v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 9,000 $ 31,381
Accounts receivable 6,838 3,190
Aircraft support parts 1,239 1,654
Prepaid expenses and other current assets 2,147 3,994
Total current assets 19,224 40,219
Property, plant, and equipment, net 221,998 218,814
Intangible assets, net 5,912 6,023
Goodwill 20,888 20,888
Other noncurrent assets 46,349 44,362
Total assets 314,371 330,306
Current liabilities:    
Accounts payable [1] 5,817 3,417
Accrued expenses and other current liabilities [2] 9,652 9,794
Operating lease right-of-use liabilities (current) 2,954 2,384
Current portion of long-term debt, net of debt issuance costs 2,920 926
Total current liabilities 21,343 16,521
Long-term accrued expenses and other noncurrent liabilities 12,675 7,576
Operating right-of-use noncurrent liabilities 30,289 29,163
Long-term debt, net of debt issuance costs 215,897 212,380
Total liabilities 280,204 265,640
COMMITMENTS AND CONTINGENCIES
MEZZANINE EQUITY    
Series A Preferred Stock, $0.0001 par value; 315,789.473684 shares authorized, issued and outstanding at March 31, 2026 and December 31, 2025 414,285 407,257
STOCKHOLDERS’ DEFICIT    
Common Stock, $0.0001 par value; 1,000,000,000 shares authorized; 57,528,748 shares issued and outstanding at March 31, 2026; 55,894,663 shares issued and outstanding at December 31, 2025 6 6
Additional paid-in capital 77,350 82,315
Accumulated deficit (456,403) (425,099)
Accumulated other comprehensive (loss) income (1,071) 187
Total stockholders’ deficit (380,118) (342,591)
Total liabilities, mezzanine equity and stockholders’ deficit $ 314,371 $ 330,306
[1] Includes related party accounts payable of $0.3 million and zero as of March 31, 2026 and December 31, 2025, respectively.
[2] Includes related party accrued expenses of zero and $0.4 million as of March 31, 2026 and December 31, 2025, respectively.

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