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Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Mar. 31, 2025
Mar. 31, 2024
Operating revenues:        
Contract revenue $ 94,747 $ 131,582 $ 197,980 $ 250,359
Operating expenses:        
Flight operations 36,197 49,329 71,470 101,147
Maintenance 43,539 44,272 90,066 92,899
Aircraft rent 1,324 1,408 2,940 2,612
General and administrative 11,484 11,133 21,003 23,142
Depreciation and amortization 5,955 9,823 13,934 23,116
Asset impairment 46,173 2,659 111,838 43,043
Loss on sale of assets 7,706   54,397 150
(Gain) on extinguishment of debt       (2,954)
Other operating expenses (379) 1,315 381 4,159
Total operating expenses 151,999 119,939 366,029 287,164
Operating (loss) income (57,252) 11,643 (168,049) (36,805)
Other (expense) income, net:        
Interest expense (5,334) (10,640) (12,398) (21,800)
Interest income 24 14 41 28
Gain on investments   7,230   7,230
Unrealized loss on investments, net (11) (6,499) (53) (4,048)
Gain on debt forgiveness   10,500 4,500 10,500
Other income (expense), net 79 (516) (2,820) (359)
Total other (expense) income, net (5,242) 89 (10,730) (8,449)
(Loss) income before taxes (62,494) 11,732 (178,779) (45,254)
Income tax (benefit)/expense (3,863) 72 (5,591) 936
Net (loss) income and comprehensive (loss) income $ (58,631) $ 11,660 $ (173,188) $ (46,190)
Net (loss) income per share attributable to common shareholders        
Basic $ (1.42) $ 0.28 $ (4.19) $ (1.13)
Diluted $ (1.42) $ 0.28 $ (4.19) $ (1.13)
Weighted-average common shares outstanding        
Basic 41,334 41,068 41,333 41,004
Diluted 41,334 41,068 41,333 41,004
Contract Revenue        
Operating revenues:        
Contract revenue $ 68,423 $ 113,820 $ 149,101 $ 214,920
Pass Through and Other Revenue        
Operating revenues:        
Contract revenue $ 26,324 $ 17,762 $ 48,879 $ 35,439