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Private company

HARBOR DIVERSIFIED, INC.

HARBOR DIVERSIFIED, INC. is an American air transportation company, incorporated in Delaware.1 It is headquartered in Appleton, Wisconsin.1

Last updated Oct 21, 2026.

Overview

  • IndustryAir Transportation, Scheduled1
  • HeadquartersAppleton, Wisconsin1
  • Incorporated inDE2
  • Business address5601 W. Grande Market Drive, Suite C, Appleton, Wi 549132
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Harbor is a non-operating holding company that is the parent of a consolidated group of subsidiaries, including AWAC Aviation, Inc. (“AWAC”), which, until January 9, 2026, was the sole member of Air Wisconsin Airlines LLC (“Air Wisconsin”), which operated as an air carrier. Harbor is also the direct parent of three other subsidiaries: (1) Lotus Aviation Leasing, LLC (“Lotus”), which leased flight equipment to Air Wisconsin, (2) Air Wisconsin Funding LLC (“AWF”), which provided flight equipment financing to Air Wisconsin, and (3) Harbor Therapeutics, Inc. (“Therapeutics”), which is a non-operating entity with no material assets. As previously disclosed, on January 9, 2026, Harbor completed the last in a series of transactions pursuant to which it disposed of all of its aviation assets, including its membership interests in Air Wisconsin (the completion of all such transactions, collective…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-22.1%Operating margin4
0.0%Net margin4
-67.1%Revenue growth, 20254
0.0%Return on equity4
-$32.8MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs90¢$59.9M
  • Income tax10¢$6.8M
  • Profit0¢$30.0K

Out of $66.7M in revenue.4

Financial statements

Revenue56784$66.7M in 2025−75% since 2019
0$100.0M$200.0M$300.0M2019: $263.6M$263.6M20192020: $7.3M$7.3M2020−97%2021: $247.6M$247.6M2021+3288%2022: $239.7M$239.7M2022−3%2023: $199.2M$199.2M2023−17%2024: $202.4M$202.4M2024+2%2025: $66.7M$66.7M2025−67%
Operating income596784-$14.7M in 2025−29% since 2019
-$50.0M0$50.0M$100.0M$150.0M2019: -$20.9M-$20.9M20192020: $43.4M$43.4M20202021: $105.2M$105.2M2021+143%2022: $14.7M$14.7M2022−86%2023: -$36.9M-$36.9M20232024: -$24.2M-$24.2M2024−34%2025: -$14.7M-$14.7M2025−39%
Net income596784$30.0K in 2025
-$50.0M0$50.0M$100.0M2019: -$19.2M-$19.2M20192020: $39.8M$39.8M20202021: $92.6M$92.6M2021+133%2022: $7.5M$7.5M2022−92%2023: -$16.0M-$16.0M20232024: -$17.2M-$17.2M2024+7%2025: $30.0K$30.0K2025
Fiscal year2019202020212022202320242025
Revenue$263.6M5$7.3M5$247.6M6$239.7M7$199.2M8$202.4M4$66.7M4
Operating expenses$142.4M6$225.0M7$236.1M8$226.6M8$81.4M4
Operating income-$20.9M5$43.4M9$105.2M6$14.7M7-$36.9M8-$24.2M4-$14.7M4
Interest$1.8M5$1.7M9$847.0K6$3.0K7$15.0K7
Income before tax$118.0M6$12.6M7-$19.4M8-$18.3M4-$6.7M4
Income tax$322.0K5$2.5M9$25.4M6$5.1M7-$3.4M8-$1.2M4-$6.8M4
Net income-$19.2M5$39.8M9$92.6M6$7.5M7-$16.0M8-$17.2M4$30.0K4
Earnings per share-$0.355$0.719$1.696$0.147-$0.398-$0.364$0.004
Earnings per share (diluted)-$0.355$0.569$1.296$0.117-$0.398-$0.364$0.004
Shares (weighted, basic)54.3K shares646.4M shares744.0M shares850.7M shares458.4M shares4
Shares (weighted, diluted)71.2K shares663.0M shares744.0M shares850.7M shares458.4M shares4

