v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 17,241 $ 14,952
Restricted cash 589 667
Marketable securities 86,232 97,018
Receivables, net 8,921 7,380
Sales lease receivable, net 401 470
Short-term restricted investments (SESP) 2,808 0
Spare parts and supplies, net 4,692 5,399
Contract costs 0 146
Prepaid expenses and other 1,765 1,891
Total Current Assets 122,649 127,923
Property and Equipment    
Flight property and equipment 248,620 257,280
Ground property and equipment 8,872 8,858
Less accumulated depreciation and amortization (216,993) (217,938)
Net Property and Equipment 40,499 48,200
Long-Term Assets    
Operating lease right-of-use asset 3,358 6,233
Intangibles 5,300 5,300
Long-term lease receivable, net 813 1,060
Long-term investments 4,275 4,275
Long-term restricted investments (SESP) 1,481 3,797
Other 1,137 7,662
Total Long-Term Assets 16,364 28,327
Total Assets 179,512 204,450
Current Liabilities    
Accounts payable 6,276 13,557
Accrued payroll and employee benefits 6,492 12,415
Current portion of operating lease liability 671 2,934
Other accrued expenses 85 61
Contract liabilities, net 0 4,190
Short-term deferred compensation (SESP) 2,808 0
Income taxes payable 0 312
Total Current Liabilities 16,332 33,469
Long-Term Liabilities    
Long-term promissory note 4,275 4,275
Deferred tax liability 390 557
Long-term operating lease liability 792 1,237
Long-term deferred compensation (SESP) 1,481 3,823
Other 1,976 2,278
Total Long-Term Liabilities 8,914 12,170
Total Liabilities 25,246 45,639
Commitments and Contingencies (Note 6)
Stockholders’ Equity    
Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 71,981,140 shares issued at September 30, 2025 and December 31, 2024, 58,429,836 shares outstanding at September 30, 2025 and 58,493,761 shares outstanding at December 31, 2024 720 720
Additional paid-in capital 285,573 285,573
Retained deficit (110,393) (105,894)
Treasury stock (21,634) (21,588)
Total Stockholders’ Equity 154,266 158,811
Total Liabilities and Stockholders’ Equity [1] $ 179,512 $ 204,450
[1]
1As of March 31, 2024, the Series C Convertible Redeemable Preferred Stock was classified as Mezzanine Equity. For additional information, please refer to Note 9, Earning per Share and Equity.