080
Payments on term loan	(12,300)	(2,909)
Proceeds received from issuance of Trust Preferred Securities ("TruPs")	0	10,671
Other	(1,161)	53
Net cash provided by financing activities	4,866	29,079
Effect of foreign currency exchange rates on cash and cash equivalents	181	69
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(1,858)	(10,088)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	8,368	15,927
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 6,510	$ 5,839

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Thousands		Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-controlling Interests
Balance at the beginning at Mar. 31, 2021		$ 14,714	$ 756	$ (2,617)	$ 0	$ 16,270	$ (684)	$ 989
Balance at the beginning (in shares) at Mar. 31, 2021			3,023,000
Balance at the beginning (in shares) at Mar. 31, 2021				141,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	442				289		153
Foreign currency translation gain (loss)		(49)					(49)
Adjustment to fair value of redeemable non-controlling interest		(238)				(238)
Unrealized gain (loss) on interest rate swaps, net of tax		11					11
Reclassification of interest rate swaps into earnings		(1)					(1)
Balance at the end at Jun. 30, 2021		14,879	$ 756	$ (2,617)	0	16,321	(723)	1,142
Balance at the end (in shares) at Jun. 30, 2021			3,023,000
Balance at the end (in shares) at Jun. 30, 2021				141,000
Balance at the beginning at Mar. 31, 2021		14,714	$ 756	$ (2,617)	0	16,270	(684)	989
Balance at the beginning (in shares) at Mar. 31, 2021			3,023,000
Balance at the beginning (in shares) at Mar. 31, 2021				141,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation gain (loss)		73
Unrealized gain (loss) on interest rate swaps, net of tax		37
Balance at the end at Dec. 31, 2021		21,295	$ 756	$ (2,617)	315	22,283	(555)	1,113
Balance at the end (in shares) at Dec. 31, 2021			3,023,000
Balance at the end (in shares) at Dec. 31, 2021				141,000
Balance at the beginning at Jun. 30, 2021		14,879	$ 756	$ (2,617)	0	16,321	(723)	1,142
Balance at the beginning (in shares) at Jun. 30, 2021			3,023,000
Balance at the beginning (in shares) at Jun. 30, 2021				141,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	7,543				7,555		(12)
Stock compensation expense		236			236
Foreign currency translation gain (loss)		103					103
Adjustment to fair value of redeemable non-controlling interest		183				183
Unrealized gain (loss) on interest rate swaps, net of tax		46					46
Reclassification of interest rate swaps into earnings		(2)					(2)
Balance at the end at Sep. 30, 2021		22,988	$ 756	$ (2,617)	236	24,059	(576)	1,130
Balance at the end (in shares) at Sep. 30, 2021			3,023,000
Balance at the end (in shares) at Sep. 30, 2021				141,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(1,279)				(1,262)		(17)
Stock compensation expense		79			79
Foreign currency translation gain (loss)		19					19
Adjustment to fair value of redeemable non-controlling interest		(514)				(514)
Unrealized gain (loss) on interest rate swaps, net of tax		(20)					(20)
Reclassification of interest rate swaps into earnings		22					22
Balance at the end at Dec. 31, 2021		21,295	$ 756	$ (2,617)	315	22,283	(555)	1,113
Balance at the end (in shares) at Dec. 31, 2021			3,023,000
Balance at the end (in shares) at Dec. 31, 2021				141,000
Balance at the beginning at Mar. 31, 2022		$ 25,717	$ 756	$ (3,002)	393	26,729	(263)	1,104
Balance at the beginning (in shares) at Mar. 31, 2022		2,866,418	3,023,000
Balance at the beginning (in shares) at Mar. 31, 2022		156,327		156,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	$ (1,439)				(1,433)		(6)
Stock compensation expense		79			79
Foreign currency translation gain (loss)		(529)					(529)
Adjustment to fair value of redeemable non-controlling interest		926				926
Unrealized gain (loss) on interest rate swaps, net of tax		475					475
Reclassification of interest rate swaps into earnings		17					17
Balance at the end at Jun. 30, 2022		25,246	$ 756	$ (3,002)	472	26,222	(300)	1,098
Balance at the end (in shares) at Jun. 30, 2022			3,023,000
Balance at the end (in shares) at Jun. 30, 2022				156,000
Balance at the beginning at Mar. 31, 2022		$ 25,717	$ 756	$ (3,002)	393	26,729	(263)	1,104
Balance at the beginning (in shares) at Mar. 31, 2022		2,866,418	3,023,000
Balance at the beginning (in shares) at Mar. 31, 2022		156,327		156,000
Increase (Decrease) in Stockholders' Equity
Foreign currency translation gain (loss)		$ (360)
Unrealized gain (loss) on interest rate swaps, net of tax		1,371
Balance at the end at Dec. 31, 2022		$ 22,452	$ 757	$ (3,995)	650	23,153	800	1,087
Balance at the end (in shares) at Dec. 31, 2022		2,821,996	3,026,000
Balance at the end (in shares) at Dec. 31, 2022		204,499		204,000
Balance at the beginning at Jun. 30, 2022		$ 25,246	$ 756	$ (3,002)	472	26,222	(300)	1,098
Balance at the beginning (in shares) at Jun. 30, 2022			3,023,000
Balance at the beginning (in shares) at Jun. 30, 2022				156,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	(1,236)				(1,232)		(4)
Repurchase of common stock		(351)		$ (351)
Repurchase of common stock (in shares)				19,000
Exercise of stock options		21	$ 1		20
Exercises of stock options (in shares)			3,000
Stock compensation expense		79			79
Foreign currency translation gain (loss)		(606)					(606)
Adjustment to fair value of redeemable non-controlling interest		(188)				(188)
Unrealized gain (loss) on interest rate swaps, net of tax		957					957
Reclassification of interest rate swaps into earnings		17					17
Balance at the end at Sep. 30, 2022		23,939	$ 757	$ (3,353)	571	24,802	68	1,094
Balance at the end (in shares) at Sep. 30, 2022			3,026,000
Balance at the end (in shares) at Sep. 30, 2022				175,000
Increase (Decrease) in Stockholders' Equity
Net income (loss)	[1]	(597)				(590)		(7)
Repurchase of common stock		(642)		$ (642)
Repurchase of common stock (in shares)				29,000
Stock compensation expense		79			79
Foreign currency translation gain (loss)		775					775
Adjustment to fair value of redeemable non-controlling interest		(1,059)				(1,059)
Unrealized gain (loss) on interest rate swaps, net of tax		(61)					(61)
Reclassification of interest rate swaps into earnings		18					18
Balance at the end at Dec. 31, 2022		$ 22,452	$ 757	$ (3,995)	$ 650	$ 23,153	$ 800	$ 1,087
Balance at the end (in shares) at Dec. 31, 2022		2,821,996	3,026,000
Balance at the end (in shares) at Dec. 31, 2022		204,499		204,000
[1]Excludes amount attributable to redeemable non-controlling interests in Contrail Aviation Support, LLC ("Contrail") and Shanwick B.V. ("Shanwick")

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Financial Statement Presentation	Financial Statement Presentation The condensed consolidated financial statements of Air T, Inc. (“Air T”, the “Company”, “we”, “us” or “our”) have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the following disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results for the periods presented have been made. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2022. The results of operations for the period ended December 31, 2022 are not necessarily indicative of the operating results for the full year. The accompanying financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Impacts from Geopolitical, Macroeconomic, and COVID-19 Challenges COVID-19 and its impact on the current financial, economic and capital markets environment, and future developments in these and other areas present uncertainty and risk with respect to our financial condition and results of operations. Each of our businesses implemented measures to attempt to limit the impact of COVID-19 but we still experienced a number of disruptions, and we experienced and continue to experience to a lesser degree a reduction in demand for commercial aircraft, jet engines and parts compared to historical periods. Although many of the restrictions and other containment measures implemented by authorities in response to the COVID-19 pandemic have since been lifted or scaled back, we expect that the impact of COVID-19 will continue to some extent. The fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions, and, as a result, present material uncertainty and risk with respect to us and our results of operations. The Company believes the estimates and assumptions underlying the Company’s condensed consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2022; however, uncertainty over the ultimate direct and indirect impact COVID-19 will have on the global economy generally, and the Company’s businesses in particular, makes any estimates and assumptions as of December 31, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19. The war in Eastern Europe and related sanctions imposed on Russia and related actors and other macroeconomic factors have resulted in interest rate acceleration and in inflation, including, but not limited to, a significant increase in the price of commodities. These factors may negatively impact our businesses at least in the short-term. The ultimate impact on our overall financial condition and operating results will depend on the currently unknowable duration and severity of these activities and macroeconomic factors. We continue to evaluate the long-term impact that these may have on our business model, however there can be no assurance that the measures we have taken or will take will completely offset any negative impact. Liquidity The Contrail Credit Agreement contains affirmative and negative covenants, including covenants that restrict the ability of Contrail and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, make changes in the nature of its business, and engage in transactions with affiliates. The Contrail Credit Agreement also contains quarterly financial covenants applicable to Contrail and its subsidiaries, including a minimum debt service coverage ratio of 1.25 to 1.0 and a minimum tangible net worth of $12.0 million. The Company is in compliance with such financial covenants as of December 31, 2022. However, management is forecasting that the Company will be in violation of the debt service coverage ratio during the twelve-month period subsequent to the date of this filing, primarily because the first principal payment of its Main Street loan ("Term Note G - ONB") becomes due in November 2023. Non-compliance with a debt covenant that is not subsequently cured gives Old National Bank ("ONB") the right to accelerate the maturity of the Contrail Credit Agreement and declare the entire amount of Contrail’s outstanding debt at the time of non-compliance immediately due and payable and exercise its remedies with respect to the collateral that secures the debt. Should ONB accelerate the maturity of the Contrail Credit Agreement, the Company would not have sufficient cash on hand or available liquidity to repay the outstanding debt in the event of default. In response to these conditions, Contrail management is currently in discussion with ONB to obtain a waiver to its financial covenants, to seek to revise the financing documents and/or to secure alternative financing to avoid an event of non-compliance. However, these plans have not been finalized and there is no assurance that management will be able to execute these plans. The obligations of Contrail under the Contrail Credit Agreement are also guaranteed by the Company, up to a maximum of $1.6 million, plus costs of collection. The Company is not liable for any other assets or liabilities of Contrail and there are no cross-default provisions with respect to Contrail’s debt in any of the Company’s debt agreements with other lenders. If Contrail were to cease operations, management believes the Company, along with the rest of its businesses, will continue to operate, given the maximum guarantee of Contrail’s obligations of $1.6 million, plus costs of collection. As a result, management believes it is probable that the cash on hand and current financings, net cash provided by operations from its remaining operating segments, together with amounts available under our current revolving lines of credit, as amended, will be sufficient to meet its obligations as they become due in the ordinary course of business for at least 12 months following the date these financial statements are issued. Management has concluded that the plans are probable of being achieved to alleviate substantial doubt about the Company’s ability to continue as a going concern. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently evaluating the impact of this amendment on our contracts, hedging relationships, and other transactions affected by reference rate reform.

