Revenue: As of FY2026 Q1, the actual value is USD 8.512 M.

EPS: As of FY2026 Q1, the actual value is USD -0.69.

EBIT: As of FY2026 Q1, the actual value is USD -19.12 M.

The company operates as a single segment, focusing on aerial wildfire surveillance, relief, suppression, and airframe modification and integration solutions .

Revenue by Service Offering

• Total revenues for the three months ended March 31, 2026, were $8,512 thousand, representing a 46% decrease from $15,646 thousand in the prior year period .
• Fire Suppression: Revenue decreased by 61% to $2,265 thousand in 2026 from $5,783 thousand in 2025, primarily due to fewer flight hours for Super Scoopers .
• Aerial Surveillance: Revenue decreased by 8% to $1,581 thousand in 2026 from $1,711 thousand in 2025, driven by unfavorable rate decreases for surveillance aircraft .
• Maintenance, Repair and Overhaul (MRO): Revenue decreased by 41% to $4,648 thousand in 2026 from $7,890 thousand in 2025, mainly due to a decrease in return-to-service work on Spanish Scoopers .
• Other Services: Revenue decreased by 93% to $18 thousand in 2026 from $262 thousand in 2025, primarily due to the absence of third-party training and flight operations services .

Revenue by Geographic Area

• United States: Revenue decreased by 30% to $6,819 thousand in 2026 from $9,737 thousand in 2025, primarily due to decreased Super Scooper flight hours .
• Spain: Revenue decreased by 71% to $1,693 thousand in 2026 from $5,909 thousand in 2025, mainly due to reduced return-to-service work on Spanish Scoopers .

Operational Metrics

• Net Loss: The company reported a net loss of -$31,304 thousand for the three months ended March 31, 2026, an increase from -$15,538 thousand in the prior year period .
• Cost of Revenues: Total cost of revenues decreased by 1% to $17,048 thousand in 2026 from $17,207 thousand in 2025 .
  • Flight Operations: Expenses increased by 5% to $6,561 thousand in 2026 from $6,252 thousand in 2025 .
  • Maintenance: Expenses decreased by 4% to $10,487 thousand in 2026 from $10,955 thousand in 2025 .
• Gross Loss: The gross loss increased significantly to -$8,536 thousand in 2026 from -$1,561 thousand in 2025 .
• Selling, General and Administrative Expense: Expenses increased by 95% to -$16,730 thousand in 2026 from -$8,590 thousand in 2025 .
• Interest Expense: Interest expense increased by 7% to -$6,150 thousand in 2026 from -$5,735 thousand in 2025 .
• Other Income: Other income decreased by 77% to $140 thousand in 2026 from $599 thousand in 2025 .
• Income Tax Expense: Income tax expense decreased by 89% to -$28 thousand in 2026 from -$251 thousand in 2025 .
• EBITDA: EBITDA was -$23,076 thousand for the three months ended March 31, 2026, compared to -$7,572 thousand in the prior year .
• Adjusted EBITDA: Adjusted EBITDA was -$14,481 thousand for the three months ended March 31, 2026, compared to -$5,077 thousand in the prior year .
• Net Loss Margin: Net loss margin was -368% in 2026, compared to -99% in 2025 .
• Adjusted EBITDA Margin: Adjusted EBITDA margin was -170% in 2026, compared to -32% in 2025 .

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities was -$21,117 thousand for the three months ended March 31, 2026, compared to -$17,656 thousand in the prior year period .
• Net Cash Used in Investing Activities: Net cash used in investing activities was -$5,985 thousand for the three months ended March 31, 2026, compared to -$2,643 thousand in the prior year period . This includes $5,700 thousand for property, plant, and equipment purchases and $300 thousand for capitalized costs for in-process research and development .
• Net Cash Provided by (Used in) Financing Activities: Net cash provided by financing activities was $4,763 thousand for the three months ended March 31, 2026, mainly from a $6,000 thousand drawdown of the Revolver, partially offset by $700 thousand in debt repayments and $500 thousand in taxes for equity award settlements . This compares to net cash used of -$1,159 thousand in the prior year period .
• Cash and Cash Equivalents: As of March 31, 2026, cash and cash equivalents were $9,000 thousand, a decrease from $31,381 thousand as of December 31, 2025 .

Unique Metrics

• Aircraft Fleet: As of March 31, 2026, the company’s fleet totaled 21 aircraft, including 6 CL-415EAF, 2 Canadair CL-215T, 6 Pilatus PC-12 (3 owned, 3 leased), 4 Daher Kodiak 100, 2 Beechcraft King Air 350, and 1 Twin Commander .
• Customer Concentration: For the three months ended March 31, 2026, three customers accounted for 28%, 20%, and 17% of total revenues . For trade accounts receivable as of March 31, 2026, three customers accounted for 43%, 18%, and 14% .
• Remaining Performance Obligations: As of March 31, 2026, unsatisfied performance obligations totaled $10,400 thousand, with 98% expected to be recognized within the next twelve months .
• ATM Offering: As of May 4, 2026, $100,000 thousand remains available for potential future sales under the ATM Agreement .
• Warrants: The company has 9,400,000 private placement warrants and 17,249,874 public warrants outstanding; however, the company does not rely on these for liquidity due to the common stock market price being below the $11.50 exercise price .

Future Outlook and Strategy

The company plans continued significant investments in capital expenditures to expand integrated response solutions . Management expects current cash, operating cash flow, and available borrowing capacity to fund operations for the next twelve months . The October 2025 debt refinancing is believed to have improved liquidity, reduced near-term refinancing risk, and supports long-term growth, with the company anticipating compliance with financial covenants in future periods .