REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Revenue Recognition

Disaggregated Revenue

The Company disaggregates revenue from contracts with customers by customer type, product or service type and geographic location, as the Company believes these categories best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.

The Company’s revenues by customer type are as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
U.S. and foreign governments	$	10,318	$	8,636	$	10,502
Commercial customers	25,298		6,456		4,855
Total	$	35,616	$	15,092	$	15,357

The Company recognized revenue from sales to customers in the United States for the years ended December 31, 2025, 2024 and 2023 of $33,864, $15,092 and $15,357, respectively. The Company generated $1,752 of revenue from international customers for the year ended December 31, 2025 and no revenue from international customers for the years ended December 31, 2024 and 2023.

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. As of December 31, 2025, the Company's remaining performance obligations were $14,267. The Company currently expects to recognize approximately $6,091 of the remaining performance obligations as revenue during the next 12 months and the remaining to be recognized thereafter. For contracts that the Company has elected the practical expedient to recognize revenue in the amount of consideration to which it has the right to invoice the customer based on services provided, the Company does not disclose unsatisfied performance obligations.

Contract Liabilities

As of December 31, 2025 and 2024, the Company had total deferred revenue of $16,254 and $12,761, respectively. Deferred revenue decreased in 2025 primarily due to revenue recognized on contracts that were billed in advance of satisfaction or partial satisfaction of performance obligations. Deferred revenue, non-current increased in 2025 primarily due to receipt of customer deposits and payments exceeding revenue recognized on performance obligations. Revenue recognized related to these balances that existed at the beginning of the year was $6,404, $895 and $955 for the years ended December 31, 2025, 2024 and 2023, respectively. During the years ended December 31, 2025 and 2024, the Company also entered into agreements for pre- and post-certification aircraft sales. These agreements have no associated revenues or cost of sales for the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, the Company has recorded deposits of $1,000 and $0 within deferred revenue and $4,260 and $1,285 within deferred revenue, non-current, respectively.