Acquisitions

Acquisitions	9 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Wolfe Lake HQ, LLC On December 2, 2021, the Company, through its wholly-owned subsidiary Wolfe Lake HQ, LLC, completed the purchase of the real estate located at 5000 36th Street West, St. Louis Park, Minnesota pursuant to a real estate purchase agreement with WLPC East, LLC, a Minnesota limited liability company (an unaffiliated third-party) dated October 11, 2021. The real estate purchased consists of a 2-story office building, asphalt-paved driveways and parking areas, and landscaping. The building was constructed in 2004 with an estimated 54,742 total square feet of space. The real estate purchased is where Air T's Minnesota executive office is currently located. With this purchase, the Company assumed 11 leases from existing tenants occupying the building. The total amount recorded for the real estate was $13.4 million, which included the purchase price of $13.2 million and total direct capitalized acquisition costs of $0.2 million. The consideration paid for the real estate consisted of approximately $3.3 million in cash and a new secured loan from Bridgewater Bank ("Bridgewater") with an aggregate principal amount of $9.9 million and a fixed interest rate of 3.65% which matures on December 2, 2031. See Note 12 . In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands): Land $ 2,794 Building 8,439 Site Improvements 798 Tenant Improvements 269 In-place lease and other intangibles 1,108 $ 13,408 GdW Beheer B.V. On February 10, 2022, the Company acquired GdW, a Dutch holding company in the business of providing global aviation data and information. The acquisition was completed through a wholly-owned subsidiary of the Company, Air T Acquisition 22.1, LLC ("Air T Acquisition 22.1"), a Minnesota limited liability company, through its Dutch subsidiary, Shanwick, and was funded with cash, investment by executive management of the underlying business, and the loans described in Note 12 . As part of the transaction, the executive management of the underlying business purchased 30.0% of Shanwick. Air T Acquisition 22.1 and its consolidated subsidiaries are included within the Corporate and other segment. Subsequent to the acquisition date, the Company made certain measurement period adjustments to the preliminary purchase price allocation, which resulted in an increase to goodwill of $0.3 million. The increase is attributable to a measurement period adjustment of $0.3 million related to certain intangible assets acquired and related deferred tax liabilities assumed due to clarification of information utilized to determine fair value during the measurement period. As of June 30, 2022, the measurement period was completed and all adjustments are reflected in the tables below. Total consideration is summarized in the table below (in thousands): February 10, 2022 Consideration paid $ 15,256 Less: Cash acquired (2,452) Less: Net assets acquired (6,520) Goodwill $ 6,284 The transaction was accounted for as a business combination in accordance with ASC Topic 805 "Business Combinations." Assets acquired and liabilities assumed were recorded in the accompanying consolidated balance sheet at their fair values as of February 10, 2022, with the excess of total consideration over fair value of net assets acquired recorded as goodwill. The following table outlines the consideration transferred and purchase price allocation at the respective fair values as of February 10, 2022 (in thousands): February 10, 2022 ASSETS Accounts Receivable $ 715 Other current assets 67 Property, plant and equipment, net 40 Intangible - Proprietary Database 2,576 Intangible - Customer Relationships 7,267 Total assets 10,665 LIABILITIES Accounts payable 15 Accrued expenses and deferred revenue 1,670 Deferred income tax liabilities, net 2,460 Total liabilities 4,145 Net assets acquired $ 6,520 The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): Income Statement Revenue $ 887 Cost of Sales 145 Operating Expenses 701 Operating Income 41 Non-operating income 19 Net income $ 60 Pro forma financial information is not presented as the results are not material to the Company’s consolidated financial statements.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s non-lease revenue is derived from contracts with an initial expected duration of one year or less. As a result, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price, to expense costs incurred to obtain a contract, and to not disclose the value of unsatisfied performance obligations. The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis. In addition to the above type of revenues, the Company also has Leasing Revenue, which is in scope under Topic 842 (Leases) and out of scope under Topic 606 and Other Revenues (Freight, Management Fees, etc.) which are immaterial for disclosure under Topic 606. The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Product Sales Air Cargo $ 6,416 $ 5,493 $ 20,303 $ 17,680 Ground equipment sales 15,909 14,674 39,125 31,600 Commercial jet engines and parts 18,515 9,379 54,545 29,827 Corporate and other 112 85 247 199 Support Services Air Cargo 15,399 12,734 43,979 38,228 Ground equipment sales 96 173 396 306 Commercial jet engines and parts 2,428 1,686 6,958 5,342 Corporate and other 1,157 72 3,155 189 Leasing Revenue Air Cargo — — — — Ground equipment sales 42 141 115 219 Commercial jet engines and parts 729 298 1,939 642 Corporate and other 353 145 1,223 221 Other Air Cargo 16 21 182 38 Ground equipment sales 100 244 345 478 Commercial jet engines and parts 64 29 135 91 Corporate and other 60 259 299 580 Total $ 61,396 $ 45,433 $ 172,946 $ 125,640 See Note 14 for the Company's disaggregated revenues by geographic region and Note 15 for the Company’s disaggregated revenues by segment. These notes disaggregate revenue recognized from contracts with customers into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. Contract Balances and Costs Contract liabilities relate to deferred income and advanced customer deposits with respect to product sales. The following table presents outstanding contract liabilities as of April 1, 2022 and December 31, 2022 and the amount of contract liabilities as of April 1, 2022 that were recognized as revenue during the nine-month period ended December 31, 2022 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2022 As of December 31, 2022 $ 6,306 As of April 1, 2022 $ 4,727 For the nine months ended December 31, 2022 $ 3,952

Accrued Expenses and Other

Accrued Expenses and Other	9 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued Expenses and Other	Accrued Expenses and Other (in thousands) December 31, 2022 March 31, 2022 Salaries, wages and related items $ 4,598 $ 4,232 Profit sharing and bonus 1,010 1,365 Other Deposits 4,585 2,948 Other 4,747 4,846 Total $ 14,940 $ 13,391

Income Taxes

Income Taxes	9 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes During the three-month period ended December 31, 2022, the Company recorded global income tax benefit of $0.2 million at an effective tax rate of 325.0%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2022 were the change in valuation allowance related to the Company's subsidiaries in the corporate and other segment, Delphax Solutions, Inc. and Delphax Technologies, Inc. (collectively known as "Delphax") and other capital losses, the estimated benefit for the exclusion of income for the Company's captive insurance company subsidiary ("SAIC") under Section 831(b), the foreign rate differentials between the federal and foreign tax rates for Air T’s ownership of foreign operations in Puerto Rico, the Netherlands, and Singapore, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the three-month period ended December 31, 2021, the Company recorded $0.3 million in income tax expense at an ETR of 19.2%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the three-month period ended December 31, 2021 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the nine-month period ended December 31, 2022, the Company recorded global income tax benefit of $0.5 million at an effective tax rate of 20.9%. The Company records income taxes using an estimated annual effective tax rate for interim reporting. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the nine-month period ended December 31, 2022 were the change in valuation allowance related to Delphax and other capital losses, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the foreign rate differentials between the federal and foreign tax rates for Air T’s ownership of foreign operations in Puerto Rico, the Netherlands, and Singapore, and the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail. During the nine-month period ended December 31, 2021, the Company recorded $0.2 million in income tax expense at an effective rate of (3.6)%. The primary factors contributing to the difference between the federal statutory rate of 21.0% and the Company's effective tax rate for the nine-month period ended December 31, 2021 were the change in valuation allowance related to Delphax, the estimated benefit for the exclusion of income for SAIC under Section 831(b), the exclusion from the tax provision of the minority owned portion of the pretax income of Contrail, the exclusion from taxable income of the PPP loan forgiveness income, as directed by the CARES Act enacted in 2020, and any accrued interest forgiven as a part of that Act.

Net Earnings (Loss) Per Share

Net Earnings (Loss) Per Share	9 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Net Earnings (Loss) Per Share	Net Earnings (Loss) Per Share Basic earnings (loss) per share has been calculated by dividing net income (loss) attributable to Air T, Inc. stockholders by the weighted average number of common shares outstanding during each period. For purposes of calculating diluted earnings (loss) per share, shares issuable under stock options were considered potential common shares and were included in the weighted average common shares unless they were anti-dilutive. During the three months ended September 30, 2022, 3,750 options were exercised under the Air T's 2012 Stock Option Plan at $5.75 per share, which was disclosed within our condensed consolidated statement of equity. 7,500 unexpired options remain outstanding under this plan as of December 31, 2022. The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Net income (loss) $ 108 $ (1,189) $ (2,029) $ 7,141 Net income attributable to non-controlling interests (698) (73) (1,226) (559) Net (loss) income attributable to Air T, Inc. Stockholders $ (590) $ (1,262) $ (3,255) $ 6,582 (Loss) Income per share: Basic $ (0.21) $ (0.44) $ (1.14) $ 2.28 Diluted $ (0.21) $ (0.44) $ (1.14) $ 2.28 Antidilutive shares excluded from computation of (loss) income per share 5 11 5 — Weighted Average Shares Outstanding: Basic 2,836 2,882 2,855 2,882 Diluted 2,836 2,882 2,855 2,893

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	Intangible Assets and Goodwill Intangible assets as of December 31, 2022 and March 31, 2022 consisted of the following (in thousands): December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 534 $ (415) $ 119 Internally developed software 3,624 (377) 3,247 In-place lease and other intangibles 1,094 (194) 900 Customer relationships 7,235 (704) 6,531 Patents 1,112 (1,104) 8 Other 1,414 (1,068) 346 15,013 (3,862) 11,151 In-process software 27 — 27 Intangible assets, total $ 15,040 $ (3,862) $ 11,178 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 447 $ (386) $ 61 Internally developed software 4,112 (139) 3,973 In-place lease and other intangibles 1,108 (63) 1,045 Customer relationships 7,694 (339) 7,355 Patents 1,112 (1,101) 11 Other 1,391 (919) 472 15,864 (2,947) 12,917 In-process software 343 — 343 Intangible assets, total $ 16,207 $ (2,947) $ 13,260 During the quarter ended September 30, 2022, the Company impaired $0.3 million of previously capitalized costs related to a software project that was deemed no longer probable to be completed and placed in service. Based on the intangible assets recorded at December 31, 2022 and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows: (In thousands) Year ending March 31, Amortization 2023 (excluding the nine months ended December 31, 2022) $ 299 2024 1,117 2025 1,046 2026 963 2027 908 2028 860 Thereafter 5,958 $ 11,151 The carrying amount of goodwill as of December 31, 2022 and March 31, 2022 was $10.4 million and $10.1 million, respectively. The change from March 31, 2022 to December 31, 2022 was due to foreign exchange translation. There was no impairment on goodwill during the nine months ended December 31, 2022.

Investments in Securities and D

Investments in Securities and Derivative Instruments	9 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investments in Securities and Derivative Instruments	Investments in Securities and Derivative Instruments As part of the Company’s interest rate risk management strategy, the Company, from time to time, uses derivative instruments to minimize significant unanticipated earnings fluctuations that may arise from rising variable interest rate costs associated with existing borrowings (Air T Term Note A and Term Note D). To meet these objectives, the Company entered into interest rate swaps with notional amounts consistent with the outstanding debt to provide a fixed rate of 4.56% and 5.09%, respectively, on Term Notes A and D. The swaps mature in January 2028. On August 31, 2021, Air T and Minnesota Bank & Trust ("MBT") refinanced Term Note A and fixed its interest rate at 3.42%. As a result of this refinancing, the Company determined that the interest rate swap on Term Note A was no longer an effective hedge. The Company will amortize the fair value of the interest-rate swap contract included in accumulated other comprehensive income (loss) associated with Term Note A at the time of de-designation into earnings over the remainder of its term. In addition, any changes in the fair value of Term Note A's swap after August 31, 2021 are recognized directly into earnings. The remaining swap contract associated with Term Note D is designated as an effective cash flow hedging instrument in accordance with ASC 815. On January 7, 2022, Contrail completed an interest rate swap transaction with Old National Bank ("ONB") with respect to the $43.6 million loan made to Contrail in November 2020 pursuant to the Main Street Priority Loan Facility as established by the U.S. Federal Reserve ("Contrail - Term Note G"). The purpose of the floating-to-fixed interest rate swap transaction was to effectively fix the loan interest rate at 4.68%. As of February 24, 2022, this swap contract has been designated as a cash flow hedging instrument and qualified as an effective hedge in accordance with ASC 815. During the period between January 7, 2022 and February 24, 2022, the Company recorded a loss of approximately $0.1 million in the consolidated statement of income (loss) due to the changes in the fair value of the instrument prior to the designation and qualification of this instrument as an effective hedge. After it was deemed an effective hedge, the Company recorded changes in the fair value of the instrument in the consolidated statement of comprehensive income (loss). For the swaps related to Air T Term Note D and Contrail - Term Note G, the effective portion of changes in the fair value on these instruments is recorded in other comprehensive income (loss) and is reclassified into the consolidated statement of income (loss) as interest expense in the same period in which the underlying hedged transactions affect earnings. The interest rate swaps are considered Level 2 fair value measurements. As of December 31, 2022 and March 31, 2022, the fair value of these interest-rate swap contracts was an asset of $2.9 million and $0.9 million, respectively, which is included within other assets in the condensed consolidated balance sheets. During the three and nine months ended December 31, 2022, the Company recorded a loss of approximately $0.1 million and gain of $1.4 million, net of tax, respectively. During the three and nine months ended December 31, 2021, the Company recorded a loss of approximately $20.0 thousand and a gain of $37.0 thousand, net of tax, respectively. These gains and losses are included in the condensed consolidated statement of comprehensive income (loss) for changes in the fair value of these instruments. The Company may, from time to time, employ trading strategies designed to profit from market anomalies and opportunities it identifies. Management uses derivative financial instruments to execute those strategies, which may include options, and futures contracts. These derivative instruments are priced using publicly quoted market prices and are considered Level 1 fair value measurements. During the three months ended December 31, 2022, related to these derivative instruments, the Company had no gross gain and a gross loss aggregating to $0.1 million. During the nine months ended December 31, 2022, the Company had a gross gain aggregating to $46.0 thousand and a gross loss aggregating to $0.1 million. During the three and nine months ended December 31, 2021, the Company did not record any gain or loss related to derivative instruments. The following table presents these derivative instruments at fair value in the condensed consolidated balance sheets as of December 31, 2022 and March 31, 2022 (in thousands): (In thousands) December 31, 2022 March 31, 2022 Assets: Exchange-traded options & futures Other current assets $ 484 $ — Total assets 484 — Liabilities: Exchange-traded options & futures Accrued Expenses and other 41 — Total liabilities $ 41 $ — The Company also invests in exchange-traded marketable securities and accounts for that activity in accordance with ASC 321, Investments- Equity Securities. Marketable equity securities are carried at fair value, with changes in fair market value included in the determination of net income. The fair market value of marketable equity securities is determined based on quoted market prices in active markets and are therefore, considered Level 1 fair value measurements. During the three months ended December 31, 2022, the Company had a gross unrealized gain aggregating to $0.3 million and a gross unrealized loss aggregating to $0.5 million. During the nine months ended December 31, 2022, the Company had a gross unrealized gain aggregating to $0.3 million and a gross unrealized loss aggregating to $0.8 million. During the three months ended December 31, 2021, the Company had a gross unrealized gain aggregating to $1.7 million and a gross unrealized loss aggregating to $1.9 million. During the nine months ended December 31, 2021, the Company had a gross unrealized gain aggregating to $2.5 million and a gross unrealized loss aggregating to $2.1 million. These unrealized gains and losses are included in other income (loss) on the condensed consolidated statement of income (loss). The market value of the Company’s equity securities and cash held by the broker are periodically used as collateral against any outstanding margin account borrowings. As of December 31, 2022 and 2021, the Company had no outstanding borrowings under its margin account.

