French Facility Advances Civil and Military Engine Research

Vertical Aerospace and Bristow Advance the Future of Air Mobility Strategic Partnership to Overcome Industry Challenges In June 2025, Vertical Aerospace (NASDAQ: EVTL) and Bristow Group (NYSE: VTOL) announced an enhanced strategic alliance aimed at accelerating the commercialization of electric vertical take-off and landing (eVTOL) aircraft. This collaboration seeks to tackle two of the most persistent obstacles in advanced air mobility (AAM): the high costs of entry and the operational complexities involved. For investors and industry observers, the partnership represents a significant step toward transitioning eVTOL technology from a speculative concept to practical, widespread deployment. Central to this alliance is Vertical Aerospace’s VX4 eVTOL, a four-passenger, zero-emission aircraft, which will be integrated with Bristow’s extensive global infrastructure and aviation safety expertise. Together, the companies are introducing a turnkey “ready-to-fly” model that enables customers to lease or purchase aircraft while outsourcing critical services such as maintenance, pilot training, certification, and insurance to the partners. This model, inspired by traditional airline partnerships but adapted for the unique demands of AAM, aims to reduce the capital and regulatory barriers that have historically hindered new market entrants. This approach allows regional airlines and smaller operators to deploy VX4 aircraft for short-haul passenger services without the need for significant investment in ground crews or maintenance facilities, thereby democratizing access to advanced air mobility. Leveraging Bristow’s Aviation Expertise and Infrastructure Bristow brings over 75 years of experience in aviation safety, with a background spanning search and rescue, emergency medical services, and offshore operations. Its global network of Air Operator Certificates (AOCs) and Maintenance, Repair, and Overhaul (MRO) facilities will provide a robust foundation for the operational reliability of the VX4. The integration of Bristow’s safety protocols with Vertical’s cloud-connected aircraft architecture enables real-time data analysis, facilitating predictive maintenance and risk mitigation. This capability is crucial for building confidence among regulators and the public alike. Market Dynamics and Competitive Pressures Bristow’s commitment to pre-order up to 50 VX4 units, with options for an additional 50, signals strong confidence in the aircraft’s commercial potential. This builds on Vertical’s existing backlog of over 1,500 pre-orders from major airlines including American Airlines and Japan Airlines. The market response has been positive, with Bristow doubling its pre-orders under a wet-lease agreement, reflecting robust demand. Nevertheless, the partnership faces significant competition. U.S.-based companies such as Archer and Joby Aviation are emerging as dominant players in Europe’s AAM market, while the collapse of European eVTOL startups like Lilium and Volocopter underscores the sector’s volatility. Vertical’s ongoing financial challenges add further uncertainty, although Bristow’s operational expertise and global reach offer a pathway to mitigate risks and expedite certification processes. Technical Advancements and Global Expansion The VX4’s hybrid-electric variant, unique within its class, expands its operational capabilities to include long-range missions such as emergency response and cargo transport. Recent milestones, including the aircraft’s first wingborne flight in European airspace, mark important progress toward regulatory certification. Bristow’s international presence positions Vertical to access emerging markets in Asia and the Middle East, regions where governments are actively investing in AAM infrastructure. Outlook The partnership between Vertical Aerospace and Bristow presents a compelling model for scaling advanced air mobility. However, the goal of achieving commercial operations by 2025 remains challenging. The competitive landscape, marked by well-funded U.S. rivals and the financial instability that has affected other European startups, highlights the hurdles ahead. Nonetheless, by combining Vertical’s technological innovation with Bristow’s operational strength, the alliance aims to establish new standards for safe, scalable, and accessible air mobility.

