v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information
4.
Segment Information

The Company has one reportable segment, private aviation services, managed on a consolidated basis by the Chief Executive Officer who is the CODM. The private aviation services segment provides charters, aircraft partnerships, jet club memberships, fractional ownership shares, MRO, and aircraft management services. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net loss that is also reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheets as consolidated total assets.

The CODM allocates resources and evaluates performance based on net loss, which is the Company’s measure of segment profit or loss. The CODM considers budget to actual and year-over-year variances for net loss when making decisions about how to utilize the Company’s resources. The components of segment profit or loss were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenue

 

$

111,124

 

 

$

91,332

 

 

$

207,474

 

 

$

179,457

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

88,436

 

 

 

77,609

 

 

 

165,695

 

 

 

154,434

 

Selling, general and administrative

 

 

22,281

 

 

 

20,298

 

 

 

44,994

 

 

 

41,288

 

Depreciation and amortization

 

 

5,450

 

 

 

5,770

 

 

 

10,634

 

 

 

12,021

 

(Gain) loss on aircraft sales and aircraft held for sale

 

 

708

 

 

 

15

 

 

 

1,528

 

 

 

(1,190

)

Other (1)

 

 

5,656

 

 

 

3,769

 

 

 

9,399

 

 

 

12,080

 

Net loss before income taxes

 

$

(11,407

)

 

$

(16,129

)

 

$

(24,776

)

 

$

(39,176

)

 

 

 

 

 

 

 

 

 

(1)
Includes all items within other income (expense) on the condensed consolidated statements of operations and comprehensive loss (unaudited).

 

No single customer accounted for 10% or more of consolidated revenue for the three and six months ended June 30, 2026 or the three and six months ended June 30, 2025.