Equity Method Investments

Equity Method Investments	9 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Equity Method Investments The Company’s investment in Insignia Systems, Inc. - NASDAQ: ISIG (“Insignia”) is accounted for under the equity method of accounting. The Company has elected a three-month lag upon adoption of the equity method. As of December 31, 2022, the number of Insignia's shares owned by the Company was 0.5 million, representing approximately 27.3% of the outstanding shares. During the fiscal year ended March 31, 2021, due to loss attributions and impairments taken in prior fiscal years, the Company's net investment basis in Insignia was reduced to $0. On August 23, 2021, Insignia restated its 10-K for the fiscal year ended December 31, 2020 and its 10-Q for the quarter ended March 31, 2021. The Company evaluated these restatements and determined that they would not result in any additional impact on the Company's condensed consolidated financial statements. During the three months ended September 30, 2022, Insignia recorded net income of $11.8 million, which was primarily driven by a gain on litigation settlement of $12.0 million. As a result, during the three months ended December 31, 2022, the Company's share of Insignia's net income for three months ended September 30, 2022 was $3.2 million. The Company applied $1.4 million to offset the cumulative value of unrecorded share of losses, resulting in net income recognition of $1.8 million. The Company's 20.1% investment in Cadillac Casting, Inc. ("CCI") is accounted for under the equity method of accounting. Due to the differing fiscal year-ends, the Company has elected a three-month lag to record the CCI investment at cost, with a basis difference of $0.3 million. The Company recorded income of $0.3 million and $1.0 million as its share of CCI's net income for the three and nine months ended December 31, 2022, along with a basis difference adjustment of $12.0 thousand and $37.0 thousand, respectively. The Company's net investment basis in CCI is $3.4 million as of December 31, 2022. During the quarter ended December 31, 2022, the Company also paid off the $2.0 million promissory note payable to CCI. See Note 12 . Summarized unaudited financial information for the Company's equity method investees for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Revenue $ 37,532 $ 29,408 $ 111,522 $ 87,396 Gross Profit 4,045 1,256 13,210 3,160 Operating income (loss) 13,382 (1,339) 17,172 (6,544) Net income (loss) 13,375 (1,434) 16,180 (5,847) Net income (loss) attributable to Air T, Inc. stockholders $ 2,183 $ (110) $ 2,926 $ (678)

Inventories

Inventories	9 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following (in thousands): December 31, March 31, Overnight air cargo $ 28 $ 28 Ground equipment manufacturing: Raw materials 6,258 4,688 Work in process 1,549 2,437 Finished goods 6,254 9,264 Corporate and other: Raw materials 720 705 Finished goods 727 728 Commercial jet engines and parts: Whole engines available for sale or tear-down 6,703 15,403 Parts 68,328 45,036 Total inventories 90,567 78,289 Reserves (4,349) (3,122) Total inventories, net of reserves $ 86,218 $ 75,167

Leases

Leases	9 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Leases The Company has operating leases for the use of real estate, machinery, and office equipment. The majority of our leases have a lease term of 2 to 5 years; however, we have certain leases with longer terms of up to 30 years. Many of our leases include options to extend the lease for an additional period. The lease term for all of the Company’s leases includes the non-cancellable period of the lease, plus any additional periods covered by either a Company option to extend the lease that the Company is reasonably certain to exercise, or an option to extend the lease controlled by the lessor that is considered likely to be exercised. Payments due under the lease contracts include fixed payments plus, for some of our leases, variable payments. Variable payments are typically operating costs associated with the underlying asset and are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Our leases do not contain residual value guarantees. The Company has elected to combine lease and non-lease components as a single component and not to recognize leases on the balance sheet with an initial term of one year or less. The interest rate implicit in lease contracts is typically not readily determinable, and as such the Company utilizes the incremental borrowing rate to calculate lease liabilities, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The components of lease cost for the three and nine months ended December 31, 2022 and 2021 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Operating lease cost $ 537 $ 499 $ 1,529 $ 1,366 Short-term lease cost 193 325 564 983 Variable lease cost 140 174 415 464 Total lease cost $ 870 $ 998 $ 2,508 $ 2,813 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of December 31, 2022 and March 31, 2022 were as follows (in thousands): December 31, 2022 March 31, 2022 Operating leases Operating lease ROU assets $ 6,391 $ 7,354 Operating lease liabilities $ 7,176 $ 8,177 Weighted-average remaining lease term Operating leases 13 years, 11 months 13 years, 5 months Weighted-average discount rate Operating leases 4.37 % 4.33 % Maturities of lease liabilities under non-cancellable leases where we are the lessee as of December 31, 2022 are as follows (in thousands): Operating Leases 2023 (excluding the nine months ended December 31, 2022) $ 431 2024 1,438 2025 1,139 2026 870 2027 704 2028 273 Thereafter 5,028 Total undiscounted lease payments 9,883 Less: Interest (2,275) Less: Discount (432) Total lease liabilities $ 7,176

Financing Arrangements

Financing Arrangements	9 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements Borrowings of the Company and its subsidiaries are summarized below at December 31, 2022 and March 31, 2022, respectively. On June 9, 2022, the Company, Jet Yard and MBT entered into Amendment No. 1 to Third Amended and Restated Credit Agreement (“Amendment”) and a related Overline Note (“Overline Note”) in the original principal amount of $5.0 million. The Amendment and Note memorialize an increase to the amount that may be drawn by the Company on the MBT revolving credit agreement from $17.0 million to $22.0 million. As of December 31, 2022, the unused commitment on the Overline Note and the MBT revolver was $5.0 million and $8.2 million, respectively. The total amount of borrowings under the facility as revised is now the Company’s calculated borrowing base or $22.0 million. The borrowing base calculation methodology remains unchanged. The interest rate on borrowings under the facility that are less than $17.0 million remains at the greater of 2.50% or Prime minus 1.00%. The interest rate applicable to borrowings under the facility that exceed $17.0 million is the greater of 2.50% or Prime plus 0.50%. The commitment fee on unused borrowings below $17.0 million remains at 0.11%. The commitment fee on unused borrowings above $17.0 million is 0.20%. The Amendment also includes an additional covenant to the credit agreement, namely the requirement that the Company provide inventory appraisals for AirCo, AirCo Services and Worthington to MBT twice a year. The Overline loan and commitment mature on the earlier of March 31, 2023 or the date on which the Company receives all funds from the Company’s Employee Retention Credit ("ERC") application (estimated at approximately $9.1 million) filed on or about January 24, 2022 plus the full receipt of the Company’s carryback tax refund for the year (estimated at approximately $2.6 million) filed on or about August 19, 2021. Both were applied for under different components of the CARES Act. As of December 31, 2022, the Company has received $2.5 million of the ERC and $1.2 million of the carryback tax refunds. It is not possible to estimate when, or if, the remainder of these funds may be received. Each of the Company subsidiaries that has guaranteed the MBT revolving facility executed a guaranty acknowledgment in which they agreed to guaranty the Overline Loan and acknowledged, among other things, that the Overline Loan would not impair the lenders rights under the previously executed guaranty or security agreement. On September 30, 2022, the Company executed a promissory note payable to CCI ("Promissory Note - CCI") for $2.0 million that bears interest at 10.00% per annum and matured on December 30, 2022. As of December 31, 2022, this note has been repaid without penalty. On November 8, 2022, Contrail entered into the Second Amendment to Master Loan Agreement (the “Amendment”) with ONB. The Amendment amends the Master Loan Agreement dated as of June 24, 2019, as amended. The principal revisions made in the Amendment are: (i) the tangible net worth covenant was revised to require that Contrail maintain a tangible net worth of at least $12.0 million at all times prior to March 31, 2024 and $15.0 million at all times on or following March 31, 2024; and, (ii) that all proceeds from certain asset sales during the period beginning on October 1, 2022 and ending on March 31, 2023 be applied as prepayments on Term Loan G. Contrail executed a Collateral Assignment of two Aircraft engines in connection with the Amendment. The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of December 31, 2022: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments at December 31, 2022 Air T Debt Revolver - MBT $ 8,843 $ 10,969 8/31/2023 Greater of 2.50% or Prime - 1.00% $ 8,157 Overline Note - MBT — — 3/31/2023 1 Greater of 2.50% or Prime + 0.50% $ 5,000 Term Note A - MBT 7,961 8,542 8/31/2031 3.42% Term Note B - MBT 2,809 3,014 8/31/2031 3.42% Term Note D - MBT 1,355 1,405 1/1/2028 1-month LIBOR + 2.00% Promissory Note - CCI — — 12/30/2022 2 10.00% Term Note E - MBT 1,317 2,316 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Debt - Trust Preferred Securities 25,594 25,567 6/7/2049 8.00% Total 47,879 51,813 AirCo 1 Debt Term Loan - Park State Bank 6,393 6,393 12/11/2025 3-month LIBOR + 3.00% Total 6,393 6,393 Jet Yard Debt Term Loan - MBT 1,869 1,943 8/31/2031 4.14% Total 1,869 1,943 Contrail Debt Revolver - Old National Bank ("ONB") 16,119 3,843 9/5/2023 1-month LIBOR + 3.45% $ 8,881 Term Loan G - ONB 44,918 44,918 11/24/2025 1-month LIBOR + 3.00% Term Loan H - ONB 7,150 8,698 8/18/2023 Wall Street Journal (WSJ) Prime Rate + 0.75% Total 68,187 57,459 Delphax Solutions Debt Canadian Emergency Business Account Loan 30 32 12/31/2025 5.00% Total 30 32 Wolfe Lake Debt Term Loan - Bridgewater 9,651 9,837 12/2/2031 3.65% Total 9,651 9,837 Air T Acquisition 22.1 Term Loan - Bridgewater 5,000 5,000 2/8/2027 4.00% Term Loan A - ING 2,720 3,341 2/1/2027 3.50% Term Loan B - ING 1,067 1,114 5/1/2027 4.00% Total 8,787 9,455 Total Debt 142,796 136,932 Less: Unamortized Debt Issuance Costs (912) (1,124) Total Debt, net $ 141,884 $ 135,808 1 Earlier of 3/31/23 or the date on which Air T has received the payment from the federal income tax refunds in the amount of approximately $2.6 million and Employee Retention Tax Credits in an amount not less than $9.1 million. As of December 31, 2022, the Company has received $2.5 million of the ERC and $1.2 million of the federal income tax refunds. 2 On September 30, 2022, the Company executed a promissory note payable to CCI for $2.0 million. As of December 31, 2022, this note has been repaid. At December 31, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2023 $ 42,260 December 31, 2024 10,198 December 31, 2025 40,416 December 31, 2026 2,812 December 31, 2027 6,976 Thereafter 40,134 142,796 Less: Unamortized Debt Issuance Costs (912) $ 141,884

Shares Repurchased

Shares Repurchased	9 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Shares Repurchased	Shares RepurchasedOn May 14, 2014, the Company announced that its Board of Directors had authorized a program to repurchase up to 750,000 (retrospectively adjusted to 1,125,000 after the stock split on June 10, 2019) shares of the Company’s common stock from time to time on the open market or in privately negotiated transactions, in compliance with SEC Rule 10b-18, over an indefinite period. During the three months ended December 31, 2022, the Company repurchased 28,752 shares at an aggregate cost of $0.6 million. All of these repurchased shares were recorded as treasury shares as of December 31, 2022.

