v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]            
Revenues [1] $ 30,751   $ 13,014   $ 46,397 $ 18,521
Cost of revenues:            
Flight operations 7,856   5,106   14,108 10,115
Maintenance 10,844   4,761   21,799 8,958
Total cost of revenues 18,700   9,867   35,907 19,073
Gross income (loss) 12,051   3,147   10,490 (552)
Selling, general and administrative expense [2] 6,524   7,902   15,114 19,512
Operating income (loss) 5,527   (4,755)   (4,624) (20,064)
Interest expense [3] (5,737)   (5,854)   (11,472) (11,777)
Other income 700   144   1,299 1,303
Income (loss) before income taxes 490   (10,465)   (14,797) (30,538)
Income tax (expense) benefit (182)   484   (433) 470
Net income (loss) 308 $ (15,538) (9,981) $ (20,087) (15,230) (30,068)
Series A Preferred Stock – adjustment to maximum redemptions value (6,636)   (6,196)   (13,197) (12,385)
Loss attributable to Common stockholders – basic (6,328)   (16,177)   (28,427) (42,453)
Loss attributable to Common stockholders - diluted $ (6,328)   $ (16,177)   $ (28,427) $ (42,453)
Loss per share - basic (in dollars per share) $ (0.12)   $ (0.33)   $ (0.53) $ (0.89)
Loss per share - diluted (in dollars per share) $ (0.12)   $ (0.33)   $ (0.53) $ (0.89)
Weighted average Common Stock outstanding – basic (in shares) 53,878,966   48,326,688   53,846,770 47,964,465
Weighted average Common Stock outstanding – diluted (in shares) 53,878,966   48,326,688   53,846,770 47,964,465
[1] Includes related party revenues of zero for the three and six months ended June 30, 2025, and $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively.
[2] Includes related party cost of revenues of $0.3 million and $1.3 million for the three and six months ended June 30, 2025, respectively, and $0.4 million and $1.4 million for the three and six months ended June 30, 2024, respectively.
[3] Includes related party interest expense of zero for the three and six months ended June 30, 2025, and $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively.

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