| Summary of selected financial information for each segment |
Selected financial information for each segment is as follows (in thousands):
|
|
|
|
|
|
|
|
|
Three Months ended March 31, |
|
|
2025 |
|
2024 |
Revenue |
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
Aircraft |
|
$ |
7,350 |
|
$ |
16,338 |
Engine |
|
|
31,863 |
|
|
42,924 |
|
|
|
39,213 |
|
|
59,262 |
TechOps |
|
|
|
|
|
|
MRO services |
|
|
21,153 |
|
|
25,848 |
Product sales |
|
|
5,410 |
|
|
5,430 |
|
|
|
26,563 |
|
|
31,278 |
Total |
|
$ |
65,776 |
|
$ |
90,540 |
|
|
|
|
|
|
|
|
|
Three Months ended March 31, |
|
|
2025 |
|
2024 |
Cost of sales and operating expenses |
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
Aircraft |
|
$ |
5,774 |
|
$ |
11,501 |
Engine |
|
|
21,390 |
|
|
25,109 |
|
|
|
27,164 |
|
|
36,610 |
TechOps |
|
|
|
|
|
|
MRO services |
|
|
17,164 |
|
|
20,932 |
Product sales |
|
|
3,483 |
|
|
4,202 |
|
|
|
20,647 |
|
|
25,134 |
Total |
|
$ |
47,811 |
|
$ |
61,744 |
|
|
|
|
|
|
|
|
|
Three Months ended March 31, |
|
|
2025 |
|
2024 |
Gross profit |
|
|
|
|
|
|
Asset Management Solutions |
|
|
|
|
|
|
Aircraft |
|
$ |
1,576 |
|
$ |
4,837 |
Engine |
|
|
10,473 |
|
|
17,815 |
|
|
|
12,049 |
|
|
22,652 |
TechOps |
|
|
|
|
|
|
MRO services |
|
|
3,989 |
|
|
4,916 |
Product sales |
|
|
1,927 |
|
|
1,228 |
|
|
|
5,916 |
|
|
6,144 |
Total |
|
$ |
17,965 |
|
$ |
28,796 |
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2025 |
|
2024 |
Total Assets |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
424,925 |
|
$ |
383,336 |
TechOps |
|
|
207,188 |
|
|
205,655 |
Corporate |
|
|
13,940 |
|
|
15,732 |
|
|
$ |
646,053 |
|
$ |
604,723 |
|
|
|
|
|
|
|
|
|
Three Months ended March 31, |
|
|
2025 |
|
2024 |
Total Depreciation and Amortization Expense |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
3,348 |
|
$ |
1,562 |
TechOps |
|
|
1,304 |
|
|
959 |
Corporate |
|
|
291 |
|
|
258 |
|
|
$ |
4,943 |
|
$ |
2,779 |
Total Capital Expenditures |
|
|
|
|
|
|
Asset Management Solutions |
|
$ |
2,321 |
|
$ |
3,036 |
TechOps |
|
|
1,172 |
|
|
288 |
Corporate |
|
|
46 |
|
|
250 |
|
|
$ |
3,539 |
|
$ |
3,574 |
|
| Summary of reconciliation segment gross profit to income (loss) before income tax provision |
The following table reports segment operating income (loss) and reconciles (loss) income from operations to (loss) income before income tax provision for the three months ended March 31, 2025 and 2024 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended March 31, 2025 |
|
Three Months ended March 31, 2024 |
|
|
Asset Management Solutions |
|
TechOps |
|
Total |
|
Asset Management Solutions |
|
TechOps |
|
Total |
Gross Profit |
|
$ |
12,049 |
$ |
5,916 |
$ |
17,965 |
|
$ |
22,652 |
$ |
6,144 |
$ |
28,796 |
Operating expenses |
|
|
(3,650) |
|
(2,092) |
|
(5,742) |
|
|
(3,275) |
|
(2,887) |
|
(6,162) |
Selling, general and administrative expenses |
|
|
(3,736) |
|
(5,046) |
|
(8,782) |
|
|
(3,663) |
|
(5,167) |
|
(8,830) |
Segment income (loss) from operations |
|
$ |
4,663 |
$ |
(1,222) |
$ |
3,441 |
|
$ |
15,714 |
$ |
(1,910) |
$ |
13,804 |
Other corporate expenses (1) |
|
|
|
|
|
|
(10,088) |
|
|
|
|
|
|
(9,141) |
(Loss) income from operations |
|
|
|
|
|
|
(6,647) |
|
|
|
|
|
|
4,663 |
Other (expenses) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
|
|
|
(1,181) |
|
|
|
|
|
|
(935) |
Other income, net |
|
|
|
|
|
|
1,888 |
|
|
|
|
|
|
169 |
Change in fair value of warrant liability |
|
|
|
|
|
|
(57) |
|
|
|
|
|
|
1,979 |
(Loss) income before income tax provision |
|
|
|
|
|
$ |
(5,997) |
|
|
|
|
|
$ |
5,876 |
|