v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (3,450) $ (5,277)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 6,138 4,943
Amortization of debt issuance costs 99 90
Amortization of operating lease assets 18 53
Inventory reserve 2,732 829
Deferred income taxes (951) (403)
Change in fair value of warrant liability   57
Share-based compensation 1,802 1,160
Changes in operating assets and liabilities:    
Accounts receivable (4,462) (5,221)
Income tax receivable 602 (239)
Inventory (29,941) (39,709)
Deposits, prepaid expenses, and other current assets (2,915) 873
Other assets 8 (35)
Advance vendor payments 779 107
Accounts payable 1,615 (6,647)
Income tax payable (5)  
Accrued expenses (101) (18)
Deferred revenue 194 (857)
Lessee and customer purchase deposits 1,033 1,251
Deferred insurance proceeds   3,700
Other liabilities 142 122
Net cash used in operating activities (26,663) (45,221)
Cash flows from investing activities:    
Acquisition of aircraft and engines held for lease, including capitalized costs (2,074) (1,128)
Purchase of property and equipment (1,052) (2,411)
Net cash used in investing activities (3,126) (3,539)
Cash flows from financing activities:    
Proceeds from long-term debt   220
Repayments of long-term debt (248) (151)
Proceeds from revolving credit facility 83,043 148,943
Repayments of revolving credit facility (55,300) (55,100)
Payments of debt issuance costs   (114)
Purchase of treasury stock   (45,000)
Taxes paid related to net share settlement of equity awards   (45)
Net cash provided by financing activities 27,495 48,753
Decrease in cash and cash equivalents (2,294) (7)
Cash and cash equivalents, beginning of period 4,379 4,698
Cash and cash equivalents, end of period 2,085 4,691
Supplemental disclosure of cash activities    
Income tax payments (refunds), net 3 (191)
Interest paid 2,030 1,063
Supplemental disclosure of noncash investing activities    
Reclassification of inventory to equipment held for lease, net $ 21,487 $ 3,509

Source

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