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WARRANT LIABILITY - Black-Scholes option pricing model (Details)	Sep. 30, 2025 Y	Dec. 31, 2024 Y
Risk-free interest rate
Warrant Liability
Warrants and rights outstanding, measurement input	0.0374	0.0438
Expected volatility of common stock
Warrant Liability
Warrants and rights outstanding, measurement input	0.4426	0.4171
Expected option term in years
Warrant Liability
Warrants and rights outstanding, measurement input	0.2	1

FINANCING ARRANGEMENTS

9 Months Ended

Sep. 30, 2025

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS

NOTE J— FINANCING ARRANGEMENTS

Outstanding debt obligations as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


	September 30,		December 31,
	2025		2024
$180.0 million Wells Fargo Senior Secured Revolving Credit Agreement	$	123,804	$	39,235
$10.0 million CIBC Property and Equipment Revolving Term Loan		2,526		1,814
Total		126,330		41,049
Less current portion		(993)		(605)
Total long-term portion	$	125,337	$	40,444

Total deferred financing costs were $1.1 million and $1.3 million as of September 30, 2025 and December 31, 2024, respectively. Amortized debt issuance costs are recorded in interest expense, net through maturity of the related debt using the straight-line method, which approximates the effective interest method. Amortization expense amounted to $0.1 million for the three months ended September 30, 2025 and 2024. Amortization expense amounted to $0.3 million and $0.2 million for the nine months ended September 30, 2025 and 2024, respectively.

$180.0 million Wells Fargo Senior Secured Revolving Credit Agreement

On July 20, 2018, AerSale, Inc. and other subsidiary borrowers thereto entered in a secured amended and restated revolving credit agreement (as amended, the “Revolving Credit Agreement”). The Revolving Credit Agreement provides for a $180.0 million aggregate amount of revolver commitments subject to borrowing base limitations and is expandable to $200.0 million, subject to borrowing base limitations. The Revolving Credit Agreement matures on July 24, 2028.

The interest rate applicable to loans outstanding on the Revolving Credit Agreement is a floating rate of interest per annum of Secured Overnight Financing Rate (“SOFR”) plus a margin of 2.25% to 2.75%. The interest rate as of September 30, 2025 was 6.97%. Interest expense on the Revolving Credit Agreement for the three and nine months ended September 30, 2025 was $2.2 million and $5.5 million, respectively. Interest expense on the Revolving Credit Agreement for the three and nine months ended September 30, 2024 was $1.6 million and $3.6 million.

The Company’s ability to borrow on the Revolving Credit Agreement is subject to ongoing compliance by the Company and the borrowers with various customary affirmative and negative covenants. The Revolving Credit Agreement requires the Company and borrowers to meet certain financial and nonfinancial covenants. The Company was in compliance with these covenants as of September 30, 2025.

$10.0 million CIBC Property and Equipment Revolving Term Loan

On November 22, 2024 the Company entered into a property and equipment revolving term loan (the “CIBC Equipment Loan”) with a total advance commitment of $10.0 million for the purpose of financing capital expenditures on property and equipment. Advances made by the lender are convertible into term loans at the option of the lender at a rate of SOFR plus 3.0% and have a maturity date of thirty-six (36) months from the term loan conversion date. Advances under this loan are collateralized by the property and equipment it finances and requires interest only payments until converted

to a term loan, at which point, principal and interest payments are required. As of December 31, 2024, borrowings under this facility were converted to a term loan maturing on December 23, 2027. During the nine months ended September 30, 2025, the Company borrowed an additional $1.2 million under this facility, which was converted to a term loan maturing on September 30, 2028.

The CIBC Equipment Loan is subject to ongoing compliance by the Company in the form of various customary affirmative and negative covenants, as well as certain financial covenants. The Company was in compliance with these covenants as of September 30, 2025.

The effective rate on this facility as of September 30, 2025 was 7.36%. Maturities of the CIBC Equipment Loan as of September 30, 2025 are as follows (in thousands):


Year ending December 31:
Remaining three months of 2025	$	248
2026		993
2027		993
2028		292
Total payments	$	2,526

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 5,267	$ 4,698
Accounts receivable, net of allowance for credit losses of $1,173 as of September 30, 2025 and December 31, 2024	43,614	34,646
Income tax receivable	1,043	1,994
Inventory:
Aircraft, airframes, engines, and parts, net	255,501	224,832
Advance vendor payments	6,188	6,803
Deposits, prepaid expenses, and other current assets	11,362	11,057
Total current assets	322,975	284,030
Fixed assets:
Aircraft and engines held for lease, net	98,007	67,847
Property and equipment, net	31,493	36,331
Inventory:
Aircraft, airframes, engines, and parts, net	115,645	130,958
Operating lease right-of-use assets	29,263	33,105
Deferred income taxes	8,433	10,171
Deferred financing costs, net	1,119	1,296
Other assets	587	595
Goodwill	19,860	19,860
Other intangible assets, net	18,894	20,530
Total assets	646,276	604,723
Current liabilities:
Accounts payable	31,134	34,184
Accrued expenses	6,771	7,400
Lessee and customer purchase deposits	490	1,734
Current operating lease liabilities	4,323	4,356
Current portion of long-term debt	993	605
Deferred revenue	907	1,781
Deferred insurance proceeds	28,610	24,910
Total current liabilities	73,228	74,970
Revolving credit facility	123,804	39,235
Long-term debt	1,533	1,209
Long-term lease deposits	3,202	2,987
Long-term operating lease liabilities	26,971	30,565
Maintenance deposit payments and other liabilities	425	52
Warrant liability	32	85
Total liabilities	229,195	149,103
Stockholders' equity:
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 47,185,011 and 53,252,563 shares as of September 30, 2025 and December 31, 2024, respectively	5	5
Additional paid-in capital	274,776	316,493
Retained earnings	142,300	139,122
Total stockholders' equity	417,081	455,620
Total liabilities and stockholders' equity	$ 646,276	$ 604,723

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
EARNINGS PER SHARE
Net Income (Loss)	$ (120)	$ 8,575	$ (5,277)	$ 509	$ (3,637)	$ 6,277	$ 3,178	$ 3,149
Weighted-average number of shares outstanding - basic	47,180,634			53,208,538			48,779,067	53,076,733
Additional shares from assumed stock-settled options								12,524
Additional shares from assumed stock-settled restricted stock units				166,000			272,316	180,178
Additional shares from assumed issuance under the Employee Stock Purchase Plan				10,573			5,178	3,538
Weighted-average number of shares outstanding - diluted	47,180,634			53,385,111			49,056,561	53,272,973
Earnings per share - basic:
(Loss) earnings per share - basic:	$ 0			$ 0.01			$ 0.07	$ 0.06
Earnings per share - diluted:
(Loss) earnings per share - diluted:	$ 0			$ 0.01			$ 0.06	$ 0.06
Anti-dilutive shares/units excluded from earnings per share - diluted:
Additional shares from assumed issuance under the Employee Stock Purchase Plan	5,178
Restricted Stock Units (RSUs)
Anti-dilutive shares/units excluded from earnings per share - diluted:
Additional shares excluded from earnings per share - diluted	455,075

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Condensed Consolidated Balance Sheets
Allowance for credit losses	$ 1,173	$ 1,173
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	47,185,011	53,252,563
Common stock, shares outstanding (in shares)	47,185,011	53,252,563

STOCKHOLDERS' EQUITY - Stock Options (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
STOCKHOLDERS' EQUITY
Unrecognized compensation costs	$ 2.6		$ 2.6
Weighted average period (in years)			1 year 7 months 6 days
Share-based compensation expense	$ 0.4	$ 0.4	$ 0.9	$ 0.5
Fair value of stock options			$ 2.2	$ 2.4
2020 Plan
STOCKHOLDERS' EQUITY
Exercise terms (in years)			10 years
Vesting percentage (in %)			33.33%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

ACCRUED EXPENSES (Tables)

9 Months Ended

Sep. 30, 2025

ACCRUED EXPENSES

Schedule of components of accrued expenses

The following is a summary of the components of accrued expenses as of the below dates (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation and related benefits	$	2,214	$	3,457
Accrued legal fees		997		741
Commission fee accrual		1,010		758
Accrued federal, state and local taxes and fees		184		120
Other		2,366		2,324
	$	6,771	$	7,400

STOCKHOLDERS' EQUITY - Options granted (Details) - $ / shares	Aug. 06, 2025	Aug. 01, 2025	Jul. 01, 2024	Jun. 07, 2024
STOCKHOLDERS' EQUITY
Risk-free interest rate (in %)	3.77%	3.77%	4.44%	4.42%
Expected volatility of common stock (in %)	43.56%	43.56%	50.03%	50.04%
Expected option term in years	6 years	6 years	6 years	6 years
Grant-date fair value (per share)	$ 2.92	$ 2.8	$ 3.46	$ 3.73

INVENTORY (Details)	1 Months Ended	3 Months Ended		9 Months Ended
INVENTORY (Details)	Apr. 30, 2024 USD ($) property	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
INVENTORY
USM		$ 135,375,000		$ 135,375,000		$ 118,025,000
Whole assets		138,079,000		138,079,000		141,770,000
Work-in-process		22,527,000		22,527,000		27,358,000
MRO and engineered solutions		75,165,000		75,165,000		68,637,000
Inventory net		371,146,000		371,146,000		355,790,000
Less short term		(255,501,000)		(255,501,000)		(224,832,000)
Long term		115,645,000		115,645,000		130,958,000
Inventory scrap loss reserves		800,000	$ 1,700,000	2,400,000	$ 2,000,000
Inventory reserve		200,000		$ 200,000
Inventory expected to be monetized				18 months
Number of properties damaged by fire \| property	1
Insurance covering limit	$ 100,000,000
Insurance covering deductible	10,000
Estimated residual value	67,600,000
Cost of the destroyed inventory	$ 6,000,000
Insurance proceeds				$ 34,600,000
Cumulative insurance claims received		3,700,000		3,700,000
Deferred insurance proceeds		$ 28,610,000		$ 28,610,000		$ 24,910,000

BUSINESS SEGMENTS - Intersegment revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
BUSINESS SEGMENTS
Revenue from contract with customer	$ 71,191	$ 82,684	$ 244,349	$ 250,325
Intersegment
BUSINESS SEGMENTS
Revenue from contract with customer	2,153	2,483	7,767	10,685
Asset Management Solutions \| Intersegment
BUSINESS SEGMENTS
Revenue from contract with customer	77	86	1,658	692
TechOps \| Intersegment
BUSINESS SEGMENTS
Revenue from contract with customer	$ 2,076	$ 2,397	$ 6,109	$ 9,993

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE - Future payments received (Details) $ in Thousands	Sep. 30, 2025 USD ($)
LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE
Remaining three months of 2025	$ 4,654
2026	15,184
2027	8,958
2028	3,777
2029	3,081
Thereafter	2,904
Total minimum lease payments	$ 38,558

INVENTORY

9 Months Ended

Sep. 30, 2025

INVENTORY

INVENTORY

NOTE D — INVENTORY

Following are the major classes of inventory as of the below dates (in thousands):


	September 30, 2025		December 31, 2024
USM	$	135,375	$	118,025
Whole assets		138,079		141,770
Work-in-process		22,527		27,358
MRO and engineered solutions		75,165		68,637
	$	371,146		355,790
Less short term		(255,501)		(224,832)
Long term	$	115,645	$	130,958

The Company recorded inventory scrap loss reserves of $0.8 million and $2.4 million for the three and nine months ended September 30, 2025, respectively. The Company recorded inventory scrap loss reserves of $1.7 million and $2.0 million for the three and nine months ended September 30, 2024, respectively. The Company recorded an inventory reserve of $0.2 million for the three and nine months ended September 30, 2025. Additions to inventory reserves are included in cost of products in the accompanying condensed consolidated statements of operations.

