# AerSale Corp (ASLE)

Informational only - not investment advice.

CIK: 0001754170
SIC: 5080 Wholesale-Machinery, Equipment & Supplies
SIC breadcrumb: [Wholesale Trade](/division/F/) > [SIC Major Group 50](/major-group/50/) > [SIC 5080 Wholesale-Machinery, Equipment & Supplies](/industry/5080/)
Latest 10-K filed: 2026-03-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1754170
Filing source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-10 · accession 0001104659-26-025574 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001754170.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 335,286,000 USD | 2025 | verified |
| Net income | 8,575,000 USD | 2025 | verified |
| Assets | 640,472,000 USD | 2025 | verified |
| Free cash flow | -29,050,000 USD | 2025 | computed |
| Net margin | 2.56% | 2025 | computed |
| Operating margin | 4.71% | 2025 | computed |
| Revenue YoY | -2.83% | 2025 | computed |
| ROE | 2.02% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ASLE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 2.6% | 2.8% | 45 | 39 |
| Operating margin | 4.7% | 5.0% | 47 | 37 |
| Revenue growth | -2.8% | 4.0% | 11 | 39 |
| FCF margin | -8.7% | 2.4% | 5 | 38 |
| ROE | 2.0% | 9.1% | 24 | 39 |
| ROA | 1.3% | 3.9% | 26 | 39 |
| Liabilities / equity | 0.51 | 1.51 | 11 | 39 |
| Current ratio | 3.71 | 2.21 | 86 | 38 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 50 SIC Major Group 50, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 335286000 | USD | 2025 | 2026-03-10 |
| Net income | 8575000 | USD | 2025 | 2026-03-10 |
| Assets | 640472000 | USD | 2025 | 2026-03-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001754170.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 290,732,000 | 304,201,000 | 208,938,000 | 340,437,000 | 408,544,000 | 334,503,000 | 345,066,000 | 335,286,000 |
| Net income | 8,853,211 | 15,499,000 | 8,094,000 | 36,115,000 | 43,861,000 | -5,563,000 | 5,851,000 | 8,575,000 |
| Operating income | 25,505,463 | 22,058,000 | 11,283,000 | 56,662,000 | 55,046,000 | -10,770,000 | 9,744,000 | 15,790,000 |
| Gross profit | 72,168,805 | 85,049,000 | 52,789,000 | 119,392,000 | 151,394,000 | 92,421,000 | 103,936,000 | 105,774,000 |
| Diluted EPS | -668.04 | -516.98 | 7.39 | 0.76 | 0.83 | -0.15 | 0.11 | 0.18 |
| Operating cash flow | 59,246,487 | 45,456,000 | -12,231,000 | 79,079,000 | -113,000 | -174,150,000 | 11,184,000 | -22,969,000 |
| Capital expenditures |  | 1,648,000 | 2,137,000 | 1,508,000 | 8,462,000 | 11,359,000 | 14,052,000 | 6,081,000 |
| Assets | 417,500 | 343,984,256 | 389,129,000 | 487,485,000 | 531,579,000 | 553,938,000 | 604,723,000 | 640,472,000 |
| Liabilities |  | 49,998,891 | 37,674,000 | 78,606,000 | 86,599,000 | 108,923,000 | 149,103,000 | 216,041,000 |
| Stockholders' equity | 277,770,000 | 293,985,000 | 351,455,000 | 408,879,000 | 444,980,000 | 445,015,000 | 455,620,000 | 424,431,000 |
| Cash and cash equivalents | 41,093 | 17,505,002 | 29,317,000 | 130,188,000 | 147,188,000 | 5,873,000 | 4,698,000 | 4,379,000 |
| Free cash flow |  | 43,808,000 | -14,368,000 | 77,571,000 | -8,575,000 | -185,509,000 | -2,868,000 | -29,050,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 3.05% | 5.09% | 3.87% | 10.61% | 10.74% | -1.66% | 1.70% | 2.56% |
| Operating margin | 8.77% | 7.25% | 5.40% | 16.64% | 13.47% | -3.22% | 2.82% | 4.71% |
| Return on equity | 3.19% | 5.27% | 2.30% | 8.83% | 9.86% | -1.25% | 1.28% | 2.02% |
| Return on assets |  | 4.51% | 2.08% | 7.41% | 8.25% | -1.00% | 0.97% | 1.34% |
| Liabilities / equity |  | 0.17 | 0.11 | 0.19 | 0.19 | 0.24 | 0.33 | 0.51 |
| Current ratio | 0.10 | 3.44 | 5.65 | 4.00 | 6.31 | 5.79 | 3.79 | 3.71 |

