Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Reporting

v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Disclosure 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 consolidated balance sheet. 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
Year Ended December 31, 2025 Year Ended December 31, 2024
Revenue: $ 53,425  $ 136 
Operating expenses:
People related costs, excluding stock based compensation expense (371,130) (316,485)
Loss from change in fair value of warrants, earnout shares, and contingent consideration (211,850) (53,973)
Stock-based compensation expense (127,887) (104,446)
Other segment items (1)
(272,400) (133,266)
Net loss $ (929,842) $ (608,034)
(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):
Year Ended December 31,
2025 2024 2023
Revenue
United States $ 35,751  $ 136  $ 1,032 
Japan 8,134  —  — 
Europe 6,768  —  — 
Other 2,772  —  — 
$ 53,425  $ 136  $ 1,032 
December 31,
2025 2024
Long-lived assets
United States $ 160,299  $ 135,597 
Other 18,109  14,046 
$ 178,408  $ 149,643