| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Revenue | | | | | | | | | | | | | | Asset Management Solutions | | | | | | | | | | | | | | Aircraft | | $ | 11,044 | | $ | 10,419 | | $ | 19,742 | | $ | 17,769 | | Engine | | | 26,077 | | | 65,846 | | | 60,525 | | | 97,709 | | | | | 37,121 | | | 76,265 | | | 80,267 | | | 115,478 | | TechOps | | | | | | | | | | | | | | MRO services | | | 26,487 | | | 24,562 | | | 49,951 | | | 45,715 | | Product sales | | | 7,324 | | | 6,555 | | | 11,328 | | | 11,965 | | | | | 33,811 | | | 31,117 | | | 61,279 | | | 57,680 | | Total | | $ | 70,932 | | $ | 107,382 | | $ | 141,546 | | $ | 173,158 | |
| | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Cost of sales | | | | | | | | | | | | | | Asset Management Solutions | | | | | | | | | | | | | | Aircraft | | $ | 8,177 | | $ | 6,042 | | $ | 14,188 | | $ | 11,816 | | Engine | | | 16,351 | | | 43,266 | | | 36,550 | | | 64,656 | | | | | 24,528 | | | 49,308 | | | 50,738 | | | 76,472 | | TechOps | | | | | | | | | | | | | | MRO services | | | 25,955 | | | 18,764 | | | 49,202 | | | 35,928 | | Product sales | | | 4,175 | | | 3,973 | | | 6,451 | | | 7,456 | | | | | 30,130 | | | 22,737 | | | 55,653 | | | 43,384 | | Total | | $ | 54,658 | | $ | 72,045 | | $ | 106,391 | | $ | 119,856 | |
| | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | 2026 | | 2025 | | 2026 | | 2025 | | Gross profit | | | | | | | | | | | | | | Asset Management Solutions | | | | | | | | | | | | | | Aircraft | | $ | 2,867 | | $ | 4,377 | | $ | 5,554 | | $ | 5,953 | | Engine | | | 9,726 | | | 22,580 | | | 23,975 | | | 33,053 | | | | | 12,593 | | | 26,957 | | | 29,529 | | | 39,006 | | TechOps | | | | | | | | | | | | | | MRO services | | | 532 | | | 5,798 | | | 749 | | | 9,787 | | Product sales | | | 3,149 | | | 2,582 | | | 4,877 | | | 4,509 | | | | | 3,681 | | | 8,380 | | | 5,626 | | | 14,296 | | Total | | $ | 16,274 | | $ | 35,337 | | $ | 35,155 | | $ | 53,302 | |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | (in thousands) | | 2026 | | 2025 | | 2026 | | 2025 | Total depreciation and amortization expense | | | | | | | | | | | | | Asset Management Solutions | | $ | 4,186 | | $ | 3,025 | | $ | 8,919 | | $ | 6,373 | TechOps | | | 1,205 | | | 1,241 | | | 2,357 | | | 2,545 | Corporate | | | 250 | | | 262 | | | 503 | | | 553 | | | $ | 5,641 | | $ | 4,528 | | $ | 11,779 | | $ | 9,471 |
| | | | | | | | | Six Months Ended June 30, | (in thousands) | | 2026 | | 2025 | Total capital expenditures | | | | | | | Asset Management Solutions | | $ | 2,915 | | $ | 3,394 | TechOps | | | 1,197 | | | 1,776 | Corporate | | | 329 | | | 339 | | | $ | 4,441 | | $ | 5,509 |
| | | | | | | | | June 30, | | December 31, | (in thousands) | | 2026 | | 2025 | Total Assets | | | | | | | Asset Management Solutions | | $ | 471,551 | | $ | 434,680 | TechOps | | | 203,110 | | | 193,724 | Corporate | | | 12,400 | | | 12,068 | | | $ | 687,061 | | $ | 640,472 |
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| Summary of reconciliation segment gross profit to (loss) 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, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | Three Months Ended June 30, 2025 | | | | Asset Management Solutions | | | TechOps | | | Total | | Asset Management Solutions | | | TechOps | | | Total | | Gross Profit | | $ | 12,593 | | $ | 3,681 | | $ | 16,274 | | $ | 26,957 | | $ | 8,380 | | $ | 35,337 | | Operating expenses | | | (3,652) | | | (342) | | | (3,994) | | | (3,430) | | | (2,525) | | | (5,955) | | Selling, general and administrative expenses | | | (3,736) | | | (2,850) | | | (6,586) | | | (4,066) | | | (3,173) | | | (7,239) | | Segment income from operations | | $ | 5,205 | | $ | 489 | | $ | 5,694 | | $ | 19,461 | | $ | 2,682 | | $ | 22,143 | | Other corporate expenses (1) | | | | | | | | | (10,444) | | | | | | | | | (9,629) | | (Loss) income from operations | | | | | | | | | (4,750) | | | | | | | | | 12,514 | | Other (expense) income: | | | | | | | | | | | | | | | | | | | | Interest expense, net | | | | | | | | | (2,451) | | | | | | | | | (2,452) | | Other income, net | | | | | | | | | 2 | | | | | | | | | 134 | | Change in fair value of warrant liability | | | | | | | | | - | | | | | | | | | 131 | | (Loss) income before income tax provision | | | | | | | | $ | (7,199) | | | | | | | | $ | 10,327 | |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Six Months Ended June 30, 2025 | | | Asset Management Solutions | | | TechOps | | | Total | | Asset Management Solutions | | | TechOps | | | Total | Gross Profit | | $ | 29,529 | | $ | 5,626 | | $ | 35,155 | | $ | 39,006 | | $ | 14,296 | | $ | 53,302 | Operating expenses | | | (7,935) | | | (546) | | | (8,481) | | | (7,080) | | | (4,617) | | | (11,697) | Selling, general and administrative expenses | | | (7,195) | | | (5,810) | | | (13,005) | | | (7,802) | | | (8,219) | | | (16,021) | Segment income (loss) from operations | | $ | 14,399 | | $ | (730) | | $ | 13,669 | | $ | 24,124 | | $ | 1,460 | | $ | 25,584 | Other corporate expenses (1) | | | | | | | | | (21,751) | | | | | | | | | (19,717) | (Loss) income from operations | | | | | | | | | (8,082) | | | | | | | | | 5,867 | Other (expense) income: | | | | | | | | | | | | | | | | | | | Interest expense, net | | | | | | | | | (4,581) | | | | | | | | | (3,633) | Other income, net | | | | | | | | | 1,009 | | | | | | | | | 2,022 | Change in fair value of warrant liability | | | | | | | | | - | | | | | | | | | 74 | (Loss) income before income tax provision | | | | | | | | $ | (11,654) | | | | | | | | $ | 4,330 |
(1)Other corporate expenses include other unapplied payroll expenses and benefits, telecommunications and IT support, professional fees, office rent, and depreciation, among others.
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