エアセール（ASLE）2026年第3四半期決算説明会：売上高29%増、第4四半期はさらなる好調を見込む

エアセール・コーポレーション（NASDAQ: ASLE）が発表した2026年第3四半期決算は、エンジンの売却に加え、リース、中古使用可能部品（USM）、重整備（ヘビーMRO）、エンジニアード・ソリューションズの各事業の成長に支えられ、増収となった。しかし、MRO事業の立ち上げコストやリースマージンの低下が収益性を圧迫した。

主要なポイント

• 売上高は前年同期比29%増の9,160万ドルとなった。航空機材の売却を除いた売上高は16%増の8,230万ドルだった。
• 調整後EBITDAは前年同期の950万ドルから860万ドルに減少し、調整後EBITDAマージンは13.3%から9.3%に低下した。
• 売上総利益率は30.2%から22.5%に低下した。これは主に、エアセールが見込まれる需要に先駆けて人員と技術設備を拡充したことで、テックオプス（TechOps）部門の売上総利益が減少したことを反映している。
• 同社は1,340万ドルの非現金性ののれん減損損失を計上し、これにより最終損益は1,500万ドルの赤字（1株当たり損失は0.31ドル）となった。
• 経営陣は、米連邦保安官局（U.S. Marshals Service）との3,500万ドルのボーイング737取引を含む、すでに契約締結済みの航空機材売却に支えられ、第4四半期の業績は大幅に改善すると見込んでいる。
• 手元流動性は2,310万ドルとなった。経営陣は、第4四半期の資産売却によって投下資本と利益（リターン）を回収し、キャッシュフローと流動性が改善すると見込んでいる。

主要財務業績

事業および業績の動向

アセット・マネジメント・ソリューションズ

アセット・マネジメント・ソリューションズ部門の売上高は29%増の5,050万ドルとなった。航空機材売却を除く同部門の売上高は、リースおよび中古使用可能部品（USM）の好調に牽引され、6%増の4,130万ドルとなった。

リース収入は11%増の1,040万ドルとなった。当四半期末時点のリース物件はエンジン18基およびボーイング757貨物機5機となり、第2四半期末のエンジン18基および757貨物機3機から増加した。未配置の757貨物機は2機残っており、うち1機はリース、もう1機は売却の契約が締結されている。

同部門の売上総利益率は、主にリースマージンの低下により、前年同期の34.1%から30.5%に低下した。経営陣は、757の稼働率上昇やリースプールへの追加エンジンの投入に伴い、マージンは改善すると見込んでいる。

テックオプス（TechOps）

テックオプス部門の売上高は28%増の4,100万ドルとなったが、売上総利益率は25.3%から12.5%へ大幅に低下した。同社はこの低下について、需要拡大の予想に先立ち、人員、施設、技術設備への追加コストが発生したためと説明している。

エンジニアード・ソリューションズの売上高は、「AerSafe」キットの納入に牽引され、前年同期の220万ドルから840万ドルへと急増した。重整備（ヘビーMRO）の売上高は1,340万ドルから1,630万ドルに増加した一方、コンポーネントMROの売上高は1,630万ドルとほぼ横ばいだった。

航空構造物（エアロストラクチャーズ）の売上高は、9万平方フィートの施設拡張に伴い、前年同期比で57%以上増加した。ただし、売上高基盤の拡大は、新施設に伴う追加の固定費をまだ完全には吸収しきれていない。

着陸装置（ランディングギア）部門は、ボーイング787および主要な海外ボーイング737運航会社を対象とした契約に基づく初期作業を完了した。また、エアセールはA330機体の購入契約を確保し、新設したオーバーホール能力向けにさらに7セットの着陸装置を調達することとなった。

ミリントン施設では、地域航空会社からの整備点検2ラインが収益を生み出し、最近3本目の改修ラインが追加された。グッドイヤー施設では、スピリット航空の事業縮小の影響を受けたエアバスA320ceoおよびA320neo機からの整備需要が顕在化している。さらにエアセールは、北米の貨物航空会社からボーイング757および767の重整備に関する複数ラインの契約を受注した。