## As-reported value updates

6 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ASLE/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001754170.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 0.47 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.17 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.00 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.08 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -2,688,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 92,484,000 |  |  | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 94,422,000 | -2,732,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 90,540,000 | 6,277,000 | 0.12 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | 6,277,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 77,101,000 |  | -0.07 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -3,637,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 82,684,000 |  | 0.01 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 94,741,000 | 2,702,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 65,776,000 | -5,277,000 | -0.10 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -5,277,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 107,382,000 |  | 0.18 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | 8,575,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 71,191,000 |  | 0.00 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 90,937,000 | 5,397,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 70,614,000 | -3,450,000 | -0.07 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -3,450,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 70,932,000 |  | -0.12 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ASLE's latest 10-K: [/company/ASLE/business/](/company/ASLE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ASLE's latest 10-K: [/company/ASLE/risk-factors/](/company/ASLE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926092710/asle-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

ITEM 2    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information that our management believes is relevant to an assessment and understanding of our condensed consolidated results of operations and financial condition. You should read the following management’s discussion and analysis and the accompanying financial statements and related notes with AerSale’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). This discussion contains forward-looking statements about AerSale’s business, operations and industry that involve risks and uncertainties, such as statements regarding AerSale’s plans, objectives, expectations and intentions. AerSale’s future results and financial condition may differ materially from those currently anticipated because of the factors described in the section titled “Risk Factors” in the 2025 Form 10-K, in the section of this Quarterly Report titled “Forward-Looking Statements” and in any of AerSale’s subsequent reports filed with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, actual outcomes, including the future results of AerSale’s operations, may vary materially from those indicated.

The Company

We operate as a platform for serving the commercial aviation aftermarket sector. Our top executives have on average over 30 years of experience in aircraft and engine (“Flight Equipment”) management, sales and maintenance services, and are supported by an experienced management team. We have established a global purpose built and fully integrated aviation company focused on providing products and services that maximize the value of Flight Equipment in the middle to end of its operating life cycle.

We are a worldwide provider of aftermarket commercial aircraft, engines, and their parts to passenger and cargo airlines, leasing companies, original equipment manufacturers (“OEM”), government and defense contractors, and maintenance, repair and overhaul (“MRO”) service providers. We report our activities in two business segments: Asset Management Solutions, comprised of activities that extract value from strategic Flight Equipment acquisitions either as whole assets or by disassembling for used serviceable material (“USM”), and TechOps, comprised of MRO activities for aircraft and their components, sales of internally developed advanced technical repairs, modifications and products, which we market under the tradename “Engineered Solutions”, and other serviceable products.

Our Asset Management Solutions segment focuses on mid-life Flight Equipment. Asset Management Solutions’ activities include monetization of assets through the lease or sale of whole assets, or through disassembly activities in support of our USM-related activities. Our monetizing services have been developed to maximize returns on mid-life Flight Equipment throughout their operating life, in conjunction with realizing the highest residual value of Flight Equipment at its retirement. We accomplish this by utilizing deep market and technical knowledge related to the management of Flight Equipment sales, leasing and MRO services. To extract value from the remaining flight time on whole assets, we provide flexible short-term (generally less than five years) leasing solutions of Flight Equipment to passenger and cargo operators across the globe. Once the value from the Flight Equipment’s flight time has been extracted, Flight Equipment is considered to be at or near the end of its useful life and is analyzed for return maximization as either whole asset sales or disassembled for sale as USM parts. Revenue from this segment is segregated between Aircraft and Engine depending on the asset type that generated the revenue. Lease revenue and the related depreciation from aircraft and engines installed on those aircraft are recognized under the Aircraft category. Revenue from sales of whole aircraft and related cost of sales are allocated between the Aircraft and Engine categories based on the allocated cost basis of the asset sold.

