| Balance Sheet Components |
Balance Sheet Components Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
December 31,
2025 |
| Equipment |
$ |
143,784 |
|
|
$ |
126,874 |
|
| Buildings |
104,324 |
|
|
23,801 |
|
| Molds and tooling |
34,879 |
|
|
33,077 |
|
| Leasehold and other improvements |
30,728 |
|
|
22,831 |
|
| Computer software |
20,570 |
|
|
20,017 |
|
| Land |
11,158 |
|
|
6,270 |
|
| Vehicles and aircraft |
5,145 |
|
|
3,509 |
|
| Furniture and fixtures |
2,550 |
|
|
2,364 |
|
| Construction in-progress |
24,088 |
|
|
36,977 |
|
| Gross property and equipment |
377,226 |
|
|
275,720 |
|
| Accumulated depreciation and amortization |
(147,398) |
|
|
(129,149) |
|
| Property and equipment, net |
$ |
229,828 |
|
|
$ |
146,571 |
|
Depreciation and amortization expense of property and equipment for the three and six months ended June 30, 2026 was $9.8 million and $18.7 million, respectively and $8.5 million and $16.4 million for the three and six months ended June 30, 2025, respectively. Vehicles and aircraft include utility automobiles used at the Company’s various facilities and purchased aircraft to support the Company’s air operations and training.
Intangible Assets, Net
The intangible assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
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 |
(9,754) |
|
|
(5,541) |
|
| Intangible assets, net |
$ |
18,155 |
|
|
$ |
18,859 |
|
Amortization expense related to intangible assets for the three and six months ended June 30, 2026 was $2.1 million and $4.2 million, respectively and $1.2 million and $2.4 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, the weighted-average amortization period of intangible assets was 5.3 years.
The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of June 30, 2026 (in thousands):
|
|
|
|
|
|
| Fiscal Year |
Amount |
2026 (remainder) |
$ |
4,074 |
|
| 2027 |
5,343 |
|
| 2028 |
1,582 |
|
| 2029 |
1,582 |
|
| 2030 and thereafter |
5,574 |
|
|
$ |
18,155 |
|
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
December 31,
2025 |
| Prepaid software |
$ |
8,305 |
|
|
$ |
9,263 |
|
| Prepaid equipment |
6,702 |
|
|
2,278 |
|
| Prepaid taxes |
5,774 |
|
|
3,175 |
|
| Prepaid insurance |
5,706 |
|
|
6,151 |
|
| Prepaid operators |
3,465 |
|
|
4,218 |
|
| Other |
8,727 |
|
|
5,394 |
|
| Total |
$ |
38,679 |
|
|
$ |
30,479 |
|
Other Non-Current Assets
Other non-current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
December 31,
2025 |
| Contractual agreement asset |
$ |
59,611 |
|
|
$ |
59,611 |
|
| Long-term prepaid insurance |
315 |
|
|
431 |
|
| Other non-current assets |
2,797 |
|
|
1,891 |
|
| Total |
$ |
62,723 |
|
|
$ |
61,933 |
|
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
December 31,
2025 |
| Vendor-related accruals |
$ |
29,799 |
|
|
$ |
26,589 |
|
| EBITDA Earnout liability (Note 4) |
17,500 |
|
|
— |
|
| Payroll accruals |
16,810 |
|
|
5,227 |
|
| Indemnity Holdback liability (Note 4) |
10,000 |
|
|
— |
|
| Contract liabilities under contracts with customers |
9,823 |
|
|
7,003 |
|
| Retention Earnout liability (Note 4) |
9,808 |
|
|
— |
|
| Short-term finance lease liability |
3,300 |
|
|
2,254 |
|
| ESPP accrual |
2,295 |
|
|
2,062 |
|
| Accrued flight costs |
2,326 |
|
|
142 |
|
| Other accruals and current liabilities |
9,897 |
|
|
4,741 |
|
| Total |
$ |
111,558 |
|
|
$ |
48,018 |
|
Other Non-Current Liabilities
Other non-current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2026 |
|
December 31,
2025 |
| Finance lease liabilities |
$ |
8,981 |
|
|
$ |
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 |
4,140 |
|
|
2,716 |
|
| Total |
$ |
13,121 |
|
|
$ |
37,593 |
|
|