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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-01-15 00:00:00",
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      "text": "We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales.",
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      "text": "Revenue per module: 2.2",
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      "text": "FTAI’s GAAP revenue per reported module is ~$2m per module. However, FTAI only charges ~$700k to ~$1.5m per module (see Appendix). We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales.",
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      "text": "1 Estimates vetted from conversations / models with sell side Analysts. 2 This is the number FTAI reported before the V-2500 reclassification... 3 FTAI, as of Q3 2024, does not disclose the number of modules sold; 95 is an MW estimate.",
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      "text": "Estimating FTAI’s Revenue Per Module Sold table",
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      "kind": "title",
      "text": "FTAI’s Revenue Per Module Shows that Aerospace Products Is Primarily Trading Whole Engines",
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