AerSale (ASLE) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2024	Aug. 05, 2024
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-38801
Entity Registrant Name	AerSale Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-3976002
Entity Address, Address Line One	255 Alhambra Circle, Suite 435
Entity Address, City or Town	Coral Gables
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	764-3200
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	ASLE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,207,348
Entity Central Index Key	0001754170
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,285	$ 5,873
Accounts receivable, net of allowance for credit losses of $978 as of June 30, 2024 and December 31, 2023	37,266	31,239
Income tax receivable	1,700	1,628
Inventory:
Aircraft, airframes, engines, and parts, net	221,371	177,770
Advance vendor payments	13,589	35,757
Deposits, prepaid expenses, and other current assets	17,617	12,507
Total current assets	295,828	264,774
Fixed assets:
Aircraft and engines held for lease, net	31,491	26,475
Property and equipment, net	32,683	27,692
Inventory:
Aircraft, airframes, engines, and parts, net	157,442	151,398
Operating lease right-of-use assets	26,022	27,519
Deferred income taxes	12,032	12,203
Deferred financing costs, net	1,342	1,506
Deferred customer incentives and other assets, net	525	525
Goodwill	19,860	19,860
Other intangible assets, net	21,469	21,986
Total assets	598,694	553,938
Current liabilities:
Accounts payable	29,388	29,899
Accrued expenses	6,360	5,478
Lessee and customer purchase deposits	644	1,467
Current operating lease liabilities	4,237	4,593
Current portion of long-term debt	93	1,278
Deferred revenue	2,286	2,998
Total current liabilities	43,008	45,713
Revolving credit facility	80,955	29,000
Long-term debt	522	7,281
Long-term lease deposits	767	102
Long-term operating lease liabilities	23,315	24,377
Maintenance deposit payments and other liabilities	59	64
Warrant liability	269	2,386
Total liabilities	148,895	108,923
Stockholders' equity:
Common stock, $0.0001 par value. Authorized 200,000,000 shares; issued and outstanding 53,084,214 and 52,954,430 shares as of June 30, 2024 and December 31, 2023	5	5
Additional paid-in capital	313,883	311,739
Retained earnings	135,911	133,271
Total stockholders' equity	449,799	445,015
Total liabilities and stockholders' equity	$ 598,694	$ 553,938

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Condensed Consolidated Balance Sheets
Allowance for credit losses	$ 978	$ 978
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	53,084,214	52,954,430
Common Stock, Shares, Outstanding	53,084,214	52,954,430

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Total revenue	$ 77,101	$ 69,326	$ 167,641	$ 147,597
Cost of sales and operating expenses:
Total cost of sales	55,381	49,186	117,125	103,066
Gross profit	21,720	20,140	50,516	44,531
Selling, general, and administrative expenses	23,572	27,097	47,705	52,321
(Loss) income from operations	(1,852)	(6,957)	2,811	(7,790)
Other (expenses) income:
Interest (expense) income, net	(1,528)	381	(2,463)	1,428
Other income, net	102	138	271	371
Change in fair value of warrant liability	138	1,393	2,117	1,059
Total other (expenses) income	(1,288)	1,912	(75)	2,858
(Loss) income before income tax provision	(3,140)	(5,045)	2,736	(4,932)
Income tax (expense) benefit	(497)	2,357	(96)	2,249
Net (loss) income	$ (3,637)	$ (2,688)	$ 2,640	$ (2,683)
(Loss) earnings per share:
Basic (in dollars per share)	$ (0.07)	$ (0.05)	$ 0.05	$ (0.05)
Diluted (in dollars per share)	$ (0.07)	$ (0.08)	$ 0.05	$ (0.07)
Weighted average shares outstanding:
Basic (in shares)	53,029,359	51,227,484	53,010,425	51,217,990
Diluted (in shares)	53,029,359	51,404,653	53,111,439	51,417,889
Product
Revenue:
Total revenue	$ 43,298	$ 37,623	$ 104,908	$ 83,118
Cost of sales and operating expenses:
Total cost of sales	28,531	26,931	68,150	58,479
Leasing
Revenue:
Total revenue	4,286	3,286	7,368	8,908
Cost of sales and operating expenses:
Total cost of sales	1,894	1,079	3,087	2,202
Services
Revenue:
Total revenue	29,517	28,417	55,365	55,571
Cost of sales and operating expenses:
Total cost of sales	$ 24,956	$ 21,176	$ 45,888	$ 42,385

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common stock	Additional paid-in capital	Retained earnings	Total
Balance at beginning at Dec. 31, 2022	$ 5	$ 306,141	$ 138,834	$ 444,980
Balance at beginning (in shares) at Dec. 31, 2022	51,189,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		2,731		2,731
Shares issued under the 2020 Equity Incentive Plan (in shares)	31,925
Shares surrendered for tax withholdings on equity awards		(70)		(70)
Net Income (Loss)			5	5
Balance at ending at Mar. 31, 2023	$ 5	308,802	138,839	447,646
Balance at ending (in shares) at Mar. 31, 2023	51,221,386
Balance at beginning at Dec. 31, 2022	$ 5	306,141	138,834	444,980
Balance at beginning (in shares) at Dec. 31, 2022	51,189,461
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)				(2,683)
Balance at ending at Jun. 30, 2023	$ 5	312,108	136,151	448,264
Balance at ending (in shares) at Jun. 30, 2023	51,250,407
Balance at beginning at Dec. 31, 2022	$ 5	306,141	138,834	444,980
Balance at beginning (in shares) at Dec. 31, 2022	51,189,461
Balance at ending at Dec. 31, 2023	$ 5	311,739	133,271	445,015
Balance at ending (in shares) at Dec. 31, 2023	52,954,430
Balance at beginning at Mar. 31, 2023	$ 5	308,802	138,839	447,646
Balance at beginning (in shares) at Mar. 31, 2023	51,221,386
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		3,028		3,028
Shares issued under the 2020 Equity Incentive Plan (in shares)	7,470
Shares issued under the 2020 Employee Stock Purchase Plan		278		278
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	21,551
Net Income (Loss)			(2,688)	(2,688)
Balance at ending at Jun. 30, 2023	$ 5	312,108	136,151	448,264
Balance at ending (in shares) at Jun. 30, 2023	51,250,407
Balance at beginning at Dec. 31, 2023	$ 5	311,739	133,271	445,015
Balance at beginning (in shares) at Dec. 31, 2023	52,954,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		799		799
Shares issued under the 2020 Equity Incentive Plan (in shares)	54,596
Shares surrendered for tax withholdings on equity awards		(108)		(108)
Net Income (Loss)			6,277	6,277
Balance at ending at Mar. 31, 2024	$ 5	312,430	139,548	451,983
Balance at ending (in shares) at Mar. 31, 2024	53,009,026
Balance at beginning at Dec. 31, 2023	$ 5	311,739	133,271	445,015
Balance at beginning (in shares) at Dec. 31, 2023	52,954,430
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss)				2,640
Balance at ending at Jun. 30, 2024	$ 5	313,883	135,911	449,799
Balance at ending (in shares) at Jun. 30, 2024	53,084,214
Balance at beginning at Mar. 31, 2024	$ 5	312,430	139,548	451,983
Balance at beginning (in shares) at Mar. 31, 2024	53,009,026
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation		1,144		1,144
Shares issued under the 2020 Equity Incentive Plan (in shares)	26,986
Shares issued under the 2020 Employee Stock Purchase Plan		325		325
Shares issued under the 2020 Employee Stock Purchase Plan (in shares)	48,202
Shares surrendered for tax withholdings on equity awards		(16)		(16)
Net Income (Loss)			(3,637)	(3,637)
Balance at ending at Jun. 30, 2024	$ 5	$ 313,883	$ 135,911	$ 449,799
Balance at ending (in shares) at Jun. 30, 2024	53,084,214

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 2,640	$ (2,683)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	6,434	5,069
Amortization of debt issuance costs	164	225
Amortization of operating lease assets	79	198
Inventory reserve	627	709
Deferred income taxes	171	(1,729)
Change in fair value of warrant liability	(2,117)	(1,059)
Share-based compensation	1,943	5,759
Changes in operating assets and liabilities:
Accounts receivable	(6,027)	(3,615)
Income tax receivable	(72)
Inventory	(56,566)	(134,278)
Deposits, prepaid expenses, and other current assets	(5,110)	4,144
Deferred customer incentives and other assets	(543)	78
Advance vendor payments	22,167	(11,326)
Accounts payable	(509)	4,957
Accrued expenses	795	(3,296)
Deferred revenue	(712)	1,719
Lessee and customer purchase deposits	(158)	6,530
Other liabilities	(6)	(599)
Net cash used in operating activities	(36,800)	(129,197)
Cash flows from investing activities:
Proceeds from sale of assets	3,800	12,700
Acquisition of aircraft and engines held for lease, including capitalized cost	(5,610)
Purchase of property and equipment	(7,190)	(4,814)
Net cash (used in) provided by investing activities	(9,000)	7,886
Cash flows from financing activities:
Proceeds from long-term debt	615	8,559
Repayments of long-term debt	(8,559)
Proceeds from revolving credit facility	106,936
Repayments of revolving credit facility	(54,981)
Taxes paid related to net share settlement of equity awards	(124)	(70)
Proceeds from the issuance of Employee Stock Purchase Plan shares	325	278
Net cash provided by financing activities	44,212	8,767
Decrease in cash and cash equivalents	(1,588)	(112,544)
Cash and cash equivalents, beginning of period	5,873	147,188
Cash and cash equivalents, end of period	4,285	34,644
Supplemental disclosure of cash activities
Income tax payments, net	73	1,276
Interest paid	2,435	286
Supplemental disclosure of noncash investing activities
Reclassification of aircraft and aircraft engines inventory to (from) aircraft and engine held for lease, net	$ 2,494	$ 3,711

