v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]        
Revenue $ 66,601 $ 53,835 $ 223,751 $ 160,122
Operating Expenses        
Salaries, Wages, & Benefits 18,792 16,775 67,787 54,057
Aircraft Fuel 7,405 8,199 23,828 29,476
Maintenance, materials and repairs 3,852 2,933 13,210 8,603
Depreciation and amortization 2,248 1,166 6,271 2,293
Contracted ground and aviation services 6,306 6,903 19,599 20,507
Travel 2,956 4,282 11,174 8,334
Insurance 1,261 1,633 6,189 5,009
Aircraft Rent 15,241 12,761 57,677 33,632
Other 5,431 3,802 19,144 14,079
Total Operating Expenses 63,492 58,454 224,879 175,990
Operating Income (Loss) 3,109 (4,619) (1,128) (15,868)
Non-Operating Expenses        
Interest Expense 2,583 1,760 8,955 4,916
Loss in Canada Jetlines Operations Ltd.     1,300  
Total Non-Operating Expenses 2,583 1,760 10,255 4,916
Income (Loss) before income taxes 526 (6,379) (11,383) (20,784)
Income tax expense     2 2
Net Income (Loss) 526 (6,379) (11,385) (20,786)
Net Income attributable to Noncontrolling Interest 372   87 225
Net Income (Loss) attributable to the Company $ 154 $ (6,379) $ (11,472) $ (21,011)
Income (Loss) per share:        
Basic $ 0 $ (0.11) $ (0.19) $ (0.37)
Diluted $ 0 [1] $ (0.11) [1] $ (0.19) [2] $ (0.37) [2]
Weighted average number of shares outstanding 62,205,192 59,234,601 60,359,587 56,763,879
Fully diluted shares outstanding 69,619,293 59,234,601 60,359,587 56,763,879
[1]

(1) There were 17,732,764 warrants, 196,667 options, and 7,294,595 RSUs outstanding at March 31, 2025 and there were 17,680,187 warrants, 313,334 options, and 5,965,022 RSUs outstanding at March 31, 2024. The Company excluded the warrants for the period ended March 31, 2025, and excluded the warrants, options and RSUs from the calculation of diluted EPS for the period ended March 31, 2024 as inclusion would have an anti-dilutive effect.

[2] There were 17,732,764 warrants, 246,667 options, and 5,373,373 RSUs outstanding at December 31, 2024 and there were 22,518,894 warrants, 470,668 options, and 5,056,270 RSUs outstanding at December 31, 2023. The Company excluded the warrants, options and RSUs from the calculation of diluted EPS for the years ended December 31, 2024 and 2023 as inclusion would have an anti-dilutive effect.