| Balance Sheet Components |
Balance Sheet Components Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| Equipment |
$ |
126,874 |
|
|
$ |
103,694 |
|
| Molds and tooling |
33,077 |
|
|
22,409 |
|
| Buildings |
23,801 |
|
|
22,186 |
|
| Leasehold improvements |
22,831 |
|
|
20,569 |
|
| Computer software |
20,017 |
|
|
18,072 |
|
| Land |
6,270 |
|
|
6,270 |
|
| Vehicles and aircraft |
3,509 |
|
|
2,486 |
|
| Furniture and fixtures |
2,364 |
|
|
1,110 |
|
| Construction in-progress |
36,977 |
|
|
19,583 |
|
| Gross property and equipment |
275,720 |
|
|
216,379 |
|
| Accumulated depreciation and amortization |
(129,149) |
|
|
(95,425) |
|
| Property and equipment, net |
$ |
146,571 |
|
|
$ |
120,954 |
|
Depreciation and amortization expense of property and equipment for the years ended December 31, 2025, 2024 and 2023 was $33.5 million, $29.7 million and $24.4 million, respectively. Vehicles and aircraft includes 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| Developed technology |
$ |
13,100 |
|
|
$ |
6,900 |
|
| Exclusive rights to air transportation services |
8,800 |
|
|
— |
|
| Automation platform software |
— |
|
|
7,200 |
|
| System simulation software technology |
— |
|
|
4,600 |
|
| Other intangibles |
2,500 |
|
|
1,485 |
|
| Gross intangible assets |
24,400 |
|
|
20,185 |
|
| Accumulated amortization |
(5,541) |
|
|
(12,058) |
|
| Intangible assets, net |
$ |
18,859 |
|
|
$ |
8,127 |
|
Amortization expense related to intangible assets for the years ended December 31, 2025, 2024, and 2023, was $6.6 million, $5.9 million, and $6.1 million, respectively. As of December 31, 2025 the weighted-average amortization period of intangible assets was 5.25 years.
The following table presents the estimated future amortization expense of acquired amortizable intangible assets (in thousands):
|
|
|
|
|
|
| Fiscal Year |
December 31, 2025 |
| 2026 |
$ |
7,447 |
|
| 2027 |
4,641 |
|
| 2028 |
880 |
|
| 2029 |
880 |
|
| 2030 and thereafter |
5,011 |
|
|
$ |
18,859 |
|
Goodwill
The changes in the carrying value of Goodwill are as follows:
|
|
|
|
|
|
|
Goodwill |
| Balance—December 31, 2023 |
$ |
14,011 |
|
| Additions associated with acquisitions |
311 |
|
| Balance—December 31, 2024 |
$ |
14,322 |
|
Additions associated with acquisitions
|
75,100 |
|
| Balance—December 31, 2025 |
$ |
89,422 |
|
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| Prepaid equipment |
$ |
2,278 |
|
|
$ |
3,998 |
|
| Prepaid software |
9,263 |
|
|
7,794 |
|
| Prepaid taxes |
3,175 |
|
|
3,183 |
|
| Prepaid insurance |
6,151 |
|
|
3,565 |
|
| Prepaid operators |
4,218 |
|
|
— |
|
| Other |
5,394 |
|
|
2,170 |
|
| Total |
$ |
30,479 |
|
|
$ |
20,710 |
|
Other non-current assets
Other non-current assets consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| Contractual agreement asset |
$ |
59,611 |
|
|
$ |
59,611 |
|
| Long-term prepaid insurance |
431 |
|
|
625 |
|
| Other non-current assets |
1,891 |
|
|
770 |
|
| Total |
$ |
61,933 |
|
|
$ |
61,006 |
|
Accrued and other current liabilities
Accrued and other current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| Vendor related accruals |
$ |
26,589 |
|
|
$ |
20,026 |
|
| Payroll accruals |
5,227 |
|
|
5,112 |
|
| Contract liabilities under contracts with customers |
7,003 |
|
|
5,161 |
|
| Short-term finance lease liability |
2,254 |
|
|
2,579 |
|
| ESPP accrual |
2,062 |
|
|
1,507 |
|
| Deferred research and development credits |
— |
|
|
1,712 |
|
| Other accruals and current liabilities |
4,883 |
|
|
2,745 |
|
| Total |
$ |
48,018 |
|
|
$ |
38,842 |
|
Other non-current liabilities
Other non-current liabilities consist of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2025 |
|
2024 |
| Indemnity Holdback liability (Note 4) |
$ |
10,000 |
|
|
$ |
— |
|
| EBITDA Earnout liability (Note 4) |
13,424 |
|
|
— |
|
| Finance lease liabilities |
7,447 |
|
|
3,859 |
|
| Retention Earnout liability (Note 4) |
4,006 |
|
|
— |
|
| Other non-current liabilities |
2,716 |
|
|
105 |
|
| Total |
$ |
37,593 |
|
|
$ |
3,964 |
|
|