HARBOR DIVERSIFIED, INC.

CIK:0000899394|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating Revenues
Total Operating Revenues	$ 60,243	$ 43,657
Operating Expenses
Payroll and related costs	27,736	31,508
Aircraft fuel and oil	202	52
Aircraft maintenance, materials and repairs	10,592	12,118
Other rents	1,119	1,696
Depreciation, amortization and obsolescence	2,610	6,355
Purchased services and other	3,622	2,862
Total Operating Expenses	45,881	54,591
Income (Loss) from Operations	14,362	(10,934)
Other Income (Expense)
Interest and dividend income	811	755
Interest expense	(3)	0
Gain on marketable securities and long-term restricted investments (SESP)	1,629	379
Other, net	(45)	(1)
Total Other Income	2,392	1,133
Net Income (Loss) Before Taxes	16,754	(9,801)
Income Tax Expense (Benefit)	273	(234)
Net Income (Loss)	16,481	(9,567)
Preferred stock dividends	0	466
Net Income (Loss) Available to Common Stockholders	$ 16,481	$ (10,033)
Basic Income (Loss) Per Share (in dollars per share)	$ 0.28	$ (0.23)
Diluted Income (Loss) Per Share (in dollars per share)	$ 0.28	$ (0.23)
Weighted Average Common Shares:
Basic (in shares)	58,453,802	42,888,337
Diluted (in shares)	58,453,802	42,888,337
Contract revenues
Operating Revenues
Total Operating Revenues	$ 60,241	$ 43,655
Contract services and other
Operating Revenues
Total Operating Revenues	$ 2	$ 2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash Flows from Operating Activities
Net income (loss)	$ 16,481	$ (9,567)
Adjustments to reconcile net cash provided by (used in) operating activities:
Depreciation, amortization and obsolescence allowance	2,610	6,355
Amortization of engine overhauls	630	832
Deferred income taxes	283	(234)
(Gain) loss on disposition of property and equipment	0	(4)
Gain on marketable securities	(1,777)	(119)
Changes in operating assets and liabilities:
Receivables, net	523	1,853
Sales lease receivable	58	33
Spare parts and supplies	279	(1,599)
Prepaid expenses and other	189	(37)
Operating lease right-of-use asset	61	57
Accounts payable	120	2,311
Accrued payroll and employee benefits	(1,434)	(355)
Other accrued expenses	58	71
Contract liabilities	(4,826)	106
Income taxes payable	(300)	0
Other long-term liabilities	(363)	(225)
Net Cash Provided by (Used in) Operating Activities	12,592	(522)
Cash Flows from Investing Activities
Additions to property and equipment	(22)	(1,563)
Proceeds on disposition of property and equipment	0	4
Purchase of marketable securities and long-term restricted investments (SESP)	(500)	(537)
Sale of marketable securities and long-term restricted investments (SESP)	13	107
Net Cash Used in Investing Activities	(509)	(1,989)
Cash Flows from Financing Activities
Dividends paid on preferred stock	0	(466)
Repurchased stock	(46)	(992)
Net Cash Used in Financing Activities	(46)	(1,458)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	12,037	(3,969)
Cash, Cash Equivalents and Restricted Cash, beginning of period	15,619	21,531
Cash, Cash Equivalents and Restricted Cash, end of period	$ 27,656	$ 17,562

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2025

Dec. 31, 2024

Current Assets

Cash and cash equivalents

$ 27,070

$ 14,952

Restricted cash

586

667

Marketable securities

99,256

97,018

Receivables, net

6,857

7,380

Sales lease receivable, net

479

470

Spare parts and supplies, net

5,120

5,399

Contract costs

146

Contract assets, net

636

Prepaid expenses and other

1,703

1,891

Total Current Assets

141,711

127,923

Property and Equipment

Flight property and equipment

257,131

257,280

Ground property and equipment

8,872

8,858

Less accumulated depreciation and amortization

(220,861)

(217,938)

Net Property and Equipment

45,142

48,200

Long-Term Assets

Operating lease right-of-use asset

5,248

6,233

Intangibles

5,300

Long-term lease receivable, net

993

1,060

Long-term investments

4,275

Long-term restricted investments (SESP)

3,680

3,797

Other

7,661

7,662

Total Long-Term Assets

27,157

28,327

Total Assets

214,010

204,450

Current Liabilities

Accounts payable

13,684

13,557

Accrued payroll and employee benefits

10,981

12,415

Current portion of operating lease liability

2,002

2,934

Other accrued expenses

119

Contract liabilities, net

4,190

Income taxes payable

312

Total Current Liabilities

26,798

33,469

Long-Term Liabilities

Long-term promissory note

4,275

Deferred tax liability

840

557

Long-term operating lease liability

1,256

1,237

Long-term deferred compensation (SESP)

3,680

3,823

Other

1,915

2,278

Total Long-Term Liabilities

11,966

12,170

Total Liabilities

38,764

45,639

Commitments and Contingencies (Note 6)

Stockholders’ Equity

Common Stock, $0.01 par value per share, 100,000,000 shares authorized, 71,981,140 shares issued at March 31, 2025 and December 31, 2024, 58,429,836 shares outstanding at March 31, 2025 and 58,493,761 shares outstanding at December 31, 2024

720

Additional paid-in capital

285,573

Retained deficit

(89,413)

(105,894)

Treasury stock

(21,634)

(21,588)

Total Stockholders’ Equity

175,246

158,811

Total Liabilities and Stockholders' Equity

^[1]

$ 214,010

$ 204,450

[1]	1As of March 31, 2024, the Series C Convertible Redeemable Preferred Stock was classified as Mezzanine Equity. For additional information, please refer to Note 9, Earning per Share and Equity.