NOTES PAYABLE

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTES PAYABLE

On December 13, 2023, the Company entered into a credit agreement with the Export-Import Bank of the United States (“Ex-Im”) (such agreement, the “Ex-Im Credit Agreement”). The Ex-Im Credit Agreement provides a $170,103 direct loan facility (the “Ex-Im Credit Facility”), which the Company drew $170,103 as of September 30, 2025 and December 31, 2024. Of the $170,103 in principal amount of borrowings made under the Ex-Im Credit Agreement, $151,250 can be used to finance the costs of construction of the Company’s production facility, with the remaining $18,853, or 12.46% of borrowings, used to finance the total exposure fees incurred under the agreement. The discount of $20,207 as of December 31, 2024 consists of the initial exposure fee and debt issuance costs. As of September 30, 2025 and December 31, 2024, exposure fees were $18,853 and debt issuance costs were $1,354, which are amortized to interest expense on an effective interest rate basis over the term of the Ex-Im Credit Agreement.

Borrowings under the Ex-Im Credit Agreement bear interest at a fixed rate per annum of 5.52%, payable quarterly in arrears. The effective per annum interest rate on the Company’s outstanding borrowings under the Ex-Im Credit Agreement, which takes into account timing and amount of borrowings and payments, exposure fees, and debt issuance costs, is 7.32%. Borrowings under the Ex-Im Credit Agreement are required to be repaid in 54 quarterly installments, commencing on September 20, 2025, with a maturity date of December 20, 2038. The Ex-Im Credit Agreement is secured by first-priority liens on the production facility of our aircraft manufacturing campus located in South Burlington, Vermont (the “Final Assembly Facility”).

In addition, the Ex-Im Credit Agreement contains covenants that limit, among other things, the Company’s ability to sell assets, participate in mergers and acquisitions, and grant liens on certain assets.

As of September 30, 2025, the Company recognized $32,505 in notes payable, non-current, as a result of a sale-leaseback transaction. See Note 6 “Leases”.

Notes payable consisted of the following (in thousands):

	As of September 30, 2025		As of December 31, 2024
Ex-Im credit agreement	$	168,685	$	170,103
Unamortized discount and debt issuance costs	(16,417)		(18,037)
Financing liability	32,505		—
Total notes payable	184,773		152,066
Less: notes payable, current	(5,670)		(2,835)
Notes payable, non-current	$	179,103	$	149,231

The Company’s Ex-Im Credit Agreement is recorded on an amortized cost basis and has a fair value of $153,913 and $157,043 as of September 30, 2025 and December 31, 2024, respectively. The fair value of the Ex-Im Credit Agreement is based on quoted prices in similar markets, which is a Level 2 input within the fair value hierarchy.