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 |
|