v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (24,836) $ (39,176)
Adjustments to reconcile net loss to net cash from operating activities:    
Depreciation and amortization 9,810 11,326
Amortization of finance lease right-of-use assets 824 695
Amortization of contract costs 756 754
Non-cash interest income (25) (634)
Non-cash interest expense 920 1,726
Non-cash rent expense 9,915 11,244
(Gain) loss on aircraft sales and aircraft held for sale 1,528 (1,190)
Gain (loss) on lease termination 324 (19)
Provision for credit losses 441 72
Provision for inventory reserve (16) 10
Realized (gain) loss on investment securities (3) 294
Change in fair value of warrant liability (1,449) (781)
Loss on extinguishment of debt 0 4,161
Stock-based compensation 3,283 2,013
Changes in operating assets and liabilities, net of effects from acquisitions:    
Other receivables (568) (756)
Parts and supplies inventory (1,412) (677)
Prepaid expenses and other current assets (350) (2,461)
Operating lease liabilities (9,821) (11,034)
Other assets (654) (157)
Accounts payable 9,762 12,027
Other current liabilities (2,638) 522
Deferred revenue (2,901) (5,154)
Other non-current liabilities 8,614 6,374
Net cash flows from operating activities 2,129 (10,101)
Cash flows from investing activities:    
Capitalized development costs 76 (23)
Purchases of property and equipment (19,123) (4,108)
Proceeds from sales of property and equipment 15,768 31,521
Finance lease direct initial costs (478) (381)
Purchases of engine overhauls (14,051) (9,628)
Purchases of investments (4,858) (15,457)
Proceeds from sale of investments 4,866 80,025
Net cash flows from investing activities (17,800) 81,949
Cash flows from financing activities:    
Proceeds from issuance of debt 13,698 3,474
Repayment of debt (29,747) (79,407)
Proceeds from failed sale-leaseback of aircraft 4,700 0
Payment of debt issuance costs (1,905) (373)
Principal payments from finance leases (2,850) (278)
Payment of dividends, preferred stock 0 (360)
Cash contributions - noncontrolling interests 2,468 633
Cash distributions - noncontrolling interests (6,540) (17,212)
Proceeds from Issuance of Common Stock 20,743 0
Proceeds from preferred stock issuance, net of issuance costs 0 5,800
Net cash flows from financing activities 567 (87,723)
Net increase (decrease) in cash and cash equivalents (15,104) (15,875)
Cash and cash equivalents at beginning of period 29,340 31,694
Cash and cash equivalents at end of period 14,236 15,819
Non-cash investing and financing activities:    
Change in redemption value of redeemable noncontrolling interest 63,358 24,839
Redemption of Class B Common Stock for Class A Common Stock 34,596 0
Issuances of Class A Common Stock 1,333 0
Transfers from prepaid engine overhaul to property and equipment 2,413 2,403
Transfer of fixed assets and prepaid engine overhauls to held for sale 0 605
Unrealized change in fair value of available-for-sale securities 0 56
Consideration payable to customer 430 0
Non-cash exchanges for non-controlling ownership interest 5,418 1,063
Series A Preferred Stock    
Non-cash investing and financing activities:    
Dividends payable and amortization of discount on Temporary Equity 2,720 2,039
Series B Preferred stock    
Non-cash investing and financing activities:    
Dividends payable and amortization of discount on Temporary Equity 0 2,315
Private Placement Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (303) (304)
Penny Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (969) (300)
Public Warrants    
Adjustments to reconcile net loss to net cash from operating activities:    
Change in fair value of warrant liability (177) (177)
Nonrelated Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (2,158) (700)
Related Party    
Changes in operating assets and liabilities, net of effects from acquisitions:    
Accounts receivable (467) 0
Notes receivable - related parties $ 3,250 $ 1,420