Calgary Launches YYC AeroNex to Drive Aviation Innovation The Calgary Airport Authority has unveiled YYC AeroNex, a new aviation innovation hub designed to establish Calgary as a key player in the global air transport industry. This initiative aims to address persistent technology and infrastructure gaps within Canada’s aviation sector by focusing on advanced maintenance capabilities, sustainable fuel development, and workforce training. YYC AeroNex is poised to transform the operational landscape for Canadian airlines, enhancing their competitiveness on the international stage. Advancing Maintenance and Sustainable Aviation At the heart of YYC AeroNex is a C$120 million (US$87.5 million) Maintenance, Repair, and Overhaul (MRO) facility, developed in partnership with Lufthansa Technik. This facility will feature Canada’s only engine test cell of its kind and will dedicate space to the development of sustainable aviation fuels (SAF). Rob Bachart, Chief Real Estate Officer at the Calgary Airport Authority, highlighted the significance of this infrastructure, noting that Canadian airlines currently must send aircraft or engines abroad for maintenance, a process that increases costs, turnaround times, and emissions. The new facility aims to reduce these inefficiencies, thereby lowering operating costs and emissions while improving service speed. The project is supported by C$172 million in financing from the Canada Infrastructure Bank, complemented by commercial lenders. Bachart emphasized that the decision by Lufthansa Technik to establish operations in Calgary was influenced by the city’s strong innovation ecosystem, access to skilled labor, and expanding cargo and passenger traffic. These factors position Calgary as an attractive hub for long-term operational growth and talent development in the aviation sector. Addressing Industry Challenges and Fostering Collaboration Despite its promising outlook, YYC AeroNex faces challenges common to the aviation industry, including the recruitment and retention of skilled workers and the need to build partnerships with established aviation service providers. As demand for air travel and aircraft maintenance grows, the hub’s success will depend on its ability to overcome workforce shortages and infrastructure limitations. In addition to its maintenance and fuel initiatives, YYC AeroNex will collaborate with post-secondary institutions to develop specialized educational programs. These programs aim to cultivate long-term careers in maintenance, engineering, and emerging technologies such as sustainable fuels, thereby strengthening the talent pipeline for the aviation industry. All four initial projects under YYC AeroNex are expected to be operational by 2029. The Calgary Airport Authority plans to measure the hub’s impact on the national aviation ecosystem through ongoing partnerships with government, industry, and academic stakeholders. Bachart underscored that YYC AeroNex represents more than just infrastructure development; it is a strategic effort to build a future-focused ecosystem that fosters innovation, attracts investment, and secures Canada’s position in the evolving global aviation landscape.

Why US Airlines Did Not Order the Boeing 747-8 The Boeing 747 has long been an emblem of American aviation, celebrated as a flagship aircraft for major US carriers and a symbol of luxury air travel. Despite this illustrious history, the final iteration—the Boeing 747-8—never secured orders from any US passenger airline. Of the 155 747-8s produced between 2008 and 2023, the overwhelming majority were deployed as cargo freighters, with only a limited number of passenger variants sold exclusively to foreign carriers. Economic and Industry Shifts This absence is particularly notable given the 747’s historic prominence in the US market. When the original 747 was introduced, it was eagerly embraced by American airlines for their most prestigious and high-capacity routes. However, by the time the 747-8 entered production, the aviation industry had undergone significant transformation. The primary factor behind the lack of domestic passenger orders was economic. Newer twin-engine aircraft such as the Boeing 777 offered airlines enhanced fuel efficiency, greater operational flexibility, and improved profitability. The 747-8, with its four engines and larger size, could not match the cost advantages of these modern twinjets, making it less attractive to US carriers focused on optimizing their fleets. Beyond pure economics, broader political and industry dynamics also influenced the 747-8’s reception. During the aircraft’s production period, the Trump administration imposed tariffs on imported aircraft and components, creating uncertainty for US airlines contemplating new purchases. Delta Air Lines publicly warned that these tariffs threatened to disrupt not only Airbus acquisitions but also future aircraft procurement more generally. Boeing itself faced retaliatory tariffs from other countries, complicating international aerospace transactions. Additionally, the administration’s scrutiny of the Qatari 747-8 as a potential Air Force One replacement underscored the complex