| Summary of Consolidated Segment Information |
All other financial statement metrics are reviewed and/or considered on a consolidated basis as follows (in thousands):
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Three Months Ended
June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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$ |
29,509 |
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$ |
27,431 |
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$ |
55,122 |
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$ |
50,937 |
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Operating Expenses: |
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Aircraft expenses |
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$ |
23,341 |
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$ |
18,000 |
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|
$ |
42,876 |
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$ |
35,789 |
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Pilot expenses |
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$ |
3,084 |
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|
3,243 |
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|
6,573 |
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|
7,136 |
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Other (1) |
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3,022 |
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2,815 |
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5,944 |
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|
5,839 |
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Cost of revenue, exclusive of depreciation and amortization |
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29,447 |
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|
24,058 |
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|
55,393 |
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|
48,764 |
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Technology and development |
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1,781 |
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2,734 |
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4,226 |
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|
5,414 |
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Sales and marketing |
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3,136 |
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1,501 |
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|
5,102 |
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|
3,154 |
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General and administrative |
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11,488 |
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|
12,628 |
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|
17,547 |
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|
23,514 |
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Depreciation and amortization |
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|
2,455 |
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|
|
2,441 |
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|
5,007 |
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|
4,589 |
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Total operating expenses |
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|
48,307 |
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|
43,362 |
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|
|
87,275 |
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|
85,435 |
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Operating loss |
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$ |
(18,798 |
) |
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$ |
(15,931 |
) |
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$ |
(32,153 |
) |
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$ |
(34,498 |
) |
Other income (expense): |
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Changes in fair value of financial instruments carried at fair value, net |
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(6,794 |
) |
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(7,753 |
) |
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(10,407 |
) |
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(2,357 |
) |
Interest expense |
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(1,239 |
) |
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(3,766 |
) |
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(2,463 |
) |
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(7,661 |
) |
Gain on extinguishment of debt |
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- |
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- |
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- |
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39 |
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Other expense, net |
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(1,355 |
) |
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(612 |
) |
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(3,464 |
) |
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|
(2,104 |
) |
Total other income (expense), net |
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$ |
(9,388 |
) |
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$ |
(12,131 |
) |
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$ |
(16,334 |
) |
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$ |
(12,083 |
) |
Loss before income taxes |
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(28,186 |
) |
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|
(28,062 |
) |
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(48,487 |
) |
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(46,581 |
) |
Income tax benefit |
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|
53 |
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|
64 |
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|
|
92 |
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|
|
117 |
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Net loss |
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$ |
(28,133 |
) |
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$ |
(27,998 |
) |
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$ |
(48,395 |
) |
|
$ |
(46,464 |
) |
(1) Other costs of revenue are comprised of personnel costs related to customer service operations, station expenses, reservation systems and passenger re-accommodation/ re-booking on other carriers.
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