経営陣の見通し

経営陣は、通年の全社平均を上回るマージンを持つ契約締結済みの航空機材売却に支えられ、第4四半期の業績が大幅に強化されると見込んでいる。これらの取引には、先に発表された米連邦保安官局向けの3,500万ドルのボーイング737売却や、年内に完了予定のその他の売却案件が含まれる見通しである。

同社は第4四半期の正式な財務ガイダンスを提供しなかった。ただし、航空機材売却による売上総利益率の改善に加え、MROのスループット（処理能力）拡大と売上高の拡大に伴う固定費の吸収が進むことで、テックオプス部門の業績が向上すると予想している。

経営陣は、第4四半期のAerSafeの売上高が前年同期を上回ると見込んでいる。また、受注済み案件の立ち上がりに伴い、グッドイヤー、ミリントン、およびコンポーネントMRO事業は2027年にEBITDAでプラスに寄与する見通しであると述べた。

エアセールは、ミリントンとグッドイヤーの両施設で人員を増強し、交代勤務のシフトを追加する計画である。経営陣はまた、増加するリージョナル機（地域路線機）の需要に対応するため、ミリントンにある別の施設の活用も検討している。

リスク要因と注視すべきポイント

• 人件費、技術、施設への先行投資が関連収益に先行して発生しているため、テックオプス部門の収益性は依然として圧迫された状態が続いている。
• 年初来のフリーキャッシュフローはマイナス4,980万ドルとなり、リボルビング信用枠の借入残高は前期末の1億1,010万ドルから1億5,870万ドルに増加した。
• 第4四半期に見込まれる業績改善は、航空機材取引のタイミングおよびクロージング（取引完了）の成否に一部依存している。
• 1,340万ドルののれん減損損失は、エアセールの株価および時価総額の持続的な下落を受けて計上された。経営陣は、この非現金性費用は流動性、財務制限条項（デットコベナンツ）の遵守、今後の事業運営には影響を与えないと説明した。
• MRO事業のマージン改善は、スループットの向上、人員体制の着実な運用、ならびに受注済みおよび予想される顧客需要の順調な立ち上がりに左右される。

アナリスト向け質疑応答のハイライト

第4四半期の売上総利益率について問われたマーティン・ガルメンディア最高財務責任者（CFO）は、具体的な数値ガイダンスの提示は控えたものの、高利益率の航空機材売却とテックオプス部門の業務改善が前四半期比でのマージン改善を後押しするはずだと述べた。

MROの稼働状況について経営陣は、スピリット航空関連機材の整備作業が第3四半期後半から第4四半期初頭にかけて入り始めたと述べた。グッドイヤー施設は2027年を通じて人員稼働率がフル稼働状態になると予想されており、追加需要に対応するための採用活動も開始されている。

経営陣はまた、急速な業務立ち上げを経た後、ミリントン施設での従業員の離職率が安定したと説明した。グッドイヤーおよびミリントンでの固定費吸収の改善に加え、着陸装置およびその他のコンポーネント事業における取扱量の増加が、2027年からEBITDAのプラス寄与を後押しする見通しである。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good afternoon and welcome to the AerSale Corporation Third Quarter 2026 Earnings Conference Call. My name is Fran, and I'll be the operator assisting you today. [Operator Instructions]

I would now like to turn the call over to Jackie Carlon, Senior Vice President of Marketing. Please go ahead.

Jacqueline Carlon

Good afternoon. I'd like to welcome everyone to AerSale's third quarter 2026 earnings call. Conducting the call today are Nick Finazzo, Chief Executive Officer, and Martin Garmendia, Chief Financial Officer.

Before we discuss this quarter's results, we want to remind you that all statements made on this call that do not relate to matters of historical fact should be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding our current expectations for the business and our financial performance, as well as our expectations for the fourth quarter and the remainder of the year 2027, the timing and closing of pending flight equipment transactions, anticipated customer awards and contracts, margin improvement, and liquidity. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to be materially different from any future results.

