v3.26.1
Segment and Geographic Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Geographic Information
NOTE 23 – SEGMENT AND GEOGRAPHIC INFORMATION
The Company operates as a single operating segment. Our revenues are primarily derived from aerial wildfire management, relief and suppression and the delivery of specialty aviation services. The Company’s Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”), who reviews the financial performance of the Company on a consolidated basis. The CODM uses consolidated revenues, loss before income taxes and Adjusted EBITDA to assess financial performance and allocate resources. Additionally, significant expenses, such as Cost of revenues and Selling, general and administrative expenses, are closely monitored as part of the performance evaluation and resource allocation process. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow revenues and operating margin and the allocation of budget between Cost of revenues and Selling, general and administrative expenses.
The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2026 and 2025:
For the three months ended June 30,
For the six months ended June 30,
dollars in thousands
2026
2025
2026
2025
Revenues
$
30,494 
$
30,751 
$
39,006 
$
46,397 
Cost of revenues:
Flight operations
10,059 
7,856 
16,620 
14,108 
Maintenance
9,113 
10,844 
19,600 
21,799 
Total cost of revenues
19,172 
18,700 
36,220 
35,907 
Gross income
11,322 
12,051 
2,786 
10,490 
Selling, general and administrative expense
(5,309)
(6,524)
(22,039)
(15,114)
Interest expense
(6,607)
(5,737)
(12,757)
(11,472)
Other income
91 
700 
231 
1,299 
(Loss) income before income taxes
(503)
490 
(31,779)
(14,797)
Income tax benefit (expense)
5 
(182)
(23)
(433)
Net (loss) income
$
(498)
$
308 
$
(31,802)
$
(15,230)
See the Condensed Consolidated Financial Statements for other financial information regarding the Company’s operating segment.
Total United States revenues were $29.7 million and $36.5 million for the three and six months ended June 30, 2026, respectively, and $25.7 million and $35.4 million for the three and six months ended June 30, 2025, respectively. Refer to “Note 2 – Summary of Significant Accounting Policies” included in this Quarterly Report on Form 10-Q for additional information about revenue by geographic location. The Company had two customers who individually accounted for 71% and 16% of total revenues for the three months ended June 30, 2026, and two customers who individually accounted for 61% and 16% of total revenues for the six months ended June 30, 2026. The Company had three customers who individually accounted for 51%, 23% and 17% of total revenues for the three months ended June 30, 2025, and three customers who individually accounted for 47%, 24% and 17% of total revenues for the six months ended June 30, 2025.
The Company’s long-lived tangible assets, as well as the Company’s operating lease right-of-use assets recognized on the Condensed Consolidated Balance Sheets were located as follows:
dollars in thousands
As of June 30, 2026
As of December 31, 2025
United States
$
202,135 
$
198,301 
Spain
50,171 
51,928