v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows from Operating Activities:    
Net loss $ (15,538) $ (20,087)
Adjustments to reconcile net loss to net cash used in operating activities, net of acquisition:    
(Gain) loss on disposal of fixed assets (111) 255
Depreciation and amortization 1,979 1,290
Stock-based compensation expense 1,991 5,873
Change in fair value of the Warrants 266 (266)
Amortization of debt issuance costs 252 192
Change in fair value of embedded derivative 0 (885)
Change in fair value of earnout consideration (152) 15
Realized gain on investments in marketable securities 0 (16)
Changes in operating assets and liabilities    
Accounts receivable (4,294) (3,813)
Aircraft support parts (12) 12
Prepaid expense and other current and noncurrent assets 1,024 (379)
Accounts payable, accrued expenses and other liabilities [1] (3,061) (4,953)
Net cash used in operating activities (17,656) (22,762)
Cash Flows from Investing Activities:    
Proceeds from sales and maturities of marketable securities 0 1,055
Purchases of property, plant and equipment (3,311) (957)
Expenditures for capitalized software (280) (312)
Proceeds from sales of property, plant and equipment 948 0
Collection of note receivable 0 3,000
Net cash (used in) provided by investing activities (2,643) 2,786
Cash Flows from Financing Activities:    
Repayments on debt (812) (733)
Payment of issuance costs for Common Stock in the at-the-market offering 0 (324)
Proceeds from issuance of Common Stock in the at-the-market offering 0 168
Payment of finance lease liability (5) (7)
Restricted stock units settled in cash (342) 0
Net cash used in financing activities (1,159) (896)
Effects of exchange rate changes (32) 0
Net change in cash, cash equivalents and restricted cash (21,490) (20,872)
Cash, cash equivalents and restricted cash – beginning of the period 53,083 36,937
Cash, cash equivalents and restricted cash – end of the period 31,593 16,065
Less: Restricted cash – end of the period 9,244 9,289
Cash and cash equivalents – end of the period $ 22,349 $ 6,776
[1] Includes related party accounts payable of zero and $0.1 million for the three months ended March 31, 2025 and 2024, respectively.

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