v3.25.2
Revenue & Contract Liability
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]    
Revenue & Contract Liability

13. REVENUE & CONTRACT LIABILITY

 

Deferred revenue for customer contracts represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue.

 

The following table presents disaggregated revenues by service type:

 

 

 

Three Months Ended March 31,

 

Revenue

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Charter

 

$

30,518

 

 

$

34,014

 

ACMI

 

 

34,316

 

 

 

18,622

 

Other

 

 

1,767

 

 

 

1,199

 

Total

 

$

66,601

 

 

$

53,835

 

Significant changes in our deferred revenue liability balances during the period and year ended, March 31, 2025 and December 31, 2024, respectively, were as follows in thousands:

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

 

 

 

 

 

Beginning Balance

 

$

8,903

 

 

$

9,896

 

Revenue Recognized

 

 

(8,639

)

 

 

(9,896

)

Amounts Collected or Invoiced

 

 

3,994

 

 

 

8,903

 

Ending Balance

 

$

4,258

 

 

$

8,903

 

The Company has 2 customers that accounted for approximately 36% and 7% of the revenue for the three months period ended on March 31, 2025 and approximately 26% and 14% of the revenue for the three months period ended on March 31, 2024. The Company expects to maintain these relationships with those customers.

16. REVENUE CONTRACT LIABILITY

Deferred revenue for customer contracts represents amounts collected from, or invoiced to, customers in advance of revenue recognition. The balance of Deferred revenue will increase or decrease based on the timing of invoices and recognition of revenue.

Significant changes in our Deferred Revenue liability balances during the year ended December 31, 2024 and 2023 in thousands were as follows:

 

 

December 31, 2024

 

 

December 31, 2023

 

 

 

 

 

 

 

 

Beginning Balance

 

$

9,896

 

 

$

3,201

 

Revenue Recognized

 

 

(9,896

)

 

 

(3,201

)

Amounts Collected or Invoiced

 

 

8,903

 

 

 

9,896

 

Ending Balance

 

$

8,903

 

 

$

9,896

 

The Company has 2 customers that accounted for approximately 40% and 12% of the revenue for the year ended on December 31, 2024 and approximately and 6% and 8% of the revenue for the year ended on December 31, 2023. The Company expects to maintain these relationships with those customers.