{"url_path":"/sec/cik-0000899394/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-29","source_url":"https://www.sec.gov/Archives/edgar/data/899394/0000899394-26-000028-index.html","accession_number":"0000899394-26-000028","cik":"0000899394","ticker":null,"issuer_name":"HARBOR DIVERSIFIED, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/899394/0000899394-26-000028-index.html","primary_entity_key":"0000899394","primary_entity_name":"HARBOR DIVERSIFIED, INC."},"word_count":1450,"has_tables":true,"body_markdown":"hrbr-20250331\n0000899394December 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of Contents](#i87024d546edd4c658b1166ccbd594d6d_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, D.C. 20549\n\n____________________\n\nFORM 10-Q\n\n____________________\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2025\n\nOR\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ___________ to ___________\n\nCommission File Number 001-34584\n\n____________________\n\nHARBOR DIVERSIFIED, INC.\n\n(Exact name of registrant as specified in its charter)\n\n____________________\n\nDelaware13-3697002\n\n(State of incorporation)\n(I.R.S. Employer\n\nIdentification No.)\n\n5601 W Grande Market Drive, Suite C\n\nAppleton, WI\n54913\n\n(Address of principal executive offices)(Zip Code)\n\n(920) 862-8370\n\n(Registrant’s telephone number, including area code)\n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n____________________\n\nSecurities registered pursuant to Section 12(b) of the Act: None.\n\nSecurities registered pursuant to Section 12(g) of the Act: None.\n\nTitle of each class\nTrading\n\nSymbol(s)\n\nName of each exchange\n\non which registered\n\nNoneNoneNone\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No x**\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o No x**\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated fileroAccelerated filero\n\nNon-accelerated filerxSmaller reporting companyx\n\nEmerging growth companyo\n\nIf an emerging growth company, indicate by check if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nAs of June 25, 2026, the registrant had 58,429,836 shares of common stock, $0.01 par value per share, outstanding. The registrant does not have any class of securities registered pursuant to Section 12(b) or Section 12(g) of the Exchange Act.\n\n** Explanatory Note: As previously disclosed on Forms 12b-25 filed with the Securities and Exchange Commission on September 3, 2025, December 10, 2025, April 1, 2026, and May 18, 2026, the registrant has not timely filed its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2025, September 30, 2025, and March 31, 2026, or its Annual Report on Form 10-K for the year ended December 31, 2025.\n\n[Table of Contents](#i87024d546edd4c658b1166ccbd594d6d_7)\n\nHARBOR DIVERSIFIED, INC.\n\nQUARTERLY REPORT ON FORM 10-Q\n\nFOR THE THREE MONTHS ENDED MARCH 31, 2025\n\nTABLE OF CONTENTS\n\nPage\n\n[Cautionary Note Regarding Forward-Looking Statements](#i87024d546edd4c658b1166ccbd594d6d_10)\n\n([i](#i87024d546edd4c658b1166ccbd594d6d_10))\n\n[Part I. Financial Information](#i87024d546edd4c658b1166ccbd594d6d_13)\n\n[1](#i87024d546edd4c658b1166ccbd594d6d_13)\n\n[Item 1. Financial Statements](#i87024d546edd4c658b1166ccbd594d6d_16)\n1\n\n[Condensed Consolidated Balance Sheets](#i87024d546edd4c658b1166ccbd594d6d_19)\n\n[1](#i87024d546edd4c658b1166ccbd594d6d_19)\n\n[Condensed Consolidated Statements of Operations](#i87024d546edd4c658b1166ccbd594d6d_22)\n\n[2](#i87024d546edd4c658b1166ccbd594d6d_22)\n\n[Condensed Consolidated Statements of Stockholders’ Equity](#i87024d546edd4c658b1166ccbd594d6d_25)\n\n[3](#i87024d546edd4c658b1166ccbd594d6d_25)\n\n[Condensed Consolidated Statements of Cash Flows](#i87024d546edd4c658b1166ccbd594d6d_28)\n\n[4](#i87024d546edd4c658b1166ccbd594d6d_28)\n\n[Condensed Notes to Condensed Consolidated Financial Statements](#i87024d546edd4c658b1166ccbd594d6d_31)\n\n[5](#i87024d546edd4c658b1166ccbd594d6d_31)\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i87024d546edd4c658b1166ccbd594d6d_76)\n\n[25](#i87024d546edd4c658b1166ccbd594d6d_76)\n\n[Item 3. Quantitative and Qualitative Disclosures about Market Risk](#i87024d546edd4c658b1166ccbd594d6d_106)\n\n[35](#i87024d546edd4c658b1166ccbd594d6d_106)\n\n[Item 4. Controls and Procedures](#i87024d546edd4c658b1166ccbd594d6d_109)\n\n[35](#i87024d546edd4c658b1166ccbd594d6d_109)\n\n[Part II. Other Information](#i87024d546edd4c658b1166ccbd594d6d_112)\n\n[38](#i87024d546edd4c658b1166ccbd594d6d_112)\n\n[Item 1. Legal Proceedings](#i87024d546edd4c658b1166ccbd594d6d_115)\n\n[38](#i87024d546edd4c658b1166ccbd594d6d_115)\n\n[Item 1A. Risk Factors](#i87024d546edd4c658b1166ccbd594d6d_118)\n\n[38](#i87024d546edd4c658b1166ccbd594d6d_118)\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i87024d546edd4c658b1166ccbd594d6d_121)\n\n[38](#i87024d546edd4c658b1166ccbd594d6d_121)\n\n[Item 3. Defaults Upon Senior Securities](#i87024d546edd4c658b1166ccbd594d6d_124)\n\n[39](#i87024d546edd4c658b1166ccbd594d6d_124)\n\n[Item 4. Mine Safety Disclosure](#i87024d546edd4c658b1166ccbd594d6d_127)\n\n[39](#i87024d546edd4c658b1166ccbd594d6d_127)\n\n[Item 5. Other Information](#i87024d546edd4c658b1166ccbd594d6d_130)\n\n[39](#i87024d546edd4c658b1166ccbd594d6d_130)\n\n[Item 