v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 13,517 $ 14,952
Restricted cash 590 667
Marketable securities 37,041 97,018
Due from broker 49,921 0
Receivables, net 3,155 7,380
Short-term restricted investments (SESP) 1,127 0
Sales lease receivable, net 952 470
Spare parts and supplies, net 4,946 5,399
Contract costs 0 146
Prepaid expenses and other 1,276 1,891
Total Current Assets 112,525 127,923
Property and Equipment    
Flight property and equipment 233,686 257,280
Ground property and equipment 8,787 8,858
Less accumulated depreciation and amortization (204,936) (217,938)
Net Property and Equipment 37,537 48,200
Other Assets    
Operating lease right-of-use asset 3,123 6,233
Intangibles 5,300 5,300
Long-term sales lease receivable, net 0 1,060
Long-term deferred tax asset 5,972 0
Long-term investments 4,275 4,275
Long-term restricted investments 0 3,797
Other 8,640 7,662
Total Other Assets 27,310 28,327
Total Assets 177,372 204,450
Current Liabilities    
Accounts payable 4,021 13,557
Accrued payroll and employee benefits 6,499 12,415
Deferred compensation liability (SESP) 1,127 0
Current portion of operating lease liability 645 2,934
Other accrued expenses 63 61
Contract liabilities, net 0 4,190
Income taxes payable 0 312
Total Current Liabilities 12,355 33,469
Other Liabilities    
Long-term promissory note 4,275 4,275
Deferred tax liability 0 557
Long-term operating lease liability 661 1,237
Long-term deferred compensation (SESP) 0 3,823
Other 1,286 2,278
Total Long-Term Liabilities 6,222 12,170
Commitments and Contingencies (Note 7)
Stockholders’ Equity    
Common Stock, $0.01 par value, 100,000,000 authorized; 71,981,140 shares issued at December 31, 2025 and December 31, 2024, and 58,429,836 and 58,493,761 shares outstanding at December 31, 2025 and December 31, 2024, respectively. 720 720
Additional paid-in capital 285,573 285,573
Retained deficit (105,864) (105,894)
Treasury stock (21,634) (21,588)
Total Stockholders’ Equity 158,795 158,811
Total Liabilities and Stockholders’ Equity [1] $ 177,372 $ 204,450
[1]
1As of March 31, 2024, the Series C Convertible Redeemable Preferred Stock was classified as Mezzanine Equity. For additional information, please refer to Note 11, Income (Loss) per Share and Equity.