AIR Global Swings to $81.8M H1 Loss on $95.9M Listing Costs; Adjusted EBITDA Flat at $71.7M
AIIR sits 49% above its 52-week low of $5.29 on elevated volume (2.6× avg).
Summary
AIR Global reported a $81.8M H1 net loss due to $95.9M in one-time listing costs, with adjusted EBITDA flat at $71.7M and net debt of $344.8M.
Key Events · Earnings and Guidance · AIIR
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H1 Net Loss of $81.8M
Net loss of $81.8M in H1 2026 vs. $31.9M profit in H1 2025, driven by $95.9M in one-time listing expenses.
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Adjusted EBITDA Flat at $71.7M
Adjusted EBITDA of $71.7M was flat year-over-year, with revenue up 3.7% to $206.9M.
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Net Debt of $344.8M
Net debt of $344.8M and leverage ratio of 2.48x based on rolling 12-month adjusted EBITDA of $139.3M.
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Share Count Confirmed at 160.39M
Approximately 160.39M ordinary shares outstanding, including 5M subject to forward purchase agreement and 8.69M earnout shares.
Analysis · AIIR · Manufacturing
The first-half 2026 results show a sharp swing to a net loss of $81.8 million from a $31.9 million profit a year earlier, driven almost entirely by $95.9 million in one-time SPAC listing expenses. Adjusted EBITDA was flat at $71.7 million, but the company carries $344.8 million in net debt and a 2.48x leverage ratio. The earnings release also confirms 160.39 million shares outstanding and provides new details on the Greentank investment. For investors assessing the company's post-SPAC financial health, the loss and high leverage are material.
At the time of this filing, AIIR was trading at $7.90 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $5.29 to $13.37. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.