Our TechOps segment provides internal and third-party aviation services, including internally developed Engineered Solutions, full heavy aircraft maintenance and modification, component MRO, as well as end-of-life disassembly services to all Flight Equipment. Our MRO business also engages in longer-term projects such as aircraft modifications, cargo and tanker conversions of aircraft, and aircraft storage. The TechOps segment also includes MRO services for landing gear, thrust reversers, hydraulic systems, and other aircraft components.

We utilize these capabilities to support our customers’ Flight Equipment, as well as to maintain and improve our own Flight Equipment, which is subsequently sold or leased to our customers. These processes require a high degree of

20

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expertise on each individual aircraft or component that is being serviced. Our knowledge of these processes allows us to assist customers to comply with applicable regulatory and OEM requirements. A significant amount of skilled labor is required to support this process, which the Company has accumulated through its diversified offerings.

In addition to our aircraft and USM parts offerings, we develop Engineered Solutions consisting of Supplemental Type Certificates (“STCs”) that can be installed on existing Flight Equipment to improve performance, comply with regulatory requirements, or improve safety. An example of these solutions is the AerSafe® product line, which we designed and for which we obtained Federal Aviation Administration (“FAA”) approval to sell as a solution for compliance with the FAA’s fuel tank flammability regulations. Another example of these solutions is our AerAware™ product, an industry-leading, next generation Enhanced Flight Vision System that has received approval by the FAA for the Boeing B737NG product line. These products are proprietary in nature and function as non-OEM solutions to regulatory requirements and other technical challenges, often at reduced delivery time and cost for operators. In order to develop these products, we engage in research and development (“R&D”) activities that are expensed as incurred.

We source parts and components for our business from various suppliers around the world. Current geopolitical conditions, including trade restrictive actions and strained intercountry relations, and potential shutdowns of the U.S. government could cause significant materials and parts shortages, disruptions to government contracts such as delayed payments or halted projects, effects on supply chains due to reduced staffing for customers, inspections and transportation authorities, or delays in regulatory approvals, distribution issues, energy cost increases and price increases. Furthermore, the U.S. government’s adoption of new approaches to trade policy and imposition of tariffs on certain foreign goods (as well as the possibility of imposing significant, additional tariffs in the future) may make it more difficult or costly for us to procure components and other material supplies and, in turn, may increase the cost to our customers, which may materially and adversely impact demand for our products and services, our results of operations or our financial condition. In addition, these U.S. actions have, and could in the future, result in other countries imposing retaliatory tariffs on our goods and services provided to foreign customers, which similarly could materially and adversely impact demand for our products and services. We continue to monitor the current economic environment and its potential impact on our business, results of operations and financial condition, as well as the potential impact on our end customers whose demand for our products and services may be adversely impacted as a result of increased geopolitical instability or changes in policies by the U.S. or other governments, and closely manage our costs and capital resources so that we can respond appropriately as circumstances change. Our estimates may change as new events occur and additional information is obtained. Actual results could differ from these estimates under different assumptions or conditions.

Recent Accounting Pronouncements

The most recently adopted and to be adopted accounting pronouncements are described in Note B of our condensed consolidated financial statements included in this Quarterly Report, as well as in Note B within our consolidated annual financial statements in Part II, Item 8 of the 2025 Form 10-K.

​

​

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​

​

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​

​

​

21

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Results of Operations

Three months ended June 30, 2026 compared to the three months ended June 30, 2025

Revenue and gross profit for AerSale’s two business segments for the three months ended June 30, 2026 and 2025 were as follows:

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended June 30,","\u200b","\u200b"],["(in thousands, except percentages)","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","Percent Change"],["Revenue","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Asset Management Solutions","","\u200b","\u200b","","\u200b","\u200b","","\u200b","\u200b"],["Aircraft","\u200b","$","11,044","\u200b","$","10,419","","6.0","%"],["Engine","\u200b","","26,077","\u200b","","65,846","","(60.4)","%"],["\u200b","\u200b","\u200b","37,121","\u200b","\u200b","76,265","","(51.3)","%"],["TechOps","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","","\u200b","\u200b"],["MRO services","\u200b","\u200b","26,487","\u200b","\u200b","24,562","","7.8","%"],["Product sales","\u200b","\u200b","7,324","\u200b","\u200b","6,555","","11.7","%"],["\u200b","\u200b","\u200b","33,811","\u200b","\u200b","31,117","","8.7","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total","\u200b","$","70,932","\u200b","$","107,382","","(33.9)","%"]]
[[/GREPCENT_TABLE]]