Geographical Information

Geographical Information	9 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Geographical Information	Geographical Information Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of December 31, 2022 and March 31, 2022 (in thousands): December 31, 2022 March 31, 2022 United States $ 21,241 $ 34,067 Foreign 12,888 1,654 Total tangible long-lived assets, net $ 34,129 $ 35,721 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at December 31, 2022. The net book value located within each individual country at December 31, 2022 and March 31, 2022 is listed below (in thousands): December 31, 2022 March 31, 2022 Lithuania $ 12,820 $ — Macau — 1,351 Other 68 303 Total tangible long-lived assets, net $ 12,888 $ 1,654 Total revenue, in and outside the United States, is summarized in the following table for the nine months ended December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 United States $ 143,433 $ 109,261 Foreign 29,513 16,379 Total revenue $ 172,946 $ 125,640

Segment Information

Segment Information	9 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Segment Information	Segment Information The Company has four business segments: overnight air cargo, ground equipment sales, commercial jet engine and parts segment and corporate and other. Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 21,831 $ 18,248 $ 64,464 $ 55,694 International — — — 252 Total Overnight Air Cargo 21,831 18,248 64,464 55,946 Ground Equipment Sales: Domestic 16,009 12,835 34,830 26,991 International 138 2,397 5,151 5,612 Total Ground Equipment Sales 16,147 15,232 39,981 32,603 Commercial Jet Engines and Parts: Domestic 13,704 8,426 42,047 25,656 International 8,032 2,966 21,530 10,246 Total Commercial Jet Engines and Parts 21,736 11,392 63,577 35,902 Corporate and Other: Domestic 565 456 2,092 920 International 1,117 105 2,832 269 Total Corporate and Other 1,682 561 4,924 1,189 Total 61,396 45,433 172,946 125,640 Operating Income (Loss): Overnight Air Cargo 1,009 475 2,931 2,063 Ground Equipment Sales 1,093 1,463 3,122 2,929 Commercial Jet Engines and Parts 733 336 3,603 2,000 Corporate and Other (2,700) (2,249) (8,509) (6,268) Total 135 25 1,147 724 Capital Expenditures: Overnight Air Cargo 37 15 228 82 Ground Equipment Sales 16 97 32 114 Commercial Jet Engines and Parts 132 239 484 977 Corporate and Other 60 12 293 32 Total 245 363 1,037 1,205 Depreciation and Amortization: Overnight Air Cargo 22 14 64 41 Ground Equipment Sales 35 81 130 145 Commercial Jet Engines and Parts 721 234 1,717 714 Corporate and Other 319 113 1,073 246 Total $ 1,097 $ 442 $ 2,984 $ 1,146 The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the nine months ended December 31, 2022 and 2021 (in thousands): Nine Months Ended December 31, 2022 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 2,931 $ 3,122 $ 3,603 $ (8,509) $ 1,147 Depreciation and amortization (excluding leased engines depreciation) 64 130 543 1,073 1,810 Asset impairment, restructuring or impairment charges 337 — 1,658 179 2,174 (Gain) Loss on sale of property and equipment (1) — (2) 1 (2) Securities expenses — — — 38 38 Adjusted EBITDA $ 3,331 $ 3,252 $ 5,802 $ (7,218) $ 5,167 Nine Months Ended December 31, 2021 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 2,063 $ 2,929 $ 2,000 $ (6,268) $ 724 Depreciation and amortization (excluding leased engines depreciation) 41 144 524 247 956 Loss on sale of property and equipment 2 1 — — 3 Securities expenses — — — 215 215 Adjusted EBITDA $ 2,106 $ 3,074 $ 2,524 $ (5,806) $ 1,898

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Redeemable Non-controlling Interests Contrail entered into an Operating Agreement (the “Contrail Operating Agreement”) in connection with the acquisition of Contrail providing for the governance of and the terms of membership interests in Contrail and including put and call options with the Seller of Contrail (“Contrail Put/Call Option”). The Contrail Put/Call Option permits the Seller or the Company to require Contrail to purchase all of the Seller’s equity membership interests in Contrail commencing on the fifth anniversary of the acquisition, which occurred on July 18, 2021. The Company has presented this redeemable non-controlling interest in Contrail ("Contrail RNCI") between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Contrail RNCI is a Level 3 fair value measurement that is valued at $7.7 million as of December 31, 2022. The change in the redemption value compared to March 31, 2022 is an increase of $0.5 million, which was driven by the increase in fair value of $0.3 million and net income attributable to non-controlling interest of $0.3 million, partially offset by distributions to non-controlling interest of $0.1 million. As of the date of this filing, neither the Seller nor the Company has indicated an intent to exercise the put and call options. If either side were to exercise the option, the Company anticipates that the price would approximate the fair value of the Contrail RNCI, as determined on the transaction date. The Company currently expects that it would fund any required payment from cash provided by operations. On May 5, 2021, the Company formed an aircraft asset management business called Contrail Asset Management, LLC ("CAM"), and an aircraft capital joint venture called Contrail JV II LLC ("CJVII"). The venture focuses on acquiring commercial aircraft and jet engines for leasing, trading and disassembly. CJVII targets investments in current generation narrow-body aircraft and engines, building on Contrail’s origination and asset management expertise. The Company and Mill Road Capital (“MRC”) agreed to become common members in CAM. CAM serves two separate and distinct functions: 1) to direct the sourcing, acquisition and management of aircraft assets owned by CJVII, and 2) to directly invest into CJVII alongside other institutional investment partners. CAM has an initial commitment to CJVII of approximately $53.0 million, which is comprised of an $8.0 million initial commitment from the Company and an approximately $45.0 million initial commitment from MRC. As of December 31, 2022, CAM's remaining capital commitments are approximately $0.7 million from the Company and $16.0 million from MRC. In connection with the formation of CAM, MRC has a fixed price put option of $1.0 million to sell its common equity in CAM to the Company at each of the first 3 anniversary dates. At the later of (a) five years after execution of the agreement and (b) distributions to MRC per the waterfall equal to their capital contributions, the Company has a call option and MRC has a put option on the MRC common interests in CAM. If either party exercises the option, the exercise price will be fair market value if the Company pays in cash at closing or 112.5% of fair market value if the Company opts to pay in three equal annual installments after exercise. The Company recorded MRC's $1.0 million put option within "Other non-current liabilities" on our consolidated balance sheets. In February 2022, in connection with the Company's acquisition of GdW, a consolidated subsidiary of Shanwick, the Company entered into a shareholder agreement with the 30.0% non-controlling interest owners of Shanwick, providing for the governance of and the terms of membership interests in Shanwick. The shareholder agreement includes the Shanwick Put/Call Option with regard to the 30.0% non-controlling interest. The non-controlling interest holders are the executive management of the underlying business. The Shanwick Put/Call Option grants the Company an option to purchase the 30.0% interest at the call option price that equals to the average EBIT over the 3 Financial Years prior to the exercise of the Call Option multiplied by 8. In addition, the Shanwick Put/Call Option also grants the non-controlling interest owners an option to require the Company to purchase from them their respective ownership interests at the Put Option price, that is equal to the average EBIT over the 3 Financial Years prior to the exercise of the Put Option multiplied by 7.5. The Call Option and the Put Option may be exercised at any time from the fifth anniversary of the shareholder agreement and then only at the end of each fiscal year of Air T ("Shanwick RNCI"). The Company has presented this redeemable non-controlling interest in Shanwick between the liabilities and equity sections of the accompanying condensed consolidated balance sheets. In addition, the Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the estimated redemption value at the end of each reporting period. As the Shanwick RNCI will be redeemed at established multiples of EBIT, it is considered redeemable at other than fair value. Changes in its estimated redemption value are recorded on our consolidated statements of operations within non-controlling interests. The Shanwick RNCI's estimated redemption value is $4.4 million as of December 31, 2022, which was comprised of the following (in thousands): Shanwick RNCI Beginning Balance as of April 1, 2022 $ 3,583 Contribution from non-controlling members — Distribution to non-controlling members (158) Net income attributable to non-controlling interests 147 Redemption value adjustments 829 Ending Balance as of December 31, 2022 $ 4,401 2020 Omnibus Stock and Incentive Plan

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 31, 2023, Air T entered into a new secured loan with MBT ("Term Note F"). The loan is in the principal amount of $1.0 million and bears a fluctuating annual rate of interest equal to the greater of (a) 6.00% or (b) the sum of (i) the Prime Rate plus (ii) 1.00%. The note obligates the Company to make monthly payments of principal in the amount of $17.0 thousand plus accrued interest commencing March 1, 2023. The loan matures on January 31, 2028. In addition, the Company also entered into a promissory note agreement ("Seller's Note") with Worldwide Aviation LLC ("WASI") in the principal amount of $1.5 million. The note bears a fixed annual interest rate of 6.00% and matures on January 1, 2026. The proceeds from Term Note F and Seller's Note, as well as additional cash of $0.6 million were used to acquire 100.0% interest in WASI, a Missouri-based company involved in the aircraft servicing business, on January 31, 2023.

