v3.26.1
Balance Sheet Components
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
June 30,
2026		December 31,
2025
Equipment$143,784 $126,874 
Buildings104,324 23,801 
Molds and tooling34,879 33,077 
Leasehold and other improvements30,728 22,831 
Computer software20,570 20,017 
Land11,158 6,270 
Vehicles and aircraft5,145 3,509 
Furniture and fixtures2,550 2,364 
Construction in-progress24,088 36,977 
Gross property and equipment377,226 275,720 
Accumulated depreciation and amortization(147,398)(129,149)
Property and equipment, net$229,828 $146,571 
Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2026 was $9.8 million and $18.7 million, respectively and $8.5 million and $16.4 million for the three and six months ended June 30, 2025, respectively. Vehicles and aircraft include utility automobiles used at the Company’s various facilities and purchased aircraft to support the Company’s air operations and training.
Intangible Assets, Net
The intangible assets consist of the following (in thousands):
June 30,
2026		December 31,
2025
Developed technology$13,100 $13,100 
Exclusive rights to air transportation services8,800 8,800 
Lease in-place3,509 — 
Other intangibles2,500 2,500 
Gross intangible assets27,909 24,400 
Accumulated amortization(9,754)(5,541)
Intangible assets, net$18,155 $18,859 
Amortization expense related to intangible assets for the three and six months ended June 30, 2026 was $2.1 million and $4.2 million, respectively and $1.2 million and $2.4 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, the weighted-average amortization period of intangible assets was 5.3 years.
The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of June 30, 2026 (in thousands):
Fiscal YearAmount
2026 (remainder)
$4,074 
20275,343 
20281,582 
20291,582 
2030 and thereafter5,574 
$18,155 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
June 30,
2026		December 31,
2025
Prepaid software$8,305 $9,263 
Prepaid equipment6,702 2,278 
Prepaid taxes5,774 3,175 
Prepaid insurance5,706 6,151 
Prepaid operators3,465 4,218 
Other8,727 5,394 
Total$38,679 $30,479 
Other Non-Current Assets
Other non-current assets consist of the following (in thousands):
June 30,
2026		December 31,
2025
Contractual agreement asset$59,611 $59,611 
Long-term prepaid insurance315 431 
Other non-current assets2,797 1,891 
Total$62,723 $61,933 
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
June 30,
2026		December 31,
2025
Vendor-related accruals$29,799 $26,589 
EBITDA Earnout liability (Note 4)17,500 — 
Payroll accruals16,810 5,227 
Indemnity Holdback liability (Note 4)10,000 — 
Contract liabilities under contracts with customers9,823 7,003 
Retention Earnout liability (Note 4)9,808 — 
Short-term finance lease liability3,300 2,254 
ESPP accrual2,295 2,062 
Accrued flight costs2,326 142 
Other accruals and current liabilities9,897 4,741 
Total$111,558 $48,018 
Other Non-Current Liabilities
Other non-current liabilities consist of the following (in thousands):
June 30,
2026		December 31,
2025
Finance lease liabilities$8,981 $7,447 
EBITDA Earnout liability (Note 4)— 13,424 
Indemnity Holdback liability (Note 4)— 10,000 
Retention Earnout liability (Note 4)— 4,006 
Other non-current liabilities4,140 2,716 
Total$13,121 $37,593