6. Exhibits](#i87024d546edd4c658b1166ccbd594d6d_133)\n\n[40](#i87024d546edd4c658b1166ccbd594d6d_133)\n\n[Signatures](#i87024d546edd4c658b1166ccbd594d6d_136)\n\n[41](#i87024d546edd4c658b1166ccbd594d6d_136)\n\n[Table of Contents](#i87024d546edd4c658b1166ccbd594d6d_7)\n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q for the three months ended March 31, 2025 (this “Quarterly Report”) includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which statements are subject to considerable risks and uncertainties. Forward-looking statements relate to matters such as our business and investment plans and strategies, trends impacting our business and industry, our consideration of strategic alternatives, liquidity and capital resources, and other business, financial and operating information. Forward-looking statements include all statements that are not statements of historical facts, and can be identified by words such as “anticipate,” “approximately,” “assume,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” and similar terms and phrases in this Quarterly Report. All of our forward-looking statements include assumptions underlying or relating to such statements. If those assumptions are incorrect or incomplete, actual results may differ materially from those that we are currently expecting. Our actual results are subject to considerable risks and uncertainties, including without limitation:\n\n•our ability to continue to satisfy the requirements of an exemption from the registration requirements of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and to manage our asset composition and strategy in compliance with such exemption;\n\n•the risk that we could be deemed to be an investment company required to register under the Investment Company Act, which would subject us to significant regulatory requirements and could materially affect our operations, capital structure and flexibility;\n\n•our ability to successfully invest our liquid assets while preserving capital and liquidity and generating returns sufficient to offset our ongoing corporate expenses;\n\n•the impact of changes in interest rates, credit markets, and general economic conditions on the value and yields of our investments;\n\n•our ability to identify, evaluate, and consummate strategic alternatives, including acquisitions, investments, or other capital allocation transactions;\n\n•our ability to identify and successfully take advantage of strategic investment and acquisition opportunities;\n\n•our ability to remediate the material weakness identified in our internal control over financial reporting;\n\n•the response of federal and state taxing authorities to the amended 2022 tax returns that we have filed seeking federal and state tax refunds as a result of the restatement of our financial statements;\n\n•developments associated with fluctuations in the economy, including recession, reduced interest rates, increased inflation or geopolitical uncertainty;\n\n•the negative impact of information technology security breaches and other such infrastructure disruptions on our business operations;\n\n•the impact of new accounting pronouncements or updates to existing accounting standards; and\n\n•other risks and uncertainties discussed in Part II, Item 1A, Risk Factors, in this Quarterly Report.\n\nThe forward-looking statements in this Quarterly Report are based on management’s plans as of the date of this filing, as well as estimates and expectations in light of information currently available to us, all of which are subject to uncertainty and changes in circumstances. Actual results may differ materially from our expectations due to changes in global, regional or local political, economic, business, competitive, market, regulatory and other factors, many of which are beyond our control, as well as the other factors described in Part II, Item 1A, Risk Factors, in this Quarterly Report and in the other reports we file with the Securities and Exchange Commission (“SEC”).\n\nAdditional factors or events that could cause our actual results to differ may also emerge from time to time, and it is not possible for us to predict all of them. Should one or more of the existing risks or uncertainties materialize, should any of our current assumptions or estimates prove to be incorrect, or should new risks and uncertainties materialize as we navigate changes to the business over time, our actual results may be different from, and potentially materially worse than, what we may have expressed or implied by these forward-looking statements. Comparisons of results for any current or\n\n(i)\n\n[Table of Contents](#i87024d546edd4c658b1166ccbd594d6d_7)\n\nprior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.\n\nInvestors should not place undue reliance on any of our forward-looking statements. Any forward-looking statement made by us in this Quarterly Report speaks only as of the date hereof. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by applicable securities laws. We qualify all of our forward-looking statements by these disclaimers.\n\n(ii)\n\n[Table of Contents](#i87024d546edd4c658b1166ccbd594d6d_7)\n\nPart I. Financial Information"}