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04- Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this Update provide optional expedients and exceptions for applying generally accepted accounting principles (GAAP) to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this Update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. In December 2022, the FASB issued ASU 2022-06- Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The amendments in this Update defer the implementation deadline of Topic 848 from December 31, 2022, to December 31, 2024. The Company is currently evaluating the impact of this amendment on our contracts, hedging relationships, and other transactions affected by reference rate reform.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	In accordance with ASC 805, the purchase price consideration was allocated as follows (in thousands): Land $ 2,794 Building 8,439 Site Improvements 798 Tenant Improvements 269 In-place lease and other intangibles 1,108 $ 13,408 February 10, 2022 ASSETS Accounts Receivable $ 715 Other current assets 67 Property, plant and equipment, net 40 Intangible - Proprietary Database 2,576 Intangible - Customer Relationships 7,267 Total assets 10,665 LIABILITIES Accounts payable 15 Accrued expenses and deferred revenue 1,670 Deferred income tax liabilities, net 2,460 Total liabilities 4,145 Net assets acquired $ 6,520
Schedule of Total Consideration	Total consideration is summarized in the table below (in thousands): February 10, 2022 Consideration paid $ 15,256 Less: Cash acquired (2,452) Less: Net assets acquired (6,520) Goodwill $ 6,284
Schedule of Recognized Identified Operations	The following table sets forth the revenue and expenses of GdW, prior to intercompany eliminations, that are included in the Company’s condensed consolidated statement of income for the fiscal year ended March 31, 2022 (in thousands): Income Statement Revenue $ 887 Cost of Sales 145 Operating Expenses 701 Operating Income 41 Non-operating income 19 Net income $ 60

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Performance Obligation Terms	The following is a description of the Company’s performance obligations: Type of Revenue Nature, Timing of Satisfaction of Performance Obligations, and Significant Payment Terms Product Sales The Company generates revenue from sales of various distinct products such as parts, aircraft equipment, jet engines, airframes, and scrap metal to its customers. A performance obligation is created when the Company accepts an order from a customer to provide a specified product. Each product ordered by a customer represents a performance obligation. The Company recognizes revenue when obligations under the terms of the contract are satisfied; generally, this occurs at a point-in-time upon shipment or when control is transferred to the customer. Transaction prices are based on contracted terms, which are at fixed amounts based on standalone selling prices. While the majority of the Company's contracts do not have variable consideration, for the limited number of contracts that do, the Company records revenue based on the standalone selling price less an estimate of variable consideration (such as rebates, discounts or prompt payment discounts). The Company estimates these amounts based on the expected incentive amount to be provided to customers and reduces revenue accordingly. Performance obligations are short-term in nature and customers are typically billed upon transfer of control. The Company records all shipping and handling fees billed to customers as revenue. The terms and conditions of the customer purchase orders or contracts are dictated by either the Company’s standard terms and conditions or by a master service agreement or by the contract. Support Services The Company provides a variety of support services such as aircraft maintenance and short-term repair services to its customers. Additionally, the Company operates certain aircraft routes on behalf of FedEx. A performance obligation is created when the Company agrees to provide a particular service to a customer. For each service, the Company recognizes revenues over time as the customer simultaneously receives the benefits provided by the Company's performance. This revenue recognition can vary from when the Company has a right to invoice to the output or input method depending on the structure of the contract and management’s analysis. For repair-type services, the Company records revenue over-time based on an input method of costs incurred to total estimated costs. The Company believes this is appropriate as the Company is performing labor hours and installing parts to enhance an asset that the customer controls. The vast majority of repair-services are short term in nature and are typically billed upon completion of the service. Some of the Company’s contracts contain a promise to stand ready as the Company is obligated to perform certain maintenance or administrative services. For most of these contracts, the Company applies the 'as invoiced' practical expedient as the Company has a right to consideration from the customer in an amount that corresponds directly with the value of the entity's performance completed to date. A small number of contracts are accounted for as a series and recognized equal to the amount of consideration the Company is entitled to less an estimate of variable consideration (typically rebates). These services are typically ongoing and are generally billed on a monthly basis.
Disaggregation of Revenue	The following table summarizes disaggregated revenues by type (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Product Sales Air Cargo $ 6,416 $ 5,493 $ 20,303 $ 17,680 Ground equipment sales 15,909 14,674 39,125 31,600 Commercial jet engines and parts 18,515 9,379 54,545 29,827 Corporate and other 112 85 247 199 Support Services Air Cargo 15,399 12,734 43,979 38,228 Ground equipment sales 96 173 396 306 Commercial jet engines and parts 2,428 1,686 6,958 5,342 Corporate and other 1,157 72 3,155 189 Leasing Revenue Air Cargo — — — — Ground equipment sales 42 141 115 219 Commercial jet engines and parts 729 298 1,939 642 Corporate and other 353 145 1,223 221 Other Air Cargo 16 21 182 38 Ground equipment sales 100 244 345 478 Commercial jet engines and parts 64 29 135 91 Corporate and other 60 259 299 580 Total $ 61,396 $ 45,433 $ 172,946 $ 125,640
Contract with Customer, Asset and Liability	The following table presents outstanding contract liabilities as of April 1, 2022 and December 31, 2022 and the amount of contract liabilities as of April 1, 2022 that were recognized as revenue during the nine-month period ended December 31, 2022 (in thousands): Outstanding contract liabilities Outstanding contract liabilities as of April 1, 2022 As of December 31, 2022 $ 6,306 As of April 1, 2022 $ 4,727 For the nine months ended December 31, 2022 $ 3,952

Accrued Expenses and Other (Tab

Accrued Expenses and Other (Tables)	9 Months Ended
	Dec. 31, 2022
Payables and Accruals [Abstract]
Schedule Accrued Expenses	(in thousands) December 31, 2022 March 31, 2022 Salaries, wages and related items $ 4,598 $ 4,232 Profit sharing and bonus 1,010 1,365 Other Deposits 4,585 2,948 Other 4,747 4,846 Total $ 14,940 $ 13,391

Net Earnings (Loss) Per Share (

Net Earnings (Loss) Per Share (Tables)	9 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The computation of basic and diluted earnings per common share is as follows (in thousands, except for per share figures): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Net income (loss) $ 108 $ (1,189) $ (2,029) $ 7,141 Net income attributable to non-controlling interests (698) (73) (1,226) (559) Net (loss) income attributable to Air T, Inc. Stockholders $ (590) $ (1,262) $ (3,255) $ 6,582 (Loss) Income per share: Basic $ (0.21) $ (0.44) $ (1.14) $ 2.28 Diluted $ (0.21) $ (0.44) $ (1.14) $ 2.28 Antidilutive shares excluded from computation of (loss) income per share 5 11 5 — Weighted Average Shares Outstanding: Basic 2,836 2,882 2,855 2,882 Diluted 2,836 2,882 2,855 2,893

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	Intangible assets as of December 31, 2022 and March 31, 2022 consisted of the following (in thousands): December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 534 $ (415) $ 119 Internally developed software 3,624 (377) 3,247 In-place lease and other intangibles 1,094 (194) 900 Customer relationships 7,235 (704) 6,531 Patents 1,112 (1,104) 8 Other 1,414 (1,068) 346 15,013 (3,862) 11,151 In-process software 27 — 27 Intangible assets, total $ 15,040 $ (3,862) $ 11,178 March 31, 2022 Gross Carrying Amount Accumulated Amortization Net Book Value Purchased software $ 447 $ (386) $ 61 Internally developed software 4,112 (139) 3,973 In-place lease and other intangibles 1,108 (63) 1,045 Customer relationships 7,694 (339) 7,355 Patents 1,112 (1,101) 11 Other 1,391 (919) 472 15,864 (2,947) 12,917 In-process software 343 — 343 Intangible assets, total $ 16,207 $ (2,947) $ 13,260
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	Based on the intangible assets recorded at December 31, 2022 and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated annual amortization expense is expected to be as follows: (In thousands) Year ending March 31, Amortization 2023 (excluding the nine months ended December 31, 2022) $ 299 2024 1,117 2025 1,046 2026 963 2027 908 2028 860 Thereafter 5,958 $ 11,151

Investments in Securities and_2

Investments in Securities and Derivative Instruments (Tables)	9 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	The following table presents these derivative instruments at fair value in the condensed consolidated balance sheets as of December 31, 2022 and March 31, 2022 (in thousands): (In thousands) December 31, 2022 March 31, 2022 Assets: Exchange-traded options & futures Other current assets $ 484 $ — Total assets 484 — Liabilities: Exchange-traded options & futures Accrued Expenses and other 41 — Total liabilities $ 41 $ —

Equity Method Investments (Tabl

Equity Method Investments (Tables)	9 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Summarized Unaudited Financial Information	Summarized unaudited financial information for the Company's equity method investees for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Revenue $ 37,532 $ 29,408 $ 111,522 $ 87,396 Gross Profit 4,045 1,256 13,210 3,160 Operating income (loss) 13,382 (1,339) 17,172 (6,544) Net income (loss) 13,375 (1,434) 16,180 (5,847) Net income (loss) attributable to Air T, Inc. stockholders $ 2,183 $ (110) $ 2,926 $ (678)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Dec. 31, 2022
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories consisted of the following (in thousands): December 31, March 31, Overnight air cargo $ 28 $ 28 Ground equipment manufacturing: Raw materials 6,258 4,688 Work in process 1,549 2,437 Finished goods 6,254 9,264 Corporate and other: Raw materials 720 705 Finished goods 727 728 Commercial jet engines and parts: Whole engines available for sale or tear-down 6,703 15,403 Parts 68,328 45,036 Total inventories 90,567 78,289 Reserves (4,349) (3,122) Total inventories, net of reserves $ 86,218 $ 75,167

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Lease, Cost	The components of lease cost for the three and nine months ended December 31, 2022 and 2021 are as follows (in thousands): Three Months Ended December 31, Nine Months Ended December 31, 2022 2021 2022 2021 Operating lease cost $ 537 $ 499 $ 1,529 $ 1,366 Short-term lease cost 193 325 564 983 Variable lease cost 140 174 415 464 Total lease cost $ 870 $ 998 $ 2,508 $ 2,813 Amounts reported in the consolidated balance sheets for leases where we are the lessee as of December 31, 2022 and March 31, 2022 were as follows (in thousands): December 31, 2022 March 31, 2022 Operating leases Operating lease ROU assets $ 6,391 $ 7,354 Operating lease liabilities $ 7,176 $ 8,177 Weighted-average remaining lease term Operating leases 13 years, 11 months 13 years, 5 months Weighted-average discount rate Operating leases 4.37 % 4.33 %
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities under non-cancellable leases where we are the lessee as of December 31, 2022 are as follows (in thousands): Operating Leases 2023 (excluding the nine months ended December 31, 2022) $ 431 2024 1,438 2025 1,139 2026 870 2027 704 2028 273 Thereafter 5,028 Total undiscounted lease payments 9,883 Less: Interest (2,275) Less: Discount (432) Total lease liabilities $ 7,176

Financing Arrangements (Tables)

Financing Arrangements (Tables)	9 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides certain information about the current financing arrangements of the Company and its subsidiaries as of December 31, 2022: (In Thousands) December 31, March 31, Maturity Date Interest Rate Unused commitments at December 31, 2022 Air T Debt Revolver - MBT $ 8,843 $ 10,969 8/31/2023 Greater of 2.50% or Prime - 1.00% $ 8,157 Overline Note - MBT — — 3/31/2023 1 Greater of 2.50% or Prime + 0.50% $ 5,000 Term Note A - MBT 7,961 8,542 8/31/2031 3.42% Term Note B - MBT 2,809 3,014 8/31/2031 3.42% Term Note D - MBT 1,355 1,405 1/1/2028 1-month LIBOR + 2.00% Promissory Note - CCI — — 12/30/2022 2 10.00% Term Note E - MBT 1,317 2,316 6/25/2025 Greater of LIBOR + 1.50% or 2.50% Debt - Trust Preferred Securities 25,594 25,567 6/7/2049 8.00% Total 47,879 51,813 AirCo 1 Debt Term Loan - Park State Bank 6,393 6,393 12/11/2025 3-month LIBOR + 3.00% Total 6,393 6,393 Jet Yard Debt Term Loan - MBT 1,869 1,943 8/31/2031 4.14% Total 1,869 1,943 Contrail Debt Revolver - Old National Bank ("ONB") 16,119 3,843 9/5/2023 1-month LIBOR + 3.45% $ 8,881 Term Loan G - ONB 44,918 44,918 11/24/2025 1-month LIBOR + 3.00% Term Loan H - ONB 7,150 8,698 8/18/2023 Wall Street Journal (WSJ) Prime Rate + 0.75% Total 68,187 57,459 Delphax Solutions Debt Canadian Emergency Business Account Loan 30 32 12/31/2025 5.00% Total 30 32 Wolfe Lake Debt Term Loan - Bridgewater 9,651 9,837 12/2/2031 3.65% Total 9,651 9,837 Air T Acquisition 22.1 Term Loan - Bridgewater 5,000 5,000 2/8/2027 4.00% Term Loan A - ING 2,720 3,341 2/1/2027 3.50% Term Loan B - ING 1,067 1,114 5/1/2027 4.00% Total 8,787 9,455 Total Debt 142,796 136,932 Less: Unamortized Debt Issuance Costs (912) (1,124) Total Debt, net $ 141,884 $ 135,808 1 Earlier of 3/31/23 or the date on which Air T has received the payment from the federal income tax refunds in the amount of approximately $2.6 million and Employee Retention Tax Credits in an amount not less than $9.1 million. As of December 31, 2022, the Company has received $2.5 million of the ERC and $1.2 million of the federal income tax refunds. 2 On September 30, 2022, the Company executed a promissory note payable to CCI for $2.0 million. As of December 31, 2022, this note has been repaid.
Schedule of Maturities of Long-term Debt	At December 31, 2022, our contractual financing obligations, including payments due by period, are as follows (in thousands): Due by Amount December 31, 2023 $ 42,260 December 31, 2024 10,198 December 31, 2025 40,416 December 31, 2026 2,812 December 31, 2027 6,976 Thereafter 40,134 142,796 Less: Unamortized Debt Issuance Costs (912) $ 141,884

