v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (13,372) $ (23,047)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 4,796 5,933
Amortization of finance lease right-of-use assets 388 318
Amortization of contract costs 374 364
Non-cash interest income (23) (634)
Non-cash interest expense 483 1,519
Non-cash rent expense 4,991 5,574
(Gain) loss on aircraft sales and aircraft held for sale 820 (1,205)
(Gain) loss on lease termination 286 (38)
Provision for credit losses 441 62
Provision for inventory reserve 9 0
Realized loss on investment securities 0 (43)
Change in fair value of warrant liability (1,223) (569)
Loss on extinguishment of debt 0 4,161
Stock-based compensation 1,631 1,064
Changes in operating assets and liabilities, net of effects from acquisitions:    
Other receivables (703) (266)
Parts and supplies inventory (235) (349)
Prepaid expenses and other current assets (839) 530
Operating lease liabilities (4,916) (5,331)
Other assets (390) (81)
Accounts payable 6,900 3,296
Other current liabilities (1,154) (2,394)
Deferred revenue (7,107) (2,170)
Other non-current liabilities 6,305 2,918
Net cash flows from operating activities (617) (10,464)
Cash flows from investing activities:    
Capitalized development costs 77 (23)
Purchases of property and equipment (13,699) (4,098)
Proceeds from sales of property and equipment 8,333 19,198
Finance lease direct initial costs (478) (381)
Purchases of engine overhauls (8,146) (5,438)
Purchases of investments (4,858) (15,457)
Proceeds from sale of investments 3,897 72,339
Net cash flows from investing activities (14,874) 66,140
Cash flows from financing activities:    
Proceeds from issuance of debt 8,697 314
Repayment of debt (19,570) (67,056)
Payment of debt issuance costs (485) (373)
Repayment of finance lease (1,286) (43)
Cash contributions - non-controlling interests 2,365 863
Cash distributions - non-controlling interests (2,038) 12,125
Proceeds from common stock issuance, net of issuance costs 17,121 (0)
Proceeds from preferred stock issuance, net of issuance costs 0 5,800
Net cash flows from financing activities 4,804 (72,621)
Net increase (decrease) in cash and cash equivalents (10,687) (16,945)
Cash and cash equivalents at beginning of period 29,340 31,694
Cash and cash equivalents at end of period 18,653 14,749
Non-cash investing and financing activities:    
Change in redemption value of redeemable noncontrolling interest 58,224 50,068
Issuances of Class A common stock 1,333 0
Redemption of Common Stock 34,596 0
Transfers from prepaid engine overhaul to property and equipment 2,095 866
Transfer of fixed assets and prepaid engine overhauls to held for sale 0 605
Unrealized change in fair value of available-for-sale securities 3 (54)
ROU assets obtained in exchange for operating lease liabilities 2,782 7,833
ROU assets obtained in exchange for finance lease liabilities 8,882 14,023
Consideration payable to customer 220 0
Non-cash exchanges for non-controlling ownership interest 5,184 2,190
Series A Preferred Stock    
Non-cash investing and financing activities:    
Dividends payable and amortization of discount on Temporary Equity 1,429 1,007
Series B Preferred stock    
Non-cash investing and financing activities:    
Dividends payable and amortization of discount on Temporary Equity 0 1,182
Private Placement Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (173) (347)
Public Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (101) (202)
Penny Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (949) (20)
Nonrelated Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (285) (567)
Related Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (1,044) 491
Notes receivable - related parties $ 3,250 $ 0