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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION

NOTE 14 – SEGMENT INFORMATION

 

The Company has one reportable segment, private aviation services, managed on a consolidated basis by the CEO who is the CODM. The private aviation services segment provides airplane sales and software-as-a-service subscriptions. 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 income (loss) from continuing operations before income taxes that is also reported on the consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as consolidated total assets.

 

The CODM allocates resources and evaluates performance based on net income (loss) from continuing operations before income taxes, which is the Company’s measure of segment profit or loss. The CODM considers year-over-year variances for net income (loss) from continuing operations before taxes when making decisions about how to utilize the Company’s resources.

 

The components of segment profit or loss were as follows:

 

   2026   2025   2026   2025 
   Three Months Ended   Six Months Ended 
   June 30,   June 30, 
   2026   2025   2026   2025 
Revenue  $965   $24,855   $1,967   $50,338 
Less:                    
Cost of revenue   292    21,088    586    42,075 
Selling, general and administrative(1)    3,193    2,895    6,243    4,865 
(Gain) loss on fair value adjustment of financial instruments   218   (99)   1,596    750 
Gain on reversal of investment in M2i   (959)   

—

    (959)   

—

 
Interest income (expense), net   26    1,229    (1)   3,629
                     
Add:                    
Other gain (loss)(2)   (350)   3,130    714    4,311 
Net income (loss) from continuing operations before income taxes  $(2,155)  $2,872   $(4,784)  $3,330 

 

(1) Includes amounts for depreciation and amortization expense.

 

(2) Other includes a loss of $0.3 and a gain of $0.8 million for the sale of mission control as part of the flyExclusive fifth amendment in the three and six months ended June 30, 2026. Other includes gains of $3.1 million and $4.3 million for settlements of deposits and other liabilities at a discount for the three and six months ended June 30, 2025.