Segment And Geographic Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment And Geographic Information

NOTE 23 – SEGMENT AND GEOGRAPHIC INFORMATION

The Company operates as a single operating segment. Our revenues are primarily derived from aerial wildfire management, relief and suppression and the delivery of specialty aviation services. The Company’s Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”), who reviews the financial performance of the Company on a consolidated basis. The CODM uses consolidated revenues and Adjusted EBITDA to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow revenues and operating margin and the allocation of budget between cost of revenues and selling, general & administrative expenses.

The following table presents selected financial information with respect to the Company’s single operating segment for the years ended December 31, 2024 and 2023:

	For the years ended December 31,
($s in thousands)	2024		2023
Revenues	$	98,613	$	66,708
Cost of revenues:
Flight operations	31,016		24,412
Maintenance	26,459		16,928
Total cost of revenues	57,475		41,340
Gross income	41,138		25,368
Depreciation and amortization	17,451		11,089
Selling, general and administrative expense	18,369		71,774
Operating income (loss)	5,318		(57,495)
Interest income	191		1,637
Interest expense	(23,714)		(23,218)
Other income	1,876		1,416
Loss before income taxes	(16,329)		(77,660)
Income tax benefit	762		302
Net loss	$	(15,567)	$	(77,358)

See the Consolidated Financial Statements for other financial information regarding the Company’s operating segment.

The CODM evaluates the Company’s financial performance based on key metrics, including revenue growth, operating income, and Adjusted EBITDA. These metrics are reviewed regularly to assess the efficiency and profitability of the Company’s operations. Additionally, significant expenses, such as cost of revenues and selling, general & administrative expenses, are closely monitored as part of the performance evaluation and resource allocation process.

Total United States revenues were $88.5 million and $49.5 million for the years ended December 31, 2024 and 2023, respectively. Refer to “Note 2 – Summary of Significant Accounting Policies” included in this Annual Report on Form 10-K for additional information about revenue by geographic location. The Company had two customers who individually accounted for 61% and 12% of total revenues for the year ended December 31, 2024, and three customers who individually accounted for 65%, 12% and 11% of total revenues for the year ended December 31, 2023.

The Company's long-lived tangible assets, as well as the Company's operating lease right-of-use assets recognized on the Consolidated Balance Sheets were located as follows:

	As of December 31,
($s in thousands)	2024		2023
United States	$	190,560	$	203,759
Spain	2,017		1,117