political environment surrounding the aircraft. High-profile incidents, including the Air India accident involving a 747-8 and skepticism expressed by Airbus’ CEO regarding order prospects at the Paris Air Show, further contributed to a cautious atmosphere among US airlines. The Legacy of the Jumbo Jet in the US The decline of the 747 in the US passenger market is also intertwined with the fate of Pan Am, the original launch customer and most iconic operator of the jumbo jet. Pan Am’s identity was closely tied to the “Queen of the Skies,” but the airline struggled to navigate the challenges of deregulation and financial strain. It ultimately declared bankruptcy in 1991, citing factors such as rising fuel costs during the Persian Gulf crisis, the tragic terrorist bombing of Flight 103, and mounting legal and regulatory burdens. Many analysts argue that Pan Am’s reluctance to transition away from the jumbo jet and modernize its fleet contributed to its downfall. Today, only a small number of 747-8 Intercontinental (747-8I) passenger aircraft remain in service, primarily with international airlines. The “I” designation reflects the aircraft’s design for long-haul intercontinental routes. In the United States, however, the era of the jumbo jet has effectively ended, supplanted by more efficient and versatile aircraft like the Boeing 777X. While the 747-8’s legacy endures as a milestone in aviation history, its absence from American passenger fleets highlights the evolving priorities and economic realities shaping the modern airline industry.

BigBear.ai’s AI Security Solutions Support Aviation Recovery Amid Evolving Threats As the global aviation industry recovers from the disruptions caused by the COVID-19 pandemic, it confronts a dual challenge: managing a surge in passenger volumes while countering increasingly sophisticated security threats. BigBear.ai (NYSE: BBAI) is positioning itself at the forefront of this evolving landscape. The company’s recent collaboration with Analogic to integrate its AI-driven threat detection technology into CT scanners represents a pivotal advancement in aviation security, enabling BigBear.ai to capitalize on the expanding $20 billion global market. Strategic Integration of AI and Hardware BigBear.ai’s Pangiam® Threat Detection platform has been embedded into Analogic’s ConneCT™ CT scanners, marking a significant innovation in airport security protocols. By utilizing artificial intelligence to analyze CT scan data in real time, the system enhances threat identification accuracy while reducing false positives—an essential improvement for airports aiming to expedite passenger processing. The platform’s open-architecture design offers airports the flexibility to integrate diverse hardware and software components, safeguarding their investments against rapid technological obsolescence. CEO Kevin McAleenan emphasizes that this adaptability allows airports to “respond to emerging threats without overhauling their entire infrastructure.” Nonetheless, the dynamic nature of AI security introduces new vulnerabilities. Emerging risks such as agentic AI exploits, data poisoning, and model deserialization highlight the necessity for a secure-by-design framework. BigBear.ai is committed to continuously evolving its solutions by incorporating specialized AI security measures to counter both conventional and novel threats effectively. Financial Performance and Market Momentum BigBear.ai’s financial results for the first quarter of 2025 underscore its growing influence in the aviation security sector. The company reported a 5% year-over-year revenue increase, reaching $34.8 million, driven by contracts with the Department of Homeland Security and initiatives in digital identity verification. Its backlog expanded by 15% compared to 2024, totaling $385 million, reflecting strong demand for its biometric and AI-powered systems deployed at U.S. ports of entry. Despite narrowing its net loss to $62 million from $127.8 million in the previous year’s quarter, the company continues to operate at a loss. Management remains optimistic, reaffirming full-year revenue guidance between $160 million and $180 million and projecting losses in the single-digit millions. The stock has declined approximately 30% year-to-date, reflecting investor caution over sustained losses, yet this downturn may present an entry point ahead of anticipated margin improvements. Drivers of Growth in Aviation Security The sector’s expansion is propelled by two primary trends. First, airports are modernizing legacy screening systems by adopting AI-enhanced technologies. Analogic’s extensive installed base of over 3,000 CT scanners provides a substantial market for BigBear.ai’s software solutions. Second, governments are increasingly mandating biometric systems that link traveler identities to threat databases, an area where BigBear.ai’s AI capabilities are particularly effective. Automation of threat detection not only enhances accuracy but also reduces the need for manual staffing. Industry estimates suggest that CT scanners equipped with Pangiam technology can process approximately 20% more passengers daily compared