| Summary of selected financial information for each segment |
Selected financial information for each segment for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Revenue | | | | | | | | | | | | | | Asset Management Solutions | | | | | | | | | | | | | | Aircraft | | $ | 9,110 | | $ | 12,053 | | $ | 25,448 | | $ | 36,948 | | Engine | | | 32,689 | | | 25,018 | | | 75,613 | | | 48,553 | | | | | 41,799 | | | 37,071 | | | 101,061 | | | 85,501 | | TechOps | | | | | | | | | | | | | | MRO services | | | 29,517 | | | 28,417 | | | 55,365 | | | 55,571 | | Product sales | | | 5,785 | | | 3,620 | | | 11,215 | | | 6,307 | | Whole asset sales | | | - | | | 218 | | | - | | | 218 | | | | | 35,302 | | | 32,255 | | | 66,580 | | | 62,096 | | Total | | $ | 77,101 | | $ | 69,326 | | $ | 167,641 | | $ | 147,597 | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Gross profit | | | | | | | | | | | | | | Asset Management Solutions | | | | | | | | | | | | | | Aircraft | | $ | 3,422 | | $ | 1,760 | | $ | 8,259 | | $ | 10,215 | | Engine | | | 11,939 | | | 9,595 | | | 29,754 | | | 19,199 | | | | | 15,361 | | | 11,355 | | | 38,013 | | | 29,414 | | TechOps | | | | | | | | | | | | | | MRO services | | | 4,561 | | | 7,241 | | | 9,477 | | | 13,186 | | Product sales | | | 1,798 | | | 1,168 | | | 3,026 | | | 1,555 | | Whole asset sales | | | - | | | 376 | | | - | | | 376 | | | | | 6,359 | | | 8,785 | | | 12,503 | | | 15,117 | | Total | | $ | 21,720 | | $ | 20,140 | | $ | 50,516 | | $ | 44,531 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2024 | | December 31, 2023 | | Total assets | | | | | | | | | | | | | | Asset Management Solutions | | | | | | | | $ | 412,753 | | $ | 372,326 | | Tech Ops | | | | | | | | | 171,286 | | | 163,883 | | Corporate | | | | | | | | | 14,655 | | | 17,729 | | | | | | | | | | $ | 598,694 | | $ | 553,938 | |
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| Summary of reconciliation segment gross profit to income before income tax provision |
The following table reconciles segment gross profit to (loss) income before income tax provision for the three and six months ended June 30, 2024 and 2023 (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Segment gross profit | | $ | 21,720 | | $ | 20,140 | | $ | 50,516 | | $ | 44,531 | | Selling, general and administrative expenses | | | (23,572) | | | (27,097) | | | (47,705) | | | (52,321) | | Interest (expense) income, net | | | (1,528) | | | 381 | | | (2,463) | | | 1,428 | | Other income, net | | | 102 | | | 138 | | | 271 | | | 371 | | Change in fair value of warrant liability | | | 138 | | | 1,393 | | | 2,117 | | | 1,059 | | (Loss) income before income tax provision | | $ | (3,140) | | $ | (5,045) | | $ | 2,736 | | $ | (4,932) | |
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| Summary of intersegment revenues |
Intersegment revenue for the three and six months ended June 30, 2024 and 2023, is as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Asset Management Solutions | | $ | 170 | | $ | 164 | | $ | 606 | | $ | 1,074 | | TechOps | | | 2,019 | | | 6,432 | | | 7,597 | | | 10,190 | | Total intersegment revenues | | $ | 2,189 | | $ | 6,596 | | $ | 8,203 | | $ | 11,264 | |
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