Our allocation of inventory between short term and long term reflects the inventory’s operating cycle, which is longer than one year due to teardown and repair lead times. Inventory expected to be monetized within 18 months, along with work-in-process and inventory used in MRO activities, is reported under current assets.

In April 2024, one of the Company’s leased secondary parts warehouses in Roswell, New Mexico, was destroyed by a fire. Inside the warehouse were various aircraft parts typically sold by the Company as USM. The Company carries insurance covering these parts, with a limit of $100 million and $10,000 deductible. The Company filed a claim for the replacement value of the inventory that was destroyed or rendered not sellable by the fire in the amount of $67.6 million. The cost basis of the destroyed inventory was $6.0 million. As of September 30, 2025, the Company has collected approximately $34.6 million from insurance companies in connection with this claim, of which $3.7 million was collected during the nine months ended September 30, 2025. The recognition of any gain on insurance proceeds exceeding the related loss has been deferred until the claim is fully settled with the insurers. The deferred gain in the amount of $28.6 million as of September 30, 2025 is presented under deferred insurance proceeds in the accompanying condensed consolidated balance sheets.

STOCKHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2025

STOCKHOLDERS' EQUITY

Schedule of restricted stock unit activity


		Weighted Average
	Amount	Grant Date Fair Value
Outstanding at December 31, 2024	1,380,277	$	8.38
Granted	1,533,722		6.03
Forfeited	(100,507)		8.56
Vested	(326,764)		10.30
Expired	(10,404)		16.02
Outstanding at September 30, 2025	2,476,324	$	6.64


		Weighted Average
	Amount	Grant Date Fair Value
Outstanding at December 31, 2023	532,399	$	14.82
Granted	1,148,201		7.07
Forfeited	(67,887)		14.64
Vested	(221,337)		14.90
Outstanding at September 30, 2024	1,391,376	$	8.43

Schedule of options granted


	Grant Date
	August 6, 2025	August 1, 2025	July 1, 2024	June 7, 2024
Risk-free interest rate	3.77%	3.77%	4.44%	4.42%
Expected volatility of common stock	43.56%	43.56%	50.03%	50.04%
Dividend yield	-	-	-	-
Expected option term in years	6.0	6.0	6.0	6.0
Grant-date fair value (per share)	$ 2.92	$ 2.80	$ 3.46	$ 3.73

Schedule of stock options activity


	Amount	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	646,301	$	7.02	9.44	$	-
Granted	763,485		6.08	-		1,612
Forfeited	(38,646)		7.02	-		45
Expired	(32,205)		7.02	-		38
Outstanding at September 30, 2025	1,338,935	$	6.48	9.26	$	2,286

Exercisable at September 30, 2025	191,811	$	7.02	8.69	$	262,397


	Amount	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	-	$	-	-	$	-
Granted	646,301		7.02	9.69		-
Forfeited	-		-	-		-
Outstanding at September 30, 2024	646,301	$	7.02	9.69	$	-

Exercisable at September 30, 2024	-	$	-	-	$	-

STOCKHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2025

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE M — STOCKHOLDERS’ EQUITY

Common Stock

The Company’s common stock, $0.0001 par value, consists of 200,000,000 authorized shares, of which 47,185,011 and 53,252,563 shares were issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.

On March 18, 2025, the Company repurchased, directly from a selling stockholder, 6,428,571 shares of the Company’s common stock, par value $0.0001 per share, at a price of $7.00 per share for total consideration of $45.0 million. The purchased shares were immediately retired.

2020 Equity Incentive Plan

The Company maintains a 2020 Equity Incentive Plan (the “2020 Plan”) and has 10,200,000 shares of common stock issuable under the 2020 Plan. The 2020 Plan authorizes discretionary grants of incentive stock options to employees

of the Company and its qualifying subsidiaries. The 2020 Plan also authorizes discretionary grants of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents or other equity or cash-based awards to employees and consultants of the Company and its subsidiaries and to members of the Board of Directors (the “Board”) of the Company. To the extent that an award under the 2020 Plan expires, is cancelled, forfeited, terminated, settled in cash or is otherwise settled without issuance of the full number of shares to which it relates, those shares will become or again be available for awards under the 2020 Plan. The 2020 Plan is administered by the Compensation Committee of the Board. The Compensation Committee has complete, full and final authority to: designate participants; determine the types of awards to be granted; determine the terms of awards; and interpret and administer the 2020 Plan and any agreements and awards thereunder.

Restricted stock unit activity under the 2020 Plan for the nine months ended September 30, 2025 and 2024 was as follows:


		Weighted Average
	Amount	Grant Date Fair Value
Outstanding at December 31, 2024	1,380,277	$	8.38
Granted	1,533,722		6.03
Forfeited	(100,507)		8.56
Vested	(326,764)		10.30
Expired	(10,404)		16.02
Outstanding at September 30, 2025	2,476,324	$	6.64


		Weighted Average
	Amount	Grant Date Fair Value
Outstanding at December 31, 2023	532,399	$	14.82
Granted	1,148,201		7.07
Forfeited	(67,887)		14.64
Vested	(221,337)		14.90
Outstanding at September 30, 2024	1,391,376	$	8.43

As of September 30, 2025, the unrecognized compensation costs related to restricted stock units $6.0 million. The Company expects to recognize these costs over a weighted average period of 1.9 years.

For the restricted stock unit awards granted under the 2020 Plan containing both service and performance conditions, the Company recognizes compensation expense when the awards are considered probable of vesting. Restricted stock units are considered granted, and the service inception date begins, when a mutual understanding of the key terms and conditions between the Company and the employee has been established. The fair value of these awards is determined based on the closing price of the shares on the grant date.

The probability of restricted share awards granted with future performance conditions vesting is evaluated at each reporting period and compensation expense is adjusted based on the probability assessment.

As of September 30, 2025, the Company’s restricted stock units included 1,536,258 performance-based awards that have vesting provisions subject to both time vesting and the achievement of certain performance milestones at 100% and 200% vesting targets.

The Company recorded $0.1 million share-based compensation expense for the performance-based awards for the three and nine months ended September 30, 2025. The Company did not recognize share-based compensation for the performance-based awards for the three and nine months ended September 30, 2024 given than the achievement of the performance milestones was deemed not probable.

The share-based compensation expense related to Restricted Stock Units was $0.8 million for the three months ended September 30, 2025 and 2024, respectively. The share-based compensation expense related to Restricted Stock Units was $2.1 million and $2.3 million for the nine months ended September 30, 2025 and 2024, respectively.

The total grant date fair value of restricted stock awarded during the nine months ended September 30, 2025 and 2024 was $9.3 million and $8.1 million, respectively.

Stock Options

Stock options granted under the 2020 Plan have exercise terms of 10 years and vest in equal installments of one-third of the total number of options granted on each of the first three anniversaries from the grant date beginning one year after the date of grant, and are assigned an exercise price equal to the closing stock price on the day prior to the date of grant. Options are expensed on a straight-line basis over the grant vesting period, which is considered to be the requisite service period. In order for the options to vest, the employee must be in the continuous employment of the Company since the date of the grant. Except for qualifying retirement after the nine-month anniversary of the grant date, any portion of the grant that has not vested will be forfeited upon termination of employment.

Under the 2020 Plan, the fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. When determining expected volatility, the Company considers the historical volatility of the Company’s stock price. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options’ expected term. The assumptions used in the Black-Scholes option-pricing model for options granted in 2024 and 2025 are as follows:


	Grant Date
	August 6, 2025	August 1, 2025	July 1, 2024	June 7, 2024
Risk-free interest rate	3.77%	3.77%	4.44%	4.42%
Expected volatility of common stock	43.56%	43.56%	50.03%	50.04%
Dividend yield	-	-	-	-
Expected option term in years	6.0	6.0	6.0	6.0
Grant-date fair value (per share)	$ 2.92	$ 2.80	$ 3.46	$ 3.73

Stock options activity under the 2020 Plan for the nine months ended September 30, 2025 and 2024 was as follows:


	Amount	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2024	646,301	$	7.02	9.44	$	-
Granted	763,485		6.08	-		1,612
Forfeited	(38,646)		7.02	-		45
Expired	(32,205)		7.02	-		38
Outstanding at September 30, 2025	1,338,935	$	6.48	9.26	$	2,286

Exercisable at September 30, 2025	191,811	$	7.02	8.69	$	262,397


	Amount	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023	-	$	-	-	$	-
Granted	646,301		7.02	9.69		-
Forfeited	-		-	-		-
Outstanding at September 30, 2024	646,301	$	7.02	9.69	$	-

Exercisable at September 30, 2024	-	$	-	-	$	-

As of September 30, 2025, the unrecognized compensation costs related to stock options was $2.6 million. The Company expects to recognize those costs over a weighted average period of 1.6 years.

The share-based compensation expense related to stock options was $0.4 million for the three months ended September 30, 2025 and 2024, respectively. The share-based compensation expense related to stock options was $0.9 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The total grant date fair value of stock options awarded was $2.2 million and $2.4 million during the nine months ended September 30, 2025 and 2024, respectively.

2020 Employee Stock Purchase Plan

The Company also maintains the AerSale Corporation 2020 Employee Stock Purchase Plan (the “ESPP”) and has registered 500,000 shares of common stock issuable under the ESPP. During the nine months ended September 30, 2025 and 2024, the Company issued 39,754 and 48,202 shares, respectively, pursuant to the ESPP.

- Definition

The entire disclosure for equity.

+ References

+ Details

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE K — EARNINGS PER SHARE

The computation of basic and diluted earnings per share (“EPS”) is based on the weighted average number of common shares outstanding during each period.

