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Volato Group | 8-K: Volato Reports Fourth Quarter and Full Year 2023 Results

SEC announcement ·  Mar 26 19:39
Summary by Futu AI
On March 26, 2024, Volato Group, Inc., a leading private aviation company and the largest HondaJet operator in the U.S., reported its financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company announced a total revenue of $31.5 million for the fourth quarter, with a net loss of $23.6 million, which included a $13.4 million non-cash charge. The adjusted EBITDA was reported as a loss of $8.1 million. For the full year, total revenue was $73.3 million, and the net loss was $52.8 million, also impacted by the same non-cash charge. The adjusted EBITDA loss for the year was $32.1 million. Operational highlights included an increase in the floating fleet size to 24 HondaJet IIs, a completed business combination resulting in a public...Show More
On March 26, 2024, Volato Group, Inc., a leading private aviation company and the largest HondaJet operator in the U.S., reported its financial results for the fourth quarter and the fiscal year ended December 31, 2023. The company announced a total revenue of $31.5 million for the fourth quarter, with a net loss of $23.6 million, which included a $13.4 million non-cash charge. The adjusted EBITDA was reported as a loss of $8.1 million. For the full year, total revenue was $73.3 million, and the net loss was $52.8 million, also impacted by the same non-cash charge. The adjusted EBITDA loss for the year was $32.1 million. Operational highlights included an increase in the floating fleet size to 24 HondaJet IIs, a completed business combination resulting in a public listing, and over $40 million of new capital raised in 2023. The company also launched several programs aimed at enhancing customer experience and efficiently monetizing empty repositioning flights. Despite the challenges, including aircraft delivery delays, Volato expects the delivery of 10-14 new aircraft in FY 2024 and anticipates growth in revenue and margins. The company ended the fourth quarter with $14.5 million in cash and believes it has sufficient cash to achieve profitability based on forecasted aircraft sales and flight operations.

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