Geographical Information (Table

Geographical Information (Tables)	9 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Long-lived Assets by Geographic Areas	Total tangible long-lived assets, net of accumulated depreciation, located in the United States, the Company's country of domicile, and held outside the United States are summarized in the following table as of December 31, 2022 and March 31, 2022 (in thousands): December 31, 2022 March 31, 2022 United States $ 21,241 $ 34,067 Foreign 12,888 1,654 Total tangible long-lived assets, net $ 34,129 $ 35,721 The Company's tangible long-lived assets, net of accumulated depreciation, held outside of the United States represent engines and aircraft on lease at December 31, 2022. The net book value located within each individual country at December 31, 2022 and March 31, 2022 is listed below (in thousands): December 31, 2022 March 31, 2022 Lithuania $ 12,820 $ — Macau — 1,351 Other 68 303 Total tangible long-lived assets, net $ 12,888 $ 1,654
Revenue from External Customers by Geographic Areas	Total revenue, in and outside the United States, is summarized in the following table for the nine months ended December 31, 2022 and December 31, 2021 (in thousands): December 31, 2022 December 31, 2021 United States $ 143,433 $ 109,261 Foreign 29,513 16,379 Total revenue $ 172,946 $ 125,640

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment data is summarized as follows (in thousands): (In Thousands) Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating Revenues by Segment: Overnight Air Cargo Domestic $ 21,831 $ 18,248 $ 64,464 $ 55,694 International — — — 252 Total Overnight Air Cargo 21,831 18,248 64,464 55,946 Ground Equipment Sales: Domestic 16,009 12,835 34,830 26,991 International 138 2,397 5,151 5,612 Total Ground Equipment Sales 16,147 15,232 39,981 32,603 Commercial Jet Engines and Parts: Domestic 13,704 8,426 42,047 25,656 International 8,032 2,966 21,530 10,246 Total Commercial Jet Engines and Parts 21,736 11,392 63,577 35,902 Corporate and Other: Domestic 565 456 2,092 920 International 1,117 105 2,832 269 Total Corporate and Other 1,682 561 4,924 1,189 Total 61,396 45,433 172,946 125,640 Operating Income (Loss): Overnight Air Cargo 1,009 475 2,931 2,063 Ground Equipment Sales 1,093 1,463 3,122 2,929 Commercial Jet Engines and Parts 733 336 3,603 2,000 Corporate and Other (2,700) (2,249) (8,509) (6,268) Total 135 25 1,147 724 Capital Expenditures: Overnight Air Cargo 37 15 228 82 Ground Equipment Sales 16 97 32 114 Commercial Jet Engines and Parts 132 239 484 977 Corporate and Other 60 12 293 32 Total 245 363 1,037 1,205 Depreciation and Amortization: Overnight Air Cargo 22 14 64 41 Ground Equipment Sales 35 81 130 145 Commercial Jet Engines and Parts 721 234 1,717 714 Corporate and Other 319 113 1,073 246 Total $ 1,097 $ 442 $ 2,984 $ 1,146
Schedule of EBITDA	The table below provides a reconciliation of operating income (loss) to Adjusted EBITDA by reportable segment for the nine months ended December 31, 2022 and 2021 (in thousands): Nine Months Ended December 31, 2022 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 2,931 $ 3,122 $ 3,603 $ (8,509) $ 1,147 Depreciation and amortization (excluding leased engines depreciation) 64 130 543 1,073 1,810 Asset impairment, restructuring or impairment charges 337 — 1,658 179 2,174 (Gain) Loss on sale of property and equipment (1) — (2) 1 (2) Securities expenses — — — 38 38 Adjusted EBITDA $ 3,331 $ 3,252 $ 5,802 $ (7,218) $ 5,167 Nine Months Ended December 31, 2021 Overnight Air Cargo Ground Equipment Sales Commercial Jet Engines and Parts Corporate and Other Total Operating income (loss) $ 2,063 $ 2,929 $ 2,000 $ (6,268) $ 724 Depreciation and amortization (excluding leased engines depreciation) 41 144 524 247 956 Loss on sale of property and equipment 2 1 — — 3 Securities expenses — — — 215 215 Adjusted EBITDA $ 2,106 $ 3,074 $ 2,524 $ (5,806) $ 1,898

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Redeemable Noncontrolling Interest	The Shanwick RNCI's estimated redemption value is $4.4 million as of December 31, 2022, which was comprised of the following (in thousands): Shanwick RNCI Beginning Balance as of April 1, 2022 $ 3,583 Contribution from non-controlling members — Distribution to non-controlling members (158) Net income attributable to non-controlling interests 147 Redemption value adjustments 829 Ending Balance as of December 31, 2022 $ 4,401

Financial Statement Presentat_3

Financial Statement Presentation - Textual (Details) $ in Millions	9 Months Ended
	Dec. 31, 2022 USD ($)
New Accounting Pronouncements or Change in Accounting Principle
Guarantor obligations	$ 1.6
Contrail Aviation Inc.
New Accounting Pronouncements or Change in Accounting Principle
Minimum debt service coverage ratio	1.25

Acquisitions - Textual (Details

Acquisitions - Textual (Details)			5 Months Ended
	Feb. 10, 2022 USD ($)	Dec. 02, 2021 USD ($) ft² lease	Jun. 30, 2022 USD ($)
Term Loan - Bridgewater | Secured Debt
Asset Acquisition
Principle amount		$ 9,900,000
Interest rate stated percentage (as a percentage)		3.65%
Property Located In St Louis Park, Mn
Asset Acquisition
Area of land | ft²		54,742
Number of leases acquired | lease		11
Consideration to acquire real estate		$ 13,400,000
Consideration paid		13,200,000
Capitalized acquisition costs		200,000
Payments to acquire real estate		$ 3,300,000
Shanwick | GdW
Asset Acquisition
Ownership interest acquired (percent)	30%
GdW
Asset Acquisition
Consideration paid	$ 15,256,000
Goodwill adjustment			$ 300,000
Measurement period adjustments			$ 300,000

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 10, 2022	Dec. 02, 2021
Property Located In St Louis Park, Mn
ASSETS
Land		$ 2,794
Building		8,439
Site Improvements		798
Tenant Improvements		269
Intangible assets		1,108
Total assets		$ 13,408
GdW
ASSETS
Accounts Receivable	$ 715
Other current assets	67
Property, plant and equipment, net	40
Total assets	10,665
LIABILITIES
Accounts payable	15
Accrued expenses and deferred revenue	1,670
Deferred income tax liabilities, net	2,460
Total liabilities	4,145
Net assets acquired	6,520
GdW | Proprietary Database
ASSETS
Intangible assets	2,576
GdW | Customer relationships
ASSETS
Intangible assets	$ 7,267

Acquisitions - Schedule of Busi

Acquisitions - Schedule of Business Acquisitions, by Acquisition (Details) - USD ($) $ in Thousands	Feb. 10, 2022	Dec. 31, 2022	Mar. 31, 2022
Business Acquisition
Goodwill		$ 10,414	$ 10,126
GdW
Business Acquisition
Consideration paid	$ 15,256
Less: Cash acquired	(2,452)
Less: Net assets acquired	(6,520)
Goodwill	$ 6,284

Acquisitions - Schedule of Reve

Acquisitions - Schedule of Revenues and Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Business Acquisition
Revenue	$ 61,396	$ 45,433	$ 172,946	$ 125,640
Operating Expenses	61,261	45,408	171,799	124,916
Operating Income	135	25	1,147	724
Non-operating income	(183)	(1,496)	(3,712)	6,168
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (590)	$ (1,262)	$ (3,255)	$ 6,582
GdW
Business Acquisition
Revenue					$ 887
Cost of Sales					145
Operating Expenses					701
Operating Income					41
Non-operating income					19
Net (Loss) Income Attributable to Air T, Inc. Stockholders					$ 60

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue
Total revenue	$ 61,396	$ 45,433	$ 172,946	$ 125,640
Air Cargo
Disaggregation of Revenue
Total revenue	21,831	18,248	64,464	55,946
Ground equipment sales
Disaggregation of Revenue
Total revenue	16,147	15,232	39,981	32,603
Commercial jet engines and parts
Disaggregation of Revenue
Total revenue	21,736	11,392	63,577	35,902
Corporate and other
Disaggregation of Revenue
Total revenue	1,682	561	4,924	1,189
Product Sales | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts	6,416	5,493	20,303	17,680
Product Sales | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts	15,909	14,674	39,125	31,600
Product Sales | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts	18,515	9,379	54,545	29,827
Product Sales | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts	112	85	247	199
Support Services | Air Cargo
Disaggregation of Revenue
Revenue from customer contracts	15,399	12,734	43,979	38,228
Support Services | Ground equipment sales
Disaggregation of Revenue
Revenue from customer contracts	96	173	396	306
Support Services | Commercial jet engines and parts
Disaggregation of Revenue
Revenue from customer contracts	2,428	1,686	6,958	5,342
Support Services | Corporate and other
Disaggregation of Revenue
Revenue from customer contracts	1,157	72	3,155	189
Leasing Revenue | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts	0	0	0	0
Leasing Revenue | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts	42	141	115	219
Leasing Revenue | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts	729	298	1,939	642
Leasing Revenue | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts	353	145	1,223	221
Other | Air Cargo
Disaggregation of Revenue
Revenue not from customer contracts	16	21	182	38
Other | Ground equipment sales
Disaggregation of Revenue
Revenue not from customer contracts	100	244	345	478
Other | Commercial jet engines and parts
Disaggregation of Revenue
Revenue not from customer contracts	64	29	135	91
Other | Corporate and other
Disaggregation of Revenue
Revenue not from customer contracts	$ 60	$ 259	$ 299	$ 580

Revenue Recognition - Contract

Revenue Recognition - Contract with Customer, Asset and Liability (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Contract With Customers
Contract with customer, liabilities, beginning balance	$ 4,727
Outstanding contract liabilities recognized as revenue	3,952
Contract with customer, liabilities, ending balance	$ 6,306

Accrued Expenses and Other (Det

Accrued Expenses and Other (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Payables and Accruals [Abstract]
Salaries, wages and related items	$ 4,598	$ 4,232
Profit sharing and bonus	1,010	1,365
Other Deposits	4,585	2,948
Other	4,747	4,846
Total	$ 14,940	$ 13,391

Income Taxes - Textual (Details

Income Taxes - Textual (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (156)	$ (282)	$ (536)	$ (249)
Effective income tax rate, percent	325%	19.20%	20.90%	3.60%

Net Earnings (Loss) Per Share -

Net Earnings (Loss) Per Share - Textual (Details) - $ / shares	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unexpired options outstanding (in shares)		7,500
Air T's 2012 Stock Option Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Exercises of stock options (in shares)	3,750
Options exercised price (in dollars per share)	$ 5.75

Net Earnings (Loss) Per Share_2

Net Earnings (Loss) Per Share - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Income (Loss)	$ 108	$ (1,189)	$ (2,029)	$ 7,141
Net income attributable to non-controlling interests	(698)	(73)	(1,226)	(559)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ (590)	$ (1,262)	$ (3,255)	$ 6,582
(Loss) Income per share:
Basic (in dollars per share)	$ (0.21)	$ (0.44)	$ (1.14)	$ 2.28
Diluted (in dollars per share)	$ (0.21)	$ (0.44)	$ (1.14)	$ 2.28
Antidilutive shares excluded from computation of income (loss) (in shares)	5	11	5	0
Weighted Average Shares Outstanding:
Basic (in shares)	2,836	2,882	2,855	2,882
Diluted (in shares)	2,836	2,882	2,855	2,893