to traditional systems, thereby improving operational efficiency. Challenges and Competitive Environment BigBear.ai faces several challenges in its pursuit of market leadership. Delays in government funding have contributed to excess capacity costs, while Analogic’s CT scanners compete against established industry players such as Smiths Detection and Thales. The broader AI security market is intensely competitive, with significant investments from major technology firms potentially exerting downward pressure on prices and profit margins. Competitors are also likely to adopt similar AI-driven security solutions to maintain their market share. Additionally, declining public trust in AI—fueled by concerns over security vulnerabilities—poses a significant national security risk. Developing robust and trustworthy AI systems is critical not only for operational success but also for sustaining public confidence in these technologies. Investment Perspective Trading at $2.80 per share, BigBear.ai’s stock is valued at approximately 7.5 times the midpoint of its 2025 revenue guidance, representing a discount relative to peers such as Palantir Technologies (PLTR). Analysts’ consensus target price of $4.00 implies a potential upside of 43%, contingent on the company’s ability to improve profit margins. While the investment remains speculative, BigBear.ai’s strategic focus on secure, adaptable AI solutions positions it as a noteworthy contender in the rapidly evolving aviation security market.

Startup SiriNor Advances Emission-Free Jet Engine Technology Groundbreaking Prototype Achieves Key Milestone SiriNor, a startup operating out of India and Norway, has successfully completed ground testing of its pioneering emission-free electric jet engine prototype. The test, conducted in Pune, India, marked a significant achievement as the engine reached Technology Readiness Level 6 (TRL6) under NASA’s evaluation framework. This milestone signals the engine’s readiness for demonstration in relevant environments, underscoring the potential for transformative impact on the future of aviation. During the controlled laboratory tests, the engine exceeded its design expectations by achieving rotational speeds surpassing 40,000 revolutions per minute and generating a thrust of 10 kilogram-force. These results validate the engine’s scalability and adaptability, highlighting its promise for various aerospace applications. By eliminating combustion processes, SiriNor’s design offers a 30% reduction in manufacturing costs and decreases maintenance requirements by up to 40%, factors that could lead to more affordable air travel and reduced shipping expenses. Environmental and Industry Implications The environmental advantages of SiriNor’s electric jet engine are considerable. Aviation was responsible for approximately 2.4% of global carbon dioxide emissions in 2018, according to data from the Environmental and Energy Study Institute. Transitioning to electric propulsion systems like SiriNor’s could substantially lower these emissions, contributing to cleaner air and mitigating the aviation sector’s environmental footprint. The company’s approach draws parallels to the impact electric vehicles have had in reducing pollution and maintenance costs in ground transportation. Despite these promising developments, SiriNor faces significant challenges as it advances toward commercialization. Securing adequate funding, navigating stringent regulatory landscapes, and managing inherent technological risks remain critical obstacles. Investor caution is expected given the high capital requirements and uncertainties associated with novel engine technologies. Additionally, established aerospace manufacturers are likely to intensify their research and development efforts, form strategic alliances, or pursue acquisitions to maintain competitive advantage. The recent expansion of Kratos Defense’s advanced manufacturing capabilities for GEK turbojet engines in Oklahoma exemplifies the dynamic and competitive nature of the sector. Future Prospects and Industry Outlook SiriNor has outlined an ambitious roadmap, aiming to commercialize its engines for unmanned aerial vehicles by mid-2026, obtain seaplane certification by 2027, and target regional aircraft markets by 2030. The company envisions eventual adoption of its technology in commercial passenger aircraft, positioning itself at the forefront of sustainable aviation innovation. Abhijeet Inamdar, co-founder and CEO of SiriNor India, emphasized the company’s commitment to sustainability and adaptability, stating, “This is about shaping the next era of aviation — and we’re proud to be building it from India.” Early investor Alok B Shriram, senior managing director and CEO of DCM Shriram Industries, highlighted the significance of the achievement as “serious, homegrown technology built in India” and expressed confidence in its role as the future of aviation. As the aerospace industry continues to evolve amid technological advancements and increasing environmental pressures, SiriNor’s progress will be closely monitored as a potential catalyst for cleaner, more efficient air travel on a global scale.

