Balance Sheet Components (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Summary of Property, Plant and Equipment |
Property and equipment, net consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
December 31,
2025 |
| Equipment |
$ |
140,436 |
|
|
$ |
126,874 |
|
| Buildings |
74,369 |
|
|
23,801 |
|
| Molds and tooling |
33,974 |
|
|
33,077 |
|
| Leasehold improvements |
28,197 |
|
|
22,831 |
|
| Computer software |
20,156 |
|
|
20,017 |
|
| Land |
9,347 |
|
|
6,270 |
|
| Vehicles and aircraft |
3,608 |
|
|
3,509 |
|
| Furniture and fixtures |
2,502 |
|
|
2,364 |
|
| Construction in-progress |
36,611 |
|
|
36,977 |
|
| Gross property and equipment |
349,200 |
|
|
275,720 |
|
| Accumulated depreciation and amortization |
(138,113) |
|
|
(129,149) |
|
| Property and equipment, net |
$ |
211,087 |
|
|
$ |
146,571 |
|
|
| Schedule of Intangible Assets |
The intangible assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
December 31,
2025 |
Developed technology |
$ |
13,100 |
|
|
$ |
13,100 |
|
Exclusive rights to air transportation services |
8,800 |
|
|
8,800 |
|
| Lease in-place |
3,509 |
|
|
— |
|
| Other intangibles |
2,500 |
|
|
2,500 |
|
| Gross intangible assets |
27,909 |
|
|
24,400 |
|
| Accumulated amortization |
(7,549) |
|
|
(5,541) |
|
| Intangible assets, net |
$ |
20,360 |
|
|
$ |
18,859 |
|
|
| Schedule of Estimated Future Amortization Expense of Acquired Intangible Assets |
The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of March 31, 2026 (in thousands):
|
|
|
|
|
|
| Fiscal Year |
Amount |
2026 (remainder) |
$ |
6,111 |
|
| 2027 |
5,343 |
|
2028 |
1,582 |
|
2029 |
1,582 |
|
2030 and thereafter |
5,742 |
|
|
$ |
20,360 |
|
|
| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
December 31,
2025 |
| Prepaid software |
$ |
10,305 |
|
|
$ |
9,263 |
|
| Prepaid equipment |
6,904 |
|
|
2,278 |
|
| Prepaid taxes |
4,359 |
|
|
3,175 |
|
Prepaid operators |
3,893 |
|
|
4,218 |
|
| Prepaid insurance |
2,009 |
|
|
6,151 |
|
| Other |
6,266 |
|
|
5,394 |
|
| Total |
$ |
33,736 |
|
|
$ |
30,479 |
|
|
| Schedule of Other Noncurrent Assets |
Other non-current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
December 31,
2025 |
| Contractual agreement asset |
$ |
59,611 |
|
|
$ |
59,611 |
|
Long-term prepaid insurance |
373 |
|
|
431 |
|
| Other non-current assets |
2,732 |
|
|
1,891 |
|
| Total |
$ |
62,716 |
|
|
$ |
61,933 |
|
|
| Schedule of Accrued and Other Liabilities |
Accrued and other current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
December 31,
2025 |
| Vendor related accruals |
$ |
33,225 |
|
|
$ |
26,589 |
|
EBITDA Earnout liability (Note 4) |
14,696 |
|
|
— |
|
Indemnity Holdback liability (Note 4) |
10,000 |
|
|
— |
|
| Payroll accruals |
8,003 |
|
|
5,227 |
| Contract liabilities under contracts with customers |
6,912 |
|
|
7,003 |
|
Retention Earnout liability (Note 4) |
6,891 |
|
|
— |
|
ESPP accrual |
6,552 |
|
|
2,062 |
|
Short-term finance lease liability |
3,338 |
|
|
2,254 |
|
| Other accruals and current liabilities |
7,339 |
|
|
4,883 |
|
| Total |
$ |
96,956 |
|
|
$ |
48,018 |
|
|
| Other Noncurrent Liabilities |
Other non-current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2026 |
|
December 31,
2025 |
| Finance lease liabilities |
$ |
8,835 |
|
|
$ |
7,447 |
|
EBITDA Earnout liability (Note 4) |
— |
|
|
13,424 |
|
Indemnity Holdback liability (Note 4) |
— |
|
|
10,000 |
|
Retention Earnout liability (Note 4) |
— |
|
|
4,006 |
|
| Other non-current liabilities |
4,307 |
|
|
2,716 |
|
| Total |
$ |
13,142 |
|
|
$ |
37,593 |
|
|