
	As of December 31,
dollars in thousands	2025		2024
Aircraft	$	262,013	$	185,877
Less: Accumulated depreciation	(48,607)		(38,210)
Aircraft, net	213,406		147,667
Vehicles and equipment	7,049		5,921
Buildings	1,200		1,054
Leasehold improvements	645		35,504
Licenses	235		235
Finance lease right-of-use asset	117		101
Capitalized software and development costs	35		35
Construction-in-progress - leasehold improvements	—		5
Less: Accumulated depreciation	(3,873)		(6,753)
Leasehold improvements and equipment, net	5,408		36,102
Total property, plant and equipment, net	$	218,814	$	183,769

For the year ended December 31, 2025, the Company recorded $13.0 million and $1.1 million of depreciation expense in Cost of revenues and Selling, general and administrative expense, respectively. For the year ended December 31, 2024, the Company recorded $14.5 million and $2.3 million of depreciation expense in Cost of revenues and Selling, general and administrative expense, respectively.

Asset groups are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. As of the year ended December 31, 2025, the Twin Commander did not generate revenues and as such the Company performed a market approach assessment, and determined the fair value of the Twin Commander aircraft was lower than the net book value and as such, recorded an impairment charge of $0.2 million in the Consolidated Statements of Operations. For the year ended December 31, 2024, the Company recorded no impairment charges.

For the years ended December 31, 2025 and 2024, the Company recorded a gain on disposals of assets of $0.1 million and a loss of disposals of assets of $0.4 million, respectively, in Selling, general and administrative expense in the Consolidated Statements of Operations.