AerSale Corporation (Nasdaq: ASLE) reported second quarter 2026 results on August 6, 2026 that laid bare the lumpy, transaction-dependent character of its business model. Total revenue fell 33.9 percent year-over-year to $70.9 million, driven almost entirely by the absence of Flight Equipment sales - whole-aircraft and engine transactions that generated $33.4 million in the prior-year quarter and zero in this one. Net income swung from an $8.6 million profit to a $5.6 million loss, adjusted EBITDA collapsed from $18.3 million to $2.2 million, and the company burned $33.5 million in operating cash during the first half. Cash on hand stands at just $2.2 million, with $146.2 million drawn against a $180 million Wells Fargo revolving credit facility, leaving $31.8 million of available borrowing capacity. Management's framing is that this is a timing issue, not a trajectory issue, and there is genuine evidence to support that view: a Boeing 737 aircraft sale valued at approximately $35 million closed during or shortly after the quarter, commitments for three additional engine sales are expected to close in late third or early fourth quarter, a fourth Boeing 757 freighter was delivered on lease in July, and a fifth freighter lease was executed with delivery scheduled for August. The TechOps segment, which is the company's strategic pivot toward more recurring revenue, grew 8.7 percent to $33.8 million. But the same pivot is crushing near-term profitability - TechOps gross margin fell from 26.9 percent to 10.9 percent as the Millington, Tennessee facility ramps up with heavy non-recurring labor and training costs. The central question for investors is whether the second half delivers the promised improvement before the company's thin liquidity cushion runs out.