HRBR
Harbor Diversified, Inc.0.8500
+0.1200+16.4%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
49.67MP/E (TTM)
-Basic EPS (TTM)
-0.32Dividend Yield
0%Recent Filings
8-K
LOI for Air Wisconsin sale
Harbor Diversified entered a non-binding LOI on August 29, 2025, to sell AWAC Aviation—parent of Air Wisconsin—to Premier Shuttle Holdings for initial cash and buyer notes covering aircraft and parts. The deal transfers Air Wisconsin's FAA certificate, planes, and inventory, while Harbor retains assets for sales and leasing. Air Wisconsin notified 253 employees of potential furloughs starting October 28 amid workforce rebalancing. CFO Liam Mackay resigned September 5; Gregg Garvey stepped in September 1 with salary bumped to $255,000. Non-binding terms leave consummation uncertain.
10-Q
Q3 FY2024 results
Harbor Diversified posted a narrower Q3 operating loss of $5.5M, up from $5.1M last year, as contract revenues climbed 7.2% to $53.6M despite an 8.5% drop in departures to 14,747 amid persistent pilot shortages—yet higher rates from the American capacity purchase agreement cushioned the blow. Expenses rose 7.2% to $59.1M, driven by a 45.2% surge in aircraft maintenance to $16.2M, while other income jumped thanks to $2.3M in marketable securities gains, trimming the net loss to $2.2M or $0.04 per diluted share on 58.6M shares. Cash and equivalents dipped to $6.7M with $97.3M in marketable securities, and free cash flow turned positive at $0.98M (derived) after $3.8M from operations minus $2.9M capex; debt-free post-2023 prepayment, but the American agreement's April 2025 termination looms large. No non-GAAP metrics disclosed in the 10-Q. Pilot shortages remain a stubborn drag on scaling back up.
10-Q
Q2 FY2024 results
Harbor Diversified narrowed its Q2 operating loss to $9.5M from $14.5M a year earlier, while YTD loss widened slightly to $20.5M from $23.5M, buoyed by lower maintenance costs amid reduced flying under the American capacity purchase agreement. Revenue dipped 3.6% y/y to $47.1M in Q2 (derived) and 10.6% to $90.8M YTD, reflecting fewer block hours from pilot shortages, yet contract revenue per available seat mile rose 11.2% y/y to 23.56¢ in Q2. Operating cash flow flipped positive at $3.8M YTD versus a $16.7M outflow last year, with cash and equivalents at $8.1M and marketable securities at $94.3M, no debt outstanding after prepaying aircraft notes. The Series C preferred stock converted and redeemed in June, boosting common shares to 58.6M. Pilot shortages persist as a key risk.
10-Q
Q1 FY2024 results
Harbor Diversified's Q1 2024 results showed revenue dipping 17% year-over-year to $43.7M, driven by a 17% drop in departures to 12,680 amid persistent pilot shortages that slashed block hours 23% to 17,757. Operating losses widened to $10.9M from $9.0M, as payroll climbed 6% to $31.5M on higher mechanic and benefit costs, though maintenance expenses fell 37% to $12.1M with reduced flying. Net loss hit $9.6M or $0.23 per diluted share, up from $4.9M or $0.11, with the gap to operating loss under 20% tied to lower investment gains and a slim 2.4% effective tax rate from valuation allowances. Cash and equivalents stood at $16.8M, bolstered by $93.3M in marketable securities and no debt after prepaying aircraft notes; free cash flow wasn't disclosed in the 10-Q. The American capacity purchase agreement, fueling all revenue, faces termination April 3, 2025, prompting a strategic pivot to charters, EAS bids, and codeshares—yet pilot retention risks loom large.
8-K
Air Wisconsin CPA termination
Air Wisconsin, a Harbor Diversified subsidiary, received notice on January 3, 2025, terminating its capacity purchase agreement with American Airlines, with aircraft withdrawal starting March 6 and full end by April 3. The shift pivots to Essential Air Service routes using its 60 CRJ-200 jets and booming charter flights for NCAA teams, bolstered by recent debt retirement for financial agility. Yet risks loom in securing EAS carrier status.
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