The following table provides a reconciliation of the computation for basic and diluted earnings per share for the three and nine months ended September 30, 2025 and 2024 (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net (loss) income	$	(120)	$	509	$	3,178	$	3,149

Weighted-average number of shares outstanding - basic		47,180,634		53,208,538		48,779,067		53,076,733
Additional shares from assumed stock-settled options		-		-		-		12,524
Additional shares from assumed stock-settled restricted stock units		-		166,000		272,316		180,178
Additional shares from assumed issuance under the Employee Stock Purchase Plan		-		10,573		5,178		3,538
Weighted-average number of shares outstanding - diluted		47,180,634		53,385,111		49,056,561		53,272,973

(Loss) earnings per share – basic:	$	(0.00)	$	0.01	$	0.07	$	0.06
(Loss) earnings per share – diluted:	$	(0.00)	$	0.01	$	0.06	$	0.06

Anti-dilutive shares/units excluded from earnings per share - diluted:
Additional shares from assumed stock-settled restricted stock units		455,075		-		-		-
Additional shares from assumed issuance under the Employee Stock Purchase Plan		5,178		-		-		-

BUSINESS SEGMENTS - Segment operating income (loss) and reconciles (loss) income from operations to (loss) income before income tax provision (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
BUSINESS SEGMENTS
Gross Profit	$ 21,486	$ 23,675	$ 74,788	$ 74,191
Selling, general and administrative expenses	(18,613)	(21,679)	(66,048)	(69,384)
Income from operations	2,873	1,996	8,740	4,807
Other (expenses) income:
Interest expense, net	(2,367)	(1,768)	(6,000)	(4,231)
Other income, net	128	128	2,150	399
Change in fair value of warrant liability	(21)	231	53	2,348
Income before income tax provision	613	587	4,943	3,323
Asset Management Solutions
BUSINESS SEGMENTS
Gross Profit	13,387	19,288	52,392	57,301
TechOps
BUSINESS SEGMENTS
Gross Profit	8,099	4,387	22,396	16,890
Operating segments
BUSINESS SEGMENTS
Gross Profit	21,486	23,675	74,788	74,191
Operating expenses	(4,185)	(4,345)	(15,882)	(16,543)
Selling, general and administrative expenses	(5,986)	(8,479)	(22,007)	(26,163)
Income from operations	11,315	10,851	36,899	31,485
Operating segments \| Asset Management Solutions
BUSINESS SEGMENTS
Gross Profit	13,387	19,288	52,392	57,301
Operating expenses	(2,484)	(2,361)	(9,564)	(8,848)
Selling, general and administrative expenses	(2,409)	(4,142)	(10,211)	(11,626)
Income from operations	8,494	12,785	32,617	36,827
Operating segments \| TechOps
BUSINESS SEGMENTS
Gross Profit	8,099	4,387	22,396	16,890
Operating expenses	(1,701)	(1,984)	(6,318)	(7,695)
Selling, general and administrative expenses	(3,577)	(4,337)	(11,796)	(14,537)
Income from operations	2,821	(1,934)	4,282	(5,342)
Corporate non segment
BUSINESS SEGMENTS
Other corporate expenses	$ (8,442)	$ (8,855)	$ (28,159)	$ (26,678)

FINANCING ARRANGEMENTS - Equipment Loan (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Maturities of equipment loan
Total payments	$ 1,533	$ 1,209
Equipment Loan \| CIBC
Maturities of equipment loan
Remaining three months of 2025	248
2026	993
2027	993
2028	292
Total payments	$ 2,526

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 942
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INTANGIBLE ASSETS, NET - Assets with definite lives (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible assets net
Total intangible assets with definite lives	$ 8,564	$ 10,200
AerAware Flight manuals
Intangible assets net
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 625	675
Asset Management Solutions \| Customer relationships
Intangible assets net
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 3,459	4,187
TechOps \| ALGS \| Customer relationships
Intangible assets net
Useful life (in years)	10 years
Total intangible assets with definite lives		10
TechOps \| ACS \| Customer relationships
Intangible assets net
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 665	823
TechOps \| ACT \| Customer relationships
Intangible assets net
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 3,815	$ 4,505

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
ACCRUED EXPENSES
Accrued compensation and related benefits	$ 2,214	$ 3,457
Accrued legal fees	997	741
Commission fee accrual	1,010	758
Accrued federal, state and local taxes and fees	184	120
Other	2,366	2,324
Total accrued expenses	$ 6,771	$ 7,400

INTANGIBLE ASSETS, NET - Assets with indefinite lives (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Intangible assets net
Goodwill	$ 19,860	$ 19,860
Total intangible assets with indefinite lives	30,190	30,190
Asset Management Solutions
Intangible assets net
Goodwill	13,416	13,416
Asset Management Solutions \| FAA Certifications
Intangible assets net
Intangible assets with indefinite lives excluding goodwill	724	724
TechOps \| ALGS
Intangible assets net
Goodwill	379	379
TechOps \| ALGS \| FAA Certifications
Intangible assets net
Intangible assets with indefinite lives excluding goodwill	710	710
TechOps \| ACS
Intangible assets net
Goodwill	63	63
TechOps \| ACS \| Trademarks
Intangible assets net
Intangible assets with indefinite lives excluding goodwill	600	600
TechOps \| ACS \| FAA Certifications
Intangible assets net
Intangible assets with indefinite lives excluding goodwill	7,300	7,300
TechOps \| ACT
Intangible assets net
Goodwill	6,002	6,002
TechOps \| ACT \| Trademarks
Intangible assets net
Intangible assets with indefinite lives excluding goodwill	200	200
TechOps \| ACT \| FAA Certifications
Intangible assets net
Intangible assets with indefinite lives excluding goodwill	$ 796	$ 796

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE

Summary of reconciliation of the computation for basic and diluted earnings per share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net (loss) income	$	(120)	$	509	$	3,178	$	3,149

Weighted-average number of shares outstanding - basic		47,180,634		53,208,538		48,779,067		53,076,733
Additional shares from assumed stock-settled options		-		-		-		12,524
Additional shares from assumed stock-settled restricted stock units		-		166,000		272,316		180,178
Additional shares from assumed issuance under the Employee Stock Purchase Plan		-		10,573		5,178		3,538
Weighted-average number of shares outstanding - diluted		47,180,634		53,385,111		49,056,561		53,272,973

(Loss) earnings per share – basic:	$	(0.00)	$	0.01	$	0.07	$	0.06
(Loss) earnings per share – diluted:	$	(0.00)	$	0.01	$	0.06	$	0.06

Anti-dilutive shares/units excluded from earnings per share - diluted:
Additional shares from assumed stock-settled restricted stock units		455,075		-		-		-
Additional shares from assumed issuance under the Employee Stock Purchase Plan		5,178		-		-		-

BUSINESS SEGMENTS (Details)	9 Months Ended
BUSINESS SEGMENTS (Details)	Sep. 30, 2025 segment
BUSINESS SEGMENTS
Number of business segments	2
Number of reportable segments	2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 3,178	$ 3,149
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization	14,237	10,945
Amortization of debt issuance costs	292	248
Amortization of operating lease assets	215	111
Inventory reserve	2,580	1,809
Provision for doubtful accounts		195
Deferred income taxes	1,738	467
Change in fair value of warrant liability	(53)	(2,348)
Share-based compensation	3,125	3,159
Changes in operating assets and liabilities:
Accounts receivable	(8,968)	(2,700)
Income tax receivable	951	(411)
Inventory	(50,291)	(62,587)
Deposits, prepaid expenses, and other current assets	(305)	(5,673)
Other assets	8	(575)
Advance vendor payments	615	23,500
Accounts payable	(3,050)	4,973
Accrued expenses	(694)	657
Deferred revenue	(874)	(2,144)
Lessee and customer purchase deposits	(1,029)	882
Deferred insurance proceeds	3,700
Other liabilities	292	(11)
Net cash used in operating activities	(34,333)	(26,354)
Cash flows from investing activities:
Proceeds from sale of assets	1,750	3,800
Acquisition of aircraft and engines held for lease, including capitalized cost	(2,678)	(6,488)
Purchase of property and equipment	(4,494)	(8,768)
Net cash used in investing activities	(5,422)	(11,456)
Cash flows from financing activities:
Proceeds from long-term debt	1,174	615
Repayments of long-term debt	(462)	(8,605)
Proceeds from revolving credit facility	256,469	132,294
Repayments of revolving credit facility	(171,900)	(82,781)
Payments of debt issuance costs	(115)
Purchase of treasury stock	(45,000)
Proceeds from the issuance of Employee Stock Purchase Plan shares	195	325
Taxes paid related to net share settlement of equity awards	(37)	(124)
Net cash provided by financing activities	40,324	41,724
Increase in cash and cash equivalents	569	3,914
Cash and cash equivalents, beginning of period	4,698	5,873
Cash and cash equivalents, end of period	5,267	9,787
Supplemental disclosure of cash activities
Income tax refunds, net	(725)	(20)
Interest paid	5,762	4,173
Supplemental disclosure of noncash investing activities
Reclassification of inventory to equipment held for lease, net	27,189	$ 12,711
Reclassification of inventory to property and equipment, net	3,417
Reclassification of equipment held for lease, net from property and equipment, net	$ (8,773)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Interim Financial Statements

The accompanying unaudited interim condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (“SEC”), which permits reduced disclosures for interim periods. Although these interim condensed consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes all adjustments, consisting only of normal recurring adjustments, and disclosures necessary for a fair presentation of the accompanying condensed consolidated balance sheets, statements of operations, stockholders’ equity, and cash flows have been made. These unaudited interim results of operations and cash flows are not necessarily indicative of the results that may be expected for the full year. Unaudited interim condensed consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), wherein a more complete discussion of significant accounting policies and certain other information can be found.

Revenue Recognition

Products Revenue — Used Serviceable Material (“USM”) Sales

Revenue from sales of USM is measured based on consideration specified in a contract with a customer, and excludes any sales commissions and taxes collected and remitted to government agencies. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. Parts are sold at a fixed price with no right of return. In determining the performance obligation, management has identified the promise in the contract to be the shipment of the spare parts to the customer. Title passes to the buyer when the goods are shipped, and the buyer is responsible for any loss in transit and the Company has a legal right to payment for the spare parts once shipped. We generally sell our USM products under standard 30-day payment terms, subject to certain exceptions. Customers neither have the right to return products nor do they have the right to extended financing. The Company has determined that physical acceptance of the spare parts to be a formality in accordance with Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers (“ASC 606”).

Spare parts revenue is based on a set price for a set number of parts as defined in the purchase order. The performance obligation is completed once the parts have shipped and as a result, all of the transaction price is allocated to that performance obligation. The Company has determined that it is appropriate to recognize spare parts sales at a point in time (i.e., the date the parts are shipped) in accordance with ASC 606.

Products Revenue — Whole Asset Sales

Revenue from whole asset sales is measured based on consideration specified in the contract with the customer. The Company and customer enter into an agreement which outlines the place and date of sale, purchase price, condition of the whole asset, bill of sale and the assignment of rights and warranties from the Company to the customer. The Company has identified the transfer of the whole asset as the performance obligation. The transaction price is set at a fixed dollar amount per fixed quantity (number of whole assets) and is explicitly stated in each contract. Whole asset sales revenue is based on a set price for a set number of assets, which is allocated to the performance obligation discussed above, in its entirety. The Company has determined the date of transfer to the customer is the date the customer obtains control over the asset and results in the recognition of revenue. Payment is required in full upon customers’ acceptance of the whole asset on the date of the transfer, unless the Company extends credit terms to customers it deems creditworthy.

Leasing Revenue

The Company leases aircraft and engines (“Flight Equipment”) under operating leases that contain monthly base rent and reports rental income straight line over the life of the lease as it is earned. Additionally, the Company’s leases provide for supplemental rent, which is calculated based on actual hours or cycles of utilization and, for certain components, based on the amount of time until maintenance of that component is required. In certain leases, the Company records supplemental rent paid by the lessees as maintenance deposit payments and other liabilities in recognition of the Company’s contractual commitment to reimburse qualifying maintenance. Reimbursements to the lessees upon receipt of evidence of qualifying maintenance work are charged against existing maintenance deposit payments and other liabilities. In leases where the Company is responsible for performing certain repairs or replacement of aircraft components or engines, supplemental rent is recorded as revenue in the period earned. In the event of premature lease termination or lessee default on the lease terms, revenue recognition will be discontinued when outstanding balances are beyond the customers’ deposits held. Flight Equipment leases are billed in accordance with the lease agreement and invoices are due upon receipt.

