First Quarter 2026 Highlights
-- Revenue of $70.6 million versus $65.8 million in the prior year period
-- Net loss of $3.5 million versus net loss of $5.3 million in the prior
year period
-- Adjusted net income1 of $0.1 million versus adjusted net loss of $2.7
million in the prior year period
-- Adjusted EBITDA1 of $7.4 million versus adjusted EBITDA of $3.2 million
in the prior year period
-- Feedstock acquisitions of $25.1 million versus $43.4 million in the prior
year period
-- Inventory of $369.5 million
-- Aircraft and engines held for lease2 of $121.5 million
MIAMI, May 07, 2026 (GLOBE NEWSWIRE) -- AerSale Corporation (Nasdaq: ASLE) ("AerSale" or the "Company") today reported first quarter 2026 financial results.
(in thousands, except per-share amount)
(Unaudited)
Three Months Ended March 31,
----------------------------------------------------
2026 2025 Percent Change
------------- -------------- ----------------
Total revenue $ 70,614 $ 65,776 7.4 %
Net loss (3,450) (5,277) 34.6 %
Adjusted net
income
(loss)(1) 66 (2,665) 102.5 %
Adjusted
EBITDA(1) 7,360 3,174 131.9 %
Diluted loss
per share (0.07) (0.10) 30.0 %
Adjusted
diluted
earnings
(loss) per
share(1) 0.00 (0.05) 100.0 %
Feedstock
acquisitions $ 25,056 $ 43,439 (42.3) %
First Quarter 2026 Results of Operations
The Company's revenue for the first quarter of 2026 was $70.6 million, representing a 7.4% increase compared to $65.8 million in the first quarter of 2025, primarily driven by increased engine and B757 freighter leasing activity. Adjusted EBITDA1 in the first quarter of 2026 increased by $4.2 million to $7.4 million, or 10.4% of total revenue, representing an increase of 131.9% compared to $3.2 million, or 4.8% of total revenue, in the comparable prior year period. The increase in adjusted EBITDA1 was mainly driven by more equipment on lease and flight equipment sales during the period.
As a reminder to investors, the Company's revenue is likely to fluctuate from quarter-to-quarter and year-to-year based on the timing of flight equipment sales and therefore, performance should be monitored based on the more recurring aspects of our business, which includes leasing, used serviceable material ("USM") and maintenance repair and overhaul ("MRO") activities.
In the first quarter of 2026, flight equipment sales were $5.2 million and consisted of one engine, compared to $1.8 million from one engine sold in the comparable prior--year period. Excluding flight equipment sales, revenue grew 2.2% as the Company continued to expand the more recurring parts of its business. The increase was due in part to greater leasing revenue from an expanded lease pool, including the deployment of three Boeing 757 freighter aircraft, as well as continued growth in the engine leasing portfolio focused on high--demand engine types that are expected to remain strong during the lease period. The Company also saw improved performance at the Goodyear, Arizona and Millington, Tennessee on-airport MRO facilities as the Company filled previously unutilized hanger capacity. This was partially offset by lower USM and MRO parts sales, as well as lower revenue from our Roswell, New Mexico facility due to lower stored aircraft.
Nick Finazzo, Chief Executive Officer at AerSale, stated, "Our first quarter performance reflects continued progress in growing the more recurring parts of our business through increased leasing activity and disciplined execution across our platform. During the quarter, we commenced work at our Millington facility following the award of a long--term, multi--line regional airline maintenance agreement and at our expanded Aerostructures facility. These expansion projects resulted in expected start--up costs, which created modest margin pressure that we expect to normalize as volumes increase and operations mature."
Mr. Finazzo continued, "We also continued to execute on our leasing strategy with the placement of an additional B757 freighter, ending the quarter with three aircraft on lease and one additional aircraft under letter of intent. With a strong inventory position and expanding capacity, we remain focused on monetizing our assets and delivering a more consistent earnings profile over time."
Asset Management Solutions Segment ("AMS") revenue increased 10.0% to $43.1 million during the first quarter of 2026 compared to $39.2 million in the first quarter of 2025. Excluding flight equipment sales, total revenue in the first quarter of 2026 increased 1.3% to $37.9 million from $37.5 million in the prior year, driven by increased leasing activity and favorable engine mix, partially offset by lower USM volume. The Company had 18 engines and three B757 freighter aircraft on lease in the current quarter, compared to 16 engines and one B757 freighter on lease in the prior year period.
