Segments

9 Months Ended

Sep. 30, 2025

Segments

Segments

Segment information is presented in a manner consistent with the internal reports provided to the chief operating decision maker (“CODM”), which has been identified as the Chief Executive Officer. Given the Company’s pre-revenue operating stage, it currently has no concentration exposure to products, services or customers. The Company is developing three business units that will provide unique products or services, which were determined to be the reportable segments, as follows:

eVTOL  The Company is designing and certifying an eVTOL purpose-built for UAM missions and plans to market its eVTOLs globally to operators of UAM services, including fixed wing and helicopter operators, as well as lessors that purchase and manage aircraft on behalf of operators.

Service and Operations Solutions  The Company plans to offer a full suite of eVTOL service and support capabilities (named “TechCare”), including material services, maintenance, technical support, training, ground handling and data services. Its services will be offered to UAM fleet operators on an agnostic basis, supporting both its own eVTOL and those produced by third parties.

Urban Air Traffic Management (“UATM”)  The Company is developing next-generation UATM software (named “Vector”) to help enable eVTOLs to operate safely and efficiently in dense urban airspace along with conventional fixed wing and rotary aircraft and unmanned drones. The Company plans to offer Vector software to customers that include air navigation service providers, fleet operators and vertiport operators.

The CODM regularly receives and reviews one measure of profit or loss by segment, which is also the sole significant expense for each segment – research and development expenses. This expense information and the physical progress of the projects by segment are used by the CODM when deciding how to allocate resources between segments. Asset information by segment is not presented to the CODM.

		Three Months Ended				Nine Months Ended
Research and development expenses		September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
eVTOL	$	42,551	$	29,965	$	128,208	$	88,047
Service and Operations Solutions		1,674		1,026		4,540		4,299
UATM		648		1,428		2,507		3,846
Total segment expenses	$	44,873	$	32,419	$	135,256	$	96,191
Total segment loss		(44,873)		(32,419)		(135,256)		(96,191)
Expenses (income) not allocated to segments, net (a)		768		2,942		23,978		(164)
Loss before income taxes	$	(45,641)	$	(35,361)	$	(159,234)	$	(96,027)

a) Includes SG&A expenses and other non-operating income and expenses not allocated to each segment