- Full-year net loss improved by $28.8 million versus the prior year to $(27.3) million in FY 2024; Adjusted EBITDA improved by $17.8 million versus the prior year to $1.2 million in FY 2024(1)
- Full-year Passenger Segment Adjusted EBITDA of $3.6 million in 2024 represents an $8.6 million increase versus the prior year
- Q4 revenue increased 14.5% versus the prior year to $54.4 million in 2024. Excluding Canada, which we exited in August 2024, revenue increased 22.1% versus the prior year period(1)
- Net loss improved by $24.1 million versus the prior year to $(9.8) million in Q4 2024; Adjusted EBITDA improved by $4.9 million versus the prior year to $(0.4) million in Q4 2024(1)
- Medical Segment Adjusted EBITDA improved 119.6% to $5.5 million in Q4 2024 versus the prior year
- Reaffirming guidance for double-digit millions of Adjusted EBITDA in 2025(2)
| GAAP FINANCIAL RESULTS (in thousands except percentages, unaudited) | |||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||
| Revenue | $ | 54,357 | $ | 47,478 | 14.5 | % | $ | 248,693 | $ | 225,180 | 10.4 | % | |||||||||
| Cost of revenue | $ | 41,768 | $ | 38,468 | 8.6 | % | $ | 189,774 | $ | 183,058 | 3.7 | % | |||||||||
| Software development | 743 | 988 | (24.8 | )% | 3,184 | 4,627 | (31.2 | )% | |||||||||||||
| General and administrative | 18,954 | 41,242 | (54.0 | )% | 81,711 | 95,174 | (14.1 | )% | |||||||||||||
| Selling and marketing | 1,264 | 2,413 | (47.6 | )% | 7,950 | 10,438 | (23.8 | )% | |||||||||||||
| Total operating expenses | $ | 62,729 | $ | 83,111 | (24.5 | )% | $ | 282,619 | $ | 293,297 | (3.6 | )% | |||||||||
| Loss from operations | $ | (8,372 | ) | $ | (35,633 | ) | (76.5 | )% | $ | (33,926 | ) | $ | (68,117 | ) | (50.2 | )% | |||||
| Net loss | $ | (9,793 | ) | $ | (33,941 | ) | (71.1 | )% | $ | (27,307 | ) | $ | (56,076 | ) | (51.3 | )% | |||||
| Gross profit | $ | 9,026 | $ | 4,105 | 119.9 | % | $ | 40,652 | $ | 22,458 | 81.0 | % | |||||||||
| Gross margin | 16.6 | % | 8.6 | % | 800bps | 16.3 | % | 10.0 | % | 630bps | |||||||||||
(2) We have not reconciled the forward-looking Adjusted EBITDA guidance included above to the most directly comparable GAAP measure because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), transaction-related expenses, certain fair value measurements, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.
| NON-GAAP(1) FINANCIAL RESULTS
(in thousands except percentages, unaudited) | |||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||
| 2024 | 2023 | Change | 2024 | 2023 | % Change | ||||||||||||||||
| Revenue | $ | 54,357 | $ | 47,478 | 14.5 | % | $ | 248,693 | $ | 225,180 | 10.4 | % | |||||||||
| Cost of revenue | 41,768 | 38,468 | 8.6 | % | 189,774 | 183,058 | 3.7 | % | |||||||||||||
| Flight Profit | 12,589 | 9,010 | 39.7 | % | 58,919 | 42,122 | 39.9 | % | |||||||||||||
| Flight Margin | 23.2 | % | 19.0 | % | 418bps | 23.7 | % | 18.7 | % | 499bps | |||||||||||
| Adjusted SG&A | 13,618 | 14,338 | (5.0 | )% | 59,388 | 58,989 | 0.7 | % | |||||||||||||
| Depreciation included in cost of revenue | 642 | 80 | NM(2) | 1,674 | 234 | NM(2) | |||||||||||||||
| Adjusted EBITDA | $ | (387 | ) | $ | (5,248 | ) | (92.6 | )% | $ | 1,205 | $ | (16,633 | ) |
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