DESCRIPTION OF THE BUSINESS

DESCRIPTION OF THE BUSINESS	6 Months Ended
	Jun. 30, 2024
DESCRIPTION OF THE BUSINESS
DESCRIPTION OF THE BUSINESS	NOTE A — DESCRIPTION OF THE BUSINESS Organization Monocle Acquisition Corporation (“Monocle”) was initially formed on August 20, 2018 for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses. ​ On December 22, 2020, Monocle consummated the previously announced business combination pursuant to that certain Amended and Restated Agreement and Plan of Merger, dated September 8, 2020 (the “Merger Agreement”) by and among Monocle, AerSale Corporation (f/k/a Monocle Holdings Inc.), a Delaware corporation (the “Company”), AerSale Aviation, Inc. (f/k/a AerSale Corp.), a Delaware corporation (“AerSale Aviation”), Monocle Merger Sub 1 Inc., a Delaware corporation (“Merger Sub 1”), Monocle Merger Sub 2 LLC, a Delaware limited liability company (“Merger Sub 2”), and Leonard Green & Partners, L.P., a Delaware limited partnership, solely in its capacity as the initial Holder Representative (as defined in the Merger Agreement). The transactions contemplated by the Merger Agreement are referred to herein as the “Merger” or the “Business Combination” and in connection therewith, Monocle merged with and into us, whereby we survived the Merger and became the successor issuer to Monocle by operation of Rule 12g-3 under the Exchange Act. ​ Upon the consummation of the Merger: (a) Merger Sub 1 was merged with and into Monocle, with Monocle surviving the Merger as a wholly-owned direct subsidiary of the Company (the “First Merger”), and (b) Merger Sub 2 was merged with and into AerSale Aviation, with AerSale Aviation surviving the Merger as a wholly-owned indirect subsidiary of the Company (the “Second Merger”). In connection with the closing of the Business Combination (the “Closing”), AerSale Aviation changed its name from “AerSale Corp.” to “AerSale Aviation, Inc.” and the Company changed its name from “Monocle Holdings Inc.” to “AerSale Corporation.” Immediately following the Merger, the Company contributed all of its ownership in Monocle to AerSale Aviation which continued as a wholly owned subsidiary of the Company. ​ The Company’s corporate headquarters is based in Miami, Florida, with additional offices, hangars, and warehouses located globally.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared from the books and records of the Company in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (“SEC”), which permits reduced disclosures for interim periods. Although these interim consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes all adjustments, consisting only of normal recurring adjustments, and disclosures necessary for a fair presentation of the accompanying condensed consolidated balance sheets, statements of operations, stockholders’ equity, and cash flows have been made. Unaudited interim results of operations and cash flows are not necessarily indicative of the results that may be expected for the full year. Unaudited interim condensed consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 Revenue Recognition Products Revenue — Used Serviceable Material (“USM”) Sales Revenues from sales of USM are measured based on consideration specified in a contract with a customer, and excludes any sales commissions and taxes collected and remitted to government agencies. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The parts are sold at a fixed price with no right of return. In determining the performance obligation, management has identified the promise in the contract to be the shipment of the spare parts to the customer. Title passes to the buyer when the goods are shipped, and the buyer is responsible for any loss in transit and the Company has a legal right to payment for the spare parts once shipped. We generally sell our USM products under standard 30-day payment terms, subject to certain exceptions. Customers neither have the right to return products nor do they have the right to extended financing. The Company has determined that physical acceptance of the spare parts to be a formality in accordance with Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers (“ASC 606”). Spare parts revenue is based on a set price for a set number of parts as defined in the purchase order. The performance obligation is completed once the parts have shipped and as a result, all of the transaction price is allocated to that performance obligation. The Company has determined that it is appropriate to recognize spare parts sales at a point in time (i.e., the date the parts are shipped) in accordance with ASC 606. Products Revenue — Whole Asset Sales Revenues from whole asset sales are measured based on consideration specified in the contract with the customer. The Company and customer enter into an agreement which outlines the place and date of sale, purchase price, condition of the whole asset, bill of sale and the assignment of rights and warranties from the Company to the customer. The Company has identified the transfer of the whole asset as the performance obligation. The transaction price is set at a fixed dollar amount per fixed quantity (number of whole assets) and is explicitly stated in each contract. Whole asset sales revenue is based on a set price for a set number of assets, which is allocated to the performance obligation discussed above, in its entirety. The Company has determined the date of transfer to the customer is the date the customer obtains control over the asset and would cause the revenue recognition. Payment is required in full upon customers’ acceptance of the whole asset on the date of the transfer, unless the Company extends credit terms to customers it deems creditworthy. Leasing Revenue The Company leases aircraft and engines (“Flight Equipment”) under operating leases that contain monthly base rent and reports rental income straight line over the life of the lease as it is earned. Additionally, the Company’s leases provide for supplemental rent, which is calculated based on actual hours or cycles of utilization and, for certain components, based on the amount of time until maintenance of that component is required. In certain leases, the Company records supplemental rent paid by the lessees as maintenance deposit payments and other liabilities in recognition of the Company’s contractual commitment to reimburse qualifying maintenance. Reimbursements to the lessees upon receipt of evidence of qualifying maintenance work are charged against the existing maintenance deposit payment liabilities. In leases where the Company is responsible for performing certain repairs or replacement of aircraft components or engines, supplemental rent is recorded as revenue in the period earned. In the event of premature lease termination or lessee default on the lease terms, revenue recognition will be discontinued when outstanding balances are beyond the customers’ deposits held. Flight Equipment leases are billed in accordance with the lease agreement and invoices are due upon receipt. Services Revenue Revenues for services are recognized as performance obligations are fulfilled and the benefits are transferred to the customer. At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. In some cases, our service contract with the customer is considered one performance obligation as it includes factors such as the good or service being provided is significantly integrated with other promises in the contract, the service provided significantly modifies or customizes the other good or service or the goods or services are highly interdependent or interrelated with each other. If the contract has more than one performance obligation, the Company determines the standalone price of each distinct good or service underlying each performance obligation and allocates the transaction price based on their relative standalone selling prices. The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. For most service contracts, our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. We receive payments from our customers based on billing schedules or other terms as written in our contracts. For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation. We are required to make certain judgments and estimates, including estimated revenue and costs, as well as inflation and the overall profitability of the arrangement. Key assumptions involved include future labor costs and efficiencies, overhead costs and ultimate timing of product delivery. Differences may occur between the judgments and estimates made by management and actual program results. Under most of our maintenance, repair and overhaul (“MRO”) contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered, fair compensation for work performed, the costs of settling and paying other claims and a reasonable profit on the costs incurred or committed. Changes in estimates and assumptions related to our arrangements accounted for using the input method based on labor hours are recorded using the cumulative catchup method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide MRO services. We have elected to use certain practical expedients permitted under ASC 606. Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales in our condensed consolidated statements of operations, and are not considered a performance obligation to our customers. Our reported revenue on our condensed consolidated statements of operations is net of any sales or related non-income taxes. Revision of Prior Period Financial Statements Certain balances in the condensed consolidated balance sheet as of December 31, 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023, have been reclassified to conform to the presentation in the condensed consolidated financial statements as of and for the three and six months ended June 30, 2024, primarily the reclassification of amounts related to deposits for Flight Equipment purchases from deposits, prepaid expenses, and other current assets to advance vendor payments. Such reclassification did not impact net income (loss), stockholder’s equity or total cash flows from operating activities, and did not have a material impact on the condensed consolidated financial statements. New Accounting Pronouncements Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures, which would require additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our consolidated financial statements.

REVENUE

REVENUE	6 Months Ended
	Jun. 30, 2024
REVENUE
REVENUE	NOTE C — REVENUE The timing of revenue recognition, customer billings, and cash collections results in a contract asset or contract liability at the end of each reporting period. Contract assets consist of unbilled receivables or costs incurred where revenue recognized over time exceeds the amounts billed to customers. We record a receivable when revenue is recognized prior to invoicing and we have an unconditional right to consideration (only the passage of time is required before payment of that consideration is due) and a contract asset when the right to payment is conditional upon our future performance. Contract liabilities include advance payments and billings in excess of revenue recognized. Certain customers make advance payments prior to our satisfaction of our performance obligations on the contract. These amounts are recorded as contract liabilities until such performance obligations are satisfied. Contract assets and contract liabilities are determined on a contract by contract basis. Contract assets are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Change Contract assets ​ $ 4,597 ​ $ 6,474 ​ $ (1,877) ​ Contract assets are reported within deposits, prepaid expenses, and other current assets on our condensed consolidated balance sheets. Changes in contract assets primarily result from the timing difference between the performance of services. Contract liabilities are reported as deferred revenue on our condensed consolidated balance sheets and amounted to $3.0 million as of December 31, 2023, of which $2.7 million was related to contract liabilities for services to be performed. For the three and six months ended June 30, 2024, the Company recognized as revenue $0.1 million and $2.4 million of contract liabilities included in the beginning balance for services performed as the timing between customer payments and our performance of the services is generally no longer than six months. Disaggregation of Revenue The Company reports revenue by segment. The following tables present revenue by segment, as well as a reconciliation to total revenue for the three and six months ended June 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ 2024 2024 ​ ​ Asset Management ​ ​ ​ ​ ​ Asset Management ​ ​ ​ ​ ​ Solutions Tech Ops Total Revenues Solutions TechOps Total Revenues USM ​ $ 19,600 ​ $ 4,118 ​ $ 23,718 ​ $ 37,132 ​ $ 9,493 ​ $ 46,625 Whole asset sales ​ 17,913 ​ - ​ 17,913 ​ 56,561 ​ - ​ 56,561 Engineered solutions ​ - ​ 1,667 ​ 1,667 ​ - ​ 1,722 ​ 1,722 Total products ​ 37,513 ​ 5,785 ​ 43,298 ​ 93,693 ​ 11,215 ​ 104,908 Leasing ​ 4,286 ​ - ​ 4,286 ​ 7,368 ​ - ​ 7,368 Services ​ - ​ 29,517 ​ 29,517 ​ - ​ 55,365 ​ 55,365 Total revenues ​ $ 41,799 ​ $ 35,302 ​ $ 77,101 ​ $ 101,061 ​ $ 66,580 ​ $ 167,641 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ 2023 2023 ​ ​ Asset Management ​ ​ ​ ​ ​ ​ ​ Asset Management ​ ​ ​ ​ ​ ​ ​ Solutions Tech Ops Total Revenues Solutions TechOps Total Revenues USM ​ $ 16,442 ​ $ 3,409 ​ $ 19,851 ​ $ 31,594 ​ $ 5,825 ​ $ 37,419 Whole asset sales ​ ​ 17,343 ​ ​ 218 ​ ​ 17,561 ​ ​ 44,999 ​ ​ 218 ​ ​ 45,217 Engineered solutions ​ - ​ 211 ​ 211 ​ - ​ 482 ​ 482 Total products ​ 33,785 ​ 3,838 ​ 37,623 ​ 76,593 ​ 6,525 ​ 83,118 Leasing ​ 3,286 ​ - ​ 3,286 ​ 8,908 ​ - ​ 8,908 Services ​ - ​ 28,417 ​ 28,417 ​ - ​ 55,571 ​ 55,571 Total revenues ​ $ 37,071 ​ $ 32,255 ​ $ 69,326 ​ $ 85,501 ​ $ 62,096 ​ $ 147,597 ​

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2024
INVENTORY
INVENTORY	NOTE D — INVENTORY Following are the major classes of inventory as of the below dates (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 USM ​ $ 126,807 ​ $ 120,053 Work-in-process ​ ​ 25,028 ​ ​ 22,270 Whole assets ​ ​ 226,978 ​ ​ 186,845 ​ ​ $ 378,813 ​ ​ 329,168 Less short term ​ (221,371) ​ (177,770) Long term ​ $ 157,442 ​ $ 151,398 ​ The Company recorded inventory scrap loss reserves of $0.4 million and $0.9 million for the three and six months ended June 30, 2024, respectively. ​ Our allocation of inventory between short term and long term reflects the inventory’s operating cycle, which is longer than one year due to teardown and repair lead times. Inventory expected to be monetized within 18 months as well as work-in-process are reported under current assets. ​ ​ In April 2024, one of the Company’s leased secondary parts warehouses in Roswell, New Mexico, was destroyed by a fire. Inside the warehouse were various aircraft parts typically sold by AerSale as USM. The replacement value of that inventory, which was also destroyed or rendered not sellable by the fire, is estimated at $52.8 million. AerSale carries insurance covering these parts, with a limit of $50 million and a $10,000 deductible, for which it has submitted a claim. The cost of the destroyed inventory is $6.0 million; accordingly, since the insurance claim has yet to be paid, the Company recorded an impairment of $6.0 million and a $6.0 million non-trade receivable within Deposits, prepaid expenses, and other current assets, in the condensed consolidated balance sheets as of June 30, 2024. The recovery of the $6.0 million claim is deemed to be probable. Pursuant to ASC 450-30, Gain Contingencies, any higher amount than our book value that is to be collected from the insurance claim, will not be recorded until the insurance claim is paid. ​ ​

