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| Revenue | Revenue Revenue Recognition During the three months ended June 30, 2026, the Company recognized total revenue of $5.0 million, consisting of $3.0 million of fixed based operator (“FBO”)-related revenue, $1.0 million of lease-related revenue, and $1.0 million of other revenue. During the six months ended June 30, 2026, the Company recognized total revenue of $6.6 million, consisting of $3.0 million of FBO-related revenue, $2.0 million of lease-related revenue, and $1.6 million of other revenue. No revenue was recognized during the three and six months ended June 30, 2025. FBO revenue consists of aviation fueling, ground handling, and related services provided at Hawthorne Airport. Revenue is recognized at the point in time services are rendered or fuel is delivered. FBO operations commenced upon acquisition of Hawthorne FBO LLC on April 1, 2026. Lease-related revenue is from the leasing of space at Hawthorne Airport, which began in the fourth quarter of 2025. Lease income is recognized on a straight-line basis over the lease term, beginning on the lease commencement date. Contract Liabilities The Company records contract liabilities related to differences between the timing of cash receipts from the customer and the recognition of revenue. Contract liabilities consisted of the following (in millions):
Current portion of contract liabilities is recorded in accrued expenses and other current liabilities and contract liabilities, net of current portion is recorded in other long-term liabilities in the Company’s condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, the Company’s contract liabilities primarily included a $10.0 million pre-delivery payment received from United Airlines, Inc. (“United”) under the terms of the Amended United Purchase Agreement (defined below) (Refer to Note 12 - Warrants for additional information). No revenue related to these contract liabilities was recognized during the three and six months ended June 30, 2026 and 2025.
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