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Three Months Ended June 30,","\u200b","\u200b"],["(in thousands, except percentages)","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","Percent Change"],["Gross Profit","\u200b","\u200b","\u200b","","\u200b","\u200b","\u200b","\u200b","\u200b"],["Asset Management Solutions","\u200b","\u200b","\u200b","","\u200b","\u200b","\u200b","\u200b","\u200b"],["Aircraft","\u200b","$","2,867","\u200b","$","4,377","\u200b","(34.5)","%"],["Engine","\u200b","","9,726","\u200b","\u200b","22,580","\u200b","(56.9)","%"],["\u200b","\u200b","\u200b","12,593","\u200b","\u200b","26,957","\u200b","(53.3)","%"],["TechOps","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["MRO services","\u200b","\u200b","532","\u200b","\u200b","5,798","\u200b","(90.8)","%"],["Product sales","\u200b","\u200b","3,149","\u200b","\u200b","2,582","\u200b","22.0","%"],["\u200b","\u200b","\u200b","3,681","\u200b","\u200b","8,380","\u200b","(56.1)","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total","\u200b","$","16,274","\u200b","$","35,337","\u200b","(53.9)","%"]]
[[/GREPCENT_TABLE]]

​

Total revenue for the three months ended June 30, 2026 decreased $36.5 million, or 33.9%, compared to the three months ended June 30, 2025, driven by a decrease of $39.1 million, or 51.3%, in revenue within Asset Management Solutions, and an increase of $2.7 million, or 8.7%, in revenue within TechOps.

Asset Management Solutions

Revenue in the Asset Management Solutions segment decreased $39.1 million or 51.3%, to $37.1 million for the three months ended June 30, 2026, due to a $

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1754170/000110465926025574/asle-20251231x10k.htm
Complete FY 2025 MD&A: /company/ASLE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-10
Report date: 2025-12-31

ITEM 7          MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following management’s discussion and analysis together with the Consolidated Financial Statements. This discussion contains forward-looking statements about AerSale’s business, operations and industry that involve risks and uncertainties, such as statements regarding AerSale’s plans, objectives, expectations and intentions. AerSale’s future results and financial condition may differ materially from those currently anticipated by AerSale because of the factors described in the sections entitled “Risk Factors” and “Special Note Regarding Forward-looking Statements.” A discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 is included in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 11, 2025, under Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

32

Table of Contents

The Company

We operate as a platform for serving the commercial aviation aftermarket sector. Our top executives have on average over 30 years of experience in aircraft and engine (“Flight Equipment”) management, sales and maintenance services, and are supported by an experienced management team. We have established a global purpose built and fully integrated aviation company focused on providing products and services that maximize the value of Flight Equipment in the middle to end of its operating life cycle.

We are a worldwide provider of aftermarket commercial aircraft, engines, and their parts to passenger and cargo airlines, leasing companies, original equipment manufacturers (“OEM”), government and defense contractors, and maintenance, repair and overhaul (“MRO”) service providers. We report our activities in two business segments: Asset Management Solutions, comprised of activities that extract value from strategic Flight Equipment acquisitions either as whole assets or by disassembling for used serviceable material (“USM”), and TechOps, comprised of MRO activities for aircraft and their components, sales of internally developed advanced technical repairs, modifications and products, which we market under the tradename “Engineered Solutions”, and other serviceable products.

Our Asset Management Solutions segment focuses on mid-life Flight Equipment. Asset Management Solutions’ activities include monetization of assets through the lease or sale of whole assets, or through disassembly activities in support of our USM-related activities. Our monetizing services have been developed to maximize returns on mid-life Flight Equipment throughout their operating life, in conjunction with realizing the highest residual value of Flight Equipment at its retirement. We accomplish this by utilizing deep market and technical knowledge related to the management of Flight Equipment sales, leasing and MRO services. To extract value from the remaining flight time on whole assets, we provide flexible short-term (generally less than five years) leasing solutions of Flight Equipment to passenger and cargo operators across the globe. Once the value from the Flight Equipment’s flight time has been extracted, Flight Equipment is considered to be at or near the end of its useful life and is analyzed for return maximization as either whole asset sales or disassembled for sale as USM parts. Revenue from this segment is segregated between Aircraft and Engine depending on the asset type that generated the revenue. Lease revenue and the related depreciation from aircraft and engines installed on those aircraft are recognized under the Aircraft category. Revenue from sales of whole aircraft and related cost of sales are allocated between the Aircraft and Engine categories based on the allocated cost basis of the asset sold.

