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Revenue | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |  |
Revenue | 7. Revenue Disaggregation of Revenue The following table disaggregates revenue by service type and the timing of when these services are provided to the member or customer:
|  | Three Months Ended March 31, |  |
|  | 2025 |  |  | 2024 |  |
Services transferred at a point in time: |  |  |  |  |  |  |
Flights |  | $ | 82,747 |  |  | $ | 76,119 |  |
Aircraft Management Services |  |  | 765 |  |  |  | — |  |
Services transferred over time: |  |  |  |  |  |  |
Memberships |  |  | 1,056 |  |  |  | 1,468 |  |
MRO |  |  | 1,761 |  |  |  | 1,490 |  |
Fractional ownership purchase price |  |  | 1,796 |  |  |  | 895 |  |
|  | $ | 88,125 |  |  | $ | 79,972 |  |
Transaction Price The transaction prices for each of the primary revenue streams are as follows: • Jet Club and Charter – Membership fees (less credits issued), and flight related charges based on trips flown • MRO – Time and materials incurred for services performed • Fractional Ownership – The portion of fractional interest purchase price allocated to revenue, and flight related charges based on trips flown; and • Aircraft Management Services – Fixed monthly management fees charged to third-party aircraft owners The following tables provide a rollforward of deferred revenue for the three months ended March 31, 2025:
|  | Amount |
Balance as of December 31, 2024 |  | $ | 149,517 |
Revenue recognized |  |  | 76,370 |
Revenue deferred |  |  | (78,773 | )
Balance as of March 31, 2025 |  | $ | 147,114 |
| 7. Rev enue Disaggregation of Revenue The following table disaggregates revenue by service type and the timing of when these services are provided to the member or customer:
|  |  |  | Year Ended December 31,
(in thousands) |  |  |  | 2024 |  |  |  | 2023
Services transferred at a point in time: |  |  |  |  |  |  |  |
Flights |  |  | $ | 308,283 |  |  | $ | 303,299
Aircraft Management Services |  |  |  | 1,942 |  |  |  | —
Services transferred over time: |  |  |  |  |  |  |  |
Memberships |  |  |  | 4,005 |  |  |  | 5,458
MRO |  |  |  | 7,166 |  |  |  | 4,606
Fractional ownership purchase price |  |  |  | 5,877 |  |  |  | 1,999
|  |  | $ | 327,274 |  |  | $ | 315,362
Transaction Price The transaction prices for each of the primary revenue streams are as follows: • Jet Club and Charter – Membership fees (less credits issued), and flight related charges based on trips flown • Guaranteed Revenue Program – Fleet minimums with additional charges for flight services over the guarantee • MRO – Time and materials incurred for services performed • Fractional Ownership – The portion of fractional interest purchase price (less credits issued) allocated to revenue, and flight related charges based on trips flown • Aircraft Management Services – Fixed monthly management fees charged to third-party aircraft owners The following tables provide a rollforward of deferred revenue:
(in thousands) |  |  |  | Amount
Balance as of December 31, 2022 |  |  | $ | 60,602
Revenue recognized |  |  |  | (185,908)
Revenue deferred |  |  |  | 219,246
Balance as of December 31, 2023 |  |  |  | 93,940
Revenue recognized |  |  |  | (249,770)
Revenue deferred |  |  |  | 305,346
Balance as of December 31, 2024 |  |  | $ | 149,517
The increase in deferred revenue at December 31, 2024 compared to December 31, 2023 is due to increased customer billings for services relating to timing of satisfaction of the Company’s performance obligations.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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