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	$ 15,013	$ 15,864
Finite-lived intangible assets, accumulated amortization	(3,862)	(2,947)
Finite-lived intangible assets, net	11,151	12,917
Indefinite-lived intangible assets, gross carrying amount	27	343
Gross carrying value	15,040	16,207
Intangible assets, total	11,178	13,260
Purchased software
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	534	447
Finite-lived intangible assets, accumulated amortization	(415)	(386)
Finite-lived intangible assets, net	119	61
Internally developed software
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	3,624	4,112
Finite-lived intangible assets, accumulated amortization	(377)	(139)
Finite-lived intangible assets, net	3,247	3,973
In-place lease and other intangibles
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	1,094	1,108
Finite-lived intangible assets, accumulated amortization	(194)	(63)
Finite-lived intangible assets, net	900	1,045
Customer relationships
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	7,235	7,694
Finite-lived intangible assets, accumulated amortization	(704)	(339)
Finite-lived intangible assets, net	6,531	7,355
Patents
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	1,112	1,112
Finite-lived intangible assets, accumulated amortization	(1,104)	(1,101)
Finite-lived intangible assets, net	8	11
Other
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross carrying amount	1,414	1,391
Finite-lived intangible assets, accumulated amortization	(1,068)	(919)
Finite-lived intangible assets, net	$ 346	$ 472

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Textual (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Dec. 31, 2022	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of capitalized software	$ 300
Goodwill		$ 10,414	$ 10,126

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Amortization
2023 (excluding the nine months ended December 31, 2022)	$ 299
2024	1,117
2025	1,046
2026	963
2027	908
2028	860
Thereafter	5,958
Finite-lived intangible assets, net	$ 11,151	$ 12,917

Investments in Securities and_3

Investments in Securities and Derivative Instruments - Textual (Details) - USD ($)	2 Months Ended	3 Months Ended						9 Months Ended
	Feb. 24, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Jan. 07, 2022	Aug. 31, 2021
Derivatives, Fair Value
Long-term debt, gross		$ 142,796,000						$ 142,796,000		$ 136,932,000
Derivative loss	$ 100,000
Unrealized gain (loss) on interest rate swaps, net of tax		(61,000)	$ 957,000	$ 475,000	$ (20,000)	$ 46,000	$ 11,000	1,371,000	$ 37,000
Gross loss from derivative instrument		100,000						100,000	0
Gross gain from derivative instrument		0			0			46,000
Gain from equity investments		300,000			1,700,000			300,000	2,500,000
Loss from equity investments		500,000			1,900,000			800,000	2,100,000
Unsecured Debt | Contrail Aviation Inc.
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)											4.68%
Long-term debt, gross		68,187,000						68,187,000		57,459,000	$ 43,600,000
Unsecured Debt | Parent Company
Derivatives, Fair Value
Long-term debt, gross		47,879,000						47,879,000		51,813,000
Interest Rate Swap
Derivatives, Fair Value
Unrealized gain (loss) on interest rate swaps, net of tax		(100,000)			$ (20,000)			1,400,000	$ 37,000
Interest Rate Swap | Level 2
Derivatives, Fair Value
Derivative asset		$ 2,900,000						$ 2,900,000		900,000
Term Note A - MBT | Unsecured Debt | Parent Company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)		3.42%						3.42%				3.42%
Long-term debt, gross		$ 7,961,000						$ 7,961,000		8,542,000
Term Note A - MBT | Interest Rate Swap | Unsecured Debt
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)		4.56%						4.56%
Term Note D - MBT | Unsecured Debt | Parent Company
Derivatives, Fair Value
Interest rate stated percentage (as a percentage)		5.09%						5.09%
Long-term debt, gross		$ 1,355,000						$ 1,355,000		$ 1,405,000

Investments in Securities and_4

Investments in Securities and Derivative Instruments - Fair Value in the Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Assets:
Derivative asset	$ 484	$ 0
Liabilities:
Derivative liability	41	0
Exchange-traded options & futures
Assets:
Derivative asset	484	0
Liabilities:
Derivative liability	$ 41	$ 0

Equity Method Investments - Tex

Equity Method Investments - Textuals (Details) - USD ($) shares in Millions	3 Months Ended			9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments
Equity method investments	$ 14,746,000			$ 14,746,000		$ 9,864,000
Net (Loss) Income	108,000		$ (1,189,000)	(2,029,000)	$ 7,141,000
Income (loss) from equity method investments	2,118,000		$ 99,000	2,917,000	$ 197,000
Insignia
Schedule of Equity Method Investments
Net (Loss) Income		$ 11,800,000
Promissory Note - CCI
Schedule of Equity Method Investments
Principle amount	$ 2,000,000			$ 2,000,000
Insignia
Schedule of Equity Method Investments
Number of shares held (in shares)	0.5			0.5
Ownership percentage	27.30%			27.30%
Equity method investments							$ 0
Income (loss) from equity method investments	$ 1,800,000	3,200,000
Gain related to litigation settlement		$ 12,000,000
Cumulative unrecorded share of losses	$ 1,400,000			$ 1,400,000
Cadillac Castings, Inc
Schedule of Equity Method Investments
Ownership percentage	20.10%			20.10%
Equity method investments	$ 3,400,000			$ 3,400,000
Income (loss) from equity method investments	300,000			1,000,000
Difference between carrying amount and underlying equity	300,000			300,000
Investment realized gain (loss) on disposal	$ (12,000)			$ (37,000)

Equity Method Investments - Sum

Equity Method Investments - Summarized Unaudited Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Revenue	$ 61,396	$ 45,433	$ 172,946	$ 125,640
Operating income (loss)	135	25	1,147	724
Net Income (Loss)	108	(1,189)	(2,029)	7,141
Net (Loss) Income Attributable to Air T, Inc. Stockholders	(590)	(1,262)	(3,255)	6,582
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments
Revenue	37,532	29,408	111,522	87,396
Gross Profit	4,045	1,256	13,210	3,160
Operating income (loss)	13,382	(1,339)	17,172	(6,544)
Net Income (Loss)	13,375	(1,434)	16,180	(5,847)
Net (Loss) Income Attributable to Air T, Inc. Stockholders	$ 2,183	$ (110)	$ 2,926	$ (678)

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Corporate and other:
Whole engines available for sale or tear-down	$ 6,703	$ 15,403
Parts	68,328	45,036
Total inventories	90,567	78,289
Reserves	(4,349)	(3,122)
Total inventories, net of reserves	86,218	75,167
Overnight air cargo
Ground equipment manufacturing:
Finished goods	28	28
Corporate and other:
Finished goods	28	28
Ground equipment manufacturing:
Ground equipment manufacturing:
Raw materials	6,258	4,688
Work in process	1,549	2,437
Finished goods	6,254	9,264
Corporate and other:
Raw materials	6,258	4,688
Finished goods	6,254	9,264
Corporate and other
Ground equipment manufacturing:
Raw materials	720	705
Finished goods	727	728
Corporate and other:
Raw materials	720	705
Finished goods	$ 727	$ 728

Leases - Textual (Details)

Leases - Textual (Details)	Dec. 31, 2022
Minimum
Lessee, Lease, Description
Lease term	2 years
Maximum
Lessee, Lease, Description
Lease term	5 years
Real Estate
Lessee, Lease, Description
Lease term	30 years

Leases - Component of Lease Cos

Leases - Component of Lease Cost and Consolidated Balance Sheet Amounts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 537	$ 499	$ 1,529	$ 1,366
Short-term lease cost	193	325	564	983
Variable lease cost	140	174	415	464
Total lease cost	870	$ 998	2,508	$ 2,813
Operating leases
Operating lease ROU assets	6,391		6,391		$ 7,354
Operating lease liabilities	$ 7,176		$ 7,176		$ 8,177
Weighted-average remaining lease term
Operating leases	13 years 11 months		13 years 11 months		13 years 5 months
Weighted-average discount rate
Operating leases	4.37%		4.37%		4.33%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Operating Leases
2023 (excluding the nine months ended December 31, 2022)	$ 431
2024	1,438
2025	1,139
2026	870
2027	704
2028	273
Thereafter	5,028
Total undiscounted lease payments	9,883
Less: Interest	(2,275)
Less: Discount	(432)
Total lease liabilities	$ 7,176	$ 8,177

Financing Arrangements - Textua

Financing Arrangements - Textual (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 09, 2022	Dec. 31, 2022	Dec. 31, 2022	Nov. 08, 2022	Sep. 30, 2022	Jun. 08, 2022	Jan. 07, 2022
Trust Preferred Capital Security | ATM
Debt Instrument
Amount of principal outstanding		$ 25,600,000	$ 25,600,000
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Interest rate stated percentage (as a percentage)							4.68%
Unsecured Debt | Contrail Aviation Inc. | Thru Mar. 2024
Debt Instrument
Tangible asset net worth requirement				$ 12,000,000
Unsecured Debt | Contrail Aviation Inc. | After Mar. 2024
Debt Instrument
Tangible asset net worth requirement				$ 15,000,000
Promissory Note - CCI
Debt Instrument
Principle amount		$ 2,000,000	$ 2,000,000
Promissory Note - CCI | Unsecured Debt | Parent Company
Debt Instrument
Principle amount					$ 2,000,000
Interest rate stated percentage (as a percentage)					10%
Promissory Note - CCI | Unsecured Debt | Jet Yard
Debt Instrument
Principle amount	$ 5,000,000
Credit facility maximum borrowing capacity	22,000,000					$ 17,000,000
Interest rate stated percentage (as a percentage)		10%	10%
Amended Promissory Note | Unsecured Debt
Debt Instrument
Credit facility maximum borrowing capacity	22,000,000
Amended Promissory Note | Unsecured Debt | Jet Yard
Debt Instrument
Debt instrument, outstanding credit rate trigger	$ 17,000,000
Amended Promissory Note | Unsecured Debt | Jet Yard | Below Threshold
Debt Instrument
Interest rate stated percentage (as a percentage)	2.50%
Amended Promissory Note | Unsecured Debt | Jet Yard | Below Threshold | Prime Rate
Debt Instrument
Basis spread on variable rate (as a percentage)	1%
Commitment fee (as a percentage)	0.11%
Amended Promissory Note | Unsecured Debt | Jet Yard | Above Threshold
Debt Instrument
Interest rate stated percentage (as a percentage)	2.50%
Amended Promissory Note | Unsecured Debt | Jet Yard | Above Threshold | Prime Rate
Debt Instrument
Basis spread on variable rate (as a percentage)	0.50%
Commitment fee (as a percentage)	0.20%
Third Amended And Restated Credit Agreement | Unsecured Debt | Parent Company
Debt Instrument
Unused commitment fees		$ 8,157,000	$ 8,157,000
Interest rate stated percentage (as a percentage)		2.50%	2.50%
Third Amended And Restated Credit Agreement | Unsecured Debt | Prime Rate | Parent Company
Debt Instrument
Basis spread on variable rate (as a percentage)			1%
Overline Note - MBT | Unsecured Debt | Parent Company
Debt Instrument
Unused commitment fees		$ 5,000,000	$ 5,000,000
Interest rate stated percentage (as a percentage)		2.50%	2.50%
Employee retention tax credit	$ 9,100,000	$ 9,100,000	$ 9,100,000
Taxes receivable	$ 2,600,000
Cumulative proceeds from employee retention credit		2,500,000	2,500,000
Proceeds from income tax refunds		$ 2,600,000	$ 1,200,000
Overline Note - MBT | Unsecured Debt | Prime Rate | Parent Company
Debt Instrument
Basis spread on variable rate (as a percentage)			0.50%

