Revenue volatility remains a primary concern, as evidenced by quarterly top-line swings between $65.8M and $107.4M alongside gross margins that have fluctuated between 25.9% and 34.1%.
| Sales/Revenue | 340.12M | 335.29M | 345.07M | 334.5M | 408.54M | 340.44M | 208.94M | 304.2M | 290.73M | 174.72M |
| Revenue Growth % | 6.19% | -2.83% | 3.16% | -18.12% | 20.01% | 62.94% | -31.32% | 4.63% | 66.4% | - |
| Cost of Goods Sold | 233.43M | 229.51M | 241.13M | 242.08M | 257.15M | 221.04M | 156.15M | 219.15M | 218.56M | 138.79M |
| COGS % of Revenue | - | 68.45% | 69.88% | 72.37% | 62.94% | 64.93% | 74.73% | 72.04% | 75.18% | 79.44% |
| Gross Profit | 106.69M | 105.77M | 103.94M | 92.42M | 151.39M | 119.39M | 52.79M | 85.05M | 72.17M | 35.92M |
| Gross Margin % | 31.37% | 31.55% | 30.12% | 27.63% | 37.06% | 35.07% | 25.27% | 27.96% | 24.82% | 20.56% |
| Gross Profit Growth % | - | 1.77% | 12.46% | -38.95% | 26.8% | 126.17% | -37.93% | 17.85% | 100.9% | - |
| Operating Expenses | 87.58M | 89.98M | 94.19M | 103.19M | 96.35M | 62.73M | 41.51M | 62.99M | 46.61M | 44.95M |
| OpEx % of Revenue | - | 26.84% | 27.3% | 30.85% | 23.58% | 18.43% | 19.87% | 20.71% | 16.03% | 25.73% |
| Selling, General & Admin | 87.58M | 89.98M | 94.19M | 103.19M | 96.35M | 77.5M | 55.63M | 59.81M | 46.61M | 46.06M |
| SG&A % of Revenue | - | 26.84% | 27.3% | 30.85% | 23.58% | 22.76% | 26.63% | 19.66% | 16.03% | 26.37% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -14.77M | -14.13M | 3.18M | 367.81K | 0 |
| Operating Income | 19.11M | 15.79M | 9.74M | -10.77M | 55.05M | 56.66M | 11.28M | 22.06M | 25.51M | -10.14M |
| Operating Margin % | 5.62% | 4.71% | 2.82% | -3.22% | 13.47% | 16.64% | 5.4% | 7.25% | 8.77% | -5.81% |
| Operating Income Growth % | - | 62.05% | 190.47% | -119.57% | -2.85% | 402.19% | -48.85% | -13.52% | 351.47% | - |
| EBITDA | 33.84M | 35.12M | 26.16M | 48K | 66.03M | 69.66M | 35.51M | 52.14M | 55.33M | -7.59M |
| EBITDA Margin % | 9.95% | 10.48% | 7.58% | 0.01% | 16.16% | 20.46% | 16.99% | 17.14% | 19.03% | -4.34% |
| EBITDA Growth % | 98.77% | 34.28% | 54393.75% | -99.93% | -5.21% | 96.19% | -31.9% | -5.77% | 829.19% | - |
| D&A (Non-Cash Add-back) | 14.73M | 19.33M | 16.41M | 10.82M | 10.98M | 13M | 24.22M | 30.08M | 29.83M | 2.55M |
| EBIT | 19.21M | 15.79M | 9.74M | -10.77M | 55.9M | 56.66M | 9.85M | 22.67M | 25.87M | -10.14M |
| Net Interest Income | -5.02M | -8.33M | -5.7M | 155K | 0 | -980K | -1.65M | -3.01M | -2.37M | 0 |
| Interest Income | 0 | 0 | 0 | 155K | 0 | 0 | 0 | 0 | 0 | 7.95M |
| Interest Expense | 5.02M | 8.33M | 5.7M | 0 | 0 | 980K | 1.64M | 3.01M | 2.37M | 0 |
| Other Income/Expense | -7.04M | -5.26M | -1.91M | 3.09M | 2.84M | -8.89M | -1.54M | -2.4M | -2.01M | -6.83M |
| Pretax Income | 12.07M | 10.53M | 7.84M | -7.68M | 57.88M | 47.77M | 9.74M | 19.66M | 23.5M | -16.97M |
| Pretax Margin % | 3.55% | 3.14% | 2.27% | -2.3% | 14.17% | 14.03% | 4.66% | 6.46% | 8.08% | -9.72% |
| Income Tax | 201K | 1.95M | 1.99M | -2.12M | 14.02M | 11.66M | 1.65M | 4.16M | -3.23M | -1.45M |
| Effective Tax Rate % | 1.67% | 18.54% | 25.34% | 27.56% | 24.22% | 24.4% | 16.93% | 21.18% | -13.73% | 8.55% |
| Net Income | 11.87M | 8.57M | 5.85M | -5.56M | 43.86M | 36.12M | 8.09M | 15.5M | 8.85M | -31.92M |
| Net Margin % | 3.49% | 2.56% | 1.7% | -1.66% | 10.74% | 10.61% | 3.87% | 5.1% | 3.05% | -18.27% |
| Net Income Growth % | 308.1% | 46.56% | 205.18% | -112.68% | 21.45% | 346.19% | -47.78% | 75.07% | 127.73% | - |
| Net Income (Continuing) | 11.87M | 8.57M | 5.85M | -5.56M | 43.86M | 36.12M | 8.09M | 15.5M | 26.73M | -15.52M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.26M | -9.73M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -39.13M |
| EPS (Diluted) | 0.25 | 0.18 | 0.11 | -0.15 | 0.83 | 0.76 | 0.21 | 0.36 | 239.21 | -638.46 |
| EPS Growth % | 328.82% | 63.64% | 173.33% | -118.07% | 9.21% | 261.9% | -41.67% | -99.85% | 137.47% | - |
| EPS (Basic) | - | 0.18 | 0.11 | -0.15 | 0.85 | 0.84 | 0.21 | 0.36 | 239.21 | -638.46 |
| Diluted Shares Outstanding | 47.24M | 47.77M | 53.36M | 51.46M | 53.15M | 47.31M | 39.03M | 43.51M | 37.01M | 50M |
