Quarterly report [Sections 13 or 15(d)]

BUSINESS SEGMENTS (Tables)

v3.25.2
BUSINESS SEGMENTS (Tables)
6 Months Ended
Jun. 30, 2025
BUSINESS SEGMENTS  
Summary of selected financial information for each segment

Selected financial information for each segment is as follows (in thousands):

Three Months Ended June 30, 

Six Months Ended June 30, 

2025

    

2024

2025

    

2024

Revenue

 

 

Asset Management Solutions

 

 

Aircraft

$

10,419

$

9,110

$

17,769

$

25,448

Engine

 

65,846

 

32,689

 

97,709

 

75,613

 

76,265

 

41,799

 

115,478

 

101,061

TechOps

 

 

 

 

MRO services

 

24,562

 

29,517

 

45,715

 

55,365

Product sales

 

6,555

 

5,785

 

11,965

 

11,215

 

31,117

 

35,302

 

57,680

 

66,580

Total

$

107,382

$

77,101

$

173,158

$

167,641

Three Months Ended June 30, 

Six Months Ended June 30, 

2025

2024

2025

    

2024

Cost of sales and operating expenses

 

 

 

 

Asset Management Solutions

 

 

 

 

Aircraft

$

6,042

$

5,688

$

11,816

$

17,189

Engine

 

43,266

 

20,750

 

64,656

 

45,859

 

49,308

 

26,438

 

76,472

 

63,048

TechOps

 

 

 

 

MRO services

 

18,764

 

24,956

 

35,928

 

45,888

Product sales

 

3,973

 

3,987

 

7,456

 

8,189

 

22,737

 

28,943

 

43,384

 

54,077

Total

$

72,045

$

55,381

$

119,856

$

117,125

Three Months Ended June 30, 

Six Months Ended June 30, 

2025

2024

2025

    

2024

Gross profit

 

 

 

 

Asset Management Solutions

 

 

 

 

Aircraft

$

4,377

$

3,422

$

5,953

$

8,259

Engine

 

22,580

 

11,939

 

33,053

 

29,754

 

26,957

 

15,361

 

39,006

 

38,013

TechOps

 

 

 

 

MRO services

 

5,798

 

4,561

 

9,787

 

9,477

Product sales

 

2,582

 

1,798

 

4,509

 

3,026

 

8,380

 

6,359

 

14,296

 

12,503

Total

$

35,337

$

21,720

$

53,302

$

50,516

    

Six Months Ended June 30, 2025

    

Six Months Ended June 30, 2024

Asset Management Solutions

    

TechOps

    

Total

Asset Management Solutions

    

TechOps

    

Total

Gross Profit

$

39,006

$

14,296

$

53,302

$

38,013

$

12,503

$

50,516

Operating expenses

 

(7,080)

 

(4,617)

 

(11,697)

 

(6,487)

 

(5,711)

 

(12,198)

Selling, general and administrative expenses

 

(7,802)

 

(8,219)

 

(16,021)

 

(7,484)

 

(10,200)

 

(17,684)

Segment income (loss) from operations

$

24,124

$

1,460

$

25,584

$

24,042

$

(3,408)

$

20,634

Other corporate expenses

 

 

 

(19,717)

 

 

 

(17,823)

Income from operations

 

5,867

 

2,811

Other (expense) income:

Interest expense, net

(3,633)

(2,463)

Other income, net

2,022

271

Change in fair value of warrant liability

74

2,117

Income before income tax provision

$

4,330

$

2,736

Summary of reconciliation segment gross profit to income (loss) before income tax provision

The following table reconciles segment gross profit to income (loss) before income tax provision for the three and six months ended June 30, 2025 and 2024 (in thousands):

    

Three Months Ended June 30, 2025

    

Three Months Ended June 30, 2024

Asset Management Solutions

    

TechOps

    

Total

Asset Management Solutions

    

TechOps

    

Total

Gross Profit

$

26,957

$

8,380

$

35,337

$

15,361

$

6,359

$

21,720

Operating expenses

 

(3,430)

 

(2,525)

 

(5,955)

 

(3,212)

 

(2,824)

 

(6,036)

Selling, general and administrative expenses

 

(4,066)

 

(3,173)

 

(7,239)

 

(3,820)

 

(5,033)

 

(8,853)

Segment income (loss) from operations

$

19,461

$

2,682

$

22,143

$

8,329

$

(1,498)

$

6,831

Other corporate expenses

 

 

 

(9,629)

 

 

(8,683)

Income (loss) from operations

 

12,514

 

(1,852)

Other (expense) income:

Interest expense, net

(2,452)

(1,528)

Other income, net

134

102

Change in fair value of warrant liability

131

138

Income (loss) before income tax provision

$

10,327

$

(3,140)

    

Six Months Ended June 30, 2025

    

Six Months Ended June 30, 2024

Asset Management Solutions

    

TechOps

    

Total

Asset Management Solutions

    

TechOps

    

Total

Gross Profit

$

39,006

$

14,296

$

53,302

$

38,013

$

12,503

$

50,516

Operating expenses

 

(7,080)

 

(4,617)

 

(11,697)

 

(6,487)

 

(5,711)

 

(12,198)

Selling, general and administrative expenses

 

(7,802)

 

(8,219)

 

(16,021)

 

(7,484)

 

(10,200)

 

(17,684)

Segment income (loss) from operations

$

24,124

$

1,460

$

25,584

$

24,042

$

(3,408)

$

20,634

Other corporate expenses

 

 

 

(19,717)

 

 

 

(17,823)

Income from operations

 

5,867

 

2,811

Other (expense) income:

Interest expense, net

(3,633)

(2,463)

Other income, net

2,022

271

Change in fair value of warrant liability

74

2,117

Income before income tax provision

$

4,330

$

2,736

June 30, 

December 31, 

    

2025

    

2024

Total Assets

 

  

 

  

Asset Management Solutions

$

422,622

$

383,336

TechOps

208,889

 

205,655

Corporate

15,160

 

15,732

$

646,671

$

604,723

    

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2025

    

2024

    

2025

    

2024

Total Depreciation and Amortization Expense

 

  

 

  

 

  

 

  

Asset Management Solutions

$

3,025

$

2,266

$

6,373

$

3,828

TechOps

1,241

 

1,129

2,545

 

2,088

Corporate

262

 

260

553

 

518

$

4,528

$

3,655

$

9,471

$

6,434

Six Months Ended June 30, 

Total Capital Expenditures

2025

    

2024

Asset Management Solutions

$

3,394

$

6,790

TechOps

1,776

 

5,420

Corporate

339

 

590

$

5,509

$

12,800

Summary of intersegment revenues Intersegment revenue for the three and six months ended June 30, 2025 and 2024, is as follows (in thousands):

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

2025

    

2024

    

2025

    

2024

Asset Management Solutions

$

1,158

$

170

$

1,581

$

606

TechOps

 

938

 

2,019

 

4,033

 

7,597

Total intersegment revenue

$

2,096

$

2,189

$

5,614

$

8,203