Important factors that could cause actual results to differ materially from forward-looking statements are discussed in our earnings press release issued today, and in the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 10, 2026, its Form 10-Q for this quarter, which is to be filed shortly, and its other filings with the SEC. These documents identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those indicated by the forward-looking statements on this call. Forward-looking statements on this call speak only as of today, and except as required by law, we undertake no obligation to update or revise them.

This call is being webcast and recorded, and a replay will be available on our website. We'll also refer to non-GAAP measures that we view as important in assessing the performance of our business. Reconciliation of those non-GAAP metrics to the nearest GAAP metric can be found in the earnings release that is available on the Investors section of the AerSale website at ir.aersale.com.

After prepared remarks, we'll open the call for questions. With that, I'll turn the call over to Nick Finazzo.

Nicolas Finazzo

Thank you, Jackie, and good afternoon, everyone. Thank you for joining us today. Our third quarter financial results are not reflective of progress we've made since this time last year. I won't go over the numbers in detail, because Martin will do that next. What I will do over the next several minutes is explain why the company is perfectly positioned for growth and improving profitability. We've reached an inflection point where we expect to see a positive end to the year. Almost all the initiatives we identified as strategic priorities are being realized and will enable current and continued growth by scaling our MRO operations, monetizing our asset base, and growing our recurring revenue streams to achieve more consistent earnings.

For our TechOps segment, our investment in expanded facilities and capabilities at our aerostructures and accessory shops are complete and the expected revenue is flowing in. As an example, revenue at our structure shop has increased over 57% since this time last year, taking advantage of the top-tier equipment we installed at our new 90,000-square-foot facility, which is almost triple the size of our original shop. At Accessories, our new pneumatics capability is being offered to our customer base to repair their current technology components, and we're rapidly expanding our capabilities list utilizing this new test equipment and our unlimited repair station license.

Landing Gear successfully completed initial work under 2 major agreements with an OEM for the 787 and a major international 737 operator, which has established a solid foundation for recurring revenue growth in 2027. These new agreements add to existing work for a similarly sized U.S. major airline flying 737s, as well as gear work to support customers operating 757 and 767 aircraft. We were recently awarded an A330 airframe purchase contract, which will feed 7 more gear sets to our newly developed capability to overhaul this type. We own these exchange gear, which will primarily be exchanged with our A330 customers to continue building our landing gear revenue base.

In Heavy MRO, Millington generated revenue from 2 check lines awarded by a regional carrier compared with no check lines in the prior year. A 3rd line for modifications was recently added, and we expect further lines to be added in 2027, which may include the addition of another facility in Millington to manage the increased demand for regional aircraft work. Further, we'll increase labor to reduce turn times and increase throughput by adding a 3rd shift. This will help accommodate the increased demand, which will improve margins through the absorption of fixed costs that will not expand proportionally as the labor force increases.

At Goodyear, a large number of Airbus A320ceo and A320neo aircraft stuck in limbo as a result of the Spirit Airlines wind-down have now been freed up, and both Spirit and the other aircraft owners are focusing on the disposition of these aircraft, creating current heavy maintenance demand, which will continue through 2027. We have also just been awarded a multi-line contract from a leading North American cargo airline for 757 and 767 heavy check work, which gives us strong visibility into continued growth in 2027. We're in active discussions with other large U.S. airlines and cargo carriers that we expect will completely fill capacity at Goodyear in 2027 and beyond.

Similar to Millington, we expect to add a 2nd and 3rd shift to this location as demand exceeds our current capacity to increase the velocity of work and enable greater throughput. At Roswell, storage maintenance is continuing for Airbus A320neo aircraft, which are being returned to service as engines become available. This work is profitable and our ability to store as many as 500-plus aircraft there remains a key capability as storage space is limited in dry climate locations found in the western United States.

Engineering Solutions was another bright spot for the quarter. Revenue increased over 280% compared to 1 year ago, driven by AerSafe kit delivery as operators comply with the fuel tank flammability airworthiness directive. Demand for AerSafe remains strong and we expect fourth quarter sales to exceed the prior year. As we're seeing more heavy MRO work, our customers are in need of parts not available from the OEMs to support their airframe needs. As a result, we're leveraging our engineering capabilities to develop parts under our Parts Manufacturer Approval, PMA, authority with new and existing customers, broadening our product offering and building additional revenue streams.