| Basic Shares Outstanding | 47.24M | 47.2M | 53.11M | 51.29M | 51.57M | 43.19M | 39.03M | 43.51M | 37.01M | 50M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Lumpy Asset Sale Dependency
As reported in recent financial filings, AerSale's quarterly revenue exhibits significant fluctuations, ranging from a low of $65.8M to a peak of $107.4M over the last ten quarters, suggesting that the company's top-line performance remains heavily tethered to the timing of opportunistic whole-asset sales.
The inconsistent revenue trajectory appears to be a function of the Asset Management Solutions segment's transactional nature rather than a steady decline in core service demand. Investors should monitor whether the company can stabilize its revenue base through more consistent TechOps utilization, as current growth patterns remain highly sensitive to fleet retirement cycles.
Based on the provided income statement data, gross margins have fluctuated between 25.9% and 34.1%, reflecting the inherent variability in the cost of goods sold when liquidating diverse aircraft and engine portfolios across different market environments.
The margin volatility suggests that AerSale lacks the pricing power of larger, more diversified lessors, as its profitability is dictated by the specific acquisition cost and subsequent teardown value of individual assets. Sustained margin expansion likely requires a successful pivot toward higher-margin proprietary technology solutions, which would reduce reliance on the lower-margin parts-trading business.
According to the quarterly income statement, operating income frequently swings into negative territory, such as the -$6.6M reported in 2025Q1, indicating that the company's fixed SG&A costs are not scaling efficiently with the lumpy revenue generated by its asset-heavy business model.
The inability to maintain consistent operating profitability suggests that the company's current overhead structure is calibrated for higher, more stable volumes than it currently achieves. This lack of operating leverage warrants further investigation into whether management can optimize its facility utilization or if the current cost base is a permanent drag on earnings.
As indicated by the financial data, stock-based compensation has remained a consistent expense, reaching $1.8M in recent quarters, which serves to dilute the quality of reported net income and complicates the assessment of true operational profitability for shareholders.
The presence of recurring stock-based compensation, combined with the company's history of net losses in several periods, suggests that GAAP earnings may overstate the economic value generated for common equity holders. Analysts should focus on cash-based metrics to determine if the business is truly self-funding its growth initiatives or if it remains reliant on external capital.
Based on the reported figures, the company's minimal cash position of $4.3M, when contrasted with its inventory-heavy balance sheet, suggests that any slowdown in the secondary market for used serviceable materials could rapidly impair the company's liquidity and operational flexibility.
Short-sellers may focus on the risk that management's internal fair value estimates for inventory could be subject to future write-downs if market demand for mid-life aircraft parts softens. The reliance on asset sales to fund operations creates a precarious cycle where the company must constantly reinvest in new feedstock, potentially limiting its ability to generate free cash flow.
Quick answers to the most common questions about buying ASLE stock.
For fiscal year 2025, AerSale Corporation (ASLE) reported total revenue of $335.3M. This represents a 91.9% increase compared to $174.7M in 2017.
AerSale Corporation (ASLE) is profitable, generating $8.6M in net income for the fiscal year ending 2025 with a net profit margin of 2.6%.
AerSale Corporation (ASLE) reported an operating income of $15.8M, resulting in an operating profit margin of 4.7%. This margin reflects the operational efficiency of the business before interest and taxes.
AerSale Corporation (ASLE) generated $105.8M in gross profit for the year, representing a gross profit margin of 31.5%. This demonstrates the company's core pricing power and production efficiency.