| Balance Sheet Components |
Balance Sheet Components Property and Equipment, Net Property and equipment, net consists of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Equipment | $ | 151,121 | | | $ | 126,874 | | | Buildings | 104,964 | | | 23,801 | | | Molds and tooling | 36,758 | | | 33,077 | | | Leasehold and other improvements | 31,589 | | | 22,831 | | | Computer software | 21,840 | | | 20,017 | | | Vehicles and aircraft | 12,102 | | | 3,509 | | | Land | 11,158 | | | 6,270 | | | Furniture and fixtures | 2,612 | | | 2,364 | | | Construction in-progress | 27,493 | | | 36,977 | | | Gross property and equipment | 399,637 | | | 275,720 | | | Accumulated depreciation and amortization | (158,102) | | | (129,149) | | | Property and equipment, net | $ | 241,535 | | | $ | 146,571 | |
Depreciation and amortization expense of property and equipment for the three and nine months ended September 30, 2026 was $10.4 million and $29.1 million, respectively, and $8.4 million and $24.9 million for the three and nine months ended September 30, 2025, respectively. Vehicles and aircraft include utility automobiles used at the Company’s various facilities and purchased aircraft to support the Company’s air operations and training. Intangible Assets, Net The intangible assets consist of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Developed technology | $ | 13,100 | | | $ | 13,100 | | | Exclusive rights to air transportation services | 8,800 | | | 8,800 | | | Lease in-place | 3,509 | | | — | | | Other intangibles | 2,500 | | | 2,500 | | | Gross intangible assets | 27,909 | | | 24,400 | | | Accumulated amortization | (11,594) | | | (5,541) | | | Intangible assets, net | $ | 16,315 | | | $ | 18,859 | |
Amortization expense related to intangible assets for the three and nine months ended September 30, 2026 was $1.7 million and $5.8 million, respectively, and $1.8 million and $4.2 million for the three and nine months ended September 30, 2025, respectively. As of September 30, 2026, the weighted-average amortization period of intangible assets was 5.4 years. The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of September 30, 2026 (in thousands): | | | | | | | Fiscal Year | Amount | 2026 (remainder) | $ | 2,037 | | | 2027 | 5,343 | | | 2028 | 1,582 | | | 2029 | 1,582 | | | 2030 and thereafter | 5,771 | | | $ | 16,315 | |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Prepaid software | $ | 9,383 | | | $ | 9,263 | | | Prepaid equipment | 9,024 | | | 2,278 | | | Prepaid taxes | 7,782 | | | 3,175 | | | Prepaid insurance | 1,956 | | | 6,151 | | | Prepaid operators | 1,464 | | | 4,218 | | | Other | 6,932 | | | 5,394 | | | Total | $ | 36,541 | | | $ | 30,479 | |
Other Non-Current Assets Other non-current assets consist of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Contractual agreement asset | $ | 59,611 | | | $ | 59,611 | | | Other non-current assets | 5,426 | | | 2,322 | | | Total | $ | 65,037 | | | $ | 61,933 | |
Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Vendor related accruals | $ | 44,722 | | | $ | 26,589 | | | Retention Earnout liability (Note 4) | 12,756 | | | — | | | Payroll accruals | 11,865 | | | 5,227 | | Indemnity Holdback liability (Note 4) | 10,000 | | | — | | | ESPP accrual | 7,237 | | | 2,062 | | | Contract liabilities under contracts with customers | 6,419 | | | 7,003 | | | Short-term finance lease liability | 3,784 | | | 2,254 | | Accrued flight costs | 1,979 | | | 142 | | Other accruals and current liabilities | 10,067 | | | 4,741 | | | Total | $ | 108,829 | | | $ | 48,018 | |
Other Non-Current Liabilities Other non-current liabilities consist of the following (in thousands): | | | | | | | | | | | | | September 30,
2026 | | December 31,
2025 | | Finance lease liabilities | $ | 10,040 | | | $ | 7,447 | | EBITDA Earnout liability (Note 4) | — | | | 13,424 | | Indemnity Holdback liability (Note 4) | — | | | 10,000 | | Retention Earnout liability (Note 4) | — | | | 4,006 | | | Grant liabilities | 12,056 | | | 1,575 | | | Other non-current liabilities | 1,387 | | | 1,141 | | Total | $ | 23,483 | | | $ | 37,593 | |
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