Turning to our enhanced flight vision product, AerAware, we remain engaged with U.S. regulators and industry participants to highlight AerAware's unique capabilities to enhance situational awareness and support safer flight operations. We believe the growing regulatory and legislative focus on ADS-B In and pilot situational awareness supports the long-term opportunity for AerAware as operators increasingly evaluate solutions designed to improve flight safety. A head-wearable display offers meaningful advantages over existing technologies, which we believe will have decades of utility.

On the asset management side, we closed 1 engine sale in August. Looking ahead to the fourth quarter, our flight equipment pipeline is very well defined. The previously announced Boeing 737 aircraft sale to the U.S. Marshals Service for $35 million and additional sales that we discussed last quarter are expected to close before year-end. We anticipate these transactions to recover our invested capital with a healthy return and to increase the liquidity available to fund our growth objectives.

Leasing grew compared to the third quarter of last year, reflecting an expanded freighter lease portfolio. We ended the quarter with 18 engines and 5 Boeing 757 freighters on lease, compared to 18 engines and 3 757 freighters at the end of the second quarter. As we place the last 757, it's worth noting that we began our 757 program in 2020 by acquiring 30 757 aircraft, 26 of which we were storing in Roswell for a major U.S. airline. Of those 33, we parted out 7, sold 15, and converted 13 to freighters. Of the 13 we converted, we sold 6, leased 5, and there are only 2 remaining to place. Of the last 2, 1 is committed to a lease and the other a sale. Leasing remains one of the foundations of our recurring revenue base.

USM revenue was up from the prior year period, with volumes improving throughout the quarter as the team continued to monetize existing inventory. These revenue-producing business units are not the only place we focused our attention. We've significantly optimized our international sales force to market our diverse service and product offerings with a fully integrated approach with a strong emphasis on cross-selling. As our business units continue to grow and mature, we see this gaining momentum that will compound exponentially.

We also continue to invest in technology to modernize our maintenance activities, increasing the velocity of records review, developing analytic tools to help us determine the most cost-effective way to price, repair, and monetize our USM, and maintain a robust cybersecurity system to protect the company from outside attack.

Stepping back, our priorities for the remainder of 2026 are unchanged. First, increase the number of assets deployed in our lease pool, including placing our remaining 757 freighters. Second, continue to strategically monetize our inventory, including closing the flight equipment transactions now scheduled for the fourth quarter. Third, fill available capacity across our MRO network and improve margins at Millington, Goodyear, and across our component MROs. And fourth, improve operational profitability as our recent expansion initiatives gain scale.

With committed flight equipment sales transactions scheduled for the fourth quarter, an expanded lease portfolio, and a clear path to monetize the inventory we've built, we expect a significantly stronger fourth quarter. We recognize the importance of delivering on these commitments and we're focused on execution. With that, I'll turn the call over to Martin.

Martin Garmendia

Thanks, Nick, and good afternoon, everyone. I'll walk through our third quarter results compared with the prior year period and then cover cash flow and liquidity. Total revenue for the quarter was $91.6 million, compared with $71.2 million in the prior year period, an increase of 29%. The increase includes a whole engine sale of $9.3 million, compared with none 1 year ago. Excluding flight equipment sales, revenue was $82.3 million, up 16% compared to the prior year, driven by growth in leasing, USM, Heavy MRO, and Engineered Solutions. As we remind investors each quarter, flight equipment sales can vary meaningfully from period to period, and performance is best assessed over time with a focus on feedstock acquisition, the monetization of those investments, and profitability trends.

Adjusted EBITDA was $8.6 million, or 9.3% of revenue, compared with $9.5 million, or 13.3% of revenue, in the prior year period. The decline was driven primarily by lower MRO gross profit from our TechOps segment, which was partially offset by the contribution from the whole engine sale and increased airframe sales.

Turning to the segments, Asset Management Solutions revenue was $50.5 million, up 29%, compared to $39.2 million last year. Excluding flight equipment sales, Asset Management revenue was $41.3 million, up 6%, driven by higher leasing and USM revenues. Leasing revenue was $10.4 million, up 11%. Feedstock acquisitions were $7.1 million in the quarter, compared with $13.7 million in the prior year period.

