Quarterly report [Sections 13 or 15(d)]

Segment Reporting

v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company has one operating and reportable segment, air transportation and related services (“Services”). The Services segment includes research and development and related activities to research, develop, test, and manufacture the Company’s eVTOL aircraft and supporting systems, which are managed and evaluated on a consolidated basis. 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 measure of segment assets is the
total assets as reported in the condensed consolidated balance sheet. The Company does not have intra-entity sales or transfers.
Services Segment
Three Months Ended
March 31, 2026
Three Months Ended March 31, 2025
Revenue $ 24,246  $ — 
Operating expenses:
People related costs, excluding stock-based compensation expense (113,810) (87,704)
Gain from change in fair value of warrants, earnout shares, and contingent consideration 106,014  71,019 
Stock-based compensation expense (44,045) (27,019)
Other segment items (1)
(82,355) (38,702)
Net loss $ (109,950) $ (82,406)
(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 the location where the underlying 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
March 31,
2026 2025
Revenue
United States $ 14,550  $ — 
Europe 7,653  — 
Other 2,043  — 
$ 24,246  $ — 
March 31, 2026 December 31, 2025
Long-lived assets
United States $ 223,229  $ 160,299 
Other 19,684  18,109 
$ 242,913  $ 178,408