Services Revenue

Revenue for services is recognized as performance obligations are fulfilled and the benefits are transferred to the customer. At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. In some cases, our service contract with the customer is considered one performance obligation as it includes factors such as the good or service being provided is significantly integrated with other promises in the contract, the service provided significantly modifies or customizes the other good or

service or the goods or services are highly interdependent or interrelated with each other. If the contract has more than one performance obligation, the Company determines the standalone price of each distinct good or service underlying each performance obligation and allocates the transaction price based on their relative standalone selling prices. The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur.

For most service contracts, our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. We receive payments from our customers based on billing schedules or other terms as written in our contracts.

For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation. We are required to make certain judgments and estimates, including estimated revenue and costs, as well as inflation and the overall profitability of the arrangement. Key assumptions involved include future labor costs and efficiencies, overhead costs and ultimate timing of product delivery. Differences may occur between the judgments and estimates made by management and actual program results. Under most of our maintenance, repair and overhaul (“MRO”) contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered, fair compensation for work performed, the costs of settling and paying other claims and a reasonable profit on the costs incurred or committed.

Changes in estimates and assumptions related to our arrangements accounted for using the input method based on labor hours are recorded using the cumulative catchup method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide MRO services.

We have elected to use certain practical expedients permitted under ASC 606. Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales in our condensed consolidated statements of operations and are not considered a performance obligation to our customers. Our reported revenue on our condensed consolidated statements of operations is net of any sales or related non-income taxes.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained on examination by the taxing authorities. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

The Company records interest and penalties related to unrecognized tax benefits in the income tax provision.

On July 4, 2025, the United States Congress passed budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill (“OBBB”). The OBBB contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company has analyzed the OBBB and determined there was no material impact in the third quarter of 2025, nor does the Company expect a material impact on its 2025 consolidated financial statements.

New Accounting Pronouncements Adopted

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes Topic 740: Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 was effective for fiscal years beginning after December 15, 2024. The amendments in ASU 2023-09 were adopted by the Company as of January 1, 2025. The Company’s results of operations, cash flows, and financial condition were not impacted by the adoption of this ASU.

New Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires public entities to disclose, in a tabular presentation, the following expense items: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses, as well as other types of expenses when applicable. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and disclosure.

There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our consolidated financial statements.

WARRANT LIABILITY (Tables)

9 Months Ended

Sep. 30, 2025

WARRANT LIABILITY

Schedule of assumptions of black-scholes option pricing model used in determining fair value of private warrants


	September 30, 2025	December 31, 2024
Risk-free interest rate	3.74%	4.38%
Expected volatility of common stock	44.26%	41.71%
Expected option term in years	0.2	1.0

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
REVENUE
Contract assets	$ 4,938	$ 4,938	$ 6,166
Change in contract assets		(1,228)
Deferred revenue	907	907	1,781
Contract liabilities, revenue recognized	$ 100	$ 700
Maximum customer payment period (in months)		6 months
Services
REVENUE
Contract liabilities for services to be performed			$ 700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

STOCKHOLDERS' EQUITY - 2020 Plan and ESPP (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
2020 Employee Stock Purchase Plan
STOCKHOLDERS' EQUITY
Common stock issuable (in shares)	500,000
Shares issued (in shares)	39,754	48,202
2020 Plan
STOCKHOLDERS' EQUITY
Common stock issuable (in shares)	10,200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

WARRANT LIABILITY

9 Months Ended

Sep. 30, 2025

WARRANT LIABILITY

WARRANT LIABILITY

NOTE I – WARRANT LIABILITY

Warrants to purchase a total of 623,834 shares of the Company’s common stock were outstanding as of September 30, 2025 and December 31, 2024. 750,000 warrants were issued to founders in a private placement (the “Private Warrants”). Each of the Private Warrants entitles the registered holder to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment. The outstanding Private Warrants will expire at 5:00 p.m., New York City time, on December 22, 2025, or earlier upon redemption or liquidation.

The Private Warrants include provisions that affect the settlement amount. Such variables are outside of those used to determine the fair value of a fixed-for-fixed instrument, and as such, the Private Warrants do not meet the criteria for equity treatment under guidance contained in ASC Topic 815, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in a Company’s Own Stock. The Company classifies the Private Warrants as a liability at their fair value subject to re-measurement at each balance sheet date and adjusted at each reporting period until exercised or expired, and any change in fair value is recognized in the Company's condensed consolidated statements of operations. The fair value of the Private Warrants is determined using the Black-Scholes option pricing model. The following table represents the assumptions used in determining the fair value of the Private Warrants as of September 30, 2025 and December 31, 2024:


	September 30, 2025	December 31, 2024
Risk-free interest rate	3.74%	4.38%
Expected volatility of common stock	44.26%	41.71%
Expected option term in years	0.2	1.0

The significant assumptions utilized in the Black-Scholes calculation consist of interest rate for U.S. Treasury Bonds, as published by the U.S. Federal Reserve, and the Company considers the historical volatility of the Company’s stock price.

INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 30, 2025

INTANGIBLE ASSETS, NET

Schedule of intangible assets with indefinite lives

Goodwill and other intangible assets, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Asset Management:
FAA Certifications	$	724	$	724
Goodwill		13,416		13,416
ALGS:
FAA Certifications		710		710
Goodwill		379		379
ACS:
Trademarks		600		600
FAA Certifications		7,300		7,300
Goodwill		63		63
ACT:
Trademarks		200		200
FAA Certificates		796		796
Goodwill		6,002		6,002
Total intangible assets with indefinite lives	$	30,190	$	30,190

Schedule of intangible assets with definite lives

Intangible assets with definite useful lives are amortized on a straight-line basis over their estimated useful lives. Net book value of intangibles assets with definite lives are as follows (in thousands):


	Useful Life
	In Years	September 30, 2025		December 31, 2024
Asset Management:
Customer relationships	10	$	3,459	$	4,187
ALGS:
Customer relationships	10		-		10
ACS:
Customer relationships	10		665		823
ACT:
Customer relationships	10		3,815		4,505
AerSale:
AerAware Flight manuals	10		625		675
Total intangible assets with definite lives, net		$	8,564	$	10,200

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE - Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Aircraft and Engines
Aircraft and engines held for lease	$ 131,183		$ 131,183		$ 96,910
Less accumulated depreciation	(33,176)		(33,176)		(29,063)
Property held for operating leases, net	98,007		98,007		$ 67,847
Depreciation expense	2,800	$ 2,400	8,500	$ 5,500
Supplemental rents recognized as revenue	$ 5,300	$ 3,800	$ 12,900	$ 7,600
Lease term (in years)	5 years		5 years

PROPERTY AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2025

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment, net

Property and equipment, net, as of the below dates, consisted of the following (in thousands):


	Useful Life
	In Years	September 30, 2025		December 31, 2024
Tooling and equipment	5 – 15	$	18,155	$	17,481
Furniture and other equipment	3 – 15		14,551		13,985
Computer software	3 – 5		1,592		2,555
Leasehold improvements	2 – 15		27,289		25,527
Flight equipment held for R&D	2 – 8		-		8,383
			61,587		67,931
Less accumulated depreciation			(30,094)		(31,600)
		$	31,493	$	36,331

FINANCING ARRANGEMENTS - Outstanding debt obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financing arrangements
Total	$ 126,330	$ 41,049
Less current portion	(993)	(605)
Total long-term portion	125,337	40,444
Wells Fargo \| Revolving Credit Agreement
Financing arrangements
Total	123,804	39,235
Debt instrument, face amount	180,000	180,000
CIBC \| Equipment Loan
Financing arrangements
Total	2,526	1,814
Debt instrument, face amount	$ 10,000	$ 10,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

FINANCING ARRANGEMENTS (Tables)

9 Months Ended

Sep. 30, 2025

FINANCING ARRANGEMENTS

Schedule of outstanding debt obligations

Outstanding debt obligations as of September 30, 2025 and December 31, 2024 consisted of the following (in thousands):


	September 30,		December 31,
	2025		2024
$180.0 million Wells Fargo Senior Secured Revolving Credit Agreement	$	123,804	$	39,235
$10.0 million CIBC Property and Equipment Revolving Term Loan		2,526		1,814
Total		126,330		41,049
Less current portion		(993)		(605)
Total long-term portion	$	125,337	$	40,444

Schedule of payments on the equipment loan

The effective rate on this facility as of September 30, 2025 was 7.36%. Maturities of the CIBC Equipment Loan as of September 30, 2025 are as follows (in thousands):


Year ending December 31:
Remaining three months of 2025	$	248
2026		993
2027		993
2028		292
Total payments	$	2,526

