v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash Flows from Operating Activities:    
Net income (loss) $ 4,140 $ (15,567)
Adjustments to reconcile net income (loss) to net cash provided by operating activities, net of acquisitions:    
Depreciation and amortization 15,471 17,451
Loss on debt extinguishment 7,776 0
Impairment of long-lived assets 178 0
Stock-based compensation expense 7,098 16,160
Change in fair value of Warrants 4,264 (4,530)
Amortization of debt issuance costs 1,096 943
Loss on termination of interest rate swap 59 0
Reclassification of realized gain on derivative instruments from AOCI (698) 0
Change in fair value of earnout consideration (2,285) (393)
(Gain) loss on disposal of fixed assets (87) 386
Gain on sale-leaseback transaction (16,876) 0
Change in fair value of embedded derivative 0 (885)
Realized gain on investments in marketable securities 0 (16)
Deferred tax benefit (373) (1,142)
Changes in operating assets and liabilities, net:    
Accounts receivable 2,755 (2,133)
Aircraft support parts (797) (104)
Prepaid expense and other current and noncurrent assets 2,345 2,286
Accounts payable, accrued expenses and other liabilities [1] (7,334) (3,101)
Net cash provided by operating activities 16,732 9,355
Cash Flows from Investing Activities:    
Proceeds from sale-leaseback transaction, net 46,849 0
Sale of property, plant and equipment 976 649
Capitalized costs related to in-process research and development (“IPR&D”) (1,326) (1,156)
Purchases and improvements of property, plant and equipment (80,942) (4,084)
Proceeds from sales and maturities of marketable securities 0 1,055
Collection of note receivable 0 3,000
Cash acquired through acquisition 0 2,592
Net cash (used in) provided by investing activities (34,443) 2,056
Cash Flows from Financing Activities:    
Proceeds from issuance of term loans 220,251 0
Payment of issuance costs for term loans (13,850) 0
Termination of interest rate swap 639 0
Payment of finance lease liability (27) (26)
Cash paid for taxes related to net share settlement of equity awards (391) (644)
Repayments on debt (210,942) (2,988)
Payment of issuance costs for Common Stock in offerings 0 (1,006)
Proceeds from issuance of Common Stock in the at-the-market offering 0 168
Proceeds from issuance of Common Stock in the registered direct offering 0 9,169
Net cash (used in) provided by financing activities (4,320) 4,673
Effects of exchange rate changes 329 62
Net change in cash, cash equivalents and restricted cash (21,702) 16,146
Cash, cash equivalents and restricted cash – beginning of the year 53,083 36,937
Cash, cash equivalents and restricted cash – end of the year 31,381 53,083
Less: Restricted cash – end of the year 0 13,747
Cash and cash equivalents – end of the year $ 31,381 $ 39,336
[1] Includes related party accounts payable and accrued expenses of $0.4 million and $0.1 million for the years ended December 31, 2025 and 2024.

Source

HTML PDF
XBRL
ZIP