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE E — INTANGIBLE ASSETS In accordance with ASC 350, Intangibles — Goodwill and Other The Company determined the fair value of assets acquired and liabilities assumed using a variety of methods. An income approach based on discounted cash flows was used to determine the values of our trademarks, certifications, customer relationships and Federal Aviation Administration (“FAA”) certificates. The assumptions the Company used to estimate the fair value of our reporting units are based on historical performance, as well as forecasts used in our current business plan and require considerable management judgment. The Company’s goodwill and intangible assets as defined by ASC 350 is related to our subsidiaries, AerSale Component Solutions (d/b/a AerSale Landing Gear Solutions) (“ALGS”), Avborne Component Solutions (d/b/a AerSale Component Solutions) (“ACS”), and Aircraft Composite Technologies (“ACT”), which are included in the TechOps segment, as well as Qwest Air Parts (“Qwest”), which is included under the Asset Management Solutions segment. See Note L for information about our business segments. Goodwill and other intangible assets, net as of the below dates are (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Qwest: ​ ​ ​ ​ ​ ​ FAA Certifications ​ $ 724 ​ $ 724 Goodwill ​ 13,416 ​ 13,416 ALGS: ​ ​ FAA Certifications ​ 710 ​ 710 Goodwill ​ 379 ​ 379 ACS: ​ ​ Trademarks ​ 600 ​ 600 FAA Certifications ​ 7,300 ​ 7,300 Goodwill ​ 63 ​ 63 ACT: ​ ​ ​ ​ ​ Trademarks ​ 200 ​ 200 FAA Certificates ​ 796 ​ 796 Goodwill ​ 6,002 ​ 6,002 Total intangible assets with indefinite lives ​ $ 30,190 ​ $ 30,190 ​ Intangible assets with definite useful lives are amortized on a straight-line basis over their estimated useful lives. Intangible assets with definite lives as of the below dates are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ ​ ​ ​ ​ ​ In Years ​ June 30, 2024 ​ December 31, 2023 Qwest: ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 10 ​ $ 4,677 ​ $ 5,163 ALGS: ​ ​ ​ ​ ​ Customer relationships ​ 10 ​ 20 ​ 30 ACS: ​ ​ ​ Customer relationships ​ 10 ​ 928 ​ 1,033 ACT: ​ ​ ​ ​ ​ Customer relationships ​ 10 ​ 4,971 ​ 5,430 AerSale: ​ ​ ​ ​ ​ ​ ​ ​ Flight manuals ​ 10 ​ ​ 543 ​ ​ - Total intangible assets with definite lives ​ ​ ​ $ 11,139 ​ $ 11,656 ​ Total amortization expense amounted to $0.5 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively. Total amortization expense amounted to $1.0 million and $1.1 million for the six months ended June 30, 2024 and 2023, respectively. Accumulated amortization amounted to $10.4 million and $9.3 million as of June 30, 2024 and December 31, 2023, respectively. In the first quarter of 2024, the Company identified a triggering event indicating the fair value of one or more of the Company’s reporting units more likely than not did not exceed their carrying values. The triggering event was due to the significant decline in the market price of the Company’s common stock during the quarter. As a result, the Company performed an interim quantitative goodwill impairment test for the Asset Management and ACT reporting units as of March 31, 2024 and determined that the fair values exceeded the carrying values for each reporting unit. Due to the lack of recovery in the stock price during the second quarter of 2024, the Company performed an interim quantitative goodwill impairment test for the Asset Management and ACT reporting units as of June 30, 2024, and determined that the fair values exceeded the carrying values for each reporting unit. As such, the interim quantitative tests did not result in a goodwill impairment for the Company’s reporting units. In addition, the Company performed a qualitative assessment of long-lived assets and concluded it is not more likely than not that long-lived assets are impaired. The fair value determination of the Company’s reporting units and goodwill is judgmental in nature and requires the use of estimates and assumptions that are sensitive to changes. While the Company believes it has made reasonable estimates and assumptions to calculate the fair values of the reporting units, it is possible a material change could occur. As a result, there can be no assurance that the estimates and assumptions made for purposes of the quantitative goodwill and indefinite-lived intangible impairment tests will prove to be an accurate prediction of future results. Other intangible assets are reviewed at least annually or more frequently if any event or change in circumstance indicates that an impairment may have occurred.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET	NOTE F — PROPERTY AND EQUIPMENT, NET Property and equipment, net, as of the below dates consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ ​ ​ ​ ​ ​ In Years ​ June 30, 2024 ​ December 31, 2023 Tooling and equipment 7 ​ $ 16,720 ​ $ 16,024 Furniture and other equipment 5 ​ 12,475 ​ 12,076 Computer software 5 ​ 2,555 ​ 2,374 Leasehold improvements 3 - 10 ​ 21,081 ​ 16,269 Equipment under capital lease 5 ​ - ​ 192 Flight equipment held for R&D ​ 2 ​ ​ 8,368 ​ ​ 7,784 ​ ​ ​ ​ 61,199 ​ 54,719 Less accumulated depreciation ​ ​ ​ (28,516) ​ (27,027) ​ ​ ​ ​ $ 32,683 ​ $ 27,692 ​ Depreciation expense, which includes amortization of equipment under capital lease, amounted to $1.2 million and $0.9 million for the three months ended June 30, 2024 and 2023, respectively. Depreciation expense, which includes amortization of equipment under capital lease, amounted to $2.3 million and $1.8 million for the six months ended June 30, 2024 and 2023, respectively.

LEASE RENTAL REVENUES AND AIRCR

LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE	6 Months Ended
	Jun. 30, 2024
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE	NOTE G — LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE Aircraft and engines held for lease, net, as of the below dates consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Aircraft and engines held for lease ​ $ 62,178 ​ $ 58,136 Less accumulated depreciation ​ (30,687) ​ (31,661) ​ ​ $ 31,491 ​ $ 26,475 ​ Total depreciation expense amounted to $1.9 million and $1.1 million for the three months ended June 30, 2024 and 2023, respectively. Total depreciation expense amounted to $3.1 million and $2.2 million for the six months ended June 30, 2024 and 2023, respectively, and is included in cost of leasing in the condensed consolidated statements of operations. Supplemental rents recognized as revenue totaled $2.3 million and $1.3 million for the three months ended June 30, 2024 and 2023, respectively. Supplemental rents recognized as revenue totaled $3.8 million and $4.5 million for the six months ended June 30, 2024 and 2023, respectively. The Company’s current operating lease agreements for leased Flight Equipment expire over the next three years. The amounts in the following table are based upon the assumption that Flight Equipment under operating leases will remain leased for the length of time specified by the respective lease agreements. Minimum future annual lease rentals contracted to be received under existing operating leases of Flight Equipment were as follows (in thousands): ​ ​ ​ ​ ​ Year ending December 31: ​ ​ Remaining six months of 2024 ​ $ 6,309 2025 ​ ​ 4,713 2026 ​ 3,416 2027 ​ ​ 2,411 Total minimum lease payments ​ $ 16,849 ​

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2024
ACCRUED EXPENSES
ACCRUED EXPENSES	NOTE H — ACCRUED EXPENSES The following is a summary of the components of accrued expenses as of the below dates (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Accrued compensation and related benefits ​ $ 2,989 ​ $ 2,241 Accrued legal fees ​ 588 ​ 854 Commission fee accrual ​ 787 ​ 260 Accrued federal, state and local taxes and fees ​ 176 ​ 105 Other ​ 1,820 ​ 2,018 ​ ​ $ 6,360 ​ $ 5,478 ​

WARRANT LIABILITY

WARRANT LIABILITY	6 Months Ended
	Jun. 30, 2024
WARRANT LIABILITY
WARRANT LIABILITY	NOTE I – WARRANT LIABILITY ​ Warrants to purchase a total of 623,834 shares of the Company’s common stock were outstanding as of June 30, 2024 and December 31, 2023. 750,000 warrants were issued to founders in a private placement (the “Private Warrants”). Each of the Private Warrants entitles the registered holder to purchase one share of the Company’s common stock at a price of $11.50 per share, subject to adjustment. The outstanding Private Warrants will expire at 5:00 p.m., New York City time, on December 22, 2025, or earlier upon redemption or liquidation. The Private Warrants include provisions that affect the settlement amount. Such variables are outside of those used to determine the fair value of a fixed-for-fixed instrument, and as such, the Private Warrants do not meet the criteria for equity treatment under guidance contained in ASC Topic 815, “Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in a Company’s Own Stock.” The Company classifies the Private Warrants as a liability at their fair value subject to re-measurement at each balance sheet date and adjusted at each reporting period until exercised or expired, and any change in fair value is recognized in the Company's condensed consolidated statements of operations. The fair value of the Private Warrants is determined using the Black-Scholes option pricing model. The following table represents the assumptions used in determining the fair value of the Private Warrants as of June 30, 2024 and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Risk-free interest rate ​ 4.33% ​ 3.84% Expected volatility of common stock ​ 40.95% ​ 41.66% Expected option term in years ​ 1.5 ​ 2.0 ​ The significant assumptions utilized in the Black-Scholes calculation consist of interest rate for U.S. Treasury Bonds, as published by the U.S. Federal Reserve, and expected volatility estimated using historical daily volatility of guideline public companies.

FINANCING ARRANGEMENTS

FINANCING ARRANGEMENTS	6 Months Ended
	Jun. 30, 2024
FINANCING ARRANGEMENTS
FINANCING ARRANGEMENTS	NOTE J— FINANCING ARRANGEMENTS Outstanding debt obligations as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 $180.0 million Wells Fargo Senior Secured Revolving Credit Agreement ​ $ 80,955 ​ $ 29,000 $10.0 million Synovus Property and Equipment Revolving Term Loan ​ ​ 615 ​ ​ 8,559 Total ​ 81,570 ​ ​ 37,559 Less current portion ​ (93) ​ ​ (1,278) Total long-term portion ​ $ 81,477 ​ $ 36,281 ​ At June 30, 2024 and December 31, 2023, total deferred financing costs were $1.3 million and $1.5 million, respectively. Amortized debt issuance costs are recorded in interest (expense) income, net through maturity of the related debt using the straight-line method, which approximates the effective interest method. Amortization expense amounted to $0.1 and $0.2 million for the three months and six months ended June 30, 2024. Amortization expense amounted to $0.1 million and $0.2 million for the three and six months ended June 30, 2023. $180.0 million Wells Fargo Senior Secured Revolving Credit Agreement On July 20, 2018, the Company and other subsidiary borrowers signatory thereto entered into a secured amended and restated revolving credit agreement (as amended, the “Revolving Credit Agreement”), which provides for a $150.0 million aggregate amount of revolver commitments subject to borrowing base limitations. Effective July 25, 2023, the Company amended the Revolving Credit Agreement to increase the maximum commitments thereunder to $180.0 million aggregate amount, expandable to $200.0 million, subject to borrowing base limitations, and to extend the maturity date to July 24, 2028. The interest rate applicable to loans outstanding on the Revolving Credit Agreement is a floating rate of interest per annum of Secured Overnight Financing Rate (“ SOFR ”) plus a margin of 2.75% . The applicable interest rate as of June 30, 2024 was 8.08% . The Company’s ability to borrow on the Revolving Credit Agreement is subject to ongoing compliance by the Company and the borrowers with various customary affirmative and negative covenants. The Revolving Credit Agreement requires the Company and borrowers to meet certain financial and nonfinancial covenants. The Company was in compliance with these covenants as of June 30, 2024. $10.0 million Synovus Property and Equipment Revolving Term Loan On June 30, 2023, the Company entered into a Property and Equipment Revolving Term Loan (the “Equipment Loan”) with a total advance commitment of $10.0 million for the purpose of financing capital expenditures on property and equipment. Once the total advance commitment was reached or commencing on June 30, 2024, whichever came first, this facility would become a term loan with a maturity date of June 30, 2027. This loan is collateralized by the property and equipment it finances and requires interest only payment until converted to a term loan, at which point, principal and interest payments will be required. The Equipment Loan SOFR The Equipment Loan is subject to ongoing compliance by the Company in the form of various customary affirmative and negative covenants, as well as certain financial covenants. The Company was in compliance with these covenants as of June 30, 2024. The schedule of payments on the Equipment Loan as of June 30, 2024 is as follows (in thousands): ​ ​ ​ ​ Year ending December 31: ​ ​ 2024 ​ $ 109 2025 ​ ​ 198 2026 ​ 214 2027 ​ ​ 94 Total payments ​ $ 615 ​

