| Summary of Consolidated Segment Information |
All other financial statement metrics are reviewed and/or considered on a consolidated basis as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2026 |
|
|
2025 |
|
|
|
|
|
|
|
|
Revenue |
|
$ |
25,613 |
|
|
$ |
23,506 |
|
Operating Expenses: |
|
|
|
|
|
|
Aircraft expenses |
|
$ |
19,535 |
|
|
$ |
17,789 |
|
Pilot expenses |
|
|
3,489 |
|
|
|
3,892 |
|
Other (1) |
|
|
2,922 |
|
|
|
3,025 |
|
Cost of revenue, exclusive of depreciation and amortization |
|
|
25,946 |
|
|
|
24,706 |
|
Technology and development |
|
|
2,445 |
|
|
|
2,680 |
|
Sales and marketing |
|
|
1,966 |
|
|
|
1,653 |
|
General and administrative |
|
|
6,059 |
|
|
|
10,886 |
|
Depreciation and amortization |
|
|
2,552 |
|
|
|
2,148 |
|
Total operating expenses |
|
|
38,968 |
|
|
|
42,073 |
|
Operating loss |
|
$ |
(13,355 |
) |
|
$ |
(18,567 |
) |
Other income (expense): |
|
|
|
|
|
|
Changes in fair value of financial instruments carried at fair value, net |
|
$ |
(3,613 |
) |
|
$ |
5,396 |
|
Interest expense |
|
|
(1,224 |
) |
|
|
(3,895 |
) |
Gain on extinguishment of debt |
|
|
- |
|
|
|
39 |
|
Other expense, net |
|
|
(2,109 |
) |
|
|
(1,492 |
) |
Total other income (expense), net |
|
$ |
(6,946 |
) |
|
$ |
48 |
|
Loss before income taxes |
|
|
(20,301 |
) |
|
|
(18,519 |
) |
Income tax benefit |
|
|
39 |
|
|
|
53 |
|
Net loss |
|
$ |
(20,262 |
) |
|
$ |
(18,466 |
) |
(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.
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