| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands): | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | Revenue | | | | | | | | | | Asset Management Solutions | | | | | | | | | | Aircraft | | $ | 35,957 | | $ | 41,749 | | $ | 80,877 | Engine | | | 175,626 | | | 173,718 | | | 134,290 | | | | 211,583 | | | 215,467 | | | 215,167 | TechOps | | | | | | | | | | MRO services | | | 93,743 | | | 107,970 | | | 102,535 | Product sales | | | 29,960 | | | 21,629 | | | 16,583 | Whole asset sales | | | - | | | - | | | 218 | | | | 123,703 | | | 129,599 | | | 119,336 | Total | | $ | 335,286 | | $ | 345,066 | | $ | 334,503 |
| | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | Cost of sales | | | | | | | | | | Asset Management Solutions | | | | | | | | | | Aircraft | | $ | 24,009 | | $ | 27,223 | | $ | 58,138 | Engine | | | 113,511 | | | 105,803 | | | 89,374 | | | | 137,520 | | | 133,026 | | | 147,512 | TechOps | | | | | | | | | | MRO services | | | 74,118 | | | 91,510 | | | 82,107 | Product sales | | | 17,874 | | | 16,594 | | | 12,822 | Whole asset sales | | | - | | | - | | | (359) | | | | 91,992 | | | 108,104 | | | 94,570 | Total | | $ | 229,512 | | $ | 241,130 | | $ | 242,082 |
| | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | Gross profit | | | | | | | | | | Asset Management Solutions | | | | | | | | | | Aircraft | | $ | 11,948 | | $ | 14,526 | | $ | 22,739 | Engine | | | 62,115 | | | 67,915 | | | 44,916 | | | | 74,063 | | | 82,441 | | | 67,655 | TechOps | | | | | | | | | | MRO services | | | 19,625 | | | 16,460 | | | 20,428 | Product sales | | | 12,086 | | | 5,035 | | | 3,761 | Whole asset sales | | | - | | | - | | | 577 | | | | 31,711 | | | 21,495 | | | 24,766 | Total | | $ | 105,774 | | $ | 103,936 | | $ | 92,421 |
| | | | | | | | | Year Ended December 31, | (in thousands) | | 2025 | | 2024 | Total Assets | | | | | | | Asset Management Solutions | | $ | 434,680 | | $ | 383,336 | TechOps | | | 193,724 | | | 205,655 | Corporate | | | 12,068 | | | 15,732 | | | $ | 640,472 | | $ | 604,723 |
| | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | (in thousands) | | 2025 | | 2024 | | 2023 | | Total depreciation and amortization expense | | | Asset Management Solutions | | $ | 13,382 | | $ | 9,909 | | $ | 6,043 | TechOps | | | 4,839 | | | 5,042 | | | 3,549 | Corporate | | | 1,113 | | | 1,097 | | | 867 | | | $ | 19,334 | | $ | 16,048 | | $ | 10,459 | Total capital expenditures | | | | | | | | | | Asset Management Solutions | | $ | 4,206 | | $ | 15,350 | | $ | 488 | TechOps | | | 5,264 | | | 11,755 | | | 9,206 | Corporate | | | 771 | | | 1,925 | | | 1,665 | | | $ | 10,241 | | $ | 29,030 | | $ | 11,359 |
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| Summary of reconciliation segment gross profit to income before income tax provision |
The following table reconciles segment gross profit to income (loss) before income tax provision (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | | | Asset Management Solutions | | | TechOps | | | Total | | Asset Management Solutions | | | TechOps | | | Total | | Asset Management Solutions | | | TechOps | | | Total | Gross Profit | | $ | 74,063 | | $ | 31,711 | | $ | 105,774 | | $ | 82,441 | | $ | 21,495 | | $ | 103,936 | | $ | 67,655 | | $ | 24,766 | | $ | 92,421 | Operating expenses | | | (13,167) | | | (9,442) | | | (22,609) | | | (11,870) | | | (10,933) | | | (22,803) | | | (15,588) | | | (11,341) | | | (26,929) | Selling, general and administrative expenses | | | (13,982) | | | (14,709) | | | (28,691) | | | (15,567) | | | (18,884) | | | (34,451) | | | (15,362) | | | (16,956) | | | (32,318) | Segment income (loss) from operations | | | 46,914 | | | 7,560 | | | 54,474 | | | 55,004 | | | (8,322) | | | 46,682 | | | 36,705 | | | (3,531) | | | 33,174 | Other corporate expenses (1) | | | | | | | | | (38,684) | | | | | | | | | (36,938) | | | | | | | | | (43,944) | Income (loss) from operations | | | | | | | | | 15,790 | | | | | | | | | 9,744 | | | | | | | | | (10,770) | Other (expense) income: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest (expense) income, net | | | | | | | | | (8,330) | | | | | | | | | (5,703) | | | | | | | | | 155 | Other income, net | | | | | | | | | 2,982 | | | | | | | | | 1,495 | | | | | | | | | 666 | Change in fair value of warrant liability | | | | | | | | | 85 | | | | | | | | | 2,301 | | | | | | | | | 2,270 | Income (loss) before income tax provision | | | | | | | | $ | 10,527 | | | | | | | | $ | 7,837 | | | | | | | | $ | (7,679) |
| (1) | Other corporate expenses include other unapplied payroll expenses and benefits, telecommunications and IT support, professional fees, office rent, and depreciation, among others. |
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| Summary of revenues and long-lived assets based on the customers' geographic location |
The following table presents revenue based on the customers’ geographic location and long-lived assets located in the United States, our country of domicile, as follows (in thousands): | | | | | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | | 2023 | Revenue | | | | | | | | | | Domestic | | $ | 180,921 | | $ | 215,198 | | $ | 145,076 | Foreign | | | 154,365 | | | 129,868 | | | 189,427 | Total revenue | | $ | 335,286 | | $ | 345,066 | | $ | 334,503 |
| | | | | | | | | Year Ended December 31, | | | 2025 | | 2024 | Long-lived assets | | | | | | | Domestic | | $ | 138,952 | | $ | 130,086 | Foreign | | | 33,622 | | | 14,482 | Total long-lived assets | | $ | 172,574 | | $ | 144,568 |
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