September 30,

December 31,

2025

2024

Expendable parts and supplies, net:

Expendable parts and supplies

$

24,004

$

39,404

Less: expendable parts warranty

(4,145

)

(5,574

)

Less: obsolescence

(3,230

)

(4,658

)

$

16,629

$

29,172

Property and equipment, net:

Aircraft and other flight equipment

$

50,355

$

319,831

Other equipment

9,529

9,788

Total property and equipment

59,884

329,619

Less: accumulated depreciation

(28,385

)

(126,052

)

$

31,499

$

203,567

Other assets:

Investments in equity securities

$

300

$

300

Contract asset

3,942

5,400

Other

860

1,129

$

5,102

$

6,829

Other accrued expenses:

Accrued property taxes

$

2,815

$

4,722

Accrued interest

981

3,207

Accrued vacation

6,123

7,308

Accrued lodging

3,287

3,847

Accrued simulator costs

659

543

Accrued maintenance

1,830

1,911

Accrued employee benefits

1,132

1,528

Accrued fleet operating expense

598

3,118

Customer deposits

224

962

Other

9,041

8,298

$

26,690

$

35,444

Other noncurrent liabilities:

Warrant liabilities

$

100

$

25,225

Long-term employee benefits

1,759

537

Other

—

913

$

1,859

$

26,675