Our TechOps segment provides internal and third-party aviation services, including internally developed Engineered Solutions, full heavy aircraft maintenance and modification, component MRO, as well as end-of-life disassembly services to all Flight Equipment. Our MRO business also engages in longer-term projects such as aircraft modifications, cargo and tanker conversions of aircraft, and aircraft storage. The TechOps segment also includes MRO services for landing gear, thrust reversers, hydraulic systems, and other aircraft components.

We utilize these capabilities to support our customers’ Flight Equipment, as well as to maintain and improve our own Flight Equipment, which is subsequently sold or leased to our customers. These processes require a high degree of expertise on each individual aircraft or component that is being serviced. Our knowledge of these processes allows us to assist customers to comply with applicable regulatory and OEM requirements. A significant amount of skilled labor is required to support this process, which the Company has accumulated through its diversified offerings.

In addition to our aircraft and USM parts offerings, we develop Engineered Solutions consisting of Supplemental Type Certificates (“STCs”) that can be installed on existing Flight Equipment to improve performance, comply with regulatory requirements, or improve safety. An example of these solutions is the AerSafe® product line, which we designed and for which we obtained Federal Aviation Administration (the “FAA”) approval to sell as a solution for compliance with the FAA’s fuel tank flammability regulations. Another example of these solutions is our AerAware™ product, an industry-leading, next generation Enhanced Flight Vision System that has recently received approval by the FAA for the Boeing B737NG product line. These products are proprietary in nature and function as non-OEM solutions to regulatory requirements and other technical challenges, often at reduced delivery time and cost for operators. In order to develop these products, we engage in research and development (“R&D”) activities that are expensed as incurred.

33

Table of Contents

We source parts and components for our business from various suppliers around the world. Current geopolitical conditions, including trade restrictive actions, strained intercountry relations, and continued shutdowns of the U.S. government, could cause significant materials and parts shortages, as well as delivery delays, labor shortages, disruptions to government contracts such as delayed payments or halted projects, effects on supply chains due to reduced staffing for customs, inspections and transportation authorities, or delays in regulatory approvals, distribution issues, energy cost increases and price increases. Furthermore, the U.S. government’s adoption of new approaches to trade policy and imposition of tariffs on certain foreign goods (as well as the possibility of imposing significant, additional tariffs in the future) may make it more difficult or costly for us to procure components and other material supplies and, in turn, may increase the cost to our customers, which may materially and adversely impact demand for our products and services, our results of operations or our financial condition. In addition, these U.S. actions have, and could in the future, result in other countries imposing retaliatory tariffs on our goods and services provided to foreign customers, which similarly could materially and adversely impact demand for our products and services. We continue to monitor the current economic environment and its potential impact on our business, results of operations or financial condition, as well as potential impact on our end customers whose demand for our products and services may be adversely impacted as a result of changes in policies by the U.S. or other governments, and closely manage our costs and capital resources so that we can respond appropriately as circumstances change.

Results of Operations

Sales and gross profit for AerSale’s two business segments for the years ended in December 31, 2025 and 2024 were as follows:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31,","\u200b","\u200b"],["(in thousands, except percentages)","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","Percent Change"],["Revenue","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Asset Management Solutions","","\u200b","\u200b","","\u200b","\u200b","","\u200b","\u200b"],["Aircraft","\u200b","$","35,957","\u200b","$","41,749","","(13.9)","%"],["Engine","\u200b","","175,626","\u200b","","173,718","","1.1","%"],["\u200b","\u200b","\u200b","211,583","\u200b","\u200b","215,467","","(1.8)","%"],["TechOps","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","","\u200b","\u200b"],["MRO services","\u200b","\u200b","93,743","\u200b","","107,970","","(13.2)","%"],["Product sales","\u200b","\u200b","29,960","\u200b","","21,629","","38.5","%"],["\u200b","\u200b","\u200b","123,703","\u200b","\u200b","129,599","","(4.5)","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total","\u200b","$","335,286","\u200b","$","345,066","","(2.8)","%"]]
[[/GREPCENT_TABLE]]