Technical Operations ("TechOps") revenue increased 3.4% to $27.5 million in the first quarter of 2026 compared to $26.6 million in the first quarter of 2025, driven primarily by higher revenue from on--airport MRO operations. Revenue growth was led by increased storage work scope in Goodyear, Arizona and by the continued ramp--up of operations in Millington, Tennessee in support for a recently awarded long term CRJ multi-line maintenance agreement. These increases were partially offset by lower MRO parts sales during the quarter.
Gross margin decreased to 26.7% for the first quarter of 2026 compared to 27.3% in the same period last year, as TechOps margins declined due to start--up and training costs related to the CRJ lines in Millington and the expansion in Aerostructures. In addition, Goodyear incurred higher labor costs in the quarter as it ramped up labor in anticipation of demand during the remainder of the year.
Selling, general, and administrative expenses were $22.2 million in the first quarter of 2026 versus $24.6 million in the first quarter of 2025. AerSale incurred $1.8 million of share-based compensation expense in the first quarter of 2026 versus $1.2 million in the first quarter of 2025. The favorable cost reductions are a result of our efficiency initiatives that have reduced overall costs, as well as one-time severance charges incurred in the prior year period.
Loss from operations was $3.3 million in the first quarter of 2026 compared to $6.6 million in the first quarter of 2025.
Income tax benefit was $1.0 million in the first quarter of 2026, compared to $0.7 million in the first quarter of 2025. The Company's effective tax rate was 22.6% in the first quarter of 2026 compared to 12.0% in the first quarter of 2025.
Net loss for the first quarter of 2026 was $3.5 million, compared to a net loss of $5.3 million in the prior year. During the first quarter of 2026, the Company recognized $1.8 million of share-based compensation expenses within payroll expenses, $1.6 million in non-cash inventory write-downs, and $0.1 million in facility relocation costs. Excluding these non-cash and unusual items and adjusted for tax, adjusted net income1 was $0.1 million in the first quarter of 2026, compared to an adjusted net loss1 of $2.7 million in the first quarter of 2025.
Diluted loss per share was $0.07 for the first quarter of 2026 compared to a diluted loss per share of $0.10 in the first quarter of 2025. Adjusted for the non-cash and unusual items noted above, adjusted diluted earnings per share1 was $0.00 for the first quarter of 2026, compared to an adjusted diluted per share loss of $0.05 for the first quarter of 2025.
Conference Call Information
The Company will host a conference call today, May 7, 2026 at 4:30 pm Eastern Time to discuss these results. A live audio webcast will be available to the public on a listen-only basis at https://ir.aersale.com/news-events/events. An archived replay of the webcast will also be available on the Investors portion of the AerSale website at https://ir.aersale.com/ for one year.
Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, including adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share. AerSale defines adjusted EBITDA as net income (loss) excluding interest expense, depreciation and amortization, income tax expense (benefit), and other non-cash, non-recurring or unusual items. Adjusted net income (loss) is defined as net income (loss) excluding mark-to-market adjustments relating to our private warrants, stock-based compensation expense, inventory write-offs and other non-cash, non-recurring or unusual items. Adjusted diluted earnings (loss) per share is adjusted net income divided by the diluted weighted average number of shares outstanding during the measurement period.
AerSale believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to AerSale's financial condition and results of operations. AerSale's management uses certain of these non-GAAP measures to compare AerSale's performance to that of prior periods for trend analyses and for budgeting and planning purposes. These non-GAAP measures should not be construed as an alternative to net income (loss) or net income (loss) margin as an indicator of operating performance or as an alternative to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP).
You should review AerSale's financial statements and not rely on any single financial measure to evaluate AerSale's business. Other companies may calculate adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share differently, and therefore AerSale's adjusted EBITDA, adjusted net income (loss), or adjusted diluted earnings (loss) per share measures may not be directly comparable to similarly titled measures of other companies.
Reconciliations of net income (loss), the Company's closest GAAP measure, to adjusted EBITDA, adjusted net income (loss), and adjusted diluted earnings (loss) per share, are outlined in the tables below following the Company's condensed consolidated financial statements.
End Notes
(1) Adjusted net income (loss), adjusted EBITDA and adjusted
diluted earnings (loss) per share are non-GAAP measures.
See "Non-GAAP Financial Measures" and "Adjusted EBITDA,
Adjusted Net Income (Loss) and Adjusted Basic/Diluted
(Loss) Earnings Per Share Reconciliation Table" at
the end of this press release for a discussion of
why we believe these non-GAAP measures are useful
together with a detailed reconciliation of these measures
to their most directly comparable GAAP (Generally
Accepted Accounting Principles) measure.
