v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,618) $ (11,385)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation expense 11,963 6,271
Credit losses 460 482
(Gain) loss on sale of spare parts (214) 173
Gain on lease modification (132)  
Amortization of debt issue costs 813 649
Amortization of operating lease right of use assets 18,599 14,300
Share-based payments 2,739 1,680
Interest on finance leases 4,720 3,043
Changes in assets and liabilities:    
Accounts receivable (542) 3,241
Assets held for sale 3 (364)
Prepaid expenses and other current assets (1,293) 410
Accounts payable 1,320 5,276
Accrued liabilities 16,772 2,104
Operating lease obligations (19,584) (14,430)
Other liabilities (4,911) (3,379)
Net cash provided by operating activities 28,095 8,071
CASH FLOWS FROM INVESTING ACTIVITIES    
Deposits, deferred costs and other assets (2,685) (2,775)
Purchases of property and equipment (11,603) (7,218)
Net cash used in investing activities (14,288) (9,993)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on finance leases (5,553) (1,815)
Principal payments on note payable (1,496)  
Debt issuance costs (169)  
Proceeds on issuance of shares 327 329
Dividends (468) (225)
Proceeds from disgorgement of stockholders' short-swing profits 12  
Net cash used in financing activities (7,347) (1,711)
Net increase (decrease) in cash, cash equivalents, and restricted cash 6,460 (3,633)
Cash, cash equivalents and restricted cash - beginning of the period 14,043 17,676
Cash, cash equivalents and restricted cash - end of the period 20,503 14,043
Non-cash investing and financing activities    
Reclass of Property and equipment to Accounts receivable (aircraft receivable) and Prepaid expenses and other current assets (deferred maintenance) 117  
Right-of-use (ROU) assets acquired through operating leases 1,614 27,229
Aircraft Acquired Through Note Payable 14,650  
Aircraft acquired through finance leases 24,221 26,414
Airframe Acquired Through Finance Leases 3,536  
Equipment acquired through finance leases 387 205
Cash paid for    
Interest $ 11,082 $ 8,137