| Balance Sheet Components |
Balance Sheet Components Property and Equipment, Net
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 |
|
Depreciation and amortization expense of property and equipment for the three months ended March 31, 2026 and 2025 was $8.9 million and $7.9 million, 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):
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
Amortization expense related to intangible assets for the three months ended March 31, 2026 and 2025 was $2.1 million and $1.2 million, respectively. As of March 31, 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 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 |
|
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 |
|
Other Non-Current 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 |
|
Accrued and Other Current 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 Non-Current 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 |
|
|