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Segment And Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment And Geographic Information
NOTE 23 – SEGMENT AND GEOGRAPHIC INFORMATION
The Company operates as a single operating segment. Our revenues are primarily derived from aerial wildfire management, relief and suppression and the delivery of specialty aviation services. The Company’s Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”), who reviews the financial performance of the Company on a consolidated basis. The CODM uses consolidated revenues, income (loss) before income taxes and Adjusted EBITDA to assess financial performance and allocate resources. Additionally, significant expenses, such as cost of revenues and selling, general & administrative expenses, are closely monitored as part of the performance evaluation and resource allocation process. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow revenues and operating margin and the allocation of budget between cost of revenues and selling, general & administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2025 and 2024:
For the years ended December 31,
dollars in thousands
20252024
Revenues
$122,830 $98,613 
Cost of revenues:
   Flight operations31,933 31,016 
Maintenance39,214 26,459 
Total cost of revenues71,147 57,475 
Gross income51,683 41,138 
Selling, general and administrative expense
36,283 35,820 
Interest expense
23,263 23,714 
Other income11,788 2,067 
Income (loss) before income taxes3,925 (16,329)
Income tax benefit215 762 
Net income (loss)$4,140 $(15,567)
See the Consolidated Financial Statements for other financial information regarding the Company’s operating segment.
Total United States revenues were $108.8 million and $88.5 million for the years ended December 31, 2025 and 2024, respectively. Refer to “Note 2 – Summary of Significant Accounting Policies” included in this Annual Report on Form 10-K for additional information about revenue by geographic location. The Company had three customers who individually accounted for 66%, 11%, and 10% of total revenues for the year ended December 31, 2025, and two customers who individually accounted for 61% and 12% of total revenues for the year ended December 31, 2024.
The Company’s long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets were located as follows:
As of December 31,
dollars in thousands20252024
United States$198,301 $190,560 
Spain51,928 2,017