Corrosion Threatens Engines of Key MSDF Patrol Aircraft Engine corrosion is increasingly compromising the operational reliability of patrol aircraft critical to the Maritime Self-Defense Force’s (MSDF) surveillance of Chinese submarines and suspicious vessels in Japanese waters, according to a recent report by Japan’s Board of Audit. These aircraft, which conduct prolonged low-altitude flights over the ocean, are particularly vulnerable to corrosion-related engine malfunctions. This emerging issue now presents significant challenges to Japan’s maritime security operations. Operational Impact and Industry Implications The Board of Audit did not disclose the exact number of affected aircraft, citing Defense Ministry security protocols. Nevertheless, the corrosion problem has raised serious concerns about diminished mission readiness and rising maintenance expenditures. Industry analysts suggest that this situation may accelerate demand for advanced corrosion-resistant materials and technologies, as both operators and manufacturers seek to mitigate future risks. Competitors in the aerospace sector might respond by enhancing engine durability and expanding after-sales support services. Additionally, the anticipated market for leasing new-generation engines could be affected, as operators reassess risk management strategies in light of these vulnerabilities. The P1 Patrol Aircraft: Development and Challenges The P1 patrol aircraft, Japan’s first domestically produced maritime patrol model, was initially celebrated for its advanced submarine detection and tracking capabilities. There were ambitions to export the aircraft internationally, but these plans faltered amid technical difficulties. As of September 2024, 35 P1 aircraft—primarily manufactured by Kawasaki Heavy Industries Ltd.—were deployed across MSDF bases nationwide. The P1, which entered service in 2013, replaced the U.S.-made P3C model supplied by Lockheed Martin Corp. According to the audit, the total development, procurement, and repair costs for the P1 through fiscal 2023 amounted to 1.776 trillion yen (approximately $12.3 billion). The Defense Ministry’s Acquisition, Technology and Logistics Agency plans to eventually field 61 P1 aircraft, with projected expenditures reaching 4.090 trillion yen. Despite early recognition of the corrosion issue, IHI Corp., responsible for engine development, initially dismissed the malfunctions as coincidental, delaying corrective measures. The MSDF considers the P1’s operation essential due to its sophisticated detection systems, especially as increased Chinese vessel activity has necessitated more frequent and intensive patrols. A senior MSDF officer acknowledged that the relentless operational tempo was not anticipated during the aircraft’s development, exposing further vulnerabilities. Developmental and Structural Obstacles The P1’s development encountered significant hurdles. Japanese engineers were compelled to design much of the aircraft’s technology independently, as U.S. systems used in the P3C were inaccessible. Budget constraints at the time further limited the scope of development. Moreover, a “stovepipe” organizational structure, which separated ministry bureaucrats from Self-Defense Force officers, impeded effective information sharing, according to a high-ranking Defense Ministry official. The Board of Audit also identified issues with onboard electronic equipment and weapons systems, which have grounded some aircraft. Technical problems contributed to the failure of the P1 to participate in the 2017 Paris Air Show, effectively ending hopes for exporting the model. As corrosion continues to threaten the MSDF’s patrol fleet, the Defense Ministry and industry stakeholders face mounting pressure to address these vulnerabilities and ensure the resilience of Japan’s maritime surveillance capabilities.