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2025
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements	Interim Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared from the books and records of the Company in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (“SEC”), which permits reduced disclosures for interim periods. Although these interim condensed consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes all adjustments, consisting only of normal recurring adjustments, and disclosures necessary for a fair presentation of the accompanying condensed consolidated balance sheets, statements of operations, stockholders’ equity, and cash flows have been made. These unaudited interim results of operations and cash flows are not necessarily indicative of the results that may be expected for the full year. Unaudited interim condensed consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”), wherein a more complete discussion of significant accounting policies and certain other information can be found.
Revenue Recognition	Revenue Recognition Products Revenue — Used Serviceable Material (“USM”) Sales Revenue from sales of USM is measured based on consideration specified in a contract with a customer, and excludes any sales commissions and taxes collected and remitted to government agencies. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. Parts are sold at a fixed price with no right of return. In determining the performance obligation, management has identified the promise in the contract to be the shipment of the spare parts to the customer. Title passes to the buyer when the goods are shipped, and the buyer is responsible for any loss in transit and the Company has a legal right to payment for the spare parts once shipped. We generally sell our USM products under standard 30-day payment terms, subject to certain exceptions. Customers neither have the right to return products nor do they have the right to extended financing. The Company has determined that physical acceptance of the spare parts to be a formality in accordance with Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers (“ASC 606”). Spare parts revenue is based on a set price for a set number of parts as defined in the purchase order. The performance obligation is completed once the parts have shipped and as a result, all of the transaction price is allocated to that performance obligation. The Company has determined that it is appropriate to recognize spare parts sales at a point in time (i.e., the date the parts are shipped) in accordance with ASC 606. Products Revenue — Whole Asset Sales Revenue from whole asset sales is measured based on consideration specified in the contract with the customer. The Company and customer enter into an agreement which outlines the place and date of sale, purchase price, condition of the whole asset, bill of sale and the assignment of rights and warranties from the Company to the customer. The Company has identified the transfer of the whole asset as the performance obligation. The transaction price is set at a fixed dollar amount per fixed quantity (number of whole assets) and is explicitly stated in each contract. Whole asset sales revenue is based on a set price for a set number of assets, which is allocated to the performance obligation discussed above, in its entirety. The Company has determined the date of transfer to the customer is the date the customer obtains control over the asset and results in the recognition of revenue. Payment is required in full upon customers’ acceptance of the whole asset on the date of the transfer, unless the Company extends credit terms to customers it deems creditworthy. Leasing Revenue The Company leases aircraft and engines (“Flight Equipment”) under operating leases that contain monthly base rent and reports rental income straight line over the life of the lease as it is earned. Additionally, the Company’s leases provide for supplemental rent, which is calculated based on actual hours or cycles of utilization and, for certain components, based on the amount of time until maintenance of that component is required. In certain leases, the Company records supplemental rent paid by the lessees as maintenance deposit payments and other liabilities in recognition of the Company’s contractual commitment to reimburse qualifying maintenance. Reimbursements to the lessees upon receipt of evidence of qualifying maintenance work are charged against existing maintenance deposit payments and other liabilities. In leases where the Company is responsible for performing certain repairs or replacement of aircraft components or engines, supplemental rent is recorded as revenue in the period earned. In the event of premature lease termination or lessee default on the lease terms, revenue recognition will be discontinued when outstanding balances are beyond the customers’ deposits held. Flight Equipment leases are billed in accordance with the lease agreement and invoices are due upon receipt. Services Revenue Revenue for services is recognized as performance obligations are fulfilled and the benefits are transferred to the customer. At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. In some cases, our service contract with the customer is considered one performance obligation as it includes factors such as the good or service being provided is significantly integrated with other promises in the contract, the service provided significantly modifies or customizes the other good or service or the goods or services are highly interdependent or interrelated with each other. If the contract has more than one performance obligation, the Company determines the standalone price of each distinct good or service underlying each performance obligation and allocates the transaction price based on their relative standalone selling prices. The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. For most service contracts, our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. We receive payments from our customers based on billing schedules or other terms as written in our contracts. For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation. We are required to make certain judgments and estimates, including estimated revenue and costs, as well as inflation and the overall profitability of the arrangement. Key assumptions involved include future labor costs and efficiencies, overhead costs and ultimate timing of product delivery. Differences may occur between the judgments and estimates made by management and actual program results. Under most of our maintenance, repair and overhaul (“MRO”) contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered, fair compensation for work performed, the costs of settling and paying other claims and a reasonable profit on the costs incurred or committed. Changes in estimates and assumptions related to our arrangements accounted for using the input method based on labor hours are recorded using the cumulative catchup method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide MRO services. We have elected to use certain practical expedients permitted under ASC 606. Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales in our condensed consolidated statements of operations and are not considered a performance obligation to our customers. Our reported revenue on our condensed consolidated statements of operations is net of any sales or related non-income taxes.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained on examination by the taxing authorities. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits in the income tax provision. On July 4, 2025, the United States Congress passed budget reconciliation bill H.R. 1 referred to as the One Big Beautiful Bill (“OBBB”). The OBBB contains several changes to corporate taxation including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The Company has analyzed the OBBB and determined there was no material impact in the third quarter of 2025, nor does the Company expect a material impact on its 2025 consolidated financial statements.
New Accounting Pronouncements Adopted	New Accounting Pronouncements Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes Topic 740: Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 was effective for fiscal years beginning after December 15, 2024. The amendments in ASU 2023-09 were adopted by the Company as of January 1, 2025. The Company’s results of operations, cash flows, and financial condition were not impacted by the adoption of this ASU.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (“ASU 2024-03”), which requires public entities to disclose, in a tabular presentation, the following expense items: (1) purchases of inventory, (2) employee compensation, (3) depreciation, (4) intangible asset amortization, (5) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses, as well as other types of expenses when applicable. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and disclosure. There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our consolidated financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

BUSINESS SEGMENTS - Selected financial information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
BUSINESS SEGMENTS
Revenue	$ 71,191	$ 82,684	$ 244,349	$ 250,325
Cost of sales	49,705	59,009	169,561	176,134
Gross profit	21,486	23,675	74,788	74,191
Services
BUSINESS SEGMENTS
Cost of sales	19,561	24,905	55,489	70,793
Products
BUSINESS SEGMENTS
Cost of sales	27,295	31,680	105,564	99,830
Asset Management Solutions
BUSINESS SEGMENTS
Revenue	39,201	50,414	154,679	151,475
Cost of sales	25,814	31,126	102,287	94,174
Gross profit	13,387	19,288	52,392	57,301
Asset Management Solutions \| Aircraft
BUSINESS SEGMENTS
Revenue	8,249	8,940	26,018	34,388
Cost of sales	4,923	5,931	16,740	23,120
Gross profit	3,326	3,009	9,278	11,268
Asset Management Solutions \| Engine
BUSINESS SEGMENTS
Revenue	30,952	41,474	128,661	117,087
Cost of sales	20,891	25,195	85,547	71,054
Gross profit	10,061	16,279	43,114	46,033
TechOps
BUSINESS SEGMENTS
Revenue	31,990	32,270	89,670	98,850
Cost of sales	23,891	27,883	67,274	81,960
Gross profit	8,099	4,387	22,396	16,890
TechOps \| MRO services
BUSINESS SEGMENTS
Revenue	24,820	28,065	70,535	83,430
Cost of sales	19,561	24,905	55,489	70,793
Gross profit	5,259	3,160	15,046	12,637
TechOps \| Products
BUSINESS SEGMENTS
Revenue	7,170	4,205	19,135	15,420
Cost of sales	4,330	2,978	11,785	11,167
Gross profit	$ 2,840	$ 1,227	$ 7,350	$ 4,253

INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2025

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET

NOTE E — INTANGIBLE ASSETS, NET

In accordance with ASC 350, Intangibles — Goodwill and Other (“ASC 350”), goodwill and other intangible assets deemed to have indefinite lives are not amortized, but are subject to annual impairment tests. The Company reviews and evaluates its goodwill and indefinite life intangible assets for potential impairment at a minimum annually or more frequently if circumstances indicate that impairment is possible.

The Company determined the fair value of assets acquired and liabilities assumed using a variety of methods. An income approach based on discounted cash flows was used to determine the values of our trademarks, certifications, customer relationships and Federal Aviation Administration (“FAA”) certificates. The assumptions the Company used to estimate the fair value of our reporting units are based on historical performance, as well as forecasts used in our current business plan, and require considerable management judgment.

The Company’s goodwill and intangible assets as defined by ASC 350 are related to its acquired subsidiaries, AerSale Component Solutions (d/b/a AerSale Landing Gear Solutions) (“ALGS”), Avborne Component Solutions (d/b/a AerSale Component Solutions) (“ACS”), and Aircraft Composite Technologies (“ACT” or “AerSale AeroStructures -Miami”), which are included in the TechOps segment. See Note L for information about our business segments.

Goodwill and other intangible assets, net consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Asset Management:
FAA Certifications	$	724	$	724
Goodwill		13,416		13,416
ALGS:
FAA Certifications		710		710
Goodwill		379		379
ACS:
Trademarks		600		600
FAA Certifications		7,300		7,300
Goodwill		63		63
ACT:
Trademarks		200		200
FAA Certificates		796		796
Goodwill		6,002		6,002
Total intangible assets with indefinite lives	$	30,190	$	30,190


	Useful Life
	In Years	September 30, 2025		December 31, 2024
Asset Management:
Customer relationships	10	$	3,459	$	4,187
ALGS:
Customer relationships	10		-		10
ACS:
Customer relationships	10		665		823
ACT:
Customer relationships	10		3,815		4,505
AerSale:
AerAware Flight manuals	10		625		675
Total intangible assets with definite lives, net		$	8,564	$	10,200

Total amortization expense amounted to $0.5 million for the three months ended September 30, 2025 and 2024. Total amortization expense amounted to $1.6 million for the nine months ended September 30, 2025 and 2024. Accumulated amortization amounted to $13.1 million and $11.5 million as of September 30, 2025 and December 31, 2024, respectively.

Other intangible assets are reviewed at least annually or more frequently if any event or change in circumstance indicates that an impairment may have occurred.

STOCKHOLDERS' EQUITY - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 18, 2025	Mar. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
STOCKHOLDERS' EQUITY
Common stock, par value (in dollars per share)	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)			200,000,000	200,000,000
Common stock, shares issued (in shares)			47,185,011	53,252,563
Common stock, shares outstanding (in shares)			47,185,011	53,252,563
Purchase of treasury stock (in shares)	6,428,571
Purchase of treasury stock price (per share)	$ 7
Purchase of treasury stock value	$ 45,000	$ 45,000

STOCKHOLDERS' EQUITY - Stock options activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Shares
Beginning balance	646,301
Granted	763,485	646,301
Forfeited	(38,646)
Expired	(32,205)
Ending balance	1,338,935	646,301	646,301
Exercisable	191,811
Weighted Average Exercise Price Per Share
Beginning balance	$ 7.02
Granted	6.08	$ 7.02
Forfeited	7.02
Expired	7.02
Ending balance	6.48	$ 7.02	$ 7.02
Exercisable	$ 7.02
Weighted Average Remaining Contractual Life (Years)
Outstanding	9 years 3 months 3 days	9 years 8 months 8 days	9 years 5 months 8 days
Granted		9 years 8 months 8 days
Exercisable	8 years 8 months 8 days
Aggregate Intrinsic Value
Granted	$ 1,612
Forfeited	45
Expired	38
Outstanding	2,286
Exercisable	$ 262,397

INVENTORY (Tables)

9 Months Ended

Sep. 30, 2025

INVENTORY

Schedule of inventory

Following are the major classes of inventory as of the below dates (in thousands):


	September 30, 2025		December 31, 2024
USM	$	135,375	$	118,025
Whole assets		138,079		141,770
Work-in-process		22,527		27,358
MRO and engineered solutions		75,165		68,637
	$	371,146		355,790
Less short term		(255,501)		(224,832)
Long term	$	115,645	$	130,958

PROPERTY AND EQUIPMENT, NET - Depreciation expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
PROPERTY AND EQUIPMENT, NET
Depreciation expense	$ 1.4	$ 1.6	$ 4.1	$ 3.8

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE

9 Months Ended

Sep. 30, 2025

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE

NOTE G — LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE

Aircraft and engines held for lease, net, as of the below dates consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Aircraft and engines held for lease	$	131,183	$	96,910
Less accumulated depreciation		(33,176)		(29,063)
	$	98,007	$	67,847

Total depreciation expense amounted to $2.8 million and $2.4 million for the three months ended September 30, 2025 and 2024, respectively. Total depreciation expense amounted to $8.5 million and $5.5 million for the nine months ended September 30, 2025 and 2024, respectively, and is included in cost of leasing in the accompanying condensed consolidated statements of operations.

