Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consist of the following:


	As of December 31,
$s in thousands	2024		2023
Aircraft	$	185,877	$	184,290
Less: Accumulated depreciation	(38,210)		(25,121)
Aircraft, net	147,667		159,169

Leasehold improvements	35,504		34,824
Buildings	1,054		1,117
Vehicles and equipment	5,921		4,870
Capitalized software and development costs	35		—
Construction-in-progress - Leasehold improvements	5		5
Finance lease right-of-use-asset	101		121
Licenses	235		235
Less: Accumulated depreciation	(6,753)		(3,730)
Buildings and equipment, net	36,102		37,442
Total property, plant and equipment, net	$	183,769	$	196,611

For the year ended December 31, 2024, the Company recorded $14.5 million and $2.3 million of depreciation expense in Cost of revenues and Selling, general and administrative expense, respectively. For the year ended December 31, 2023, the Company recorded $9.6 million and $1.3 million of depreciation expense in Cost of revenues and Selling, general and administrative expense, respectively.

Aircraft are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. In 2023, the Company noted that increasing maintenance costs associated with one of our Twin Commander aircraft indicated that this aircraft was not a viable contract operating plane, resulting in anticipated cash flow losses as a result of being unable to generate revenues from this aircraft. The Company believed the lack of cash flow and continued maintenance expenditures render the carrying amount of the aircraft unrecoverable. For the year ended December 31, 2024, the Company recorded no impairment charges. For the year ended December 31, 2023, associated impairment charges of $2.4 million in Selling, general and administrative expense in the Consolidated Statements of Operations.

For the years ended December 31, 2024 and 2023, the Company recorded losses on disposals of assets of $0.4 million and $1.2 million, respectively, in Selling, general and administrative expense in the Consolidated Statements of Operations.

For the years ended December 31, 2024 and 2023, capitalized interest to equipment from debt financing was zero and $1.2 million, respectively.