AerSale (ASLE) 2026年第三季度财报电话会：营收增长29%，预计第四季度表现更强劲

AerSale公司（NASDAQ: ASLE）公布的2026年第三季度营收实现增长，这主要得益于一台发动机的销售，以及租赁、可用二手航材（USM）、重度MRO和工程解决方案业务的增长。然而，MRO业务的产能爬坡成本增加以及租赁利润率下滑对盈利能力造成了拖累。

核心要点

• 营收同比增长29%，达到9160万美元。若剔除飞行设备销售额，营收则增长16%，至8230万美元。
• 调整后EBITDA从950万美元降至860万美元，调整后EBITDA利润率从13.3%降至9.3%。
• 毛利率从30.2%降至22.5%，主要反映出技术运营（TechOps）业务毛利润下滑，原因是AerSale在预期需求到来之前提前投入了人工和技术成本。
• 该公司计提了1340万美元的非现金商誉减值，导致净亏损达到1500万美元，合每股亏损0.31美元。
• 管理层预计第四季度业绩将显著走强，这主要得益于已确认的飞行设备销售承诺，其中包括与美国法警局（U.S. Marshals Service）达成的一笔价值3500万美元的波音737交易。
• 可用流动资金为2310万美元。管理层预计第四季度的资产出售将通过收回投资资本及收益，从而改善现金流和流动性。

主要财务业绩

业务与经营业绩

资产管理解决方案

资产管理解决方案业务营收增长29%，达到5050万美元。若剔除飞行设备销售额，在租赁和可用二手航材（USM）业务的推动下，该板块营收增长6%，至4130万美元。

租赁营收增长11%，达到1040万美元。截至本季度末，AerSale出租在外的发动机为18台，波音757货机为5架；相比之下，第二季度末出租在外的为18台发动机和3架757货机。目前尚有2架757货机待交付，其中1架已承诺出租，另1架已承诺出售。

该板块毛利率从34.1%降至30.5%，主要是由于租赁利润率下滑。管理层预计，随着757货机利用率提升以及更多发动机进入租赁资产池，利润率将有所改善。

技术运营

技术运营（TechOps）业务营收增长28%，达到4100万美元，但毛利率从25.3%降至12.5%。公司将这一下滑归因于在预期需求增加之前，提前投入了额外的人工、设施和技术成本。

在AerSafe套件交付的带动下，工程解决方案业务营收从220万美元攀升至840万美元。重度MRO营收从1340万美元增至1630万美元，而部件MRO营收基本持平，为1630万美元。

在扩建入驻占地9万平方英尺的设施后，航空结构件（Aerostructures）营收同比增长超过57%。不过，扩大的营收基数尚未完全摊薄该设施新增的固定成本。

起落架业务（Landing Gear）完成了涉及波音787以及某大型国际波音737运营商相关协议的初期工作。此外，AerSale还签署了一份A330机身采购合同，将为其新开发的检修能力额外提供7套起落架。

在米灵顿基地，来自一家支线航空公司的两条检修线已开始贡献营收，近期还新增了第三条改装线。在固特异基地，受精神航空（Spirit Airlines）业务缩减影响的空客A320ceo和A320neo飞机正带来新的维护需求。此外，AerSale还获得了一家北美货运航空公司针对波音757和767重检的多条生产线合同。

管理层展望

管理层预计第四季度业绩将显著走强，这得益于已确认的飞行设备销售承诺，且这些交易的利润率高于公司全年的平均水平。预计这些交易将包括此前宣布的向美国法警局出售波音737的3500万美元交易，以及计划在年底前完成的其他销售。

该公司未提供第四季度的正式财务指引。公司预计，随着飞行设备销售的贡献，以及MRO吞吐量增加、固定成本在更大的营收基数上得到有效摊薄带来技术运营业务表现改善，毛利率将实现提升。

管理层预计第四季度AerSafe销售额将超过上年同期。管理层还表示，随着已获订单工作的逐步推进，固特异基地、米灵顿基地和部件MRO业务有望在2027年实现EBITDA正贡献。

AerSale计划在米灵顿和固特异基地增加人手并增设班次。管理层还在评估米灵顿的另一处设施，以支持支线飞机日益增长的需求。

风险与关注点

• 技术运营业务的盈利能力仍承压，原因是人工、技术和设施投资先于相关收入到位。
• 年初至今自由现金流为负4980万美元，而循环信贷借款从年末的1.101亿美元增加至1.587亿美元。
• 第四季度预期的业绩改善部分取决于飞行设备交易的推进时间及最终交割。
• 计提1340万美元商誉减值是由于AerSale股价和市值持续下跌所致。管理层表示，该项非现金费用不影响流动性、债务契约遵守情况或未来运营。
• MRO利润率的改善取决于更高的吞吐量、人员执行力，以及已获订单和预期客户需求的顺利放量。

分析师问答亮点

当被问及第四季度毛利率时，首席财务官Martin Garmendia拒绝提供具体指引，但他表示，更高利润率的飞行设备销售以及技术运营业务的改善，有望支撑利润率实现环比提升。

在MRO利用率方面，管理层表示，与精神航空相关飞机的维护工作已于第三季度末和第四季度初开始陆续进场。固特异基地预计将在整个2027年以全员满负荷状态运转，目前已启动招聘以满足额外需求。

管理层还表示，在经历快速扩张后，米灵顿基地的员工流失率已趋于稳定。固特异和米灵顿基地的成本摊薄效应改善，加之起落架及其他部件业务工作量的提升，预计将助力公司从2027年开始实现EBITDA正贡献。

财报电话会议实录全文

完整财报电话会议逐字稿

管理层陈述

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.

分析师问答

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.

This live transcript is auto-generated without human intervention or review.