TechOps revenue was $41 million, up 28% compared to $32 million last year. Engineered Solutions contributed $6.2 million of the $9 million increase, with revenue of $8.4 million compared with $2.2 million. And Heavy MRO contributed $3 million of the increase, with revenue of $16.3 million compared with $13.4 million. Component MRO revenue was essentially flat at $16.3 million.

Overall, gross margin was 22.5% compared with 30.2% last year, and gross profit was $20.6 million compared with $21.5 million. TechOps gross margin was 12.5% compared with 25.3% as we have been setting the groundwork through incremental labor and technology to meet increased demand. This was partially offset by strong contributions from Engineered Solutions. Asset Management gross margin was 30.5% compared with 34.1% primarily due to lower leasing margins. We expect margins to improve as 757 lease utilization increases and additional engines are put on lease.

SG&A expenses were $18.8 million compared with $18.6 million 1 year ago. SG&A included $0.5 million of share-based compensation compared with $1.3 million in the prior year period, as the third quarter reflected the reversal of an accrual associated with long-term performance-based awards that are no longer expected to vest. Excluding share-based compensation, SG&A increased $1 million, primarily due to cost-of-living adjustments as we continue to control costs.

Results for the third quarter include a non-cash goodwill impairment charge of $13.4 million, representing the full goodwill balance recorded in our Asset Management segment. The sustained decline in the company's stock price and market capitalization during the quarter required us to test goodwill for impairment this quarter, which results in the write-off. The charge is non-cash, does not affect our liquidity or debt covenant compliance, and is not expected to have an impact on future operations.

Net loss for the quarter was $15 million, which includes the $13.4 million goodwill impairment, compared with a net loss of $0.1 million 1 year ago. Excluding the impairment and share-based compensation, adjusted net loss was $1.1 million compared with adjusted net income of $1.5 million last year. Loss per share was $0.31 and adjusted loss per share was $0.02 compared with break-even and adjusted earnings per share of $0.04 1 year ago.

Net interest expense was $2.8 million compared with $2.4 million 1 year ago, reflecting higher borrowing balances and interest rates on our revolving credit facility. Income tax expense was $0.7 million in both periods, which resulted in a negative effective tax rate this quarter as the goodwill impairment did not generate a tax benefit.

Turning to cash flow and liquidity, cash used in operating activities was $42.7 million year-to-date, compared with $34.3 million in the first 9 months of last year, primarily reflecting continued investment in inventory, which includes feedstock of $37.8 million and elevated capitalized repair costs being invested to make flight equipment available for sale or lease. Over the same period, we transferred $72.8 million of net inventory into our lease fleet, compared with $27.2 million last year. Free cash flow was a negative $49.8 million year-to-date, primarily funded by net borrowings of $48.6 million under our revolving credit facility. The flight equipment sales scheduled for the fourth quarter are expected to improve available liquidity as we recover the investments that have been made, including a return.

We ended the quarter with $334.1 million in inventory and $165.9 million in aircraft and engines held for lease. Revolver borrowings were $158.7 million compared with $110.1 million at year-end. Available liquidity was $23.1 million, consisting of $3.9 million of cash and cash equivalents, and $19.2 million of availability on our $180 million revolving credit facility, which can be expanded to $200 million subject to conditions and borrowing base availability.

In summary, compared with last year, our third quarter results reflect higher revenue as we have realized on our strategic priorities to deploy additional 757 freighters on lease, continue the strategic monetization of our existing inventory, and fill our available capacity across our MRO network. This quarter we incurred costs related to ramping up our MROs to fulfill awarded and anticipated demand, and we expect that we will improve operational profitability as our recent expansion initiatives gain scale.

With committed flight equipment sales scheduled for the fourth quarter, together with a growing base of recurring revenue, we expect a significantly stronger fourth quarter, which will increase cash flow and liquidity that will allow us to continue to grow in a more predictable fashion over time. With that, operator, we are ready to take questions. Thank you.

