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

15. SEGMENT INFORMATION

The Company’s business activity is providing customized, non-scheduled air transport services to customers. Management has structured the business model to derive revenue from customers from two types of contracts: (1) ACMI basis using wet-lease contracts to airlines and non-airlines, and (2) on a Charter basis, provide passenger aircraft charter services to customers by charging an “all-in” fee that includes fuel, insurance, landing fees, navigation fees and most other operational fees and costs.

 

The Company’s President and Chief Financial Officer is the Chief Operating Decision Maker (“CODM”). The Company manages the business activities on a consolidated basis and operates in one reportable segment. The CODM assesses performance for the Company’s single operating segment and decides how to allocate resources based on net income or loss that is also reported on the Condensed Consolidated Statement of Operations. Net income is used to monitor actual versus budget results.

Significant expenses within net income or loss, which include operating expenses, are each presented separately on the Company’s Condensed Consolidated Statements of Operations. Other segment items within net income or loss include Interest Expense, Gain on settlement and Income tax expense. The measure of segment assets is reported on the Condensed Consolidated Balance Sheets as total consolidated assets.

The following table presents revenue for the Company’s single reportable segment for the periods indicated (in thousands):

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2026

 

2025

 

2026

 

2025

Consolidated Revenue

 

$62,017

 

$61,381

 

$138,584

 

$127,982

 

Products and services

The Company generates revenue from the following major product and service categories (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Revenue

 

2026

 

 

2025

 

 

2026

 

 

2025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Charter

 

$

14,129

 

 

$

15,316

 

 

$

48,388

 

 

$

45,833

 

ACMI

 

 

44,618

 

 

 

44,535

 

 

 

84,279

 

 

 

78,851

 

Other

 

 

3,270

 

 

 

1,530

 

 

 

5,917

 

 

 

3,298

 

Total

 

$

62,017

 

 

$

61,381

 

 

$

138,584

 

 

$

127,982

 

 

Geographic information

Substantially all of the Company’s long-lived assets are located in the USA. Revenue by geographic area, based on the location of the customer, is as follows (in thousands):

 

 

Three Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2026

 

 

United States

 

 

Other

 

 

Total

 

 

United States

 

 

Other

 

 

Total

 

Consolidated Revenue

 

$

62,017

 

 

$

-

 

 

$

62,017

 

 

$

138,584

 

 

$

-

 

 

$

138,584

 

 

Major customers:

For the three and six months ended June 30, 2026, one customer accounted for approximately 57% and 47%, respectively, of total revenue. No other customer accounted for 10% or more of total revenue in any of the periods presented.

For the three and six months ended June 30, 2025, one customer accounted for approximately 58% and 47%, respectively, of total revenue. No other customer accounted for 10% or more of total revenue in any of the periods presented.

Because the Company has only one reportable segment, the amounts disclosed above for that segment are also the amounts reported in the condensed consolidated financial statements; therefore, separate reconciliations to consolidated totals have not been presented.