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	NOTE K — EARNINGS PER SHARE The computation of basic and diluted earnings per share (“EPS”) is based on the weighted average number of common shares outstanding during each period. The following table provides a reconciliation of the computation for basic and diluted earnings per share for the three and six months ended June 30, 2024 and 2023, respectively (in thousands, except share and per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2024 2023 2024 2023 Net (loss) income ​ $ (3,637) ​ $ (2,688) ​ $ 2,640 ​ $ (2,683) Change in fair value of warrant liability ​ ​ - ​ (1,393) ​ - ​ (1,059) Net (loss) income for EPS - Diluted ​ $ (3,637) ​ $ (4,081) ​ $ 2,640 ​ $ (3,742) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 53,029,359 ​ 51,227,484 ​ 53,010,425 ​ 51,217,990 Weighted-average of assumed common Shares - options ​ ​ - ​ ​ - ​ ​ 11,576 ​ ​ - Additional shares from assumed stock-settled restricted stock units ​ ​ - ​ ​ - ​ ​ 89,438 ​ ​ - Additional shares from assumed exercise of warrants ​ ​ - ​ ​ 177,169 ​ ​ - ​ ​ 199,899 Weighted-average number of shares outstanding - diluted ​ ​ 53,029,359 ​ ​ 51,404,653 ​ ​ 53,111,439 ​ ​ 51,417,889 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share – basic: ​ $ (0.07) ​ $ (0.05) ​ $ 0.05 ​ $ (0.05) (Loss) earnings per share – diluted: ​ $ (0.07) ​ $ (0.08) ​ $ 0.05 ​ $ (0.07) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive shares/units excluded from earnings per share - diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional shares from assumed stock-settled restricted stock units ​ ​ 71,847 ​ ​ 1,788,589 ​ ​ - ​ ​ 1,782,032 Additional shares from assumed exercise of stock options ​ ​ 3,205 ​ ​ - ​ ​ - ​ ​ - ​

