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PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
Property and equipment, net consisted of the following (in thousands):
June 30, 2026December 31, 2025
Aircraft$203,199 $278,078 
Software development costs100,711 96,930 
Leasehold improvements15,023 13,869 
Computer equipment489 521 
Building and improvements1,412 1,412 
Furniture and fixtures1,314 1,320 
Tooling504 504 
Vehicles933 1,732 
     Total Property and equipment323,585 394,366 
Less: Accumulated depreciation and amortization(100,318)(174,637)
Total Property and equipment, net$223,267 $219,729 
Depreciation and amortization expense, excluding amortization expense related to software development costs, was $4.0 million and $7.6 million for the three and six months ended June 30, 2026, respectively, and $4.6 million and $13.3 million for the three and six months ended June 30, 2025, respectively.
Amortization expense related to software development costs was $3.5 million and $7.1 million for the three and six months ended June 30, 2026, respectively, and $4.2 million and $11.0 million for the three and six months ended June 30, 2025, respectively.
Assets Held for Sale & Impairment Related to Legacy Fleet Retirement
During the three months ended June 30, 2026, we accelerated the retirement of nine and 21 legacy owned Hawker 400XP light jets and King Air 350i turboprops, respectively, from revenue service. Management concluded that the decision to early retire and sell such aircraft met the required criteria to be classified as held for sale. When long-lived aircraft assets are identified as held for sale and the required criteria are met, we must reclassify such assets from Property and equipment to Aircraft held for sale on the condensed consolidated balance sheets. Upon reclassification, depreciation was discontinued on such Aircraft held for sale. As a result, we recorded the lower of carrying value or estimated fair value, less cost to sell, of those retired legacy aircraft within Aircraft held for sale on the condensed consolidated balance sheet as of June 30, 2026. The fair values were determined using Level 3 fair value inputs primarily based on contractual sale prices for aircraft then subject to a binding sale agreement or historical sale prices for substantially similar aircraft that we have sold, as applicable. In connection with such reclassification, we also recognized a $12.7 million impairment charge related to such retired legacy aircraft during the three months ended June 30, 2026, which reflected the excess of the carrying amounts over the estimated fair values, less costs to sell. These impairment charges were recorded within Impairment on legacy fleet retirement in the condensed consolidated statement of operations for the three and six months ended June 30, 2026.