v3.25.4
Segment Information
12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information

4. Segment Information

The Company has one reportable segment, private aviation services, managed on a consolidated basis by the Chief Executive Officer, who is the Company's CODM. The private aviation services segment provides charters, aircraft partnerships, jet club memberships, fractional ownership shares, MRO, and aircraft management services. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net loss that is also reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as consolidated total assets.

The CODM allocates resources and evaluates performance based on net loss, which is the Company’s measure of segment profit or loss. The CODM considers budget to actual and year-over-year variances for net loss when making decisions about how to utilize the Company’s resources. The components of segment profit or loss were as follows:

 

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

Total Revenue

 

$

375,877

 

 

$

327,274

 

Less:

 

 

 

 

 

 

Cost of revenue

 

 

319,625

 

 

 

290,212

 

Selling, general and administrative

 

 

82,586

 

 

 

91,337

 

Depreciation and amortization

 

 

23,587

 

 

 

25,709

 

(Gain) loss on aircraft sales and aircraft held for sale

 

 

(2,688

)

 

 

2,795

 

Other (1)

 

 

19,844

 

 

 

18,675

 

Income tax expense

 

 

37

 

 

 

41

 

Net Loss

 

$

(67,114

)

 

$

(101,495

)

 

 

 

 

 

 

 

(1)
Includes all items within other income (expense) on the consolidated statements of operations and comprehensive loss.

No single customer accounted for 10% or more of consolidated revenue for the years ended December 31, 2025 and 2024.