Private company

HARBOR DIVERSIFIED, INC.

American air transportation company, incorporated in Delaware. Summary from the record

Last updated Oct 19, 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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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. Feb 3, 2010New chief executive James M. Frincke becomes CEO12
  2. 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.

Sources

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