v3.26.1
Property, Plant and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant and Equipment, Net
NOTE 8 – PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net consist of the following:
dollars in thousands
As of June 30, 2026
As of December 31, 2025
Aircraft
$
269,291 
$
262,013 
Less: Accumulated depreciation
(54,100)
(48,607)
Aircraft, net
215,191 
213,406 
Construction in progress
52 
— 
Vehicles and equipment
7,597 
7,049 
Buildings
1,165 
1,200 
Leasehold improvements
684 
645 
Licenses
235 
235 
Finance lease right-of-use asset
132 
117 
Capitalized software and development costs
39 
35 
Less: Accumulated depreciation
(4,418)
(3,873)
Leasehold improvements and equipment, net
5,486 
5,408 
Total property, plant and equipment, net
$
220,677 
$
218,814 
For the three and six months ended June 30, 2026, the Company recorded $4.4 million and $6.0 million of depreciation expense in Cost of revenues, respectively, and $0.1 million of depreciation expense in Selling, general and administrative expense. For the three and six months ended June 30, 2025, the Company recorded $3.3 million and $4.6 million of depreciation expense in Cost of revenues, respectively, and $0.3 million and $0.7 million of depreciation expense in Selling, general and administrative expense, respectively.
Asset groups are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. For the three and six months ended June 30, 2026 and 2025, the Company recorded no impairment charges.
For the three and six months ended June 30, 2026, the Company recorded a loss on disposal of assets of zero and $0.1 million, respectively, and for the three and six months ended June 30, 2025, the Company recorded a gain on disposal of assets of zero and $0.1 million, respectively, in Selling, general and administrative expense in the Condensed Consolidated Statements of Operations.