BUSINESS SEGMENTS

BUSINESS SEGMENTS	6 Months Ended
	Jun. 30, 2024
BUSINESS SEGMENTS
BUSINESS SEGMENTS	NOTE L — BUSINESS SEGMENTS Consistent with how our chief operating decision maker (Chairman and Chief Executive Officer) evaluates performance and utilizes gross profit as a profitability measure, the Company reports its activities in two business segments: ● Asset Management Solutions — comprised of activities to extract value from strategic asset acquisitions through leasing, trading, or disassembling for product sales. ● TechOps — comprised of MRO activities and product sales of internally developed engineered solutions and other serviceable products. The Asset Management Solutions segment activities include monetization of assets through the lease or sale of whole assets, or through disassembly activities in support of our USM-related activities. Our monetizing services have been developed to maximize returns on mid-life Flight Equipment throughout their operating life, in conjunction with realizing the highest residual value of Flight Equipment at its retirement. The TechOps segment consists of aftermarket support and services businesses that provide maintenance support for aircraft and aircraft components, and sale of engineered solutions. Our MRO business also engages in longer term projects such as aircraft modifications, cargo conversions of wide-body aircraft, and aircraft storage. The segment also includes MRO of landing gear, thrust reversers, and other components. Cost of sales consists principally of the cost of product, direct labor, and overhead. Our engineered solutions revenue consists of sales of products internally developed as permitted by Supplemental Type Certificates issued by the FAA. These products are proprietary in nature and function as non-original equipment manufacturer solutions to airworthiness directives and other technical challenges for operators. In order to develop these products, the Company engages in research and development activities, which are expensed as incurred. The TechOps segment also engages in the repair and sale of USM inventory for which it has the overhaul capabilities and relationships to sell. Gross profit is calculated by subtracting cost of sales from revenue. The assets and certain expenses related to corporate activities are not allocated to the segments. Our reportable segments are aligned principally around the differences in products and services. The segment reporting excludes the allocation of selling, general and administrative expenses, interest income (expense) and income tax expense. Selected financial information for each segment for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2024 2023 2024 2023 Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Management Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft ​ $ 9,110 ​ $ 12,053 ​ $ 25,448 ​ $ 36,948 ​ Engine ​ 32,689 ​ 25,018 ​ 75,613 ​ 48,553 ​ ​ ​ 41,799 ​ 37,071 ​ 101,061 ​ 85,501 ​ TechOps ​ ​ ​ ​ ​ ​ ​ ​ ​ MRO services ​ 29,517 ​ 28,417 ​ 55,365 ​ 55,571 ​ Product sales ​ 5,785 ​ 3,620 ​ 11,215 ​ 6,307 ​ Whole asset sales ​ ​ - ​ 218 ​ - ​ 218 ​ ​ ​ 35,302 ​ 32,255 ​ 66,580 ​ 62,096 ​ Total ​ $ 77,101 ​ $ 69,326 ​ $ 167,641 ​ $ 147,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 2023 ​ Gross profit ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Management Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft ​ $ 3,422 ​ $ 1,760 ​ $ 8,259 ​ $ 10,215 ​ Engine ​ 11,939 ​ 9,595 ​ 29,754 ​ 19,199 ​ ​ ​ 15,361 ​ 11,355 ​ 38,013 ​ 29,414 ​ TechOps ​ ​ ​ ​ ​ ​ ​ ​ ​ MRO services ​ 4,561 ​ 7,241 ​ 9,477 ​ 13,186 ​ Product sales ​ 1,798 ​ 1,168 ​ 3,026 ​ 1,555 ​ Whole asset sales ​ ​ - ​ 376 ​ - ​ 376 ​ ​ ​ 6,359 ​ 8,785 ​ 12,503 ​ 15,117 ​ Total ​ $ 21,720 ​ $ 20,140 ​ $ 50,516 ​ $ 44,531 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ Total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Management Solutions ​ ​ ​ ​ ​ ​ ​ $ 412,753 ​ $ 372,326 ​ Tech Ops ​ ​ ​ ​ ​ ​ ​ ​ 171,286 ​ ​ 163,883 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ 14,655 ​ ​ 17,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 598,694 ​ $ 553,938 ​ ​ The following table reconciles segment gross profit to (loss) income before income tax provision for the three and six months ended June 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ 2024 2023 Segment gross profit ​ $ 21,720 ​ $ 20,140 ​ $ 50,516 ​ $ 44,531 ​ Selling, general and administrative expenses ​ (23,572) ​ (27,097) ​ (47,705) ​ (52,321) ​ Interest (expense) income, net ​ (1,528) ​ 381 ​ (2,463) ​ 1,428 ​ Other income, net ​ 102 ​ 138 ​ 271 ​ 371 ​ Change in fair value of warrant liability ​ ​ 138 ​ ​ 1,393 ​ ​ 2,117 ​ ​ 1,059 ​ (Loss) income before income tax provision ​ $ (3,140) ​ $ (5,045) ​ $ 2,736 ​ $ (4,932) ​ ​ Intersegment sales include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed or products sold and agreed-upon pricing which is intended to be reflective of the arm’s length value of the contribution made by the supplying business segment. All intersegment transactions have been eliminated upon consolidation. Intersegment revenue for the three and six months ended June 30, 2024 and 2023, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2024 2023 2024 2023 ​ Asset Management Solutions ​ $ 170 ​ $ 164 ​ $ 606 ​ $ 1,074 ​ TechOps ​ 2,019 ​ 6,432 ​ 7,597 ​ 10,190 ​ Total intersegment revenues ​ $ 2,189 ​ $ 6,596 ​ $ 8,203 ​ $ 11,264 ​ ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2024
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	NOTE M — STOCKHOLDERS’ EQUITY ​ Common Stock The Company’s common stock, $0.0001 par value, consists of 200,000,000 authorized shares, of which 53,084,214 and 52,954,430 shares were issued outstanding 2020 Equity Incentive Plan The Company maintains a 2020 Equity Incentive Plan (the “2020 Plan”) and has registered 6,200,000 shares of common stock issuable under the 2020 Plan. The 2020 Plan authorizes discretionary grants of incentive stock options to employees of the Company and its qualifying subsidiaries. The 2020 Plan also authorizes discretionary grants of non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents or other equity or cash-based awards to employees and consultants of the Company and its subsidiaries and to members of the Board of Directors (the “Board”) of the Company. To the extent that an award under the 2020 Plan expires, is cancelled, forfeited, terminated, settled in cash or is otherwise settled without issuance of the full number of shares to which it relates, those shares will become or again be available for awards under the 2020 Plan. The 2020 Plan is administered by the Compensation Committee of the Board. The Compensation Committee has complete, full and final authority to: designate participants; determine the types of awards to be granted; determine the terms of awards; interpret and administer the 2020 Plan and any agreements and awards thereunder. Restricted stock unit activity under the 2020 Plan for the six months ended June 30, 2024 and 2023 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ Remaining Contractual ​ Amount Grant Date Fair Value Life (Years) Outstanding at December 31, 2023 ​ 532,399 ​ $ 14.82 ​ ​ 1.84 Granted ​ 1,145,530 ​ - ​ ​ ​ Forfeited ​ (56,119) ​ - ​ ​ ​ Vested ​ (217,843) ​ ​ - ​ ​ ​ Outstanding June 30, 2024 ​ 1,403,967 ​ $ 8.51 ​ ​ 2.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ Remaining Contractual ​ Amount Grant Date Fair Value Life (Years) Outstanding at December 31, 2022 ​ 1,374,383 ​ $ 10.72 ​ $ 2.88 Granted ​ 359,993 ​ 15.00 ​ ​ 2.55 Forfeited ​ (15,699) ​ ​ 15.24 ​ ​ 2.20 Vested ​ (134,641) ​ ​ 14.43 ​ ​ - Outstanding June 30, 2023 ​ 1,584,036 ​ $ 11.34 ​ $ 3.06 ​ For the restricted stock unit awards granted under the 2020 Plan containing both service and performance conditions, the Company recognizes compensation expense when the awards are considered probable of vesting. Restricted stock units are considered granted, and the service inception date begins, when a mutual understanding of the key terms and conditions between the Company and the employee have been established. The fair value of restricted stock units is determined based on the closing price of the shares on the grant date. The probability of restricted share awards granted with future performance conditions is evaluated at each reporting period and compensation expense is adjusted based on the probability assessment. As of June 30, 2024, the Company’s restricted stock units included 724,248 performance-based awards that have vesting provisions subject to both time vesting and the achievement of certain performance milestones at 100% and 200% vesting targets. For the three and six months ended June 30, 2024, the Company did not recognized share-based compensation expense for the performance-based awards given that the achievement of the performance milestones have been deemed not probable for accounting purposes. As of June 30, 2023, the Company’s restricted stock units included 1,073,736 performance-based awards that had vesting provisions subject to both time vesting and the achievement of certain performance milestones at 100% and 200% vesting targets. Effective March 31, 2022, the performance-based awards granted in 2021 (the “2021 PSUs”) met the performance metric at the maximum level of 200% with one-third two-thirds For the three and six months ended June 30, 2023, the Company recognized share-based compensation expense for the 2021 PSUs of $2.0 million and $4.0 million, respectively. Stock Options Stock options granted under the 2020 Plan have exercise terms of 10 years and vest in equal instalments of one-third Under the 2020 Plan, the fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model. When determining expected volatility, the Company considers the historical volatility of the Company’s stock price, or benchmark companies when the option exercise period exceeds period for which stock data is available for the Company. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant, based on the options’ expected term. The assumptions used in the Black-Scholes option-pricing model ​ ​ ​ ​ ​ ​ Grant Date ​ ​ June 7, 2024 Risk-free interest rate ​ 4.42% Expected volatility of common stock ​ 50.04% Dividend yield ​ - Expected option term in years ​ 6.0 Grant-date fair value (per share) ​ $ 3.73 ​ Stock options activity under the 2020 Plan for the six months ended June 30, 2024 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted average ​ Remaining Contractual ​ Aggregate Intrinsic ​ ​ Shares ​ Exercise price per share ​ Life (Years) ​ Value (1) Outstanding at December 31, 2023 - ​ $ - - - Granted 644,550 ​ 7.02 10 - Forfeited - ​ - - - Exercised - ​ - - - Outstanding June 30, 2024 644,550 ​ 7.02 10 - Nonvested at June 30, 2024 644,550 ​ 7.02 10 - Exercisable - ​ - - - ​ (1) Total shares valued at the market price of the underlying stock as of June 30, 2024 less the exercise price. As of June 30, 2024, the unrecognized compensation costs related to these awards was $2.3 million. The Company expects to recognize those costs over a weighted average period of 1.9 2020 Employee Stock Purchase Plan The Company also maintains the AerSale Corporation 2020 Employee Stock Purchase Plan (the “ESPP”) and has registered 500,000 shares of common stock issuable under the ESPP. During the six-months ended June 30, 2024 and 2023, the Company issued 48,202 and 21,551 shares, respectively, pursuant to the ESPP.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,637)	$ 6,277	$ (2,688)	$ 5	$ 2,640	$ (2,683)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements	Interim Financial Statements The accompanying unaudited interim consolidated financial statements have been prepared from the books and records of the Company in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) for interim financial information and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (“SEC”), which permits reduced disclosures for interim periods. Although these interim consolidated financial statements do not include all of the information and footnotes required for complete annual consolidated financial statements, management believes all adjustments, consisting only of normal recurring adjustments, and disclosures necessary for a fair presentation of the accompanying condensed consolidated balance sheets, statements of operations, stockholders’ equity, and cash flows have been made. Unaudited interim results of operations and cash flows are not necessarily indicative of the results that may be expected for the full year. Unaudited interim condensed consolidated financial statements and footnotes should be read in conjunction with the audited consolidated financial statements and footnotes included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023
Revenue Recognition	Revenue Recognition Products Revenue — Used Serviceable Material (“USM”) Sales Revenues from sales of USM are measured based on consideration specified in a contract with a customer, and excludes any sales commissions and taxes collected and remitted to government agencies. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. The parts are sold at a fixed price with no right of return. In determining the performance obligation, management has identified the promise in the contract to be the shipment of the spare parts to the customer. Title passes to the buyer when the goods are shipped, and the buyer is responsible for any loss in transit and the Company has a legal right to payment for the spare parts once shipped. We generally sell our USM products under standard 30-day payment terms, subject to certain exceptions. Customers neither have the right to return products nor do they have the right to extended financing. The Company has determined that physical acceptance of the spare parts to be a formality in accordance with Accounting Standards Codification (“ASC”) 606 – Revenue from Contracts with Customers (“ASC 606”). Spare parts revenue is based on a set price for a set number of parts as defined in the purchase order. The performance obligation is completed once the parts have shipped and as a result, all of the transaction price is allocated to that performance obligation. The Company has determined that it is appropriate to recognize spare parts sales at a point in time (i.e., the date the parts are shipped) in accordance with ASC 606. Products Revenue — Whole Asset Sales Revenues from whole asset sales are measured based on consideration specified in the contract with the customer. The Company and customer enter into an agreement which outlines the place and date of sale, purchase price, condition of the whole asset, bill of sale and the assignment of rights and warranties from the Company to the customer. The Company has identified the transfer of the whole asset as the performance obligation. The transaction price is set at a fixed dollar amount per fixed quantity (number of whole assets) and is explicitly stated in each contract. Whole asset sales revenue is based on a set price for a set number of assets, which is allocated to the performance obligation discussed above, in its entirety. The Company has determined the date of transfer to the customer is the date the customer obtains control over the asset and would cause the revenue recognition. Payment is required in full upon customers’ acceptance of the whole asset on the date of the transfer, unless the Company extends credit terms to customers it deems creditworthy. Leasing Revenue The Company leases aircraft and engines (“Flight Equipment”) under operating leases that contain monthly base rent and reports rental income straight line over the life of the lease as it is earned. Additionally, the Company’s leases provide for supplemental rent, which is calculated based on actual hours or cycles of utilization and, for certain components, based on the amount of time until maintenance of that component is required. In certain leases, the Company records supplemental rent paid by the lessees as maintenance deposit payments and other liabilities in recognition of the Company’s contractual commitment to reimburse qualifying maintenance. Reimbursements to the lessees upon receipt of evidence of qualifying maintenance work are charged against the existing maintenance deposit payment liabilities. In leases where the Company is responsible for performing certain repairs or replacement of aircraft components or engines, supplemental rent is recorded as revenue in the period earned. In the event of premature lease termination or lessee default on the lease terms, revenue recognition will be discontinued when outstanding balances are beyond the customers’ deposits held. Flight Equipment leases are billed in accordance with the lease agreement and invoices are due upon receipt. Services Revenue Revenues for services are recognized as performance obligations are fulfilled and the benefits are transferred to the customer. At contract inception, we evaluate if the contract should be accounted for as a single performance obligation or if the contract contains multiple performance obligations. In some cases, our service contract with the customer is considered one performance obligation as it includes factors such as the good or service being provided is significantly integrated with other promises in the contract, the service provided significantly modifies or customizes the other good or service or the goods or services are highly interdependent or interrelated with each other. If the contract has more than one performance obligation, the Company determines the standalone price of each distinct good or service underlying each performance obligation and allocates the transaction price based on their relative standalone selling prices. The transaction price of a contract, which can include both fixed and variable amounts, is allocated to each performance obligation identified. Some contracts contain variable consideration, which could include incremental fees or penalty provisions related to performance. Variable consideration that can be reasonably estimated based on current assumptions and historical information is included in the transaction price at the inception of the contract but limited to the amount that is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. For most service contracts, our performance obligations are satisfied over time as work progresses or at a point in time based on transfer of control of products and services to our customers. We receive payments from our customers based on billing schedules or other terms as written in our contracts. For our performance obligations that are satisfied over time, we measure progress in a manner that depicts the performance of transferring control to the customer. As such, we utilize the input method of cost-to-cost to recognize revenue over time as this depicts when control of the promised goods or services are transferred to the customer. Revenue is recognized based on the relationship of actual costs incurred to date to the estimated total cost at completion of the performance obligation. We are required to make certain judgments and estimates, including estimated revenue and costs, as well as inflation and the overall profitability of the arrangement. Key assumptions involved include future labor costs and efficiencies, overhead costs and ultimate timing of product delivery. Differences may occur between the judgments and estimates made by management and actual program results. Under most of our maintenance, repair and overhaul (“MRO”) contracts, if the contract is terminated for convenience, we are entitled to payment for items delivered, fair compensation for work performed, the costs of settling and paying other claims and a reasonable profit on the costs incurred or committed. Changes in estimates and assumptions related to our arrangements accounted for using the input method based on labor hours are recorded using the cumulative catchup method of accounting. These changes are primarily adjustments to the estimated profitability for our long-term programs where we provide MRO services. We have elected to use certain practical expedients permitted under ASC 606. Shipping and handling fees and costs incurred associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales in our condensed consolidated statements of operations, and are not considered a performance obligation to our customers. Our reported revenue on our condensed consolidated statements of operations is net of any sales or related non-income taxes.
Revision of Prior Period Financial Statements	Revision of Prior Period Financial Statements Certain balances in the condensed consolidated balance sheet as of December 31, 2023, and the condensed consolidated statements of cash flows for the six months ended June 30, 2023, have been reclassified to conform to the presentation in the condensed consolidated financial statements as of and for the three and six months ended June 30, 2024, primarily the reclassification of amounts related to deposits for Flight Equipment purchases from deposits, prepaid expenses, and other current assets to advance vendor payments. Such reclassification did not impact net income (loss), stockholder’s equity or total cash flows from operating activities, and did not have a material impact on the condensed consolidated financial statements.
New Accounting Pronouncements Adopted	New Accounting Pronouncements Adopted In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (“Topic 740”): Improvements to Income Tax Disclosures, which would require additional transparency for income tax disclosures, including the income tax rate reconciliation table and cash taxes paid both in the United States and foreign jurisdictions. This standard is effective for annual periods beginning after December 15, 2024. We are currently assessing the impact this standard will have on our disclosures. There have been no other accounting pronouncements issued but not yet adopted by us which are expected to have a material impact on our consolidated financial statements.