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Year Ended December 31,","\u200b","\u200b"],["(in thousands, except percentages)","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2024","\u200b \u200b \u200b","Percent Change"],["Gross Profit","\u200b","\u200b","\u200b","","\u200b","\u200b","\u200b","\u200b","\u200b"],["Asset Management Solutions","\u200b","\u200b","\u200b","","\u200b","\u200b","\u200b","\u200b","\u200b"],["Aircraft","\u200b","$","11,948","\u200b","$","14,526","\u200b","(17.7)","%"],["Engine","\u200b","","62,115","\u200b","","67,915","\u200b","(8.5)","%"],["\u200b","\u200b","\u200b","74,063","\u200b","\u200b","82,441","\u200b","(10.2)","%"],["TechOps","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["MRO services","\u200b","\u200b","19,625","\u200b","","16,460","\u200b","19.2","%"],["Product sales","\u200b","\u200b","12,086","\u200b","","5,035","\u200b","140.0","%"],["\u200b","\u200b","\u200b","31,711","\u200b","\u200b","21,495","\u200b","47.5","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Total","\u200b","$","105,774","\u200b","$","103,936","\u200b","1.8","%"]]
[[/GREPCENT_TABLE]]

​

Total revenue for the year ended December 31, 2025 decreased by $9.8 million or 2.8% compared to 2024, driven by a decrease of $3.9 million, or 1.8%, within Asset Management Solutions and a decrease of $5.9 million, or 4.5%, within TechOps.

34

Table of Contents

Asset Management Solutions

Sales in the Asset Management Solutions segment decreased by $3.9 million to $211.6 million, or 1.8%, for the year ended December 31, 2025 compared to 2024, due to a $5.8 million decrease in revenue from Aircraft, and a $1.9 million increase in revenue from Engine. The decrease in Aircraft revenue is due to lower Flight Equipment sales in the amount of $14.1 million primarily attributable to lower B737 Flight Equipment compared to 2024, partly offset by higher leasing revenue of $5.5 million and higher USM sales. The increase in Engine revenue is due to higher USM sales of $34.0 million, and higher leasing revenue of $7.5 million, primarily attributable to greater activity in the PW4000 and CF6-80 product lines as we continue to monetize our feedstock, partly offset by lower Flight Equipment sales of $39.6 million.

Cost of sales in Asset Management Solutions increased by $4.5 million to $137.5 million, or 3.4%, for the year ended December 31, 2025 compared to 2024. The increase in cost of sales in Asset Management Solutions was driven by an increase in cost of sales for Engine as a result of fl

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ASLE/mda/fy2025/
All MD&A years: /company/ASLE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ASLE/mda/fy2024/): filed 2025-03-11; accession 0001558370-25-002624 (https://www.sec.gov/Archives/edgar/data/1754170/000155837025002624/asle-20241231x10k.htm)
- [FY 2023 MD&A](/company/ASLE/mda/fy2023/): filed 2024-03-08; accession 0001558370-24-002777 (https://www.sec.gov/Archives/edgar/data/1754170/000155837024002777/asle-20231231x10k.htm)
- [FY 2022 MD&A](/company/ASLE/mda/fy2022/): filed 2023-03-07; accession 0001558370-23-003009 (https://www.sec.gov/Archives/edgar/data/1754170/000155837023003009/asle-20221231x10k.htm)
- [FY 2021 MD&A](/company/ASLE/mda/fy2021/): filed 2022-03-15; accession 0001558370-22-003617 (https://www.sec.gov/Archives/edgar/data/1754170/000155837022003617/asle-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 5080 Wholesale-Machinery, Equipment & Supplies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade
- [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ASLE.md · JSON record: /company/ASLE.json · verified financials: /company/ASLE/financials.json / /company/ASLE/financials.csv · machine TOC for the whole site: /llms.txt