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

Note 16. Segments

The Company and its chief operating decision maker (“CODM”), which is the Company’s chief executive officer, organize and manage the Company on a consolidated basis, and, accordingly, the Company operates as a single operating and reportable segment, namely its Air Mobility segment.

The Air Mobility segment derives revenues from two categories of services:

Scheduled Air Service - revenue from operating scheduled commercial air service flights which are sold to the public primarily on a per seat basis, and through subsidized EAS revenue awards from the Department of Transportation.

On-Demand- revenue from on-demand flights created for customers on an ad-hoc, by request basis.

The accounting policies of the Air Mobility segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the Air Mobility segment and decides how to allocate resources based on net loss as reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

In addition to consolidated financial metrics used in assessing the Air Mobility segment, the CODM also regularly reviews additional significant expense categories, which comprise cost of revenue, exclusive of depreciation and amortization within the Company’s Consolidated Statements of Operations. Such cost categories are determined to be those most relevant in providing flight services, and are aligned with cost designations measured by other carriers. All other financial statement metrics are reviewed and/or considered on a consolidated basis:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

Revenue

 

$

106,557

 

 

$

119,425

 

Operating Expenses:

 

 

 

 

 

 

Aircraft expenses

 

$

76,812

 

 

$

76,164

 

Pilot expenses

 

 

13,709

 

 

 

18,390

 

Other (1)

 

 

11,855

 

 

 

15,380

 

Cost of revenue, exclusive of depreciation and amortization

 

 

102,376

 

 

 

109,934

 

Technology and development

 

 

10,299

 

 

 

24,041

 

Sales and marketing

 

 

8,177

 

 

 

7,514

 

General and administrative

 

 

53,285

 

 

 

29,851

 

Depreciation and amortization

 

 

9,294

 

 

 

8,341

 

Total operating expenses

 

 

183,431

 

 

 

179,681

 

Operating loss

 

$

(76,874

)

 

$

(60,256

)

Other income (expense):

 

 

 

 

 

 

Changes in fair value of financial instruments carried at fair value, net

 

$

(8,574

)

 

$

(11,732

)

Interest expense

 

 

(13,205

)

 

 

(8,617

)

Gain (loss) on extinguishment of debt

 

 

(3,904

)

 

 

5,398

 

Other income (expense), net

 

 

(8,379

)

 

 

12

 

Total other income (expense), net

 

$

(34,062

)

 

$

(14,939

)

Loss before income taxes

 

 

(110,936

)

 

 

(75,195

)

Income tax benefit

 

 

380

 

 

 

287

 

Net loss

 

$

(110,556

)

 

$

(74,908

)

 

(1) Other costs of revenue are comprised of personnel costs related to customer service operations, station expenses, reservation systems and passenger re-accommodation/ re-booking on other carriers.

 

The CODM uses net loss to evaluate income (loss) generated from segment assets (return on assets) in deciding how to allocate resources. Consolidated net loss is used to monitor budget versus actual results. The monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing management’s compensation.

The Company does not have intra-entity sales or transfers. All of the Company’s long-lived assets are located in the United States and revenue is substantially earned from flights throughout the United States.