v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income (loss) $ 8,575 $ 5,851 $ (5,563)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities      
Depreciation and amortization 19,334 16,048 10,459
Amortization of debt issuance costs 392 337 400
Amortization of operating lease assets 557 365 359
Inventory reserve 3,476 3,695 1,507
Provision for doubtful accounts 195  
Deferred income taxes 1,387 2,032 (916)
Change in fair value of warrant liability (85) (2,301) (2,270)
Share-based compensation 4,887 4,347 12,051
Changes in operating assets and liabilities:      
Accounts receivable (8,008) (3,601) (2,966)
Income tax receivable 266 (366) (1,628)
Inventory (54,800) (78,029) (168,632)
Deposits, prepaid expenses, and other current assets 1,887 1,450 (1,772)
Other assets 9 (745) 103
Advance vendor payments 1,124 28,954 (5,884)
Accounts payable (4,539) 4,287 8,768
Income tax payable 329    
Accrued expenses (232) 1,832 (3,537)
Deferred revenue (1,251) (1,217) 1,643
Lessee and customer purchase deposits (449) 3,152 (15,668)
Deferred insurance proceeds 3,700 24,910  
Other liabilities 472 (12) (604)
Net cash (used in) provided by operating activities (22,969) 11,184 (174,150)
Cash flows from investing activities:      
Proceeds from sale of assets 6,381 12,900 14,450
Acquisition of aircraft and engines held for lease, including capitalized costs (4,160) (14,978)  
Purchase of property and equipment (6,081) (14,052) (11,359)
Net cash (used in) provided by investing activities (3,860) (16,130) 3,091
Cash flows from financing activities:      
Proceeds from long-term debt 1,173 2,429 8,559
Repayments of long-term debt (710) (9,174)  
Proceeds from revolving credit facility 305,418 192,644 82,700
Repayments of revolving credit facility (234,600) (182,409) (53,700)
Payments of debt issuance costs (120) (126) (1,362)
Purchase of treasury stock (45,000)    
Proceeds from the issuance of Employee Stock Purchase Plan shares 386 531 566
Taxes paid related to net share settlement of equity awards (37) (124) (7,019)
Net cash provided by financing activities 26,510 3,771 29,744
Decrease in cash and cash equivalents (319) (1,175) (141,315)
Cash and cash equivalents, beginning of period 4,698 5,873 147,188
Cash and cash equivalents, end of period 4,379 4,698 5,873
Supplemental disclosure of cash activities      
Income tax (refunds) payments, net (468) (13) 1,159
Interest paid 8,031 5,648 1,520
Supplemental disclosure of noncash investing activities      
Reclassification of inventory to equipment held for lease, net 33,552 $ 43,210 $ 7,036
Reclassification of inventory to property and equipment, net 3,417    
Reclassification of equipment held for lease, net from property and equipment, net $ (8,773)    

Source

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