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What it owns

What HARBOR DIVERSIFIED, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Machinery and equipment$8.8M4 Dec 31, 2025$8.9M4 Dec 31, 2024−0.8%
Accumulated depreciation$204.9M4 Dec 31, 2025$217.9M4 Dec 31, 2024−6.0%
Property and equipment, net$37.5M4 Dec 31, 2025$48.2M4 Dec 31, 2024−22.1%
Operating-lease assets (leased space)$3.1M4 Dec 31, 2025$6.2M4 Dec 31, 2024−49.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$13.5M4 Dec 31, 2025$15.0M4 Dec 31, 2024−9.6%
Equity securities at fair value$37.0M4 Dec 31, 2025$97.0M4 Dec 31, 2024−61.8%
Long-term investments$4.3M4 Dec 31, 2025$4.3M4 Dec 31, 20240%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$5.3M4 Dec 31, 2025$5.3M4 Dec 31, 20240%
Indefinite-lived intangibles (excluding goodwill)$5.3M4 Dec 31, 2025$5.3M4 Dec 31, 20240%

Properties, in its own words

Aircraft Fleet

As of December 31, 2025, Air Wisconsin owned 54 CRJ-200 regional jets manufactured by Bombardier, Inc., each of which was configured for single class seating. As a result of the Aviation Disposition, we no longer own any regional jets.

The rest of Item 2

Facilities

In addition to aircraft, as of December 31, 2025, Air Wisconsin had offices and maintenance facilities to support its operations. All of Air Wisconsin’s material facilities held as of December 31, 2025 are summarized in the following table:

Type · Location · Ownership · ApproximateSquare Footage

Corporate Headquarters · Appleton, WI · Leased · 20,140

Maintenance Hangar · Appleton, WI · Leased · 37,200

Disaster Recovery Center · Appleton, WI · Leased · 2,560

Maintenance Hangar · Milwaukee, WI · Leased · 60,000

In July 2003, Air Wisconsin financed the Milwaukee maintenance hangar through the issuance of approximately $4.3 million principal amount of City of Milwaukee, Wisconsin variable rate industrial development bonds. The bonds mature November 1, 2033. Prior to May 1, 2006, the bonds were secured by a guaranteed investment contract, which was collateralized with cash and interest and payable semiannually. In May 2006, Air Wisconsin acquired the bonds using the cash collateral. The bonds are reported as long-term investments in the consolidated balance sheets. The hangar is accounted for as a right-of-use asset.

As a result of the Aviation Disposition, we no longer maintain any offices, crew bases or maintenance facilities, with the exception of a single lease for office space located in Appleton, WI covering approximately 1,000 square feet.

Item 2 of the 10-K filed Oct 9, 2026.3

Leadership

Who has led HARBOR DIVERSIFIED, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Richard B. Hollis2006–2008
  2. James M. Frincke2010–2011

Chair

  1. Richard B. Hollis2006

President

  1. James M. Frincke2010

Chief financial officer

  1. Daniel D. Burgess2006–2007
  2. Robert W. Weber2010

Chief operating officer

  1. Daniel D. Burgess2006–2007
2010201520202025
Board members and other officers (17)

Former names

  • Harbor BioSciences, Inc.Dec 28, 2009 to Jan 20, 20122
  • HOLLIS EDEN PHARMACEUTICALS INC /DE/Nov 13, 1997 to Feb 16, 20102
  • INITIAL ACQUISITION CORPDec 24, 1996 to Apr 10, 19972

Timeline

  1. Jan 16, 20268-K Completed an acquisition or sale; Executive or director change; Other events32
  2. Dec 31, 20258-K Shareholder vote33
  3. Dec 18, 20258-K Entered a material agreement; Director nominations34
  4. Sep 3, 20258-K Entered a material agreement; Exit or restructuring costs; Executive or director change35
  5. Jan 10, 20258-K Ended a material agreement; Other events36
  6. Dec 5, 20248-K Entered a material agreement37
  7. Oct 25, 20248-K Shareholder vote38
  8. Mar 29, 20248-K Earlier financial statements no longer reliable39
  9. Dec 28, 20238-K Other events40
  10. Sep 25, 20238-K Shareholder vote41
  11. Mar 1, 20238-K Entered a material agreement42
  12. Feb 15, 20238-K Entered a material agreement43
  13. Feb 3, 2010New chief executive James M. Frincke becomes CEO12
  14. Feb 15, 2006New chief executive Richard B. Hollis becomes CEO13