Financing Arrangements - Long-t

Financing Arrangements - Long-term Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Mar. 31, 2022	Jan. 07, 2022	Aug. 31, 2021
Debt Instrument
Long-term debt, gross	$ 142,796		$ 136,932
Less: Unamortized Debt Issuance Costs	(912)		(1,124)
Total Debt, net	141,884		135,808
Unsecured Debt | AirCo 1
Debt Instrument
Long-term debt, gross	6,393		6,393
Unsecured Debt | Jet Yard
Debt Instrument
Long-term debt, gross	1,869		1,943
Unsecured Debt | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 68,187		57,459	$ 43,600
Interest rate stated percentage (as a percentage)				4.68%
Unsecured Debt | Promissory Note - CCI | Jet Yard
Debt Instrument
Interest rate stated percentage (as a percentage)	10%
Unsecured Debt | Term Loan - Park State Bank | AirCo 1
Debt Instrument
Long-term debt, gross	$ 6,393		6,393
Unsecured Debt | Term Loan - Park State Bank | AirCo 1 | 3-month LIBOR
Debt Instrument
Basis spread on variable rate	3%
Unsecured Debt | Term Loan - MBT | Jet Yard
Debt Instrument
Long-term debt, gross	$ 1,869		1,943
Interest rate stated percentage (as a percentage)	4.14%
Unsecured Debt | Revolver - Old National Bank ("ONB") | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 16,119		3,843
Unused commitment fees	$ 8,881
Unsecured Debt | Revolver - Old National Bank ("ONB") | Contrail Aviation Inc. | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	3.45%
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 44,918		44,918
Unsecured Debt | Term Loan G - ONB | Contrail Aviation Inc. | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	3%
Unsecured Debt | Term Loan H - ONB | Contrail Aviation Inc.
Debt Instrument
Long-term debt, gross	$ 7,150		8,698
Unsecured Debt | Term Loan H - ONB | Contrail Aviation Inc. | Prime Rate
Debt Instrument
Basis spread on variable rate	0.75%
Unsecured Debt | Parent Company
Debt Instrument
Long-term debt, gross	$ 47,879		51,813
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement
Debt Instrument
Long-term debt, gross	$ 8,843		10,969
Interest rate stated percentage (as a percentage)	2.50%
Unused commitment fees	$ 8,157
Unsecured Debt | Parent Company | Third Amended And Restated Credit Agreement | Prime Rate
Debt Instrument
Basis spread on variable rate	1%
Unsecured Debt | Parent Company | Overline Note - MBT
Debt Instrument
Long-term debt, gross	$ 0		0
Interest rate stated percentage (as a percentage)	2.50%
Unused commitment fees	$ 5,000
Unsecured Debt | Parent Company | Overline Note - MBT | Prime Rate
Debt Instrument
Basis spread on variable rate	0.50%
Unsecured Debt | Parent Company | Term Note A - MBT
Debt Instrument
Long-term debt, gross	$ 7,961		8,542
Interest rate stated percentage (as a percentage)	3.42%				3.42%
Unsecured Debt | Parent Company | Term Note B - MBT
Debt Instrument
Long-term debt, gross	$ 2,809		3,014
Interest rate stated percentage (as a percentage)	3.42%
Unsecured Debt | Parent Company | Term Note D - MBT
Debt Instrument
Long-term debt, gross	$ 1,355		1,405
Interest rate stated percentage (as a percentage)	5.09%
Unsecured Debt | Parent Company | Term Note D - MBT | 1-month LIBOR
Debt Instrument
Basis spread on variable rate	2%
Unsecured Debt | Parent Company | Promissory Note - CCI
Debt Instrument
Long-term debt, gross	$ 0		0
Interest rate stated percentage (as a percentage)		10%
Unsecured Debt | Parent Company | Term Note E - MBT
Debt Instrument
Long-term debt, gross	$ 1,317		2,316
Interest rate stated percentage (as a percentage)	2.50%
Unsecured Debt | Parent Company | Term Note E - MBT | LIBOR
Debt Instrument
Basis spread on variable rate	1.50%
Unsecured Debt | Parent Company | Debt - Trust Preferred Securities
Debt Instrument
Long-term debt, gross	$ 25,594		25,567
Interest rate stated percentage (as a percentage)	8%
Notes Payable to Banks | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 30		32
Notes Payable to Banks | Wolfe Lake Debt
Debt Instrument
Long-term debt, gross	9,651		9,837
Notes Payable to Banks | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	8,787		9,455
Notes Payable to Banks | Canadian Emergency Business Account Loan | Delphax Solutions Debt
Debt Instrument
Long-term debt, gross	$ 30		32
Interest rate stated percentage (as a percentage)	5%
Notes Payable to Banks | Term Loan - Bridgewater | Wolfe Lake Debt
Debt Instrument
Long-term debt, gross	$ 9,651		9,837
Interest rate stated percentage (as a percentage)	3.65%
Notes Payable to Banks | Term Loan - Bridgewater | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	$ 5,000		5,000
Interest rate stated percentage (as a percentage)	4%
Notes Payable to Banks | Term Loan A - ING | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	$ 2,720		3,341
Interest rate stated percentage (as a percentage)	3.50%
Notes Payable to Banks | Term Loan B - ING | Air T Acquisition 22.1
Debt Instrument
Long-term debt, gross	$ 1,067		$ 1,114
Interest rate stated percentage (as a percentage)	4%

Financing Arrangements - Contra

Financing Arrangements - Contractual Financing Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Due by
December 31, 2023	$ 42,260
December 31, 2024	10,198
December 31, 2025	40,416
December 31, 2026	2,812
December 31, 2027	6,976
Thereafter	40,134
Long-term debt, gross	142,796	$ 136,932
Less: Unamortized Debt Issuance Costs	(912)	(1,124)
Total Debt, net	$ 141,884	$ 135,808

Shares Repurchased (Details)

Shares Repurchased (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2022	Jun. 10, 2019	May 14, 2014
Equity [Abstract]
Stock repurchase program, number of shares authorized to be repurchased (in shares)		1,125,000	750,000
Stock repurchased during period, shares (in shares)	28,752
Stock repurchased during period, value	$ 0.6

Geographical Information - Long

Geographical Information - Long-lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 34,129	$ 35,721
United States
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	21,241	34,067
Foreign
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	12,888	1,654
Lithuania
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	12,820	0
Macau
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	0	1,351
Other
Revenues from External Customers and Long-Lived Assets
Total tangible long-lived assets, net	$ 68	$ 303

Geographical Information - Reve

Geographical Information - Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue, Major Customer
Total revenue	$ 61,396	$ 45,433	$ 172,946	$ 125,640
United States
Revenue, Major Customer
Total revenue			143,433	109,261
Foreign
Revenue, Major Customer
Total revenue			$ 29,513	$ 16,379

Segment Information - Textual (

Segment Information - Textual (Details)	9 Months Ended
	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	4

Segment Information - Segment D

Segment Information - Segment Data (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Revenue	$ 61,396	$ 45,433	$ 172,946	$ 125,640
Operating income (loss)	135	25	1,147	724
Capital expenditures	245	363	1,037	1,205
Depreciation and amortization	1,097	442	2,984	1,146
Air Cargo
Segment Reporting Information
Revenue	21,831	18,248	64,464	55,946
Operating income (loss)	1,009	475	2,931	2,063
Capital expenditures	37	15	228	82
Depreciation and amortization	22	14	64	41
Air Cargo | Domestic
Segment Reporting Information
Revenue	21,831	18,248	64,464	55,694
Air Cargo | International
Segment Reporting Information
Revenue	0	0	0	252
Ground equipment sales
Segment Reporting Information
Revenue	16,147	15,232	39,981	32,603
Operating income (loss)	1,093	1,463	3,122	2,929
Capital expenditures	16	97	32	114
Depreciation and amortization	35	81	130	145
Ground equipment sales | Domestic
Segment Reporting Information
Revenue	16,009	12,835	34,830	26,991
Ground equipment sales | International
Segment Reporting Information
Revenue	138	2,397	5,151	5,612
Commercial jet engines and parts
Segment Reporting Information
Revenue	21,736	11,392	63,577	35,902
Operating income (loss)	733	336	3,603	2,000
Capital expenditures	132	239	484	977
Depreciation and amortization	721	234	1,717	714
Commercial jet engines and parts | Domestic
Segment Reporting Information
Revenue	13,704	8,426	42,047	25,656
Commercial jet engines and parts | International
Segment Reporting Information
Revenue	8,032	2,966	21,530	10,246
Corporate and other
Segment Reporting Information
Revenue	1,682	561	4,924	1,189
Operating income (loss)	(2,700)	(2,249)	(8,509)	(6,268)
Capital expenditures	60	12	293	32
Depreciation and amortization	319	113	1,073	246
Corporate and other | Domestic
Segment Reporting Information
Revenue	565	456	2,092	920
Corporate and other | International
Segment Reporting Information
Revenue	$ 1,117	$ 105	$ 2,832	$ 269

Segment Information- Schedule o

Segment Information- Schedule of EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Operating Income	$ 135	$ 25	$ 1,147	$ 724
Depreciation and amortization (excluding leased engines depreciation)			1,810	956
Asset impairment, restructuring or impairment charges			2,174
(Gain) Loss on sale of property and equipment			(2)	3
Securities expenses			38	215
Adjusted EBITDA			5,167	1,898
Overnight air cargo
Segment Reporting Information
Operating Income	1,009	475	2,931	2,063
Depreciation and amortization (excluding leased engines depreciation)			64	41
Asset impairment, restructuring or impairment charges			337
(Gain) Loss on sale of property and equipment			(1)	2
Securities expenses			0	0
Adjusted EBITDA			3,331	2,106
Ground equipment sales
Segment Reporting Information
Operating Income	1,093	1,463	3,122	2,929
Depreciation and amortization (excluding leased engines depreciation)			130	144
Asset impairment, restructuring or impairment charges			0
(Gain) Loss on sale of property and equipment			0	1
Securities expenses			0	0
Adjusted EBITDA			3,252	3,074
Commercial jet engines and parts
Segment Reporting Information
Operating Income	733	336	3,603	2,000
Depreciation and amortization (excluding leased engines depreciation)			543	524
Asset impairment, restructuring or impairment charges			1,658
(Gain) Loss on sale of property and equipment			(2)	0
Securities expenses			0	0
Adjusted EBITDA			5,802	2,524
Corporate and other
Segment Reporting Information
Operating Income	$ (2,700)	$ (2,249)	(8,509)	(6,268)
Depreciation and amortization (excluding leased engines depreciation)			1,073	247
Asset impairment, restructuring or impairment charges			179
(Gain) Loss on sale of property and equipment			1	0
Securities expenses			38	215
Adjusted EBITDA			$ (7,218)	$ (5,806)

Commitments and Contingencies -

Commitments and Contingencies - Textual (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Mar. 31, 2022	Feb. 28, 2022	May 05, 2021	Dec. 29, 2020
Long-termCommitment
Increase in redemption value			$ 500,000
Adjustment to fair value of redeemable non-controlling interests		$ 300,000
Net loss attributable to and and distributions non-controlling interest		300,000
Distributions to non controlling interest		$ 100,000
Execution agreement term		5 years
Put option issued to co-investor in CAM	$ 1,000,000	$ 1,000,000
Stock compensation expense	$ 79,000	$ 200,000
2020 Omnibus Stock and Incentive Plan
Long-termCommitment
Shares authorized under the plan (in shares)						420,000
Number of shares granted ( in shares)	293,400	293,400
CJVII | Capital Commitments
Long-termCommitment
Other commitments	$ 700,000	$ 700,000			$ 8,000,000
Fixed price put option amount		$ 1,000,000
Other commitment, premium rate above fair market value		112.50%
CAM | CJVII | Capital Commitments
Long-termCommitment
Other commitments	16,000,000	$ 16,000,000			53,000,000
MRC | CJVII | Capital Commitments
Long-termCommitment
Other commitments					$ 45,000,000
Third Party | Shanwick
Long-termCommitment
Minority interest, ownership (percent)				30%
Fair Value, Inputs, Level 3 | Contrail RNCI
Long-termCommitment
Fair value of redeemable non-controlling interest	$ 7,700,000	$ 7,700,000

Commitments and Contingencies-

Commitments and Contingencies- Roll forward (Details) $ in Thousands	9 Months Ended
	Dec. 31, 2022 USD ($)
Shanwick RNCI
Balance at the beginning	$ 10,761
Contribution from non-controlling members	0
Distribution to non-controlling members	(158)
Net income attributable to non-controlling interests	147
Redemption value adjustments	829
Balance at the end	12,063
Shanwick
Shanwick RNCI
Balance at the beginning	3,583
Balance at the end	$ 4,401

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event	Jan. 31, 2023 USD ($)
Worldwide Aviation LLC
Subsequent Event
Consideration paid	$ 600,000
Equity interest in acquiree, percentage	100%
Secured Debt | Term Note F
Subsequent Event
Principle amount	$ 1,000,000
Interest rate stated percentage (as a percentage)	6%
Periodic payments	$ 17,000
Secured Debt | Prime Rate | Term Note F
Subsequent Event
Basis spread on variable rate	1%
Sellers Note
Subsequent Event
Principle amount	$ 1,500,000
Interest rate stated percentage (as a percentage)	6%