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v3.25.2

Debt (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2025 | Dec. 31, 2024
Debt Disclosure [Abstract] |  |
Schedule of Outstanding Short-Term Notes Payable | The components of the Company’s outstanding Short-term notes payable consisted of the following:
|  | Interest Rates |  |  | March 31, 2025 |  |  | December 31, 2024 |
Short-term notes payable |  |  |  |  |  |  |  |  |
Bank 2 |  |  | 7.8 | % |  | $ | 5,283 |  |  | $ | 5,962 |
Less: Unamortized debt issuance costs |  |  |  |  |  | (15 | ) |  |  | — |
Total short-term notes payable |  |  |  |  | $ | 5,268 |  |  | $ | 5,962 |
| The components of the Company’s outstanding short-term notes payable consisted of the following:
|  |  | Weighted average interest rates |  |  |  | December 31, 2024 |  |  |  | December 31, 2023 |
Short-term notes payable |  |  |  |  |  |  |  |  |  |  |  |
Bank 2 |  |  | 7.8% |  |  | $ | 5,962 |  |  | $ | 14,400 |
Less: Unamortized debt issuance costs |  |  |  |  |  |  | — |  |  |  | (4) |
Total short-term notes payable |  |  |  |  |  | $ | 5,962 |  |  | $ | 14,396 |
Schedule of Long-Term Debt | The components of the Company’s outstanding long-term debt consisted of the following:
|  | Interest Rates |  | Amounts |  |  | Maturity Dates
|  | March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  |  | December 31, 2024 |  |  | March 31, 2025 |  | December 31, 2024
Long-term notes payable with banks for the purchase of aircrafts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank 1 |  | 4.0% - 7.3% |  | 4.0% - 7.3% |  | $ | 11,423 |  |  | $ | 11,841 |  |  | Aug 2025 - Feb 2029 |  | Aug 2025 - Feb 2029
Bank 2 |  | 4.0% - 7.8% |  | 4.0% - 7.8% |  |  | 9,228 |  |  |  | 12,325 |  |  | Jun 2025 - Apr 2029 |  | Jun 2025 - Apr 2029
Bank 3 |  | 2.3% + SOFR** |  | 2.3% + SOFR** |  |  | 1,611 |  |  |  | 1,653 |  |  | Sep 2025 |  | Sep 2025
Bank 4 |  | 5.3% - 6.0%* |  | 5.3% - 6.0%* |  |  | 3,166 |  |  |  | 3,289 |  |  | Jul 2030 - Sep 2030 |  | Jul 2030 - Sep 2030
Bank 5 |  | 7.7% |  | 7.7% |  |  | 1,548 |  |  |  | 1,614 |  |  | Jan 2030 |  | Jan 2030
Bank 6 |  | 4.0% |  | 4.0% |  |  | 731 |  |  |  | 800 |  |  | Sep 2027 |  | Sep 2027
Bank 7 |  | 8.8% |  | 8.8% |  |  | 12,249 |  |  |  | 12,361 |  |  | May 2029 |  | May 2029
Long-term notes payable with financial institutions for the purchase of aircrafts |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Institution 1 |  | 0.25% + Schwab Loan Rate |  | 0.25% + Schwab Loan Rate |  |  | 2,869 |  |  |  | 2,959 |  |  | Dec 2027 |  | Dec 2027
Financial Institution 2 |  | 3.6% - 7.0% |  | 3.6% - 7.0% |  |  | 7,632 |  |  |  | 7,796 |  |  | Nov 2026 - May 2027 |  | Nov 2026 - May 2027
Financial Institution 3 |  | 9.0% - 9.5% |  | 9.0% - 9.5% |  |  | 33,774 |  |  |  | 34,407 |  |  | Sep 2033 - Mar 2034 |  | Sep 2033 - Mar 2034
Credit facilities with financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Institution 4 |  | 2.3% + SOFR** - 2.8% + SOFR** |  | 1.5% + SOFR** - 2.8% + SOFR** |  |  | 3,026 |  |  |  | 62,666 |  |  | See disclosure below |  | See disclosure below
Other long-term debt payable |  |  |  |  |  |  |  |  |  |  |  |  |  |
EID loan |  | See disclosure below |  | See disclosure below |  |  | 122 |  |  |  | 122 |  |  | See disclosure below |  | See disclosure below
Long-term debt from VIEs |  |  |  |  |  |  | 34,472 |  |  |  | 37,310 |  |  |  |  |
Total Long-term notes payable |  |  |  |  |  |  | 121,851 |  |  |  | 189,143 |  |  |  |  |
Less: Unamortized debt issuance costs and debt discount |  |  |  |  |  |  | (205 | ) |  |  | (233 | ) |  |  |  |
Less: current portion |  |  |  |  |  |  | (22,672 | ) |  |  | (84,883 | ) |  |  |  |
Long-term notes payable, non-current portion |  |  |  |  |  | $ | 98,974 |  |  | $ | 104,027 |  |  |  |  |
* The payment terms dictate that the Note shall bear interest at a rate equal to the Prime Rate plus 275 basis points with an initial interest rate set at 6% based on the Prime Rate and Loan Spread at the time of the agreement. The interest rate is to be adjusted every 5 years and be based on the Prime Rate published as of the date plus the Loan Spread. ** SOFR is defined as “Secured Overnight Financing Rate.” | The components of the Company’s outstanding long-term debt consisted of the following:
|  | Interest Rates |  |  | Amounts |  |  | Maturity Dates
|  | December 31, 2024 |  | December 31, 2023 |  |  | December 31, 2024 |  |  |  | December 31, 2023 |  |  | December 31, 2024 |  | December 31, 2023