Filings

45 filings to the SEC since October 2021: 5 annual reports, 13 quarterly reports, 15 major events, 12 other. The latest 20:

  1. Oct 9, 202610-K EDGAR
  2. Aug 13, 2026NT 10-Q EDGAR
  3. Jun 29, 202610-Q EDGAR
  4. Jun 26, 202610-Q EDGAR
  5. Jun 26, 202610-Q EDGAR
  6. May 18, 2026NT 10-Q EDGAR
  7. Apr 8, 202610-K EDGAR
  8. Apr 1, 2026NT 10-K EDGAR
  9. Jan 16, 20268-K EDGAR
  10. Dec 31, 20258-K EDGAR
  11. Dec 18, 20258-K EDGAR
  12. Dec 10, 2025NT 10-Q EDGAR
  13. Sep 3, 20258-K EDGAR
  14. Sep 3, 2025NT 10-Q EDGAR
  15. May 16, 2025NT 10-Q EDGAR
  16. May 16, 202510-Q EDGAR
  17. Apr 11, 202510-Q EDGAR
  18. Apr 2, 2025NT 10-K EDGAR
  19. Mar 28, 202510-Q EDGAR
  20. Jan 10, 20258-K EDGAR

The 45 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How HARBOR DIVERSIFIED, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARHARBOR DIVERSIFIED, INC.1
  • CIK0000899394
  • Employer ID (EIN)13-36970023
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4512 Air Transportation, Scheduled1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address5601 W. Grande Market Drive, Suite C, Appleton, WI 549131
  • Phone(920) 749-41881
  • Shares outstanding58,429,836 shares as of Oct 1, 20263
  • Public float$10.7M as of Jun 30, 20253
  • AuditorGRANT THORNTON LLP, Milwaukee, Wisconsin PCAOB ID 248; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceMay 15, 19961
  • Filings521 in all: 4 (112), 8-K (96), 10-Q (66), EFFECT (26), POS AM (25), S-3 (22), 10-K (20), SC 13G (18)1
    All 38 form types

    DEF 14A (14), NT 10-Q (12), S-8 POS (11), S-8 (10), SC 13G/A (10), 3 (8), S-3/A (7), 424B3 (6), CORRESP (6), CT ORDER (6), UPLOAD (6), 10-Q/A (5), NT 10-K (5), 424B5 (4), PRE 14A (4), 10-K405 (3), 10-K/A (2), 424B2 (2), DEFA14A (2), REGDEX (2), RW (2), 15-12G (1), 15-15D (1), 25-NSE (1), 8-A12B (1), D (1), PRER14A (1), S-1 (1), S-4 (1), S-4/A (1)

  • Latest filingsAnnual report (10-K) Oct 9, 2026
    Quarterly report (10-Q) Jun 29, 2026
    Proxy statement (DEF 14A) Sep 1, 2011
    Latest 8-K (8-K) Jan 16, 2026

Risk factors and legal proceedings

The risks HARBOR DIVERSIFIED, INC. names in Item 1A of its 10-K filed Oct 9, 2026: 28 risks under these headings, as written.3