International Civil Aviation Organisation to Join Air India Crash Investigation as Observer ICAO’s Unprecedented Involvement in a High-Profile Aviation Disaster The International Civil Aviation Organisation (ICAO) is set to participate as an observer in the investigation of the Air India Flight 171 crash, following India’s approval of the UN aviation body’s formal request. The request, submitted on June 20, cited the critical nature of the incident and the significant public interest it has generated. This development marks a rare instance of ICAO seeking direct involvement in an accident probe, underscoring the gravity of the tragedy. The crash occurred on June 12 shortly after takeoff from Ahmedabad, resulting in at least 271 fatalities. The disaster has drawn intense international scrutiny, with 52 British nationals among the victims and Boeing, the aircraft’s manufacturer, based in the United States. Both UK and US authorities have been involved in the investigation to date, although it remains unclear whether either government formally requested ICAO’s participation. An official familiar with the matter explained that ICAO’s offer to join the investigation reflects the incident’s critical importance and widespread public concern. India’s acceptance of this offer is expected to lead to the designation of an ICAO observer within days. This move is considered highly unusual, as ICAO’s own guidelines under Annex 13 typically restrict its involvement in accident investigations unless explicitly invited by the state with jurisdiction. Expert Perspectives on ICAO’s Role and Investigation Challenges JS Rawat, former joint director general of India’s Directorate General of Civil Aviation (DGCA), emphasized the exceptional nature of ICAO’s request, noting that in his more than 30 years of experience, this is the first time the organisation has sought to participate in an investigation in this manner. Correspondence reviewed from India’s ICAO representative to the civil aviation secretary highlighted that the presence of an observer would significantly enhance the efficiency and effectiveness of the ongoing probe. Aviation safety expert Mohan Ranganathan clarified that ICAO’s role, along with that of other international stakeholders such as the UK Civil Aviation Authority, Boeing, and the US National Transportation Safety Board, will remain limited. The Aircraft Accident Investigation Bureau (AAIB) of India retains full responsibility for conducting the investigation, with external parties providing assistance only as requested. Typically, ICAO’s observer role involves advising on compliance with Annex 13 requirements rather than direct investigative authority. The investigation faces considerable challenges, including the complex task of determining the precise causes of the crash, which may involve both technical failures and human factors. The recovery and analysis of the flight data recorder are expected to be pivotal in reconstructing the sequence of events leading to the disaster. Broader Implications for Aviation Industry and Air India The crash has already begun to reverberate across the aviation sector, particularly impacting the insurance market, which is anticipated to harden due to increased risk perceptions. This effect is especially pronounced in India, where the aviation industry has been grappling with financial losses. Competitors and regulators may respond with heightened scrutiny and revisions to safety protocols in the wake of the tragedy. For Air India, the incident represents a significant challenge amid its ongoing transformation under the Vihaan.AI program, which aims to elevate the airline to a “world-class global” status. The findings of the investigation and the subsequent industry response are likely to have enduring consequences for both the airline and the wider aviation community. Requests for comment from the civil aviation ministry and ICAO were not answered.

