v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (812) $ (10,983)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation expense 8,099 4,476
Credit losses 111 357
Loss on sale of spare parts 82 160
Amortization of debt issue costs 584 463
Amortization of operating lease right of use assets 14,950 10,556
Share-based payments 2,166 1,266
Interest on finance leases 3,295 1,991
Changes in assets and liabilities:    
Accounts receivable 1,714 3,413
Assets held for sale (5) (355)
Prepaid expenses and other current assets (1,772) 131
Accounts payable 1,509 5,336
Accrued liabilities and other liabilities (1,423) (6,669)
Operating lease obligations (15,618) (10,507)
Other liabilities (3,340) (1,892)
Net cash provided by (used in) operating activities 9,540 (2,257)
CASH FLOWS FROM INVESTING ACTIVITIES    
Deposits, deferred costs and other assets (1,561) (1,259)
Purchases of property and equipment (10,042) (4,998)
Net cash used in investing activities (11,603) (6,257)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on finance leases (3,783) (1,427)
Principal payments on note payable (678)  
Debt issue costs (169)  
Proceeds on issuance of shares 207 188
Dividends (348) (100)
Proceeds from disgorgement of stockholders' short-swing profits 12  
Net cash used in financing activities (4,759) (1,339)
Net decrease in cash, cash equivalents, and restricted cash (6,822) (9,853)
Cash, cash equivalents and restricted cash - beginning of the period 14,043 17,676
Cash, cash equivalents and restricted cash - end of the period 7,221 7,823
Non-cash investing and financing activities    
Reclass of property and equipment to accounts receivable (aircraft receivable) and prepaid expenses and other current assets (deferred maintenance) 117  
Right-of-use (ROU) assets acquired through operating leases 383 27,229
Aircraft acquired through note payable 14,650  
Aircraft acquired through finance leases 3,453 26,414
Airframe acquired through finance leases 3,536  
Equipment acquired through finance leases 387 57
Cash paid for    
Interest $ 7,794 $ 4,385