Operator

We will now begin the question-and-answer session. [Operator Instructions] Your first question comes from the line of Jeff Van Sinderen from B. Riley Securities. Please go ahead.

質疑応答

Jeff Van Sinderen

I wonder if you could just give us a sense of, all things considered in your plan for the fourth quarter, what a reasonable assumption might be for the gross margin.

Martin Garmendia

So, we don't provide guidance on the overall fourth quarter, but what we can tell you is the fourth quarter, as we have noted, will be comprised of additional flight equipment sales that carry a strong overall margin, especially compared to our overall average for the year. We do expect to see improvements in the margin driven by that, as well as by the improvements that we've noted on the TechOps section that should also be driving our margin specifically to the TechOps part of the business.

Jeff Van Sinderen

Okay. And then maybe you can give us a little more color or detail on how your MRO shops—just how that overall business, how the financials have been on those, how they're developing, what you gained there in Q3, what's in the pipeline of new business, and where you stand on capacity utilization for the MRO shops.

Martin Garmendia

Sure. So let me start with our Heavy MRO segment. As we have noted in prior calls, starting with our Goodyear division, we have been maintaining a very talented labor pool in anticipation of work that's coming from the Spirit-related assets. We are starting to see that work coming through towards the end of the third quarter and the beginning now of the fourth quarter, and we expect that work to continue throughout 2027.

We have also been awarded 2 lines with a major North American cargo carrier, and we will expect to continue to be at full labor capacity through 2027, and have already started recruiting processes to increase our labor pool to meet that increased demand. These items will start improving our margin profile at Goodyear as we have more throughput to cover our overall fixed costs.

Similarly, in our Millington facility, we were recently awarded 2 lines with a regional carrier. We have just started, as Nick noted, a 3rd line, which is a modification line, and we're working with them for additional opportunities for additional lines, as with other regional carriers. As we increase that capacity, again, we'll have better absorption of our costs, and that'll also improve margins. Also, specifically for that facility, we incurred high turnover as we had to ramp up fairly quickly as we were awarded that. That has now stabilized, so that will also have a beneficial impact to our margin profile going forward.

Moving to the component MRO, we have made great strides at our landing gear facility. Nick noted we have been awarded an agreement with an OEM as well as a large carrier on additional lines of work. We have done the initial test of that facility and have been successful. That causes us to ramp up resources to ensure that we successfully executed on that, and we expect that volume to continue to start flowing through in 2027 that will also have a favorable impact on the overall margins in that unit.

And looking at our structures, we have successfully grown on the overall revenue that we have achieved from that facility. However, that has not covered the additional facility and fixed costs that we have implemented into that business, but we are confident based on the changes that we have made—both we brought in talent in the sales and in the management perspective, as well as technology initiatives that we have made—that we will also be able to increase the margins in those units.

So when you look at the third quarter, we had, for the most part, negative margins because we were really making the investments because we are seeing very strong demand trends, and we expect the margins there to significantly improve as that demand starts to come in.

Jeff Van Sinderen

Okay. And just as a follow-up to that, what do you think—and I'm not asking you for guidance, I'm just wondering what you think is a reasonable way to anticipate getting to EBITDA positive or, call it, positive EBITDA contribution from all those facilities you just described, maybe collectively together?

Martin Garmendia

I think the positive is when it comes to Goodyear and Millington, we are already seeing the improvement in margins because we're seeing the customer flow through. Same thing for the component MROs. So we anticipate for these businesses to become EBITDA contributors and profitable EBITDA contributors starting next year.

Jeff Van Sinderen

Okay, great to hear. Thanks for taking my questions.

Operator

There are no further questions at this time. I would now like to turn the call back over to Nick Finazzo, Chief Executive Officer. Please go ahead.

Nicolas Finazzo

Okay, Jeff, I do appreciate the questions you asked. I think that it's very helpful to our investors to get some additional insight into some of the very specific questions you've asked. So thank you for asking those. For everyone else, I very much appreciate your interest in listening to our call today and look forward to bringing you up to date during our next earnings call. Wish you all a good evening. Thank you.

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