Thai Airways Revives THB 10 Billion MRO Project, Plans Investment This Year Thai Airways is set to revive its long-delayed maintenance, repair, and overhaul (MRO) project, valued at THB 10 billion, with intentions to commence investment within the current year. This development marks a significant step for the national carrier as it seeks to rebuild and expand following its emergence from bankruptcy proceedings. However, industry experts caution that the project faces considerable challenges in a competitive and highly regulated environment. Strategic Ambitions and Market Challenges The MRO facility was initially designed to establish Thailand as a key regional aviation hub, requiring substantial capital outlay and compliance with stringent regulatory standards. Thai Airways will confront intense competition from established regional players, notably Garuda Indonesia’s GMF AeroAsia, which currently holds a dominant position in the Southeast Asian MRO market. The airline’s ability to secure funding and execute the project effectively remains under scrutiny, particularly given its recent financial restructuring. Market responses to the announcement have been mixed. While some stakeholders view the initiative as a positive indicator of Thailand’s commitment to strengthening its aviation infrastructure, others express reservations about Thai Airways’ financial stability and capacity to deliver on such an ambitious project so soon after emerging from bankruptcy. Analysts highlight that lingering concerns over investor confidence could complicate efforts to attract the necessary capital. Competitive Dynamics and Future Outlook Rival airlines are expected to monitor Thai Airways’ progress closely, with some likely to enhance their own maintenance capabilities or adjust route strategies to safeguard market share. The competitive landscape has already evolved with the recent launch of a joint venture between Thai Airways and Turkish Airlines on the Bangkok-Istanbul route, a strategic move that may further influence regional market dynamics and prompt additional responses from competitors. Despite these obstacles, Thai Airways remains optimistic about the MRO project’s potential to create new revenue streams and support the airline’s long-term recovery. The company has indicated readiness to proceed with investment this year, contingent upon receiving final regulatory approvals. As the global aviation sector continues its recovery from the pandemic, the success of Thai Airways’ MRO initiative will be closely observed as a key indicator of both the airline’s future prospects and Thailand’s broader ambitions to become a leading aviation hub in the region.

Air T, Inc. Files Annual SEC Form 10-K, Reports Revenue Growth Amid Market Challenges Air T, Inc., a diversified holding company with operations spanning overnight air cargo, ground support equipment, commercial aircraft, engines and parts, and digital solutions, has submitted its annual Form 10-K filing with the Securities and Exchange Commission. The report provides a comprehensive overview of the company’s financial performance, operational developments, and strategic priorities, while also addressing the challenges it faces in a competitive and evolving market environment. Financial Performance and Segment Analysis In the fiscal year ending March 31, 2025, Air T reported total revenues of $291.9 million, marking a 2% increase compared to the previous year. This growth was primarily driven by higher labor revenues and a significant rise in software subscription sales. Operating income improved by $0.6 million to $1.9 million, largely due to increased sales of higher-margin component packages. However, the company recorded a net loss of $5.4 million, reflecting an expansion in net losses year-over-year. This was mainly attributable to elevated interest expenses and volatility in the fair value of interest rate swap contracts. The net loss attributable to stockholders stood at $6.1 million, with a loss per share of $2.23 on both a basic and diluted basis. Air T’s operations are organized into four principal segments, each managed independently and offering distinct products and services. The Overnight Air Cargo segment, operated through Mountain Air Cargo, Inc. (MAC) and CSA Air, Inc. (CSA), maintains a longstanding partnership with FedEx, operating and maintaining a fleet of 103 aircraft under dry-lease agreements as of the end of the fiscal year. The Ground Support Equipment segment, represented by Global Ground Support, LLC (GGS), manufactures and services aircraft deicers and specialized equipment. This segment experienced a 5% revenue increase, supported by robust spare parts sales and a backlog valued at $14.3 million. Conversely, the Commercial Aircraft, Engines and Parts segment, which includes Contrail Aviation Support, LLC and Jet Yard, LLC, saw a 6% decline in revenue. This decrease was driven by a reduced supply of whole assets available for tear-down or resale. The Digital Solutions segment, comprising WorldACD Market Data B.V. and Ambry Hills Technology, LLC, recorded a substantial 26% increase in revenue, fueled by higher sales of software subscriptions. Operational Developments and Strategic Outlook Operationally, GGS delivered 15 deicers to the U.S. Air Force during fiscal 2025 and has secured confirmed orders for 16 additional units in fiscal 2026. In a notable milestone, MAC operated the first commercial revenue-service flight for the Cessna 408 SkyCourier in 2023, highlighting Air T’s role in introducing new aircraft models to the market. The Overnight Air Cargo segment services routes across the eastern United States, the upper Midwest, and the Caribbean, with FedEx remaining a key customer. Amid a challenging market environment characterized by inflationary pressures and shifting trade policies, Air T continues to prioritize operational efficiency and risk management. The company’s strategic focus remains on diversification and growth, with particular emphasis on expanding its digital solutions offerings, which are expected to be a significant driver of future performance. Potential challenges include managing financial and strategic risks, maintaining operational effectiveness, and responding to competitive pressures. Market responses will likely depend on Air T’s ability to execute its strategic initiatives effectively, while competitors may seek to enhance their own product portfolios to safeguard market share. Despite ongoing economic headwinds, Air T anticipates sustained demand for commercial aircraft, engines, and parts. The company remains committed to leveraging its diversified business model and strategic investments to foster growth, positioning digital solutions as a central pillar of its expansion strategy.