REVENUE (Tables)

REVENUE (Tables)	6 Months Ended
	Jun. 30, 2024
REVENUE
Schedule of contract assets	Contract assets are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Change Contract assets ​ $ 4,597 ​ $ 6,474 ​ $ (1,877)
Schedule of revenue by segment, as well as total revenue	The Company reports revenue by segment. The following tables present revenue by segment, as well as a reconciliation to total revenue for the three and six months ended June 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ 2024 2024 ​ ​ Asset Management ​ ​ ​ ​ ​ Asset Management ​ ​ ​ ​ ​ Solutions Tech Ops Total Revenues Solutions TechOps Total Revenues USM ​ $ 19,600 ​ $ 4,118 ​ $ 23,718 ​ $ 37,132 ​ $ 9,493 ​ $ 46,625 Whole asset sales ​ 17,913 ​ - ​ 17,913 ​ 56,561 ​ - ​ 56,561 Engineered solutions ​ - ​ 1,667 ​ 1,667 ​ - ​ 1,722 ​ 1,722 Total products ​ 37,513 ​ 5,785 ​ 43,298 ​ 93,693 ​ 11,215 ​ 104,908 Leasing ​ 4,286 ​ - ​ 4,286 ​ 7,368 ​ - ​ 7,368 Services ​ - ​ 29,517 ​ 29,517 ​ - ​ 55,365 ​ 55,365 Total revenues ​ $ 41,799 ​ $ 35,302 ​ $ 77,101 ​ $ 101,061 ​ $ 66,580 ​ $ 167,641 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ 2023 2023 ​ ​ Asset Management ​ ​ ​ ​ ​ ​ ​ Asset Management ​ ​ ​ ​ ​ ​ ​ Solutions Tech Ops Total Revenues Solutions TechOps Total Revenues USM ​ $ 16,442 ​ $ 3,409 ​ $ 19,851 ​ $ 31,594 ​ $ 5,825 ​ $ 37,419 Whole asset sales ​ ​ 17,343 ​ ​ 218 ​ ​ 17,561 ​ ​ 44,999 ​ ​ 218 ​ ​ 45,217 Engineered solutions ​ - ​ 211 ​ 211 ​ - ​ 482 ​ 482 Total products ​ 33,785 ​ 3,838 ​ 37,623 ​ 76,593 ​ 6,525 ​ 83,118 Leasing ​ 3,286 ​ - ​ 3,286 ​ 8,908 ​ - ​ 8,908 Services ​ - ​ 28,417 ​ 28,417 ​ - ​ 55,571 ​ 55,571 Total revenues ​ $ 37,071 ​ $ 32,255 ​ $ 69,326 ​ $ 85,501 ​ $ 62,096 ​ $ 147,597 ​

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2024
INVENTORY
Schedule of inventory	Following are the major classes of inventory as of the below dates (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 USM ​ $ 126,807 ​ $ 120,053 Work-in-process ​ ​ 25,028 ​ ​ 22,270 Whole assets ​ ​ 226,978 ​ ​ 186,845 ​ ​ $ 378,813 ​ ​ 329,168 Less short term ​ (221,371) ​ (177,770) Long term ​ $ 157,442 ​ $ 151,398

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
INTANGIBLE ASSETS
Schedule of intangible assets with indefinite lives	Goodwill and other intangible assets, net as of the below dates are (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Qwest: ​ ​ ​ ​ ​ ​ FAA Certifications ​ $ 724 ​ $ 724 Goodwill ​ 13,416 ​ 13,416 ALGS: ​ ​ FAA Certifications ​ 710 ​ 710 Goodwill ​ 379 ​ 379 ACS: ​ ​ Trademarks ​ 600 ​ 600 FAA Certifications ​ 7,300 ​ 7,300 Goodwill ​ 63 ​ 63 ACT: ​ ​ ​ ​ ​ Trademarks ​ 200 ​ 200 FAA Certificates ​ 796 ​ 796 Goodwill ​ 6,002 ​ 6,002 Total intangible assets with indefinite lives ​ $ 30,190 ​ $ 30,190
Schedule of intangible assets with definite lives	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Qwest: ​ ​ ​ ​ ​ ​ FAA Certifications ​ $ 724 ​ $ 724 Goodwill ​ 13,416 ​ 13,416 ALGS: ​ ​ FAA Certifications ​ 710 ​ 710 Goodwill ​ 379 ​ 379 ACS: ​ ​ Trademarks ​ 600 ​ 600 FAA Certifications ​ 7,300 ​ 7,300 Goodwill ​ 63 ​ 63 ACT: ​ ​ ​ ​ ​ Trademarks ​ 200 ​ 200 FAA Certificates ​ 796 ​ 796 Goodwill ​ 6,002 ​ 6,002 Total intangible assets with indefinite lives ​ $ 30,190 ​ $ 30,190

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
PROPERTY AND EQUIPMENT, NET
Schedule of Property and equipment, net	Property and equipment, net, as of the below dates consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Life ​ ​ ​ ​ ​ ​ In Years ​ June 30, 2024 ​ December 31, 2023 Tooling and equipment 7 ​ $ 16,720 ​ $ 16,024 Furniture and other equipment 5 ​ 12,475 ​ 12,076 Computer software 5 ​ 2,555 ​ 2,374 Leasehold improvements 3 - 10 ​ 21,081 ​ 16,269 Equipment under capital lease 5 ​ - ​ 192 Flight equipment held for R&D ​ 2 ​ ​ 8,368 ​ ​ 7,784 ​ ​ ​ ​ 61,199 ​ 54,719 Less accumulated depreciation ​ ​ ​ (28,516) ​ (27,027) ​ ​ ​ ​ $ 32,683 ​ $ 27,692

LEASE RENTAL REVENUES AND AIR_2

LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE (Tables)	6 Months Ended
	Jun. 30, 2024
LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE
Summary of aircraft and engines held for operating leases, net	Aircraft and engines held for lease, net, as of the below dates consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Aircraft and engines held for lease ​ $ 62,178 ​ $ 58,136 Less accumulated depreciation ​ (30,687) ​ (31,661) ​ ​ $ 31,491 ​ $ 26,475
Summary of minimum future annual lease rentals contracted to be received under existing operating leases of flight equipment	Minimum future annual lease rentals contracted to be received under existing operating leases of Flight Equipment were as follows (in thousands): ​ ​ ​ ​ ​ Year ending December 31: ​ ​ Remaining six months of 2024 ​ $ 6,309 2025 ​ ​ 4,713 2026 ​ 3,416 2027 ​ ​ 2,411 Total minimum lease payments ​ $ 16,849 ​

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
ACCRUED EXPENSES
Schedule of components of accrued expenses	The following is a summary of the components of accrued expenses as of the below dates (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Accrued compensation and related benefits ​ $ 2,989 ​ $ 2,241 Accrued legal fees ​ 588 ​ 854 Commission fee accrual ​ 787 ​ 260 Accrued federal, state and local taxes and fees ​ 176 ​ 105 Other ​ 1,820 ​ 2,018 ​ ​ $ 6,360 ​ $ 5,478 ​

WARRANT LIABILITY (Tables)

WARRANT LIABILITY (Tables)	6 Months Ended
	Jun. 30, 2024
WARRANT LIABILITY
Schedule of assumptions of Black-Scholes option pricing model used in determining fair value of private warrants	​ ​ ​ ​ ​ ​ ​ June 30, 2024 December 31, 2023 Risk-free interest rate ​ 4.33% ​ 3.84% Expected volatility of common stock ​ 40.95% ​ 41.66% Expected option term in years ​ 1.5 ​ 2.0

FINANCING ARRANGEMENTS (Tables)

FINANCING ARRANGEMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
FINANCING ARRANGEMENTS
Schedule of outstanding debt obligations	Outstanding debt obligations as of June 30, 2024 and December 31, 2023 consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2024 ​ 2023 $180.0 million Wells Fargo Senior Secured Revolving Credit Agreement ​ $ 80,955 ​ $ 29,000 $10.0 million Synovus Property and Equipment Revolving Term Loan ​ ​ 615 ​ ​ 8,559 Total ​ 81,570 ​ ​ 37,559 Less current portion ​ (93) ​ ​ (1,278) Total long-term portion ​ $ 81,477 ​ $ 36,281
Schedule of payments on the equipment loan	The schedule of payments on the Equipment Loan as of June 30, 2024 is as follows (in thousands): ​ ​ ​ ​ Year ending December 31: ​ ​ 2024 ​ $ 109 2025 ​ ​ 198 2026 ​ 214 2027 ​ ​ 94 Total payments ​ $ 615 ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
EARNINGS PER SHARE
Summary of reconciliation of the computation for basic and diluted earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2024 2023 2024 2023 Net (loss) income ​ $ (3,637) ​ $ (2,688) ​ $ 2,640 ​ $ (2,683) Change in fair value of warrant liability ​ ​ - ​ (1,393) ​ - ​ (1,059) Net (loss) income for EPS - Diluted ​ $ (3,637) ​ $ (4,081) ​ $ 2,640 ​ $ (3,742) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 53,029,359 ​ 51,227,484 ​ 53,010,425 ​ 51,217,990 Weighted-average of assumed common Shares - options ​ ​ - ​ ​ - ​ ​ 11,576 ​ ​ - Additional shares from assumed stock-settled restricted stock units ​ ​ - ​ ​ - ​ ​ 89,438 ​ ​ - Additional shares from assumed exercise of warrants ​ ​ - ​ ​ 177,169 ​ ​ - ​ ​ 199,899 Weighted-average number of shares outstanding - diluted ​ ​ 53,029,359 ​ ​ 51,404,653 ​ ​ 53,111,439 ​ ​ 51,417,889 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share – basic: ​ $ (0.07) ​ $ (0.05) ​ $ 0.05 ​ $ (0.05) (Loss) earnings per share – diluted: ​ $ (0.07) ​ $ (0.08) ​ $ 0.05 ​ $ (0.07) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive shares/units excluded from earnings per share - diluted: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional shares from assumed stock-settled restricted stock units ​ ​ 71,847 ​ ​ 1,788,589 ​ ​ - ​ ​ 1,782,032 Additional shares from assumed exercise of stock options ​ ​ 3,205 ​ ​ - ​ ​ - ​ ​ - ​

BUSINESS SEGMENTS (Tables)

BUSINESS SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
BUSINESS SEGMENTS
Summary of selected financial information for each segment	Selected financial information for each segment for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2024 2023 2024 2023 Revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Management Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft ​ $ 9,110 ​ $ 12,053 ​ $ 25,448 ​ $ 36,948 ​ Engine ​ 32,689 ​ 25,018 ​ 75,613 ​ 48,553 ​ ​ ​ 41,799 ​ 37,071 ​ 101,061 ​ 85,501 ​ TechOps ​ ​ ​ ​ ​ ​ ​ ​ ​ MRO services ​ 29,517 ​ 28,417 ​ 55,365 ​ 55,571 ​ Product sales ​ 5,785 ​ 3,620 ​ 11,215 ​ 6,307 ​ Whole asset sales ​ ​ - ​ 218 ​ - ​ 218 ​ ​ ​ 35,302 ​ 32,255 ​ 66,580 ​ 62,096 ​ Total ​ $ 77,101 ​ $ 69,326 ​ $ 167,641 ​ $ 147,597 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ 2024 ​ 2023 ​ 2024 2023 ​ Gross profit ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Management Solutions ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft ​ $ 3,422 ​ $ 1,760 ​ $ 8,259 ​ $ 10,215 ​ Engine ​ 11,939 ​ 9,595 ​ 29,754 ​ 19,199 ​ ​ ​ 15,361 ​ 11,355 ​ 38,013 ​ 29,414 ​ TechOps ​ ​ ​ ​ ​ ​ ​ ​ ​ MRO services ​ 4,561 ​ 7,241 ​ 9,477 ​ 13,186 ​ Product sales ​ 1,798 ​ 1,168 ​ 3,026 ​ 1,555 ​ Whole asset sales ​ ​ - ​ 376 ​ - ​ 376 ​ ​ ​ 6,359 ​ 8,785 ​ 12,503 ​ 15,117 ​ Total ​ $ 21,720 ​ $ 20,140 ​ $ 50,516 ​ $ 44,531 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2024 ​ December 31, 2023 ​ Total assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Management Solutions ​ ​ ​ ​ ​ ​ ​ $ 412,753 ​ $ 372,326 ​ Tech Ops ​ ​ ​ ​ ​ ​ ​ ​ 171,286 ​ ​ 163,883 ​ Corporate ​ ​ ​ ​ ​ ​ ​ ​ 14,655 ​ ​ 17,729 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 598,694 ​ $ 553,938 ​
Summary of reconciliation segment gross profit to income before income tax provision	The following table reconciles segment gross profit to (loss) income before income tax provision for the three and six months ended June 30, 2024 and 2023 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2024 2023 ​ 2024 2023 Segment gross profit ​ $ 21,720 ​ $ 20,140 ​ $ 50,516 ​ $ 44,531 ​ Selling, general and administrative expenses ​ (23,572) ​ (27,097) ​ (47,705) ​ (52,321) ​ Interest (expense) income, net ​ (1,528) ​ 381 ​ (2,463) ​ 1,428 ​ Other income, net ​ 102 ​ 138 ​ 271 ​ 371 ​ Change in fair value of warrant liability ​ ​ 138 ​ ​ 1,393 ​ ​ 2,117 ​ ​ 1,059 ​ (Loss) income before income tax provision ​ $ (3,140) ​ $ (5,045) ​ $ 2,736 ​ $ (4,932) ​
Summary of intersegment revenues	Intersegment revenue for the three and six months ended June 30, 2024 and 2023, is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, Six Months Ended June 30, ​ ​ ​ 2024 2023 2024 2023 ​ Asset Management Solutions ​ $ 170 ​ $ 164 ​ $ 606 ​ $ 1,074 ​ TechOps ​ 2,019 ​ 6,432 ​ 7,597 ​ 10,190 ​ Total intersegment revenues ​ $ 2,189 ​ $ 6,596 ​ $ 8,203 ​ $ 11,264 ​ ​

