AerSale Corporation reported its fourth‑quarter and full‑year 2025 financial results, showing a 4.0% decline in revenue to $90.9 million from $94.7 million a year earlier, largely driven by a lower volume of flight‑equipment sales. The company’s adjusted EBITDA rose to $15.2 million, or 16.7% of revenue, up 17.1% from $13.0 million in Q4 2024, reflecting stronger operating leverage and cost discipline.
Revenue fell 4.0% year‑over‑year, but excluding flight‑equipment sales the company achieved an 18.7% increase, driven by higher leasing and USM volumes. Full‑year 2025 revenue totaled $335.3 million, down 2.8% from $345.1 million in 2024. Adjusted EBITDA for the year increased to $46.1 million, a 38.2% rise from $33.4 million in 2024, and the adjusted EBITDA margin expanded to 13.8% from 9.7% the previous year.
The company’s segment mix shifted toward recurring revenue streams. Asset Management Solutions revenue was $211.6 million versus $215.5 million in 2024, while TechOps revenue fell 4.5% to $123.7 million from $129.6 million. The decline in TechOps was offset by margin expansion in the Asset Management and TechOps segments, contributing to the improved adjusted EBITDA. Gross margin rose to 34.1% in Q4 2025 from 31.4% in Q4 2024, underscoring the benefit of a more profitable mix.
"We finished 2025 on a strong note," said CEO Nicolas Finazzo. "Fourth quarter revenue was $90.9 million, which includes $20.9 million of flight equipment sales consisting of 4 engines," added CFO Martin Garmendia. Finazzo highlighted that the company’s strategic pivot toward recurring revenue streams—USM, leasing, and MRO—has begun to offset the volatility of flight‑equipment sales. He also noted that the company’s robust backlog for AerSafe engineered solutions positions it for continued growth in the regulatory‑driven aftermarket.
The results underscore AerSale’s focus on recurring revenue and operational efficiency. While top‑line revenue declined, the company’s ability to expand margins and maintain profitability signals a successful shift in business mix. Management remains confident that the company’s MRO expansion, leasing portfolio, and USM sales will continue to drive growth, even as the feedstock environment remains hypercompetitive and the company anticipates lower feedstock purchases in 2024.
The company ended 2025 with $71.6 million in liquidity, supporting its ongoing investment in MRO facilities and the AerSafe product line. The combination of margin expansion, a growing recurring revenue base, and a strong backlog suggests that AerSale is positioning itself for a more resilient and profitable future, despite the short‑term revenue pressure from flight‑equipment sales.
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