Delta Air Lines and the Airbus A330-900neo: A Unique Position in the U.S. Market Since its unveiling in 2014 and first flight in 2017, the Airbus A330-900neo has rapidly established itself as a preferred widebody aircraft for long-haul routes across the globe. Among U.S. carriers, Delta Air Lines holds a distinctive position as the only commercial airline operating this model domestically. Moreover, Delta is the largest operator of the A330-900neo worldwide, underscoring its strategic commitment to this aircraft type. Delta’s A330-900neo Fleet and Global Context Delta currently operates a fleet of 36 Airbus A330-900neos, with an additional three aircraft expected to be delivered by the end of the year, bringing the total to 39. According to aviation analytics firm Cirium, these aircraft provide over 500,000 seats monthly, primarily servicing long-haul routes spanning distances between 3,000 and 6,000 miles. The A330-900neo’s maximum seating capacity of 465 makes it an attractive option for airlines aiming to optimize passenger loads and profitability on high-demand international routes. Globally, the A330-900neo has seen 372 deliveries, significantly surpassing its smaller counterpart, the A330-800, which has recorded only 12 deliveries. Other prominent operators include Cebu Pacific with 16 aircraft, AirAsia X and Flynas each with 15, Cathay Pacific with 30, Virgin Atlantic with 13, TAP Air Portugal and Garuda Indonesia each with 12, and ITA Airways with 10. Launch Customers, Orders, and Delta’s Strategic Commitment TAP Air Portugal was the official launch customer for the A330-900neo, receiving its first aircraft at the end of 2018. However, Airbus records reveal that Delta placed its initial order for 25 A330-900neos as early as November 2014, subsequently increasing the order by 10 more aircraft in 2018. Presently, Delta has 35 active A330-900neos in service, with one temporarily inactive. Delta’s leadership in operating the A330-900neo is complemented by its unique status as the largest and sole U.S. operator of another Airbus widebody, the A350. This exclusive position has presented challenges, including potential impacts from tariffs on imported aircraft and parts, which could affect future Airbus orders and deliveries. Despite these uncertainties, Delta remains steadfast in its Airbus fleet strategy. The airline has downplayed competitive pressures, even as rivals such as IndiGo expand partnerships with Air France-KLM and Virgin Atlantic, and plan to include Delta as a partner for launching long-haul flights to Europe. While market responses to Delta’s A350 operations have been mixed, the carrier continues to express confidence in its international growth strategy. Delta’s Role in Shaping Long-Haul Air Travel Delta Air Lines’ significant investment in the Airbus A330-900neo and A350 reflects its dedication to deploying modern, fuel-efficient widebody aircraft for long-haul operations. As the largest global operator of the A330-900neo and the only U.S. airline flying both the A330-900neo and A350, Delta plays a pivotal role in defining the future of transcontinental and transatlantic air travel. The airline’s ongoing navigation of industry challenges and evolving competitive dynamics will remain critical to its position in the global aviation landscape.