Supplemental rents recognized as revenue totaled $5.3 million and $3.8 million for the three months ended September 30, 2025 and 2024, respectively. Supplemental rents recognized as revenue totaled $12.9 million and $7.6 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company’s current operating lease agreements for leased Flight Equipment expire over the next five years. The amounts in the following table are based upon the assumption that Flight Equipment under operating leases will remain leased for the length of time specified by the respective lease agreements. Minimum future annual lease rentals contracted to be received under existing operating leases of Flight Equipment were as follows (in thousands):


Year ending December 31:
Remaining three months of 2025	$	4,654
2026		15,184
2027		8,958
2028		3,777
2029		3,081
Thereafter		2,904
Total minimum lease payments	$	38,558

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment
Property and equipment, gross	$ 61,587	$ 67,931
Less accumulated depreciation	(30,094)	(31,600)
Property and equipment, net	31,493	36,331
Tooling and equipment
Property, Plant and Equipment
Property and equipment, gross	18,155	17,481
Furniture and other equipment
Property, Plant and Equipment
Property and equipment, gross	14,551	13,985
Computer software
Property, Plant and Equipment
Property and equipment, gross	1,592	2,555
Leasehold improvements
Property, Plant and Equipment
Property and equipment, gross	$ 27,289	25,527
Flight equipment held for R&D
Property, Plant and Equipment
Property and equipment, gross		$ 8,383
Minimum \| Tooling and equipment
Property, Plant and Equipment
Useful life (in years)	5 years
Minimum \| Furniture and other equipment
Property, Plant and Equipment
Useful life (in years)	3 years
Minimum \| Computer software
Property, Plant and Equipment
Useful life (in years)	3 years
Minimum \| Leasehold improvements
Property, Plant and Equipment
Useful life (in years)	2 years
Minimum \| Flight equipment held for R&D
Property, Plant and Equipment
Useful life (in years)	2 years
Maximum \| Tooling and equipment
Property, Plant and Equipment
Useful life (in years)	15 years
Maximum \| Furniture and other equipment
Property, Plant and Equipment
Useful life (in years)	15 years
Maximum \| Computer software
Property, Plant and Equipment
Useful life (in years)	5 years
Maximum \| Leasehold improvements
Property, Plant and Equipment
Useful life (in years)	15 years
Maximum \| Flight equipment held for R&D
Property, Plant and Equipment
Useful life (in years)	8 years

FINANCING ARRANGEMENTS - Revolving credit facility (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Nov. 22, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jul. 20, 2018
Revolving Credit Agreement \| Wells Fargo
Financing arrangements
Debt instrument, face amount		$ 180.0		$ 180.0		$ 180.0
Aggregate amount of revolver commitments							$ 180.0
Maximum borrowing capacity, expandable amount							$ 200.0
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				us-gaap:SecuredOvernightFinancingRateSofrMember
Effective Interest Rate (in %)		6.97%		6.97%
Interest expense		$ 2.2	$ 1.6	$ 5.5	$ 3.6
Revolving Credit Agreement \| Minimum \| Wells Fargo
Financing arrangements
Spread on variable rate (in %)				2.25%
Revolving Credit Agreement \| Maximum \| Wells Fargo
Financing arrangements
Spread on variable rate (in %)				2.75%
Equipment Loan \| CIBC
Financing arrangements
Debt instrument, face amount		10.0		$ 10.0		$ 10.0
Maximum borrowing capacity	$ 10.0	$ 1.2		$ 1.2
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	us-gaap:SecuredOvernightFinancingRateSofrMember
Spread on variable rate (in %)	3.00%
Debt instrument, term	36 months
Effective Interest Rate (in %)		7.36%		7.36%

INTANGIBLE ASSETS, NET- Amortization expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
INTANGIBLE ASSETS, NET
Amortization expense	$ 0.5	$ 0.5	$ 1.6	$ 1.6
Accumulated amortization	$ 13.1		$ 13.1		$ 11.5

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

WARRANT LIABILITY (Details) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Warrant Liability
Number of warrants outstanding (in shares)	623,834	623,834
Private Placement
Warrant Liability
Number of warrants outstanding (in shares)	750,000
Number of shares of common stock called by each warrant (in shares)	1
Exercise price of warrants (in $ per share)	$ 11.5

BUSINESS SEGMENTS - Depreciation and Amortization Expense and Capital expenditures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
BUSINESS SEGMENTS
Total Assets	$ 646,276		$ 646,276		$ 604,723
Total Depreciation and Amortization Expense	4,766	$ 8,166	14,237	$ 10,945
Total Capital Expenditures			7,172	15,256
Asset Management Solutions
BUSINESS SEGMENTS
Total Assets	435,933		435,933		383,336
Total Depreciation and Amortization Expense	3,196	5,066	9,569	6,628
Total Capital Expenditures			2,713	6,446
TechOps
BUSINESS SEGMENTS
Total Assets	197,038		197,038		205,655
Total Depreciation and Amortization Expense	1,283	2,578	3,828	3,537
Total Capital Expenditures			4,087	8,194
Corporate
BUSINESS SEGMENTS
Total Assets	13,305		13,305		$ 15,732
Total Depreciation and Amortization Expense	$ 287	$ 522	840	780
Total Capital Expenditures			$ 372	$ 616

- Definition

Amount of asset recognized for present right to economic benefit.

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-Subparagraph (c)
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+ Details

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

FINANCING ARRANGEMENTS - Narratives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
FINANCING ARRANGEMENTS
Deferred financing costs, net	$ 1,119		$ 1,119		$ 1,296
Amortization expense	$ 100	$ 100	$ 292	$ 248

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (120)	$ 8,575	$ (5,277)	$ 509	$ (3,637)	$ 6,277	$ 3,178	$ 3,149

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Retained earnings	Treasury Stock	Total
Balance at beginning at Dec. 31, 2023	$ 5	$ 311,739	$ 133,271		$ 445,015
Balance at beginning (in shares) at Dec. 31, 2023	52,954,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		799			799
Shares issued under the 2020 Employee Stock Purchase Plan	$ 0				0
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	54,596
Shares surrendered for tax withholdings on equity awards		(108)			(108)
Net income loss			6,277		6,277
Balance at ending at Mar. 31, 2024	$ 5	312,430	139,548		451,983
Balance at ending (in shares) at Mar. 31, 2024	53,009,026
Balance at beginning at Dec. 31, 2023	$ 5	311,739	133,271		445,015
Balance at beginning (in shares) at Dec. 31, 2023	52,954,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss					3,149
Balance at ending at Sep. 30, 2024	$ 5	315,099	136,420		451,524
Balance at ending (in shares) at Sep. 30, 2024	53,210,842
Balance at beginning at Mar. 31, 2024	$ 5	312,430	139,548		451,983
Balance at beginning (in shares) at Mar. 31, 2024	53,009,026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,144			1,144
Shares issued under the 2020 Employee Stock Purchase Plan	$ 0	325			325
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	48,202
Shares issued under the 2020 Equity Incentive Plan, net of shares withheld for taxes	$ 0				0
Shares issued under the 2020 Equity Incentive Plan, net of shares withheld for taxes (in shares)	26,986
Shares surrendered for tax withholdings on equity awards		(16)			(16)
Net income loss			(3,637)		(3,637)
Balance at ending at Jun. 30, 2024	$ 5	313,883	135,911		449,799
Balance at ending (in shares) at Jun. 30, 2024	53,084,214
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,216			1,216
Shares issued under the 2020 Employee Stock Purchase Plan	$ 0				0
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	126,628
Net income loss			509		509
Balance at ending at Sep. 30, 2024	$ 5	315,099	136,420		451,524
Balance at ending (in shares) at Sep. 30, 2024	53,210,842
Balance at beginning at Dec. 31, 2024	$ 5	316,493	139,122		455,620
Balance at beginning (in shares) at Dec. 31, 2024	53,252,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,160			1,160
Shares issued under the 2020 Employee Stock Purchase Plan	$ 0				0
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	36,074
Purchase of treasury stock				$ (45,000)	(45,000)
Purchase of treasury stock (in shares)				6,428,571
Retirement of treasury stock	$ 0	(45,000)		$ 45,000	0
Retirement of treasury stock (in shares)	(6,428,571)			(6,428,571)
Shares surrendered for tax withholdings on equity awards		(45)			(45)
Net income loss			(5,277)		(5,277)
Balance at ending at Mar. 31, 2025	$ 5	272,608	133,845		406,458
Balance at ending (in shares) at Mar. 31, 2025	46,860,066
Balance at beginning at Dec. 31, 2024	$ 5	316,493	139,122		455,620
Balance at beginning (in shares) at Dec. 31, 2024	53,252,563
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income loss					3,178
Balance at ending at Sep. 30, 2025	$ 5	274,776	142,300		417,081
Balance at ending (in shares) at Sep. 30, 2025	47,185,011
Balance at beginning at Mar. 31, 2025	$ 5	272,608	133,845		406,458
Balance at beginning (in shares) at Mar. 31, 2025	46,860,066
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		668			668
Shares issued under the 2020 Employee Stock Purchase Plan	$ 0	195			195
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	39,754
Shares issued under the 2020 Equity Incentive Plan, net of shares withheld for taxes	$ 0				0
Shares issued under the 2020 Equity Incentive Plan, net of shares withheld for taxes (in shares)	194,049
Shares surrendered for tax withholdings on equity awards		16			16
Net income loss			8,575		8,575
Balance at ending at Jun. 30, 2025	$ 5	273,487	142,420		415,912
Balance at ending (in shares) at Jun. 30, 2025	47,093,869
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,297			1,297
Shares issued under the 2020 Employee Stock Purchase Plan	$ 0				0
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	91,142
Shares surrendered for tax withholdings on equity awards		(8)			(8)
Net income loss			(120)		(120)
Balance at ending at Sep. 30, 2025	$ 5	$ 274,776	$ 142,300		$ 417,081
Balance at ending (in shares) at Sep. 30, 2025	47,185,011

BUSINESS SEGMENTS (Tables)

9 Months Ended

Sep. 30, 2025

BUSINESS SEGMENTS

Summary of selected financial information for each segment

Selected financial information for each segment is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue
Asset Management Solutions
Aircraft	$	8,249	$	8,940	$	26,018	$	34,388
Engine		30,952		41,474		128,661		117,087
		39,201		50,414		154,679		151,475
TechOps
MRO services		24,820		28,065		70,535		83,430
Product sales		7,170		4,205		19,135		15,420
		31,990		32,270		89,670		98,850
Total	$	71,191	$	82,684	$	244,349	$	250,325


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of sales
Asset Management Solutions
Aircraft	$	4,923	$	5,931	$	16,740	$	23,120
Engine		20,891		25,195		85,547		71,054
		25,814		31,126		102,287		94,174
TechOps
MRO services		19,561		24,905		55,489		70,793
Product sales		4,330		2,978		11,785		11,167
		23,891		27,883		67,274		81,960
Total	$	49,705	$	59,009	$	169,561	$	176,134


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Gross profit
Asset Management Solutions
Aircraft	$	3,326	$	3,009	$	9,278	$	11,268
Engine		10,061		16,279		43,114		46,033
		13,387		19,288		52,392		57,301
TechOps
MRO services		5,259		3,160		15,046		12,637
Product sales		2,840		1,227		7,350		4,253
		8,099		4,387		22,396		16,890
Total	$	21,486	$	23,675	$	74,788	$	74,191


	September 30,		December 31,
	2025		2024
Total Assets
Asset Management Solutions	$	435,933	$	383,336
TechOps		197,038		205,655
Corporate		13,305		15,732
	$	646,276	$	604,723



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total Depreciation and Amortization Expense
Asset Management Solutions	$	3,196	$	5,066	$	9,569	$	6,628
TechOps		1,283		2,578		3,828		3,537
Corporate		287		522		840		780
	$	4,766	$	8,166	$	14,237	$	10,945


	Nine Months Ended September 30,
	2025		2024
Total Capital Expenditures
Asset Management Solutions	$	2,713	$	6,446
TechOps		4,087		8,194
Corporate		372		616
	$	7,172	$	15,256

Summary of reconciliation segment gross profit to income before income tax provision

The following table reconciles segment gross profit to income before income tax provision for the three and nine months ended September 30, 2025 and 2024 (in thousands):



	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
	Asset Management Solutions			TechOps		Total	Asset Management Solutions			TechOps		Total
Gross Profit	$	13,387	$	8,099	$	21,486	$	19,288	$	4,387	$	23,675
Operating expenses		(2,484)		(1,701)		(4,185)		(2,361)		(1,984)		(4,345)
Selling, general and administrative expenses		(2,409)		(3,577)		(5,986)		(4,142)		(4,337)		(8,479)
Segment income (loss) from operations	$	8,494	$	2,821	$	11,315	$	12,785	$	(1,934)	$	10,851
Other corporate expenses						(8,442)						(8,855)
Income from operations						2,873						1,996
Other (expense) income:
Interest expense, net						(2,367)						(1,768)
Other income, net						128						128
Change in fair value of warrant liability						(21)						231
Income before income tax provision					$	613					$	587