Long-term notes payable with banks for the purchase of aircrafts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bank 1 |  | 4.0% - 7.3% |  | 4.0% - 7.3% |  | $ | 11,841 |  |  | $ | 13,589 |  |  | Aug 2025 - Feb 2029 |  | Aug 2025 - Feb 2027
Bank 2 |  | 4.0% - 7.8% |  | 4.0% - 7.8% |  |  | 12,325 |  |  |  | 13,769 |  |  | Dec 2025 - Apr 2029 |  | Dec 2025 - Jun 2028
Bank 3 |  | 2.3% + SOFR** |  | 3.5% Fixed - 2.3% + SOFR** |  |  | 1,653 |  |  |  | 7,705 |  |  | Sep 2025 |  | Jan 2024 - Oct 2026
Bank 4 |  | n/a |  | 2.9% + SOFR** |  |  | — |  |  |  | 4,082 |  |  | n/a |  | Sep 2024 - Dec 2024
Bank 5 |  | 5.3% - 6.0%* |  | 5.3% - 6.0% |  |  | 3,289 |  |  |  | 3,759 |  |  | Jul 2030 - Sep 2030 |  | Jul 2030 - Sep 2030
Bank 6 |  | 7.7% |  | 7.7% |  |  | 1,614 |  |  |  | 1,843 |  |  | Jan 2030 |  | Jan 2030
Bank 7 |  | 4.0% |  | 4.0% |  |  | 800 |  |  |  | 1,061 |  |  | Sep 2027 |  | Sep 2027
Bank 8 |  | 8.8% |  | n/a |  |  | 12,361 |  |  |  | — |  |  | May 2029 |  | n/a
Long-term notes payable with financial institutions for the purchase of aircrafts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial Institution 1 |  | 0.25%+ Schwab Loan Rate |  | 0.25% + Schwab Loan Rate |  |  | 2,959 |  |  |  | 3,290 |  |  | Dec 2027 |  | Dec 2027
Financial Institution 2 |  | 3.6% - 7.0% |  | 3.6% - 7.0% |  |  | 7,796 |  |  |  | 8,435 |  |  | Nov 2026 - May 2027 |  | Nov 2026 - May 2027
Financial Institution 3 |  | 9.0% - 9.5% |  | 9.0% - 9.5% |  |  | 34,407 |  |  |  | 22,612 |  |  | Sep 2033 - Mar 2034 |  | Sep 2033 - Dec 2033
Credit facilities with financial institutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Interest Rates |  |  | Amounts |  |  | Maturity Dates
|  | December 31, 2024 |  | December 31, 2023 |  |  | December 31, 2024 |  |  |  | December 31, 2023 |  |  | December 31, 2024 |  | December 31, 2023
Financial Institution 4 |  | 1.5% + SOFR **- 2.8% + SOFR** |  | 1.3% + SOFR **- 2.8% + SOFR** |  |  | 62,666 |  |  |  | 72,688 |  |  | See disclosure below |  | See disclosure below
Bridge Notes |  | n/a |  | n/a |  |  | n/a |  |  |  | n/a |  |  | See disclosure below |  | See disclosure below
Other long-term debt payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
EID loan |  | See disclosure below |  | See disclosure below |  |  | 122 |  |  |  | 116 |  |  | See disclosure below |  | See disclosure below
Long-term debt from VIEs |  |  |  |  |  |  | 37,310 |  |  |  | 40,491 |  |  |  |  |
Total Long-term notes payable |  |  |  |  |  |  | 189,143 |  |  |  | 193,440 |  |  |  |  |
Less: Unamortized debt issuance costs and debt discount |  |  |  |  |  |  | (233 | ) |  |  | (151 | ) |  |  |  |
Less: current portion |  |  |  |  |  | $ | (84,883 | ) |  | $ | (26,471 | ) |  |  |  |
Long-term notes payable, non-current portion |  |  |  |  |  | $ | 104,027 |  |  | $ | 166,818 |  |  |  |  |
* The payment terms dictate that the Note shall bear interest at a rate equal to the Prime Rate plus 275 basis points with an initial interest rate set at 6% based on the Prime Rate and Loan Spread at the time of the agreement. The interest rate is to be adjusted every 5 years and be based on the Prime Rate published as of the date plus the Loan Spread. ** SOFR is defined as “Secured Overnight Financing Rate”
Schedule of Contractual Principal Payments | The table below presents the Company’s contractual principal payments (not including debt issuance costs) as of March 31, 2025 under then-outstanding long-term debt agreements in each of the next five calendar years (does not include VIE loans):
Fiscal year |  | Amount |
Remainder of 2025 |  | $ | 13,109 |
2026 |  |  | 13,312 |
2027 |  |  | 12,337 |
2028 |  |  | 5,215 |
2029 |  |  | 21,395 |
Thereafter |  |  | 22,011 |
|  |  | 87,379 |
Long-term notes payable from VIE |  |  | 34,472 |
Debt issuance costs |  |  | (205 | )
Total long-term notes payable |  | $ | 121,646 |
| The table below presents the Company’s contractual principal payments (not including debt issuance costs) as of December 31, 2024 under then-outstanding long-term debt agreements in each of the next five calendar years (does not include VIE loans):
Fiscal year |  |  | Amount
2025 |  | $ | 77,193
2026 |  |  | 12,897
2027 |  |  | 11,948
2028 |  |  | 4,840
2029 |  |  | 21,728
Thereafter |  |  | 23,227
|  |  | 151,833
Long-term notes payable from VIE |  |  | 37,310
Debt issuance costs |  |  | (233)
Total long-term notes payable |  | $ | 188,910

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