v3.26.3
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Unrealized Gain (Loss) on Investments
The calculation of net unrealized gains that relate to Marketable securities, Short-term restricted investments (SESP), and Long-term restricted investments (SESP) held as of December 31, 2025 and December 31, 2024 is as follows:
Year Ended
December 31,
2025		Year Ended
December 31,
2024
Net gains recognized during the period on equity securities$2,534 $1,557 
Less: Net gains (losses) recognized during the period on equity securities sold during the period1
— — 
Unrealized gains recognized during the period on equity securities held as of the end of the period$2,534 $1,557 
(1)Although Marketable securities, Short-term restricted investments (SESP), and Long-term restricted investments (SESP) were sold during the years ended December 31, 2025 and December 31, 2024, any gains or losses resulting from such sales are immaterial due to the nature of the securities held and the fact that the securities have been marked to market as of the end of the prior reporting period.
Schedule of Receivables, Net The table below sets forth the major categories that make up the balances:
December 31, 2025December 31, 2024
Trade receivables$330 $4,030 
Insurance and warranty claim receivables2,126 1,985 
Federal and state tax receivables211 680 
Other industry related receivables492 690 
Allowance for expected credit losses(4)(5)
Receivables, net$3,155 $7,380 
Schedule of Current and Non-Current Contract Liabilities
The table below sets forth the opening and closing balances of current and non-current contract liabilities.
CurrentNon-current
Balance as of December 31, 2023$100 $2,984 
Amounts received, excluding amounts recognized as revenue3,756242
Revenues recognized included in opening contract balance(662)(2,230)
Reclassification between current and non-current996(996)
Balance as of December 31, 2024$4,190 $— 
Amounts received, excluding amounts recognized as revenue11,168—
Revenues recognized included in opening contract balance(15,358)—
Balance as of December 31, 2025$— $— 
Schedule of Property and Equipment Useful lives
Property and equipment are stated at cost and were depreciated over their useful lives to their estimated residual values using the straight-line method as follows:
AssetsDepreciable LifeCurrent Residual Value
Aircraft7 years$50 
Rotable parts7 years10%
Spare engines7 years$25 
Ground equipment
up to 10 years
0%
Office equipment
up to 10 years
0%
Leasehold improvementsShorter of asset or lease life0%
Schedule of Original Cost of Company's Fixed Assets and Accumulated Depreciation
The table below sets forth the original cost of the Company’s property and equipment and accumulated depreciation or amortization as of the dates presented. The table excludes construction in process of $3,966 and $3,980 for the years ended
December 31, 2025 and December 31, 2024, respectively. Construction in process primarily relates to the cost of parts that are not capitalized until the parts are placed into service.
For the years ended:December 31, 2025December 31, 2024
AssetsOriginal
Cost		Accumulated
Depreciation/
Amortization		Original
Cost		Accumulated
Depreciation/
Amortization
Aircraft$55,464 $48,822 $65,480 $55,544 
Spare engines
144,559 128,588 157,997 135,278 
Rotable parts29,696 19,441 29,823 19,223 
Ground equipment2,926 2,605 2,953 2,466 
Office equipment4,800 4,600 4,782 4,547 
Leasehold improvements1,062 880 1,123 880 
$238,507 $204,936 $262,158 $217,938 
Schedule of Other Assets Other assets is made up of the items presented in the table below.
For the years ended:
December 31, 2025December 31, 2024
Expected state tax refunds from 2021 and 2022 amended returns253 253 
Expected federal refunds from 2021 and 2022 income tax returns to be amended(1)
6,496 6,527 
Interest receivable - 2022 federal tax refund937 — 
Workers compensation loss fund
898 804 
Long-term deposits56 78 
Other assets$8,640 $7,662 
(1)Based on recent communication with the IRS, the Company has determined that it is unlikely to receive a refund of the $6,496 related to the 2022 amended federal income tax return by December 31, 2026, and thus has reclassified the amount to long-term as of December 31, 2025. This represents a change in classification from the Form 10-Q filed for the period ended September 30, 2025.
Schedule of Classification of Marketable Securities and Long Term Investments
The tables below set forth the Company’s classification of Marketable securities, Long-term investments, Short-term restricted investments (SESP), and Long-term restricted investments (SESP) as of the dates presented:
December 31, 2025
TotalLevel 1Level 2Level 3
Marketable securities – exchange-traded funds$37,041 $37,041 $— $— 
Long-term investments – bonds (see Note 4)4,275 — 4,275 — 
Short-term restricted investments - mutual funds1,127 1,127 — — 
Total$42,443 $38,168 $4,275 $— 
December 31, 2024
TotalLevel 1Level 2Level 3
Marketable securities – exchange-traded funds$87,629 $87,629 $— $— 
Marketable securities – mutual funds9,389 9,389 — — 
Long-term investments – bonds (see Note 4)4,275 — 4,275 — 
Long-term restricted investments - mutual funds
3,7973,797
Total$105,090 $100,815 $4,275 $—