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Operating Right-of-Use Asset and Operating Lease Liability | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Operating Right-of-Use Asset and Operating Lease Liability | Operating Right-of-Use Asset and Operating Lease Liability Strata’s operating leases consist of offices, vehicles and aircraft leases that are embedded within certain CPAs. Upon meeting certain criteria as stated in ASC 842 Leases (“ASC 842”), the lease component of a CPA would be accounted for as an embedded lease, with a corresponding balance included in the operating ROU asset and lease liability. During the year ended December 31, 2025, lease activity under ASC 842 included the following: Effective in April 2025, an existing CPA for one aircraft was restated and amended to provide for a three-year term ending April 30, 2028. As a result, the Company recorded an additional ROU asset and corresponding lease liability of $592. Under the amended CPA, if the agreement expires or is terminated for cause, the flight-hour guarantee is prorated through the termination date. Additionally, Strata has the right to immediately terminate the agreement without penalty if a governmental authority imposes travel restrictions. See Note 14, “Commitments and Contingencies”, for additional information about our capacity purchase agreements. Balance sheet information related to the Company’s leases is presented below:
| December 31, 2025 |  | December 31, 2024
Operating leases: |  |  |
Operating right-of-use asset | $ | 3,107 |  |  | $ | 2,831 |
Operating lease liability, current | 652 |  |  | 682 |
Operating lease liability, long-term | 2,655 |  |  | 2,336 |
The following provides details of the Company’s lease expense:
|  |  | Year Ended December 31,
|  |  |  |  | 2025 |  |  |  | 2024
Lease cost: |  |  |  |  |  |  |  |  |
Short-term lease cost |  |  |  |  | $ | 338 |  |  |  |  | $ | 404 |
Operating lease cost - Selling, general and administrative |  |  |  |  | 849 |  |  |  |  | 584 |
Operating lease cost - Cost of revenue (1) |  |  |  |  | 274 |  |  |  |  | 717 |
Total |  |  |  |  | $ | 1,461 |  |  |  |  | $ | 1,705 |
(1) Operating lease costs related to aircraft leases that are embedded within CPAs. Other information related to leases is presented below:
| December 31, 2025 |  |
Weighted-average discount rate – operating lease | 7.70 | % |  |
Weighted-average remaining lease term – operating lease (in years) | 4.9 |  |
|  |  | Year Ended December 31,
|  |  |  |  | 2025 |  |  |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |
Operating cash flows used in operating leases |  |  |  |  | $ | 897 |  |  |  |  | $ | 820 |
As of December 31, 2025, the expected annual minimum lease payments of the Company’s operating lease liabilities were as follows:
For the Year Ended December 31 |  |
2026 |  | $ | 880 |
2027 |  | 864 |
2028 |  | 677 |
2029 |  | 578 |
2030 |  | 595 |
Thereafter |  | 392 |
Total future minimum lease payments, undiscounted |  | 3,986 |
Less: Imputed interest for leases in excess of one year |  | (679) |
Present value of future minimum lease payments |  | $ | 3,307 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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