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Discontinued Operations | 12 Months Ended
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Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Discontinued Operations Passenger Business Divestiture On August 29, 2025, the Company completed the sale of its Passenger business to Joby Buyer pursuant to that certain Equity Purchase Agreement, dated as of August 1, 2025 (the “Joby Purchase Agreement”), among the Company, Strata Critical, Inc. (f/k/a Trinity Medical Intermediate II, Inc.), a wholly owned subsidiary of the Company, Blade Urban Air Mobility, LLC (f/k/a Blade Urban Air Mobility, Inc.), Joby Aviation and Joby Buyer, a wholly owned subsidiary of Joby Aviation. The transaction followed restructuring activities to separate the Passenger business from the Company’s remaining operations. The majority of the Passenger business sold was previously reported as the Company’s Passenger segment under ASC 280, Segment Reporting, and consisted of offering, marketing and arranging air transportation services for passengers on aircraft operated by third parties as well as related ground transportation services. At closing, the Company received consideration valued at approximately $75,357 (based on Joby Aviation’s closing stock price of $14.15 on August 29, 2025), after giving effect to pre-closing adjustments. The consideration consisted of 5,325,585 shares of Joby Aviation’s common stock, par value $0.0001 per share (the “Buyer Shares”). The Company subsequently sold the Buyer Shares for net proceeds of $70,163. The Company may also receive up to an additional $35,000, payable in cash or Buyer Shares at Joby Buyer’s election, upon the achievement of certain financial performance and employee retention targets within 12 and 18 months, respectively, following the closing, as well as the release of up to $10,000 in indemnity holdbacks. At closing, the estimated fair value of the contingent consideration for retention and earn-out and indemnity holdbacks is $27,825 and $8,400, respectively. As of December 31, 2025, the estimated fair value of the contingent consideration for retention and earn-out and indemnity holdbacks is $27,700 and $8,700, respectively. The fair value of the contingent consideration earn-out was determined using a probability-weighted discounted cash flow analysis based on internal projections of the adjusted EBITDA achieved by the Passenger business. In connection with the sale, the Company reclassified $2,818 of cumulative foreign currency translation gain from accumulated other comprehensive income to income from discontinued operations. Following the sale, no balance remained related to foreign currency translation in accumulated other comprehensive income. On August 29, 2025, the Company also entered into a Transition and Transaction Bonus Agreement with its former Chief Executive Officer, Robert Wiesenthal, modifying his outstanding equity awards. A total of 2,950,219 previously granted performance stock units (“PSUs”) and restricted stock units (“RSUs”) were amended, consisting of (i) PSUs (the “Earn-out PSUs”) that vest based on the level of adjusted EBITDA achieved by the Passenger business for the 12-month measurement period following closing (zero to 150% payout range determined by linear interpolation), and (ii) time-based awards for the 18-month measurement period that vest upon the Company’s receipt of the retention earn-out payment under the Joby Purchase Agreement. As of August 29, 2025, the aggregate fair value of the Earn-out PSUs and time-based awards was $13,892, comprising $4,000 for the Earn-out PSUs and $9,892 for the time-based awards. As of December 31, 2025, the aggregate fair value of the Earn-out PSUs and time-based awards was $15,138, comprising $4,250 for the Earn-out PSUs and $10,888 for the time-based awards. •The Earn-out PSUs were valued using a risk-neutral Monte Carlo simulation model that simulates risk-adjusted EBITDA outcomes and correlated stock-price paths, incorporating market inputs such as the Company’s stock price, volatility, risk-free rates, and credit-adjusted discount rates. •The time-based awards were valued at the Company’s closing stock price at closing and at December 31, 2025 of $4.37 and $4.81, respectively, multiplied by the number of RSUs, adjusted for the probability of the retention earn-out being achieved. As of the closing date and as of December 31, 2025, management considered payment of the full retention earn-out probable, and therefore applied the stock price to all awards in determining fair value. Because the former executive is no longer providing services to the Company as of the sale date, the awards are accounted for as nonemployee awards. The related compensation expense recognized in discontinued operations reflects the $13,892 fair value of the modified awards. The awards vest based on conditions that are not classified as a service, market or performance condition and as a result such awards are classified as a