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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ (15,230) $ (30,068)
Adjustments to reconcile net loss to net cash used in operating activities, net of acquisition:    
(Gain) loss on disposal of fixed assets (136) 237
Depreciation and amortization 5,999 3,288
Stock-based compensation expense 3,728 10,350
Deferred tax benefit 0 (490)
Change in fair value of the Warrants 1,066 (2,132)
Amortization of debt issuance costs 501 442
Change in fair value of embedded derivative 0 (885)
Change in fair value of earnout consideration (2,748) 207
Realized gain on investments in marketable securities 0 (16)
Changes in operating assets and liabilities    
Accounts receivable (12,380) (8,893)
Aircraft support parts (203) 11
Prepaid expense and other current and noncurrent assets 2,257 1,245
Accounts payable, accrued expenses and other liabilities [1] 931 1,146
Net cash used in operating activities (16,215) (25,558)
Cash Flows from Investing Activities:    
Proceeds from sales and maturities of marketable securities 0 1,055
Purchases of property, plant and equipment (4,237) (1,948)
Expenditures for capitalized software (626) (756)
Cash acquired through acquisition 0 2,592
Proceeds from sales of property, plant and equipment 973 505
Collection of note receivable 0 3,000
Net cash (used in) provided by investing activities (3,890) 4,448
Cash Flows from Financing Activities:    
Repayments on debt (1,621) (1,466)
Payment of issuance costs for Common Stock in offerings 0 (674)
Proceeds from issuance of Common Stock in the registered direct offering 0 9,169
Proceeds from issuance of Common Stock in the at-the-market offering 0 168
Payment of finance lease liability (15) (13)
Cash paid for taxes related to net share settlement of equity awards (374) (466)
Net cash (used in) provided by financing activities (2,010) 6,718
Effects of exchange rate changes (95) 0
Net change in cash, cash equivalents and restricted cash (22,210) (14,392)
Cash, cash equivalents and restricted cash – beginning of the period 53,083 36,937
Cash, cash equivalents and restricted cash – end of the period 30,873 22,545
Less: Restricted cash – end of the period 13,837 14,019
Cash and cash equivalents – end of the period $ 17,036 $ 8,526
[1] Includes related party accounts payable of zero and $0.1 million for the six months ended June 30, 2025 and 2024, respectively.

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