HARBOR DIVERSIFIED Business Summary

Harbor Diversified, Inc. (HRBR) is a micro-cap holding company that recently underwent a fundamental structural transformation following the $110 million sale of its primary operating subsidiary, Air Wisconsin Airlines, in January 2026. Historically, the company generated revenue through regional air transportation services and flight equipment leasing under a long-term capacity purchase agreement with American Airlines. As of March 2026, Harbor has ceased all airline operations and functions as a cash-rich specialized acquisition vehicle, with its primary assets consisting of cash, cash equivalents, and marketable securities. The company is currently evaluating strategic alternatives, including potential business combinations, new acquisitions, or a return of capital to shareholders. In the current market, Harbor competes with other micro-cap aviation and diversified holding companies such as Surf Air Mobility Inc., Jet.AI Inc., and Global Crossing Airlines Group, positioning itself as a highly liquid shell with a significant cash-to-market-cap ratio. The leadership team is led by Christine R. Deister, who has served as Chief Executive Officer since 2020 and Secretary since 2012, bringing extensive experience from her previous role as CEO of Air Wisconsin. Following the 2026 asset sale, the executive suite was restructured with the appointments of Gregg Garvey as Executive Vice President, CFO, and Treasurer, and Chad Schimmelpfenning as Executive Vice President and Chief Legal Counsel, both of whom transitioned from senior leadership roles at Air Wisconsin. The company’s Board of Directors includes seasoned professionals such as Richard Bartlett, Nolan Bederman, and Kevin Degen, who oversee the firm’s strategic review process. Notable institutional backing includes Williams Jones Wealth Management, while approximately 44% of outstanding shares remain held by insiders, aligning management interests with the company’s transition toward a new core business.