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Segment Information
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Segment Reporting [Abstract]    
Segment Information
4.
Segment Information

The Company has one reportable segment, private aviation services, managed on a consolidated basis by the Chief Executive Officer who is the CODM. The private aviation services segment provides charters, aircraft partnerships, jet club memberships, fractional ownership shares, MRO, and aircraft management services. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on net loss that is also reported

on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as consolidated total assets.

The CODM allocates resources and evaluates performance based on net loss, which is the Company’s measure of segment profit or loss. The CODM considers budget to actual and year-over-year variances for net loss when making decisions about how to utilize the Company’s resources. The components of segment profit or loss were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Total Revenue

 

$

91,332

 

 

$

79,013

 

 

$

179,457

 

 

$

158,985

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

77,609

 

 

 

72,755

 

 

 

154,434

 

 

 

146,989

 

Selling, general and administrative

 

 

20,298

 

 

 

21,490

 

 

 

41,288

 

 

 

46,673

 

Depreciation and amortization

 

 

5,770

 

 

 

6,682

 

 

 

12,021

 

 

 

13,173

 

(Gain) loss on aircraft sales and aircraft held for sale

 

 

15

 

 

 

(72

)

 

 

(1,190

)

 

 

1,417

 

Othera

 

 

3,769

 

 

 

6,012

 

 

 

12,080

 

 

 

11,577

 

Net Loss

 

$

(16,129

)

 

$

(27,854

)

 

$

(39,176

)

 

$

(60,844

)

a: Includes all items within other income (expense) on the condensed consolidated statements of operations and comprehensive loss (unaudited).

 

 

 

 

 

 

 
25.
Segment Information

The Company has one reportable segment, private aviation services, managed on a consolidated basis by the Chief Executive Officer (CEO) who is the chief operating decision maker (“CODM”). The private aviation services segment provides charters, aircraft partnerships, jet club memberships, fractional ownership shares, MRO and aircraft management services. The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.

The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The chief operating decision maker assesses performance and decides how to allocate resources based on net loss that is also reported on the income statement as consolidated net loss. The measure of segment assets is reported on the balance sheet as consolidated total assets.

The CODM allocates resources and evaluates performance based on net loss, which is the Company’s measure of segment profit or loss. The CODM considers budget to actual and year-over-year variances for net loss when making decisions about how to utilize the company’s resources.

The components of segment profit or loss were as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Total Revenue

$

327,274

 

$

315,362

 

Less:

 

 

 

 

 

 

Cost of revenue

 

290,212

 

 

264,176

 

Selling, general and administrative

 

91,337

 

 

75,430

 

Depreciation and amortization

 

25,709

 

 

26,982

 

Loss (gain) on aircraft held for sale

 

2,795

 

 

(13,905)

 

Othera

 

18,675

 

 

17,417

 

Net Loss

$

(101,454)

 

$

(54,738)

 

 

a: Includes all items within other income (expense) on the consolidated statements of operations and comprehensive loss.