	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
	Asset Management Solutions			TechOps		Total	Asset Management Solutions			TechOps		Total
Gross Profit	$	52,392	$	22,396	$	74,788	$	57,301	$	16,890	$	74,191
Operating expenses		(9,564)		(6,318)		(15,882)		(8,848)		(7,695)		(16,543)
Selling, general and administrative expenses		(10,211)		(11,796)		(22,007)		(11,626)		(14,537)		(26,163)
Segment income (loss) from operations	$	32,617	$	4,282	$	36,899	$	36,827	$	(5,342)	$	31,485
Other corporate expenses						(28,159)						(26,678)
Income from operations						8,740						4,807
Other (expense) income:
Interest expense, net						(6,000)						(4,231)
Other income, net						2,150						399
Change in fair value of warrant liability						53						2,348
Income before income tax provision					$	4,943					$	3,323

Summary of intersegment revenues

Intersegment revenue for the three and nine months ended September 30, 2025 and 2024, is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Asset Management Solutions	$	77	$	86	$	1,658	$	692
TechOps		2,076		2,397		6,109		9,993
Total intersegment revenue	$	2,153	$	2,483	$	7,767	$	10,685

DESCRIPTION OF THE BUSINESS

9 Months Ended

Sep. 30, 2025

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS

NOTE A — DESCRIPTION OF THE BUSINESS

Organization

Monocle Acquisition Corporation (“Monocle”) was initially formed on August 20, 2018 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses.

On December 22, 2020, Monocle consummated the previously announced business combination pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated September 8, 2020 (the “Merger Agreement”) by and among Monocle, AerSale Corporation (f/k/a Monocle Holdings Inc.), a Delaware corporation (the “Company” or “we”), AerSale Aviation, Inc. (f/k/a AerSale Corp.), a Delaware corporation (“AerSale Aviation”), Monocle Merger Sub 1 Inc., a Delaware corporation (“Merger Sub 1”), Monocle Merger Sub 2 LLC, a Delaware limited liability company (“Merger Sub 2”), and Leonard Green & Partners, L.P., a Delaware limited partnership, solely in its capacity as the initial Holder Representative (as defined in the Merger Agreement). The transactions contemplated by the Merger Agreement are referred to herein as the “Merger” or the “Business Combination” and in connection therewith, Monocle merged with and into us, whereby we survived the Merger and became the successor issuer to Monocle by operation of Rule 12g-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Upon the consummation of the Merger: (a) Merger Sub 1 was merged with and into Monocle, with Monocle surviving the merger as a wholly-owned direct subsidiary of the Company (the “First Merger”), and (b) Merger Sub 2 was merged with and into AerSale Aviation, with AerSale Aviation surviving the merger as a wholly-owned indirect subsidiary of the Company (the “Second Merger”). In connection with the closing of the Business Combination (the “Closing”), AerSale Aviation changed its name from “AerSale Corp.” to “AerSale Aviation, Inc.” and the Company changed its name from “Monocle Holdings Inc.” to “AerSale Corporation.” Immediately following the Merger, the Company contributed all of its ownership in Monocle to AerSale Aviation which continued as a wholly owned subsidiary of the Company.

The Company’s corporate headquarters is based in Doral, Florida, with additional offices, hangars, and warehouses located globally.

BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2025

BUSINESS SEGMENTS

BUSINESS SEGMENTS

NOTE L — BUSINESS SEGMENTS

Our Chairman and Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). We report operational data to our CODM at the segment level, which the CODM used to evaluate performance and allocate resources based on gross profit and income (loss) from operations by segment. While the Company believes there are synergies between the two business segments, they are managed separately because they have different risks and opportunities. The two reportable segments are:

●

Asset Management Solutions — comprised of activities to extract value from strategic asset acquisitions through leasing, trading, or disassembling for product sales.

●

TechOps — comprised of MRO activities and product sales of internally developed engineered solutions and other serviceable products.

The Asset Management Solutions segment provides leasing solutions of Flight Equipment to passenger and cargo operators worldwide. Assets considered to be at or near the end their useful lives, supplied by our leasing portfolio or acquisitions, are analyzed for return maximization to assess whether they will be sold as whole assets or disassembled and sold as individual spare parts and components.

The TechOps segment consists of aviation maintenance and services business that provide maintenance support for aircraft and aircraft components, and sale of engineered solutions. Our MRO business also engages in longer term projects such as aircraft modifications, aircraft cargo conversions, and aircraft storage. The segment also includes MRO of landing gear, thrust reversers, and other components. Cost of sales consist principally of the cost of product, direct labor, and overhead. Our engineered solutions revenue consists of sales of products internally developed as permitted by Supplemental Type Certificates issued by the FAA. These products are proprietary in nature and function as non-original equipment manufacturer solutions to airworthiness directives and other technical challenges. In order to develop these products, we engage in research and development activities. Our TechOps division will engage in the repair and sale of used serviceable materials through its ability to overhaul existing inventory.

The accounting policies for the segments are the same as those described in Note B. Our reportable segments are aligned principally around the differences in products and services. Gross profit is calculated by subtracting cost of sales from revenue; income (loss) from operations is calculated by further subtracting unapplied operating expenses and selling, general and administrative expenses. The assets and certain expenses related to corporate activities are not allocated to the segments. The segment reporting excludes the allocation of interest expense, interest income, other income (expense), net, change in fair value of warrant liability and income tax expense (benefit).

Selected financial information for each segment is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenue
Asset Management Solutions
Aircraft	$	8,249	$	8,940	$	26,018	$	34,388
Engine		30,952		41,474		128,661		117,087
		39,201		50,414		154,679		151,475
TechOps
MRO services		24,820		28,065		70,535		83,430
Product sales		7,170		4,205		19,135		15,420
		31,990		32,270		89,670		98,850
Total	$	71,191	$	82,684	$	244,349	$	250,325


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of sales
Asset Management Solutions
Aircraft	$	4,923	$	5,931	$	16,740	$	23,120
Engine		20,891		25,195		85,547		71,054
		25,814		31,126		102,287		94,174
TechOps
MRO services		19,561		24,905		55,489		70,793
Product sales		4,330		2,978		11,785		11,167
		23,891		27,883		67,274		81,960
Total	$	49,705	$	59,009	$	169,561	$	176,134


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Gross profit
Asset Management Solutions
Aircraft	$	3,326	$	3,009	$	9,278	$	11,268
Engine		10,061		16,279		43,114		46,033
		13,387		19,288		52,392		57,301
TechOps
MRO services		5,259		3,160		15,046		12,637
Product sales		2,840		1,227		7,350		4,253
		8,099		4,387		22,396		16,890
Total	$	21,486	$	23,675	$	74,788	$	74,191

The following table reconciles segment gross profit to income before income tax provision for the three and nine months ended September 30, 2025 and 2024 (in thousands):



	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
	Asset Management Solutions			TechOps		Total	Asset Management Solutions			TechOps		Total
Gross Profit	$	13,387	$	8,099	$	21,486	$	19,288	$	4,387	$	23,675
Operating expenses		(2,484)		(1,701)		(4,185)		(2,361)		(1,984)		(4,345)
Selling, general and administrative expenses		(2,409)		(3,577)		(5,986)		(4,142)		(4,337)		(8,479)
Segment income (loss) from operations	$	8,494	$	2,821	$	11,315	$	12,785	$	(1,934)	$	10,851
Other corporate expenses						(8,442)						(8,855)
Income from operations						2,873						1,996
Other (expense) income:
Interest expense, net						(2,367)						(1,768)
Other income, net						128						128
Change in fair value of warrant liability						(21)						231
Income before income tax provision					$	613					$	587


	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
	Asset Management Solutions			TechOps		Total	Asset Management Solutions			TechOps		Total
Gross Profit	$	52,392	$	22,396	$	74,788	$	57,301	$	16,890	$	74,191
Operating expenses		(9,564)		(6,318)		(15,882)		(8,848)		(7,695)		(16,543)
Selling, general and administrative expenses		(10,211)		(11,796)		(22,007)		(11,626)		(14,537)		(26,163)
Segment income (loss) from operations	$	32,617	$	4,282	$	36,899	$	36,827	$	(5,342)	$	31,485
Other corporate expenses						(28,159)						(26,678)
Income from operations						8,740						4,807
Other (expense) income:
Interest expense, net						(6,000)						(4,231)
Other income, net						2,150						399
Change in fair value of warrant liability						53						2,348
Income before income tax provision					$	4,943					$	3,323


	September 30,		December 31,
	2025		2024
Total Assets
Asset Management Solutions	$	435,933	$	383,336
TechOps		197,038		205,655
Corporate		13,305		15,732
	$	646,276	$	604,723



	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total Depreciation and Amortization Expense
Asset Management Solutions	$	3,196	$	5,066	$	9,569	$	6,628
TechOps		1,283		2,578		3,828		3,537
Corporate		287		522		840		780
	$	4,766	$	8,166	$	14,237	$	10,945


	Nine Months Ended September 30,
	2025		2024
Total Capital Expenditures
Asset Management Solutions	$	2,713	$	6,446
TechOps		4,087		8,194
Corporate		372		616
	$	7,172	$	15,256

Intersegment sales include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed or products sold and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. All intersegment transactions have been eliminated upon consolidation. Intersegment revenue for the three and nine months ended September 30, 2025 and 2024, is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Asset Management Solutions	$	77	$	86	$	1,658	$	692
TechOps		2,076		2,397		6,109		9,993
Total intersegment revenue	$	2,153	$	2,483	$	7,767	$	10,685

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCKHOLDERS' EQUITY - Restricted Stock Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Weighted Average Grant Date Fair Value
Weighted average period (in years)			1 year 7 months 6 days
Share-based compensation expense	$ 0.4	$ 0.4	$ 0.9	$ 0.5
Restricted Stock Units (RSUs)
Weighted Average Grant Date Fair Value
Unrecognized compensation costs related to restricted stock	6.0		$ 6.0
Weighted average period (in years)			1 year 10 months 24 days
Share-based compensation expense	0.8	0.8	$ 2.1	2.3
Total grant date fair value of restricted stock awarded			$ 9.3	8.1
Performance-based awards
Amount (in Shares)
Vested			(1,536,258)
Weighted Average Grant Date Fair Value
Share-based compensation expense	$ 0.1	$ 0.0	$ 0.1	$ 0.0
Performance-based awards \| Minimum
Weighted Average Grant Date Fair Value
Vesting percentage (in %)			100.00%
Performance-based awards \| Maximum
Weighted Average Grant Date Fair Value
Vesting percentage (in %)			200.00%
2020 Plan
Amount (in Shares)
Beginning balance			1,380,277	532,399
Granted			1,533,722	1,148,201
Forfeited			(100,507)	(67,887)
Vested			(326,764)	(221,337)
Expired			(10,404)
Ending balance	2,476,324	1,391,376	2,476,324	1,391,376
Weighted Average Grant Date Fair Value
Beginning Balance			$ 8.38	$ 14.82
Granted			6.03	7.07
Forfeited			8.56	14.64
Vested			10.3	14.9
Expired			16.02
Ending Balance	$ 6.64	$ 8.43	$ 6.64	$ 8.43
Vesting percentage (in %)			33.33%

REVENUE

9 Months Ended

Sep. 30, 2025

REVENUE.

