Revenue Recognition

6 Months Ended

Jun. 30, 2026

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 were as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
U.S. and foreign governments	$	2,432	$	727	$	2,432	$	4,971
Commercial customers	12,226		5,239		22,359		10,594
	$	14,658	$	5,966	$	24,791	$	15,565

The Company generated $1,561 and $2,120 of revenue from foreign customers during the three and six months ended June 30, 2026, respectively, and there was no revenue generated from foreign customers for the three and six months ended June 30, 2025.

Remaining performance obligations represent the amount of contracted future revenue that has not yet been recognized. As of June 30, 2026, the Company’s remaining performance obligations were $32,976. The Company currently expects to recognize approximately $21,465 of the remaining performance obligations as revenue during the next 12 months and the remaining to be recognized thereafter.

Contract Liabilities

As of June 30, 2026 and December 31, 2025, the Company had total deferred revenue of $21,894 and $16,254, respectively. Deferred revenue, and deferred revenue, non-current, increased during the six months ended June 30, 2026, primarily due to receipt of customer payments exceeding revenue recognized on performance obligations. Revenue recognized related to these balances that existed at the beginning of the year was $1,280 and $2,082 for the three months ended June 30, 2026 and 2025 and $1,568 and $5,454 for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the Company also entered into an agreement for post-certification aircraft sales. This agreement has no associated revenues or cost of sales for the three and six months ended June 30, 2026. As of June 30, 2026 and December 31, 2025, the Company has recorded deposits of $1,000 within deferred revenue and $4,285 and $4,260 within deferred revenue, non-current, respectively.