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
STOCKHOLDERS' EQUITY
Schedule of Restricted Stock Unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ Remaining Contractual ​ Amount Grant Date Fair Value Life (Years) Outstanding at December 31, 2023 ​ 532,399 ​ $ 14.82 ​ ​ 1.84 Granted ​ 1,145,530 ​ - ​ ​ ​ Forfeited ​ (56,119) ​ - ​ ​ ​ Vested ​ (217,843) ​ ​ - ​ ​ ​ Outstanding June 30, 2024 ​ 1,403,967 ​ $ 8.51 ​ ​ 2.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ Remaining Contractual ​ Amount Grant Date Fair Value Life (Years) Outstanding at December 31, 2022 ​ 1,374,383 ​ $ 10.72 ​ $ 2.88 Granted ​ 359,993 ​ 15.00 ​ ​ 2.55 Forfeited ​ (15,699) ​ ​ 15.24 ​ ​ 2.20 Vested ​ (134,641) ​ ​ 14.43 ​ ​ - Outstanding June 30, 2023 ​ 1,584,036 ​ $ 11.34 ​ $ 3.06
Schedule of options granted	​ ​ ​ ​ ​ ​ Grant Date ​ ​ June 7, 2024 Risk-free interest rate ​ 4.42% Expected volatility of common stock ​ 50.04% Dividend yield ​ - Expected option term in years ​ 6.0 Grant-date fair value (per share) ​ $ 3.73
Schedule of Stock options activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted average ​ Remaining Contractual ​ Aggregate Intrinsic ​ ​ Shares ​ Exercise price per share ​ Life (Years) ​ Value (1) Outstanding at December 31, 2023 - ​ $ - - - Granted 644,550 ​ 7.02 10 - Forfeited - ​ - - - Exercised - ​ - - - Outstanding June 30, 2024 644,550 ​ 7.02 10 - Nonvested at June 30, 2024 644,550 ​ 7.02 10 - Exercisable - ​ - - - ​ (1) Total shares valued at the market price of the underlying stock as of June 30, 2024 less the exercise price.

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
ASC impact, balance sheet
Contract assets	$ 4,597	$ 4,597	$ 6,474
Change in contract assets		(1,877)
Deferred revenue	2,286	2,286	2,998
Contract liabilities for services to be performed			$ 2,700
Contract liabilities, revenue recognized	$ 100	$ 2,400
Maximum customer payment period (in months)	6 months

REVENUE - Disaggregation (Detai

REVENUE - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue disaggregation
Total revenue	$ 77,101	$ 69,326	$ 167,641	$ 147,597
Total products
Revenue disaggregation
Total revenue	43,298	37,623	104,908	83,118
Leasing
Revenue disaggregation
Total revenue	4,286	3,286	7,368	8,908
Services
Revenue disaggregation
Total revenue	29,517	28,417	55,365	55,571
Operating segments
Revenue disaggregation
Total revenue	77,101	69,326	167,641	147,597
Operating segments | Total products
Revenue disaggregation
Total revenue	43,298	37,623	104,908	83,118
Operating segments | USM
Revenue disaggregation
Total revenue	23,718	19,851	46,625	37,419
Operating segments | Whole asset sales
Revenue disaggregation
Total revenue	17,913	17,561	56,561	45,217
Operating segments | Engineered solutions
Revenue disaggregation
Total revenue	1,667	211	1,722	482
Operating segments | Leasing
Revenue disaggregation
Total revenue	4,286	3,286	7,368	8,908
Operating segments | Services
Revenue disaggregation
Total revenue	29,517	28,417	55,365	55,571
Asset Management Solutions | Operating segments
Revenue disaggregation
Total revenue	41,799	37,071	101,061	85,501
Asset Management Solutions | Operating segments | Total products
Revenue disaggregation
Total revenue	37,513	33,785	93,693	76,593
Asset Management Solutions | Operating segments | USM
Revenue disaggregation
Total revenue	19,600	16,442	37,132	31,594
Asset Management Solutions | Operating segments | Whole asset sales
Revenue disaggregation
Total revenue	17,913	17,343	56,561	44,999
Asset Management Solutions | Operating segments | Leasing
Revenue disaggregation
Total revenue	4,286	3,286	7,368	8,908
TechOps | Operating segments
Revenue disaggregation
Total revenue	35,302	32,255	66,580	62,096
TechOps | Operating segments | Total products
Revenue disaggregation
Total revenue	5,785	3,838	11,215	6,525
TechOps | Operating segments | USM
Revenue disaggregation
Total revenue	4,118	3,409	9,493	5,825
TechOps | Operating segments | Whole asset sales
Revenue disaggregation
Total revenue		218		218
TechOps | Operating segments | Engineered solutions
Revenue disaggregation
Total revenue	1,667	211	1,722	482
TechOps | Operating segments | Services
Revenue disaggregation
Total revenue	$ 29,517	$ 28,417	$ 55,365	$ 55,571

INVENTORY (Details)

INVENTORY (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2024 USD ($) item	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
INVENTORY
USM		$ 126,807,000		$ 126,807,000		$ 120,053,000
Work-in-process		25,028,000		25,028,000		22,270,000
Whole assets		226,978,000		226,978,000		186,845,000
Inventory, Net, Total		378,813,000		378,813,000		329,168,000
Less short term		(221,371,000)		(221,371,000)		(177,770,000)
Long term		157,442,000		157,442,000		$ 151,398,000
Inventory scrap loss reserves		400,000	$ 200,000	$ 900,000	$ 700,000
Inventory expected to be monetized				18 months
Number of properties damaged by fire | item	1
Estimated residual value	$ 52,800,000
Insurance covering limit	50,000,000
Insurance covering deductible	10,000
Cost of the destroyed inventory	6,000,000
Inventory impairment	6,000,000
Insurance receivable	$ 6,000,000	$ 6,000,000		$ 6,000,000

INTANGIBLE ASSETS - Assets with

INTANGIBLE ASSETS - Assets with indefinite lives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets
Goodwill	$ 19,860	$ 19,860
Total intangible assets with indefinite lives	30,190	30,190
Asset Management Solutions | Qwest
Intangible assets
Goodwill	13,416	13,416
Asset Management Solutions | Qwest | FAA Certifications
Intangible assets
Intangible assets with indefinite lives excluding goodwill	724	724
TechOps | ALGS
Intangible assets
Goodwill	379	379
TechOps | ALGS | FAA Certifications
Intangible assets
Intangible assets with indefinite lives excluding goodwill	710	710
TechOps | ACS
Intangible assets
Goodwill	63	63
TechOps | ACS | Trademarks
Intangible assets
Intangible assets with indefinite lives excluding goodwill	600	600
TechOps | ACS | FAA Certifications
Intangible assets
Intangible assets with indefinite lives excluding goodwill	7,300	7,300
TechOps | ACT
Intangible assets
Goodwill	6,002	6,002
TechOps | ACT | Trademarks
Intangible assets
Intangible assets with indefinite lives excluding goodwill	200	200
TechOps | ACT | FAA Certifications
Intangible assets
Intangible assets with indefinite lives excluding goodwill	$ 796	$ 796

INTANGIBLE ASSETS - Assets wi_2

INTANGIBLE ASSETS - Assets with definite lives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Intangible assets
Total intangible assets with definite lives	$ 11,139	$ 11,656
Flight manuals
Intangible assets
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 543
Asset Management Solutions | Qwest | Customer relationships
Intangible assets
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 4,677	5,163
TechOps | ALGS | Customer relationships
Intangible assets
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 20	30
TechOps | ACS | Customer relationships
Intangible assets
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 928	1,033
TechOps | ACT | Customer relationships
Intangible assets
Useful life (in years)	10 years
Total intangible assets with definite lives	$ 4,971	$ 5,430

INTANGIBLE ASSETS - Amortizatio

INTANGIBLE ASSETS - Amortization expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
INTANGIBLE ASSETS
Amortization expense	$ 0.5	$ 0.6	$ 1	$ 1.1
Accumulated amortization	$ 10.4		$ 10.4		$ 9.3

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment
Property and equipment, gross	$ 61,199	$ 54,719
Less accumulated depreciation	(28,516)	(27,027)
Property and equipment, net	32,683	27,692
Tooling and equipment
Property, Plant and Equipment
Property and equipment, gross	16,720	16,024
Furniture and other equipment
Property, Plant and Equipment
Property and equipment, gross	$ 12,475	12,076
Useful life (in years)	5 years
Computer software
Property, Plant and Equipment
Property and equipment, gross	$ 2,555	2,374
Useful life (in years)	5 years
Leasehold improvements
Property, Plant and Equipment
Property and equipment, gross	$ 21,081	16,269
Equipment under capital lease
Property, Plant and Equipment
Property and equipment, gross		192
Useful life (in years)	5 years
Flight equipment held for R&D
Property, Plant and Equipment
Property and equipment, gross	$ 8,368	$ 7,784
Useful life (in years)	2 years
Minimum | Tooling and equipment
Property, Plant and Equipment
Useful life (in years)	7 years
Minimum | Leasehold improvements
Property, Plant and Equipment
Useful life (in years)	3 years
Maximum | Tooling and equipment
Property, Plant and Equipment
Useful life (in years)	15 years
Maximum | Leasehold improvements
Property, Plant and Equipment
Useful life (in years)	10 years

PROPERTY AND EQUIPMENT, NET - D

PROPERTY AND EQUIPMENT, NET - Depreciation expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
PROPERTY AND EQUIPMENT, NET
Depreciation expense	$ 1.2	$ 0.9	$ 2.3	$ 1.8

LEASE RENTAL REVENUES AND AIR_3

LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE - Components (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Aircraft and Engines
Aircraft and engines held for lease	$ 62,178		$ 62,178		$ 58,136
Less accumulated depreciation	(30,687)		(30,687)		(31,661)
Property held for operating leases, net	31,491		31,491		$ 26,475
Depreciation expense	1,900	$ 1,100	3,100	$ 2,200
Supplemental rents recognized as revenue	$ 2,300	$ 1,300	$ 3,800	$ 4,500
Lease term (in years)	3 years		3 years