(2) Aircraft and engines held for lease refers to the
financial statement line item Aircraft and engines
held for lease, net on the Condensed Consolidated
Balance Sheet, which is comprised of assets' cost
net of accumulated depreciation.
First Quarter 2026 Financial Results
AERSALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31,
2026 2025
Revenue:
Products $ 35,304 $ 37,122
Leasing 11,846 7,501
Services 23,464 21,153
Total revenue 70,614 65,776
Cost of sales and operating
expenses:
Cost of products 24,023 27,639
Cost of leasing 4,463 3,008
Cost of services 23,247 17,164
Total cost of sales 51,733 47,811
Gross profit 18,881 17,965
Selling, general and
administrative expenses 22,213 24,612
Loss from operations (3,332) (6,647)
Other (expense) income:
Interest expense, net (2,130) (1,181)
Other income, net 1,007 1,888
Change in fair value of warrant
liability - (57)
Total other (expense) income,
net (1,123) 650
Loss before income tax
provision (4,455) (5,997)
Income tax benefit 1,005 720
Net loss $ (3,450) $ (5,277)
Loss per share:
Basic $ (0.07) $ (0.10)
Diluted $ (0.07) $ (0.10)
Weighted average shares
outstanding:
Basic 47,240,034 52,338,258
Diluted 47,240,034 52,338,258
AERSALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Balance Sheet
(in thousands, except share data)
(Unaudited)
March 31, December 31,
2026 2025
----------- --------------
Current assets:
Cash and cash equivalents $ 2,085 $ 4,379
Accounts receivable, net of allowance for
credit losses of $1,098 and $1,173 as of
March 31, 2026 and December 31, 2025,
respectively 47,116 42,654
Income tax receivable 1,126 1,728
Inventory:
Aircraft, airframes, engines, and parts 214,703 205,379
Advance vendor payments 4,900 5,679
Deposits, prepaid expenses, and other
current assets 12,085 9,170
------- ----------
Total current assets 282,015 268,989
Fixed assets:
Aircraft and engines held for lease, net 121,489 102,361
Property and equipment, net 31,998 32,006
Inventory:
Aircraft, airframes, engines, and parts 154,783 158,385
Operating lease right-of-use assets 28,873 30,130
Deferred income taxes 9,735 8,784
Deferred financing costs, net 925 1,024
Other assets 578 586
Goodwill 19,860 19,860
Other intangible assets, net 17,810 18,347
------- ----------
Total assets $ 668,066 $ 640,472
======= ==========
Current liabilities:
Accounts payable $ 31,260 $ 29,645
Accrued expenses 7,198 7,233
Income tax payable 324 329
Lessee and customer purchase deposits 2,123 780
Current operating lease liabilities 4,114 4,313
Current portion of long-term debt 993 993
Deferred revenue 724 530
Deferred insurance proceeds 28,610 28,610
------- ----------
Total current liabilities 75,346 72,433
Revolving credit facility 137,796 110,053
Long-term debt 1,036 1,284
Long-term lease deposits 3,182 3,492
Long-term operating lease liabilities 27,150 28,190
Maintenance deposit payments and other
liabilities 773 589
------- ----------
Total liabilities 245,283 216,041
------- ----------
Stockholders' equity:
Common stock, $0.0001 par value. Authorized
200,000,000 shares; issued and outstanding
47,241,615 and 47,221,513 shares as of March
31, 2026 and December 31, 2025,
respectively 5 5
Additional paid-in capital 278,531 276,729
Retained earnings 144,247 147,697
------- ----------
Total stockholders' equity 422,783 424,431
------- ----------
Total liabilities and stockholders' equity $ 668,066 $ 640,472
======= ==========
AERSALE CORPORATION AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Three Months Ended March 31,
--------------------------------------
2026 2025
--------------- --------------
Cash flows from operating
activities:
Net loss $ (3,450) $ (5,277)
Adjustments to reconcile net
income to net cash used in
operating activities
Depreciation and amortization 6,138 4,943
Amortization of debt issuance
costs 99 90
Amortization of operating lease
assets 18 53
Inventory reserve 2,732 829
Deferred income taxes (951) (403)
Change in fair value of warrant
liability - 57
Share-based compensation 1,802 1,160
Changes in operating assets
and liabilities:
Accounts receivable (4,462) (5,221)
Income tax receivable 602 (239)
Inventory (29,941) (39,709)
Deposits, prepaid expenses,
and other current assets (2,915) 873
Other assets 8 (35)
Advance vendor payments 779 107
Accounts payable 1,615 (6,647)
Income tax payable (5) -
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