Quarterly report [Sections 13 or 15(d)]

Revenue

v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregated Revenue

Disaggregated revenue by product line and segment was as follows:

 Three Months Ended June 30, Six Months Ended June 30,
2025 2024 2025 2024
Passenger Segment
Short Distance
 $ 17,195  $ 20,908  $ 26,475  $ 30,718 
Jet and Other 8,498  8,696  17,576  14,374 
Total $ 25,693  $ 29,604  $ 44,051  $ 45,092 
Medical Segment
MediMobility Organ Transport $ 45,108  $ 38,341  $ 81,056  $ 74,367 
Total $ 45,108  $ 38,341  $ 81,056  $ 74,367 
Total Revenue
 $ 70,801  $ 67,945  $ 125,107  $ 119,459 
Contract Liabilities

Contract liabilities are defined as entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. As of June 30, 2025 and December 31, 2024, the Company’s contract liability balance is $9,112 and $6,656 respectively, and is recorded as deferred revenue on its
unaudited interim condensed consolidated balance sheets. This balance consists of payments from customers received in advance of the actual flight, prepaid monthly and annual flight passes, customer credits for flight reservations that were cancelled for good reason by the customer, and prepaid gift card obligations. Customers have one year to use the credit as payment for a future flight with the Company.

The table below presents a roll forward of the contract liability balance:

Six Months Ended June 30,
2025 2024
Balance, beginning of period $ 6,656  $ 6,845 
Additions 32,981  34,423 
Revenue recognized (30,525) (32,002)
Balance, end of period $ 9,112  $ 9,266 
For the six months ended June 30, 2025, the Company recognized $5,209 of revenue that was included in the contract liability balance as of January 1, 2025. For the six months ended June 30, 2024, the Company recognized $3,432 of revenue that was included in the contract liability balance as of January 1, 2024.
The Company’s quarterly financial data is subject to seasonal fluctuations. Historically, its second and third quarter (ended on June 30 and September 30, respectively) financial results have reflected higher Passenger travel demand and were better than the first and fourth quarter financial results.