LEASE RENTAL REVENUES AND AIR_4

LEASE RENTAL REVENUES AND AIRCRAFT AND ENGINES HELD FOR LEASE - Future payments received (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Minimum future annual lease rentals contracted to be received
Remaining six months of 2024	$ 6,309
2025	4,713
2026	3,416
2027	2,411
Total minimum lease payments	$ 16,849

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
ACCRUED EXPENSES
Accrued compensation and related benefits	$ 2,989	$ 2,241
Accrued legal fees	588	854
Commission fee accrual	787	260
Accrued federal, state and local taxes and fees	176	105
Other	1,820	2,018
Total accrued expenses	$ 6,360	$ 5,478

WARRANT LIABILITY - Narratives

WARRANT LIABILITY - Narratives (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	623,834		623,834		623,834
Change in fair value of warrant liability	$ (138)	$ (1,393)	$ (2,117)	$ (1,059)
Private Placement
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	750,000		750,000
Number of shares of common stock called by each warrant (in shares)	1		1
Exercise price of warrants (in $ per share)	$ 11.50		$ 11.50

WARRANT LIABILITY - Black-Schol

WARRANT LIABILITY - Black-Scholes option pricing model (Details)	Jun. 30, 2024 Y	Dec. 31, 2023 Y
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.0433	0.0384
Expected volatility of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	0.4095	0.4166
Expected option term in years
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	1.5	2

FINANCING ARRANGEMENTS - Outsta

FINANCING ARRANGEMENTS - Outstanding debt obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jul. 25, 2023
Debt Instrument [Line Items]
Total	$ 81,570	$ 37,559
Less current portion	(93)	(1,278)
Total long-term portion	81,477	36,281
Wells Fargo | Revolving Credit Agreement
Debt Instrument [Line Items]
Total	80,955	29,000
Debt instrument, face amount	180,000	180,000	$ 180,000
Synovus | Equipment Loan
Debt Instrument [Line Items]
Total	615	8,559
Debt instrument, face amount	$ 10,000	$ 10,000

FINANCING ARRANGEMENTS - Narrat

FINANCING ARRANGEMENTS - Narratives (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jul. 25, 2023	Jul. 20, 2018
Financing arrangements
Deferred financing costs, net		$ 1,342		$ 1,342		$ 1,506
Amortization expense		100	$ 100	164	$ 225
Revolving Credit Agreement
Financing arrangements
Line of Credit Facility, Current Borrowing Capacity								$ 150,000
Revolving Credit Agreement | Wells Fargo
Financing arrangements
Debt instrument, face amount		$ 180,000		$ 180,000		180,000	$ 180,000
Maximum borrowing capacity, expandable amount							$ 200,000
Spread on variable rate (in %)				2.75%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Effective Interest Rate (in %)		8.08%		8.08%
Equipment Loan | Synovus
Financing arrangements
Debt instrument, face amount		$ 10,000		$ 10,000		$ 10,000
Spread on variable rate (in %)	3.50%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]				us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember
Effective Interest Rate (in %)		7.96%		7.96%
Maximum borrowing capacity	$ 10,000		$ 10,000		$ 10,000

FINANCING ARRANGEMENTS - Equipm

FINANCING ARRANGEMENTS - Equipment Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Maturities of equipment loan
Total payments	$ 522	$ 7,281
Equipment Loan | Synovus
Maturities of equipment loan
2024	109
2025	198
2026	214
2027	94
Total payments	$ 615

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Income (Loss)	$ (3,637,000)	$ 6,277,000	$ (2,688,000)	$ 5,000	$ 2,640,000	$ (2,683,000)
Change in fair value of warrant liability	(138,000)		(1,393,000)		(2,117,000)	(1,059,000)
Net (loss) income for EPS - Diluted	$ (3,637,000)		$ (4,081,000)		$ 2,640,000	$ (3,742,000)
Weighted-average number of shares outstanding - basic	53,029,359		51,227,484		53,010,425	51,217,990
Weighted-average of assumed common Shares - options					11,576
Additional shares from assumed stock-settled restricted stock units					89,438
Additional shares from assumed exercise of warrants			177,169			199,899
Weighted-average number of shares outstanding - diluted	53,029,359		51,404,653		53,111,439	51,417,889
(Loss) earnings per share - basic
(Loss) earnings per share - basic:	$ (0.07)		$ (0.05)		$ 0.05	$ (0.05)
(Loss) earnings per share - diluted:
(Loss) earnings per share - diluted:	$ (0.07)		$ (0.08)		$ 0.05	$ (0.07)
RSU member
Anti-dilutive shares/units excluded from earnings per share - diluted:
Additional shares from assumed stock-settled restricted stock units	71,847		1,788,589			1,782,032
Stock options
Anti-dilutive shares/units excluded from earnings per share - diluted:
Additional shares from assumed exercise of stock options	3,205

BUSINESS SEGMENTS - Narratives

BUSINESS SEGMENTS - Narratives (Details)	6 Months Ended
	Jun. 30, 2024 segment
BUSINESS SEGMENTS
Number of business segments	2

BUSINESS SEGMENTS - Selected fi

BUSINESS SEGMENTS - Selected financial information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
BUSINESS SEGMENTS
Revenue	$ 77,101	$ 69,326	$ 167,641	$ 147,597
Gross profit	21,720	20,140	50,516	44,531
Total assets	598,694	553,938	598,694	553,938	$ 553,938
Asset Management Solutions
BUSINESS SEGMENTS
Revenue	41,799	37,071	101,061	85,501
Gross profit	15,361	11,355	38,013	29,414
Total assets	412,753	372,326	412,753	372,326
Asset Management Solutions | Aircraft
BUSINESS SEGMENTS
Revenue	9,110	12,053	25,448	36,948
Gross profit	3,422	1,760	8,259	10,215
Asset Management Solutions | Engine
BUSINESS SEGMENTS
Revenue	32,689	25,018	75,613	48,553
Gross profit	11,939	9,595	29,754	19,199
TechOps
BUSINESS SEGMENTS
Revenue	35,302	32,255	66,580	62,096
Gross profit	6,359	8,785	12,503	15,117
Total assets	171,286	163,883	171,286	163,883
TechOps | Product
BUSINESS SEGMENTS
Revenue	5,785	3,620	11,215	6,307
Gross profit	1,798	1,168	3,026	1,555
TechOps | Whole Asset Sales
BUSINESS SEGMENTS
Revenue		218		218
Gross profit		376		376
TechOps | MRO services
BUSINESS SEGMENTS
Revenue	29,517	28,417	55,365	55,571
Gross profit	4,561	7,241	9,477	13,186
Corporate
BUSINESS SEGMENTS
Total assets	$ 14,655	$ 17,729	$ 14,655	$ 17,729

BUSINESS SEGMENTS - Gross profi

BUSINESS SEGMENTS - Gross profit to income before income tax (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
BUSINESS SEGMENTS
Segment gross profit	$ 21,720	$ 20,140	$ 50,516	$ 44,531
Selling, general, and administrative expenses	(23,572)	(27,097)	(47,705)	(52,321)
Interest (expense) income, net	(1,528)	381	(2,463)	1,428
Other income, net	102	138	271	371
Change in fair value of warrant liability	138	1,393	2,117	1,059
(Loss) income before income tax provision	$ (3,140)	$ (5,045)	$ 2,736	$ (4,932)

BUSINESS SEGMENTS - Intersegmen

BUSINESS SEGMENTS - Intersegment revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 77,101	$ 69,326	$ 167,641	$ 147,597
Intersegment
Segment Reporting Information [Line Items]
Revenue from contract with customer	2,189	6,596	8,203	11,264
Asset Management Solutions | Intersegment
Segment Reporting Information [Line Items]
Revenue from contract with customer	170	164	606	1,074
TechOps | Intersegment
Segment Reporting Information [Line Items]
Revenue from contract with customer	$ 2,019	$ 6,432	$ 7,597	$ 10,190

STOCKHOLDERS' EQUITY - Common S

STOCKHOLDERS' EQUITY - Common Stock (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
STOCKHOLDERS' EQUITY
Par value per share	$ 0.0001	$ 0.0001
Shares authorized	200,000,000	200,000,000
Shares issued	53,084,214	52,954,430
Shares outstanding	53,084,214	52,954,430

STOCKHOLDERS' EQUITY - 2020 Pla

STOCKHOLDERS' EQUITY - 2020 Plan and ESPP (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable (in shares)			6,200,000
2021 PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting in the period (in shares)			724,248	1,073,736
Share-based compensation expense	$ 2			$ 4
2021 PSUs | Maximum level of 200% Vesting on December 22, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in %)			33.33%
2021 PSUs | Maximum level of 200% Vesting on December 22, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in %)			66.66%
2021 PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in %)			100%	100%
2021 PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (in %)		200%	200%	200%
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting in the period (in shares)			217,843	134,641
Vesting percentage (in %)			0.3333%
2020 Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issuable (in shares)			500,000
Shares issued (in shares)			48,202		21,551

STOCKHOLDERS' EQUITY - Restrict

STOCKHOLDERS' EQUITY - Restricted Stock Unit Activity (Details) - 2020 Plan - $ / shares	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Amount (in Shares)
Beginning balance	532,399	1,374,383	1,374,383
Granted	1,145,530	359,993
Forfeited	(56,119)	(15,699)
Vested	(217,843)	(134,641)
Ending balance	1,403,967	1,584,036	532,399	1,374,383
Weighted Average Grant Date Fair Value
Beginning Balance	$ 14.82	$ 10.72	$ 10.72
Granted		15
Forfeited		15.24
Vested		14.43
Ending Balance	$ 8.51	$ 11.34	$ 14.82	$ 10.72
Weighted Average Contractual Life (Years)
Granted		2 years 6 months 18 days
Forfeited		2 years 2 months 12 days
Outstanding	2 years 5 months 1 day	3 years 22 days	1 year 10 months 2 days	2 years 10 months 17 days

STOCKHOLDERS' EQUITY - Stock Op

STOCKHOLDERS' EQUITY - Stock Options (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 2.3	$ 2.3
Weighted average period (in years)		1 year 10 months 24 days
Fair value of stock options	$ 2.4	$ 2.4
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise terms (in years)		10 years
Vesting percentage (in %)		0.3333%

STOCKHOLDERS' EQUITY - Options

STOCKHOLDERS' EQUITY - Options granted (Details) - $ / shares		1 Months Ended
	Jun. 07, 2024	Jun. 30, 2024
STOCKHOLDERS' EQUITY
Share-Based Payment Arrangement, Valuation Technique [Extensible Enumeration]	us-gaap:ValuationTechniqueOptionPricingModelMember
Risk-free interest rate (in %)		4.42%
Expected volatility of common stock (in %)		50.04%
Expected option term in years		6 years
Grant-date fair value (per share)		$ 3.73

STOCKHOLDERS' EQUITY - Stock _2

STOCKHOLDERS' EQUITY - Stock options activity (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Granted | shares	644,550
Ending balance | shares	644,550
Nonvested at June 30, 2024 | shares	644,550
Weighted average Exercise price per share
Granted | $ / shares	$ 7.02
Ending balance | $ / shares	7.02
Nonvested at June 30, 2024 | $ / shares	$ 7.02
Weighted Average Remaining Contractual Life (Years)
Outstanding June 30	10 years
Granted	10 years
Nonvested at June 30, 2024	10 years