Leases (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Leases [Abstract] |
|
| Supplemental Balance Sheet Information Related to Operating Leases |
Supplemental balance sheet information related to operating leases is as follows (in thousands):
|
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|
|
|
|
|
|
|
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|
Operating Leases |
|
Classification |
|
December 31,
2025 |
|
|
December 31,
2024 |
|
Assets |
|
|
|
|
|
|
|
|
Right-of-use assets |
|
Operating lease right-of-use assets |
|
$ |
12,510 |
|
|
$ |
17,046 |
|
Liabilities |
|
|
|
|
|
|
|
|
Lease liabilities, current |
|
Operating lease liabilities, current |
|
$ |
3,636 |
|
|
$ |
4,120 |
|
Lease liabilities, current |
|
Due to related parties, current |
|
|
457 |
|
|
|
1,216 |
|
Lease liabilities, long term |
|
Operating lease liabilities, long term |
|
|
8,714 |
|
|
|
11,540 |
|
Lease liabilities, long term |
|
Due to related parties, long term |
|
|
— |
|
|
|
457 |
|
Total lease liabilities |
|
|
|
$ |
12,807 |
|
|
$ |
17,333 |
|
|
| Lease Term and Discount Rate |
Lease term and discount rate were as follows:
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|
|
|
|
|
|
|
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
Weighted average remaining lease term |
|
3.82 years |
|
|
4.29 years |
|
Weighted average discount rate |
|
|
8.82 |
% |
|
|
8.68 |
% |
|
| The Components of Lease Cost |
The components of lease cost are as follows (in thousands):
|
|
|
|
|
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|
|
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|
Year ended December 31, |
|
Lease Cost |
|
Classification |
|
2025 |
|
|
2024 |
|
Operating lease cost - aircraft |
|
Cost of revenue |
|
$ |
7,248 |
|
|
$ |
11,123 |
|
Operating lease cost - non-aircraft |
|
Cost of revenue |
|
|
22 |
|
|
|
781 |
|
Operating lease cost - non-aircraft |
|
General and administrative |
|
|
802 |
|
|
|
607 |
|
Lease cost, short term - aircraft |
|
Cost of revenue |
|
|
433 |
|
|
|
548 |
|
Lease cost, short term - non-aircraft |
|
Cost of revenue |
|
|
2,719 |
|
|
|
— |
|
Lease cost, short term |
|
General and administrative |
|
|
29 |
|
|
|
181 |
|
Engine reserves |
|
Cost of revenue |
|
|
3,526 |
|
|
|
3,475 |
|
Total lease cost |
|
|
|
$ |
14,779 |
|
|
$ |
16,715 |
|
Supplemental disclosures of cash flow and other information related to leases are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Cash paid for operating lease liabilities |
|
$ |
6,788 |
|
|
$ |
7,889 |
|
Non-cash transactions - operating lease assets obtained in exchange for operating lease liabilities |
|
$ |
1,103 |
|
|
$ |
11,606 |
|
|
| Maturities of Operating Lease Liabilities |
Maturities of operating lease liabilities are as follows as of December 31, 2025 (in thousands):
|
|
|
|
|
|
|
Amount |
|
2026 |
|
$ |
5,011 |
|
2027 |
|
|
3,524 |
|
2028 |
|
|
2,358 |
|
2029 |
|
|
2,219 |
|
2030 |
|
|
1,929 |
|
Thereafter |
|
|
— |
|
Total lease payment, undiscounted |
|
|
15,041 |
|
Less: imputed interest |
|
|
2,234 |
|
Total |
|
$ |
12,807 |
|
|
| Supplemental Balance Sheet Information Related to Finance Leases |
Supplemental balance sheet information related to finance leases is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
Assets |
|
|
|
|
|
|
Finance lease right-of-use assets |
|
$ |
809 |
|
|
$ |
1,115 |
|
Liabilities |
|
|
|
|
|
|
Finance lease liabilities, current |
|
$ |
277 |
|
|
$ |
265 |
|
Finance lease liabilities, long term |
|
|
670 |
|
|
|
948 |
|
Total finance lease liabilities |
|
$ |
947 |
|
|
$ |
1,213 |
|
|
| Lease Term and Discount Rate |
Lease term and discount rate are as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
Weighted average remaining lease term |
|
3.3 years |
|
|
4.2 years |
|
Weighted average discount rate |
|
|
11.48 |
% |
|
|
11.37 |
% |
|
| Supplemental Disclosures of Cash Flow and Other Information Related to Leases |
Supplemental disclosures of cash flow and other information related to leases are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Cash paid for finance lease liabilities |
|
$ |
266 |
|
|
$ |
234 |
|
Non-cash transactions - Finance lease assets obtained in exchange for finance lease liabilities |
|
$ |
— |
|
|
$ |
95 |
|
|
| Maturities of Finance Lease Liabilities |
Maturities of finance lease liabilities are as follows as of December 31, 2025 (in thousands):
|
|
|
|
|
|
|
Amount |
|
2026 |
|
$ |
371 |
|
2027 |
|
|
336 |
|
2028 |
|
|
264 |
|
2029 |
|
|
176 |
|
2030 |
|
|
— |
|
Thereafter |
|
|
— |
|
Total lease payment, undiscounted |
|
|
1,147 |
|
Less: imputed interest |
|
|
(200 |
) |
Total |
|
$ |
947 |
|
|