  • reporting periods covered by this Annual Report, please refer to the section titled “Risk Factors” included in our prior SEC filings covering the relevant historical periods.
  • Certain statements made in this section constitute “forward-looking statements,” which are subject to numerous risks and uncertainties including those described in this section. For additional information, please refer to “Cautionary Note Regarding Forward-Looking Statements,” in this Annual Report.
  • Investment Company Regulatory Risks
  • If Harbor is deemed to be an “investment company” under the Investment Company Act, it would need to register as an investment company and would become subject to substantial regulatory requirements unless an exemption from registration was available.
  • We are currently relying on the transient investment company exemption under Rule 3a-2 of the Investment Company Act, which provides only temporary relief and is subject to significant conditions and limitations.
  • We may have difficulty establishing that we are not engaged in activity meeting the definition of an investment company or that we otherwise qualify for a different exemption from registration under the Investment Company Act.
  • If we consummate a strategic transaction or operate a business in a manner such that we are not required to be registered as an investment company, our ability to invest our cash and cash equivalents may be restricted.
  • Investment Risks
  • We currently have no material operating assets and no operating business, and we may not be able to identify or successfully complete a suitable acquisition or other strategic transaction.
  • Investments, acquisitions and other strategic transactions present many risks, and our failure to successfully integrate any acquired business or assets into our operations could have a material adverse effect on our results of operations and financial condition.
  • Our cash and investments may decline in value, and we may not be able to generate sufficient returns to offset our ongoing expenses.
  • We have limited personnel and resources to evaluate and execute strategic alternatives.
The other 18 risks
  • Our stockholders may not agree with the strategic alternatives we pursue, and we may be unable to satisfy all stockholder expectations or enhance stockholder value.
  • A liquidation of the Company may result in distributions to stockholders that are less than expected or significantly delayed.
  • General Risks
  • Information technology security breaches, hardware or software failures, or other information technology infrastructure disruptions may negatively impact our business, operations and financial condition.
  • Because the trading market for Harbor’s common stock is limited, the common stock may continue to be illiquid.
  • The trading price of Harbor’s common stock has been and may continue to be volatile.
  • The concentration of ownership of Harbor’s common stock among a small number of stockholders could allow such stockholders to exert significant influence over our business plans and strategic objectives, control all matters submitted to Harbor’s stockholders for approval, or deter a liquidation or change in control transaction, any of which could negatively affect the trading price or trading volume of its common stock.
  • Harbor may suspend its obligation to comply with SEC filing requirements in future periods and thereby cease filing
  • reports and other information with the SEC, which could have the effect of reducing the trading volume and trading price of Harbor’s common stock.
  • We are not current with our reporting obligations under the Exchange Act, which could have adverse consequences for Harbor and its stockholders.
  • Provisions in Harbor’s governing documents might delay or prevent a change of control of Harbor, which could adversely affect the value of Harbor’s common stock.
  • Harbor’s certificate of incorporation and bylaws limit certain transfers of Harbor’s stock in order to preserve Harbor’s ability to use net operating loss carryforwards, which could adversely affect the trading price of its common stock.
  • Harbor currently does not intend to pay dividends on its common stock and, consequently, the only opportunity to achieve a return on an investment in Harbor’s common stock may be the appreciation in value of Harbor’s common stock.
  • As a “smaller reporting company,” Harbor has availed itself of reduced disclosure requirements, which may make Harbor’s common stock less attractive to investors.
  • Complying with public reporting requirements under the Exchange Act is expensive and diverts management’s attention from evaluating and executing our business strategies.
  • We have identified a material weakness in our internal control over financial reporting and there is a risk that our controls and procedures may not be effective going forward.
  • Share repurchases could increase the volatility or decrease the trading price of Harbor’s common stock, and we cannot guarantee that share repurchases will enhance long-term stockholder value.
  • Harbor continues to be at risk of future securities class actions or other litigation.
  • If securities or industry analysts do not publish reports about our business, or we do not issue press releases, an active trading market for Harbor’s common stock may not develop.

Legal proceedings

From time to time, we are involved in various investigative inquiries, legal proceedings and other disputes arising from or related to matters incident to the ordinary course of our business activities, including actions with respect to intellectual property, employment, regulatory and contractual matters. Although the results of such investigative inquiries, legal proceedings and other disputes cannot be predicted with certainty, we believe that we are not currently a party to any matters which would be reasonably likely, individually or taken together, to have a material adverse effect on our business, operating results, financial condition or cash flows. However, regardless of the merit of any matters raised or the ultimate outcome, investigative inquiries, legal proceedings and other disputes may generally have an adverse impact on us as a result of defense and settlement costs, diversion of management resources, and other factors.

The opening of Item 3, Legal Proceedings.3

Sources

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