REVENUE

NOTE C — REVENUE

The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. Contract assets consist of unbilled receivables or costs incurred where revenue recognized over time exceeds the amounts billed to customers. We record a receivable when revenue is recognized prior to invoicing and we have an unconditional right to consideration (only the passage of time is required before payment of that consideration is due) and a contract asset when the right to payment is conditional upon our future performance. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to our satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied. Contract assets and contract liabilities are determined on a contract by contract basis.

Contract assets are as follows (in thousands):


	September 30, 2025		December 31, 2024		Change
Contract assets	$	4,938	$	6,166	$	(1,228)

Contract assets are reported within deposits, prepaid expenses, and other current assets on our condensed consolidated balance sheets. Changes in contract assets primarily result from the timing difference between the performance of services. Contract liabilities are reported as deferred revenue on the accompanying condensed consolidated balance sheets and amounted to $1.8 million as of December 31, 2024, of which $0.7 million was related to contract liabilities for services to be performed. For the three and nine months ended September 30, 2025, the Company recognized as revenue $0.1 million and $0.7 million, respectively, of contract liabilities included in the deferred revenue balance as of December 31, 2024 for services performed as the timing between customer payments and our performance of the services is generally no longer than six months.

Disaggregation of Revenue

The Company reports revenue by segment. The following tables present revenue by segment, as well as a reconciliation to total revenue for the three and nine months ended September 30, 2025 and 2024 (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025						2025
	Asset Management						Asset Management
	Solutions		TechOps		Total Revenue		Solutions		TechOps		Total Revenue
USM	$	29,422	$	4,986	$	34,408	$	94,031	$	10,987	$	105,018
Whole asset sales		376		-		376		35,513		-		35,513
Engineered solutions		-		2,184		2,184		-		8,148		8,148
Total products		29,798		7,170		36,968		129,544		19,135		148,679
Leasing		9,403		-		9,403		25,135		-		25,135
Services		-		24,820		24,820		-		70,535		70,535
Total revenue	$	39,201	$	31,990	$	71,191	$	154,679	$	89,670	$	244,349


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024						2024
	Asset Management						Asset Management
	Solutions		TechOps		Total Revenue		Solutions		TechOps		Total Revenue
USM	$	20,928	$	3,718	$	24,646	$	58,060	$	13,211	$	71,271
Whole asset sales		22,586		-		22,586		79,147		-		79,147
Engineered solutions		-		487		487		-		2,209		2,209
Total products		43,514		4,205		47,719		137,207		15,420		152,627
Leasing		6,900		-		6,900		14,268		-		14,268
Services		-		28,065		28,065		-		83,430		83,430
Total revenue	$	50,414	$	32,270	$	82,684	$	151,475	$	98,850	$	250,325

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

REVENUE - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE - Disaggregation (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue disaggregation
Total revenue	$ 71,191	$ 82,684	$ 244,349	$ 250,325
Total products
Revenue disaggregation
Total revenue	36,968	47,719	148,679	152,627
Leasing
Revenue disaggregation
Total revenue	9,403	6,900	25,135	14,268
Services
Revenue disaggregation
Total revenue	24,820	28,065	70,535	83,430
Operating segments
Revenue disaggregation
Total revenue	71,191	82,684	244,349	250,325
Operating segments \| Total products
Revenue disaggregation
Total revenue	36,968	47,719	148,679	152,627
Operating segments \| USM
Revenue disaggregation
Total revenue	34,408	24,646	105,018	71,271
Operating segments \| Whole asset sales
Revenue disaggregation
Total revenue	376	22,586	35,513	79,147
Operating segments \| Engineered solutions
Revenue disaggregation
Total revenue	2,184	487	8,148	2,209
Operating segments \| Leasing
Revenue disaggregation
Total revenue	9,403	6,900	25,135	14,268
Operating segments \| Services
Revenue disaggregation
Total revenue	24,820	28,065	70,535	83,430
Asset Management Solutions \| Operating segments
Revenue disaggregation
Total revenue	39,201	50,414	154,679	151,475
Asset Management Solutions \| Operating segments \| Total products
Revenue disaggregation
Total revenue	29,798	43,514	129,544	137,207
Asset Management Solutions \| Operating segments \| USM
Revenue disaggregation
Total revenue	29,422	20,928	94,031	58,060
Asset Management Solutions \| Operating segments \| Whole asset sales
Revenue disaggregation
Total revenue	376	22,586	35,513	79,147
Asset Management Solutions \| Operating segments \| Leasing
Revenue disaggregation
Total revenue	9,403	6,900	25,135	14,268
TechOps \| Operating segments
Revenue disaggregation
Total revenue	31,990	32,270	89,670	98,850
TechOps \| Operating segments \| Total products
Revenue disaggregation
Total revenue	7,170	4,205	19,135	15,420
TechOps \| Operating segments \| USM
Revenue disaggregation
Total revenue	4,986	3,718	10,987	13,211
TechOps \| Operating segments \| Engineered solutions
Revenue disaggregation
Total revenue	2,184	487	8,148	2,209
TechOps \| Operating segments \| Services
Revenue disaggregation
Total revenue	$ 24,820	$ 28,065	$ 70,535	$ 83,430

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue:
Total revenue	$ 71,191	$ 82,684	$ 244,349	$ 250,325
Cost of sales and operating expenses:
Total cost of sales	49,705	59,009	169,561	176,134
Gross profit	21,486	23,675	74,788	74,191
Selling, general and administrative expenses	18,613	21,679	66,048	69,384
Income from operations	2,873	1,996	8,740	4,807
Other (expense) income:
Interest expense, net	(2,367)	(1,768)	(6,000)	(4,231)
Other income, net	128	128	2,150	399
Change in fair value of warrant liability	(21)	231	53	2,348
Total other expense, net	(2,260)	(1,409)	(3,797)	(1,484)
Income before income tax provision	613	587	4,943	3,323
Income tax expense	(733)	(78)	(1,765)	(174)
Net (loss) income	$ (120)	$ 509	$ 3,178	$ 3,149
(Loss) earnings per share:
Basic (in dollars per share)	$ 0	$ 0.01	$ 0.07	$ 0.06
Diluted (in dollars per share)	$ 0	$ 0.01	$ 0.06	$ 0.06
Weighted average shares outstanding:
Basic (in shares)	47,180,634	53,208,538	48,779,067	53,076,733
Diluted (in shares)	47,180,634	53,385,111	49,056,561	53,272,973
Products
Revenue:
Total revenue	$ 36,968	$ 47,719	$ 148,679	$ 152,627
Cost of sales and operating expenses:
Total cost of sales	27,295	31,680	105,564	99,830
Leasing
Revenue:
Total revenue	9,403	6,900	25,135	14,268
Cost of sales and operating expenses:
Total cost of sales	2,849	2,424	8,508	5,511
Services
Revenue:
Total revenue	24,820	28,065	70,535	83,430
Cost of sales and operating expenses:
Total cost of sales	$ 19,561	$ 24,905	$ 55,489	$ 70,793

REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

REVENUE.

Schedule of contract assets

Contract assets are as follows (in thousands):


	September 30, 2025		December 31, 2024		Change
Contract assets	$	4,938	$	6,166	$	(1,228)

Schedule of revenue by segment, as well as total revenue


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025						2025
	Asset Management						Asset Management
	Solutions		TechOps		Total Revenue		Solutions		TechOps		Total Revenue
USM	$	29,422	$	4,986	$	34,408	$	94,031	$	10,987	$	105,018
Whole asset sales		376		-		376		35,513		-		35,513
Engineered solutions		-		2,184		2,184		-		8,148		8,148
Total products		29,798		7,170		36,968		129,544		19,135		148,679
Leasing		9,403		-		9,403		25,135		-		25,135
Services		-		24,820		24,820		-		70,535		70,535
Total revenue	$	39,201	$	31,990	$	71,191	$	154,679	$	89,670	$	244,349


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024						2024
	Asset Management						Asset Management
	Solutions		TechOps		Total Revenue		Solutions		TechOps		Total Revenue
USM	$	20,928	$	3,718	$	24,646	$	58,060	$	13,211	$	71,271
Whole asset sales		22,586		-		22,586		79,147		-		79,147
Engineered solutions		-		487		487		-		2,209		2,209
Total products		43,514		4,205		47,719		137,207		15,420		152,627
Leasing		6,900		-		6,900		14,268		-		14,268
Services		-		28,065		28,065		-		83,430		83,430
Total revenue	$	50,414	$	32,270	$	82,684	$	151,475	$	98,850	$	250,325

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2025	Nov. 04, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-38801
Entity Registrant Name	AerSale Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3976002
Entity Address, Address Line One	9850 NW 41st Street, Suite 400
Entity Address, City or Town	Doral
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33178
City Area Code	305
Local Phone Number	764-3200
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	ASLE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,185,011
Entity Central Index Key	0001754170
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2025

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

NOTE F — PROPERTY AND EQUIPMENT, NET

Property and equipment, net, as of the below dates, consisted of the following (in thousands):


	Useful Life
	In Years	September 30, 2025		December 31, 2024
Tooling and equipment	5 – 15	$	18,155	$	17,481
Furniture and other equipment	3 – 15		14,551		13,985
Computer software	3 – 5		1,592		2,555
Leasehold improvements	2 – 15		27,289		25,527
Flight equipment held for R&D	2 – 8		-		8,383
			61,587		67,931
Less accumulated depreciation			(30,094)		(31,600)
		$	31,493	$	36,331

Depreciation expense amounted to $1.4 million and $1.6 million for the three months ended September 30, 2025 and 2024, respectively. Depreciation expense amounted to $4.1 million and $3.8 million for the nine months ended September 30, 2025 and 2024, respectively.

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE (Tables)

9 Months Ended

Sep. 30, 2025

LEASE RENTAL REVENUE AND AIRCRAFT AND ENGINES HELD FOR LEASE

Summary of aircraft and engines held for operating leases, net

Aircraft and engines held for lease, net, as of the below dates consisted of the following (in thousands):


	September 30, 2025		December 31, 2024
Aircraft and engines held for lease	$	131,183	$	96,910
Less accumulated depreciation		(33,176)		(29,063)
	$	98,007	$	67,847

Summary of minimum future annual lease rentals contracted to be received under existing operating leases of flight equipment

Minimum future annual lease rentals contracted to be received under existing operating leases of Flight Equipment were as follows (in thousands):


Year ending December 31:
Remaining three months of 2025	$	4,654
2026		15,184
2027		8,958
2028		3,777
2029		3,081
Thereafter		2,904
Total minimum lease payments	$	38,558

ACCRUED EXPENSES

9 Months Ended

Sep. 30, 2025

ACCRUED EXPENSES

ACCRUED EXPENSES

NOTE H — ACCRUED EXPENSES

The following is a summary of the components of accrued expenses as of the below dates (in thousands):


	September 30, 2025		December 31, 2024
Accrued compensation and related benefits	$	2,214	$	3,457
Accrued legal fees		997		741
Commission fee accrual		1,010		758
Accrued federal, state and local taxes and fees		184		120
Other		2,366		2,324
	$	6,771	$	7,400