Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one operating and reportable segment, air transportation and related services (“Services”). The Services revenue primarily includes consideration received for (i) facilitation of passenger transportation via helicopter or fixed wing aircraft primarily in the Northeast United States and Southern Europe, (ii) performance of customer-directed flights and on-base operations for various DOD agencies, and (iii) other services related to the Company’s core operations. The accounting policies of the services segment are the same as those described in the summary of significant accounting policies.
As the Company has a single reportable segment and is managed on a consolidated basis, the measure of segment profit or loss is consolidated net loss as reported in the consolidated statement of operations. The Company does not have intra-entity sales or transfers.
The following table presents the segment disclosures required under U.S. GAAP (in thousands):
Services segment
Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025
Revenue $ 22,574  $ 22,589 
Operating and other expenses:
People related costs, excluding stock based compensation expense 94,793  270,938 
Loss from change in fair value of warrants and earnout shares 229,148  284,424 
Stock-based compensation expense 32,870  86,447 
Other segment items (1)
66,989  189,086 
Net loss $ 401,226  $ 808,306 
(1) Other segment items comprise primarily of depreciation and amortization, materials used in research & development activities, government grants (presented as a reduction of research and development expenses), professional services, other overhead expenses, and interest and other income, net.
Geographic Information
Revenue by geography is based on where the passenger transportation, flight services and third-party engineering services are provided. Long-lived assets, net includes property and equipment, net and operating right-of-use assets.
Summary financial data attributable to various geographic regions for the periods indicated is as follows (in thousands):
Three Months Ended
September 30,		 Nine Months Ended
September 30,
2025 2024 2025 2024
Revenue
United States $ 17,991  $ 28  $ 18,006  $ 81 
Other 4,583  —  4,583  — 
$ 22,574  $ 28  $ 22,589  $ 81 

September 30,
2025		 December 31,
2024
Long-lived assets
United States $ 155,705  $ 135,597 
Other 18,100  14,046 
$ 173,805  $ 149,643