Quarterly report [Sections 13 or 15(d)]

Related Party Transactions

v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Transactions between the subsidiaries of the Company, including Panther, Cobra Aviation and Leopard and the following companies are included in Related Party Transactions: Wexford, El Toro Resources LLC, Elk City Yard LLC, Caliber Investment Group LLC and Brim Equipment. For the three months ended March 31, 2025 and 2024, revenue from related party transactions was $0.1 million and costs incurred from related party transactions was $0.1 million. At March 31, 2025 and December 31, 2024, accounts receivable from related party transactions was $0.1 million and $0.4 million, respectively, which is included in “accounts receivable, net” on the unaudited condensed consolidated balance sheets. There was no accounts payable for related party transactions at March 31, 2025 and December 31, 2024.

On December 21, 2018, Cobra Aviation purchased two commercial helicopters, spare parts, support equipment and aircraft documents from Brim Equipment. Following these transactions, and also on December 21, 2018, Cobra Aviation formed a joint venture with Wexford Investment named Brim Acquisitions to acquire all outstanding equity interests in Brim Equipment. Cobra Aviation owns a 49% economic interest and Wexford Investment owns a 51% economic interest in Brim Acquisitions, and each member contributed its pro rata portion of Brim Acquisitions’ initial capital of $2.0 million. Wexford Investment is an entity controlled by Wexford. Cobra Aviation and Leopard each lease one helicopter to Brim Equipment under the terms of aircraft lease and management agreements.
On October 16, 2023, the Company entered into a term credit facility with Wexford. The Company incurred interest expense under this agreement totaling $1.5 million for the three months ended March 31, 2024. On October 2, 2024, the Company paid, in full, all amounts owed under the term credit facility and terminated the facility. See Note 10 for additional detail on the term credit facility with Wexford.