liability. The awards will continue to be remeasured at fair value each reporting period until settlement, with any subsequent changes in fair value recognized in continuing operations. (Refer to Note 10 for additional information on the award modification). The fair value measurements related to the earn-out awards and contingent consideration are classified as Level 3 within the fair-value hierarchy due to the use of unobservable inputs. The Company will assess changes in these fair values at each reporting date, with any adjustments recognized in earnings in the period identified. (Refer to Note 16 for additional information.) The following table summarizes the results of operations of the Passenger business which are presented as discontinued operations:
|  |  | For the Years Ended
|  |  |  | December 31, 2025 |  |  |  | December 31, 2024 |  |
Revenue |  |  |  |  | $ | 76,556 |  |  |  |  | $ | 101,876 |  |  |
Cost of revenue |  |  |  |  | 53,673 |  |  |  |  | 75,998 |  |  |
Gross Profit |  |  |  |  | 22,883 |  |  |  |  | 25,878 |  |  |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  |  |  | 17,144 |  |  |  |  | 35,551 |  |  |
Amortization of intangible assets |  |  |  |  | 759 |  |  |  |  | 1,728 |  |  |
Total operating expenses |  |  |  |  | 17,903 |  |  |  |  | 37,279 |  |  |
Operating income (loss) |  |  |  |  | 4,980 |  |  |  |  | (11,401) |  |  |
Interest expense |  |  |  |  | (131) |  |  |  |  | — |  |  |
Gain on sale and disposal of discontinued operations |  |  |  |  | 56,996 |  |  |  |  | — |  |  |
Income (loss) from discontinued operations before income taxes |  |  |  |  | 61,845 |  |  |  |  | (11,401) |  |  |
Income tax (benefit) on discontinued operations |  |  |  |  | 432 |  |  |  |  | (255) |  |  |
Net income (loss) from discontinued operations |  |  |  |  | $ | 61,413 |  |  |  |  | $ | (11,146) |  |  |
The tax expense for the year ended December 31, 2025 was attributable to the sale of the Passenger business. The tax was driven by limitations on the utilization of US federal net operating losses, as well as limitations and insufficient loss carryforwards in certain state and local jurisdictions. US federal net operating losses generated in periods beginning on or after January 1, 2018 can only be offset up to 80% of taxable income. Certain state and local jurisdictions provide for similar limitations. The tax benefit in the year ended December 31, 2024 was attributed entirely to Blade Monaco. The cash flows related to discontinued operations have not been segregated and are included in the consolidated statements of cash flows. The following table presents depreciation and amortization, capital expenditures and other non-cash operating activities of the discontinued operations related to the Passenger business:
|  |  | For the Years Ended
|  |  |  | December 31, 2025 |  |  |  | December 31, 2024 |  |
Depreciation and amortization |  |  |  |  | $ | 1,285 |  |  |  |  | $ | 2,704 |  |  |
Capital expenditures |  |  |  |  | 296 |  |  |  |  | 1,615 |  |  |
Stock-based compensation |  |  |  |  | 874 |  |  |  |  | 1,524 |  |  |
Gain on sale of Passenger business |  |  |  |  | 56,996 |  |  |  |  | — |  |  |
The following table summarizes the major classes of assets and liabilities which represent only those related to the Passenger business, classified as held for sale presented as discontinued operations at December 31, 2025 and December 31, 2024, respectively:
|  |  | December 31, 2025 |  | December 31, 2024
Cash and cash equivalents |  |  | $ | — |  |  | $ | 2,306 |
Restricted cash |  |  | — |  |  | 1,006 |
Accounts receivable, net |  |  | — |  |  | 1,769 |
Prepaid expenses and other current assets |  |  | — |  |  | 6,071 |
Property and equipment, net |  |  | — |  |  | 2,453 |
Intangible assets, net |  |  | — |  |  | 5,689 |
Goodwill |  |  | — |  |  | 25,510 |
Operating right-of-use asset |  |  | — |  |  | 6,044 |
Other non-current assets |  |  | — |  |  | 1,319 |
Total assets of discontinued operations |  |  | $ | — |  |  | $ | 52,167 |
Accounts payable and accrued expenses |  |  | $ | — |  |  | $ | 3,546 |
Deferred revenue |  |  | — |  |  | 6,656 |
Operating lease liability, current |  |  | — |  |  | 2,622 |
Operating lease liability, long-term |  |  | — |  |  | 3,682 |
Deferred tax liability |  |  | — |  |  | 185 |
Total liabilities of discontinued operations |  |  | $ | — |  |  | $ | 16,691 |
During the third quarter of 2025 after meeting the criteria to be classified as held for sale, the Company performed impairment analyses and included goodwill in the carrying amount of the Passenger business disposal group and no impairment losses were identified. Refer to Note 6 for additional information. During the reporting period that the Passenger business disposal group was classified as held for sale, the Company assessed whether the fair value less cost to sell were less than the carrying value of the disposal group, and concluded it was not.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
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