Summary by Futu AI
Jet.AI reported Q2 2024 revenue of $3.1 million, a 10% increase from $2.8 million in Q2 2023, driven by a $500,000 rise in aircraft management services revenue and increased chartering of its Citation CJ4. However, the company's gross loss widened to $417,000 from $201,000 year-over-year, primarily due to reduced jet card customer flights without corresponding fixed cost reductions.Operating expenses increased by $556,000 to $2.8 million, mainly due to higher professional service expenses of $364,000 related to legal costs and SEC filings, along with increased wages of $294,000 from expanded headcount. The operating loss expanded to $3.2 million from $2.4 million in Q2 2023, reflecting higher administrative costs post-Business Combination.As of June 30, 2024, cash and equivalents stood at $528,117, including $500,000 restricted cash. The company raised approximately $1.7 million through share issuances and $1.5 million from preferred stock sales during Q2. Management plans to fund operations through existing facilities while pursuing cost reduction measures if needed, though additional capital may be required for growth.
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