HARBOR DIVERSIFIED, INC.
CIK:0000899394|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Cash Flows from Operating Activities | ||
| Net income (loss) | $ 30 | $ (17,175) |
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
| Depreciation, amortization and obsolescence allowance | 8,916 | 26,051 |
| Amortization of engine overhauls | 1,310 | 3,527 |
| Deferred income taxes | (6,529) | (1,426) |
| Gain on disposal of fixed assets | (14,937) | (648) |
| Gain on marketable securities | (2,027) | (1,015) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 4,225 | (1,788) |
| Sales lease receivable | 578 | 394 |
| Spare parts and supplies | 453 | (589) |
| Prepaid expenses and other | (363) | 613 |
| Operating lease right-of-use asset | 211 | 228 |
| Accounts payable | (9,532) | 2,510 |
| Accrued payroll and employee benefits | (5,916) | 920 |
| Other accrued expenses | 2 | (6) |
| Income taxes payable | (312) | 312 |
| Contract liabilities | (4,190) | 1,106 |
| Payments under Deferred compensation liability (SESP) | (3,226) | 0 |
| Other long-term liabilities | (992) | 271 |
| Net Cash (Used in) Provided by Operating Activities | (32,299) | 13,285 |
| Cash Flows from Investing Activities | ||
| Additions to property and equipment | (494) | (2,900) |
| Proceeds on disposition of property and equipment | 16,044 | 839 |
| Purchase of marketable securities | (4,303) | (9,232) |
| Sale of marketable securities | 19,586 | 5,954 |
| Net Cash Provided by (Used in) Investing Activities | 30,833 | (5,339) |
| Cash Flows from Financing Activities | ||
| Dividends paid on preferred stock | 0 | (1,092) |
| Series C stock redemption | 0 | (10,710) |
| Repurchase of common stock | (46) | (2,056) |
| Net Cash Used in Financing Activities | (46) | (13,858) |
| Decrease in Cash, Cash Equivalents and Restricted Cash | (1,512) | (5,912) |
| Cash, Cash Equivalents and Restricted Cash, beginning of year | 15,619 | 21,531 |
| Cash, Cash Equivalents and Restricted Cash, end of year | $ 14,107 | $ 15,619 |
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Current Assets | ||||
| Cash and cash equivalents | $ 13,517 | $ 14,952 | ||
| Restricted cash | 590 | 667 | ||
| Marketable securities | 37,041 | 97,018 | ||
| Due from broker | 49,921 | 0 | ||
| Receivables, net | 3,155 | 7,380 | ||
| Short-term restricted investments (SESP) | 1,127 | 0 | ||
| Sales lease receivable, net | 952 | 470 | ||
| Spare parts and supplies, net | 4,946 | 5,399 | ||
| Contract costs | 0 | 146 | ||
| Prepaid expenses and other | 1,276 | 1,891 | ||
| Total Current Assets | 112,525 | 127,923 | ||
| Property and Equipment | ||||
| Flight property and equipment | 233,686 | 257,280 | ||
| Ground property and equipment | 8,787 | 8,858 | ||
| Less accumulated depreciation and amortization | (204,936) | (217,938) | ||
| Net Property and Equipment | 37,537 | 48,200 | ||
| Other Assets | ||||
| Operating lease right-of-use asset | 3,123 | 6,233 | ||
| Intangibles | 5,300 | 5,300 | ||
| Long-term sales lease receivable, net | 0 | 1,060 | ||
| Long-term deferred tax asset | 5,972 | 0 | ||
| Long-term investments | 4,275 | 4,275 | ||
| Long-term restricted investments | 0 | 3,797 | ||
| Other | 8,640 | 7,662 | ||
| Total Other Assets | 27,310 | 28,327 | ||
| Total Assets | 177,372 | 204,450 | ||
| Current Liabilities | ||||
| Accounts payable | 4,021 | 13,557 | ||
| Accrued payroll and employee benefits | 6,499 | 12,415 | ||
| Deferred compensation liability (SESP) | 1,127 | 0 | ||
| Current portion of operating lease liability | 645 | 2,934 | ||
| Other accrued expenses | 63 | 61 | ||
| Contract liabilities, net | 0 | 4,190 | ||
| Income taxes payable | 0 | 312 | ||
| Total Current Liabilities | 12,355 | 33,469 | ||
| Other Liabilities | ||||
| Long-term promissory note | 4,275 | 4,275 | ||
| Deferred tax liability | 0 | 557 | ||
| Long-term operating lease liability | 661 | 1,237 | ||
| Long-term deferred compensation (SESP) | 0 | 3,823 | ||
| Other | 1,286 | 2,278 | ||
| Total Long-Term Liabilities | 6,222 | 12,170 | ||
| Commitments and Contingencies (Note 7) | ||||
| Stockholders’ Equity | ||||
| Common Stock, $0.01 par value, 100,000,000 authorized; 71,981,140 shares issued at December 31, 2025 and December 31, 2024, and 58,429,836 and 58,493,761 shares outstanding at December 31, 2025 and December 31, 2024, respectively. | 720 | 720 | ||
| Additional paid-in capital | 285,573 | 285,573 | ||
| Retained deficit | (105,864) | (105,894) | ||
| Treasury stock | (21,634) | (21,588) | ||
| Total Stockholders’ Equity | 158,795 | 158,811 | ||
| Total Liabilities and Stockholders’ Equity | [1] | $ 177,372 | $ 204,450 | |
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